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, 1997 or

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

Commission File No. 0-12431

                      COLUMBIA FUTURES FUND
     (Exact name of registrant as specified in its charter)


          Delaware                              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

                         March 31, 1997

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

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

     Statements of Operations for the Quarters Ended
     March 31, 1997 and 1996 (Unaudited).....................3

     Statements of Changes in Partners' Capital for
     the Quarters Ended March 31, 1997 and 1996
     (Unaudited).............................................4

     Statements of Cash Flows for the Quarters Ended
     March 31, 1997 and 1996 (Unaudited).....................5

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

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations.......................................12-16

PART II. OTHER INFORMATION

Item 1. Legal Proceedings................................17-18

Item  6.  Exhibits  and  Reports on Form  8-K............   19


</TABLE>












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


<CAPTION>
                                     March 31,     December 31,
                                        1997           1996
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in Commodity futures trading
 accounts:
 Cash                                8,377,335      8,233,513
 Net unrealized gain on open
  contracts                            489,738     365,976

 Total Trading Equity                8,867,073       8,599,489

 Interest receivable (DWR)             31,672          28,574

 Total Assets                       8,898,745       8,628,063


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable                   82,257          23,091
 Administrative expenses payable       78,867           67,548
 Incentive fee payable                 75,961        150,103
 Accrued management fee                29,255          28,381
 Accrued brokerage commissions (DWR)   13,211          16,631
 Accrued transaction fees and costs       977           1,324

 Total Liabilities                    280,528         287,078


Partners' Capital

 Limited Partners (3,406.811 and
  3,512.282 Units, respectively)     8,372,460      8,110,079
 General Partner (100 Units)          245,757         230,906

 Total Partners' Capital            8,618,217       8,340,985

 Total Liabilities and Partners' Capital  8,898,745    8,628,063


NET ASSET VALUE PER UNIT              2,457.57       2,309.06

         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 March 31,
                                       1997            1996
                                        $               $
REVENUES
<S>                                   <C>              <C>
 Trading profit (loss):
    Realized                          585,978        127,160
    Net change in unrealized          123,762       (323,054)

      Total Trading Results           709,740       (195,894)

    Interest Income (DWR)              89,551         76,178

      Total Revenues                  799,291       (119,716)

EXPENSES

    Management fee                     87,001         74,339
    Brokerage commissions (DWR)        79,357         99,425
    Incentive fees                     76,966             -
    Administrative expenses            17,000         15,000
    Transaction fees and costs          6,571          8,168

      Total Expenses                  266,895        196,932

NET INCOME (LOSS)                     532,396       (316,648)


NET INCOME (LOSS) ALLOCATION

    Limited Partners                  517,545      (308,603)
    General Partner                    14,851        (8,045)


NET INCOME (LOSS) PER UNIT

    Limited Partners                   148.51        (80.44)
    General Partner                    148.51        (80.44)



        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 Quarters Ended March 31, 1997 and 1996
                          (Unaudited)


<CAPTION>

                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total
<S>                     <C>        <C>        <C>         <C>
Partners' Capital,
 December 31, 1995    3,964.982  $7,493,781  $193,889  $7,687,670

Net Loss                       -   (308,603)   (8,045) (316,648)

Redemptions              (97.015)   (182,615)      -   (182,615)

Partners' Capital,
 March 31, 1996       3,867.967  $7,002,563  $185,844  $7,188,407




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

Net Income                     -   517,545     14,851   532,396

Redemptions            (105.471)  (255,164)        -   (255,164)

Partners' Capital,
 March 31, 1997        3,506.811 $8,372,460  $245,757 $8,618,217



         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 Quarters Ended March 31,

                                             1997            1996
                                               $              $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                            <C>           <C>
 Net income (loss)                             532,396    (316,648)
 Noncash item included in net income (loss):
    Net change in unrealized                  (123,762)    323,054

 (Increase) decrease in operating assets:
    Interest receivable (DWR)                   (3,098)      2,462
    Due from DWR                                     -      (6,154)

 Increase (decrease) in operating liabilities:
    Administrative expenses payable             11,319      11,565
    Incentive fee payable                      (74,142)         -
    Accrued management fees                        874      (1,666)
    Accrued brokerage commissions (DWR)         (3,420)        432
    Accrued transaction fees and costs            (347)         49


 Net cash provided by operating activities     339,820     13,094


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase (decrease) in redemptions payable     59,166      (205)
 Redemptions of units                         (255,164)   (182,615)

 Net cash used for financing activities       (195,998)   (182,820)

 Net increase (decrease) in cash               143,822     (169,726)

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

 Balance at end of period                    8,377,335   6,858,748




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

</TABLE>



<PAGE>
                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)


The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations and financial condition.  The financial statements

and condensed notes herein should be read in conjunction with the

Partnership's December 31, 1996 Annual Report on Form 10-K.



1.  Organization

Columbia   Futures  Fund  (the  "Partnership")   is   a   limited

partnership  organized  to engage in the speculative  trading  of

commodity  futures  and forward contracts on foreign  currencies.

The  general  partner for the Partnership is  Demeter  Management

Corporation  ("Demeter").  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.

("JWH").   Both Demeter and DWR are wholly owned subsidiaries  of

Dean Witter, Discover & Co. ("DWD").



2.  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.


3.  Financial Instruments

The  Partnership trades futures and forward contracts in interest

rates,  stock  indices,  commodities, currencies,  petroleum  and

precious  metals.  Futures and forwards represent  contracts  for

delayed delivery of an instrument at a specified date and  price.

Risk arises from changes in the value of these contracts and  the

potential inability of counterparties to perform under the  terms

of   the  contracts.   There  are  numerous  factors  which   may

significantly  influence  the market value  of  these  contracts,

including  interest  rate volatility.   At  March  31,  1997  and

December 31, 1996, open contracts were:

                                 Contract or Notional Amount
                            March 31, 1997   December 31, 1996
                                    $                   $
Exchange-Traded Contracts
 Financial Futures:
   Commitments to Purchase         -               5,890,000
   Commitments to Sell         12,605,000          5,281,000
 Commodity Futures:
   Commitments to Purchase      5,414,000          1,723,000
   Commitments to Sell          1,884,000          5,004,000
 Foreign Futures:
   Commitments to Purchase        339,000          3,327,000
   Commitments to Sell          4,829,000          4,040,000
Off-Exchange-Traded
 Forward Currency Contracts
   Commitments to Purchase      8,680,000          9,367,000
   Commitments to Sell         10,642,000          6,091,000
<PAGE>
                      COLUMBIA FUTURES FUND
           NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                
                                
A  portion of the amounts indicated as off-balance-sheet risk  in

forward   currency   contracts  is  due  to  offsetting   forward

commitments to purchase and to sell the same currency on the same

date   in   the   future.   These  commitments  are  economically

offsetting,  but are not offset in the forward market  until  the

settlement date.


The  net  unrealized  gain on open contracts  is  reported  as  a

component  of  "Equity in Commodity futures trading accounts"  on

the  Statement  of Financial Condition and totaled  $489,738  and

$365,976  at  March 31, 1997 and December 31, 1996, respectively.

Of  the $489,738, net unrealized gain on open contracts at  March

31,  1997  $478,696 related to exchange traded futures  contracts

and  $11,042  related  to  off-exchange-traded  forward  currency

contracts.  Of the $365,976 net unrealized gain on open contracts

at  December 31, 1996 $381,231 related to exchange-traded futures

contracts  and  $(15,255) related to off-exchange-traded  forward

currency contracts.



Exchange-traded  futures contracts held  by  the  Partnership  at

March  31, 1997 and December 31, 1996, mature through March  1998

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



<PAGE>

                     COLUMBIA FUTURES FUND

           NOTES TO FINANCIAL STATEMENTS (CONTINUED)



currency contracts held by the Partnership at March 31, 1997  and

December  31,  1996,  mature through June 1997  and  March  1997,

respectively.  The contract amounts in the above table  represent

the  Partnership's extent of involvement in the particular  class

of  financial instrument, but not the credit risk associated with

counterparty  non-performance.  The credit risk  associated  with

these  instruments  is limited to the amounts  reflected  in  the

Partnership's Statements of Financial Condition.


                                
The  Partnership  also has credit risk because 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 with respect to exchange-traded  futures

contracts  including an amount equal to the net unrealized  gains

on all open futures contracts, which funds totaled $8,856,031 and

$8,614,744 at March

<PAGE>

                      COLUMBIA FUTURES FUND

            NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                

31,  1997  and December 31, 1996, respectively.  With respect  to

the Partnership's off-exchange-traded forward currency contracts,

there  are  no  daily settlements of variations in value  nor  is

there  any requirement that an amount equal to the net unrealized

gain  on  open forward contracts be segregated.  With respect  to

those   off-exchange-traded  forward  currency   contracts,   the

Partnership  is  at  risk  to  the  ability  of  DWR,  the   sole

counterparty on all of such contracts, to perform.



For  the quarter ended March 31, 1997 and the year ended December

31,  1996,  the average fair value of financial instruments  held

for trading purposes was as follows:

                                               March 1997
                                      Assets         Liabilities
                                         $                   $

Exchange-Traded Contracts
  Financial Futures                   1,472,000       10,536,000
  Commodity Futures                   3,695,000        3,165,000
  Foreign Futures                     5,228,000        2,434,000
Off-Exchange-Traded Forward
 Currency Contracts                  11,871,000       13,384,000








<PAGE>

                      COLUMBIA FUTURES FUND

            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



                                             December 1996
                                     Assets          Liabilities
                                         $                $

Exchange-Traded Contracts:
  Financial Futures                 7,988,000          9,207,000
  Commodity Futures                 6,451,000          5,433,000
  Foreign Futures                   8,788,000          3,870,000
Off-Exchange-Traded Forward
 Currency Contracts                13,160,000         15,230,000


<PAGE>


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

         CONDITION AND RESULTS OF OPERATIONS



Liquidity  - The Partnership's assets are on deposit in  separate

commodity interest trading accounts with DWR, and are used by the

Partnership as margin to engage in trading commodity futures  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 of the 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

<PAGE>

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.



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.





<PAGE>


Results of Operations

For the Quarter Ended March 31, 1997

For  the  quarter  ended March 31, 1997, the Partnership's  total

trading revenues including interest income were $799,291.  During

the  first  quarter, the Partnership posted an  increase  in  Net

Asset  Value per Unit.  The most significant gains were  recorded

in  the  currency  markets  as  the  value  of  the  U.S.  dollar

strengthened  relative to the Japanese yen and  Singapore  dollar

during a majority of the quarter.  Additional currency gains were

recorded during January and February from short positions in most

major  European currencies as the U.S. dollar also trended higher

versus  these  currencies.   Gains were  also  recorded  in  soft

commodities from long coffee futures positions as prices  trended

higher  during  January  and February.  In  agricultural  futures

trading,  profits were recorded from long soybean meal  and  corn

futures  positions  as  prices in these  markets  trended  higher

during  March. Smaller gains were recorded in metals  from  short

gold futures positions during January, as gold prices declined to

their  lowest  levels in over three years, and from  long  copper

futures  positions, as prices in this market moved higher  during

February.  Gains for the quarter were partially offset by  losses

recorded  in the energy markets as crude oil prices  moved  in  a

short-term volatile pattern during



<PAGE>

January  and  March.  Smaller losses were recorded  in  financial

futures  trading due to trendless price movement in  most  global

interest rate futures during the quarter.  Total expenses for the

quarter  were $266,895,  generating net income of $532,396.   The

value  of  an  individual Unit in the Partnership increased  from

$2,309.06 at December 31, 1996 to $2,457.57 at March 31, 1997.



For the Quarter Ended March 31, 1996

For  the  quarter  ended March 31, 1996 the  Partnership's  total

trading losses net of interest income were $119,716.  During  the

first  quarter, the Partnership posted a decrease  in  Net  Asset

Value  per  Unit.   The  most  significant  trading  losses  were

recorded in the energy markets as a result of a reversal  in  oil

prices during January which was followed by choppy price movement

during  February.  These losses were partially  offset  by  gains

from  long  positions in crude oil futures as  crude  oil  prices

moved higher in March.  In soft commodities, losses were recorded

in January and February as cotton prices moved without consistent

direction.   However,  a portion of these losses  was  offset  by

gains  recorded  from  sugar and cotton  futures  trading  during

March.    Smaller  losses  were  recorded  in  the   metals   and

agricultural  markets as base metals and soybean  futures  prices

moved  in  a  trendless pattern throughout the quarter.   Trading

gains  were experienced in the currency markets as short Japanese

yen, Swiss franc and German

<PAGE>

mark  positions  profited in January as the  value  of  the  U.S.

dollar   moved   higher  relative  to  most   world   currencies.

Additional  gains were experienced in March from long  Australian

dollar  positions,  as  well as from transactions  involving  the

Japanese  yen.   Losses  recorded in  February  due  to  a  sharp

reversal  upward  in  the  value of the  Japanese  yen  and  most

European currencies resulted in losses which offset a portion  of

the  Fund's  overall  currency gains for  the  quarter.   In  the

financial  futures markets, gains were recorded in  January  from

long  global  interest rate and stock index futures positions  as

prices  in  these  markets trended higher.   Smaller  gains  were

recorded  during  March  from short U.S.  interest  rate  futures

positions  as U.S. bond futures prices moved lower.  These  gains

more  than  offset losses recorded in February as a result  of  a

sharp reversal experienced in the previous upward trend in global

interest rate futures prices and in March from global stock index

and  non-U.S. interest rate futures trading.  Total expenses  for

the  quarter were $196,932, resulting in a net loss of  $316,648.

The value of an individual Unit in the Partnership decreased from

$1,938.89 at December 1995 to $1,858.45 at March 31, 1996.









<PAGE>

                   PART II.  OTHER INFORMATION

Item 1.   LEGAL PROCEEDINGS

On  September 6, 10, and 20, 1996, and on March 13, 1997, similar

purported class actions were filed in the Superior Court  of  the

State  of  California, County of Los Angeles, on  behalf  of  all

purchasers  of  interests in limited partnership commodity  pools

sold  by DWR.  Named defendants include DWR, Demeter, Dean Witter

Futures  &  Currency  Management, Inc.,  DWD  (all  such  parties

referred  to  hereafter  as the "Dean Witter  Parties"),  certain

limited  partnership  commodity pools of  which  Demeter  is  the

general partner, and certain trading advisors (including JWH)  to

those pools.  Similar purported class actions were also filed  on

September  18 and 20, 1996 in the Supreme Court of the  State  of

New  York,  New  York County, and on November  14,  1996  in  the

Superior  Court  of  the State of Delaware,  New  Castle  County,

against  the  Dean  Witter Parties and certain  trading  advisors

(including  JWH)  on  behalf of all purchasers  of  interests  in

various   limited  partnership  commodity  pools  sold  by   DWR.

Generally, these complaints allege, among other things, that  the

defendants committed fraud, deceit, misrepresentation, breach  of

fiduciary duty, fraudulent and unfair business practices,  unjust

enrichment,  and  conversion  in connection  with  the  sale  and

operation  of  the  various limited partnership commodity  pools.

The  complaints  seek  unspecified amounts  of  compensatory  and

punitive damages and other

<PAGE>

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 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)

May 9, 1997             By:/s/ Patti L. Behnke
                               Patti L. Behnke
                               Chief Financial Officer




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








<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)

May 7, 1997                 By:
                               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.