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

	FORM 10-Q



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


Demeter Management Corporation
c/o Morgan Stanley Trust Company
Attention:  Managed Futures, 7th Fl.
Harborside Financial Center Plaza Two
Jersey City, NJ  	  			    			 07311-3977
(Address of principal executive offices)	  	     (Zip Code)


Registrant's telephone number, including area code (201) 876-4647

Two World Trade Center, 62nd Fl. New York, NY 10048

(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, 2001

<caption>



PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

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

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

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

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

		Statements of Cash Flows for the Nine Months Ended
		September 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........................................12-20

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk ..................................... 20-32

PART II. OTHER INFORMATION

Item 1. Legal Proceedings....................................33

Item 6. Exhibits and Reports on Form 8-K..................33-34







</table>


<page>
<table>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	COLUMBIA FUTURES FUND
	STATEMENTS OF FINANCIAL CONDITION
<caption>
	 September 30,	 December 31,
                                         2001   	          2000
	$	$
	(Unaudited)


ASSETS

	<c>	<c>
Equity in futures interests trading accounts:
	Cash	                                                                                                7,872,683  	 7,719,952

	Net unrealized gain on open contracts (MS & Co.)	522,926	852,352
	Net unrealized gain on open contracts (MSIL)	        10,180	                                  750

	Total net unrealized gain on open contracts	      533,106	                          853,102

	     Total Trading Equity	 8,405,789 	 8,573,054

Interest receivable (Morgan Stanley DW)	 15,952 	32,640
Due from Morgan Stanley DW                                                                    2,782	             -

	     Total Assets	  8,424,523	   8,605,694

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Administrative expenses payable	 84,475 	65,078
	Redemptions payable 	28,534	22,145
	Accrued management fees	     13,900 	      14,234

	     Total Liabilities	   126,909  	      101,457

Partners' Capital

	Limited Partners (2,517.166 and
	     2,588.159 Units, respectively) 	7,980,568	  8,187,878
	General Partner (100 Units)	     317,046 	      316,359

	     Total Partners' Capital	    8,297,614	   8,504,237

Total Liabilities and Partners' Capital	    8,424,523	   8,605,694
NET ASSET VALUE PER UNIT	                                                          3,170.46    	       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 September 30,

	      2001   	   2000
	    $	   $
REVENUES

			<c>	<c>
	Trading profit (loss):
		Realized	121,682	                       86,225
		Net change in unrealized	   274,746	                    (357,588)

			Total Trading Results 	396,428	                   (271,363)

	Interest income (Morgan Stanley DW)	      53,507 	             92,731

			Total  	   449,935	                   (178,632)


EXPENSES

	Brokerage commissions (Morgan Stanley DW)	101,205	87,145
	Management fees	39,895	73,196
	Administrative expenses	24,000	19,000
	Transaction fees and costs	       4,190	        2,297

			Total 	   169,290	     181,638


NET INCOME (LOSS)	   280,645	     (360,270)


NET INCOME (LOSS) ALLOCATION

	   Limited Partners	269,938	                   (347,155)
	   General Partner	10,707	(13,115)


NET INCOME (LOSS) PER UNIT

	    Limited Partners	107.07	(131.15)
	    General Partner	107.07	(131.15)

<fn>

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

	COLUMBIA FUTURES FUND
	STATEMENTS OF OPERATIONS
(Unaudited)


<caption>



	    For the Nine Months Ended September 30,

	      2001     	      2000
	    $	      $
REVENUES

			<c>		<c>
	Trading profit (loss):
		Realized 	611,519		43,859
	Net change in unrealized	                                                     (319,996)		  (555,316)

			Total Trading Results 	291,523		                   (511,457)

	Interest income (Morgan Stanley DW) 	   199,393		   279,854

			Total 	   490,916		                   (231,603)


EXPENSES

	Brokerage commissions (Morgan Stanley DW) 	270,764		280,970
	Management fees 	124,119	 	235,902
Administrative expenses  	62,000		55,000
	Transaction fees and costs	    13,032	                        16,102

			Total	                                                                                   469,915  	                    587,974

NET INCOME (LOSS) 	     21,001		    (819,577)


NET INCOME (LOSS) ALLOCATION

		Limited Partners	20,314		(789,773)
	General Partner	687		(29,804)


NET INCOME (LOSS) PER UNIT

		Limited Partners	6.87		(298.04)
		General Partner	6.87		(298.04)

<fn>

	The accompanying notes are an integral part
	of these financial statements.
</table>
<page>
<table>
	COLUMBIA FUTURES FUND
	STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
	For the Nine Months Ended September 30, 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                                                                       -		(789,773)	(29,804)	(819,577)

Redemptions	    (143.589)	              (412,693)                    -		   (412,693)

Partners' Capital,
	September 30, 2000	    2,737.375	 6,862,677  	   260,209	 7,122,886




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

Net income                                                                       -		20,314	687	21,001

Redemptions	    (70.993)	              (227,624)                    -		   (227,624)

Partners' Capital,
	September 30, 2001	    2,617.166	 7,980,568  	   317,046	 8,297,614





<fn>








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

<page>
<table>

	COLUMBIA FUTURES FUND
	STATEMENTS OF CASH FLOWS
(Unaudited)


<caption>



	    For the Nine Months Ended September 30,

	      2001     	      2000
	    $	      $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss) 	21,001	                   (819,577)
Noncash item included in net income (loss):
	   Net change in unrealized	319,996	555,316

(Increase) decrease in operating assets:
	   Interest receivable (Morgan Stanley DW)	16,688	                          (290)
	   Due from Morgan Stanley DW                                                       (2,782)	   (3,666)

Increase (decrease) in operating liabilities:
	  Administrative expenses payable	19,397	                      42,411
 	  Accrued management fees                                                                (334)	    (4,228)

Net cash provided by (used for) operating activities	   373,966	                   (230,034)


CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in redemptions payable	6,389	                     (36,009)
Redemptions of Units                                                                         (227,624)	 (412,693)

Net cash used for financing activities                                                 (221,235)	  (448,702)

Net increase (decrease) in cash	152,731	(678,736)

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

Balance at end of period	  7,872,683	  7,453,047


<fn>




	The accompanying notes are an integral part
	of these financial statements.
</table>
<page>
COLUMBIA FUTURES FUND
NOTES TO FINANCIAL STATEMENTS
September 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 of the Partnership is Demeter Management
Corporation ("Demeter"). The non-clearing commodity broker is
Morgan Stanley DW Inc. ("Morgan Stanley DW"). 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
of Morgan Stanley Dean Witter & Co.  The sole trading advisor to

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


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 options
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 their longest contract
maturities were as follows:

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

                         Net Unrealized Gains
                           on Open Contracts              Longest Maturities

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

Sept. 30, 2001     334,805     198,301     533,106     Sept. 2002    Dec. 2001
Dec. 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 gains on all open
futures contracts, which funds, in the aggregate, totaled
$8,207,488 and $8,355,344 at September 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 gains 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, forwards 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, forwards and options, 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 or options 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, forwards
and options 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 nine month periods
ended September 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 Nine Months Ended September 30, 2001
For the quarter ended September 30, 2001, the Partnership
recorded total trading revenues, including interest income, of
$449,935 and posted an increase in net asset value per Unit. The
most significant gains of approximately 6.5% were recorded
throughout a majority of the quarter in the global stock index
futures markets from short positions in DAX, NASDAQ and Nikkei
Index futures as the trend in equity prices continued sharply
lower amid worries regarding global economic uncertainty.  In the
<page>
global interest rate futures markets, profits of approximately
1.5% were recorded throughout a majority of the quarter from long
positions in U.S. interest rate futures as prices continued
trending higher amid continued concerns for the sluggish U.S.
economy, interest rate cuts by the U.S. Federal Reserve and as
investors sought a safe haven from declining stock prices.  In
the currency markets, gains of approximately 1.0% were recorded
primarily during September from short positions in the South
African rand as its value trended lower relative to the U.S.
dollar as investors targeted the emerging market currency while
global economic jitters persisted.  These gains were partially
offset by losses of approximately 3.0% recorded primarily during
August in the energy markets from short positions in crude oil
futures as prices rose amid declining inventories and growing
tensions in the Middle East.  During September, losses were
recorded from long futures positions in crude oil and its refined
products as the trend in oil prices reversed lower due to near-
term concerns over the effects of a global economic slowdown on
oil demand.  In the agricultural markets, losses of approximately
1.3% were recorded primarily during July from short corn futures
positions as prices increased on forecasts for hotter and drier
weather in the U.S. midwest. Total expenses for the three months
ended September 30, 2001 were $169,290, resulting in net income
of $280,645.  The net asset value of a Unit increased from
$3,063.39 at June 30, 2001 to $3,170.46 at September 30, 2001.

<page>
For the nine months ended September 30, 2001, the Partnership
recorded total trading revenues, including interest income, of
$490,916 and posted an increase in net asset value per Unit. The
most significant gains of approximately 5.3% were recorded in the
currency markets from short positions in the Singapore dollar as
its value weakened versus the U.S. dollar on the heels of the
declining Japanese yen.  During September, gains were recorded
primarily from short positions in the South African rand as its
value trended lower relative to the U.S. dollar as investors
targeted the emerging market currency while global economic
jitters persisted.  In the global stock index futures markets,
profits of approximately 4.8% were recorded throughout a majority
of the third quarter from short positions in NASDAQ, DAX and
Nikkei Index futures as the trend in equity prices continued
sharply lower amid worries regarding global economic uncertainty.
In the global interest rate futures markets, profits of
approximately 3.0% were recorded throughout a majority of the
third quarter from long positions in short-term U.S. interest
rate futures as prices continued trending higher amid continued
concerns for the sluggish U.S. economy, interest rate cuts by the
U.S. Federal Reserve and as investors sought a safe haven from
declining stock prices.  During January and February, profits
were also recorded 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

<page>
country.  These gains were partially offset by losses of
approximately 10.1% recorded throughout the first nine months of
the year from positions in 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 agricultural markets, losses of approximately 1.1% were
recorded primarily during July from short corn futures positions
as prices increased on forecasts for hotter and drier weather in
the U.S. midwest. Total expenses for the nine months ended
September 30, 2001 were $469,915, resulting in net income of
$21,001.  The net asset value of a Unit increased from $3,163.59
at December 31, 2000 to $3,170.46 at September 30, 2001.

For the Quarter and Nine Months Ended September 30, 2000
For the quarter ended September 30, 2000, the Partnership
recorded total trading losses, net of interest income, of
$178,632 and posted a decrease in net asset value per Unit.  The
most significant losses of approximately 3.4% were recorded in
the currency markets primarily from trading the Japanese yen
during August as the yen drew support from rising expectations
that Japan's second quarter gross domestic product data would
show convincing strength in the wake of surprisingly robust all-
industries figures.  In the global stock index futures markets,
losses of approximately 1.9% were experienced primarily from
short positions in DAX Index futures as prices moved in a

<page>
trendless pattern throughout a majority of the quarter.
Additional losses of approximately 1.1% were recorded in the
global interest rate futures markets primarily from trading
Japanese interest rate futures.  Long positions in Japanese
government bond futures recorded losses during August as prices
were weighed down by growing hopes for higher interest rates and
economic expansion in Japan.  Additional downward pressure
occurred following the Bank of Japan's decision to raise interest
rates, thus ending their zero-interest rate policy.  Short
Japanese government bond futures positions contributed to losses
in this complex during September as prices surged and long-term
rates dropped as investors sought refuge from falls in U.S. and
Japanese stock prices.  A portion of overall Partnership losses
was offset by gains of approximately 1.2% recorded in the energy
markets primarily from long futures positions during August with
Brent crude hitting 10-year highs and U.S. crude oil coming
within $1 of a new post-Gulf War record amid evidence of
historically low U.S. oil stocks.  Total expenses for the three
months ended September 30, 2000 were $181,638, resulting in a net
loss of $360,270. The net asset value of a Unit decreased from
$2,733.24 at June 30, 2000 to $2,602.09 at September 30, 2000.

For the nine months ended September 30, 2000, the Partnership
recorded total trading losses, net of interest income, of
$231,603 and posted a decrease in net asset value per Unit.  The

<page>
most significant losses of approximately 5.7% were recorded in
the currency markets primarily from trading the Japanese yen
during August as the yen drew support from rising expectations
that Japan's second quarter gross domestic product data would
show convincing strength in the wake of surprisingly robust all-
industries figures.  Short Japanese yen positions also resulted
in losses during the second quarter as the yen's value
strengthened against the U.S. dollar 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.  Additional losses of
approximately 5.6% were recorded in the global interest rate
futures markets primarily from long German government bond
futures positions as prices moved lower during the second
quarter, following U.S. Treasury prices downward.  In the metals
markets, losses of approximately 1.7% were experienced 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 energy markets
primarily from long futures positions during August with Brent

<page>
crude hitting 10-year highs and U.S. crude oil coming within $1
of a new post-Gulf War record amid evidence of historically low
U.S. oil stocks.  Long heating oil futures positions were also
profitable for the energy complex as oil prices powered to nine-
year highs during the first quarter on concerns about future
output levels amid dwindling stockpiles and increasing demand.
Additional gains of approximately 0.9% were recorded in the soft
commodities markets primarily from long sugar futures positions
as prices trended to 22-month highs during June due to strong
demand and declining production from Brazil.  Total expenses for
the nine months ended September 30, 2000 were $587,974, resulting
in a net loss of $819,577. The net asset value of a Unit
decreased from $2,900.13 at December 31, 1999 to $2,602.09 at
September 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.

Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the Partnership's
<page>
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, forwards and options 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
hypothetical daily changes in the value of a trading portfolio.

<page>
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 September 30, 2001 and 2000.

<page>
At September 30, 2001 and 2000, the Partnership's total
capitalization was approximately $8 million and $7 million,
respectively.
	Primary Market       September 30, 2001   September 30, 2000
     Risk Category	  	     Value at Risk	    Value at Risk

Currency					(2.59)%	 	   (2.92)%
     Interest Rate		(0.93)		   (0.99)
     Commodity 				(0.65)		   (0.95)
	Equity		  			(0.45)		   (0.88)
     Aggregate Value at Risk	 	(2.93)%		   (3.40)%

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 September 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 October
1, 2000 through September 30, 2001.
Primary Market Risk Category        High      Low      Average
Currency   	(2.77)%	(2.44)%	(2.63)%

Interest Rate 	(1.02)	(0.85)	(0.91)

Commodity	(0.75)	(0.63)	(0.69)

Equity  	(0.62)	(0.41)	(0.51)
Aggregate Value at Risk	(3.05)%	(2.77)%	(2.94)%

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
of ruin". In addition, VaR risk measures should be viewed in light
<page>
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 September 30, 2001 and for the end of the four
quarterly reporting periods from October 1, 2000 through September
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
particular day will not exceed the VaR amounts indicated above or

<page>
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 September 30, 2001 the Partnership's cash balance at Morgan
Stanley DW was approximately 89% 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
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures - constitute
<page>
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 September 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
September 30, 2001 was to the currency sector.  The Partnership's
currency exposure was to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships
<page>
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.  At September 30, 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 September
30, 2001 was to 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
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.
<page>
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 speculative
futures positions held by the Partnership may range from short to
long-term instruments.  Consequently, changes in short, medium or
long-term interest rates may have an effect on the Partnership.

Commodity.
Energy.  At September 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 these markets.

Soft Commodities and Agriculturals.  At September 30, 2001,
the Partnership had exposure in the markets that comprise
these sectors.  Most of the exposure was to the sugar, corn,
and cotton markets.  Supply and demand inequalities, severe


<page>
weather disruption and market expectations affect price
movements in these markets.

Metals.  The Partnership's metals exposure at September 30,
2001 was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as copper.
Economic forces, supply and demand inequalities,
geopolitical factors and market expectations influence price
movement in these markets.  The Trading Advisor has, from
time to time, taken positions when market opportunities
develop.  Demeter anticipates that the Partnership will
continue to be exposed to the precious and base metals
markets.

Equity.	The Partnership's primary equity exposure at September
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 September 30, 2001, the
Partnership's primary exposures were to the NASDAQ (U.S.) and DAX
(German) 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 market changes but
would make it difficult for the Partnership to avoid being
"whipsawed" into numerous small losses.

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

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

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
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
Please refer to Legal Proceedings previously disclosed in the
Partnership's Form 10-Q for the quarter ended June 30, 2001.
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 John
W. Henry & Company, Inc. 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).

10.03Amended 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 Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW Inc., dated as of June 22,
2000 is incorporated by reference to Exhibit 10.01 of the
Partnership's Form 8-K (File No. 0-12431) filed with the
Securities and Exchange Commission on November 13, 2001.

10.05 Commodity Futures Customer Agreement between Morgan Stanley
& Co. Incorporated and the Partnership, and acknowledged and
agreed to by Morgan Stanley DW Inc., dated as of May 1,
2000, is incorporated by reference to Exhibit 10.02 of the
Partnership's Form 8-K (File No. 0-12431) filed with the
Securities and Exchange Commission on November 13, 2001.

10.06Customer Agreement between the Partnership and Morgan
Stanley & Co. International Limited, dated as of May 1,
2000, is incorporated by reference to Exhibit 10.04 of the
Partnership's Form 8-K (File No. 0-12431) filed with the
Securities and Exchange Commission on November 13, 2001.

<page>
10.07Foreign Exchange and Options Master Agreement between Morgan
Stanley & Co. Incorporated and the Partnership, dated as of
April 30, 1999, is incorporated by reference to Exhibit
10.05 of the Partnership's Form 8-K (File No. 0-12431) filed
with the Securities and Exchange Commission on November 13,
2001.

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.

10.09Securities Account Control Agreement among the Partnership,
Morgan Stanley & Co. Incorporated, and Morgan Stanley DW
Inc., dated as of May 1, 2000, is incorporated by reference
to Exhibit 10.03 of the Partnership's Form 8-K (File No. 0-
12431) filed with the Securities and Exchange Commission on
November 13, 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)

November 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.