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 period ended March 31, 1998 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)


          Delaware                              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

                         March 31, 1998


<CAPTION>

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

     Statements of Financial Condition
     March 31, 1998 (Unaudited) and December 31, 1997........2

     Statements of Operations for the Quarters Ended
     March 31, 1998 and 1997 (Unaudited).....................3

     Statements of Changes in Partners' Capital for
     the Quarters Ended March 31, 1998 and 1997
     (Unaudited).............................................4

     Statements of Cash Flows for the Quarters Ended
     March 31, 1998 and 1997 (Unaudited).....................5

     Notes to Financial Statements (Unaudited)............6-10

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations.......................................11-14

PART II. OTHER INFORMATION

Item 1. Legal Proceedings................................15-16

Item  6.  Exhibits  and  Reports on Form  8-K....................
17















</TABLE>

<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION
                  ITEM 1.  FINANCIAL STATEMENTS

                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION


<CAPTION>
                                     March 31,     December 31,
                                        1998           1997
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                   <C>           <C>
Equity in Commodity futures trading accounts:
 Cash                                8,736,199      9,092,300
 Net unrealized gain on open contracts     302,597    611,751

 Total Trading Equity                9,038,796      9,704,051

 Interest receivable (DWR)              31,254         33,770
 Due from DWR                           13,433           -

 Total Assets                        9,083,483      9,737,821


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Administrative expenses payable        73,868          56,762
 Redemptions payable                    62,692         14,155
 Accrued management fees                29,932         32,163
 Incentive fee payable                 -              173,722

 Total Liabilities                     166,492        276,802


Partners' Capital

 Limited Partners (3,206.559 and
  3,242.046 Units, respectively)     8,647,315      9,177,928
 General Partner (100 Units)           269,676        283,091

 Total Partners' Capital             8,916,991      9,461,019

 Total Liabilities and Partners' Capital   9,083,483    9,737,821


NET ASSET VALUE PER UNIT              2,696.76       2,830.91
<FN>
        The accompanying footnotes are an integral part
                 of these financial statements.
</TABLE>
<PAGE>
<TABLE>
                     COLUMBIA FUTURES FUND
                    STATEMENTS OF OPERATIONS
                           (Unaudited)



<CAPTION>


                                For the Quarters Ended March 31,

                                       1998            1997
                                        $            $
REVENUES
<S>                           <C>             <C>
 Trading profit (loss):
              Realized                                   (40,328)
585,978
    Net change in unrealized        (309,154)     123,762

      Total Trading Results         (349,482)     709,740

    Interest Income (DWR)            95,424       89,551

      Total Revenues                (254,058)    799,291

EXPENSES

    Management fees                  91,244        87,001
    Brokerage commissions (DWR)      76,607        79,357
    Administrative expenses          20,000       17,000
    Transaction fees and costs        5,781        6,571
    Incentive fees                   -             76,966
      Total Expenses                193,632      266,895

NET INCOME (LOSS)                   (447,690)     532,396


NET INCOME (LOSS) ALLOCATION

    Limited Partners                (434,275)     517,545
    General Partner                  (13,415)      14,851


NET INCOME (LOSS) PER UNIT

    Limited Partners                 (134.15)      148.51
    General Partner                  (134.15)      148.51


<FN>

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


                     COLUMBIA FUTURES FUND
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
         For the Quarters Ended March 31, 1998 and 1997
                          (Unaudited)


<CAPTION>

                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total

<S>                     <C>        <C>         <C>     <C>
Partners' Capital,
 December 31, 1996    3,612.282  $8,110,079  $230,906 $8,340,985

Net Income              -          517,545     14,851   532,396

Redemptions                (105.471)      (255,164)             -
(255,164)

Partners' Capital,
 March 31, 1997        3,506.811 $8,372,460  $245,757 $8,618,217




Partners' Capital,
   December 31, 1997  3,342.046  $9,177,928  $283,091  $9,461,019

Net Loss                -          (434,275)  (13,415) (447,690)

Redemptions                 (35.487)       (96,338)             -
(96,338)

Partners' Capital,
    March 31, 1998     3,306.559   $8,647,315   $269,676   $8,916
,991

<FN>








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





<PAGE>
<TABLE>


                     COLUMBIA FUTURES FUND
                    STATEMENTS OF CASH FLOWS
                           (Unaudited)



<CAPTION>


                                For the Quarters Ended March 31,

                                       1998            1997
                                        $              $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                           <C>            <C>
 Net income (loss)                  (447,690)   532,396
 Noncash item included in net income (loss):
    Net change in unrealized        309,154     (123,762)

 (Increase) decrease in operating assets:
    Interest receivable (DWR)         2,516       (3,098)
    Due from DWR                     (13,433)     -

 Increase (decrease) in operating liabilities:
    Administrative expenses payable  17,106      11,319
    Accrued management fees           (2,231)         874
    Incentive fee payable           (173,722)    (74,142)
    Accrued brokerage commissions (DWR)-          (3,420)
          Accrued      transaction      fees      and       costs
-                                      (347)

  Net cash provided by (used for) operating activities  (308,300)
339,820


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase in redemptions payable     48,537      59,166
 Redemptions of units                (96,338)   (255,164)

 Net cash used for financing activities    (47,801)(195,998)

 Net increase (decrease) in cash    (356,101)   143,822

 Balance at beginning of period   9,092,300   8,233,513

 Balance at end of period         8,736,199   8,377,335


<FN>
        The accompanying footnotes 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, 1997 Annual Report on Form 10-K.



1.  Organization

Columbia  Futures  Fund  is  a limited partnership  organized  to

engage  in  the  speculative trading  of  commodity  futures  and

forward contracts on foreign currencies.  The general partner for

the  Partnership  is Demeter Management Corporation  ("Demeter").

The  non-clearing commodity broker is Dean Witter  Reynolds  Inc.

("DWR"), with an unaffiliated broker, Carr Futures, Inc. ("Carr")

providing clearing and execution services.  Both DWR and  Demeter

are wholly-owned subsidiaries of Morgan Stanley Dean Witter & Co.

("MSDW").   The  trading manager who makes all trading  decisions

for the Partnership is John W. Henry & Company, Inc. ("JWH").



2.  Related Party Transactions

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

commodity trading accounts to meet margin requirements as needed.

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

                                

<PAGE>

                     COLUMBIA FUTURES FUND

           NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Treasury  Bill rates. Brokerage expenses incurred by the Partner-

ship are paid to DWR.


3.  Financial Instruments

The  Partnership trades futures and forward contracts in interest

rates,  stock  indices, commodities and currencies.  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.  At March 31, 1998 and December 31, 1997,  open

contracts were:

                                 Contract or Notional Amount
                            March 31, 1998   December 31, 1997
                                    $                   $
Exchange-Traded Contracts
 Financial Futures:
   Commitments to Purchase          -              8,412,000
   Commitments to Sell          8,416,000          3,094,000
 Commodity Futures:
   Commitments to Purchase      1,069,000          1,948,000
   Commitments to Sell          3,324,000          3,352,000
 Foreign Futures:
   Commitments to Purchase      7,966,000          3,862,000
   Commitments to Sell              -              4,056,000
Off-Exchange-Traded
 Forward Currency Contracts
   Commitments to Purchase      9,063,000         6,966,000
   Commitments to Sell         18,547,000         20,155,000







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

A  portion of the amounts indicated as off-balance-sheet risk  in

forward   currency   contracts  is  due  to  offsetting   forward

commitments to purchase and to sell the same currency on the same

date   in   the   future.  These  commitments  are   economically

offsetting,  but are not offset in the forward market  until  the

settlement date.



The  net  unrealized  gain on open contracts  is  reported  as  a

component  of  "Equity in Commodity futures trading accounts"  on

the  Statements of Financial Condition and totaled  $302,597  and

$611,751 at March 31, 1998 and December 31, 1997, respectively.



Of  the $302,597, net unrealized gain on open contracts at  March

31,  1998,  $38,238 related to exchange-traded futures  contracts

and  $264,359  related  to off-exchange-traded  forward  currency

contracts.



Of the $611,751 net unrealized gain on open contracts at December

31,  1997,  $424,057 related to exchange-traded futures contracts

and  $187,694  related  to off-exchange-traded  forward  currency

contracts.



Exchange-traded  futures contracts held  by  the  Partnership  at

March  31,  1998 and December 31, 1997 mature through March  1999

and

                                

                                

<PAGE>

                      COLUMBIA FUTURES FUND

           NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                
                                
December 1998, respectively. Off-exchange-traded-forward currency

contracts held by the Partnership at March 31, 1998 and  December

31, 1997 mature through June 1998 and March 1998, respectively.



The   contract   amounts  in  the  above  table   represent   the

Partnership's  extent of involvement in the particular  class  of

financial  instrument, but not the credit  risk  associated  with

counterparty  non-performance.  The credit risk  associated  with

these  instruments  is limited to the amounts  reflected  in  the

Partnership's Statements of Financial Condition.



The  Partnership also has credit risk because either DWR or  Carr

acts as the futures commission merchant or the sole counterparty,

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.  DWR and Carr,

as  the futures commission merchants 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  totaled $8,774,437 and $9,516,357 at March  31,  1998  and

December   31,   1997,  respectively.   With   respect   to   the

Partnership's off-

<PAGE>

                      COLUMBIA FUTURES FUND

            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



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 Carr's obligations to the Partnership.



For  the quarter ended March 31, 1998 and the year ended December

31,  1997,  the average fair value of financial instruments  held

for trading purposes was as follows:

                                               March 1998
                                                           Assets
Liabilities
                                         $                   $

Exchange-Traded Contracts:
  Financial Futures                   6,331,000        2,878,000
  Commodity Futures                   1,706,000        3,317,000
  Foreign Futures                     6,829,000        1,092,000
Off-Exchange-Traded Forward
 Currency Contracts                  18,588,000       27,354,000


                                             December 1997
                                                           Assets
Liabilities
                                         $                   $

Exchange-Traded Contracts:
  Financial Futures                 7,750,000          6,950,000
  Commodity Futures                 4,075,000          3,836,000
  Foreign Futures                   5,415,000          2,274,000
Off-Exchange-Traded Forward
 Currency Contracts                14,901,000         19,757,000

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



Liquidity  - The Partnership's assets are on deposit in  separate

commodity  trading  accounts with DWR  and  Carr,  the  commodity

brokers,  and are used by the Partnership as margin to engage  in

commodity  futures  contract trading.  DWR  and  Carr  hold  such

assets   in  either  designated  depositories  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 commodity futures contracts and other

commodity  interests,  it is expected that the  Partnership  will

continue to own such liquid assets for margin purposes.



The  Partnership's  investment  in commodity  futures  contracts,

forward  contracts and other commodity interests may be illiquid.

If  the  price for a futures contract for a particular  commodity

has  increased  or  decreased by an amount equal  to  the  "daily

limit",  positions  in  the commodity can neither  be  taken  nor

liquidated  unless  traders are willing to effect  trades  at  or

within  the  limit.   Commodity futures 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 commodity futures positions.







                                

<PAGE>

There  is  no limitation on daily price moves in trading  forward

contracts  on  foreign currencies.  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  prevent  the Partnership from  promptly  liquidating

unfavorable  positions  in  such markets  and  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.  Redemptions of  additional

Units  of Limited Partnership Interest in the future will  affect

the  amount  of  funds  available for investments  in  subsequent

periods.   As  redemptions  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 Ended March 31, 1998

For  the  quarter  ended March 31, 1998, the Partnership's  total

trading  losses net of interest income were $254,058. During  the

first quarter, the Partnership recorded a loss in Net Asset Value

per  Unit. The most significant of these losses were recorded  in

the  currency  markets from short Japanese yen positions  as  the

value  of the yen increased versus the U.S. dollar during January

and early February.  These losses more than offset currency gains

from  short positions in the Swiss franc and German mark  as  the

U.S. dollar strengthened versus these currencies during March.

<PAGE>

Additional  losses were recorded from trading the  South  African

rand   and  Australian  dollar  as  their  values  moved  without

consistent direction during the quarter.  In metals, losses  were

recorded from trading gold futures as prices in this market moved

in  a  trendless  pattern throughout a majority of  the  quarter.

Additional  losses  were recorded from long positions  in  silver

futures  as silver prices moved sharply lower during March  after

rallying  higher  previously.   In  agriculturals,  losses   were

experienced  from short corn futures positions  as  prices  moved

higher  in January and March.  In financial futures, losses  were

experienced from trading Nikkei index futures during January  and

March,  as well as from trading Japanese government bond  futures

throughout the quarter.  A portion of these losses was offset  by

gains  recorded from short positions in crude oil futures as  oil

prices moved lower throughout a majority of the quarter despite a

potential  conflict in the Persian Gulf during  February.   Total

expenses  for the quarter were $193,632, resulting in a net  loss

of  $447,690.  The value of an individual Unit in the Partnership

decreased  from  $2,830.91 at December 31, 1997 to  $2,696.76  at

March 31, 1998.



For the Quarter Ended March 31, 1997

For  the  quarter  ended March 31, 1997, the Partnership's  total

trading revenues including interest income were $799,291.  During

the  first  quarter, the Partnership posted an  increase  in  Net

Asset  Value per Unit.  The most significant gains were  recorded

in  the  currency  markets  as  the  value  of  the  U.S.  dollar

strengthened  relative to the Japanese yen and  Singapore  dollar

during a

<PAGE>

majority of the quarter.  Additional currency gains were recorded

during  January and February from short positions in  most  major

European currencies as the U.S. dollar also trended higher versus

these  currencies.  Gains were also recorded in soft  commodities

from  long  coffee  futures positions as  prices  trended  higher

during  January  and February.  In agricultural futures  trading,

profits  were  recorded from long soybean meal and  corn  futures

positions as prices in these markets trended higher during March.

Smaller  gains  were recorded in metals from short  gold  futures

positions during January, as gold prices declined to their lowest

levels  in  over  three  years,  and  from  long  copper  futures

positions, as prices in this market moved higher during February.

Gains for the quarter were partially offset by losses recorded in

the  energy  markets as crude oil prices moved  in  a  short-term

volatile  pattern during January and March.  Smaller losses  were

recorded  in  financial futures trading due  to  trendless  price

movement in most global interest rate futures during the quarter.

Total  expenses  for  the quarter were $266,895,  generating  net

income  of  $532,396.   The value of an individual  Unit  in  the

Partnership  increased from $2,309.06 at  December  31,  1996  to

$2,457.57 at March 31, 1997.

















<PAGE>

                   PART II.  OTHER INFORMATION

Item 1.   LEGAL PROCEEDINGS

On  September 6, 10, and 20, 1996, and on March 13, 1997, similar

purported class actions were filed in the Superior Court  of  the

State  of  California, County of Los Angeles, on  behalf  of  all

purchasers  of  interests in limited partnership commodity  pools

sold  by DWR.  Named defendants include DWR, Demeter, Dean Witter

Futures  and  Currency Management, Inc., MSDW, (all such  parties

referred  to  hereafter  as the "Dean Witter  Parties"),  certain

limited  partnership  commodity pools of  which  Demeter  is  the

general partner, and certain trading advisors (including JWH)  to

those  pools.   On  June 16, 1997, the plaintiffs  in  the  above

actions  filed a consolidated amended complaint, alleging,  among

other  things,  that  the  defendants  committed  fraud,  deceit,

negligent misrepresentation, various violations of the California

Corporations Code, intentional and negligent breach of  fiduciary

duty,   fraudulent   and   unfair  business   practices,   unjust

enrichment,  and  conversion in the sale  and  operation  of  the

various  limited partnership commodity pools.   Similar purported

class  actions were also filed on September 18 and 20,  1996,  in

the  Supreme Court of the State of New York, New York County, and

on  November  14,  1996 in the Superior Court  of  the  State  of

Delaware, New Castle County, against the Dean Witter Parties  and

certain  trading  advisors  (including  JWH)  on  behalf  of  all

purchasers of interests in various limited partnership  commodity

pools  sold by DWR. A consolidated and amended complaint  in  the

action pending in the Supreme Court of the State of New York  was

filed  on August 13, 1997, alleging that the defendants committed

fraud, breach of

<PAGE>

fiduciary duty, and negligent misrepresentation in the  sale  and

operation of the various limited partnership commodity pools.  On

December  16,  1997,  upon motion of the plaintiffs,  the  action

pending  in  the  Superior Court of the  State  of  Delaware  was

voluntarily  dismissed  without prejudice.  The  complaints  seek

unspecified  amounts  of compensatory and  punitive  damages  and

other relief.  It is possible that additional similar actions may

be  filed and that, in the course of these actions, other parties

could  be  added as defendants.  The Dean Witter Parties  believe

that  they  have  strong defenses to, and  they  will  vigorously

contest,  the  actions.  Although the ultimate outcome  of  legal

proceedings cannot be predicted with certainty, it is the opinion

of  management of the Dean Witter Parties that the resolution  of

the  actions  will  not  have a material adverse  effect  on  the

financial  condition or the results of operations of any  of  the

Dean Witter Parties.



                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
                                
<PAGE>






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 L.P.
                               (Registrant)

                        By:    Demeter Management Corporation
                               General Partner)

May 11, 1998             By:/s/Patti L. Behnke
                               Patti L. Behnke
                               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.