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 March 31, 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

                         March 31, 2000



<CAPTION>

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

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

     Statements of Operations for the Quarters Ended
     March 31, 2000 and 1999 (Unaudited)......................3

     Statements of Changes in Partners' Capital for
     the Quarters Ended March 31, 2000 and 1999
     (Unaudited)..............................................4

     Statements of Cash Flows for the Quarters Ended
     March 31,2000 and 1999 (Unaudited)...................... 5

     Notes to Financial Statements (Unaudited).............6-10

Item 2. Management's Discussion and Analysis
        of Financial Condition and Results of
        Operations........................................11-17

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk ..................................... 17-29

PART II. OTHER INFORMATION

Item 1. Legal Proceedings................................... 30

Item 5. Other Information................................... 30

Item 6. Exhibits and Reports on Form 8-K.....................31



</TABLE>





<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements
                      COLUMBIA FUTURES FUND
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                     March 31,     December 31,
                                        2000           1999
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                   <C>            <C>
Equity in futures interests trading accounts:
 Cash                              7,745,859      8,131,783
 Net unrealized gain on open contracts     388,494       334,288

      Total Trading Equity         8,134,353      8,466,071

 Interest receivable (DWR)            32,540          30,338
 Due from DWR                          4,647             -

      Total Assets                 8,171,540      8,496,409


LIABILITIES AND PARTNERS' CAPITAL

Liabilities
 Administrative expenses payable      75,476         61,609
 Redemptions payable                  27,176         51,621
 Accrued management fee               26,898         28,023

      Total Liabilities              129,550        141,253


Partners' Capital

 Limited Partners (2,709.453 and
    2,780.964  Units, respectively)7,755,742      8,065,143
 General Partner (100 Units)         286,248        290,013

 Total Partners' Capital           8,041,990      8,355,156

 Total Liabilities and Partners' Capital   8,171,540    8,496,409


NET ASSET VALUE PER UNIT            2,862.48        2,900.13


<FN>


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

<PAGE>

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



<CAPTION>
                                For the Quarters Ended March 31,

                                       2000            1999
                                        $            $
REVENUES
<S>                                  <c >    <C>
 Trading profit (loss):
        Realized                            (35,236)      170,922
Net change in unrealized             54,206     (114,057)
      Total Trading Results          18,970    56,865
    Interest Income (DWR)            92,768        88,751
      Total Revenues                111,738       145,616

EXPENSES

 Brokerage commissions (DWR)        106,371     90,088
    Management    fees                       83,406        98,901
Administrative    expenses                  18,000         17,000
Transaction fees and costs            6,986         6,031
      Total Expenses                214,763     212,020

NET LOSS                            (103,025)   (66,404)

NET LOSS ALLOCATION

 Limited Partners                    (99,260)  (64,389)
 General Partner                      (3,765)   (2,015)

NET LOSS PER UNIT

    Limited   Partners                       (37.65)      (20.15)
General Partner                       (37.65)   (20.15)

<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 Quarters Ended March 31, 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     $10,1
44,569

Net Loss                   -        (64,389)   (2,015)  (66,404)

Redemptions                 (144.416)      (453,100)            -
(453,100)

Partners' Capital,
    March 31, 1999       3,054.763 $9,309,981   $315,084 $9,625,0
65






Partners' Capital,
    December 31, 1999  2,880.964  $8,065,143   $290,013  $8,355,1
56

Net Loss                  -       (99,260)     (3,765)(103,025)

Redemptions                  (71.511)      (210,141)            -
(210,141)


Partners' Capital,
    March 31, 2000       2,809.453 $7,755,742   $286,248 $8,041,9
90




<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 Quarters Ended March 31,

                                       2000            1999
                                        $              $
CASH FLOWS FROM OPERATING ACTIVITIES
  <S>                                         <C>           <C>
    Net    loss                             (103,025)    (66,404)
Noncash item included in net loss:
    Net change in unrealized         (54,206)  114,057
 Increase in operating assets:
      Interest   receivable   (DWR)           (2,202)       (767)
Due from DWR                          (4,647)     -
 Increase (decrease) in operating liabilities:
       Administrative   expenses   payable    13,867        8,864
Accrued management fee                (1,125)    (1,029)

 Net cash provided by (used for) operating activities   (151,338)
54,721

CASH FLOWS FROM FINANCING ACTIVITIES

   Increase   (decrease)  in  redemptions  payable(24,445)210,930
Redemptions of Units                (210,141)   (453,100)
 Net cash used for financing activities  (234,586)   (242,170)
 Net decrease in cash               (385,924)   (187,449)
 Balance at beginning of period    8,131,783    9,719,676
 Balance at end of period           7,745,859   9,532,227




<FN>


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

</TABLE>




<PAGE>-
                      COLUMBIA FUTURES FUND

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)



The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations and financial condition of Columbia  Futures  Fund

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

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

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



1.  Organization

Columbia Futures Fund is a New York limited partnership organized

to  engage  primarily  in  the  speculative  trading  of  futures

contracts  and forward contracts in foreign currencies, financial

instruments   and   other  commodity  interests    (collectively,

"futures interests").



The   general   partner   is   Demeter   Management   Corporation

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

Reynolds  Inc.  ("DWR")  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. 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 ("FASB")

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

133,   "Accounting   for  Derivative  Instruments   and   Hedging

Activities" effective for fiscal years beginning after  June  15,

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

<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONTINUED)


for  Derivative Instruments and Hedging Activities - Deferral  of

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

implementation of SFAS No. 133 until fiscal years beginning after

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

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

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

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

aggregate fair values and contract/notional values, respectively,

of  derivative financial instruments for an entity which  carries

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

not  have  a  significant  effect on the Partnership's  financial

statements.



The  net  unrealized gains on open contracts are  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  statements of financial condition and totaled  $388,494  and

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



Of  the  $388,494 net unrealized gain on open contracts at  March

31,  2000,  $230,103 related to exchange-traded futures contracts

and  $158,391  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

March  31,  2000 and December 31, 1999 mature through March  2001

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

currency contracts held by the Partnership at March 31, 2000  and

December  31,  1999  mature through June  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 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  the  Partnership's

exchange-traded futures contracts, are required, pursuant to



<PAGE>

                      COLUMBIA FUTURES FUND
            NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



regulations of the Commodity Futures Trading Commission ("CFTC"),

to  segregate from their own assets, and for the sole benefit  of

their commodity customers, all funds held by them with respect to

exchange-traded futures contracts, including an amount  equal  to

the  net  unrealized  gain on all open futures  contracts,  which

funds,  in  the  aggregate, totaled $7,975,962 and $8,439,972  at

March  31,  2000  and  December 31,  1999,  respectively.    With

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

contracts, there are no daily settlements of variations in  value

nor  is  there any requirement that an amount equal  to  the  net

unrealized  gain  on open forward contracts be segregated.   With

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

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

counterparty   on  all  of  such  contracts,  to  perform.    The

Partnership  has a netting agreement with Carr.  This  agreement,

which  seeks to reduce both the Partnership's and Carr's exposure

on   off-exchange-traded  forward  currency   contracts,   should

materially decrease the Partnership's credit risk in the event of

Carr's  bankruptcy or insolvency. 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 - The Partnership deposits its assets with DWR as  non-

clearing  broker and Carr as clearing broker 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

<PAGE>

its futures 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  and  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 investments 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  three  months

ended  March  31,  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 Ended March 31, 2000

For  the  quarter ended March 31, 2000, the Partnership  recorded

total  trading revenues, including interest income,  of  $111,738

and,  after  expenses, posted a decrease in Net Asset  Value  per

Unit.   The  most significant losses of approximately  2.2%  were

recorded  in the global interest rate futures markets  from  long

positions  in  Japanese government bond futures  as  prices  slid

lower  earlier  in  February in reaction to  the  Japanese  yen's

weakness and a higher Nikkei 225 Index.   Newly established short

positions incurred losses during March as yields on the  Japanese

government bond moved upwards as investors braced for an interest

rate  hike  for the first time in a decade. Additional losses  of

approximately 1.4% were experienced in the metals markets from



<PAGE>

short  gold  futures  positions as prices spiked  sharply  higher

during February following an announcement by Placer Dome, a large

producer, that it was suspending gold hedging activities.   Newly

established  long gold futures positions resulted  in  additional

losses  as gold prices fell later in the month from the  weakness

of  the  Australian dollar and the sale of seven tons of gold  by

the  Dutch central bank.  In the agricultural markets, losses  of

approximately 0.5% were incurred from long corn and wheat futures

positions as prices in these markets declined during February  as

a  result  of  insufficient demand and heavy  rain  in  the  U.S.

production  area.   Smaller  losses of  approximately  0.2%  were

recorded in the soft commodities markets from the trendless price

movement  in the cocoa futures markets during March.   A  portion

of overall Fund losses was offset by gains recorded in the energy

markets  of  approximately  2.2%  from  long  crude  oil  futures

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

first  half of the quarter on concerns about future output levels

amid  dwindling  stockpiles  and increasing  demand.   Additional

gains of approximately 0.9% were produced in the currency markets

from  short  euro  positions as the value of the European  common

currency weakened during the first half of the quarter versus the

U.S.  dollar  and  Japanese yen, undermined by expectations  that

interest rates would be held steady by the European Central Bank.

Smaller  gains  of  approximately 0.8% were  experienced  in  the

global stock index futures markets throughout the quarter from



<PAGE>

long  Nikkei 225 Index futures positions.  The Nikkei  ended  the

quarter  at  a  40-month  high  due  to  the  surge  in  Japanese

technology  issues,  linked  to  industrial  production  in  that

nation,  and the belief that institutions would add these  issues

to  their  portfolios prior to fiscal year-end.   Total  expenses

for  the  three  months  ended  March  31,  2000  were  $214,763,

resulting  in  a  net  loss of $103,025.  The  value  of  a  Unit

decreased  from  $2,900.13 at December 31, 1999 to  $2,862.48  at

March 31, 2000.



For the Quarter Ended March 31, 1999

For  the  quarter ended March 31, 1999, the Partnership  recorded

total  trading revenues, including interest income,  of  $145,616

and,  after  expenses, posted a decrease in Net Asset  Value  per

Unit.   The  most significant losses of approximately  2.1%  were

recorded  in  the global interest rate futures markets  primarily

from  short Japanese government bond futures positions as  prices

increased  amid  a sell-off in global stock markets  during  mid-

January  and  a "flight-to-quality" due to the renewed  financial

market  turmoil in Brazil.  Losses were also recorded  from  long

Japanese  government  bond futures positions  as  prices  dropped

during  mid-March as bond yields rose following comments by  Bank

of  Japan Governor Masaru Hayami that he expected interest  rates

in  Japan  to rise over time.  In the metals markets,  losses  of

approximately  0.5% were experienced primarily from  long  silver

futures positions as prices declined during mid-March after

<PAGE>

Berkshire  Hathaway's annual report failed  to  provide  any  new

information   on  the  company's  silver  positions.    In   soft

commodities, losses of approximately 0.3% were recorded primarily

from  short  coffee futures positions as prices surged  in  late-

March  as options-related buying triggered waves of buy-stops  at

several  key  resistance levels, attracting fund  short-covering.

These losses were partially offset by gains of approximately 1.8%

recorded  in  the  currency  markets during  February  and  March

primarily  from  short euro positions as the value  of  the  U.S.

dollar  hit new highs versus the European common currency on  the

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

health  of  Europe  and Japan and growing uncertainty  about  the

military  action in Yugoslavia.  In the energy markets, gains  of

approximately  0.9% were recorded primarily from long  crude  oil

futures positions as oil prices moved significantly higher amid a

substantial recovery in oil prices during March that was  largely

attributed to the news that both OPEC and non-OPEC countries  had

reached  an  agreement to cut total output by  approximately  two

million barrels a day beginning April 1, 1999. Total expenses for

the three months ended March 31, 1999 were $212,020, resulting in

a  net  loss  of  $66,404.  The value of a  Unit  decreased  from

$3,170.99 at December 31, 1998 to $3,150.84 at March 31, 1999.



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

<PAGE>

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

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  those

sovereign  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 involved in the  speculative

trading  of  futures interests.  The market-sensitive instruments

held  by  the  Partnership are acquired for  speculative  trading

purposes only and, as a result, all or substantially all  of  the

Partnership's  assets  are at risk of trading  loss.   Unlike  an

operating  company, the risk of market-sensitive  instruments  is

central,  not  incidental,  to  the Partnership's  main  business

activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  market  risk.  Market risk is often  dependent  upon

changes  in  the level or volatility of interest rates,  exchange

rates, and prices of financial instruments and commodities.

<PAGE>

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 1995 (set forth in Section 27A  of  the

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

Act of 1934).

<PAGE>

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,

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

<PAGE>

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

sensitive.    The   historical   observation   period   of    the

Partnership'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  tables  indicates the  VaR  associated  with  the

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

by primary market risk category as of March 31, 2000 and 1999. As

of   March   31,   2000   and  1999,  the   Partnership's   total

capitalization  was  approximately $8 million  and  $10  million,

respectively.









<PAGE>
     Primary Market            March 31, 2000      March 31, 1999
     Risk Category              Value at Risk       Value at Risk

     Currency                      (2.67)%             (3.00)%

     Interest Rate                 (0.99)              (0.83)

     Equity                        (0.49)              (0.36)

     Commodity                     (0.82)              (0.49)

     Aggregate Value at Risk       (2.76)%             (3.01)%



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 March 31, 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 April 1,

1999 through March 31, 2000.



Primary Market Risk Category        High      Low      Average

Currency                           (3.00)%   (2.67)%   (2.85)%

Interest Rate                      (0.99)    (0.79)    (0.90)

Equity                             (0.49)    (0.23)    (0.36)

Commodity                          (0.82)    (0.49)    (0.62)

Aggregate Value at Risk            (3.13)%   (2.76)%   (2.95)%


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,  gives

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 March 31, 2000 and for the end  of  the  four

quarterly reporting periods from April 1, 1999 through March  31,

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



<PAGE>

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

particular day will not exceed the VaR amounts indicated above or

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



Non-Trading Risk

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

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

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

Partnership  also maintains a substantial portion  (approximately

81%) 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.



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

<PAGE>

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 March 31, 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

<PAGE>

and  general  economic conditions influence  these  fluctuations.

The  Partnership trades in a large number of currencies.  For the

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

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

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

include  the  major  and  minor currencies).   Demeter  does  not

anticipate  that  the risk profile of the Partnership's  currency

sector  will  change significantly in the future.   The  currency

trading VaR figure includes foreign margin amounts converted into

U.S.  dollars  with  an  incremental adjustment  to  reflect  the

exchange  rate  risk inherent to the dollar-based Partnership  in

expressing VaR in a functional currency other than dollars.



Interest Rate  - The second largest market exposure at March  31,

2000  was  in  the  interest rate complex.  Exposure  was  spread

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

Interest  rate  movements  directly  affect  the  price  of   the

sovereign  bond  futures positions held by  the  Partnership  and

indirectly  affect  the  value of its stock  index  and  currency

positions.   Interest rate movements in one country  as  well  as

relative  interest  rate movements between  countries  materially

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

<PAGE>

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  March  31,  2000,  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

Australian 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).



Commodity

Energy - On March 31, 2000, the Partnership's energy exposure was

in  the crude and heating oil markets.  Price movements in  these

markets result from political developments in the Middle East,

<PAGE>

weather  patterns,  and  other  economic  fundamentals.   It   is

possible  that  volatility will remain high and that  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  March  31,  2000,  the

Partnership  had a reasonable amount of exposure in  the  markets

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

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

inequalities,  severe weather disruption and market  expectations

affect price movements in these markets.



Metals -  The Partnership's primary metals market exposure is  to

fluctuations  in  the  price of gold and  silver.   Although  the

Partnership  will  from time to time trade base  metals  such  as

copper,  the  principal market exposures of the Partnership  have

consistently been in precious metals, gold and silver.   Exposure

was  evident  in  the  gold market as gold prices  were  volatile

during  the  quarter.  Silver prices have remained volatile  over

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

positions as they have perceived market opportunities to develop.

Demeter  anticipates that gold and silver will remain the primary

metals market exposure for the Partnership.





<PAGE>

Qualitative Disclosures Regarding Non-Trading Risk Exposure

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

Partnership as of March 31, 2000:



Foreign  Currency  Balances - The Partnership's  primary  foreign

currency  balances  are  in Australian dollars.  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


On  March 3, 2000, the plaintiffs in the New York action filed an

appeal of the order dismissing the consolidated complaint.

(Please  refer to Legal Proceedings previously disclosed  in  the

Partnership's Form 10-K for the year ended December 31, 1999  for

a more detailed discussion).





Item 5.   OTHER INFORMATION

Effective  January 31, 2000, Mark J. Hawley resigned as  Chairman

of  the  Board and a Director of Demeter and Dean Witter  Futures

Currency  Management Inc. ("DWFCM") and Robert E. Murray replaced

him as Chairman of the Board of Demeter and DWFCM.



Demeter  has determined, commencing in May 2000, to transfer  the

Partnership's  futures and options clearing from Carr  to  Morgan

Stanley & Co. Incorporated ("MS & Co."), an affiliate of Demeter,

while  trades  on the London Metal Exchange will  be  cleared  by

Morgan  Stanley  &  Co. International Limited ("MSIL"),  also  an

affiliate  of  Demeter.  In addition, MSIL and MS &  Co.,  rather

than   Carr,  will  act  as  the  counterparty  on  all  of   the

Partnership's foreign currency forward trades.  DWR will continue

to act as the non-clearing commodity broker for the Partnership.


<PAGE>

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K


   (A)   Exhibits

   10.03     Amended and Restated Customer Agreement, dated as of
         December 1, 1997, between the Partnership and Dean Witter
         Reynolds Inc. is filed herewith.

   10.04     Customer Agreement, dated as of December 1, 1997, among
         the Partnership, Carr Futures, Inc., and Dean Witter Reynolds
         Inc. is filed herewith.

         10.05  International Foreign Exchange Master  Agreement,
         dated as of August 1, 1997, between the Partnership  and
         Carr Futures, Inc. is filed herewith.

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

































<PAGE>






                            SIGNATURE



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




                        Columbia Futures Fund
                        (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

May 12, 2000            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.