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 September 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 Corp.
Two  World  Trade  Center, New  York,  NY  62  Fl.          10048
(Address of principal executive offices)          (Zip Code)

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



(Former  name, former address, and former fiscal year, if changed
since last report)

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.

Yes    X            No










<PAGE>
<TABLE>


                     COLUMBIA FUTURES FUND

             INDEX TO QUARTERLY REPORT ON FORM 10-Q

                       September 30, 1997

<CAPTION>

PART I. FINANCIAL INFORMATION

<S>                                                          <C>
Item 1. Financial Statements

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

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

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

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

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

     Notes to Financial Statements.........................7-11

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations........................................12-17

PART II. OTHER INFORMATION


Item 1. Legal Proceedings.................................18-19

Item 5. Other Information....................................19

Item 6. Exhibits and Reports on Form 8-K.....................20



</TABLE>









<PAGE>
<TABLE>
                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>
                                              September 30,   December 31,
                                                 1997           1996
                                                   $              $
                                              (Unaudited)
ASSETS
<S>                                              <C>                 <C>
Equity in commodity futures trading accounts:
 Cash                                            8,021,882         8,233,513
 Net unrealized gain on open contracts             429,405           365,976

 Total Trading Equity                            8,451,287         8,599,489

Interest receivable (DWR)                           28,295            28,574
Due from DWR                                         6,819                 -

 Total Assets                                    8,486,401         8,628,063


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Accrued administrative expenses                    72,652            67,548
 Redemptions payable                                68,911            23,091
 Accrued management fees                            27,897            28,381
 Accrued brokerage commissions (DWR)                15,597            16,631
 Accrued transaction fees and costs                  1,239             1,324
 Incentive fee payable                                   -           150,103

 Total Liabilities                                 186,296           287,078


Partners' Capital

 Limited Partners (3,272.512 and
  3,512.282 Units, respectively)                 8,053,995         8,110,079
 General Partner (100 Units)                       246,110           230,906

 Total Partners' Capital                         8,300,105         8,340,985

 Total Liabilities and Partners' Capital         8,486,401         8,628,063


NET ASSET VALUE PER UNIT                          2,461.10          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 September 30,

                                       1997            1996
                                        $            $
<S>                                <C>          <C>
REVENUES
 Trading profit (loss):
    Realized                       597,244     (203,695)
    Net change in unrealized        96,132      511,860

      Total Trading Results        693,376      308,165

 Interest Income (DWR)              87,640       76,106

      Total Revenues               781,016      384,271

EXPENSES

 Brokerage commissions (DWR)        95,299      104,940
 Management fees                    84,390       71,164
 Administrative expenses            17,000       20,000
 Transaction fees and costs          8,690        9,414

      Total Expenses               205,379      205,518

NET INCOME                         575,637      178,753


NET INCOME ALLOCATION

 Limited Partners                   558,961     173,821
 General Partner                     16,676       4,932


NET INCOME PER UNIT

 Limited Partners                    166.76       49.32
 General Partner                     166.76       49.32


<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 Nine Months Ended September 30,

                                     1997          1996
                                       $             $
<S>                                <C>           <C>
REVENUES
 Trading profit:
    Realized                        888,100      276,604
    Net change in unrealized         63,429      178,932

      Total Trading Results          951,529     455,536

 Interest Income (DWR)               263,643     229,331

      Total Revenues               1,215,172     684,867


EXPENSES

 Brokerage commissions (DWR)         271,090     306,166
 Management fees                     253,574     218,456
 Incentive fees                       76,969           -
    Administrative expenses           49,000      51,000
 Transaction fees and costs           24,188      25,390

      Total Expenses                 674,821     601,012

NET INCOME                           540,351      83,855


NET INCOME ALLOCATION

 Limited Partners                    525,147      81,211
 General Partner                      15,204       2,644


NET INCOME PER UNIT

 Limited Partners                    152.04        26.44
 General Partner                     152.04        26.44


<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 Nine Months Ended September 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 Income                    -      81,211      2,644     83,855

Redemptions            (300.700)   (569,990)         -   (569,990)

Partners' Capital
 September 30, 1996   3,664.282  $7,005,002   $196,533 $7,201,535






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

Net Income                    -     525,147     15,204    540,351

Redemptions            (239.770)   (581,231)         -   (581,231)

Partners' Capital
  September 30, 1997  3,372.512  $8,053,995  $246,110  $8,300,105







<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 Nine Months Ended September 30,

                                                       1997           1996
                                                        $            $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                     <C>       <C>
Net income                                              540,351    83,855
Noncash item included in net income:
    Net change in unrealized                            (63,429) (178,932)

(Increase) decrease in operating assets:
    Interest receivable (DWR)                               279     2,947
    Due from DWR                                         (6,819)  (23,800)

Increase (decrease) in operating liabilities:
    Accrued administrative expenses                       5,104   (27,688)
    Accrued management fees                                (484)   (1,519)
    Accrued brokerage commissions (DWR)                  (1,034)    9,026
    Accrued transaction fees and costs                      (85)      758
    Incentive fee payable                              (150,103)        -

Net  cash provided by (used for) operating activities   323,780  (135,353)


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase in redemptions payable                         45,820    30,765
 Redemptions of units                                  (581,231) (569,990)

Net cash used for financing activities                 (535,411) (539,225)


Net decrease in cash                                   (211,631) (674,578)

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

Balance at end of period                              8,021,882 6,353,896




<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 for most of the partnership's  transactions  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").



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

futures business and foreign currency trading operations to  Carr

Futures  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 four months, DWR will continue to

                                

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)




perform  certain  services relating to the Partnership's  futures

trading  including clearance.  After such transition period,  DWR

will continue to serve as a non-clearing commodity broker for the

Partnership  with  Carr  providing  all  clearing  services   for

Partnership transactions.



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. Treasury Bill rates. Brokerage expenses incurred by the

Partnership are paid to DWR.



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 September 30,  1997  and

December 31, 1996, open contracts were:




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




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

Exchange-Traded Contracts
 Financial Futures:
   Commitments to Purchase       8,536,000          5,890,000
   Commitments to Sell           5,174,000          5,281,000
 Commodity Futures:
   Commitments to Purchase       4,750,000          1,723,000
   Commitments to Sell           3,208,000          5,004,000
 Foreign Futures:
   Commitments to Purchase       6,321,000          3,327,000
   Commitments to Sell               7,000          4,040,000
Off-Exchange-Traded
 Forward Currency Contracts
   Commitments to Purchase      14,456,000          9,367,000
   Commitments to Sell          19,708,000          6,091,000



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  $429,405  and

$365,976   at   September  30,  1997  and  December   31,   1996,

respectively.   Of  the  $429,405 net  unrealized  gain  on  open

contracts at September 30, 1997, $133,464 related to exchange-

traded futures contracts and $295,941 related to off-exchange-



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




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

September 30, 1997 and December 31, 1996 mature through September

1998   and  September  1997,  respectively.   Off-exchange-traded

forward  currency contracts held by the Partnership at  September

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

March  1997,  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 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 either DWR or  Carr

acts as the futures commission merchant or the 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

<PAGE>

                      COLUMBIA FUTURES FUND
           NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
                                

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

$7,955,600 and $8,614,744 at September 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, 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 nine months ended September 30, 1997 and the year  ended

December   31,   1996,  the  average  fair  value  of   financial

instruments held for trading purposes was as follows:

                                        September 30, 1997
                                       Assets       Liabilities
                                         $               $
Exchange-Traded Contracts:
  Financial Futures                  7,559,000       8,077,000
  Commodity Futures                  4,093,000       4,160,000
  Foreign Futures                    5,700,000       2,263,000
Off-Exchange-Traded Forward
 Currency Contracts                 14,033,000      18,044,000

                                        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
                                
<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 Carr, and are used by  the

Partnership as margin to engage in futures interest 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 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

restrictions on redemptions.  However, since the commencement of

                                

<PAGE>

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 Nine Months Ended September 30, 1997

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

trading  revenues  of  including interest income  were  $781,016.

During  the third quarter, the Partnership posted a gain  in  Net

Asset  Value  per Unit.  Gains were recorded in the currency  and

financial futures markets throughout the quarter.  In currencies,

<PAGE>

gains  were recorded as the value of the U.S. dollar strengthened

relative  to most currencies.  As a result, profits were recorded

from  short  positions  in the Malaysian  ringgit  and  Singapore

dollar  during  the  quarter.  Smaller gains were  recorded  from

trading  the  New  Zealand dollar, German mark and  French  franc

during  the  quarter.  In financial futures trading,  gains  were

recorded  from long Japanese bond futures positions as prices  in

this  market moved higher during the quarter.  Smaller gains were

recorded  from long European bond futures positions as prices  in

these  markets also moved higher.  Additional gains were recorded

from  short  Nikkei  index futures positions  during  August.   A

portion of these gains was offset by losses recorded from trading

crude oil as oil prices moved without consistent direction during

August  and  September.  In other markets, losses  were  recorded

from  trendless price movement in coffee futures during September

and  corn futures during July and September.   Total expenses for

the  quarter were $205,379, resulting in net income of  $575,637.

The value of an individual Unit in the Partnership increased from

$2,294.34 at June 30, 1997 to $2,461.10 at September 30, 1997.



For  the  nine months ended September 30, 1997, the Partnership's

total trading revenues including interest income were $1,215,171.

During  the first nine months of the year, the Partnership posted

a  gain in Net Asset Value per Unit.  The most significant  gains

were  recorded in the currency markets as the value of  the  U.S.

dollar  increased  relative to most world currencies  during  the

first  and  third  quarters of the year.  Additional  gains  were

recorded in the financial futures markets from long Japanese bond

futures positions during the third quarter and from long

<PAGE>

positions in Australian bond futures during May, June,  July  and

September.   In  global stock index futures, gains were  recorded

from  short  Nikkei  index futures positions during  August.   In

metals, gains were recorded from short gold futures positions, as

gold  prices declined during January and June.  These gains  were

partially  offset by losses recorded in the energy  markets  from

trading crude oil futures as oil prices moved in a choppy pattern

throughout most of the year.  Smaller losses were recorded in the

soft  commodities and agricultural markets as profits during  the

first half of the year from trading coffee and corn futures  were

offset  by  losses in these same markets due to  trendless  price

movement during the third quarter.  Total expenses for the period

were $674,820, resulting in net income of $540,351.  The value of

an individual Unit in the Partnership increased from $2,309.06 at

December 31, 1996 to $2,461.10 at September 30, 1997.



For the Quarter and Nine Months Ended September 30, 1996

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

trading revenues including interest income were $384,271.  During

the  third  quarter, the Partnership posted an  increase  in  Net

Asset  Value per Unit.  The most significant trading  gains  were

recorded  in the energy markets from long positions in crude  oil

futures   as  prices  trended  higher  throughout  the   quarter.

Additional  gains were recorded in the financial futures  markets

from   long  Japanese,  European  and  Australian  bond   futures

positions  as  global interest rate futures prices  moved  higher

between  July and September.  A portion of the overall gains  for

the  quarter  was offset by losses experienced in  the  currency,

soft  commodities  and  agricultural markets.   In  the  currency

markets, losses were recorded from

<PAGE>

transactions involving the Swiss franc and the German mark as the

value  of these currencies moved in a choppy pattern relative  to

the  U.S. dollar and other world currencies for a majority of the

quarter.   In soft commodities, losses were recorded as a  result

of   trendless  movement  in  coffee,  cotton  and  sugar  prices

throughout  most  of  the quarter.  In the agricultural  markets,

losses were recorded as soybean and corn futures prices moved  in

an  inconsistent  pattern for a majority of the  quarter.   Total

expenses  for the quarter were $205,518, resulting in net  income

of  $178,753.  The value of an individual Unit in the Partnership

increased  from  $1,916.01  at June  30,  1996  to  $1,965.33  at

September 30, 1996.



For  the  nine months ended September 30, 1996, the Partnership's

total  trading revenues including interest income were  $684,867.

During  the first nine months, the Partnership posted an increase

in  Net  Asset Value per Unit.  The most significant  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, March and most  of  the  third

quarter.   Additional gains were recorded in the  energy  markets

from  long  crude oil futures positions as prices trended  higher

throughout  the  third  quarter.  These gains  more  than  offset

losses  in crude oil futures during the first six months  of  the

year.   In  metals, gains were recorded from short  aluminum  and

gold   futures  positions  as  prices  declined  sharply   during

September and June.  A portion of overall gains during the  first

nine  months of the year was offset by losses in soft commodities

as a result of choppy price movement in coffee and cotton futures

during a majority of

<PAGE>

the  first three quarters.  In financial futures trading,  losses

were recorded as a result of short-term volatile movement in non-

U.S.  stock index futures prices during the first nine months  of

the year.  In interest rate futures, gains experienced during the

third  quarter  from  long European and Australian  bond  futures

positions more than offset losses recorded during the first  half

of  the  year  in global interest rate futures trading.   In  the

agricultural  markets, losses were recorded in  soybean  products

during the first and third quarters as soybean prices moved in  a

trendless  pattern.  Gains in corn futures trading during  April,

May  and  September  helped  to  mitigate  these  losses.   Total

expenses for the period were $601,012, resulting in net income of

$83,855.  The  value  of an individual Unit  in  the  Partnership

increased  from  $1,938.89 at December 31, 1995 to  $1,965.33  at

September 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 actions may be filed and  that,

in  the course of these actions, other parties could be added  as

defendants.  The Dean Witter

                                

<PAGE>

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)

November   6,   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.