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 September 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

                       September 30, 2000


<CAPTION>


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

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

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

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

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

     Statements of Cash Flows for the Nine Months Ended
     September 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........................................13-21

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

PART II. OTHER INFORMATION

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

Item 5. Other Information....................................34

Item 6. Exhibits and Reports on Form 8-K..................34-35



</TABLE>


<PAGE>
<TABLE>
                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

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

2000                                   1999                     $
$
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in futures interests trading accounts:
 Cash                                7,453,047      8,131,783

   Net   unrealized   loss   on  open  contracts   (MS   &   Co.)
(231,603)                                -
     Net    unrealized    gain   on   open    contracts    (MSIL)
10,575                                   -
    Net    unrealized    gain    on   open    contracts    (Carr)
-                                      334,288

  Total  net unrealized gain (loss) on open contracts   (221,028)
334,288

      Total Trading Equity           7,232,019      8,466,071

 Interest receivable (DWR)              30,628         30,338
 Due from DWR                           3,666 __      ____-___

      Total Assets                  7,266,313       8,496,409

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Administrative expenses payable      104,020         61,609
 Accrued management fees             23,795            28,023
 Redemptions payable                    15,612         51,621

      Total Liabilities                143,427        141,253

Partners' Capital

 Limited Partners (2,637.375 and 2,780.964
              Units, respectively)   6,862,677      8,065,143
 General Partner (100 Units)           260,209        290,013

 Total Partners' Capital             7,122,886      8,355,156

 Total Liabilities and Partners' Capital   7,266,313   8,496,409


NET ASSET VALUE PER UNIT              2,602.09       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 September 30,

                                        2000        1999
                                          $            $
REVENUES
<S>                                       <C>         <C>
 Trading profit (loss):
          Realized                                86,225(207,066)
Net change in unrealized            (357,588)       (31,363)

      Total Trading Results         (271,363) (238,429)

    Interest Income (DWR)            92,731        89,778
      Total Revenues                (178,632)  (148,651)

EXPENSES

    Brokerage commissions (DWR)        87,145   110,572
    Management fees                    73,196    91,008
    Administrative expenses            19,000    21,000
    Transaction fees and costs          2,297         7,244
      Total Expenses                  181,638      229,824

NET LOSS                            (360,270)    (378,475)


NET LOSS ALLOCATION

    Limited Partners                (347,155) (365,723)
    General Partner                  (13,115)  (12,752)


NET LOSS PER UNIT

    Limited Partners                 (131.15)  (127.52)
    General Partner                  (131.15)  (127.52)



<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 Nine Months Ended September 30,

                                       2000           1999
                                          $             $
REVENUES
<S>                                      <C>          <C>
 Trading profit (loss):
        Realized                             43,859       269,671
Net change in unrealized           (555,316)    (149,913)
      Total Trading Results        (511,457)    119,758
    Interest Income (DWR)            279,854    267,141
      Total Revenues               (231,603)     386,899

EXPENSES

    Brokerage commissions (DWR)      280,970    297,984
       Management   fees                    235,902       287,191
Administrative expenses               55,000     55,000
      Transaction   fees  and  costs          16,102       19,638
Incentive                                                    fees
-                                                          187
      Total Expenses               587,974         660,000
NET LOSS                           (819,577)       (273,101)

NET LOSS ALLOCATION

       Limited    Partners                 (789,773)    (263,962)
General Partner                     (29,804)    (9,139)

NET LOSS PER UNIT

    Limited Partners                (298.04)    (91.39)
    General Partner                 (298.04)    (91.39)
<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 Nine Months Ended September 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$10,144,569

Net                                                          Loss
-                                  (263,962)   (9,139) (273,101)
Redemptions              (288.416)   (907,495)__         ____-___
(907,495)

Partners' Capital,
  September 30, 1999     2,910.763 $8,656,013     $307,960 $8,963
,973



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

Net                                                          Loss
-                                  (789,773)  (29,804) (819,577)

Redemptions              (143.589)   (412,693)__         ____-___
(412,693)

Partners' Capital,
  September 30, 2000     2,737.375 $6,862,677     $260,209 $7,122
,886





<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 Nine Months Ended September 30,

                                       2000           1999
                                          $             $


CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                   <C>   <C>
 Net loss                           (819,577) (273,101)
 Noncash item included in net loss:
    Net change in unrealized          555,316   149,913
 (Increase) decrease in operating assets:
        Interest   receivable   (DWR)           (290)         534
    Due from DWR                     (3,666)       (585)
 Increase (decrease) in operating liabilities:
      Administrative   expenses   payable      42,411      41,739
Accrued management fees               (4,228)     (3,783)

 Net cash used for operating activities  (230,034)   (85,283)


CASH FLOWS FROM FINANCING ACTIVITIES

  Increase  (decrease)  in redemptions  payable(36,009)    45,737
Redemptions of Units                (412,693)   (907,495)

 Net cash used for financing activities  (448,702)  (861,758)

 Net decrease in cash               (678,736)   (947,041)

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

 Balance at end of period           7,453,047  8,772,635





<FN>

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



<PAGE>

                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)


The  unaudited financial statements contained herein include,  in

the  opinion of management, all adjustments necessary for a  fair

presentation of the results of operations and financial condition

of  Columbia  Futures  Fund (the "Partnership").   The  financial

statements  and  condensed  notes  herein  should  be   read   in

conjunction  with  the  Partnership's December  31,  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.  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 interest 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,

2000,  as  amended by SFAS No. 137. The Partnership  adopted  the

provisions  of SFAS No. 133 beginning with the fiscal year  ended

December  31,  1998.  SFAS No. 133 superceded SFAS Nos.  119  and

105,  which  required  the disclosure of average  aggregate  fair

values  and contract/notional values, respectively, of derivative

financial  instruments for an entity that carries its  assets  at

fair  value.  SFAS No. 133 was further amended by SFAS  No.  138,

which  clarifies issues surrounding interest rate  risk,  foreign

currency  denominations,  normal  purchases  and  sales  and  net

hedging.  The application of SFAS No. 133, as amended by SFAS No.

137,  did  not  have  a significant effect on  the  Partnership's

financial  statements, nor will the application of the provisions

of  SFAS  No.  138 have a significant effect on the Partnership's

financial statements.



SFAS  No.  133 defines a derivative as a financial instrument  or

other   contract   that   has  all   three   of   the   following

characteristics:



<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



  1)    One  or  more  underlying  notional  amounts  or  payment

     provisions;

2)   Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in market
factors;
3)   Terms require or permit net settlement.


Generally derivatives include futures, forwards, swaps or  option

contracts,   or   other   financial  instruments   with   similar

characteristics such as caps, floors and collars.



The  net unrealized gains (losses) on open contracts are reported

as  a component of "Equity in futures interests trading accounts"

on  the  statements of financial condition and totaled $(221,028)

and  $334,288  at  September  30, 2000  and  December  31,  1999,

respectively.



Of  the  $221,028  net  unrealized  loss  on  open  contracts  at

September  30,  2000, $53,184 related to exchange-traded  futures

contracts  and  $167,844  related to off-exchange-traded  forward

currency contracts.





<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)



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

September 30, 2000 and December 31, 1999 mature through September

2001 and December 2000, respectively. Off-exchange-traded forward

currency contracts held by the Partnership at September 30,  2000

and  December  31, 1999 mature through December  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.



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

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



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 (loss) on all open futures  contracts,

which  funds, in the aggregate, totaled $7,399,863 and $8,439,972

at September 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 (loss) on open forward contracts be  segregated.

With   respect  to  those  off-exchange-traded  forward  currency

contracts, the Partnership is at risk to the ability of MS & Co.,

the  sole counterparty on all of such contracts, to perform.  The

Partnership  has  a  netting  agreement  with  MS  &  Co.    This

agreement, which seeks to reduce both the Partnership's and MS  &

Co.'s exposure on off-exchange-traded forward currency 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 quarters and nine

months  ended  September 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 Nine Months Ended September 30, 2000

For  the  quarter  ended  September  30,  2000,  the  Partnership

recorded  total trading losses net of interest income of $178,632

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

significant  losses of approximately 3.4% were  recorded  in  the

currency  markets primarily from trading the Japanese yen  during

August  as  the  yen  drew support from rising expectations  that

Japan's  second  quarter gross domestic product data  would  show

convincing  strength  in  the wake of  surprisingly  robust  all-

industries  figures.  In the global stock index futures  markets,

losses  of  approximately  1.9% were experienced  primarily  from

short  positions  in  DAX Index futures  as  prices  moved  in  a

trendless   pattern  throughout  a  majority  of   the   quarter.

Additional losses of approximately 1.1% were recorded in the

<PAGE>

global  interest  rate  futures markets  primarily  from  trading

Japanese  interest  rate  futures.  Long  positions  in  Japanese

government bond futures recorded losses during August  as  prices

were weighed down by growing hopes for higher interest rates  and

economic   expansion  in  Japan.   Additional  downward  pressure

occurred following the Bank of Japan's decision to raise interest

rates,  thus  ending  their  zero-interest  rate  policy.   Short

Japanese government bond futures positions contributed to  losses

in  this  complex during September as prices surged and long-term

rates  dropped as investors sought refuge from falls in U.S.  and

Japanese  stock prices.  A portion of overall Partnership  losses

was  offset by gains of approximately 1.2% recorded in the energy

markets primarily from long futures positions during August  with

Brent  crude  hitting  10-year highs and U.S.  crude  oil  coming

within  $1  of  a  new  post-Gulf War  record  amid  evidence  of

historically low U.S. oil stocks.  Total expenses for  the  three

months ended September 30, 2000 were $181,638, resulting in a net

loss of $360,270. The value of a Unit decreased from $2,733.24 at

June 30, 2000 to $2,602.09 at September 30, 2000.



For  the  nine  months ended September 30, 2000, the  Partnership

recorded  total trading losses net of interest income of $231,603

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

significant  losses of approximately 5.7% were  recorded  in  the

currency  markets primarily from trading the Japanese yen  during

August as the yen drew support from rising expectations that

<PAGE>

Japan's  second  quarter gross domestic product data  would  show

convincing  strength  in  the wake of  surprisingly  robust  all-

industries  figures.  Short Japanese yen positions also  resulted

in   losses  during  the  second  quarter  as  the  yen's   value

strengthened  against  the U.S. dollar 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.   Additional  losses  of

approximately  5.6%  were recorded in the  global  interest  rate

futures  markets  primarily  from  long  German  government  bond

futures  positions  as  prices  moved  lower  during  the  second

quarter, following U.S. Treasury prices downward.  In the  metals

markets,  losses of approximately 1.7% were experienced 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  energy  markets

primarily  from long futures positions during August  with  Brent

crude  hitting 10-year highs and U.S. crude oil coming within  $1

of  a new post-Gulf War record amid evidence of historically  low

U.S.  oil  stocks.  Long heating oil futures positions were  also

profitable for the energy complex as oil prices powered to nine-

<PAGE>

year  highs  during  the first quarter on concerns  about  future

output  levels  amid dwindling stockpiles and increasing  demand.

Additional gains of approximately 0.9% were recorded in the  soft

commodities  markets primarily from long sugar futures  positions

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

demand and declining production from Brazil.  Total expenses  for

the nine months ended September 30, 2000 were $587,974, resulting

in  a  net  loss of $819,577. The value of a Unit decreased  from

$2,900.13  at  December 31, 1999 to $2,602.09  at  September  30,

2000.


For the Quarter and Nine Months Ended September 30, 1999

For  the  quarter  ended  September  30,  1999,  the  Partnership

recorded  total trading losses net of interest income of $148,651

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

significant  losses of approximately 2.9% were  recorded  in  the

global  interest rate futures markets primarily during  July  and

September  from short Japanese government bond futures  positions

as  prices  rallied on fears that strength in  the  Japanese  yen

would  slow  down  that  country's budding recovery.   Additional

losses  of  approximately  1.7% were experienced  in  the  metals

markets primarily during July from short silver futures positions

as  prices  rose  after a fall in U.S. market  reserves  and  the

announcement  of a cutback in metal production.  In the  currency

markets,  losses  of  approximately 1.1% were recorded  primarily

during August and early September from long positions in the euro

<PAGE>

and the Swiss franc as the U.S. dollar rallied higher versus most

major  currencies on August 23 amid a rally in U.S. stock prices,

and  on  September 10 after an intervention by the Bank of Japan.

As a result, new short positions were established in the euro and

the  Swiss  franc  only to result in additional losses  as  these

currencies strengthened versus the U.S. dollar during the  latter

half of September after the U.S. trade figures reflected a record

deficit.   Smaller  losses of approximately  0.7%  were  incurred

primarily  during  August in the agricultural markets  from  long

corn futures positions as prices decreased due to an unexpectedly

large  U.S.  Department of Agriculture estimate for  this  year's

corn  crop.  These losses were partially offset by gains  in  the

energy  markets  of  approximately 2.7%  throughout  the  quarter

primarily  from long crude oil futures positions  as  oil  prices

mounted  higher during July after a fall in U.S. oil inventories,

production  difficulties in Nigeria and  continued  adherence  to

output  reductions from OPEC countries.  Oil prices continued  to

climb  during August and September on increased demand, fears  of

production  problems  and  an  announcement  by  OPEC   ministers

confirming  that  they  will uphold their global  cutbacks  until

April of next year.  Additional gains of approximately 0.7%  were

recorded  in  the soft commodities markets primarily during  July

from   short  coffee  futures  positions  as  prices  fell   amid

diminished   fears  of  impending  frost  damage   to   Brazilian

plantations  and on predictions that Brazil would reap  a  record

harvest next year.  Total expenses for the three months ended

<PAGE>

September  30,  1999 were $229,824, resulting in a  net  loss  of

$378,475.  The value of a Unit decreased from $3,207.12  at  June

30, 1999 to $3,079.60 at September 30, 1999.



For  the  nine  months ended September 30, 1999, the  Partnership

recorded  total  trading revenues including  interest  income  of

$386,899  and,  after expenses, posted a decrease  in  Net  Asset

Value  per Unit. The most significant net losses of approximately

3.7%  were  recorded  in the metals markets 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.   Additional

losses were incurred in this market during the second quarter  as

supply   and   demand  concerns  resulted  in  short-term   price

volatility.   Additional  losses  of  approximately   2.6%   were

experienced in the global interest rate futures markets primarily

during  July  and  September from short Japanese government  bond

futures positions as prices rallied on fears that strength in the

Japanese  yen  would slow down that country's  budding  recovery.

Smaller  losses  of  approximately  1.0%  were  recorded  in  the

agricultural  markets primarily from long corn futures  positions

as  prices decreased due to an unexpectedly large U.S. Department

of  Agriculture estimate for this year's corn crop.  These losses

were  mitigated  by  profits recorded in the  energy  markets  of

approximately  4.3%  primarily  from  long  crude   oil   futures

positions as oil prices climbed higher during April, June, August

<PAGE>

and  September  amid  tightening of  supply  and  growing  global

demand.  Additional gains of approximately 1.1% were recorded  in

the  currency markets primarily from short positions in the  euro

as  the  value  of the U.S. dollar strengthened versus  the  euro

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

strength in the U.S. economy, concerns pertaining to the economic

health  of  Europe  and  Japan  and ongoing  military  action  in

Yugoslavia.  Total expenses for the nine months  ended  September

30, 1999 were $660,000, resulting in a net loss of $273,101.  The

value of a Unit decreased from $3,170.99 at December 31, 1998  to

$3,079.60 at September 30, 1999.



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



<PAGE>

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.



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

<PAGE>

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.



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,

<PAGE>

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

historic  reporting purposes only and is not utilized  by  either

Demeter  or  the  Trading Advisor in their daily risk  management

activities.



The Partnership's Value at Risk in Different Market Sectors

The  following  table  indicates  the  VaR  associated  with  the

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

by  primary  market risk category as of September  30,  2000  and

1999.  As of September 30, 2000 and 1999, the Partnership's total

capitalization  was  approximately $7  million  and  $9  million,

respectively.

<PAGE>



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

     Currency                      (2.92)%          (2.75)%

     Interest Rate                 (0.99)           (0.98)

     Equity                        (0.88)           (0.37)

     Commodity                     (0.95)           (0.67)

     Aggregate Value at Risk       (3.40)%          (2.92)%



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  September  30, 2000  and  1999  only  and  is  not

necessarily 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.





<PAGE>

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 October

1, 1999 through September 30, 2000.

Primary Market Risk Category        High      Low      Average

Currency                           (2.92)%   (1.51)%   (2.23)%

Interest Rate                      (1.19)    (0.58)    (0.94)

Equity                             (0.88)    (0.28)    (0.60)
Commodity                          (0.95)    (0.50)    (0.77)

Aggregate Value at Risk            (3.40)%   (1.64)%   (2.59)%


Limitations on Value at Risk as an Assessment of Market Risk

The  face  value  of the market sector instruments  held  by  the

Partnership  is  typically  many  times  the  applicable   margin

requirements.  Margin requirements generally range between 2% and

15%  of  contract face value. Additionally, the use  of  leverage

causes  the face value of the market sector instruments  held  by

the   Partnership   to  typically  be  many   times   the   total

capitalization   of   the  Partnership.    The   value   of   the

Partnership's open positions thus creates a "risk  of  ruin"  not

typically found in other investments.  The relative size  of  the

positions held may cause the Partnership to incur losses  greatly

in excess of VaR within a short period of time, given the effects

of  the  leverage employed and market volatility.  The VaR tables

above,  as well as the past performance of the Partnership,  give

no indication of such "risk



<PAGE>

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

light  of  the  methodology's  limitations,  which  include   the

following:

     past  changes in market risk factors will not always result

  in accurate predictions of the distributions and correlations of

  future market movements;

     changes  in portfolio value in response to market movements

  may differ from those of the VaR model;

    VaR results reflect past trading positions while future risk

  depends on future positions;

     VaR using a one-day time horizon does not fully capture the

  market  risk of positions that cannot be liquidated  or  hedged

  within one day; and

     the  historical  market  risk  factor  data  used  for  VaR

  estimation  may provide only limited insight into  losses  that

  could be incurred under certain unusual market movements.



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

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

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

quarterly   reporting  periods  from  October  1,  1999   through

September  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



<PAGE>

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.  These balances and  any  market

risk  they may represent are immaterial.  At September  30,  2000

the  Partnership's cash balance at DWR was approximately  94%  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.



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.



<PAGE>

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 September 30, 2000, by market sector.   It  may

be  anticipated  however, that these market exposures  will  vary

materially over time.



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.

<PAGE>

The  Partnership  trades  in a large number  of  currencies.   At

September  30,  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  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  September

30,  2000  was  in  the  interest  rate  complex.   Exposure  was

primarily  spread across the Japanese, U.S. and  German  interest

rate  sectors.  Interest rate movements directly affect the price

of  the  sovereign bond futures positions held by the Partnership

and  indirectly affect the value of its stock index and  currency

positions.   Interest rate movements in one country  as  well  as

relative interest rate movements between countries may materially

impact   the   Partnership's  profitability.   The  Partnership's

primary  interest  rate exposure is generally  to  interest  rate

fluctuations  in the United States and the other  G-7  countries.

The  G-7  countries  consist of France, U.S.,  Britain,  Germany,

Japan, Italy and Canada. However, the Partnership also takes



<PAGE>

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  that  have the most significant  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  September 30, 2000, the Partnership's  primary

exposures  were  in  the  NASDAQ (U.S.),  DAX  (German)  and  All

Ordinaries   (Australia)  stock  indices.   The  Partnership   is

primarily  exposed to the risk of adverse price trends or  static

markets in the G-7 indices.  Static markets would not cause major

market changes but would make it difficult for the Partnership to

avoid being "whipsawed" into numerous small losses.



Commodity

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



<PAGE>

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 September 30, 2000,  the

Partnership  had  exposure  in the markets  that  comprise  these

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

and  cotton  markets.   Supply  and demand  inequalities,  severe

weather disruption and market expectations affect price movements

in these markets.



Metals.  The Partnership's primary metals market exposure  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 continued  to  be

volatile   during  the  quarter.   Silver  prices  have  remained

volatile  and  the Trading Advisor has from time  to  time  taken

positions when market opportunities developed.



<PAGE>

Qualitative Disclosures Regarding Non-Trading Risk Exposure

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

Partnership as of September 30, 2000:



Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency balances at September 30, 2000 were in Canadian  dollars

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  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(s) for the quarters ended March 31,  2000

and  June 30, 2000 and Form 10-K for the year ended December  31,

1999.


Item 5.  OTHER INFORMATION

Commencing  December  1, 2000, the management  fee  paid  by  the

Partnership to the Trading Advisor will be reduced from a 4% to a

2%  annual rate.  Additionally, the quarterly incentive fee  paid

by  the  Partnership to the Trading Advisor will be changed  from

15%  to 20% of trading profits, as determined from the end of the

last  period in which an incentive fee was earned.  No  incentive

fee  will  be  paid  to the Trading Advisor  unless  the  Trading

Advisor  recoups all prior trading losses and has again  achieved

net new high trading profits for the period.


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.

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

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

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

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

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

        (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)

November 14, 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.