UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-Q



[X]   Quarterly  report pursuant to Section 13 or  15(d)  of  the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1999 or

[  ]   Transition report pursuant to Section 13 or 15(d)  of  the
Securities Exchange Act of 1934
For the transition period from               to

Commission File No. 0-12431

                     COLUMBIA FUTURES FUND

     (Exact name of registrant as specified in its charter)


          New York                               13-3103617
(State or other jurisdiction of              (I.R.S. Employer
incorporation  or organization)                    Identification
No.)


c/o Demeter Management Corporation
Two  World  Trade  Center,  62 Fl.,  New  York,  NY         10048
(Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code (212) 392-5454



(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








<PAGE>
<TABLE>

                     COLUMBIA FUTURES FUND

             INDEX TO QUARTERLY REPORT ON FORM 10-Q

                       September 30, 1999

<CAPTION>



PART I. FINANCIAL INFORMATION
<S>                                                          <C>
Item 1. Financial Statements

     Statements of Financial Condition
     September 30, 1999 (Unaudited) and December 31, 1998.....2

     Statements of Operations for the Quarters Ended
     September 30, 1999 and 1998 (Unaudited)..................3

     Statements of Operations for the Nine Months Ended
     September 30, 1999 and 1998 (Unaudited)..................4

     Statements of Changes in Partners' Capital for
     the Nine Months Ended September 30, 1999 and 1998
     (Unaudited)..............................................5

     Statements of Cash Flows for the Nine Months Ended
     September 30, 1999 and 1998 (Unaudited)..................6

     Notes to Financial Statements (Unaudited).............7-11

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations........................................12-21

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk ..................................... 21-33

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.................................   34

Item 6. Exhibits and Reports on Form 8-K.....................34





</TABLE>




<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>
                                   September 30,   December 31,
                                        1999           1998
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                   <C>             <C>
Equity in futures interests trading accounts:
 Cash                                8,772,635     9,719,676
 Net unrealized gain on open contracts    349,191     499,104

      Total Trading Equity           9,121,826     10,218,780

 Interest receivable (DWR)              29,368        29,902
 Due from DWR                              585           -

      Total Assets                  9,151,779      10,248,682


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Administrative expenses payable        96,129         54,390
 Redemptions payable                   61,592         15,855
 Accrued management fees                30,085         33,868

      Total Liabilities                187,806        104,113

Partners' Capital

 Limited Partners (2,810.763  and
  3,099.179 Units, respectively)     8,656,013      9,827,470
 General Partner (100 Units)           307,960        317,099

 Total Partners' Capital             8,963,973     10,144,569

 Total Liabilities and Partners' Capital  9,151,779   10,248,682


NET ASSET VALUE PER UNIT              3,079.60       3,170.99
<FN>


          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>
<PAGE>
<TABLE>
                     COLUMBIA FUTURES FUND
                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>



                              For the Quarters Ended September 30,

                                       1999           1998
                                        $            $
REVENUES
<S>                          <C>             <C>
 Trading profit (loss):
    Realized                      (207,066)     143,426
    Net change in unrealized       (31,363)       (125,696)

      Total Trading Results       (238,429)      17,730

    Interest Income (DWR)           89,778        102,819

      Total Revenues              (148,651)       120,549

EXPENSES

 Brokerage commissions (DWR)       110,572       75,580
 Management fees                    91,008      101,499
 Administrative expenses            21,000       14,000
 Transaction fees and costs          7,244         5,755

      Total Expenses               229,824        196,834

NET LOSS                          (378,475)        (76,285)


NET LOSS ALLOCATION

 Limited Partners                 (365,723)      (73,894)
 General Partner                   (12,752)       (2,391)

NET LOSS PER UNIT

 Limited Partners                  (127.52)       (23.91)
 General Partner                   (127.52)       (23.91)

<FN>

          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>



<PAGE>
<TABLE>
                     COLUMBIA FUTURES FUND
                    STATEMENTS OF OPERATIONS
                           (Unaudited)

<CAPTION>




                            For the Nine Months Ended September 30,

                                       1999            1998
                                        $            $
REVENUES
<S>                           <C>            <C>
 Trading profit (loss):
    Realized                      269,671       1,192,374
    Net change in unrealized       (149,913)      101,330

      Total Trading Results       119,758       1,293,704

    Interest Income (DWR)         267,141         292,350

      Total Revenues              386,899      1,586,054


EXPENSES

 Brokerage commissions (DWR)      297,984         239,853
 Management fees                  287,191         287,278
 Administrative expenses           55,000         46,000
 Transaction fees and costs        19,638          17,010
 Incentive fees                       187         133,846

      Total Expenses              660,000         723,987

NET INCOME  (LOSS)               (273,101)        862,067


NET INCOME (LOSS) ALLOCATION

 Limited Partners                (263,962)      835,614
 General Partner                   (9,139)       26,453

NET INCOME (LOSS) PER UNIT

    Limited   Partners                    (91.39)          264.53
General Partner                    (91.39)       264.53

<FN>
          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>
<PAGE>
<TABLE>

                     COLUMBIA FUTURES FUND
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
     For the Nine Months Ended September 30, 1999 and 1998
                          (Unaudited)


<CAPTION>


                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total


<S>              <C>             <C>          <c >         <C>
Partner's Capital,
 December 31, 1997    3,342.046  $9,177,928  $283,091  $9,461,019

Net Income               -         835,614    26,453     862,067

Redemptions                (120.850)      (352,068)             -
(352,068)

Partners' Capital,
  September 30, 1998    3,221.196  $9,661,474     $309,544   $9,9
71,018





Partner's Capital,
  December 31, 1998    3,199.179  $9,827,470  $317,099  $10,144,5
69

Net Loss                 -         (263,962)   (9,139) (273,101)

Redemptions                (288.416)       (907,495)            -
(907,495)

Partners' Capital,
  September 30, 1999     2,910.763 $8,656,013  $ 307,960  $8,963,
973


<FN>







           The accompanying notes are an integral part
                 of these financial statements.
</TABLE>


<PAGE>
<TABLE>
                     COLUMBIA FUTURES FUND
                    STATEMENTS OF CASH FLOWS
                           (Unaudited)


<CAPTION>



                            For the Nine Months Ended September 30,

                                       1999            1998
                                        $            $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                             <C>          <C>
 Net income (loss)                 (273,101)    862,067
 Noncash item included in net income (loss):
    Net change in unrealized        149,913     (101,330)

 (Increase) decrease in operating assets:
      Interest   receivable   (DWR)             534         2,081
 Due from DWR                         (585)       -

 Increase (decrease) in operating liabilities:
    Administrative expenses payable  41,739      29,121
      Accrued   management   fees            (3,783)        1,059
Incentive fees payable             -             (173,722)

 Net cash provided by (used for) operating activities    (85,283)
619,276


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase in redemptions payable    45,737       16,799
 Redemptions of units             (907,495)     (352,068)

 Net cash used for financing activities  (861,758)   (335,269)

 Net increase (decrease) in cash    (947,041)   284,007

 Balance at beginning of period   9,719,676    9,092,300

 Balance at end of period        8,772,635    9,376,307


<FN>



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

</TABLE>


<PAGE>

                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)



The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations and financial condition of Columbia  Futures  Fund

(the  "Partnership").   The  financial statements  and  condensed

notes herein should be read in conjunction with the Partnership's

December 31, 1998 Annual Report on Form 10-K.



1.  Organization

Columbia  Futures  Fund  is  a limited partnership  organized  to

engage  primarily in the speculative trading of futures contracts

and   forward   contracts   in  foreign   currencies,   financial

instruments   and   other  commodity  interests    (collectively,

"futures  interests"). The general partner is Demeter  Management

Corporation  ("Demeter"). The non-clearing  commodity  broker  is

Dean  Witter  Reynolds Inc. ("DWR") and an unaffiliated  clearing

commodity  broker, Carr Futures Inc. ("Carr"), provides  clearing

and  execution  services.  Both Demeter and DWR are  wholly-owned

subsidiaries  of Morgan Stanley Dean Witter & Co.  ("MSDW").  The

sole  trading  advisor to the Partnership  is  John  W.  Henry  &

Company, Inc. (the "Trading Advisor").









<PAGE>
                        COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)


2.  Related Party Transactions

The Partnership's cash is on deposit with DWR and Carr in futures

interests trading accounts to meet margin requirements as needed.

DWR  pays  interest on these funds based on current 13-week  U.S.

Treasury  bill rates. The Partnership pays brokerage  commissions

to DWR.



3.  Financial Instruments

The Partnership trades futures contracts and forward contracts in

foreign  currencies,  financial instruments and  other  commodity

interests.  Futures and forwards represent contracts for  delayed

delivery  of  an instrument at a specified date and price.   Risk

arises  from  changes  in the value of these  contracts  and  the

potential inability of counterparties to perform under the  terms

of   the  contracts.   There  are  numerous  factors  which   may

significantly  influence  the market value  of  these  contracts,

including interest rate volatility.



In  June  1998, the Financial Accounting Standards  Board  issued

Statement  of  Financial Accounting Standard  ("SFAS")  No.  133,

"Accounting  for  Derivative Instruments and Hedging  Activities"

effective  for fiscal years beginning after June 15,  1999.   The

Partnership  elected  to adopt the provisions  of  SFAS  No.  133

beginning  with  the  fiscal year that ended December  31,  1998.

SFAS  No. 133 supersedes SFAS No. 119 and No. 105, which required

the



<PAGE>
                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



disclosure of average aggregate fair values and contract/notional

values, respectively, of derivative financial instruments for  an

entity  which carries its assets at fair value.  The  application

of  SFAS  No.  133  does  not have a significant  effect  on  the

Partnership's financial statements.



The  net  unrealized  gain on open contracts  is  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  Statements of Financial Condition and totaled  $349,191  and

$499,104   at   September  30,  1999  and  December   31,   1998,

respectively.



Of  the  $349,191  net  unrealized  gain  on  open  contracts  at

September  30, 1999, $194,418 related to exchange-traded  futures

contracts  and  $154,773  related to off-exchange-traded  forward

currency contracts.



Of the $499,104 net unrealized gain on open contracts at December

31,  1998,  $694,869 related to exchange-traded futures contracts

and  $(195,765)  related to off-exchange-traded forward  currency

contracts.



Exchange-traded  futures contracts held  by  the  Partnership  at

September 30, 1999 and December 31, 1998 mature through September





<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



2000   and   September  1999,  respectively.  Off-exchange-traded

forward  currency contracts held by the Partnership at  September

30,  1999 and December 31, 1998 mature through December 1999  and

March 1999, respectively.



The  Partnership  is subject to the credit risk  associated  with

counterparty  non-performance.  The credit risk  associated  with

the  instruments in which the Partnership is involved is  limited

to  the  amounts  reflected  in the Partnership's  Statements  of

Financial  Condition.  DWR and Carr act as the futures commission

merchants  or  the counterparties with respect  to  most  of  the

Partnership's  assets.  Exchange-traded  futures  contracts   are

marked  to  market  on  a daily basis, with variations  in  value

settled  on  a  daily basis. Each of DWR and Carr, as  a  futures

commission  merchant for all of the Partnership's exchange-traded

futures contracts, are required, pursuant to regulations  of  the

Commodity  Futures Trading Commission ("CFTC") to segregate  from

their  own  assets, and for the sole benefit of  their  commodity

customers, all funds held by them with respect to exchange-traded

futures   contracts,  including  an  amount  equal  to  the   net

unrealized  gain on all open futures contracts, which  funds,  in

the  aggregate, totaled $8,967,053 and $10,414,545  at  September

30, 1999 and December 31, 1998, respectively.





<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



With  respect  to  the Partnership's off-exchange-traded  forward

currency  contracts, there are no daily settlements of variations

in value nor is there any requirement that an amount equal to the

net  unrealized  gain  on open forward contracts  be  segregated.

With   respect  to  those  off-exchange-traded  forward  currency

contracts, the Partnership is at risk to the ability of Carr, the

sole  counterparty on all of such contracts, to perform.   Carr's

parent,   Credit  Agricole  Indosuez,  has  guaranteed   to   the

Partnership  payment  of  the  net  liquidating  value   of   the

transactions  in  the Partnership's account with Carr  (including

foreign currency contracts).






























<PAGE>
Item   2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Liquidity -  Assets of the Partnership are deposited with DWR  as

non-clearing  broker  and  Carr as clearing  broker  in  separate

futures interest trading accounts. Such assets are held in either

non-interest bearing bank accounts or in securities  approved  by

the  CFTC  for  investment of customer funds.  The  Partnership's

assets held by DWR and Carr may be used as margin solely for  the

Partnership's trading.  Since the Partnership's sole  purpose  is

to   trade  in  futures  interests,  it  is  expected  that   the

Partnership  will continue to own such liquid assets  for  margin

purposes.



The  Partnership's investment in futures interests may, from time

to time, be illiquid.  Most United States futures exchanges limit

fluctuations in certain futures interest prices during  a  single

day  by  regulations  referred to as  "daily  price  fluctuations

limits" or "daily limits".  Pursuant to such regulations,  during

a  single trading day no trades may be executed at prices  beyond

the  daily limit.  If the price for a particular futures interest

has increased or decreased by an amount equal to the daily limit,

positions  in  such  futures interest can neither  be  taken  nor

liquidated  unless  traders are willing to effect  trades  at  or

within  the  limit.   Futures interests prices have  occasionally

moved the daily limit for several consecutive days with little or

no trading.  Such market conditions could prevent the Partnership

from  promptly  liquidating its futures interests and  result  in

restrictions on redemptions.





<PAGE>

There  is  no limitation on daily price moves in trading  forward

contracts  on  foreign  currency.  The  markets  for  some  world

currencies  have low trading volume and are illiquid,  which  may

prevent  the  Partnership from trading in potentially  profitable

markets  or  from  promptly  liquidating  unfavorable  positions,

subjecting  it  to substantial losses.  Either  of  these  market

conditions could result in restrictions on redemptions.



Capital  Resources.  The Partnership does not have, nor  does  it

expect to have, any capital assets.  Future redemptions of  Units

of  Limited  Partnership  Interest ("Unit(s)")  will  affect  the

amount of funds available for investment in futures interests  in

subsequent periods.  Since they are at the discretion of  Limited

Partners,  it  is  not  possible  to  estimate  the  amount   and

therefore, the impact of future redemptions.



Results of Operations

For the Quarter and Nine Months Ended September 30, 1999

For  the  quarter  ended  September  30,  1999,  the  Partnership

recorded  total trading losses net of interest income of $148,651

and  posted  a  decrease in Net Asset Value per  Unit.  The  most

significant  losses  were recorded in the  global  interest  rate

futures  markets  during July and September from  short  Japanese

government bond futures positions as prices rallied on fears that

strength  in  the  Japanese yen would slow  down  that  country's

budding recovery.  Additional losses were experienced in the





<PAGE>

metals markets during July from short silver futures positions as

prices  rose  after  a  fall  in U.S.  market  reserves  and  the

announcement  of a cutback in metal production.  In the  currency

markets,  losses were recorded during August and early  September

from  long  positions in the European common currency, the  euro,

and the Swiss franc as the U.S. dollar rallied higher versus most

major  currencies on August 23 amid a rally in U.S. stock prices,

and  on  September 10 after an intervention by the Bank of Japan.

As a result, new short positions were established in the euro and

the  Swiss  franc  only to result in additional losses  as  these

currencies strengthened versus the U.S. dollar during the  latter

half of September after the U.S. trade figures reflected a record

deficit.   Smaller  losses were incurred  during  August  in  the

agricultural markets from long corn futures positions  as  prices

decreased  due  to  an  unexpectedly  large  U.S.  Department  of

Agriculture  estimate for this year's corn  crop.   These  losses

were  partially offset by gains in the energy markets  throughout

the  quarter from long crude oil futures positions as oil  prices

mounted  higher during July after a fall in U.S. oil inventories,

production  difficulties in Nigeria and  continued  adherence  to

output  reductions from OPEC countries.  Oil prices continued  to

climb  during August and September on increased demand, fears  of

production  problems  and  an  announcement  by  OPEC   ministers

confirming  that  they  will uphold their global  cutbacks  until

April  of next year.  Additional gains were recorded in the  soft

commodities  markets  during  July  from  short  coffee   futures

positions as prices fell amid diminished fears of impending frost



<PAGE>

damage  to  Brazilian plantations and on predictions that  Brazil

would  reap a record harvest next year.  Total expenses  for  the

three months ended September 30, 1999 were $229,824, resulting in

a  net  loss  of  $378,475.  The value of a Unit  decreased  from

$3,207.12 at June 30, 1999 to $3,079.60 at September 30, 1999.



For  the  nine  months ended September 30, 1999, the  Partnership

recorded  total  trading revenues including  interest  income  of

$386,899  and,  after expenses, posted a decrease  in  Net  Asset

Value per Unit. The most significant net losses were recorded  in

the  metals markets from long silver futures positions as  prices

retreated  during  mid-March  after Berkshire  Hathaway's  annual

report  failed  to provide any new information on  the  company's

silver positions.  Additional losses were incurred in this market

during  the second quarter as supply and demand concerns resulted

in   short-term   price  volatility.   Additional   losses   were

experienced  in  the global interest rate futures markets  during

July  and  September from short Japanese government bond  futures

positions  as  prices  rallied on  fears  that  strength  in  the

Japanese  yen  would slow down that country's  budding  recovery.

Smaller  losses  were recorded in the agricultural  markets  from

long  corn  futures  positions as  prices  decreased  due  to  an

unexpectedly  large U.S. Department of Agriculture  estimate  for

this  year's corn crop.  These losses were mitigated  by  profits

recorded in the energy markets from long crude oil futures







<PAGE>

positions as oil prices climbed higher during April, June, August

and  September  amid  tightening of  supply  and  growing  global

demand.   Additional gains were recorded in the currency  markets

from  short positions in the European common currency, the  euro,

as  the  value  of the U.S. dollar strengthened versus  the  euro

throughout  a  majority of the first half  of  the  year  on  the

strength in the U.S. economy, concerns pertaining to the economic

health  of  Europe  and  Japan  and ongoing  military  action  in

Yugoslavia.  Total expenses for the nine months  ended  September

30, 1999 were $660,000, resulting in a net loss of $273,101.  The

value of a Unit decreased from $3,170.99 at December 31, 1998  to

$3,079.60 at September 30, 1999.



For the Quarter and Nine Months Ended September 30, 1998

For  the  quarter  ended  September  30,  1998,  the  Partnership

recorded  total  trading revenues including  interest  income  of

$120,549  and,  after expenses, posted a decrease  in  Net  Asset

Value per Unit.  The most significant net losses were recorded in

the  currency  markets  from transactions involving  the  British

pound  and  Australian dollar as the value  of  these  currencies

failed  to  move with consistent direction relative to  the  U.S.

dollar  throughout a majority of the quarter.   Smaller  currency

losses  were  recorded during September from short  Japanese  yen

positions  as the value of the yen strengthened versus  the  U.S.

dollar as a Japanese official hinted that Japan may intervene  to

support  the yen.  As a result of this strengthening in the  yen,

new long positions were





<PAGE>

established  during mid-September, only to result  in  additional

losses  as  the value of the yen decreased due to the failure  of

the  Japanese  government to present any new  initiatives  toward

economic  recovery  in  that country.  In other  markets,  choppy

price  movement in coffee prices throughout the quarter  resulted

in  losses  being recorded in soft commodities.   Smaller  losses

were recorded in metals from long silver futures positions during

July, as silver prices moved lower, and from short silver futures

positions during September as precious metals prices were boosted

higher  by the weakness in the U.S. dollar.  A majority of  these

losses  were  offset by gains recorded in the  financial  futures

markets  during  August  and September  from  long  positions  in

German,  U.S.  and  Japanese bond futures as  the  volatility  in

global  stock  markets and worldwide economic  uncertainty  drove

investors  to  these "safe havens", thus pushing  prices  higher.

Smaller profits were recorded in the agricultural markets  during

July and August from short corn futures positions as grain prices

decreased  on  reports of abundant supplies.  Total expenses  for

the   three  months  ended  September  30,  1998  were  $196,834,

resulting  in  a  net  loss of $76,285.   The  value  of  a  Unit

decreased  from  $3,119.35  at June  30,  1998  to  $3,095.44  at

September 30, 1998.



For  the  nine  months ended September 30, 1998, the  Partnership

recorded  total  trading revenues including  interest  income  of

$1,586,054  and posted an increase in Net Asset Value  per  Unit.

The most significant gains were recorded in the financial futures

markets  during  August  and September  from  long  positions  in

German,



<PAGE>

U.S. and Japanese bond futures as prices moved sharply higher due

to  a  "flight-to-quality" by investors seeking refuge  from  the

worldwide   economic   uncertainty  and  subsequent   volatility.

Additional  profits  were recorded in the currency  markets  from

short   South   African  rand  positions  as  its   value   moved

significantly lower during May and June despite an effort by  the

South  African government to prevent its currency from  declining

further.   In energies, gains were recorded from short crude  oil

futures positions as oil prices moved lower throughout a majority

of  the  first  quarter despite the threat of a conflict  in  the

Persian Gulf.  Short positions in crude oil futures continued  to

profit  during  the second quarter and early part  of  the  third

quarter  as  oil prices moved lower following a spike  higher  in

late  March.   Smaller  gains were recorded in  the  agricultural

markets  during  July and August as short corn futures  positions

profited  from  a  decline  in grain prices.   These  gains  were

partially offset by losses incurred in the metals markets  during

July  from long silver futures positions, as prices moved  lower,

and  during  September  from short silver futures  positions,  as

precious metals prices were pushed higher by the weakness in  the

U.S.  dollar.   Additional losses were recorded  in  metals  from

trading  gold  futures  as gold prices moved  without  consistent

direction during the first quarter.  In soft commodities, smaller

loses  were  recorded  from trading cotton futures  throughout  a

majority  of  the first nine months of the year.  Total  expenses

for  the  nine  months  ended September 30, 1998  were  $723,987,

resulting  in  net  income of $862,067.   The  value  of  a  Unit

increased  from  $2,830.91 at December 31, 1997 to  $3,095.44  at

September 30, 1998.

<PAGE>

Year  2000 Problem.  Commodity pools, like financial and business

organizations  and individuals around the world,  depend  on  the

smooth functioning of computer systems.  Many computer systems in

use  today cannot recognize the computer code for the year  2000,

but revert to 1900 or some other date.  This is commonly known as

the  "Year  2000  Problem". The Partnership  could  be  adversely

affected  if computer systems used by it or any third party  with

whom  it has a material relationship do not properly process  and

calculate date-related information and data concerning  dates  on

or  after January 1, 2000.  Such a failure could adversely affect

the  handling or determination of futures trades and  prices  and

other services.



MSDW  began its planning for the Year 2000 Problem in  1995,  and

currently  has several hundred employees working on  the  matter.

It  has developed its own Year 2000 compliance plan to deal  with

the  problem and had the plan approved by the company's executive

management,   Board  of  Directors  and  Information   Technology

Department. Demeter is coordinating with MSDW to address the Year

2000  Problem  with  respect to Demeter's computer  systems  that

affect  the  Partnership.  This includes  hardware  and  software

upgrades, systems consulting and computer maintenance.



Beyond  the  challenge  facing  internal  computer  systems,  the

systems  failure  of  any  of the third  parties  with  whom  the

Partnership  has a material relationship - the futures  exchanges

and  clearing organizations through which it trades, Carr, or the

Trading Advisor - could result in a material financial risk to

<PAGE>

the  Partnership.  All  U.S. futures  exchanges  are  subject  to

monitoring  by the CFTC of their Year 2000 preparedness  and  the

major  foreign futures exchanges are also expected to be  subject

to market-wide testing of their Year 2000 compliance during 1999.

Demeter  intends to monitor the progress of Carr and the  Trading

Advisor throughout 1999 in their Year 2000 compliance and,  where

applicable,  to  test its external interface with  Carr  and  the

Trading Advisor.



A  worst case scenario would be one in which trading of contracts

on  behalf  of the Partnership becomes impossible as a result  of

the  Year 2000 problem encountered by any third parties.  A  less

catastrophic  but  more likely scenario would  be  one  in  which

trading  opportunities diminish as a result of technical problems

resulting  in  illiquidity  and  fewer  opportunities   to   make

profitable trades. MSDW has begun developing various "contingency

plans" in the event that the systems of such third parties  fail.

Demeter  intends  to  consult closely with MSDW  in  implementing

those  plans.  Despite the best efforts of both Demeter and MSDW,

however,  it is possible that these steps will not be  sufficient

to avoid any adverse impact to the Partnership.



Risks  Associated  With  the Euro.  On January  1,  1999,  eleven

countries  in  the  European Union established  fixed  conversion

rates on their existing sovereign currencies and converted  to  a

common   single  currency  (the  "euro").   During  a  three-year

transition period, the sovereign currencies will continue to



<PAGE>

exist  but  only as a fixed denomination of the euro.  Conversion

to  the euro prevents the Trading Advisor from trading in certain

currencies  and thereby limits its ability to take  advantage  of

potential market opportunities that might otherwise have  existed

had  separate  currencies been available  to  trade.  This  could

adversely affect the performance results of the Partnership.



Item  3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT  MARKET
RISK

Introduction

The  Partnership  is a commodity pool engaged  primarily  in  the

speculative  trading of futures interests.  The  market-sensitive

instruments  held  by  the Partnership are  acquired  solely  for

speculative   trading  purposes  and,  as  a   result,   all   or

substantially all of the Partnership's assets are subject to  the

risk  of trading loss.  Unlike an operating company, the risk  of

market-sensitive instruments is integral, not incidental, to  the

Partnership's primary business activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  related  market risk.  Such  market  risk  is  often

dependent  upon  changes in the level or volatility  of  interest

rates,   exchange  rates,  and/or  market  values  of   financial

instruments and commodities.  Fluctuations in related market risk

based  upon the aforementioned factors result in frequent changes

in  the  fair  value  of the Partnership's open  positions,  and,

consequently, in its earnings and cash flow.



<PAGE>

The  Partnership's  total market risk is  influenced  by  a  wide

variety  of factors, including the diversification effects  among

the Partnership's existing open positions, the volatility present

within  the  market(s), and the liquidity of the  market(s).   At

varying  times,  each of these factors may act to  exacerbate  or

mute the market risk associated with the Partnership.



The  Partnership's past performance is not necessarily indicative

of   its   future  results.   Any  attempt  at  quantifying   the

Partnership's  market  risk  must be qualified  by  the  inherent

uncertainty  of its speculative trading, which may  cause  future

losses and volatility (i.e. "risk of ruin") far in excess of  the

Partnership's   experience   to  date   and/or   any   reasonable

expectation premised upon historical changes in the fair value of

its market-sensitive instruments.



Quantifying the Partnership's Trading Value at Risk

The  following  quantitative disclosures regarding  the  Partner-

ship's market risk exposures contain "forward-looking statements"

within  the  meaning  of  the safe harbor  from  civil  liability

provided for such statements by the Private Securities Litigation

Reform  Act  of 1995 (set forth in Section 27A of the  Securities

Act  of  1933 and Section 21E of the Securities Exchange  Act  of

1934).   All quantitative disclosures in this section are  deemed

to be forward-looking statements for purposes of the safe harbor,

except for statements of historical fact.





<PAGE>

The Partnership accounts for open positions on the basis of mark-

to-market accounting principles.  As such, any loss in  the  fair

value  of  the Partnership's open positions is directly reflected

in  the  Partnership's earnings, whether realized or  unrealized,

and  the  Partnership's cash flow, as profits and losses on  open

positions of exchange-traded futures interests are settled  daily

through variation margin.



The  Partnership's  risk exposure in the various  market  sectors

traded  by  the Trading Advisor is estimated below  in  terms  of

Value  at Risk ("VaR"). The VaR model employed by the Partnership

incorporates numerous variables that could impact the fair  value

of   the   Partnership's  trading  portfolio.   The   Partnership

estimates VaR using a model based on historical simulation with a

confidence   level   of  99%.   Historical  simulation   involves

constructing  a  distribution of hypothetical  daily  changes  in

trading  portfolio  value.  The VaR model  generally  takes  into

account linear exposures to price and interest rate risk.  Market

risks  that are incorporated in the VaR model include equity  and

commodity prices, interest rates, foreign exchange rates, as well

as   correlation   that  exists  among  these   variables.    The

hypothetical  changes  in  portfolio value  are  based  on  daily

observed percentage changes in key market indices or other market

factors  ("market  risk  factors")  to  which  the  portfolio  is

sensitive.   In the case of the Partnership's VaR, the historical

observation   period   is   approximately   four   years.     The

Partnership's one-day 99% VaR corresponds to the negative  change

in portfolio value that, based



<PAGE>

on  observed  market risk factor moves, would have been  exceeded

once in 100 trading days.



VaR models such as the Partnership's are continually evolving  as

trading  portfolios  become more diverse and modeling  techniques

and systems capabilities improve.  It must also be noted that the

VaR  model is used to quantify market risk for historic reporting

purposes  only  and  is  not utilized by either  Demeter  or  the

Trading Advisor in their daily risk management activities.



The Partnership's Value at Risk in Different Market Sectors

The  following  table  indicates  the  VaR  associated  with  the

Partnership's open positions as a percentage of total Net  Assets

by market category as of September 30, 1999.  As of September 30,

1999, the Partnership's total capitalization was approximately $9

million.

     Primary Market           September 30, 1999
     Risk Category              Value at Risk

     Currency                       (2.75)%

     Interest Rate                  (0.98)

     Equity                         (0.37)

     Commodity                      (0.67)

     Aggregate Value at Risk        (2.92)%











<PAGE>

Aggregate  value  at  risk represents the aggregate  VaR  of  the

Partnership's open positions and not the sum of the  VaR  of  the

individual categories listed above.  Aggregate VaR will be  lower

as  it  takes into account correlation among different  positions

and categories.


The  table  above  represents the VaR of the  Partnership's  open

positions  at  September  30, 1999 only and  is  not  necessarily

representative  of  either the historic  or  future  risk  of  an

investment  in  the  Partnership.   As  the  Partnership's   sole

business   is  the  speculative  trading  of  primarily   futures

interests, the composition of its portfolio of open positions can

change significantly over any given time period or even within  a

single  trading  day.   Such  changes  in  open  positions  could

materially   impact  market  risk  as  measured  by  VaR   either

positively or negatively.



The table below supplements the quarter-end VaR by presenting the

Partnership's high, low and average VaR as a percentage of  total

Net  Assets for the four quarterly reporting periods from October

1, 1998 through September 30, 1999.



Primary Market Risk Category        High      Low      Average

Currency                          (3.00)%    (1.07)%   (2.45)%

Interest Rate                      (0.98)    (0.60)    (0.80)
Equity                             (0.37)    (0.23)    (0.32)

Commodity                          (0.67)    (0.49)    (0.55)

Aggregate Value at Risk            (3.13)%   (1.47)%   (2.63)%
<PAGE>
Limitations on Value at Risk as an Assessment of Market Risk

The  face  value  of the market sector instruments  held  by  the

Partnership is typically many times the applicable margin require-

ments, as such margin requirements generally range between 2% and

15%  of  contract face value.  Additionally, due to  the  use  of

leverage, the face value of the market sector instruments held by

the  Partnership is typically many times the total capitalization

of the Partnership.  The financial magnitude of the Partnership's

open  positions thus creates a "risk of ruin" not typically found

in  other investment vehicles.  Due to the relative size  of  the

positions   held,  certain  market  conditions  may   cause   the

Partnership  to incur losses greatly in excess of  VaR  within  a

short  period of time.  The foregoing VaR tables, as well as  the

past  performance of the Partnership, gives no indication of such

"risk  of  ruin".  In  addition,  VaR  risk  measures  should  be

interpreted  in  light  of the methodology's  limitations,  which

include  the following: past changes in market risk factors  will

not  always  yield accurate predictions of the distributions  and

correlations  of  future market movements; changes  in  portfolio

value  in  response  to  market movements  may  differ  from  the

responses implicit in a VaR model; published VaR results  reflect

past  trading  positions  while future  risk  depends  on  future

positions;  VaR  using  a  one-day time horizon  does  not  fully

capture the market risk of positions that cannot be liquidated or

hedged within one day; and the historical market risk factor data

used  for  VaR  estimation may provide only limited insight  into

losses  that  could  be  incurred under  certain  unusual  market

movements.



<PAGE>

The foregoing VaR tables present the results of the Partnership's

VaR  for  the  Partnership's market  risk  exposures  and  on  an

aggregate basis at September 30, 1999 and for the end of the four

quarterly   reporting  periods  from  October  1,  1998   through

September  30, 1999.  Since VaR is based on historical data,  VaR

should  not  be viewed as predictive of the Partnership's  future

financial  performance or its ability to manage and monitor  risk

and  there  can  be  no  assurance that the Partnership's  actual

losses  on  a  particular  day will not exceed  the  VaR  amounts

indicated or that such losses will not occur more than 1  in  100

trading days.



Non-Trading Risk

The  Partnership has non-trading market risk on its foreign  cash

balances not needed for margin.  However, such balances, as  well

as  any  market  risk  they may represent, are  immaterial.   The

Partnership  also maintains a substantial portion  (approximately

88%) of its available assets in cash at DWR.  A decline in short-

term interest rates will result in a decline in the Partnership's

cash  management  income. This cash flow risk is  not  considered

material.



Materiality,  as used throughout this section,  is  based  on  an

assessment  of  reasonably  possible  market  movements  and  the

potential  losses caused by such movements, taking  into  account

the   leverage,  optionality  and  multiplier  features  of   the

Partnership's market-sensitive instruments.





<PAGE>

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

market risk exposures - except for (i) those disclosures that are

statements  of historical fact and (ii) the descriptions  of  how

the  Partnership  manages  its primary market  risk  exposures  -

constitute  forward-looking  statements  within  the  meaning  of

Section  27A  of  the  Securities Act  and  Section  21E  of  the

Securities  Exchange Act. The Partnership's primary  market  risk

exposures  as  well  as the strategies used and  to  be  used  by

Demeter  and the Trading Advisor for managing such exposures  are

subject  to numerous uncertainties, contingencies and risks,  any

one  of which could cause the actual results of the Partnership's

risk  controls to differ materially from the objectives  of  such

strategies.      Government    interventions,    defaults     and

expropriations,  illiquid  markets,  the  emergence  of  dominant

fundamental  factors, political upheavals, changes in  historical

price  relationships,  an  influx  of  new  market  participants,

increased  regulation  and many other  factors  could  result  in

material  losses  as  well as in material  changes  to  the  risk

exposures  and the risk management strategies of the Partnership.

Investors  must be prepared to lose all or substantially  all  of

their investment in the Partnership.



The  following  were the primary trading risk  exposures  of  the

Partnership as of September 30, 1999, by market sector.   It  may

be  anticipated  however, that these market exposures  will  vary

materially over time.





<PAGE>

     Currency.  The primary market exposure in the Partnership at

September 30, 1999 was in the currency sector.  The Partnership's

currency  exposure  is  to exchange rate fluctuations,  primarily

fluctuations  which disrupt the historical pricing  relationships

between  different currencies and currency pairs.  Interest  rate

changes  as  well  as  political and general economic  conditions

influence these fluctuations.  The Partnership trades in a  large

number  of  currencies, including cross-rates -  i.e.,  positions

between two currencies other than the U.S. dollar.  For the third

quarter  of  1999,  the  Partnership's major  exposures  were  in

outright  U.S. dollar positions.  (Outright positions consist  of

the  U.S.  dollar  vs. other currencies.  These other  currencies

include  the  major  and  minor currencies).   Demeter  does  not

anticipate  that  the risk profile of the Partnership's  currency

sector  will  change significantly in the future.   The  currency

trading VaR figure includes foreign margin amounts converted into

U.S.  dollars  with  an  incremental adjustment  to  reflect  the

exchange  rate  risk inherent to the dollar-based Partnership  in

expressing VaR in a functional currency other than dollars.

      Interest  Rate.   The second largest market  exposure  this

quarter  was in the interest rate complex.  Exposure  was  spread

across  the  Japanese, U.S., German and Australian interest  rate

sectors.   Interest rate movements directly affect the  price  of

the  sovereign bond futures positions held by the Partnership and

indirectly affect the value of its stock index and currency





<PAGE>

positions.   Interest rate movements in one country  as  well  as

relative  interest  rate movements between  countries  materially

impact   the   Partnership's  profitability.   The  Partnership's

primary  interest  rate exposure is generally  to  interest  rate

fluctuations  in the United States and the other  G-7  countries.

However,  the  Partnership also takes futures  positions  in  the

government  debt  of  smaller nations - e.g. Australia.   Demeter

anticipates  that G-7 and Australian interest rates  will  remain

the  primary  interest rate exposure of the Partnership  for  the

foreseeable  future.  The changes in interest rates,  which  have

the most effect on the Partnership, are changes in long-term,  as

opposed  to  short-term, rates.  Most of the speculative  futures

positions  held  by  the Partnership are in  medium-to-long  term

instruments.  Consequently, even a material change in  short-term

rates  would  have  little effect on the  Partnership,  were  the

medium-to-long term rates to remain steady.

      Equity.   The Partnership's primary equity exposure  is  to

equity  price risk in the G-7 countries.  The stock index futures

traded  by  the  Partnership are by law  limited  to  futures  on

broadly-based   indices.    As  of  September   30,   1999,   the

Partnership's  primary  exposures  were  in  the  All  Ordinaries

(Australia) and Nikkei (Japan) stock indices.  The Partnership is

primarily  exposed to the risk of adverse price trends or  static

markets  in the Australian and Japanese indices.  (Static markets

would not cause major market changes but would make it difficult





<PAGE>

for  the  Partnership  to avoid being "whipsawed"  into  numerous

small losses).

     Commodity.

     Energy.   On  September  30, 1999, the Partnership's  energy

exposure  was  in  the  crude  and heating  oil  markets.   Price

movements in these markets result from political developments  in

the   Middle   East,   weather  patterns,  and   other   economic

fundamentals.  As oil prices have increased about 100% this year,

and,  given  that  the  agreement by OPEC to  cut  production  is

approaching  expiration  in  March  2000,  it  is  possible  that

volatility will remain on the high end.  Significant profits  and

losses  have  been and are expected to continue to be experienced

in this market.

     Soft  Commodities and Agriculturals.  On September 30, 1999,

the  Partnership  had  a reasonable amount  of  exposure  in  the

markets  that  comprise  these sectors.  Most  of  the  exposure,

however,  was in the coffee, sugar and corn markets.  Supply  and

demand   inequalities,  severe  weather  disruption  and   market

expectations affect price movements in these markets.

     Metals.    The Partnership's primary metals market  exposure

is to fluctuations in the price of gold and silver.  Although the

Partnership  will, from time to time, trade base metals  such  as

copper,  the  principal market exposures of the Partnership  have

consistently  been  in  precious  metals,  gold  and  silver.   A

significant amount of exposure was evident in the gold market  as

the  price  of  gold  increased  dramatically  following  bullish

comments  by  the  European  Central Bank.   Silver  prices  have

<PAGE>                                                       also

been volatile over this period, and the Trading Advisor has, from

time  to  time,  taken substantial positions as perceived  market

opportunities developed. Demeter anticipates that gold and silver

will   remain  the  primary  metals  market  exposure   for   the

Partnership.



Qualitative Disclosures Regarding Non-Trading Risk Exposure

The  following  was  the only non-trading risk  exposure  of  the

Partnership as of September 30, 1999:



Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency  balances are in Japanese yen, Singapore dollars,  South

African rands, British pounds and euros. The Partnership controls

the  non-trading  risk of these balances by regularly  converting

these  balances  back  into  dollars  upon  liquidation  of   the

respective positions.



Qualitative Disclosures Regarding Means of Managing Risk Exposure

The  means  by  which  the Partnership and  the  Trading  Advisor

attempt  to  manage the risk of the Partnership's open  positions

are  essentially  the  same  in  all  market  categories  traded.

Demeter  attempts to manage the Partnership's market exposure  by

(i)  diversifying the Partnership's assets among different market

sectors   and  trading  approaches,  and  (ii),  monitoring   the

performance  of  the  Trading  Advisor  on  a  daily  basis.   In

addition,   the   Trading  Advisor  establishes   diversification

guidelines, often



<PAGE>

set  in  terms of the maximum margin to be committed to positions

in any one market sector or market-sensitive instrument.



Demeter monitors and controls the risk of the Partnership's  non-

trading   instrument,  cash,  which  is  the   only   Partnership

investment directed by Demeter, rather than the Trading Advisor.













































<PAGE>

                   PART II.  OTHER INFORMATION



Item 1.  LEGAL PROCEEDINGS

The  following supplements Legal Proceedings previously disclosed

in the Partnership's 1998 Form 10-K:



In  the  New  York  action, the motion  to  dismiss  the  amended

complaint  with prejudice has been fully briefed and  argued  and

the Dean Witter Parties are awaiting the New York Supreme Court's

decision.



In  the  California action, on September 24, 1999,  the  Superior

Court in the State of California entered an order dismissing  the

consolidated amended complaint without prejudice on consent.



Item 6.   Exhibits and Reports on Form 8-K

     A)   Exhibits - None.

     B)   Reports on Form 8-K. - None.




















<PAGE>







                            SIGNATURE



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, thereunto duly authorized.




                        Columbia Futures Fund
                        (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

November 12, 1999       By:/s/ Lewis A. Raibley, III
                               Lewis A. Raibley, III
                               Director and Chief Financial
                                Officer




The  General  Partner  which signed the above  is  the  only  party
authorized  to  act  for  the Registrant.  The  Registrant  has  no
principal   executive   officer,   principal   financial   officer,
controller,  or principal accounting officer and has  no  Board  of
Directors.