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

                                                  FORM 10-Q



[X]      Quarterly report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the Period ended September 30, 1996 or

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

Commission File No. 0-12431

                                            COLUMBIA FUTURES FUND

                    (Exact name of registrant as specified in its charter)


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


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

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




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


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

Yes    X                          No          
<PAGE>
<TABLE>
                                            COLUMBIA FUTURES FUND

                                   INDEX TO QUARTERLY REPORT ON FORM 10-Q

                                             September 30, 1996
<CAPTION>

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

         Statements of Financial Condition
         September 30, 1996 (Unaudited) and December 31, 1995.....2                                      

         Statements of Operations for the Quarters Ended
         September 30, 1996 and 1995 (Unaudited)..................3

         Statements of Operations for the Nine Months Ended
         September 30, 1996 and 1995 (Unaudited)..................4

         Statements of Changes in Partners' Capital for
         the Nine Months Ended September 30, 1996 and 1995
         (Unaudited)..............................................5                                      

         Statements of Cash Flows for the Nine Months Ended
         September 30, 1996 and 1995 (Unaudited)..................6

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

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

PART II. OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K.....................     18
</TABLE>
<PAGE>
<TABLE>
                                            COLUMBIA FUTURES FUND
                                      STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                                                 September 30,            December 31,
                                                                     1996                     1995     
                                                                       $                        $
                                                                  (Unaudited)
ASSETS
<S>                                                                <C>                        <C>  
Equity in commodity futures trading accounts:
   Cash                                                            6,353,896                  7,028,474
   Net unrealized gain on open contracts                           1,015,160                    836,228

   Total Trading Equity                                            7,369,056                  7,864,702
   
Interest receivable (DWR)                                             24,489                     27,436
Due from DWR                                                          23,800                          -

   Total Assets                                                    7,417,345                  7,892,138


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Redemptions payable                                                90,405                     59,640
   Accrued administrative expenses                                    68,923                     96,611
   Accrued brokerage commissions (DWR)                                29,719                     20,693
   Accrued management fees                                            24,306                     25,825
   Other liabilities                                                   2,457                      1,699

   Total Liabilities                                                 215,810                    204,468


Partners' Capital

   Limited Partners (3,564.282 and
    3,864.982 Units, respectively)                                 7,005,002                  7,493,781
   General Partner (100 Units)                                       196,533                    193,889

   Total Partners' Capital                                         7,201,535                  7,687,670

   Total Liabilities and Partners' Capital                         7,417,345                  7,892,138


NET ASSET VALUE PER UNIT                                            1,965.33                   1,938.89


<FN>

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

                                            COLUMBIA FUTURES FUND
                                          STATEMENTS OF OPERATIONS
                                               (Unaudited)

<CAPTION>

                                                               For the Quarters Ended September 30,   

                                                                   1996                  1995      
                                                                     $                     $
REVENUES
<S>                                                             <C>                   <C>       
   Trading profit (loss):                                                  
        Realized                                                 (203,695)            (256,013) 
        Net change in unrealized                                  511,860             (301,017) 

          Total Trading Results                                   308,165             (557,030) 

   Interest Income (DWR)                                           76,106               86,885  
   
          Total Revenues                                          384,271             (470,145) 

EXPENSES

   Brokerage commissions (DWR)                                    104,940               93,038  
   Management fees                                                 71,164               75,565  
   Administrative expenses                                         20,000               36,000  
   Transaction fees and costs                                       9,414                7,369  
                                                                                                
          Total Expenses                                          205,518              211,972  

NET INCOME (LOSS)                                                 178,753             (682,117) 


NET INCOME (LOSS) ALLOCATION

   Limited Partners                                               173,821             (665,626) 
   General Partner                                                  4,932              (16,491) 

 
NET INCOME (LOSS) PER UNIT                                                                      

   Limited Partners                                                 49.32              (164.91) 
   General Partner                                                  49.32              (164.91) 


<FN>

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

                                            COLUMBIA FUTURES FUND
                                          STATEMENTS OF OPERATIONS
                                                (Unaudited)


<CAPTION>

                                                             For the Nine Months Ended September 30,    

                                                                   1996                  1995      
                                                                     $                     $
REVENUES
<S>                                                             <C>                 <C>         
   Trading profit (loss):                                                 
        Realized                                                  276,604             2,634,598  
        Net change in unrealized                                  178,932              (968,745)

          Total Trading Results                                   455,536             1,665,853  

   Interest Income (DWR)                                          229,331               265,462  

          Total Revenues                                          684,867             1,931,315 


EXPENSES

   Brokerage commissions (DWR)                                    306,166               282,288  
   Management fees                                                218,456               231,927  
   Administrative expenses                                         51,000                84,000 
   Transaction fees and costs                                      25,390                23,014  
   Incentive fees                                                       -               115,562  
                                                                          
          Total Expenses                                          601,012               736,791  

NET INCOME                                                         83,855             1,194,524 


NET INCOME ALLOCATION

   Limited Partners                                                81,211             1,167,354 
   General Partner                                                  2,644                27,170 
           
                                                                                                
NET INCOME PER UNIT                                                                             

   Limited Partners                                                 26.44                271.70 
   General Partner                                                  26.44                271.70 


<FN>

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

                                            COLUMBIA FUTURES FUND
                                 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                            For the Nine Months Ended September 30, 1996 and 1995
                                                 (Unaudited)

<CAPTION>


                                              Units of
                                             Partnership        Limited          General
                                              Interest         Partners          Partner          Total
<S>                                           <C>              <C>               <C>             <C>   
Partner's Capital
  December 31, 1994                           4,351.065        $6,428,721        $151,226       $6,579,947 

Net Income                                            -         1,167,354          27,170        1,194,524 

Redemptions                                    (280.852)         (513,391)              -         (513,391)

Partners' Capital
  September 30, 1995                          4,070.213        $7,082,684        $178,396       $7,261,080 




Partners' Capital
  December 31, 1995                           3,964.982        $7,493,781        $193,889       $7,687,670 

Net Income                                            -            81,211           2,644           83,855 

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

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

<FN>





                   The accompanying footnotes are an integral part
                              of these financial statements.
</TABLE>
<PAGE>
<TABLE>
                                            COLUMBIA FUTURES FUND
                                          STATEMENTS OF CASH FLOWS
                                                 (Unaudited)


<CAPTION>

                                                             For the Nine Months Ended September 30,    

                                                                   1996                  1995      
                                                                     $                     $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                              <C>                   <C>      
Net income                                                       83,855               1,194,524 
Noncash item included in net income:
        Net change in unrealized                                 (178,932)              968,745 

   (Increase) decrease in operating assets:
        Interest receivable (DWR)                                   2,947                  (130)
        Due from DWR                                              (23,800)               (3,530)

   Increase (decrease) in operating liabilities:
        Accrued administrative expenses                           (27,688)               48,399 
        Accrued brokerage commissions (DWR)                         9,026                (3,330)
        Accrued management fees                                    (1,519)                2,286 
        Other liabilities                                             758                  (135)  

Net cash provided by (used for) operating activities             (135,353)            2,206,829 


CASH FLOWS FROM FINANCING ACTIVITIES

   Increase in redemptions payable                                 30,765                 4,547 
   Redemptions of units                                          (569,990)             (513,391)

Net cash used for financing activities                           (539,225)             (508,844)


Net increase (decrease) in cash                                  (674,578)            1,697,985 

Balance at beginning of period                                  7,028,474             5,633,843 

Balance at end of period                                        6,353,896             7,331,828 


<FN>

                               The accompanying footnotes are an integral part
                                       of these financial statements.

</TABLE>
<PAGE>
                       COLUMBIA FUTURES FUND
                   NOTES TO FINANCIAL STATEMENTS
                           (UNAUDITED)


The financial statements include, in the opinion of management, all
adjustments necessary for a fair presentation of the results of
operations and financial condition.  The financial statements and
condensed notes herein should be read in conjunction with the
Partnership's December 31, 1995 Annual Report on Form 10-K.

1.  Organization 
Columbia Futures Fund (the "Partnership") is a limited partnership
organized to engage in the speculative trading of commodity futures
and forward contracts on foreign currencies.  The General Partner
for the Partnership is Demeter Management Corporation (the "General
Partner").  The commodity broker is Dean Witter Reynolds Inc.
("DWR").  The trading manager who makes all trading decisions for
the Partnership is John W. Henry & Company, Inc.  Both the General
Partner and DWR are wholly owned subsidiaries of Dean Witter,
Discover & Co.

2.  Summary of Significant Accounting Policies
Effective September 1, 1996, maximum total brokerage commissions
and transaction fees chargeable to the Partnership are capped
at .65% per month of adjusted Net Assets as defined in the Limited
Partnership Agreement.

3.  Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity trading
accounts to meet margin requirements as needed.  DWR pays interest 
<PAGE>
                          COLUMBIA FUTURES FUND
                NOTES TO FINANCIAL STATEMENTS (CONTINUED)


on these funds based on current 13-week U.S. Treasury Bill rates. 
Brokerage expenses incurred by the Partnership are paid to DWR.

4.  Financial Instruments
The Partnership trades futures and forward contracts in interest
rates, stock indices, commodities, currencies, petroleum and
precious metals.  Futures and forwards represent contracts for
delayed delivery of an instrument at a specified date and price. 
Risk arises from changes in the value of these contracts and the
potential inability of counterparties to perform under the terms of
the contracts.  There are numerous factors which may significantly 
influence the market value of these contracts, including interest
rate volatility.  At September 30, 1996, open contracts were:
                                                                  
                                          Contract or
                                        Notional Amount
                                               $ 
Exchange-Traded Contracts
 Financial Futures:              
   Commitments to Purchase                7,376,000  
   Commitments to Sell                   11,758,000  
 Commodity Futures:
   Commitments to Purchase                3,547,000  
   Commitments to Sell                    9,793,000  
 Foreign Futures:      
   Commitments to Purchase               14,748,000  
   Commitments to Sell                      646,000 
Off-Exchange-Traded Forward
 Currency Contracts
   Commitments to Purchase                6,602,000
   Commitments to Sell                    8,620,000
            

A portion of the amounts indicated as off-balance-sheet risk in
forward currency contracts is due to offsetting forward commitments
to purchase and to sell the same currency on the same date in the
future.  These commitments are economically offsetting, but are not
offset in the forward market until the settlement date.
<PAGE>
                          COLUMBIA FUTURES FUND
               NOTES TO FINANCIAL STATEMENTS (CONTINUED)


The net unrealized gain on open contracts is reported as a component 
of "Equity in Commodity futures trading accounts" on the Statement of
Financial Condition and totaled $1,015,160 at September 30, 1996. 
Of this amount, $1,028,301 related to exchange-traded futures
contracts and $(13,141) related to off-exchange-traded forward
currency contracts.

Exchange-traded futures contracts held by the Partnership at
September 30, 1996 mature through September 1997.  Off-exchange-
traded forward currency contracts held by the Partnership at
September 30, 1996 mature through December 1996.  The contract
amounts in the above table represent the Partnership's extent of
involvement in the particular class of financial instrument, but
not the credit risk associated with counterparty nonperformance. 
The credit risk associated with these statements is limited to the
amounts reflected in the Partnership's Statements of Financial
Condition.

The Partnership also has credit risk because DWR acts as the
futures commission merchant or the sole counterparty, with respect
to most of the Partnership's assets.  Exchange-traded futures
contracts are marked to market on a daily basis, with variations in
value settled on a daily basis.  DWR, as the futures commission
merchant for all of the Partnership's exchange-traded futures
contracts, is required pursuant to regulations of the Commodity
Futures Trading Commission to segregate from its own assets and for
the sole benefit of its commodity customers, all funds held by DWR 
<PAGE>
                           COLUMBIA FUTURES FUND
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)



with respect to exchange-traded futures contracts including an
amount equal to the net unrealized gain on all open futures
contracts, which funds totaled $7,382,197 at September 30, 1996. 
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 DWR, the counterparty
on all such contracts, to perform. 

For the nine months ended September 30, 1996, the average fair
value of financial instruments held for trading purposes was as
follows:
                                     Assets         Liabilities   
                                       $                 $ 
Exchange-Traded Contracts
  Financial Futures                 6,885,000        9,769,000
  Commodity Futures                 7,868,000        4,534,000
  Foreign Futures                   9,384,000        2,949,000
Off-Exchange-Traded Forward
 Currency Contracts                12,464,000       15,914,000    
  


5.  Legal Matters
On September 6, 10, and 20, 1996, similar purported class actions
were filed in the Superior Court of the State of California, County
of Los Angeles, on behalf of all purchasers of interests in limited
partnership commodity pools sold by DWR.  Named defendants include
DWR, the General Partner, Dean Witter Futures and Currency
Management Inc., Dean Witter, Discover & Co. (all such parties 
<PAGE>
                     COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)




referred to hereafter as the "Dean Witter Parties"), certain other
limited partnership commodity pools of which Demeter is the general
partner, and certain trading advisors to those pools.  Also, on
September 18 and 20, 1996 similar purported class actions were
filed in the Supreme Court of the State of New York, New York
County, against the Dean Witter Parties and certain trading
advisors on behalf of all purchasers of interests in various
limited partnership commodity pools sold by DWR.  Generally, these
complaints allege, among other things, that the defendants
committed fraud, deceit, misrepresentation, breach of fiduciary
duty, fraudulent and unfair business practices, unjust enrichment,
and conversion in connection with the sale and operation of the
various limited partnership commodity pools.  The complaints seek
unspecified amounts of compensatory and punitive damages and other
relief.  It is possible that additional similar actions may be
filed and that, in the course of these actions, other parties could
be added as defendants.  The Dean Witter Parties believe that they
have strong defenses to, and they will vigorously contest, the
actions.  Although the ultimate outcome of legal proceedings cannot
be predicted with certainty, it is the opinion of management of the
Dean Witter Parties that the resolution of the actions will not
have a material adverse effect on the financial condition or the
results of operations of any of the Dean Witter Parties. 
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS

Liquidity - The Partnership's assets are deposited in separate
commodity trading accounts with DWR, and are used by the
Partnership as margin to engage in trading commodity futures
contracts and forward contracts on foreign currency and other
commodity interest trading.  DWR holds such assets in either
designated depositories or in securities approved by the Commodity
Futures Trading Commission for investment of customer funds.  The
Partnership's assets held by DWR may be used as margin solely for
the Partnership's trading.  Since the Partnership's sole purpose is
to trade in commodity futures contracts, forward contracts on
foreign currency and other commodity interest trading, it is
expected that the Partnership will continue to own such liquid
assets for margin purposes.

The Partnership's investments in commodity futures contracts,
forward contracts and other commodity interests may be illiquid. 
If the price for a futures contract for a particular commodity has
increased or decreased by an amount equal to the "daily limit,"
positions in the commodity can neither be taken nor liquidated
unless traders are willing to effect trades at or within the limit. 
Commodity futures 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 commodity futures positions.

<PAGE>
There is no limitation on daily price moves in trading of forward
contracts on foreign currency.  The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets and subjecting it to
substantial losses.  Either of these market conditions could result
in restrictions on redemptions.

Capital Resources. The Partnership does not have, nor does it
expect to have, any capital assets.  Redemptions of additional
Units in the future will impact the amount of funds available for
investments in commodity futures contracts and other commodity
interests.  As redemptions 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 and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $384,271.  During
the third quarter, the Partnership posted an increase in Net Asset
Value per Unit.  The most significant trading gains were recorded
in the energy markets from long positions in crude oil futures as
prices trended higher throughout the quarter.  Additional gains
were recorded in the financial futures markets from long Japanese,
European and Australian bond futures positions as global interest
rate futures prices moved higher between July and September.  A
portion of the overall gains for the quarter was offset by losses 
<PAGE>
experienced in the currency, soft commodities and agricultural
markets.  In the currency markets, losses were recorded from
transactions involving the Swiss franc and the German mark as the
value of these currencies moved in a choppy pattern relative to the
U.S. dollar and other world currencies for a majority of the
quarter.  In soft commodities, losses were recorded as a result of
trendless movement in coffee, cotton and sugar prices throughout
most of the quarter.  In the agricultural markets, losses were
recorded as soybean and corn futures prices moved in an
inconsistent pattern for a majority of the quarter.  Total expenses
for the quarter were $205,518, resulting in net income of $178,753. 
The value of an individual Unit in the Partnership increased from
$1,916.01 at June 30, 1996 to $1,965.33 at September 30, 1996.

For the nine months ended September 30, 1996, the Partnership's
total trading revenues including interest income were $684,867.
During the first nine months, the Partnership posted an increase in
Net Asset Value per Unit.  The most significant gains were recorded
in the currency markets from short Swiss franc positions during
January and April, as well as from transactions involving the
Japanese yen during January, March and most of the third quarter. 
Additional gains were recorded in the energy markets from long
crude oil futures positions as prices trended higher throughout the
third quarter.  These gains more than offset losses in crude oil
futures during the first six months of the year.  In metals, gains
were recorded from short aluminum and gold futures positions as
prices declined sharply during September and June.  A portion of
overall gains during the first nine months of the year was offset
by losses in soft commodities as a result of choppy price movement 
<PAGE>
in coffee and cotton futures during a majority of the first three
quarters.  In financial futures trading, losses were recorded as a
result of short-term volatile movement in non-U.S. stock index
futures prices during the first nine months of the year.  In
interest rate futures, gains experienced during the third quarter
from long European and Australian bond futures positions more than
offset losses recorded during the first half of the year in global
interest rate futures trading.  In the agricultural markets, losses
were recorded in soybean products during the first and third
quarters as soybean prices moved in a trendless pattern.  Gains in
corn futures trading during April, May and September helped to
mitigate these losses.  Total expenses for the period were
$601,012, resulting in net income of $83,855.  The value of an
individual Unit in the Partnership increased from $1,938.89 at
December 31, 1995 to $1,965.33 at September 30, 1996.
 
For the Quarter and Nine Months Ended September 30, 1995
For the quarter ended September 30, 1995, the Partnership's total
trading losses net of interest income were $470,145.  During the
third quarter, the Partnership posted a loss in Net Asset Value per
Unit.  The most significant trading losses were recorded in
financial futures as global interest rate futures prices
experienced choppiness throughout the quarter.  As a result of this
price volatility, losses were experienced in U.S. Treasury bond,
Treasury note and eurodollar futures, as well as in British,
Australian and Japanese interest rate futures.  Additional losses
were recorded in soft commodities trading as a result of trendless
movement in sugar and coffee prices during the quarter.  Smaller
losses were recorded in the metals, energy and agricultural markets
<PAGE>
as prices in each of these sectors moved in a trendless pattern for
most of the quarter.  Trading gains from transactions involving the
Japanese yen were recorded during all three months of the quarter
as a downward trend in the value of the Japanese yen relative to
the U.S. dollar was evident until late September.  These gains
offset losses experienced due to a sharp reversal in European
currency values during late September.  Total expenses for the
quarter were $211,972, resulting in a net loss of $682,117.  The
value of an individual Unit in the Partnership decreased from
$1,948.87 at June 30, 1995 to $1,783.96 at September 30, 1995.

For the nine months ended September 30, 1995, the Partnership's
total trading revenues including interest income were $1,931,315. 
During the first three quarters of the year, the Partnership posted
a gain in Net Asset Value per Unit.  The most significant trading
gains were recorded in the currency markets as a result of trending
movement in the value of the Japanese yen versus the U.S. dollar in
the first nine months of the year and major European currencies
during February and March.  Gains were also recorded in the
financial futures markets as global interest rate futures prices
trended higher during the first and second quarters of 1995. 
Smaller gains were recorded in Japanese stock index trading as
Nikkei index futures prices declined the first half of the year. 
Trading losses were recorded in the agricultural, metals and soft
commodities markets as a result of short-term price volatility
across a majority of the markets in these sectors during most of
the year.  Smaller losses were recorded in crude oil as losses
recorded during the third quarter more than offset gains recorded
in this market earlier in the year.  Total expenses for the period 
<PAGE>
were $736,791, resulting in net income of $1,194,524.  The value of
an individual Unit in the Partnership increased from $1,512.26 at
December 31, 1994 to $1,783.96 at September 30, 1995. 
<PAGE>
                              PART II. OTHER INFORMATION


Item 6.          EXHIBITS AND REPORTS ON FORM 8-K

                 (A)     Exhibits - None.
                 (B)     Reports on Form 8-K - None.

<PAGE>
                                                    SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.




                                      Columbia Futures Fund L.P.
                                        (Registrant)

                                      By: Demeter Management Corporation
                                          (General Partner)

November 7, 1996                      By:/s/         Patti L. Behnke
                                                     Patti L. Behnke
                                                     Chief Financial Officer




The General Partner which signed the above is the only party
authorized to act for the Registrant.  The Registrant has no principal
executive officer, principal financial officer, controller, or
principal accounting officer and has no Board of Directors.




<PAGE>