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 June 30, 2000 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

                         June 30, 2000


<CAPTION>


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

     Statements of Financial Condition
     June 30, 2000 (Unaudited) and December 31, 1999..........2

     Statements of Operations for the Quarters Ended
     June 30, 2000 and 1999 (Unaudited).......................3

     Statements of Operations for the Six Months Ended
     June 30, 2000 and 1999 (Unaudited).......................4

     Statements of Changes in Partners' Capital for
     the Six Months Ended June 30, 2000 and 1999
     (Unaudited)..............................................5

     Statements of Cash Flows for the Six Months Ended
     June 30, 2000 and 1999 (Unaudited).......................6

     Notes to Financial Statements (Unaudited).............7-12

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations........................................13-22

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk ..................................... 23-35

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.................................36-37

Item 5. Other Information.................................37-38

Item 6. Exhibits and Reports on Form 8-K.....................38


</TABLE>
<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
                                       June 30,      December 31,

2000                                   1999                     $
$
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in futures interests trading accounts:
 Cash                                7,486,167      8,131,783

   Net   unrealized   gain   on  open  contracts   (MS   &   Co.)
216,647                                   -
     Net    unrealized    loss   on   open    contracts    (MSIL)
(3,300)                                    -
   Net   unrealized   gain  (loss)  on  open   contracts   (Carr)
(76,787)                               334,288

  Total  net  unrealized gain on open contracts    136,560     33
4,288

      Total Trading Equity           7,622,727      8,466,071

 Interest receivable (DWR)              29,537         30,338
 Due from DWR                          11,959 _____-___

      Total Assets                  7,664,223       8,496,409

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Administrative expenses payable       87,331         61,609
 Accrued management fees                25,172         28,023
 Redemptions payable                    20,606         51,621

      Total Liabilities                133,109        141,253

Partners' Capital

 Limited Partners (2,655.375 and 2,780.964
              Units, respectively)   7,257,790      8,065,143
 General Partner (100 Units)           273,324        290,013

 Total Partners' Capital             7,531,114      8,355,156

 Total Liabilities and Partners' Capital   7,664,223   8,496,409


NET ASSET VALUE PER UNIT              2,733.24       2,900.13
<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 June 30,

                                        2000        1999
                                          $            $
<S>                                    <C>          <C>
REVENUES
 Trading profit (loss):
           Realized                                (7,130)305,815
Net change in unrealized            (251,934)       (4,493)

      Total Trading Results         (259,064)   301,322

    Interest Income (DWR)            94,355        88,612
      Total Revenues                (164,709)   389,934

EXPENSES

    Brokerage commissions (DWR)        87,454    97,324
    Management fees                    79,300    97,282
    Administrative expenses            18,000    17,000
      Transaction   fees  and  costs            6,819       6,363
Incentive fees                     _______-__           187
      Total Expenses                  191,573     218,156

NET INCOME (LOSS)                   (356,282)     171,778


NET INCOME (LOSS) ALLOCATION

    Limited Partners                (343,358)   166,150
    General Partner                  (12,924)     5,628


NET INCOME (LOSS) PER UNIT

    Limited Partners                 (129.24)     56.28
    General Partner                  (129.24)     56.28


<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 Six Months Ended June 30,

                                       2000           1999
                                          $             $
<S>                                    <C>          <C>
REVENUES
 Trading profit (loss):
        Realized                           (42,366)       476,737
Net change in unrealized           (197,728)    (118,550)
      Total Trading Results        (240,094)    358,187
    Interest Income (DWR)            187,123    177,363
      Total Revenues                (52,971)    535,550

EXPENSES

    Brokerage commissions (DWR)      193,825    187,412
       Management   fees                    162,706       196,183
Administrative expenses               36,000     34,000
      Transaction   fees  and  costs          13,805       12,394
Incentive fees                    _______-__             187
      Total Expenses                 406,336        430,176
NET INCOME (LOSS)                  (459,307)        105,374

NET INCOME (LOSS) ALLOCATION

       Limited   Partners                 (442,618)       101,761
General Partner                     (16,689)      3,613

NET INCOME (LOSS) PER UNIT

    Limited Partners                (166.89)      36.13
    General Partner                 (166.89)      36.13


<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 Six Months Ended June 30, 2000 and 1999
                          (Unaudited)



<CAPTION>

                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total



<S>
<C>                        <C>                                <C>
<C>
Partners' Capital,
  December 31, 1998    3,199.179  $9,827,470  $317,099  $10,144,5
69

Net                                                        Income
-                       101,761      3,613   105,374

Redemptions            (229.416)                        (725,545)
-                       (725,545)

Partners' Capital,
 June 30, 1999          2,969.763 $9,203,686  $320,712$9,524,398





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

Net                                                          Loss
-                                  (442,618)  (16,689) (459,307)
Redemptions             (125.589)  (364,735) ______-__    (364,73
5)

Partners' Capital,
  June 30, 2000          2,755.375 $7,257,790     $273,324 $7,531
,114




<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 Six Months Ended June 30,

                                       2000           1999
                                          $             $


CASH FLOWS FROM OPERATING ACTIVITIES
<S>
<C>                              <C>
 Net income (loss)                  (459,307)   105,374
 Noncash item included in net income (loss):
    Net change in unrealized          197,728   118,550
 (Increase) decrease in operating assets:
        Interest   receivable   (DWR)             801         588
    Due from DWR                    (11,959)           -
 Increase (decrease) in operating liabilities:
      Administrative   expenses   payable      25,722      24,124
Accrued management fees               (2,851)     (1,810)

 Net cash provided by (used for) operating activities   (249,866)
246,826


CASH FLOWS FROM FINANCING ACTIVITIES

  Increase  (decrease)  in redemptions  payable(31,015)    77,151
Redemptions of Units                (364,735)   (725,545)

 Net cash used for financing activities  (395,750)  (648,394)

 Net decrease in cash               (645,616)   (401,568)

 Balance at beginning of period     8,131,783  9,719,676

 Balance at end of period           7,486,167  9,318,108



<FN>



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



<PAGE>

                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)


The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations and financial condition of Columbia  Futures  Fund

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

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

December 31, 1999 Annual Report on Form 10-K.



1.  Organization

Columbia Futures Fund is a New York limited partnership organized

to  engage  primarily  in  the  speculative  trading  of  futures

contracts  and forward contracts in foreign currencies, financial

instruments   and   other  commodity  interests    (collectively,

"futures interests").



The   general   partner   is   Demeter   Management   Corporation

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

Reynolds  Inc. ("DWR"). Morgan Stanley & Co., Inc. ("MS  &  Co.")

and  Morgan Stanley & Co. International Limited ("MSIL")  provide

clearing and execution services.  Prior to May 2000, Carr Futures

Inc. provided clearing and execution services.  Demeter, DWR,  MS

&  Co.  and MSIL are wholly-owned subsidiaries of Morgan  Stanley

Dean Witter & Co.



<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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 DWR, MS & Co., and MSIL

in futures interests trading accounts to meet margin requirements

as  needed. DWR pays interest on these funds based on current 13-

week  U.S.  Treasury bill rates. The Partnership  pays  brokerage

commissions to DWR.



3.  Financial Instruments

The Partnership trades futures contracts and forward contracts in

foreign  currencies,  financial instruments and  other  commodity

interests.  Futures and forwards represent contracts for  delayed

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

arises  from  changes  in the value of these  contracts  and  the

potential inability of counterparties to perform under the  terms

of   the  contracts.   There  are  numerous  factors  which   may

significantly  influence  the market value  of  these  contracts,

including interest rate volatility.







<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)


In  June  1998, the Financial Accounting Standards Board ("FASB")

issued  Statement of Financial Accounting Standard  ("SFAS")  No.

133,   "Accounting   for  Derivative  Instruments   and   Hedging

Activities" effective for fiscal years beginning after  June  15,

1999.   In  June 1999, the FASB issued SFAS No. 137,  "Accounting

for  Derivative Instruments and Hedging Activities - Deferral  of

the  Effective Date of SFAS No. 133," which defers  the  required

implementation of SFAS No. 133 until fiscal years beginning after

June  15, 2000.  However, the Partnership had previously  elected

to adopt the provisions of SFAS No. 133 beginning with the fiscal

year  ended December 31, 1998.  SFAS No. 133 supersedes SFAS  No.

119  and  No.  105,  which  required the  disclosure  of  average

aggregate fair values and contract/notional values, respectively,

of  derivative financial instruments for an entity which  carries

its  assets at fair value.  The application of SFAS No. 133  does

not  have  a  significant  effect on the Partnership's  financial

statements.



The  net  unrealized gain on open contracts  are  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  statements of financial condition and totaled  $136,560  and

$334,288 at June 30, 2000 and December 31, 1999, respectively.





<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Of the $136,560 net unrealized gain on open contracts at June 30,

2000,  $170,199 related to exchange-traded futures contracts  and

$(33,639)   related  to  off-exchange-traded   forward   currency

contracts.



Of the $334,288 net unrealized gain on open contracts at December

31,  1999,  $308,189 related to exchange-traded futures contracts

and  $26,099  related  to  off-exchange-traded  forward  currency

contracts.



Exchange-traded futures contracts held by the Partnership at June

30,  2000  and  December 31, 1999 mature through  June  2001  and

December 2000, respectively. Off-exchange-traded forward currency

contracts  held by the Partnership at June 30, 2000 and  December

31,   1999   mature  through  September  2000  and  March   2000,

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.





<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



The  Partnership also has credit risk because DWR, MS & Co.,  and

MSIL   act   as   the   futures  commission  merchants   or   the

counterparties with respect to most of the Partnership's  assets.

Exchange-traded futures contracts are marked to market on a daily

basis, with variations in value settled on a daily basis. DWR, 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 $7,656,366  and

$8,439,972  at June 30, 2000 and December 31, 1999, 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-

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



traded forward currency contracts, should materially decrease the

Partnership's  credit risk in the event of MS & Co.'s  bankruptcy

or insolvency.










































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

Liquidity - The Partnership deposits its assets with DWR as  non-

clearing  broker  and  MS & Co. and MSIL as clearing  brokers  in

separate  futures trading 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 and forwards it

is expected that the Partnership will continue to own such liquid

assets for margin purposes.



The  Partnership's investment in futures and forwards, 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  contract  has

increased  or  decreased by an amount equal to the  daily  limit,

positions  in  that  futures 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

daily  limit  for  several consecutive days  with  little  or  no

trading.   These market conditions could prevent the  Partnership

from promptly liquidating its futures



<PAGE>

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

interests in subsequent periods.  It is not possible to  estimate

the  amount  and  therefore, the impact of future redemptions  of

Units.



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, forwards, and options markets.  The following presents a

<PAGE>

summary  of the Partnership's operations for the quarter and  six

months  ended June 30, 2000 and 1999, respectively, and a general

discussion of its trading activities during each period.   It  is

important  to note, however, that the Trading Advisor  trades  in

various markets at different times and that prior activity  in  a

particular market does not mean that such market will be actively

traded  by  the  Trading Advisor or will  be  profitable  in  the

future.   Consequently,  the  results  of   operations   of   the

Partnership are difficult to discuss other than in the context of

its  Trading  Advisor's  trading  activities  on  behalf  of  the

Partnership  as a whole and how the Partnership has performed  in

the past.



For the Quarter and Six Months Ended June 30, 2000

For  the  quarter  ended June 30, 2000, the Partnership  recorded

total  trading  losses  net of interest income  of  $164,709  and

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

significant  losses of approximately 3.1% were  recorded  in  the

currency  markets primarily from short Japanese yen positions  as

the  value of the yen appreciated against the U.S. dollar  during

May  and June due to speculation that the Japanese government was

considering  an  economic stimulus package, data which  indicated

strong  first-quarter growth and signaled that an end is near  to

Japan's  16-month  old  zero interest  rate  policy.   Additional

losses  of approximately 2.5% were experienced in global interest

rate  futures  markets  primarily from short  positions  in  U.S.

interest rate futures as prices moved higher later in the month

<PAGE>

on  volatility  in  the  U.S. stock market and  economic  reports

suggesting  that the U.S. economy may be slowing.  In the  energy

markets,  losses  of approximately 1.4% were incurred  from  long

crude  oil  futures positions during April as  oil  prices  moved

lower  due to a larger-than-expected build-up in crude oil stocks

and  concern that OPEC may have produced above its supply  target

for  April.  Newly established short crude oil futures  positions

incurred additional losses as prices jumped amid supply concerns.

Smaller losses of approximately 0.5% were recorded in the  metals

markets  primarily  from trading copper  futures  during  May  as

prices  moved  inconsistently on technically  based  factors.   A

portion  of  overall  Partnership  losses  was  offset  by  gains

recorded   in   the  global  stock  index  futures   markets   of

approximately  1.2%  primarily  from  short  DAX  Index   futures

positions as prices dropped on profit-taking and due to  weakness

in  U.S.  stock  prices.  Additional gains of approximately  1.1%

were  recorded  in  the soft commodities markets  primarily  from

short coffee futures positions as prices declined during April on

technical  factors.   Long  sugar  futures  positions  were  also

profitable as prices trended to 22-month highs during June due to

strong  demand  and  declining production from  Brazil.   In  the

agricultural   markets,  smaller  gains  of  approximately   0.7%

resulted from short soybean oil futures positions during June  as

prices  declined  on uncertainty about demand and  forecasts  for

some   moisture  relief  in  dry  regions.   Short  corn  futures

positions were also profitable as prices moved lower during May

<PAGE>

due  to  heavy  rain and cooler temperatures in  the  major  corn

producing  regions.   Total expenses for the three  months  ended

June 30, 2000 were $191,573, resulting in a net loss of $356,282.

The value of a Unit decreased from $2,862.48 at March 31, 2000 to

$2,733.24 at June 30, 2000.



For  the six months ended June 30, 2000, the Partnership recorded

total trading losses net of interest income of $52,971 and posted

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

losses of approximately 4.6% were recorded in the global interest

rates futures markets primarily from long German government  bond

futures  positions  as  prices  moved  lower  during  the  second

quarter,  following U.S. Treasury prices downward.  Long Japanese

interest rate futures positions also experienced losses  in  this

market complex as prices slid lower in early 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 2.6% were  recorded  in  the

currency  markets primarily from short Japanese yen positions  as

the  yen's value strengthened against the U.S. dollar during  the

second  quarter  on speculation that the Japanese government  was

considering an economic stimulus package, indications  of  strong

first-quarter  growth,  and signals of an  end  to  Japan's  zero

interest rate policy.  Smaller losses of approximately 1.9% were

<PAGE>

experienced  in  the  metals markets primarily  from  short  gold

futures positions as prices spiked sharply higher during February

following  an  announcement  by a  large  producer  that  it  was

suspending  gold hedging activities.  Later in the  month,  newly

established  long  gold  futures  positions  incurred  additional

losses as prices fell from weakness in the Australian dollar  and

the  sale  of  seven tons of gold by the Dutch central  bank.   A

portion  of  overall Partnership losses was offset  by  gains  of

approximately  2.0%  recorded in the global stock  index  futures

markets  primarily  from  short DAX Index  futures  positions  as

prices  dropped  on  profit-taking and  weakness  in  U.S.  stock

prices.  Additional gains of approximately 0.9% were recorded  in

the  energy  markets  primarily from  long  heating  oil  futures

positions  as  oil prices powered to nine-year highs  during  the

first  quarter  on  concerns  about  future  output  levels  amid

dwindling  stockpiles  and  increasing  demand.   In   the   soft

commodities   markets,  gains  of  approximately  0.9%   resulted

primarily from long sugar futures positions as prices trended  to

22-month  highs  during June due to strong demand  and  declining

production   from  Brazil.   Short  coffee  futures   were   also

profitable  during  the  second quarter  as  prices  declined  on

technical  factors.   Smaller gains of  approximately  0.3%  were

experienced  in  the  agricultural markets primarily  from  short

soybean  oil futures positions as prices declined during June  on

uncertainty  about demand and forecasts for some moisture  relief

in dry regions.  Total expenses for the six months ended June 30,

<PAGE>

2000  were  $406,336, resulting in a net loss  of  $459,307.  The

value of a Unit decreased from $2,900.13 at December 31, 1999  to

$2,733.24 at June 30, 2000.


For the Quarter and Six Months Ended June 30, 1999


For  the  quarter  ended June 30, 1999, the Partnership  recorded

total trading revenues including interest income of $389,934  and

posted  an  increase  in  Net Asset  Value  per  Unit.  The  most

significant  gains  of approximately 2.4% were  recorded  in  the

global interest rate futures markets primarily from long Japanese

government bond futures positions as investors moved into  higher

yielding  long-term debt instruments during April and  May  after

the   government   proposed  no  new  economic  spending   plans.

Additional  gains of approximately 0.9% were experienced  in  the

energy markets during April primarily from long crude oil futures

positions  as  oil  prices rallied due to declines  in  inventory

levels  and  growing confidence that oil-exporting countries  are

cutting  production.   Oil prices jumped higher  during  June  on

unexpected  declines in U.S. stockpiles and on news  of  refinery

outages,   thus   resulting  in  additional   profits   for   the

Partnership's long positions.  In the global stock index  futures

markets,  profits  of approximately 0.6% were recorded  primarily

from  long  Nikkei  Index futures positions  as  Japanese  equity

prices  moved higher during April following gains on Wall  Street

and  on  hopes  that  the  Japanese government  would  take  more

measures to stimulate their economy.  Additional gains were

<PAGE>

recorded during June as the Japanese benchmark index reached  its

highest level in more than a year and a half encouraged by recent

economic  growth  data in Japan.  Smaller gains of  approximately

0.3%  were recorded in the currency markets primarily  from short

positions  in  the euro as the value of most European  currencies

weakened steadily versus the U.S. dollar during April due to lack

of  economic  growth  in  the  European  community,  the  ongoing

military conflict in Kosovo and strong economic data out  of  the

U.S.   Short euro positions were also profitable during  June  as

the  value  of the U.S. dollar strengthened against the  European

common  currency after tame U.S. inflation data eased fears  that

the  Federal  Reserve was about to embark on  a  series  of  rate

hikes.  These gains were partially offset by losses in the metals

markets of approximately 1.5% primarily from short silver futures

positions  as  prices  were  boosted  higher  during   April   by

perceptions  of  tightening supply levels and  technically-driven

buying.  Newly established long silver futures positions resulted

in  additional  losses during June as prices  decreased  after  a

widely  watched survey showed that silver demand  fell  in  1998.

Additional losses of approximately 0.9% were incurred in the soft

commodities  markets  during  the  latter  half  of  the  quarter

primarily  from long coffee futures positions as prices  declined

due  to   warm  weather  in Brazil and ample warehouse  supplies.

Total  expenses  for the three months ended June  30,  1999  were

$218,156,  resulting in net income of $171,778.  The value  of  a

Unit  increased from $3,150.84 at March 31, 1999 to $3,207.12  at

June 30, 1999.

<PAGE>

For  the six months ended June 30, 1999, the Partnership recorded

total trading revenues including interest income of $535,550  and

posted  an  increase  in  Net Asset  Value  per  Unit.  The  most

significant  gains  of approximately 2.1% were  recorded  in  the

currency markets primarily from short euro positions as the value

of  the  U.S.  dollar  strengthened versus  the  European  common

currency throughout a majority of the first half of the  year  on

the  strength  of  the U.S. economy, concerns pertaining  to  the

economic  health of Europe and Japan and ongoing military  action

in  Yugoslavia.   Additional  gains of  approximately  1.8%  were

recorded  in  the energy markets primarily from  long  crude  oil

futures positions as oil prices moved significantly higher during

March  on  news that OPEC and non-OPEC countries had  reached  an

agreement  to  cut  total  output by  approximately  two  million

barrels a day beginning April 1st.  Oil prices continued to climb

higher  during  April  due to declines in  inventory  levels  and

growing  confidence in production cutbacks.  In the global  stock

index  futures  markets,  gains of  approximately  0.6%  resulted

primarily from long futures positions in the Nikkei and  ASE  All

Ordinaries Index during April.  The Tokyo equity benchmark  moved

higher  following  gains on Wall Street and  on  hopes  that  the

Japanese  government would take more measures to stimulate  their

economy.   Australian stock prices moved higher  due  to  April's

rise  in  commodity prices, particularly gold.  Smaller gains  of

approximately  0.2%  were recorded in the  global  interest  rate

futures markets primarily



<PAGE>

from  long Japanese bond futures positions as prices moved higher

during  April  and  May  after  the government  proposed  no  new

economic spending plans.  A portion of these gains was offset  by

losses in the metals markets of approximately 2.0% primarily from

long  silver  futures positions as prices retreated  during  mid-

March  after Berkshire Hathaway's annual report failed to provide

any  new  information on the company's silver  positions.   Short

silver   futures  positions  established  in  April   were   also

unprofitable  as  prices were boosted higher  by  perceptions  of

tightening  supply levels and technically-driven  buying.   Newly

established  long  silver  futures  positions  were  once   again

unfavorable  during June as prices decreased  on  news  of  lower

demand.  Additional losses of approximately 1.2% were experienced

in  the  soft  commodities markets primarily  from  short  coffee

futures  positions during mid-March as prices surged  as  option-

related  buying  triggered  waves of  buy-stops  at  several  key

resistance   levels,   attracting  fund  short-covering.    Newly

established long coffee futures positions also resulted in losses

during   the  second  quarter  as  prices  declined  amid  warmer

temperatures  in Brazil and ample supplies.  Total  expenses  for

the  six  months ended June 30, 1999 were $430,176, resulting  in

net  income  of  $105,374.  The value of a  Unit  increased  from

$3,170.99 at December 31, 1998 to $3,207.12 at June 30, 1999.






<PAGE>

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

The  Partnership is a commodity pool involved in the  speculative

trading  of  futures interests.  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 interests traded by the Partnership involve  varying

degrees  of  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 experiences 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  interests 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  tables  indicates the  VaR  associated  with  the

Partnership's open positions as a percentage of total Net  Assets

by  primary market risk category as of June 30, 2000 and 1999. As

of June 30, 2000 and 1999, the Partnership's total capitalization

was approximately $8 million and $10 million, respectively.

     Primary Market             June 30, 2000       June 30, 1999
     Risk Category              Value at Risk       Value at Risk

     Currency                      (1.82)%             (2.96)%

     Interest Rate                 (1.19)              (0.79)

     Equity                        (0.76)              (0.23)

     Commodity                     (0.83)              (0.50)

     Aggregate Value at Risk       (2.57)%             (3.13)%



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 June 30, 2000 and 1999 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  interests,  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 July  1,

1999 through June 30, 2000.



Primary Market Risk Category        High      Low      Average

Currency                           (3.00)%   (1.82)%   (2.61)%

Interest Rate                      (1.19)    (0.79)    (0.95)

Equity                             (0.76)    (0.23)    (0.46)

Commodity                          (0.83)    (0.49)    (0.66)

Aggregate Value at Risk            (3.13)%   (2.57)%   (2.87)%


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

<PAGE>

Partnership  to  typically be many times the total capitalization

of   the  Partnership.   The  value  of  the  Partnership's  open

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

other  investments.  The relative size of the positions held  may

cause  the Partnership to incur losses greatly in excess  of  VaR

within  a short period of time, given the effects of the leverage

employed and market volatility.  The VaR tables above, as well as

the  past performance of the Partnership, gives 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.





<PAGE>

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

for  each  of the Partnership's market risk exposures and  on  an

aggregate  basis  at June 30, 2000 and for the end  of  the  four

quarterly  reporting periods from July 1, 1999 through  June  30,

2000.   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 1 in 100 trading days.



Non-Trading Risk

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

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

as  any market risk they may represent, are immaterial.  At  June

30,  2000 the Partnership's cash balance at DWR was approximately

91%  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  the

potential  losses caused by such movements, taking  into  account

the   leverage,  optionality  and  multiplier  features  of   the

Partnership's market-sensitive instruments.



<PAGE>

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

market risk exposures - except for (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 as of June 30, 2000, by market sector.  It may be

anticipated  however,  that  these  market  exposures  will  vary

materially over time.

<PAGE>

Currency.  The primary market exposure in the Partnership  is  in

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

second quarter of 2000, the Partnership's major exposures were in

outright  U.S. dollar positions.  Outright positions  consist  of

the  U.S.  dollar  vs. other currencies.  These other  currencies

include  the  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  June  30,

2000  was  in  the  interest rate complex.  Exposure  was  spread

across  the  Japanese,  U.S. and German  interest  rate  sectors.

Interest  rate  movements  directly  affect  the  price  of   the

sovereign  bond  futures positions held by  the  Partnership  and

indirectly  affect  the  value of its stock  index  and  currency

positions.   Interest rate movements in one country  as  well  as

relative interest rate movements between countries materially

<PAGE>

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.



Equity.   The Partnership's primary equity exposure is to  equity

price  risk in the G-7 countries.  The stock index futures traded

by the Partnership are by law limited to futures on broadly based

indices.   As  of  June  30,  2000,  the  Partnership's   primary

exposures  were  in the DAX (German), All Ordinaries  (Australia)

and  Nikkei (Japan) 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



<PAGE>

changes but would make it difficult for the Partnership to  avoid

being "whipsawed" into numerous small losses.



Commodity.

Energy.  On June 30, 2000, the Partnership's energy exposure  was

shared  primarily by futures contracts in the crude  and  heating

oil  markets.   Price  movements in  these  markets  result  from

political developments in the Middle East, weather patterns,  and

other economic fundamentals.  It is possible that volatility will

remain  high.   Significant profits and losses, which  have  been

experienced  in  the  past,  are  expected  to  continue  to   be

experienced in this market.



Soft  Commodities  and  Agriculturals.  On  June  30,  2000,  the

Partnership  had  exposure  in the markets  that  comprise  these

sectors.  Most of the exposure, however, was in the sugar, coffee

and corn 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 is  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 in precious metals, gold and silver.   Exposure

was evident in the gold market as gold prices were volatile

<PAGE>

during  the  quarter.  Silver prices have remained volatile  over

this  period, and the Trading Advisor has from time to time taken

positions  as it has perceived market opportunities  to  develop.

Demeter  anticipates that gold and silver will remain the primary

metals market exposure for the Partnership.



Qualitative Disclosures Regarding Non-Trading Risk Exposure

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

Partnership as of June 30, 2000:



Foreign  Currency  Balances.  The Partnership's  primary  foreign

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

The  Partnership controls the non-trading risk of these  balances

by  regularly  converting these balances back into  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   addition,   the   Trading   Advisor   establishes

diversification





<PAGE>

guidelines,  often  set  in terms of the  maximum  margin  to  be

committed  to  positions  in any one  market  sector  or  market-

sensitive instrument.



Demeter monitors and controls the risk of the Partnership's  non-

trading   instrument,  cash.   Cash  is  the   only   Partnership

investment directed by Demeter, rather than the Trading Advisor.







































<PAGE>

                   PART II.  OTHER INFORMATION



Item 1.  LEGAL PROCEEDINGS


Please  refer  to Legal Proceedings previously disclosed  in  the

Partnership's Form 10-Q for the quarter ended March 31, 2000  and

Form 10-K for the year ended December 31, 1999.



On  October  25,  1996,  the Market Surveillance  Committee  (the

"Committee")  of  the National Association of Securities  Dealers

("NASD")  filed  a formal complaint against MS &  Co.  and  seven

current  and former traders, alleging violations of certain  NASD

rules  relating  to manipulative and deceptive practices,  locked

and  crossed  markets, and failure to supervise.   Hearings  were

held  in  June  and July 1997.  On April 13, 1998  the  Committee

ruled  that  MS  &  Co.  and the seven  traders  had  engaged  in

manipulative  and  deceptive practices and improperly  locked  or

crossed  markets, but not that MS & Co. had failed  to  supervise

its  traders.  The Committee levied a fine of $1,000,000 on MS  &

Co.,  a  fine of $100,000 and a 90-day suspension on one  of  its

former  traders, and fines of $25,000 and 30-day  suspensions  on

each of the remaining current and former traders.  On January 18,

2000  the National Adjudicatory Council, which heard the  appeal,

issued a ruling which upheld the Committee's April 1998 decision,

however,  the  National Adjudicatory Council reduced  the  firm's

fine  to  $495,000,  reversed all previously imposed  suspensions

against the traders,

<PAGE>

reduced  the fine for each of six traders to $2,500 and dismissed

all charges against the seventh trader.



On  January  11,  1999,  the Securities and  Exchange  Commission

brought an action against 28 NASDAQ market makers, including MS &

Co.,  and  51 individuals, including one current and  one  former

trader  employed  by MS & Co., for certain conduct  during  1994.

The  core  of  the charges against MS & Co. concerns improper  or

undisclosed  coordination  of price  quotes  with  other  broker-

dealers  and  related  reporting, recordkeeping  and  supervisory

deficiencies  in violation of Sections 15(b)(4)(E), 15(c)(1)  and

(2)  and  17(a) of the Securities Exchange Act and Rules  15c1-2,

15c2-7  and  17a-3 promulgated thereunder.  Without admitting  or

denying  the charges, MS & Co. consented to the entry of a  cease

and  desist  order  and  to the payment of  a  civil  penalty  of

$350,000,  disgorgement of $4,170 and to submit  certain  of  its

procedures to an independent consultant for review.  In addition,

one  current and one former trader employed by MS & Co.  accepted

suspensions  of less than two months each and were fined  $25,000

and $30,000 respectively.



Item 5.   OTHER INFORMATION

Effective July 1, 2000, Lewis A. Raibley, III resigned  as  Chief

Financial  Officer  and  a Director of Demeter  and  Dean  Witter

Futures  Currency  Management  Inc.   Effective  July  10,  2000,

Raymond



<PAGE>

E. Koch replaced Lewis A. Raibley, III as Chief Financial Officer

of Demeter.


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,
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,  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 filed herewith.

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






<PAGE>







                            SIGNATURE



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




                        Columbia Futures Fund
                        (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

August 9, 2000          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.