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 June 30, 2001 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, 2001


<caption>


PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

		Statements of Financial Condition as of
		June 30, 2001 (Unaudited) and December 31, 2000..........2

		Statements of Operations for the Quarters Ended
		June 30, 2001 and 2000 (Unaudited).......................3

		Statements of Operations for the Six Months Ended
		June 30, 2001 and 2000 (Unaudited).......................4

		Statements of Changes in Partners' Capital for
		the Six Months Ended June 30, 2001 and 2000
		(Unaudited)..............................................5

		Statements of Cash Flows for the Six Months Ended
		June 30, 2001 and 2000 (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 ..................................... 21-34

PART II. OTHER INFORMATION

Item 1. Legal Proceedings....................................35

Item 6. Exhibits and Reports on Form 8-K..................35-36


</table>



<page>
<table>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	COLUMBIA FUTURES FUND
	STATEMENTS OF FINANCIAL CONDITION

<caption>	  June 30,	     December 31,
                                               2001   	    2000
	$	   $
	(Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:
	Cash	7,904,437	7,719,952

	Net unrealized gain on open contracts (MS & Co.)                   	240,985        	852,352
	Net unrealized gain on open contracts (MSIL)	    17,375                       	          750

	Total net unrealized gain on open contracts	    258,360	     853,102

	     Total Trading Equity	8,162,797	8,573,054

Interest receivable (Morgan Stanley DW)	19,227	        32,640
Due from Morgan Stanley DW	         7,010	_______-___

	     Total Assets	   8,189,034 	      8,605,694

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Administrative expenses payable	93,808 	65,078
	Redemptions payable	15,317    	      22,145
	Accrued management fees	      13,492	     14,234

	      Total Liabilities	    122,617	    101,457

Partners' Capital

	Limited Partners (2,533.166 and
          2,588.159 Units, respectively)	7,760,078	 8,187,878
	General Partner (100 Units)	    306,339	    316,359

	     Total Partners' Capital	  8,066,417	  8,504,237

Total Liabilities and Partners' Capital	   8,189,034	    8,605,694


NET ASSET VALUE PER UNIT	     3,063.39	      3,163.59


<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 June 30,

	      2001   	   2000
	    $	   $
REVENUES

			<c>	<c>
	Trading loss:
		Realized	(215,532)	(7,130)
		Net change in unrealized	   (695,639)	  (251,934)

			Total Trading Results 	(911,171)	(259,064)

		Interest income (Morgan Stanley DW)                                    63,327  	      94,355

			Total 	   (847,844)	  (164,709)


EXPENSES
		Brokerage commissions (Morgan Stanley DW)                      84,896		87,454
		Management fees                                                                    41,673		79,300
		Administrative expenses                                                          21,000		18,000
		Transaction fees and costs                                                        4,544 	      6,819

			Total                                                                                    152,113		     191,573


NET LOSS	   (999,957)	     (356,282)


NET LOSS ALLOCATION

		Limited Partners	(962,251)	(343,358)
		General Partner	(37,706)	(12,924)


NET LOSS PER UNIT

		Limited Partners	(377.06)	(129.24)
		General Partner	(377.06)	(129.24)



<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 Six Months Ended June 30,

	      2001     	      2000
	    $	      $
REVENUES

			<c>		<c>
	Trading profit (loss):
		Realized 	489,837		(42,366)
	 	Net change in unrealized                                                     (594,742)		  (197,728)

			Total Trading Results                                                       (104,905)		(240,094)

		Interest income (Morgan Stanley DW) 	    145,886		   187,123

			Total 	      40,981		     (52,971)


EXPENSES
		Brokerage commissions (Morgan Stanley DW) 	169,559		193,825
		Management fees 	84,224	 	162,706
	 	Administrative expenses  	38,000		36,000
		Transaction fees and costs	      8,842		     13,805

			Total                                                                                    300,625	  	             406,336

NET LOSS                                 (259,644)       	           (459,307)

NET LOSS ALLOCATION

		Limited Partners	(249,624)		(442,618)
		General Partner	(10,020)		(16,689)


NET LOSS PER UNIT

		Limited Partners	(100.20)		(166.89)
		General Partner	(100.20)		(166.89)



<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 Six Months Ended June 30, 2001 and 2000
	(Unaudited)



<caption>

	Units of
	Partnership	Limited	General
	   Interest   	Partners	Partner	Total
                                                $	      $	       $


	<c>	<c>	<c>	<c>
Partners' Capital,
	December 31, 1999	2,880.964	8,065,143	             290,013	8,355,156

Net Loss                        -	          (442,618)         	    (16,689)	           (459,307)

Redemptions	                                                       (125.589)	              (364,735)	______-__	            (364,735)

Partners' Capital,
	June 30, 2000	  2,755.375	 7,257,790        	     273,324          7,531,114




Partners' Capital,
	December 31, 2000	2,688.159	8,187,878	316,359	8,504,237

Net Loss                               -	          (249,624)	            (10,020)	           (259,644)

Redemptions	    (54.993)	               (178,176)	______-__	            (178,176)

Partners' Capital,
	June 30, 2001	  2,633.166	     7,760,078  	    306,339	 8,066,417




<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 Six Months Ended June 30,

	      2001     	      2000
	    $	      $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net loss		(259,644)	                    (459,307)
Noncash item included in net loss:
		Net change in unrealized                                                       594,742	              	       197,728

(Increase) decrease in operating assets:
		Interest receivable (Morgan Stanley DW)                               13,413 		                           801
Due from Morgan Stanley DW	(7,010)	                      (11,959)

Increase (decrease) in operating liabilities:
		Administrative expenses payable                                            28,730		                       25,722
 		Accrued management fees	        (742)	                        (2,851)

Net cash provided by (used for) operating activities                          369,489	                     (249,866)


CASH FLOWS FROM FINANCING ACTIVITIES

Decrease in redemptions payable	(6,828)	                      (31,015)
Redemptions of Units	   (178,176)	                    (364,735)

Net cash used for financing activities	   (185,004)	                    (395,750)

Net increase (decrease) in cash                                                         184,485		                    (645,616)

Balance at beginning of period                                                        7,719,952		                  8,131,783

Balance at end of period              7,904,437	               7,486,167




<fn>




	The accompanying notes are an integral part
	of these financial statements.
</table>
<page>
COLUMBIA FUTURES FUND
NOTES TO FINANCIAL STATEMENTS

June 30, 2001

(UNAUDITED)


The unaudited financial statements contained herein 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, 2000 Annual Report
on Form 10-K.

1.  Organization
Columbia Futures Fund is a New York limited partnership organized
to engage primarily in the speculative trading of futures
contracts and forward contracts on foreign currencies, financial
instruments and other commodity interests.

The general partner is Demeter Management Corporation ("Demeter").
The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW").  Dean Witter Reynolds Inc. changed its name
to Morgan Stanley DW Inc., effective April 2, 2001.  The clearing
commodity brokers are Morgan Stanley & Co. Inc. ("MS & Co.") and
Morgan Stanley & Co. International Limited ("MSIL").  Demeter,
Morgan Stanley DW, MS & Co. and MSIL are wholly-owned subsidiaries

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


of Morgan Stanley Dean Witter & Co.  The sole trading advisor to
the Partnership is John W. Henry & Company, Inc. (the "Trading
Advisor").

2.  Related Party Transactions
The Partnership's cash is on deposit with Morgan Stanley DW, MS &
Co. and MSIL in futures and forwards trading accounts to meet
margin requirements as needed. Morgan Stanley DW pays interest on
these funds based on current 13-week U.S. Treasury bill rates. The
Partnership pays brokerage commissions to Morgan Stanley DW.

3.  Financial Instruments
The Partnership trades futures contracts and forward contracts on
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.


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

The Partnership accounts for its derivative investments in
accordance with the provisions of Statement of Financial
Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133").  SFAS No.
133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics:
1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.

Generally derivatives include futures, forward, swaps or option
contracts and other financial instruments with similar
characteristics such as caps, floors and collars.

The net unrealized gains on open contracts, reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition and longest contract maturity
were as follows:


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

                    Net Unrealized Gains on Open
                             Contracts                   Longest Maturity

   	            Exchange-  Off-Exchange-             Exchange-  Off-Exchange-
                   Traded      Traded       Total       Traded      Traded
Date              Contracts   Contracts   Contracts    Contracts   Contracts
                       $          $		   $

June 30, 2001	 142,218	 116,142	258,360	 June 2002	Sept. 2001
December 31, 2000	 635,392	 217,710	853,102	 Dec. 2001	March 2001

The Partnership has 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.

The Partnership also has credit risk because Morgan Stanley DW, MS
& Co. and MSIL 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. Morgan
Stanley DW, MS & Co., and MSIL, each as a futures commission
merchant for 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,


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

including an amount equal to the net unrealized gain on all open
futures contracts, which funds, in the aggregate, totaled
$8,046,655 and $8,355,344 at June 30, 2001 and December 31, 2000,
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, the Partnership is at risk to the ability of
MS & Co., the sole counterparty on all of such contracts, to
perform.  The Partnership has a netting agreement with MS & Co.
This agreement, which seeks to reduce both the Partnership's and
MS & Co.'s exposure on off-exchange-traded forward currency
contracts, should materially decrease the Partnership's credit
risk in the event of MS & Co.'s bankruptcy or insolvency.


















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

Liquidity - The Partnership deposits its assets with Morgan
Stanley DW as non-clearing broker and MS & Co. and MSIL as
clearing brokers in separate futures, forward and options accounts
established for the Trading Advisor, which assets are used as
margin to engage in trading. The assets are held in either non-
interest-bearing bank accounts or in securities and instruments
permitted by the CFTC for investment of customer segregated or
secured funds.  The Partnership's assets held by the commodity
brokers may be used as margin solely for the Partnership's
trading.  Since the Partnership's sole purpose is to trade in
futures and forwards, it is expected that the Partnership will
continue to own such liquid assets for margin purposes.

The Partnership's investment in futures, forwards and options, may
from time to time, be illiquid.  Most U.S. futures exchanges limit
fluctuations in prices during a single day by regulations referred
to as "daily price fluctuations limits" or "daily limits".  Trades
may not be executed at prices beyond the daily limit.  If the
price for a particular futures or options contract has increased
or decreased by an amount equal to the daily limit, positions in
that futures or options contract can neither be taken nor
liquidated unless traders are willing to effect trades at or
within the limit.  Futures prices have occasionally moved the

<page>
daily limit for several consecutive days with little or no
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures contracts and result in
restrictions on redemptions.

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, subjecting it to
substantial losses.  Either of these market conditions could
result in restrictions on redemptions.

The Partnership has never had illiquidity affect a material
portion of its assets.

Capital Resources.  The Partnership does not have, or expect to
have, any capital assets.  Redemptions of additional units of
limited partnership interest ("Unit(s)") in the future will affect
the amount of funds available for investment in futures and
forwards in subsequent periods.  It is not possible to estimate
the amount and therefore the impact of future redemptions of
Units.


<page>
Results of Operations
General.  The Partnership's results depend on its Trading Advisor
and the ability of the Trading Advisor's trading programs to take
advantage of price movements or other profit opportunities in the
futures and forwards markets.  The following presents a summary of
the Partnership's operations for the three and six month periods
ended June 30, 2001 and 2000, and a general discussion of its
trading activities during each period.  It is important to note,
however, that the Trading Advisor trades in various markets at
different times and that prior activity in a particular market
does not mean that such market will be actively traded by the
Trading Advisor or will be profitable in the future. Consequently,
the results of operations of the Partnership are difficult to
discuss other than in the context of its Trading Advisor's trading
activities on behalf of the Partnership as a whole and how the
Partnership has performed in the past.

For the Quarter and Six Months Ended June 30, 2001
For the quarter ended June 30, 2001, the Partnership recorded
total trading losses, net of interest income, of $847,844 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 3.3% were recorded in the
global stock index futures markets primarily during April from
short positions in U.S. and European stock index futures as
equity prices reversed higher, after plummeting during February
and March, amid optimism regarding corporate earnings and a
<page>
surprise interest rate cut by the U.S. Federal Reserve on April
18.  During May and early June, losses were experienced from long
positions in U.S. and European stock index futures as prices in
these markets declined on earnings warnings and weak economic
data in the U.S. and Germany.  In the currency markets, losses of
approximately 3.2% were recorded primarily during April and May
from short positions in the Japanese yen as the value of the yen
reversed higher versus the U.S. dollar following the surprise
interest rate cut by the U.S. Federal Reserve and on optimism
that the Japanese government would unveil an emergency package to
stimulate that country's ailing economy.  During early June,
additional losses were incurred from long positions in the
Japanese yen as the value of the yen weakened relative to the
U.S. dollar on the Bank of Japan's decision to keep its monetary
policy unchanged.  In the energy markets, losses of approximately
2.5% were experienced primarily during early April from short
futures positions in crude oil and heating oil as prices reversed
sharply higher on supply concerns amid refinery production
problems and expectations that inventory data will show
drawdowns.  During June, additional losses were experienced from
long futures positions in crude oil and its related products as
prices declined on reports of an increase in supplies.  These
losses were partially offset by gains of approximately 0.3%
recorded in the agricultural markets throughout the majority of
the quarter from short positions in corn and wheat futures as
prices decreased on forecasts for wet, cool weather conditions in
<page>
the U.S. Midwest and on reports of declining demand. Total
expenses for the three months ended June 30, 2001 were $152,113,
resulting in a net loss of $999,957.  The net asset value of a
Unit decreased from $3,440.45 at March 31, 2001 to $3,063.39 at
June 30, 2001.

For the six months ended June 30, 2001, the Partnership recorded
total trading revenues, including interest income, of $40,981
and, after expenses, posted a decrease in net asset value per
Unit.  The most significant losses of approximately 7.3% were
recorded in the energy markets throughout the first six months of
the year from crude oil futures and its related products as a
result of volatility in oil prices due to a continually changing
outlook for supply, production and demand.  In the global stock
index futures markets, losses of approximately 1.6% were recorded
primarily during April from short positions in U.S. and European
stock index futures as equity prices reversed higher, after
plummeting during February and March, amid optimism regarding
corporate earnings and a surprise interest rate cut by the U.S.
Federal Reserve on April 18.  During May and early June, losses
were experienced from long positions in U.S. and European stock
index futures as prices in these markets declined on earnings
warnings and weak economic data in the U.S. and Germany.  These
losses were partially offset by gains of approximately 4.4%
recorded in the currency markets throughout a majority of the
first quarter from short positions in the Japanese yen as the
<page>
value of the yen weakened relative to the U.S. dollar on
continuing concerns for the Japanese economy and in both
anticipation and reaction to the Bank of Japan's decision to
reinstate its zero interest rate policy.  Profits were also
recorded from short positions in the Singapore dollar as its
value weakened versus the U.S. dollar on the heels of the
declining Japanese yen.  In the global interest rate futures
markets, profits of approximately 1.5% were recorded primarily
during January and February from long positions in Japanese
interest rate futures as Japanese government bond prices
increased amid weak Japanese stock prices and disappointing
economic data in that country.  Total expenses for the six months
ended June 30, 2001 were $300,625, resulting in a net loss of
$259,644.  The net asset value of a Unit decreased from $3,163.59
at December 31, 2000 to $3,063.39 at June 30, 2001.

For the Quarter and Six Months Ended June 30, 2000
For the quarter ended June 30, 2000, the Partnership recorded
total trading losses, net of interest income, of $164,709 and
posted a decrease in net asset value per Unit. The most
significant losses of approximately 3.1% were recorded in the
currency markets primarily from short Japanese yen positions as
the value of the yen appreciated against the U.S. dollar during
May and June due to speculation that the Japanese government was
considering an economic stimulus package, data which indicated

<page>
strong first-quarter growth and signaled that an end is near to
Japan's 16-month old zero interest rate policy.  Additional
losses of approximately 2.5% were experienced in global interest
rate futures markets primarily from short positions in U.S.
interest rate futures as prices moved higher later in the month
on volatility in the U.S. stock market and economic reports
suggesting that the U.S. economy may be slowing.  In the energy
markets, losses of approximately 1.4% were incurred from long
crude oil futures positions during April as oil prices moved
lower due to a larger-than-expected build-up in crude oil stocks
and concern that OPEC may have produced above its supply target
for April.  Newly established short crude oil futures positions
incurred additional losses as prices jumped amid supply concerns.
Smaller losses of approximately 0.5% were recorded in the metals
markets primarily from trading copper futures during May as
prices moved inconsistently on technically based factors.  A
portion of overall Partnership losses was offset by gains
recorded in the global stock index futures markets of
approximately 1.2% primarily from short DAX Index futures
positions as prices dropped on profit-taking and due to weakness
in U.S. stock prices.  Additional gains of approximately 1.1%
were recorded in the soft commodities markets primarily from
short coffee futures positions as prices declined during April on
technical factors.  Long sugar futures positions were also
profitable as prices trended to 22-month highs during June due to
strong demand and declining production from Brazil.  In the
<page>
agricultural markets, smaller gains of approximately 0.7%
resulted from short soybean oil futures positions during June as
prices declined on uncertainty about demand and forecasts for
some moisture relief in dry regions.  Short corn futures
positions were also profitable as prices moved lower during May
due to heavy rain and cooler temperatures in the major corn
producing regions.  Total expenses for the three months ended
June 30, 2000 were $191,573, resulting in a net loss of $356,282.
The net asset value of a Unit decreased from $2,862.48 at March
31, 2000 to $2,733.24 at June 30, 2000.

For the six months ended June 30, 2000, the Partnership recorded
total trading losses, net of interest income, of $52,971 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 4.6% were recorded in the
global interest rates futures markets primarily from long German
government bond futures positions as prices moved lower during
the second quarter, following U.S. Treasury prices downward.
Long Japanese interest rate futures positions also experienced
losses in this market complex as prices slid lower in early
February in reaction to the Japanese yen's weakness and a higher
Nikkei 225 Index.  Newly established short positions incurred
losses during March as yields on the Japanese government bond
moved upwards as investors braced for an interest rate hike for
the first time in a decade. Additional losses of approximately

<page>
2.6% were recorded in the currency markets primarily from short
Japanese yen positions as the yen's value strengthened against
the U.S. dollar during the second quarter on speculation that the
Japanese government was considering an economic stimulus package,
indications of strong first-quarter growth, and signals of an end
to Japan's zero interest rate policy.  Smaller losses of
approximately 1.9% were experienced in the metals markets
primarily from short gold futures positions as prices spiked
sharply higher during February following an announcement by a
large producer that it was suspending gold hedging activities.
Later in the month, newly established long gold futures positions
incurred additional losses as prices fell from weakness in the
Australian dollar and the sale of seven tons of gold by the Dutch
central bank.  A portion of overall Partnership losses was offset
by gains of approximately 2.0% recorded in the global stock index
futures markets primarily from short DAX Index futures positions
as prices dropped on profit-taking and weakness in U.S. stock
prices.  Additional gains of approximately 0.9% were recorded in
the energy markets primarily from long heating oil futures
positions as oil prices powered to nine-year highs during the
first quarter on concerns about future output levels amid
dwindling stockpiles and increasing demand.  In the soft
commodities markets, gains of approximately 0.9% resulted
primarily from long sugar futures positions as prices trended to


<page>
22-month highs during June due to strong demand and declining
production from Brazil.  Short coffee futures were also
profitable during the second quarter as prices declined on
technical factors.  Smaller gains of approximately 0.3% were
experienced in the agricultural markets primarily from short
soybean oil futures positions as prices declined during June on
uncertainty about demand and forecasts for some moisture relief
in dry regions.  Total expenses for the six months ended June 30,
2000 were $406,336, resulting in a net loss of $459,307. The net
asset value of a Unit decreased from $2,900.13 at December 31,
1999 to $2,733.24 at June 30, 2000.

Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards and options.  The market-
sensitive instruments held by the Partnership are acquired for
speculative trading purposes only and, as a result, all or
substantially all of the Partnership's assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is central, not incidental, to the
Partnership's main business activities.




<page>
The futures, forwards and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities.  Fluctuations in market risk based
upon these factors result in frequent changes in the fair value
of the Partnership's open positions, and, consequently, in its
earnings and cash flow.

The Partnership's total market risk is influenced by a wide
variety of factors, including the diversification among the
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets.  At different times,
each of these factors may act to increase or decrease the market
risk associated with the Partnership.

The Partnership's past performance is not necessarily indicative
of its future results.  Any attempt to numerically quantify the
Partnership's market risk is limited by the uncertainty of its
speculative trading.  The Partnership's speculative trading may
cause future losses and volatility (i.e. "risk of ruin") that far
exceed the Partnership's experience to date or any reasonable
expectations based upon historical changes in market value.

<page>
Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the Partnership'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.

The Partnership accounts for open positions using mark-to-market
accounting principles.  Any loss in the market value of the
Partnership's open positions is directly reflected in the
Partnership's earnings, whether realized or unrealized, and its
cash flow.  Profits and losses on open positions of exchange-
traded futures and forwards are settled daily through variation
margin.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisor is estimated below in terms of Value at Risk
("VaR"). The VaR model used by the Partnership includes many
variables that could change the market value of the Partnership's
trading portfolio.  The Partnership estimates VaR using a model
based upon historical simulation with a confidence level of 99%.
Historical simulation involves constructing a distribution of
<page>
hypothetical daily changes in the value of a trading portfolio.
The VaR model 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, and correlation among these variables.
The hypothetical changes in portfolio value are based on daily
percentage changes observed in key market indices or other market
factors ("market risk factors") to which the portfolio is
sensitive.  The historical observation period of the Partner-
ship's VaR is approximately four years.  The one-day 99%
confidence level of the Partnership's VaR corresponds to the
negative change in portfolio value that, based on observed market
risk factors, would have been exceeded once in 100 trading days.

VaR models, including the Partnership's, are continuously
evolving as trading portfolios become more diverse and modeling
techniques and systems capabilities improve.  Please note that
the VaR model is used to numerically 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 primary market risk category at June 30, 2001 and 2000. At
<page>
June 30, 2001 and 2000, the Partnership's total capitalization
was approximately $8 million.
     Primary Market           June 30, 2001	    June 30, 2000
     Risk Category	  	     Value at Risk	    Value at Risk

Currency					(2.73)%	 	   (1.82)%
     Interest Rate		(0.85)		   (1.19)
     Equity		  			(0.56)		   (0.76)
Commodity 				(0.73)		   (0.83)
     Aggregate Value at Risk	 	(2.77)%		   (2.57)%

Aggregate Value at Risk represents the aggregate VaR of all the
Partnership's open positions and not the sum of the VaR of the
individual market 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 June 30, 2001 and 2000 only and is not necessarily
representative of either the historic or future risk of an
investment in the Partnership. Because the Partnership's only
business is the speculative trading of futures, forwards and
options, the composition of its trading portfolio can change
significantly over any given time period, or even within a single
trading day. Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.

<page>
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 July 1,
2000 through June 30, 2001.
Primary Market Risk Category        High      Low      Average
Currency   	 (2.92)% 	(2.44)%	(2.71)%

Interest Rate 	 (1.02)	(0.85)	(0.93)

Equity	 (0.88)	(0.41)	(0.62)

Commodity 	 (0.95)	(0.63)	(0.76)

Aggregate Value at Risk	 (3.40)%	(2.77)%	(3.05)%

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
requirements.  Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by the
Partnership to typically be many times the total capitalization of
the Partnership.  The value of the Partnership's open positions
thus creates a "risk of ruin" not typically found in other
investments.  The relative size of the positions held may cause
the Partnership to incur losses greatly in excess of VaR within a
short period of time, given the effects of the leverage employed
and market volatility.  The VaR tables above, as well as the past
performance of the Partnership, give no indication of such "risk

<page>
of ruin". In addition, VaR risk measures should be viewed in light
of the methodology's limitations, which include the following:
?	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
?	changes in portfolio value caused by market movements may
differ from those of the VaR model;
?	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.

The VaR tables above present the results of the Partnership's VaR
for each of the Partnership's market risk exposures and on an
aggregate basis at June 30, 2001 and for the end of the four
quarterly reporting periods from July 1, 2000 through June 30,
2001.  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 or monitor risk.  There can
be no assurance that the Partnership's actual losses on a

<page>
particular day will not exceed the VaR amounts indicated above or
that such losses will not occur more than once in 100 trading
days.

Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances not needed for margin.  These balances and any market
risk they may represent are immaterial.

At June 30, 2001 the Partnership's cash balance at Morgan Stanley
DW was approximately 92% of its total net asset value.  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 any
associated potential losses, taking into account the leverage,
optionality and multiplier features of the Partnership's market-
sensitive instruments, in relation to the Partnership's net
assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership's
market risk exposures - except for (A) those disclosures that are

<page>
statements of historical fact and (B) 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 at June 30, 2001, by market sector.  It may be
anticipated however, that these market exposures will vary
materially over time.

Currency.  The primary market exposure of the Partnership at June
30, 2001 was to the currency sector.  The Partnership's currency
<page>
exposure was 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.  For the second quarter of 2001, the
Partnership's major exposures were to outright U.S. dollar
positions.  Outright positions consist of the U.S. dollar vs.
other currencies.  These other currencies include 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 at June 30,
2001 was in the global interest rate complex.  Exposure was
primarily spread across the Japanese, U.S., and German 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
positions.  Interest rate movements in one country as well as
relative interest rate movements between countries materially

<page>
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.
The G-7 countries consists of France, U.S., Britain, Germany,
Japan, Italy and Canada.  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 at June 30,
2001 was 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.  At June 30, 2001, the
Partnership's primary exposures were to the NASDAQ (U.S.), DAX
(German), and ASE (Australia) stock indices.  The Partnership is
primarily exposed to the risk of adverse price trends or static
markets in the G-7 indices.  Static markets would not cause major


<page>
market changes but would make it difficult for the Partnership to
avoid being "whipsawed" into numerous small losses.

Commodity
Energy.  At June 30, 2001, the Partnership's energy exposure
was shared primarily by futures contracts 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.  It is
possible that volatility will remain high.  Significant
profits and losses which have been experienced in the past,
are expected to continue to be experienced in this market.

Soft Commodities and Agriculturals.  At June 30, 2001, the
Partnership had exposure in the markets that comprise these
sectors.  Most of the exposure, however, was to the sugar,
corn, and cotton 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
at June 30, 2001 was 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 to
precious metals, such as gold and silver.  Market exposure
<page>
to precious metals was evident, as gold prices continued to
be volatile during the quarter.  Silver prices remained
volatile over this period as well.  The Trading Advisor has
from time to time taken positions as it has perceived market
opportunities to develop.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at June 30, 2001:

Foreign Currency Balances.	The Partnership's primary
foreign currency balances at June 30, 2001 were in euros and
Australian dollars.  The Partnership controls the non-
trading risk of these balances by regularly converting these
balances back into U.S. dollars upon liquidation of the
respective position.

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisor, separately, attempt to
manage the risk of the Partnership's open positions in essentially
the same manner in all market categories traded.  Demeter attempts
to manage market exposure by diversifying the Partnership's assets
among different market sectors and trading approaches, and
monitoring the performance of the Trading Advisor daily.  In
addition, the Trading Advisor establishes diversification
           <page>

guidelines, often 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.  Cash is the only Partnership investment
directed by Demeter, rather than the Trading Advisor.


















<page>
PART II.  OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS
In April 2001, the Appellate Division of New York State dismissed
the class action previously disclosed in the Partnership's Form
10-K for the year ended December 31, 2000.  Because plaintiffs did
not exercise their right to appeal any further, this dismissal
constituted a final resolution of the case.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

(A)	Exhibits

3.01	Amendment to Limited Partnership Agreement of Columbia Futures
Fund, dated as of February 14, 1985 is incorporated by reference
to Exhibit 3.01 of the Partnership's Annual Report on Form 10-K
for the fiscal year ended December 31, 1985, File No. 0-12431.

10.01	Advisory Agreement among the Partnership, Demeter and JWH
dated as of January 20, 1987 is incorporated by reference to
Exhibit 10.03 of the Partnership's Annual Report on Form 10-K for
the fiscal year ended December 31, 1986, File No. 0-12431.

10.03	Amended and Restated Customer Agreement, dated as of December 1,
1997, between the Partnership and Dean Witter Reynolds Inc. is
incorporated by reference to Exhibit 10.03 of the Partnership's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2000, File no. 0-12431.

10.04	Customer Agreement, dated as of December 1, 1997, among the
Partnership, Carr Futures, Inc., and Dean Witter Reynolds Inc. is
incorporated by reference to Exhibit 10.04 of the Partnership's
quarterly Report on Form 10-Q for the quarter ended March 31,
2000, File No. 0-12431.

10.05	International Foreign Exchange Master Agreement, dated as of
August 1, 1997, between the Partnership and Carr Futures, Inc. is
incorporated by reference to Exhibit 10.05 of the Partnership's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2000, File No. 0-12431.



<page>
10.06	Customer Agreement, dated as of May 1, 2000, between Morgan
Stanley & Co. Incorporated, the Partnership and Dean Witter
Reynolds Inc. is incorporated by reference to Exhibit 10.06 of
the Partnership's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2000, (File No. 0-12431).

10.07	Foreign Exchange and Options Master Agreement, dated as of April
30, 2000, between the Partnership and Morgan Stanley & Co. Inc.
is incorporated by reference to Exhibit 10.07 of the
Partnership's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2000, (File No. 0-12431).

10.08	Amendment No. 3 to Advisory Agreement between Columbia Futures
Fund and John W. Henry & Company, Inc., dated November 30, 2000,
is incorporated by reference to the Partnership's Form 8-K, filed
with the Securities and Exchange Commission on January 3, 2001.

(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)

August 14, 2001         By:/s/Raymond E. Koch             _
                              Raymond E. Koch
                              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.