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 March 31, 2001 or

[ ]  Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from               to__________________


Commission File No. 0-12431

	COLUMBIA FUTURES FUND

	(Exact name of registrant as specified in its charter)


		New York						     13-3103617
(State or other jurisdiction of		   	  (I.R.S. Employer
incorporation or organization)			      Identification No.)


c/o Demeter Management Corporation
Two World Trade Center, 62 Fl., New York, NY	   	  10048
(Address of principal executive offices)	  	     (Zip Code)

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




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


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

Yes    X       	No___________




<PAGE>
<TABLE>
	COLUMBIA FUTURES FUND

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2001


<CAPTION>


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

		Statements of Financial Condition at March 31, 2001
 		(Unaudited) and December 31, 2000..........................2

		Statements of Operations for the Quarters Ended
		March 31, 2001 and 2000 (Unaudited)........................3

		Statements of Changes in Partners' Capital for the
	  Quarters Ended 	March 31, 2001 and 2000 (Unaudited).........4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2001 and 2000 (Unaudited) .......................5

		Notes to Financial Statements (Unaudited)...............6-11

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

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................18-30

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings..................................... 31

Item 6.	Exhibits and Reports on Form 8-K....................31-32






</TABLE>





<PAGE>
<TABLE>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	COLUMBIA FUTURES FUND
	STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
	  March 31,	     December 31,
                        2001      	    2000
	$	   $
	(Unaudited)
ASSETS
<S>	<C>	<C>
Equity in futures interests trading accounts:
	Cash	8,331,965	7,719,952

	Net unrealized gain on open contracts (MS & Co.)                   	942,402                       	 852,352
	Net unrealized gain on open contracts (MSIL)	      11,597             	750

	Total net unrealized gain on open contracts	   953,999	    853,102

	     Total Trading Equity	9,285,964	8,573,054

	Interest receivable (Morgan Stanley DW)	      26,883	      32,640

	     Total Assets	  9,312,847  	    8,605,694

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Administrative expenses payable	79,933 	65,078
	Redemptions payable	      72,226	     22,145
	Accrued management fees	     15,388   	      14,234

	     Total Liabilities	   167,547	    101,457

Partners' Capital

	Limited Partners (2,558.166 and 2,588.159
	             Units, respectively)	8,801,255	 8,187,878
	General Partner (100 Units)	    344,045 	     316,359

	Total Partners' Capital	   9,145,300	 8,504,237

	Total Liabilities and Partners' Capital	   9,312,847	   8,605,694


NET ASSET VALUE PER UNIT	     3,440.45 	      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 March 31,

	      2001   	   2000
	    $	   $
REVENUES
<S>		                                                                                          <C>                          <C>
	Trading profit (loss):
		Realized	705,369	(35,236)
		Net change in unrealized	    100,897	     54,206

			Total Trading Results 	806,266	18,970

	Interest Income (Morgan Stanley DW)	      82,559  	      92,768

			Total  	    888,825	    111,738


EXPENSES

		Brokerage commissions (Morgan Stanley DW)	84,663	106,371
		Management fees                                                                     42,551	                       83,406
		Administrative expenses                                                           17,000	18,000
		Transaction fees and costs	       4,298	         6,986

			Total 	   148,512	      214,763


NET INCOME (LOSS)	    740,313	    (103,025)


NET INCOME (LOSS) ALLOCATION

		Limited Partners	712,627	(99,260)
		General Partner	27,686	(3,765)


NET INCOME (LOSS) PER UNIT

		Limited Partners	276.86	(37.65)
		General Partner	276.86	(37.65)


<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, 2001 and 2000
	(Unaudited)


<CAPTION>


	Units of
	Partnership	Limited	General
	   Interest   	Partners	Partner	Total


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

Net Loss                                                                       -      	(99,260)  	(3,765)	(103,025)

Redemptions	    (71.511)	               (210,141)                 -       	   (210,141)


Partners' Capital,
   March 31, 2000	  2,809.453	 $7,755,742  	 $286,248	 $8,041,990





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

Net Income                                                                  - 		712,627	27,686	740,313

Redemptions	    (29.993)	               (99,250)                   -       	      (99,250)

Partners' Capital,
	March 31, 2001	  2,658.166	 $8,801,255  	 $344,045	 $9,145,300




<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,

	      2001     	      2000
	    $	      $

<S>	<C>		<C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) 	740,313	(103,025)
Noncash item included in net income (loss):
		Net change in unrealized	(100,897)	(54,206)

(Increase) decrease in operating assets:
		Interest receivable (Morgan Stanley DW)	5,757	(2,202)
Due from Morgan Stanley DW                                                        -		(4,647)

Increase (decrease) in operating liabilities:
		Administrative expenses payable	14,855	13,867
 		Accrued management fees	      1,154	    (1,125)

Net cash provided by (used for) operating activities	   661,182	   (151,338)


CASH FLOWS FROM FINANCING ACTIVITIES

	Increase (decrease) in redemptions payable	50,081	   (24,445)
 	Redemptions of Units	   (99,250)	   (210,141)

Net cash used for financing activities	   (49,169)	  (234,586)

Net increase (decrease) in cash	612,013	(385,924)

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

Balance at end of period	  8,331,965	  7,745,859




<FN>




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

<PAGE>
COLUMBIA FUTURES FUND
NOTES TO FINANCIAL STATEMENTS
(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 and
forward contracts on foreign currencies, financial instruments and
other commodity interests.

The general partner is Demeter Management Corporation ("Demeter").
The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW").  Dean Witter Reynolds Inc. changed its name
to Morgan Stanley DW Inc., effective April 2, 2001.  The clearing
commodity brokers are Morgan Stanley & Co. Inc. ("MS & Co.") and
Morgan Stanley & Co. International Limited ("MSIL").  Prior to May
2000, Carr Futures Inc. provided clearing and execution services.
Demeter, Morgan Stanley DW, MS & Co. and MSIL are wholly-owned
<PAGE>
COLUMBIA FUTURES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)


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

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

3.  Financial Instruments
The Partnership trades futures and forward contracts on foreign
currencies, financial instruments and other commodity interests.
Futures and forwards represent contracts for delayed delivery of
an instrument at a specified date and price.  Risk arises from
changes in the value of these contracts and the potential
inability of counterparties to perform under the terms of the
contracts.  There are numerous factors which may significantly
influence the market value of these contracts, including interest
rate volatility.




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

The Partnership accounts for its derivative investments in
accordance with the provisions of Statement of Financial
Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133").  SFAS No.
133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics:

1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.

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

The net unrealized gain on open contracts is reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition and totaled $953,999 and
$853,102 at March 31, 2001 and December 31, 2000, respectively.


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

Of the $953,999 net unrealized gain on open contracts at March 31,
2001, $584,096 related to exchange-traded futures contracts and
$369,903 related to off-exchange-traded forward currency
contracts.

Of the $853,102 net unrealized gain on open contracts at December
31, 2000, $635,392 related to exchange-traded futures contracts
and $217,710 related to off-exchange-traded forward currency
contracts.


Exchange-traded futures contracts held by the Partnership at March
31, 2001 and December 31, 2000 mature through March 2002 and
December 2001, respectively. Off-exchange-traded forward currency
contracts held by the Partnership at March 31, 2001 and December
31, 2000 mature through June 2001 and March 2001, respectively.

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

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,
including an amount equal to the net unrealized gain on all open
futures contracts, which funds, in the aggregate, totaled
$8,916,061 and $8,355,344 at March 31, 2001 and December 31, 2000,
respectively. With respect to the Partnership's off-exchange-
traded forward currency contracts, there are no daily settlements
of variations in value nor is there any requirement that an amount
equal to the net unrealized gain on open forward contracts be
segregated.  With respect to those off-exchange-traded forward
currency contracts, the Partnership is at risk to the ability of
MS & Co., the sole counterparty on all of such contracts, to
perform.  The Partnership has a netting agreement with MS & Co.
This agreement, which seeks to reduce both the Partnership's and
MS & Co.'s exposure on off-exchange-traded forward currency

<PAGE>

COLUMBIA FUTURES FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

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 quarters ended March 31, 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 Ended March 31, 2001
For the quarter ended March 31, 2001, the Partnership recorded
total trading revenues, including interest income of $888,825 and
posted an increase in net asset value per Unit.  The most
significant gains of approximately 7.8% were recorded throughout
the majority of the quarter in the currency markets from short
positions in the Japanese yen as the value of the yen weakened
relative to the U.S. dollar on continuing concerns for the

<PAGE>
Japanese economy and in both anticipation and reaction to the
Bank of Japan's decision to reinstate its zero interest rate
policy.  Additional gains were recorded from short positions in
the Singapore dollar as its value weakened versus the U.S. dollar
on the heels of the declining Japanese yen.  In the global
interest rate futures markets, profits of approximately 3.2% were
recorded throughout the majority of the quarter from long
positions in Japanese government bond futures as prices moved
higher on concerns regarding that country's economy.  In the
global stock index futures markets, gains of approximately 1.7%
were recorded during February and March from short positions in
U.S. stock index futures as global stock prices continued to
trend lower on worries that the U.S. economic slowdown will
ignite a global downturn.  These gains were partially offset by
losses of approximately 4.9% recorded primarily during January
and early February in the energy markets from short futures
positions in crude oil and its related products as prices
increased amid cold weather forecasts, OPEC production cuts and a
tightening in U.S. crude oil supplies.  Newly established long
futures positions in crude oil resulted in additional losses
during late February and early March as prices moved lower
pressured by a higher-than-anticipated increase in U.S. crude
supplies and a forecast projecting a decline in demand.  Total
expenses for the three months ended March 31, 2001 were 148,512,
resulting in net income of $740,313.  The net asset value of a

<PAGE>
Unit increased from $3,163.59 at December 31, 2000 to $3,440.45
at March 31, 2001.


For the Quarter Ended March 31, 2000
For the quarter ended March 31, 2000, the Partnership recorded
total trading revenues, including interest income of $111,738
and, after expenses, posted a decrease in net asset value per
Unit.  The most significant losses of approximately 2.2% were
recorded in the global interest rate futures markets from long
positions in Japanese government bond futures as prices slid
lower earlier in February in reaction to the Japanese yen's
weakness and a higher Nikkei 225 Index.   Newly established short
positions incurred losses during March as yields on the Japanese
government bond moved upwards as investors braced for an interest
rate hike for the first time in a decade. Additional losses of
approximately 1.4% were experienced in the metals markets from
short gold futures positions as prices spiked sharply higher
during February following an announcement by Placer Dome, a large
producer, that it was suspending gold hedging activities.  Newly
established long gold futures positions resulted in additional
losses as gold prices fell later in the month from the weakness
of the Australian dollar and the sale of seven tons of gold by
the Dutch central bank.  In the agricultural markets, losses of
approximately 0.5% were incurred from long corn and wheat futures
positions as prices in these markets declined during February as
<PAGE>
a result of insufficient demand and heavy rain in the U.S.
production area.  Smaller losses of approximately 0.2% were
recorded in the soft commodities markets from the trendless price
movement in the cocoa futures markets during March.   A portion
of overall Fund losses was offset by gains recorded in the energy
markets of approximately 2.2% from long crude oil futures
positions as oil prices powered to nine-year highs during the
first half of the quarter on concerns about future output levels
amid dwindling stockpiles and increasing demand.  Additional
gains of approximately 0.9% were produced in the currency markets
from short euro positions as the value of the European common
currency weakened during the first half of the quarter versus the
U.S. dollar and Japanese yen, undermined by expectations that
interest rates would be held steady by the European Central Bank.
Smaller gains of approximately 0.8% were experienced in the
global stock index futures markets throughout the quarter from
long Nikkei 225 Index futures positions.  The Nikkei ended the
quarter at a 40-month high due to the surge in Japanese
technology issues, linked to industrial production in that
nation, and the belief that institutions would add these issues
to their portfolios prior to fiscal year-end.   Total expenses
for the three months ended March 31, 2000 were $214,763,
resulting in a net loss of $103,025.  The net asset value of a
Unit decreased from $2,900.13 at December 31, 1999 to $2,862.48
at March 31, 2000.

<PAGE>
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Introduction
The Partnership is a commodity pool involved 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.

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.
<PAGE>
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
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.
<PAGE>
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.
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

<PAGE>
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 March 31, 2001 and 2000. At
March 31, 2001 and 2000, the Partnership's total capitalization
was approximately $9 million and $8 million, respectively.

	Primary Market          March 31, 2001	   March 31, 2000
     Risk Category	  	     Value at Risk	    Value at Risk

Currency					(2.77)%	 	  (2.67)%
     Interest Rate		(0.85)	  	  (0.99)
     Commodity 				(0.63)		  (0.82)
	Equity		  			(0.41)		  (0.49)
     Aggregate Value at Risk	 	(2.99)%		  (2.76)%

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 March 31, 2001 and 2000 only and is not necessarily
<PAGE>
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.

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,
2000 through March 31, 2001.
Primary Market Risk Category        High      Low      Average
Currency   	(2.92)%	(1.82)%	(2.49)%

Interest Rate 	(1.19)	(0.85)	(1.01)

Commodity	(0.95)	(0.63)	(0.79)

Equity  	(0.88)	(0.41)	(0.67)

Aggregate Value at Risk	(3.40)%	(2.57)%	(3.00)%

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
<PAGE>
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
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 in response to 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
<PAGE>
aggregate basis at March 31, 2001 and for the end of the four
quarterly reporting periods from April 1, 2000 through March 31,
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
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 March 31, 2001 the
Partnership's cash balance at Morgan Stanley DW was approximately
90% 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.

<PAGE>
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
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 March 31, 2001, by market sector.  It may be
anticipated however, that these market exposures will vary
materially over time.
<PAGE>
Currency.  The primary market exposure of the Partnership at
March 31, 2001 was to the currency sector.  The Partnership's
currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships
between different currencies and currency pairs.  Interest rate
changes as well as political and general economic conditions
influence these fluctuations.  The Partnership trades in a large
number of currencies.  For the first quarter of 2001, the
Partnership's major exposures were to outright U.S. dollar
positions.  Outright positions consist of the U.S. dollar vs.
other currencies.  These other currencies include major and minor
currencies.  Demeter does not anticipate that the risk profile of
the Partnership's currency sector will change significantly in
the future.  The currency trading VaR figure includes foreign
margin amounts converted into U.S. dollars with an incremental
adjustment to reflect the exchange rate risk inherent to the
dollar-based Partnership in expressing VaR in a functional
currency other than dollars.

Interest Rate.  The second largest market exposure at March 31,
2001 was in the global interest rate complex.  Exposure was
primarily spread across the Japanese, U.S., and German interest
rate sectors.  Interest rate movements directly affect the price
of the sovereign bond futures positions held by the Partnership
and indirectly affect the value of its stock index and currency
positions.  Interest rate movements in one country as well as
<PAGE>
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.
The G-7 countries consist of France, U.S., Britain, Germany,
Japan, Italy and Canada.  However, the Partnership also takes
futures positions in the government debt of smaller nations -
e.g. Australia.  Demeter anticipates that G-7 and Australian
interest rates will remain the primary interest rate exposure of
the Partnership for the foreseeable future.  The changes in
interest rates which have the most effect on the Partnership are
changes in long-term, as opposed to short-term, rates.  Most of
the speculative futures positions held by the Partnership are in
medium- to long- term instruments.  Consequently, even a material
change in short-term rates would have little effect on the
Partnership, were the medium- to long-term rates to remain
steady.

Commodity
Energy.  On March 31, 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

<PAGE>
profits and losses which have been experienced in the past,
are expected to continue to be experienced in this market.

Soft Commodities and Agriculturals.  On March 31, 2001, the
Partnership had exposure in the markets that comprise these
sectors.  Most of the exposure, however, was to the sugar,
corn, and cotton markets.  Supply and demand inequalities,
severe weather disruption, and market expectations affect
price movements in these markets.

Metals.  The Partnership's primary metals market exposure
was to fluctuations in the price of gold and silver.
Although the Partnership will from time to time trade base
metals such as copper, the principal market exposures of the
Partnership have consistently been to precious metals, such
as gold and silver.  Market exposure to precious metals was
evident, as gold prices continued to be volatile during the
quarter.  Silver prices remained volatile over this period
as well.  The Trading Advisor has from time to time taken
positions as it has perceived market opportunities to
develop.

Equity.  The Partnership's primary equity exposure at March 31,
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 March 31, 2001, the
<PAGE>
Partnership's primary exposures were to the NASDAQ (U.S.), DAX
(German), and All Ordinaries (Australia) stock indices.  The
Partnership is primarily exposed to the risk of adverse price
trends or static markets in the G-7 indices.  Static markets
would not cause major market changes but would make it difficult
for the Partnership to avoid being "whipsawed" into numerous
small losses.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at March 31, 2001:

Foreign Currency Balances.  The Partnership's primary
foreign currency balances at March 31, 2001 were in euros,
Australian dollars, and Canadian dollars. The Partnership
controls the non-trading risk of these balances by regularly
converting these balances back into U.S. dollars upon
liquidation of the respective position.

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisor, separately, attempt to
manage the risk of the Partnership's open positions in essentially
the same manner in all market categories traded.  Demeter attempts
to manage market exposure by diversifying the Partnership's assets
among different market sectors and trading approaches, and
monitoring the performance of the Trading Advisor daily.  In
<PAGE>
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-K for the year ended December 31, 2000.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

(A)	Exhibits

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

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

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

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

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

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



<PAGE>

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

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

(B)	  Reports on Form 8-K.

Filed with the Securities and Exchange Commission on January 3,
2001.   Effective December 1, 2000, the Partnership amended its
management agreement with the Trading Advisor under which the
monthly management fee paid by the Partnership to the Trading
Advisor was reduced from a 4% to a 2% annual rate.  Additionally,
the quarterly incentive fee paid by the Partnership to the Trading
Advisor was changed from 15% to 20% of Partnership trading
profits, as determined from the end of the last period in which an
incentive fee was earned.





























<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 15, 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.