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

                           FORM 10-Q



[X]   Quarterly  report pursuant to Section 13 or  15(d)  of  the
Securities Exchange Act of 1934
For the period ended March 31, 1999 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

                         March 31, 1999


<CAPTION>

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

     Statements of Financial Condition
     March 31, 1999 (Unaudited) and December 31, 1998........2

     Statements of Operations for the Quarters Ended
     March 31, 1999 and 1998 (Unaudited).....................3

     Statements of Changes in Partners' Capital for
     the Quarters Ended March 31, 1999 and 1998
     (Unaudited).............................................4

     Statements of Cash Flows for the Quarters Ended
     March 31, 1999 and 1998 (Unaudited).....................5

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

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations.......................................11-17

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk  . . . . . . . . . . . . . . . . . . 17-28

PART II. OTHER INFORMATION

Item 1. Legal Proceedings................................   29

Item  6.  Exhibits  and  Reports on Form  8-K....................
29



</TABLE>










<PAGE>
<TABLE>


                 PART I.  FINANCIAL INFORMATION
                                
Item 1.  Financial Statements
                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                     March 31,     December 31,
                                        1999           1998
                                         $              $
                                    (Unaudited)
ASSETS
<S>
<C>                                     <C>
Equity in futures interests trading accounts:
 Cash                              9,532,227      9,719,676
 Net unrealized gain on open contracts   385,047       499,104

      Total Trading Equity         9,917,274     10,218,780

 Interest receivable (DWR)            30,669          29,902

      Total Assets                 9,947,943     10,248,682


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable                 226,785         15,855
 Administrative expenses payable      63,254         54,390
 Accrued management fee               32,839         33,868

      Total Liabilities              322,878        104,113


Partners' Capital

 Limited Partners (2,954.763 and
  3,099.179 Units, respectively)   9,309,981      9,827,470
 General Partner (100 Units)         315,084        317,099

 Total Partners' Capital           9,625,065     10,144,569

 Total Liabilities and Partners' Capital  9,947,943    10,248,682


NET ASSET VALUE PER UNIT            3,150.84        3,170.99

          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 March 31,

                                       1999            1998
                                        $            $
REVENUES
<S>                          <C>             <C>
 Trading profit (loss):
       Realized                         170,922          (40,328)
Net change in unrealized          (114,057)     (309,154)
      Total Trading Results         56,865      (349,482)
    Interest Income (DWR)           88,751       95,424
      Total Revenues               145,616      (254,058)

EXPENSES

    Management   fee                       98,901          91,244
Brokerage    commissions   (DWR)           90,088          76,607
Administrative    expenses                17,000           20,000
Transaction fees and costs           6,031         5,781
      Total Expenses               212,020      193,632

NET LOSS                           (66,404)     (447,690)

NET LOSS ALLOCATION

 Limited Partners                  (64,389)     (434,275)
 General Partner                    (2,015)      (13,415)

NET LOSS PER UNIT

 Limited Partners                   (20.15)      (134.15)
   General   Partner                      (20.15)        (134.15)
<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 Quarters Ended March 31, 1999 and 1998
                          (Unaudited)


<CAPTION>

                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total



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

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

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

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




Partners' Capital,
    December 31, 1998  3,199.179  $9,827,470   $317,099  $10,144,
569

Net Loss                   -        (64,389)   (2,015)  (66,404)

Redemptions                 (144.416)      (453,100)            -
(453,100)

Partners' Capital,
    March 31, 1999       3,054.763 $9,309,981   $315,084 $9,625,0
65




<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 Quarters Ended March 31,

                                       1999            1998
                                        $              $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                          <C>            <C>
   Net   loss                            (66,404)       (447,690)
Noncash item included in net loss:
    Net change in unrealized       114,057      309,154
 (Increase) decrease in operating assets:
      Interest   receivable   (DWR)           (767)         2,516
Due from DWR                          -          (13,433)
 Increase (decrease) in operating liabilities:
      Administrative   expenses   payable    8,864         17,106
Accrued management fee              (1,029)       (2,231)
    Incentive fee payable          -            (173,722)

  Net cash provided by (used for) operating activities     54,721
(308,300)


CASH FLOWS FROM FINANCING ACTIVITIES

   Increase   in   redemptions  payable     210,930        48,537
Redemptions of units                (453,100)    (96,338)
 Net cash used for financing activities   (242,170)    (47,801)

 Net decrease in cash               (187,449)   (356,101)
 Balance at beginning of period   9,719,676   9,092,300
 Balance at end of period         9,532,227   8,736,199
<FN>


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






<PAGE>

                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)



The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations and financial condition of Columbia  Futures  Fund

(the  "Partnership").   The  financial statements  and  condensed

notes herein should be read in conjunction with the Partnership's

December 31, 1998 Annual Report on Form 10-K.



1.  Organization

Columbia  Futures  Fund  is  a limited partnership  organized  to

engage  in  the  speculative trading  of  futures  contracts  and

forward  contracts  in foreign currencies, financial  instruments

and    other   commodity   interests    (collectively,   "futures

interests").  The Partnership commenced trading on July 15, 1983.

The   general   partner   is   Demeter   Management   Corporation

("Demeter").  The non-clearing commodity broker  is  Dean  Witter

Reynolds  Inc.  ("DWR")  and an unaffiliated  clearing  commodity

broker,  Carr  Futures  Inc.  ("Carr"),  provides  clearing   and

execution  services.   Both  Demeter  and  DWR  are  wholly-owned

subsidiaries  of Morgan Stanley Dean Witter & Co.  ("MSDW").  The

sole  trading  advisor to the Partnership  is  John  W.  Henry  &

Company, Inc. (or the "Trading Advisor").







<PAGE>

                        COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)


2.  Related Party Transactions

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

interests trading accounts to meet margin requirements as needed.

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

Treasury  bill rates. The Partnership pays brokerage  commissions

to DWR.

                                

3.  Financial Instruments

The Partnership trades futures contracts and forward contracts in

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.



In  June  1998, the Financial Accounting Standards  Board  issued

Statement  of  Financial Accounting Standard  ("SFAS")  No.  133,

"Accounting  for  Derivative Instruments and Hedging  Activities"

effective  for fiscal years beginning after June 15,  1999.   The

Partnership has elected to adopt the provisions of SFAS  No.  133

beginning with the fiscal year ended December 31, 1998.  SFAS No.

133 supersedes SFAS No. 119 and No. 105, which required the

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



disclosure of average aggregate fair values and contract/notional

values, respectively, of derivative financial instruments for  an

entity  which carries its assets at fair value.  The  application

of  SFAS  No.  133  does  not have a significant  effect  on  the

Partnership's financial statements.



The  net  unrealized  gain on open contracts  is  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  Statements of Financial Condition and totaled  $385,047  and

$499,104 at March 31, 1999 and December 31, 1998, respectively.



Of  the  $385,047 net unrealized gain on open contracts at  March

31,  1999,  $249,612 related to exchange-traded futures contracts

and  $135,435  related  to off-exchange-traded  forward  currency

contracts.



Of the $499,104 net unrealized gain on open contracts at December

31,  1998,  $694,869 related to exchange-traded futures contracts

and  $(195,765)  related to off-exchange-traded forward  currency

contracts.



Exchange-traded  futures contracts held  by  the  Partnership  at

March  31,  1999 and December 31, 1998 mature through March  2000

and  September  1999,  respectively. Off-exchange-traded  forward

currency contracts held by the Partnership at March 31, 1999  and

December

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



31, 1998 mature through June 1999 and March 1999, respectively.



The  Partnership  is subject to the 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.  DWR and Carr 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. Each of DWR and Carr, as  a  futures

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

futures contracts, are required, pursuant to regulations  of  the

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

their  own  assets, and for the sole benefit of  their  commodity

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

futures   contracts,  including  an  amount  equal  to  the   net

unrealized  gain on all open futures contracts, which  funds,  in

the  aggregate, totaled $9,781,839 and $10,414,545 at  March  31,

1999 and December 31, 1998, 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

                                

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



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   to   the

Partnership  payment  of  the  net  liquidating  value   of   the

transactions  in  the Partnership's account with Carr  (including

foreign currency contracts).




































<PAGE>

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

Liquidity -  Assets of the Partnership are deposited with DWR  as

non-clearing  broker  and  Carr as clearing  broker  in  separate

futures interest trading accounts. Such assets are held in either

non-interest bearing bank accounts 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 investment 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  for  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

interests  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.





     <PAGE>

     There  is  no  limitation on daily price  moves  in  trading

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  from  promptly  liquidating  unfavorable

positions, 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.  Future redemptions of  Units

of  Limited  Partnership  Interest ("Unit(s)")  will  affect  the

amount of funds available for investment in futures interests  in

subsequent periods.  Since they are at the discretion of  Limited

Partners,  it  is  not  possible  to  estimate  the  amount   and

therefore, the impact of future redemptions.



Results of Operations

For the Quarter Ended March 31, 1999

For  the  quarter ended March 31, 1999, the Partnership  recorded

total trading revenues including interest income of $145,616 and,

after  expenses, posted a decrease in Net Asset Value  per  Unit.

The  most significant losses were recorded in the global interest

rate  futures markets from short Japanese government bond futures

positions  as  prices increased amid a sell-off in  global  stock

markets during mid-January and a "flight-to-quality" due  to  the

renewed  financial market turmoil in Brazil.   Losses  were  also

recorded from long Japanese government bond futures positions as

     <PAGE>

prices  dropped  during mid-March as bond yields  rose  following

comments by Bank of Japan Governor Masaru Hayami that he expected

interest  rates  in  Japan  to rise over  time.   In  the  metals

markets,  losses  were  experienced  from  long  silver   futures

positions  as  prices declined during mid-March  after  Berkshire

Hathaway's annual report failed to provide any new information on

the company's silver positions.  In soft commodities, losses were

recorded from short coffee futures positions as prices surged  in

late-March as options-related buying triggered waves of buy-stops

at several key resistance levels, attracting fund short-covering.

These  losses  were  partially offset by gains  recorded  in  the

currency  markets  during  February and  March  from  short  euro

positions  as  the value of the U.S. dollar hit new highs  versus

the European common currency on the strength of the U.S. economy,

concerns  pertaining to the economic health of Europe  and  Japan

and  growing uncertainty about the military action in Yugoslavia.

In  the  energy markets, gains were recorded from long crude  oil

futures positions as oil prices moved significantly higher amid a

substantial recovery in oil prices during March that was  largely

attributed to the news that both OPEC and non-OPEC countries  had

reached  an  agreement to cut total output by  approximately  two

million barrels a day beginning April 1st. Total expenses for the

three months ended March 31, 1999 were $212,020, resulting  in  a

net  loss  of  $66,404.   The  value of  a  Unit  decreased  from

$3,170.99 at December 31, 1998 to $3,150.84 at March 31, 1999.





      <PAGE>

For the Quarter Ended March 31, 1998

For  the  quarter ended March 31, 1998, the Partnership  recorded

total  trading  losses  net of interest income  of  $254,058  and

posted  a  decrease  in  Net  Asset  Value  per  Unit.  The  most

significant of these losses were recorded in the currency markets

from  short  Japanese  yen positions as  the  value  of  the  yen

increased  versus  the  U.S.  dollar  during  January  and  early

February.   These  losses more than offset  currency  gains  from

short  positions in the Swiss franc and German mark as  the  U.S.

dollar   strengthened  versus  these  currencies  during   March.

Additional  losses were recorded from trading the  South  African

rand   and  Australian  dollar  as  their  values  moved  without

consistent direction during the quarter.  In metals, losses  were

recorded from trading gold futures as prices in this market moved

in  a  trendless  pattern throughout a majority of  the  quarter.

Additional  losses  were recorded from long positions  in  silver

futures  as silver prices moved sharply lower during March  after

rallying  higher  previously.   In  agriculturals,  losses   were

experienced  from short corn futures positions  as  prices  moved

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

experienced from trading Nikkei index futures during January  and

March,  as well as from trading Japanese government bond  futures

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

gains  recorded from short positions in crude oil futures as  oil

prices moved lower throughout a majority of the quarter despite a

potential  conflict in the Persian Gulf during  February.   Total

expenses for the three months ended March 31, 1998 were $193,632,

<PAGE>

resulting  in  a  net  loss of $447,690.  The  value  of  a  Unit

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

March 31, 1998.



Year  2000 Problem.  Commodity pools, like financial and business

organizations  and individuals around the world,  depend  on  the

smooth functioning of computer systems.  Many computer systems in

use  today cannot recognize the computer code for the year  2000,

but revert to 1900 or some other date.  This is commonly known as

the  "Year  2000  Problem". The Partnership  could  be  adversely

affected  if computer systems used by it or any third party  with

whom  it has a material relationship do not properly process  and

calculate date-related information and data concerning  dates  on

or  after January 1, 2000.  Such a failure could adversely affect

the  handling or determination of futures trades and  prices  and

other services.

     MSDW  began its planning for the Year 2000 Problem in  1995,

and  currently  has  several hundred  employees  working  on  the

matter.   It has developed its own Year 2000 compliance  plan  to

deal  with the problem and had the plan approved by the company's

executive   management,  Board  of  Directors   and   Information

Technology  Department.  Demeter is  coordinating  with  MSDW  to

address  the Year 2000 Problem with respect to Demeter's computer

systems that affect the Partnership.  This includes hardware  and

software upgrades, systems consulting and computer maintenance.

     Beyond  the challenge facing internal computer systems,  the

systems  failure  of  any  of the third  parties  with  whom  the

Partnership  has a material relationship - the futures  exchanges

<PAGE>

and  clearing organizations through which it trades, Carr, or the

Trading  Advisor - could result in a material financial  risk  to

the  Partnership.  All  U.S. futures  exchanges  are  subject  to

monitoring  by the CFTC of their Year 2000 preparedness  and  the

major  foreign futures exchanges are also expected to be  subject

to market-wide testing of their Year 2000 compliance during 1999.

Demeter  intends to monitor the progress of Carr and the  Trading

Advisor throughout 1999 in their Year 2000 compliance and,  where

applicable,  to  test its external interface with  Carr  and  the

Trading Advisor.

      A  worst  case  scenario would be one in which  trading  of

contracts  on behalf of the Partnership becomes impossible  as  a

result of the Year 2000 problem encountered by any third parties.

A  less  catastrophic but more likely scenario would  be  one  in

which  trading  opportunities diminish as a result  of  technical

problems resulting in illiquidity and fewer opportunities to make

profitable trades. MSDW has begun developing various "contingency

plans" in the event that the systems of such third parties  fail.

Demeter  intends  to  consult closely with MSDW  in  implementing

those  plans.  Despite the best efforts of both Demeter and MSDW,

however,  it is possible that these steps will not be  sufficient

to avoid any adverse impact to the Partnership.

                                
Risks  Associated  With  the Euro.  On January  1,  1999,  eleven

countries  in  the  European Union established  fixed  conversion

rates on their existing sovereign currencies and converted  to  a

common   single  currency  (the  "euro").   During  a  three-year

transition period, the sovereign currencies will continue to

<PAGE>

exist  but  only as a fixed denomination of the euro.  Conversion

to  the euro prevents the Trading Advisor from trading in certain

currencies  and thereby limits its ability to take  advantage  of

potential market opportunities that might otherwise have  existed

had  separate  currencies been available  to  trade.  This  could

adversely affect the performance results of the Partnership.

                                

Item  3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT  MARKET
RISK

Introduction

The  Partnership  is a commodity pool engaged  primarily  in  the

speculative  trading of futures interests.  The market  sensitive

instruments  held  by  the Partnership are  acquired  solely  for

speculative   trading  purposes  and,  as  a   result,   all   or

substantially all of the Partnership's assets are subject to  the

risk  of trading loss.  Unlike an operating company, the risk  of

market sensitive instruments is integral, not incidental, to  the

Partnership's primary business activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  related  market risk.  Such  market  risk  is  often

dependent  upon  changes in the level or volatility  of  interest

rates,   exchange  rates,  and/or  market  values  of   financial

instruments and commodities.  Fluctuations in related market risk

based  upon the aforementioned factors result in frequent changes

in  the  fair  value  of the Partnership's open  positions,  and,

consequently, in its earnings and cash flow.

                                

<PAGE>

The  Partnership's  total market risk is  influenced  by  a  wide

variety  of factors, including the diversification effects  among

the Partnership's existing open positions, the volatility present

within  the  market(s), and the liquidity of the  market(s).   At

varying  times,  each of these factors may act to  exacerbate  or

mute the market risk associated with the Partnership.

                                

The  Partnership's past performance is not necessarily indicative

of   its   future  results.   Any  attempt  at  quantifying   the

Partnership's  market  risk  must be qualified  by  the  inherent

uncertainty  of its speculative trading, which may  cause  future

losses and volatility (i.e. "risk of ruin") far in excess of  the

Partnership's   experience   to  date   and/or   any   reasonable

expectation premised upon historical changes in the fair value of

its market sensitive instruments.



Quantifying the Partnership's Trading Value at Risk

The  following  quantitative disclosures regarding  the  Partner-

ship'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.



                                

<PAGE>

The Partnership accounts for open positions on the basis of mark-

to-market accounting principles.  As such, any loss in the fair

value  of  the Partnership's open positions is directly reflected

in  the  Partnership's earnings, whether realized or  unrealized,

and  the  Partnership's cash flow, as profits and losses on  open

positions of exchange-traded futures interests are settled  daily

through variation margin.

                                
The  Partnership's  risk exposure in the various  market  sectors

traded  by  the Trading Advisor is estimated below  in  terms  of

Value  at Risk ("VaR"). The VaR model employed by the Partnership

incorporates numerous variables that could impact the fair  value

of   the   Partnership's  trading  portfolio.   The   Partnership

estimates VaR using a model based on historical simulation with a

confidence   level   of  99%.   Historical  simulation   involves

constructing  a  distribution of hypothetical  daily  changes  in

trading  portfolio  value.  The VaR model  generally  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, as well

as   correlation   that  exists  among  these   variables.    The

hypothetical  changes  in  portfolio value  are  based  on  daily

observed percentage changes in key market indices or other market

factors  ("market  risk  factors")  to  which  the  portfolio  is

sensitive.   In the case of the Partnership's VaR, the historical

observation   period   is   approximately   four   years.     The

Partnership's one-day 99% VaR corresponds to the negative  change

in portfolio value that, based



<PAGE>

on  observed  market risk factor moves, would have been  exceeded

once in 100 trading days.



VaR models such as the Partnership's are continually evolving  as

trading  portfolios  become more diverse and modeling  techniques

and systems capabilities improve.  It must also be noted that the

VaR  model is used to 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  market category as of March 31, 1999.  As of March 31,  1999,

the  Partnership's  total capitalization  was  approximately  $10

million.

     Primary Market             March 31, 1999
     Risk Category              Value at Risk

     Interest Rate                 (0.83)%

     Currency                      (3.00)

     Equity                        (0.36)

      Commodity                         (0.49)

      Aggregate Value at Risk      (3.01)%

                                

                                

                                

                                

                                

<PAGE>

Aggregate  value  at  risk represents the aggregate  VaR  of  the

Partnership's open positions and not the sum of the  VaR  of  the

individual 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  March  31,  1999  only  and  is  not  necessarily

representative  of  either the historic  or  future  risk  of  an

investment  in  the  Partnership.   As  the  Partnership's   sole

business   is  the  speculative  trading  of  primarily   futures

interests, the composition of its portfolio of open positions can

change significantly over any given time period or even within  a

single  trading  day.   Such  changes  in  open  positions  could

materially   impact  market  risk  as  measured  by  VaR   either

positively or negatively.



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 April 1,

1998 through March 31, 1999.

Primary Market Risk Category        High      Low      Average

Interest Rate                      (0.83)%   (0.60)%   (0.72)%

Currency                           (3.00)    (1.07)    (2.03)

Equity                             (0.36)    (0.22)    (0.28)

Commodity                          (0.58)    (0.49)    (0.52)

Aggregate Value at Risk            (3.01)%   (1.47)%   (2.22)%


<PAGE>

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 require-

ments, as such margin requirements generally range between 2% and

15%  of  contract face value.  Additionally, due to  the  use  of

leverage, the face value of the market sector instruments held by

the  Partnership is typically many times the total capitalization

of the Partnership.  The financial magnitude of the Partnership's

open  positions thus creates a "risk of ruin" not typically found

in  other investment vehicles.  Due to the relative size  of  the

positions   held,  certain  market  conditions  may   cause   the

Partnership  to incur losses greatly in excess of  VaR  within  a

short  period of time.  The foregoing VaR tables, as well as  the

past  performance of the Partnership, gives no indication of such

"risk  of  ruin".  In  addition,  VaR  risk  measures  should  be

interpreted  in  light  of the methodology's  limitations,  which

include  the following: past changes in market risk factors  will

not  always  yield accurate predictions of the distributions  and

correlations  of  future market movements; changes  in  portfolio

value  in  response  to  market movements  may  differ  from  the

responses implicit in a VaR model; published 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.

                                

<PAGE>



The foregoing VaR tables present the results of the Partnership's

VaR  for  the  Partnership's market  risk  exposures  and  on  an

aggregate  basis at March 31, 1999 and for the end  of  the  four

quarterly reporting periods from April 1, 1998 through March  31,

1999.   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 and monitor risk  and  there

can  be  no assurance that the Partnership's actual losses  on  a

particular day will not exceed the VaR amounts indicated or  that

such losses will not occur more than 1 in 100 trading days.

                                

Non-Trading Risk

The  Partnership has non-trading market risk on its foreign  cash

balances not needed for margin.  However, such balances, as  well

as  any  market  risk  they may represent, are  immaterial.   The

Partnership  also maintains a substantial portion  (approximately

90%) of its available assets in cash at DWR.  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  the

potential  losses caused by such movements, taking  into  account

the   leverage,  optionality  and  multiplier  features  of   the

Partnership's market sensitive instruments.



<PAGE>

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

market risk exposures - except for (i) those disclosures that are

statements  of historical fact and (ii) 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 as of March 31, 1999, by market sector.   It  may  be

anticipated  however,  that  these  market  exposures  will  vary

materially over time.





<PAGE>

      Interest Rate.  Interest rate risk is the principal  market

exposure  of  the Partnership.  Interest rate movements  directly

affect the price of the sovereign bond futures positions held  by

the Partnership and, indirectly, 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 to interest  rate

fluctuations  in the United States and the other  G-7  countries.

However,  the  Partnership also takes futures  positions  in  the

government  debt  of  smaller nations - e.g. Australia.   Demeter

anticipates  that  G-7  interest rates will  remain  the  primary

market  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 future 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.

       Currency.   The  Partnership's  currency  exposure  is  to

exchange rate fluctuations, primarily fluctuations which  disrupt

the historical pricing relationships between different currencies

and  currency  pairs.   These  fluctuations  are  influenced   by

interest  rate changes as well as political and general  economic

conditions. The Partnership's major exposures have typically been



<PAGE>

in   the  dollar/euro,  dollar/yen  and  dollar/pound  positions.

Demeter  does  not  anticipate  that  the  risk  profile  of  the

Partnership's  currency sector will change significantly  in  the

future,  although it is difficult at this point  to  predict  the

effect  of  the introduction of the Euro on the Trading Advisors'

currency trading strategies.

      Equity.   The Partnership's primary equity exposure  is  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.  As of March 31, 1999, the Partnership's

primary  exposures were in the ASE (Australia) and Nikkei (Japan)

stock indices.  The Partnership is primarily exposed to the  risk

of  adverse  price trends or static markets in  the  major  U.S.,

European  and Japanese 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).

     Commodity.

        Metals.  The Partnership's primary metals market exposure

is to fluctuations in the price of gold and silver.  Although the

Trading Advisor will from time to time trade base metals such  as

copper,  the  principal market exposures of the Partnership  have

consistently been in the precious metals, gold and  silver.   The

Trading Advisor's gold trading has been increasingly limited  due

to the long-lasting and mainly non-volatile decline in the price

                                



<PAGE>

of  gold over the last 10-15 years.  However, silver prices  have

remained  volatile over this period, and the Trading Advisor  has

from  time  to  time  taken substantial positions  as  they  have

perceived  market opportunities to develop.  Demeter  anticipates

that  gold  and  silver  will remain the  primary  metals  market

exposure for the Partnership.

       Soft  Commodities  and  Agriculturals.  The  Partnership's

primary  commodities exposure is to fluctuations in the price  of

soft  commodities  and agriculturals, which  are  often  directly

affected  by  severe  or unexpected weather conditions.   Coffee,

corn  and  sugar  accounted  for  the  substantial  bulk  of  the

Partnership's  commodities exposure as of March  31,  1999.   The

Partnership has market exposure to live cattle.  However, Demeter

anticipates that the Trading Advisor will maintain an emphasis on

coffee, corn and sugar, in which the Partnership has historically

taken it's largest positions.

     Energy.  The Partnership's primary energy market exposure is

to   oil   price   movements,  often  resulting  from   political

developments  in  the  Middle East.   Oil  prices  are  currently

depressed,  but they can be volatile and substantial profits  and

losses  have  been and are expected to continue to be experienced

in this market.



Qualitative Disclosures Regarding Non-Trading Risk Exposure

The  following  was  the only non-trading risk  exposure  of  the

Partnership as of March 31, 1999:





<PAGE>

Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency  balances  are in euros, Japanese yen,  British  pounds,

Singapore dollars and Swiss francs.  The Partnership controls the

non-trading risk of these balances by regularly converting  these

balances  back into U.S. dollars at varying intervals,  depending

upon such factors as size, volatility, etc.



Qualitative Disclosures Regarding Means of Managing Risk Exposure

The  means  by  which  the Partnership and the  Trading  Advisor,

severally,  attempt to manage the risk of the Partnership's  open

positions  are  essentially the same  in  all  market  categories

traded.   Demeter  attempts  to manage the  Partnership's  market

exposure  by  (i)  diversifying the  Partnership's  assets  among

different  market  sectors  and  trading  approaches,  and  (ii),

monitoring  the  performance of the Trading Advisor  on  a  daily

basis.     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   instruments,  cash,  which  is  the  only   Partnership

investment directed by Demeter, rather than the Trading Advisor.









<PAGE>

                   PART II.  OTHER INFORMATION



Item 1.  LEGAL PROCEEDINGS

The  following supplements Legal Proceedings previously disclosed

in Item 3. of the Partnership's  1998 Form 10-K:



On  April  12,  1999,  the  defendants  filed  a  motion  in  the

California  action to oppose certification by the  court  of  the

class in the California litigation.



With  respect  to JWH, the New York Supreme Court  complaint  was

dismissed  with prejudice when the plaintiffs failed  to  replead

against  JWH in December, 1998.  Further, JWH has been  dismissed

as  a  defendant  in  the  California actions  without  prejudice

pursuant  to  a  tolling  agreement with plaintiffs  executed  in

January, 1999.


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
                               (Registrant)

                        By:    Demeter Management Corporation
                               (General Partner)

May 14, 1999            By:/s/ Lewis A. Raibley, III
                               Lewis A. Raibley, III
                               Director and 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.