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 June 30, 1997 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

                         June 30, 1997


<CAPTION>


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

     Statements of Financial Condition
     June 30, 1997 (Unaudited) and December 31, 1996..........2

     Statements of Operations for the Quarters Ended
     June 30, 1997 and 1996 (Unaudited).......................3

     Statements of Operations for the Six Months Ended
     June 30, 1997 and 1996 (Unaudited).......................4

     Statements of Changes in Partners' Capital for
     the Six Months Ended June 30, 1997 and 1996
     (Unaudited)..............................................5

     Statements of Cash Flows for the Six Months Ended
     June 30, 1997 and 1996 (Unaudited).......................6

     Notes to Financial Statements (Unaudited).............7-12

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations........................................13-18

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.................................19-20

Item 5. Other Information....................................20

Item 6. Exhibits and Reports on Form 8-K.....................21



</TABLE>








<PAGE>
<TABLE>

                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                      June 30,     December 31,
                                        1997           1996
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                 <C>            <C>
Equity in Commodity futures trading accounts:
 Cash                                7,696,356      8,233,513
 Net unrealized gain on open contracts     333,273      365,976

 Total Trading Equity                8,029,629      8,599,489

 Interest receivable (DWR)             26,637          28,574
 Due from DWR                           8,558                 -

 Total Assets                       8,064,824       8,628,063


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Administrative expenses payable        71,134         67,548
 Accrued brokerage commissions (DWR)   27,845          16,631
 Accrued management fees               26,457          28,381
 Redemptions payable                   24,180          23,091
 Accrued transaction fees and costs      2,156          1,324
 Incentive fee payable                      -         150,103

 Total Liabilities                    151,772         287,078

Partners' Capital

 Limited Partners ( 3,348.941 and
  3,512.282 Units, respectively)     7,683,618      8,110,079
 General Partner (100 Units)          229,434         230,906

 Total Partners' Capital            7,913,052       8,340,985

 Total Liabilities and Partners' Capital 8,064,824     8,628,063


NET ASSET VALUE PER UNIT             2,294.34        2,309.06

<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 June 30,

                                       1997            1996
                                        $            $
REVENUES
<S>                          <C>             <C>
 Trading profit (loss):
    Realized                      (295,122)     353,139
    Net change in unrealized      (156,466)       (9,876)

      Total Trading Results       (451,588)     343,263

    Interest Income (DWR)           86,452         77,046

      Total Revenues              (365,136)      420,309

EXPENSES

    Brokerage commissions (DWR)     96,435      101,801
    Management fees                 82,184       72,952
    Administrative expenses         15,000       16,000
    Transaction fees and costs        8,927           7,806

      Total Expenses               202,546        198,559

NET INCOME (LOSS)                 (567,682)          221,750


NET INCOME (LOSS) ALLOCATION

    Limited Partners               (551,359)    215,993
    General Partner                 (16,323)      5,757


NET INCOME (LOSS) PER UNIT

    Limited Partners                (163.23)      57.56
    General Partner                 (163.23)      57.56

<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 Six Months Ended June 30,

                                       1997            1996
                                        $            $
REVENUES
<S>                          <C>             <C>
 Trading profit (loss):
    Realized                       290,856      480,299
    Net change in unrealized       (32,703)     (332,929)

      Total Trading Results        258,153      147,370

    Interest Income (DWR)          176,003           153,224

      Total Revenues               434,156        300,594


EXPENSES

    Brokerage commissions (DWR)    175,792      201,226
    Management fees                169,185      147,291
     Incentive  fees                   76,966                   -
Administrative expenses             32,000       31,000
    Transaction fees and costs      15,499       15,975


      Total Expenses               469,442      395,492

NET LOSS                            (35,286)      (94,898)


NET LOSS ALLOCATION

    Limited Partners               (33,814)     (92,610)
    General Partner                 (1,472)      (2,288)


NET LOSS PER UNIT

    Limited Partners                (14.72)      (22.88)
    General Partner                 (14.72)      (22.88)

<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 Six Months Ended June 30, 1997 and 1996
                          (Unaudited)


<CAPTION>


                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total


<S>                  <C>               <C>                    <C>
<C>
Partners' Capital,
 December 31, 1995     3,964.982 $7,493,781  $193,889 $7,687,670
Net Loss                       -    (92,610)   (2,288)  (94,898)
Redemptions             (175.405)  (331,888)         -  (331,888)

Partners' Capital,
 June 30, 1996         3,789.577  7,069,283   191,601 7,260,884



Partner's Capital,
 December 31, 1996    3,612.282  $8,110,079  $230,906  $8,340,985

Net  Loss                       -    (33,814)   (1,472)    (35,28
6)

Redemptions              (163.341)    (392,647)                 -
(392,647)

Partners' Capital,
  June 30, 1997         3,448.941  $7,683,618     $229,434  $7,913,052




<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 Six Months Ended June 30,

                                       1997            1996
                                        $            $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                          <C>             <C>
 Net loss                         (35,286)      (94,898)
 Noncash item included in net loss:
    Net change in unrealized       32,703      332,929

 (Increase) decrease in operating assets:
    Interest receivable (DWR)       1,937        2,357
    Due from DWR                   (8,558)      (4,915)

 Increase (decrease) in operating liabilities:
    Administrative expenses payable 3,586       (32,692)
    Accrued brokerage commissions (DWR)    11,214       4,150
    Accrued management fees               (1,924)    (1,487)
      Accrued   transaction  fees  and   costs832             254
Incentive fee payable            (150,103)                -

  Net  cash provided by (used for) operating activities (145,599)
205,698


CASH FLOWS FROM FINANCING ACTIVITIES

     Increase     (decrease)    in    redemptions    payable1,089
(18,990)
 Redemptions of units            (392,647)      (331,888)

 Net cash used for financing activities(391,558)      (350,878)


 Net decrease in cash            (537,157)     (145,180)

 Balance at beginning of period 8,233,513     7,028,474

 Balance at end of period       7,696,356     6,883,294


<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.  The financial statements

and condensed notes herein should be read in conjunction with the

Partnership's December 31, 1996 Annual Report on Form 10-K.



1.  Organization

Columbia   Futures  Fund  (the  "Partnership")   is   a   limited

partnership  organized  to engage in the speculative  trading  of

commodity  futures  and forward contracts on  foreign  currencies

(collectively, "futures interests").  The general partner for the

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

commodity  broker  is  Dean Witter Reynolds  Inc.  ("DWR").   The

trading   manager  who  makes  all  trading  decisions  for   the

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

Demeter  and DWR are wholly owned subsidiaries of Morgan Stanley,

Dean Witter, Discover & Co. ("MSDWD").



2. Related Party Transactions

The  Partnership's  cash  is on deposit  with  DWR  in  commodity

trading accounts to meet margin requirements as needed.  DWR pays

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

Bill  rates.  Brokerage expenses incurred by the Partnership  are

paid to DWR.



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



3.  Financial Instruments

The  Partnership trades futures and forward contracts in interest

rates,  stock  indices,  commodities, currencies,  petroleum  and

precious  metals.  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  June  30,  1997  and

December 31, 1996, open contracts were:

                               Contract or Notional Amount
                            June 30, 1997    December 31, 1996
                                    $                   $

Exchange-Traded Contracts
 Financial Futures:
        Commitments      to      Purchase              25,027,000
5,890,000
   Commitments to Sell         2,919,000               5,281,000
 Commodity Futures:
   Commitments to Purchase     2,138,000           1,723,000
   Commitments to Sell         8,524,000           5,004,000
 Foreign Futures:
   Commitments to Purchase     9,801,000           3,327,000
   Commitments to Sell         5,226,000           4,040,000
Off-Exchange-Traded
 Forward Currency Contracts
   Commitments to Purchase     8,172,000           9,367,000
   Commitments to Sell         6,144,000           6,091,000










<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 gains on open contracts are  reported  as  a

component  of  "Equity in Commodity futures trading accounts"  on

the  Statements of Financial Condition and totaled  $333,273  and

$365,976  at  June 30, 1997 and December 31, 1996,  respectively.

Of the $333,273 net unrealized gain on open contracts at June 30,

1997,  $351,214 related to exchange-traded futures contracts  and

$(17,941)   related  to  off-exchange-traded   forward   currency

contracts.  Of the $365,976 net unrealized gain on open contracts

at December 31, 1996, $381,231 related to exchange-traded futures

contracts  and  $(15,255) related to off-exchange-traded  forward

currency contracts.



Exchange-traded futures contracts held by the Partnership at June

30,  1997  and  December 31, 1996 mature through  June  1998  and

September  1997, respectively.  Off-exchange-traded forward  cur-

rency  contracts  held by the Partnership at June  30,  1997  and

December  31, 1996 mature through September 1997 and March  1997,

respectively.  The contract amounts in the above table represent

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)




the  Partnership's extent of involvement in the particular  class

of  financial instrument, but not the credit risk associated with

counterparty  nonperformance.  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 DWR  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,  as  the

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

traded-futures contracts, is required pursuant to regulations  of

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

from  its  own  assets and for the sole benefit of its  commodity

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

futures contracts including an amount equal to the net unrealized

gain   on   all  open  futures  contracts,  which  funds  totaled

$8,047,570 and $8,614,744 at June 30, 1997 and December 31, 1996,

respectively.   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,

<PAGE>

                     COLUMBIA FUTURES FUND
           NOTES TO FINANCIAL STATEMENTS (CONTINUED)



the  Partnership  is  at risk to the ability  of  DWR,  the  sole

counterparty on all of such contracts, to perform.




For  the  six  months  ended June 30, 1997  and  the  year  ended

December   31,   1996,  the  average  fair  value  of   financial

instruments held for trading purposes was as follows:

                                           June 30, 1997
                                       Assets        Liabilities
                                         $               $

Exchange-Traded Contracts:
  Financial Futures                  7,016,000       8,280,000
  Commodity Futures                  3,750,000       4,647,000
  Foreign Futures                    5,483,000       3,116,000
Off-Exchange-Traded Forward
 Currency Contracts                 11,718,000      12,947,000


                                        December 31, 1996
                                       Assets        Liabilities
                                         $               $

Exchange-Traded Contracts:
   Financial Futures                  7,988,000         9,207,000
Commodity Futures                  6,451,000        5,433,000
  Foreign Futures                    8,788,000        3,870,000
Off-Exchange-Traded Forward
 Currency Contracts                 13,160,000       15,230,000



4.  Subsequent Event

On  July  31,  1997,  DWR closed the sale  of  its  institutional

futures business and foreign currency trading operations to  Carr

Futures





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



Inc.   ("Carr"),  a  subsidiary  of  Credit  Agricole   Indosuez.

Following  the  sale,  Carr  became  the  counterparty   on   the

Partnership's  foreign  currency  trades.   However,   during   a

transition  period of about three months, DWR  will  continue  to

perform  certain  services relating to the Partnership's  futures

trading  including clearance.  After such transition period,  DWR

will  continue  to serve as a futures broker for the  Partnership

with  Carr  providing  execution and clearing  services  for  the

Partnership's account.


































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



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

interest  trading  accounts  with  DWR,  and  are  used  by   the

Partnership as margin to engage in futures interest trading.  DWR

holds  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 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 investments 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 of 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 interest 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

<PAGE>

restrictions on redemptions.  However, since the commencement  of

trading  by  the Partnership, there has never been  a  time  when

illiquidity  has affected a material portion of the Partnership's

assets.



There is no limitation on daily price moves in trading of 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  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 and  sales  of

additional  Units of Limited Partnership Interest in  the  future

will  affect  the  amount of funds available for  investments  in

futures interests in subsequent periods.  As redemptions  are  at

the  discretion  of the Limited Partners, it is not  possible  to

estimate   the  amount  and  therefore  the  impact   of   future

redemptions.



Results of Operations

For the Quarter and Six Months Ended June 30, 1997

For  the  quarter  ended June 30, 1997, the  Partnership's  total

trading losses net of including interest income were $365,136.

<PAGE>

During  the second quarter, the Partnership posted a decrease  in

Net  Asset  Value per Unit.  Losses were recorded in  the  energy

markets  as  crude oil prices moved without consistent  direction

during  the  quarter.  In currencies, losses were  recorded  from

short Japanese yen positions as its value reversed sharply higher

relative  to  the  U.S.  dollar, after trending  lower  during  a

majority  of  the  first quarter.  Smaller currency  losses  were

recorded from transactions involving the Singapore dollar  during

May and June.  In financial futures, trendless price movement  in

Japanese government bond futures during a majority of the quarter

also resulted in losses.  A portion of these losses was offset by

gains  from long positions in Australian bond futures and  global

stock  index  futures as prices in these markets  trended  higher

during May and June.  In metals, profits were recorded from short

gold  futures  positions as gold prices moved lower during  June.

Additional  gains  recorded from long  coffee  futures  positions

during  April  and May and from short positions  in  agricultural

futures  during  June.   Total  expenses  for  the  quarter  were

$202,546, resulting in a net loss of $567,682.  The value  of  an

individual  Unit in the Partnership decreased from  $2,457.57  at

March 31, 1997 to $2,294.34 at June 30, 1997.



For  the six months ended June 30, 1997, the Partnership's  total

trading revenues including interest income were $434,156.  During

the  first six months, the Partnership posted a decrease  in  Net

Asset  Value  per Unit.  Losses were recorded in  energy  futures

trading as crude oil prices moved in a choppy pattern throughout

<PAGE>

most  of  the  first six months of the year. Smaller losses  were

recorded  due to trendless price movement in Japanese  government

bond  futures  during  the  second  quarter.   Losses  were  also

recorded  in  European  and U.S. interest  rate  futures  trading

during  the first quarter as prices in these markets moved  in  a

similar  pattern.  These losses were partially offset by currency

gains recorded during the first quarter as the value of the  U.S.

dollar  strengthened  relative to most  other  major  currencies.

Additional gains were recorded in soft commodities as long coffee

futures  positions profited from an upward trend  during  January

and February, as well as during April and May.  Smaller gains  in

metals from short gold futures positions, as gold prices declined

during  January and June, contributed in offsetting a portion  of

overall  Partnership losses. Total expenses for the  period  were

$469,442,  resulting in a net loss of $35,286.  The value  of  an

individual  Unit in the Partnership decreased from  $2,309.06  at

December 31, 1996 to $2,294.34 at June 30, 1997.



For the Quarter and Six Months Ended June 30, 1996

For  the  quarter  ended June 30, 1996, the  Partnership's  total

trading revenues including interest income were $420,309.  During

the  second  quarter, the Partnership posted an increase  in  Net

Asset  Value per Unit.  The most significant trading gains during

the quarter were recorded in the currency markets as a decline in

the value of the German mark and Swiss franc relative to the U.S.

dollar resulted in profits for short German mark and Swiss  franc

positions during April.  Smaller gains were experienced from

<PAGE>

transactions involving the Japanese yen during May and June.   In

the  metals markets, gains were recorded from short gold, silver,

copper  and aluminum futures positions during June as  prices  in

these  markets  moved  lower.   Trading  gains  recorded  in  the

agricultural  markets  in April and May from  long  corn  futures

positions,  added to the overall Fund gains for the quarter.   In

soft  commodities,  gains recorded in May and June  from  trading

sugar  futures  more  than offset losses in  coffee,  cotton  and

cocoa. Trading losses were recorded throughout the quarter in the

financial futures markets from trendless price movement in global

interest rate and stock index futures.  A reversal lower in crude

oil   prices  during  May  resulted  in  losses  for  the  Fund's

previously established long positions, thus offsetting a  portion

of overall Fund gains for the fiscal quarter.  Total expenses for

the  quarter were $198,559, resulting in net income of  $221,750.

The value of an individual Unit in the Partnership increased from

$1,858.45 at March 31, 1996 to $1,916.01 at June 30, 1996.



For  the six months ended June 30, 1996, the Partnership's  total

trading revenues including interest income were $300,594.  During

the first half of the year, the Partnership posted a decrease  in

Net  Asset  Value per Unit.  The most significant trading  losses

were  recorded in the financial futures and energy  markets.   In

the  financial futures markets, losses were experienced  in  non-

U.S.  interest  rate  and  stock  index  futures  trading  during

February  and  throughout the second quarter.  Gains  experienced

from short U.S.



<PAGE>

interest rate positions between March and May offset a portion of

these  losses.   In the energy markets, losses were  recorded  in

crude  oil futures as a result of a reversal in oil prices during

January,  which  was  followed by choppy  price  movement  during

February.  A second reversal in oil prices during May resulted in

additional losses for the Fund.  In soft commodities, losses from

trading  coffee  and  cotton  futures  more  than  offset   gains

experienced in sugar futures trading.  Gains were recorded in the

currency markets from short Swiss franc positions during  January

and  April,  as well as from transactions involving the  Japanese

yen  during  January and March.  Smaller gains  were  experienced

from  transactions involving the Australian dollar  during  March

and  May  and the German mark during January and April.   In  the

metals  markets,  gains  recorded in copper,  gold  and  aluminum

futures also helped to mitigate overall Fund losses for the first

half  of the year.  In the agricultural markets, profits recorded

from  long corn futures positions during April and May more  than

offset  losses  experienced in soybean products as  a  result  of

trendless  price  movement throughout the first  quarter.   Total

expenses for the period were $395,492, resulting in a net loss of

$94,898.   The  value  of an individual Unit in  the  Partnership

decreased  from  $1,938.89 at December 31, 1995 to  $1,916.01  at

June 30, 1996.



                                

                                

                                

                                

<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  &  Currency Management, Inc., MSDWD  (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. 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.   Generally,  these complaints allege, among  other  things,

that  the  defendants committed fraud, deceit, misrepresentation,

breach   of  fiduciary  duty,  fraudulent  and  unfair   business

practices,  unjust enrichment, and conversion in connection  with

the  sale  and  operation  of  the  various  limited  partnership

commodity  pools.   The  complaints seek unspecified  amounts  of

compensatory  and  punitive damages  and  other  relief.   It  is

possible that additional similar



<PAGE>

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.


Item 5.  OTHER INFORMATION

On  July  21,  1997,  MSDWD,  the sole  shareholder  of  Demeter,

appointed  a  new  Board of Directors consisting  of  Richard  M.

DeMartini, Mark J. Hawley, Lawrence Volpe, Joseph G. Siniscalchi,

Edward C. Oelsner III, and Robert E. Murray.


























<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)

August   7,   1997                  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.