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, 1999 or

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

Commission File No. 0-12431

                     COLUMBIA FUTURES FUND

     (Exact name of registrant as specified in its charter)


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


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

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



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


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

Yes    X            No








<PAGE>
<TABLE>

                     COLUMBIA FUTURES FUND

             INDEX TO QUARTERLY REPORT ON FORM 10-Q

                         June 30, 1999


<CAPTION>


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

     Statements of Financial Condition
     June 30, 1999 (Unaudited) and December 31, 1998..........2

     Statements of Operations for the Quarters Ended
     June 30, 1999 and 1998 (Unaudited).......................3

     Statements of Operations for the Six Months Ended
     June 30, 1999 and 1998 (Unaudited).......................4

     Statements of Changes in Partners' Capital for
     the Six Months Ended June 30, 1999 and 1998
     (Unaudited)..............................................5

     Statements of Cash Flows for the Six Months Ended
     June 30, 1999 and 1998 (Unaudited).......................6

     Notes to Financial Statements (Unaudited).............7-11

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations........................................12-21

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk ..................................... 21-33

PART II. OTHER INFORMATION

Item 1. Legal Proceedings....................................34

Item 6. Exhibits and Reports on Form 8-K.....................34





</TABLE>




<PAGE>
<TABLE>


                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                     COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION
<CAPTION>

                                      June 30,     December 31,
                                        1999           1998
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in futures interests trading accounts:
 Cash                                9,318,108     9,719,676
 Net unrealized gain on open contracts     380,554     499,104

      Total Trading Equity           9,698,662     10,218,780

 Interest receivable (DWR)              29,314        29,902

      Total Assets                  9,727,976      10,248,682


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable                   93,006         15,855
 Administrative expenses payable        78,514         54,390
 Accrued management fees                32,058         33,868

      Total Liabilities                203,578        104,113

Partners' Capital

 Limited Partners (2,869.763 and
  3,099.179 Units, respectively)     9,203,686      9,827,470
 General Partner (100 Units)           320,712        317,099

 Total Partners' Capital             9,524,398     10,144,569

 Total Liabilities and Partners' Capital   9,727,976   10,248,682


NET ASSET VALUE PER UNIT              3,207.12       3,170.99
<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,

                                       1999           1998
                                        $            $
REVENUES
<S>                             <C>          <C>
 Trading profit (loss):
    Realized                        305,815     1,089,276
    Net change in unrealized          (4,493)     536,180

      Total Trading Results         301,322     1,625,456

    Interest Income (DWR)            88,612        94,107

      Total Revenues                389,934     1,719,563

EXPENSES

    Brokerage commissions (DWR)      97,324        87,666
    Management fees                  97,282        94,535
    Administrative expenses          17,000        12,000
    Transaction fees and costs        6,363         5,474
    Incentive fees                      187       133,846

      Total Expenses                218,156       333,521

NET INCOME                          171,778     1,386,042


NET INCOME ALLOCATION

    Limited Partners                166,150     1,343,783
    General Partner                   5,628        42,259


NET INCOME PER UNIT

    Limited Partners                  56.28        422.59
    General Partner                   56.28        422.59

<FN>

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

<PAGE>
<TABLE>
                     COLUMBIA FUTURES FUND
                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>



                               For the Six Months Ended June 30,

                                       1999            1998
                                        $            $
REVENUES
<S>                               <C>        <C>
 Trading profit (loss):
    Realized                       476,737      1,048,948
    Net change in unrealized       (118,550)      227,026

      Total Trading Results        358,187      1,275,974

    Interest Income (DWR)          177,363        189,531

      Total Revenues               535,550     1,465,505


EXPENSES

    Management fees                196,183        185,779
    Brokerage commissions (DWR)    187,412        164,273
    Administrative expenses         34,000        32,000
    Transaction fees and costs      12,394         11,255
    Incentive fees                     187        133,846


      Total Expenses               430,176        527,153

NET INCOME                         105,374        938,352


NET INCOME ALLOCATION

    Limited Partners               101,761        909,508
    General Partner                  3,613         28,844

NET INCOME PER UNIT

      Limited   Partners                   36.13           288.44
General Partner                      36.13         288.44
<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, 1999 and 1998
                          (Unaudited)


<CAPTION>


                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total


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

Net Income               -         909,508    28,844     938,352

Redemptions                 (97.311)      (277,913)             -
(277,913)

Partners' Capital,
  June 30, 1998         3,244.735  $9,809,523     $311,935   $10,
121,458





Partner's 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





<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,

                                       1999            1998
                                        $            $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                            <C>           <C>
 Net income                         105,374     938,352
 Noncash item included in net income:
    Net change in unrealized        118,550     (227,026)

 Decrease in operating assets:
   Interest receivable (DWR)           588         511
 Increase (decrease) in operating liabilities:
    Administrative expenses payable  24,124      21,409
      Accrued   management   fees             (1,810)       2,385
Incentive fees payable               -          (39,876)

 Net cash provided by operating activities   246,826   695,755


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase in redemptions payable     77,151      95,022
 Redemptions of units               (725,545)   (277,913)

 Net cash used for financing activities  (648,394) (182,891)

 Net increase (decrease) in cash    (401,568)   512,864

 Balance at beginning of period   9,719,676   9,092,300

 Balance at end of period         9,318,108   9,605,164


<FN>

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






<PAGE>

                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)



The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations and financial condition of Columbia  Futures  Fund

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

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

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



1.  Organization

Columbia  Futures  Fund  is  a limited partnership  organized  to

engage  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") and an unaffiliated  clearing

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

and  execution  services.  Both Demeter and DWR are  wholly-owned

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

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

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









<PAGE>

                        COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)


2.  Related Party Transactions

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

interests trading accounts to meet margin requirements as needed.

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

Treasury  bill rates. The Partnership pays brokerage  commissions

to DWR.



3.  Financial Instruments

The Partnership trades futures contracts and forward contracts in

foreign  currencies,  financial instruments and  other  commodity

interests.  Futures and forwards represent contracts for  delayed

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

arises  from  changes  in the value of these  contracts  and  the

potential inability of counterparties to perform under the  terms

of   the  contracts.   There  are  numerous  factors  which   may

significantly  influence  the market value  of  these  contracts,

including interest rate volatility.



In  June  1998, the Financial Accounting Standards  Board  issued

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

"Accounting  for  Derivative Instruments and Hedging  Activities"

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

Partnership  elected  to adopt the provisions  of  SFAS  No.  133

beginning  with  the  fiscal year that ended December  31,  1998.

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

the



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



disclosure of average aggregate fair values and contract/notional

values, respectively, of derivative financial instruments for  an

entity  which carries its assets at fair value.  The  application

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

Partnership's financial statements.



The  net  unrealized  gain on open contracts  is  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  Statements of Financial Condition and totaled  $380,554  and

$499,104 at June 30, 1999 and December 31, 1998, respectively.



Of the $380,554 net unrealized gain on open contracts at June 30,

1999,  $401,299 related to exchange-traded futures contracts  and

$(20,745)   related  to  off-exchange-traded   forward   currency

contracts.



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

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

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

contracts.



Exchange-traded futures contracts held by the Partnership at June

30,  1999  and  December 31, 1998 mature through  June  2000  and

September   1999,   respectively.   Off-exchange-traded   forward

currency  contracts held by the Partnership at June 30, 1999  and

December



<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



31,   1998   mature  through  September  1999  and  March   1999,

respectively.



The  Partnership  is subject to the credit risk  associated  with

counterparty  non-performance.  The credit risk  associated  with

the  instruments in which the Partnership is involved is  limited

to  the  amounts  reflected  in the Partnership's  Statements  of

Financial  Condition.  DWR and Carr act as the futures commission

merchants  or  the counterparties with respect  to  most  of  the

Partnership's  assets.  Exchange-traded  futures  contracts   are

marked  to  market  on  a daily basis, with variations  in  value

settled  on  a  daily basis. Each of DWR and Carr, as  a  futures

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

futures contracts, are required, pursuant to regulations  of  the

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

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

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

futures   contracts,  including  an  amount  equal  to  the   net

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

the  aggregate, totaled $9,719,407 and $10,414,545  at  June  30,

1999 and December 31, 1998, respectively.



With  respect  to  the Partnership's off-exchange-traded  forward

currency  contracts, there are no daily settlements of variations

in value nor is there any requirement that an amount equal to the

net  unrealized  gain  on open forward contracts  be  segregated.

With

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



respect  to those off-exchange-traded forward currency contracts,

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

counterparty  on  all  of  such contracts,  to  perform.   Carr's

parent,   Credit  Agricole  Indosuez,  has  guaranteed   to   the

Partnership  payment  of  the  net  liquidating  value   of   the

transactions  in  the Partnership's account with Carr  (including

foreign currency contracts).






































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

Liquidity -  Assets of the Partnership are deposited with DWR  as

non-clearing  broker  and  Carr as clearing  broker  in  separate

futures interest trading accounts. Such assets are held in either

non-interest bearing bank accounts or in securities  approved  by

the  CFTC  for  investment of customer funds.  The  Partnership's

assets held by DWR and Carr may be used as margin solely for  the

Partnership's trading.  Since the Partnership's sole  purpose  is

to   trade  in  futures  interests,  it  is  expected  that   the

Partnership  will continue to own such liquid assets  for  margin

purposes.



The  Partnership's investment in futures interests may, from time

to time, be illiquid.  Most United States futures exchanges limit

fluctuations in certain futures interest prices during  a  single

day  by  regulations  referred to as  "daily  price  fluctuations

limits" or "daily limits".  Pursuant to such regulations,  during

a  single trading day no trades may be executed at prices  beyond

the  daily limit.  If the price for a particular futures interest

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

positions  in  such  futures interest can neither  be  taken  nor

liquidated  unless  traders are willing to effect  trades  at  or

within  the  limit.   Futures interests prices have  occasionally

moved the daily limit for several consecutive days with little or

no trading.  Such market conditions could prevent the Partnership

from  promptly  liquidating its futures interests and  result  in

restrictions on redemptions.





<PAGE>

There  is  no limitation on daily price moves in trading  forward

contracts  on  foreign  currency.  The  markets  for  some  world

currencies  have low trading volume and are illiquid,  which  may

prevent  the  Partnership from trading in potentially  profitable

markets  or  from  promptly  liquidating  unfavorable  positions,

subjecting  it  to substantial losses.  Either  of  these  market

conditions could result in restrictions on redemptions.



Capital  Resources.  The Partnership does not have, nor  does  it

expect to have, any capital assets.  Future redemptions of  Units

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

amount of funds available for investment in futures interests  in

subsequent periods.  Since they are at the discretion of  Limited

Partners,  it  is  not  possible  to  estimate  the  amount   and

therefore, the impact of future redemptions.



Results of Operations

For the Quarter 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  were recorded 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  were  experienced in the energy markets during April  from

long  crude  oil futures positions as oil prices rallied  due  to

declines in inventory levels and growing confidence that oil-

<PAGE>

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 were recorded 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 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 were recorded in the currency markets  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 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 were incurred

in the soft commodities markets during the latter half of the

<PAGE>

quarter 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.



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  were recorded in the  currency  markets  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 were

recorded  in  the  energy  markets 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 resulted 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

<PAGE>

due  to  April's  rise  in commodity prices,  particularly  gold.

Smaller  gains were recorded in the global interest rate  futures

markets 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 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  were

experienced  in  the soft commodities markets 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.



For the Quarter and Six Months Ended June 30, 1998

For  the  quarter  ended June 30, 1998, the Partnership  recorded

total  trading  revenues including interest income of  $1,719,563

and

<PAGE>

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

significant  gains resulted from trading in the currency  markets

primarily from short positions in the South African rand  as  the

value  of  this  currency trended sharply lower versus  the  U.S.

dollar  during  May  and  June,  despite  intervention  by   that

country's  central bank late in the quarter.  Smaller gains  were

recorded  from short Japanese yen positions as the value  of  the

yen  reached  a seven and a half year low relative  to  the  U.S.

dollar  in May.  Short yen positions produced additional  profits

during  June  despite a sharp reversal in the value  of  the  yen

during  mid-month as a result of coordinated intervention by  the

U.S.  and Japanese governments to halt the downward slide of  the

yen.   Additional gains were recorded in traditional  commodities

from  short coffee and crude oil futures positions as  prices  in

these  markets moved lower throughout a majority of the  quarter.

In  the  agricultural  markets, gains were  recorded  from  short

positions  in  corn and wheat futures as prices in these  markets

also  moved lower during April and May thereby mitigating  losses

incurred during June as prices spiked higher.  A portion of these

gains  was  offset by losses recorded in the metals markets  from

trading gold and copper futures.  Smaller losses were recorded in

the  financial futures markets from long positions in French  and

German  interest  rate futures as European bond  prices  reversed

lower  in  April after trending higher during the first  quarter.

Total  expenses  for the three months ended June  30,  1998  were

$333,521, resulting in net income of $1,386,042.  The value of  a

Unit  increased from $2,696.76 at March 31, 1998 to $3,119.35  at

June 30, 1998.



<PAGE>

For  the six months ended June 30, 1998, the Partnership recorded

trading  revenues  including interest income  of  $1,465,505  and

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

significant  trading gains were recorded in the currency  markets

from  short  South  African rand positions as its  value  trended

significantly lower versus the U.S. dollar throughout the  second

quarter.   Additional gains were recorded in the  energy  markets

from  short crude oil futures positions as oil prices moved lower

throughout  a majority of the first quarter despite  a  potential

conflict  in the Persian Gulf during February.  Short  crude  oil

futures  positions continued to profit as oil prices moved  lower

throughout a greater part of the second quarter following a spike

higher  during  late March.  Smaller gains were produced  in  the

soft  commodities markets from short coffee futures positions  as

coffee  prices moved lower during the first half of the year.   A

portion  of  the  Fund's  overall  gains  was  offset  by  losses

experienced  in the metals markets from trading gold  futures  as

gold  prices moved without consistent direction during the  first

quarter.   Additional  losses  were  recorded  in  the  financial

futures  markets from trading Nikkei Index futures during January

and  March.   Smaller losses were experienced in the agricultural

markets from short corn futures positions as prices moved  higher

in  January, March and June.  Total expenses for the  six  months

ended  June  30, 1998 were $527,153, resulting in net  income  of

$938,352.   The  value  of  a Unit increased  from  $2,830.91  at

December 31, 1997 to $3,119.35 at June 30, 1998.





<PAGE>

Year  2000 Problem.  Commodity pools, like financial and business

organizations  and individuals around the world,  depend  on  the

smooth functioning of computer systems.  Many computer systems in

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

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

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

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

whom  it has a material relationship do not properly process  and

calculate date-related information and data concerning  dates  on

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

the  handling or determination of futures trades and  prices  and

other services.



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

currently  has several hundred employees working on  the  matter.

It  has developed its own Year 2000 compliance plan to deal  with

the  problem and had the plan approved by the company's executive

management,   Board  of  Directors  and  Information   Technology

Department. Demeter is coordinating with MSDW to address the Year

2000  Problem  with  respect to Demeter's computer  systems  that

affect  the  Partnership.  This includes  hardware  and  software

upgrades, systems consulting and computer maintenance.



Beyond  the  challenge  facing  internal  computer  systems,  the

systems  failure  of  any  of the third  parties  with  whom  the

Partnership has a material relationship - the futures exchanges



<PAGE>

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

Trading  Advisor - could result in a material financial  risk  to

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

monitoring  by the CFTC of their Year 2000 preparedness  and  the

major  foreign futures exchanges are also expected to be  subject

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

Demeter  intends to monitor the progress of Carr and the  Trading

Advisor throughout 1999 in their Year 2000 compliance and,  where

applicable,  to  test its external interface with  Carr  and  the

Trading Advisor.



A  worst case scenario would be one in which trading of contracts

on  behalf  of the Partnership becomes impossible as a result  of

the  Year 2000 problem encountered by any third parties.  A  less

catastrophic  but  more likely scenario would  be  one  in  which

trading  opportunities diminish as a result of technical problems

resulting  in  illiquidity  and  fewer  opportunities   to   make

profitable trades. MSDW has begun developing various "contingency

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

Demeter  intends  to  consult closely with MSDW  in  implementing

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

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

to avoid any adverse impact to the Partnership.


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

countries  in  the  European Union established  fixed  conversion

rates on their existing sovereign currencies and converted  to  a

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

<PAGE>

transition  period,  the sovereign currencies  will  continue  to

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

to  the euro prevents the Trading Advisor from trading in certain

currencies  and thereby limits its ability to take  advantage  of

potential market opportunities that might otherwise have  existed

had  separate  currencies been available  to  trade.  This  could

adversely affect the performance results of the Partnership.



Item  3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT  MARKET
RISK

Introduction

The  Partnership  is a commodity pool engaged  primarily  in  the

speculative  trading of futures interests.  The market  sensitive

instruments  held  by  the Partnership are  acquired  solely  for

speculative   trading  purposes  and,  as  a   result,   all   or

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

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

market sensitive instruments is integral, not incidental, to  the

Partnership's primary business activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  related  market risk.  Such  market  risk  is  often

dependent  upon  changes in the level or volatility  of  interest

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

instruments and commodities.  Fluctuations in related market risk

based  upon the aforementioned factors result in frequent changes

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

consequently, in its earnings and cash flow.

<PAGE>

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

variety  of factors, including the diversification effects  among

the Partnership's existing open positions, the volatility present

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

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

mute the market risk associated with the Partnership.



The  Partnership's past performance is not necessarily indicative

of   its   future  results.   Any  attempt  at  quantifying   the

Partnership's  market  risk  must be qualified  by  the  inherent

uncertainty  of its speculative trading, which may  cause  future

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

Partnership's   experience   to  date   and/or   any   reasonable

expectation premised upon historical changes in the fair value of

its market sensitive instruments.



Quantifying the Partnership's Trading Value at Risk

The  following  quantitative disclosures regarding  the  Partner-

ship's market risk exposures contain "forward-looking statements"

within  the  meaning  of  the safe harbor  from  civil  liability

provided for such statements by the Private Securities Litigation

Reform  Act  of 1995 (set forth in Section 27A of the  Securities

Act  of  1933 and Section 21E of the Securities Exchange  Act  of

1934).   All quantitative disclosures in this section are  deemed

to be forward-looking statements for purposes of the safe harbor,

except for statements of historical fact.





<PAGE>

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

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

value  of  the Partnership's open positions is directly reflected

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

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

positions of exchange-traded futures interests are settled  daily

through variation margin.



The  Partnership's  risk exposure in the various  market  sectors

traded  by  the Trading Advisor is estimated below  in  terms  of

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

incorporates numerous variables that could impact the fair  value

of   the   Partnership's  trading  portfolio.   The   Partnership

estimates VaR using a model based on historical simulation with a

confidence   level   of  99%.   Historical  simulation   involves

constructing  a  distribution of hypothetical  daily  changes  in

trading  portfolio  value.  The VaR model  generally  takes  into

account linear exposures to price and interest rate risk.  Market

risks  that are incorporated in the VaR model include equity  and

commodity prices, interest rates, foreign exchange rates, as well

as   correlation   that  exists  among  these   variables.    The

hypothetical  changes  in  portfolio value  are  based  on  daily

observed percentage changes in key market indices or other market

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

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

observation   period   is   approximately   four   years.     The

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

in portfolio value that, based



<PAGE>

on  observed  market risk factor moves, would have been  exceeded

once in 100 trading days.



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

trading  portfolios  become more diverse and modeling  techniques

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

VaR  model is used to quantify market risk for historic reporting

purposes  only  and  is  not utilized by either  Demeter  or  the

Trading Advisor in their daily risk management activities.



The Partnership's Value at Risk in Different Market Sectors

The  following  table  indicates  the  VaR  associated  with  the

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

by market category as of June 30, 1999.  As of June 30, 1999, the

Partnership's total capitalization was approximately $9 million.

     Primary Market             June 30, 1999
     Risk Category              Value at Risk

     Currency                      (2.96)%

     Interest Rate                 (0.79)

     Equity                        (0.23)

     Commodity                     (0.50)

     Aggregate Value at Risk       (3.13)%













<PAGE>

Aggregate  value  at  risk represents the aggregate  VaR  of  the

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

individual categories listed above.  Aggregate VaR will be  lower

as  it  takes into account correlation among different  positions

and categories.


The  table  above  represents the VaR of the  Partnership's  open

positions   at  June  30,  1999  only  and  is  not   necessarily

representative  of  either the historic  or  future  risk  of  an

investment  in  the  Partnership.   As  the  Partnership's   sole

business   is  the  speculative  trading  of  primarily   futures

interests, the composition of its portfolio of open positions can

change significantly over any given time period or even within  a

single  trading  day.   Such  changes  in  open  positions  could

materially   impact  market  risk  as  measured  by  VaR   either

positively or negatively.



The table below supplements the quarter-end VaR by presenting the

Partnership's high, low and average VaR as a percentage of  total

Net Assets for the four quarterly reporting periods from July  1,

1998 through June 30, 1999.

Primary Market Risk Category        High      Low      Average

Currency                           (3.00)%   (1.07)%    (2.25)%

Interest Rate                      (0.83)    (0.60)     (0.75)
Equity                             (0.36)    (0.22)     (0.28)

Commodity                          (0.52)    (0.49)     (0.50)

Aggregate Value at Risk            (3.13)%   (1.47)%    (2.42)%


<PAGE>

Limitations on Value at Risk as an Assessment of Market Risk

The  face  value  of the market sector instruments  held  by  the

Partnership is typically many times the applicable margin require-

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

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

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

the  Partnership is typically many times the total capitalization

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

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

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

positions   held,  certain  market  conditions  may   cause   the

Partnership  to incur losses greatly in excess of  VaR  within  a

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

past  performance of the Partnership, gives no indication of such

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

interpreted  in  light  of the methodology's  limitations,  which

include  the following: past changes in market risk factors  will

not  always  yield accurate predictions of the distributions  and

correlations  of  future market movements; changes  in  portfolio

value  in  response  to  market movements  may  differ  from  the

responses implicit in a VaR model; published VaR results  reflect

past  trading  positions  while future  risk  depends  on  future

positions;  VaR  using  a  one-day time horizon  does  not  fully

capture the market risk of positions that cannot be liquidated or

hedged within one day; and the historical market risk factor data

used  for  VaR  estimation may provide only limited insight  into

losses  that  could  be  incurred under  certain  unusual  market

movements.



<PAGE>

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

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

aggregate  basis  at June 30, 1999 and for the end  of  the  four

quarterly  reporting periods from July 1, 1998 through  June  30,

1999.   Since VaR is based on historical data, VaR should not  be

viewed  as  predictive  of  the  Partnership's  future  financial

performance or its ability to manage and monitor risk  and  there

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

particular day will not exceed the VaR amounts indicated or  that

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



Non-Trading Risk

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

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

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

Partnership  also maintains a substantial portion  (approximately

88%) of its available assets in cash at DWR.  A decline in short-

term interest rates will result in a decline in the Partnership's

cash  management  income. This cash flow risk is  not  considered

material.



Materiality,  as used throughout this section,  is  based  on  an

assessment  of  reasonably  possible  market  movements  and  the

potential  losses caused by such movements, taking  into  account

the   leverage,  optionality  and  multiplier  features  of   the

Partnership's market sensitive instruments.





<PAGE>

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

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

statements  of historical fact and (ii) the descriptions  of  how

the  Partnership  manages  its primary market  risk  exposures  -

constitute  forward-looking  statements  within  the  meaning  of

Section  27A  of  the  Securities Act  and  Section  21E  of  the

Securities  Exchange Act. The Partnership's primary  market  risk

exposures  as  well  as the strategies used and  to  be  used  by

Demeter  and the Trading Advisor for managing such exposures  are

subject  to numerous uncertainties, contingencies and risks,  any

one  of which could cause the actual results of the Partnership's

risk  controls to differ materially from the objectives  of  such

strategies.      Government    interventions,    defaults     and

expropriations,  illiquid  markets,  the  emergence  of  dominant

fundamental  factors, political upheavals, changes in  historical

price  relationships,  an  influx  of  new  market  participants,

increased  regulation  and many other  factors  could  result  in

material  losses  as  well as in material  changes  to  the  risk

exposures  and the risk management strategies of the Partnership.

Investors  must be prepared to lose all or substantially  all  of

their investment in the Partnership.



The  following  were the primary trading risk  exposures  of  the

Partnership  as of June 30, 1999, by market sector.   It  may  be

anticipated  however,  that  these  market  exposures  will  vary

materially over time.





<PAGE>

      Currency. The primary trading risk 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, including cross-rates -  i.e.,  positions

between  two  currencies other than the  U.S.  dollar.   For  the

second quarter of 1999, 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  this

quarter  is  in the interest rate complex.  Exposure  was  spread

across  the  Japanese, U.S., German and Australian 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.

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, 1999, the  Partnership's

primary  exposures  were  in the 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  U.S. and Japanese indices.  (Static markets would not  cause

major  market  changes  but  would  make  it  difficult  for  the

Partnership  to  avoid  being  "whipsawed"  into  numerous  small

losses).





<PAGE>

     Commodity.

     Soft  Commodities and Agriculturals.  On June 30, 1999,  the

Partnership  had a reasonable amount of exposure in  the  markets

that comprise these sectors.  Most of the exposure, however,  was

in  the  coffee,  sugar  and  corn markets.   Supply  and  demand

inequalities,  severe weather disruption and market  expectations

affect price movements in these markets.

     Energy.    On  June  30,  1999,  the  Partnership's   energy

exposure  was  shared by futures contracts in  the  oil  markets.

Price movements in this market result from political developments

in   the  Middle  East,  weather  patterns,  and  other  economic

fundamentals.  As oil prices have broken out of low price  ranges

achieved in 1998, it is possible that volatility will increase as

well.   Significant profits and losses have been and are expected

to continue to be experienced in this market.

     Metals.    The Partnership's primary metals market  exposure

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

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

as copper, the principal market exposures of the Partnership have

consistently  been  in  precious metals, gold  and  silver.   The

Trading Advisor's gold trading has been increasingly limited  due

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

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

remained volatile over this period, and the Trading Advisor, from

time  to time, takes substantial positions when perceived  market

opportunities develop.  Demeter anticipates that gold and silver

     <PAGE>                            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, 1999:



      Foreign  Currency  Balances.    The  Partnership's  primary

foreign  currency  balances  are in euros,  Japanese  yen,  South

African   rands,  Australian  dollars  and  Swiss   francs.   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  means  by  which  the Partnership and the  Trading  Advisor,

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

positions  are  essentially the same  in  all  market  categories

traded.   Demeter  attempts  to manage the  Partnership's  market

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

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

monitoring  the  performance of the Trading Advisor  on  a  daily

basis.     In   addition,   the   Trading   Advisor   establishes

diversification  guidelines, often set in terms  of  the  maximum

margin  to be committed to positions in any one market sector  or

market sensitive instrument.





<PAGE>

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

trading   instruments,  cash,  which  is  the  only   Partnership

investment directed by Demeter, rather than the Trading Advisor.



















































<PAGE>

                   PART II.  OTHER INFORMATION



Item 1.  LEGAL PROCEEDINGS

The  following supplements Legal Proceedings previously disclosed

in the Partnership's 1998 Form 10-K:



With   respect   to  the  plaintiff's  consolidated   action   in

California, on July 1, 1999, the Superior Court of the  State  of

California, ruling from the bench, denied the plaintiffs'  motion

to have their lawsuit certified as a class action, stating, among

other  things,  that plaintiffs' lawsuit did not  present  common

questions of fact.




Item 6.   Exhibits and Reports on Form 8-K

     A)   Exhibits - None.

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

























<PAGE>






                            SIGNATURE



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




                        Columbia Futures Fund
                        (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

August 13, 1999         By:/s/ Lewis A. Raibley, III
                               Lewis A. Raibley, III
                               Director and Chief Financial
                                Officer




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