UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                              FORM 10-Q



[X]       Quarterly report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the Period ended September 30, 1996 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. 33-90360

   DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP       
    (Exact name of registrant as specified in its charter)


          Delaware                                  13-3461507
(State or other jurisdiction of                  (I.R.S. Employer
Incorporation or organization)                  Identification No.)

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

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

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


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

Yes     X                             No          

<PAGE>
<TABLE>
                                         DEAN WITTER DIVERSIFIED FUTURES FUND L.P.

                                          INDEX TO QUARTERLY REPORT ON FORM 10-Q

                                                  September 30, 1996    
<CAPTION>

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

          Statements of Financial Condition September 30, 1996
          (Unaudited) and December 31, 1995.....................2

          Statements of Operations for the Quarters Ended
          September 30, 1996 and 1995 (Unaudited)...............3 

          Statements of Operations for the Nine Months Ended
          September 30, 1996 and 1995 (Unaudited)...............4

          Statements of Changes in Partners' Capital for the 
          Nine Months ended September 30, 1996 and 1995
          (Unaudited)...........................................5

          Statements of Cash Flows for the Nine Months Ended
          September 30, 1996 and 1995 (Unaudited)...............6

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

Item 2.        Management's Discussion and Analysis of 
               Financial Condition and Results of Operations..13-19

Part II. OTHER INFORMATION

Item 6.        Exhibits and Reports on Form 8-K..............    20


</TABLE>


<PAGE>
<TABLE>
                                         DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                                             STATEMENTS OF FINANCIAL CONDITION


<CAPTION>
                                                                          September 30,               December 31,
                                                                              1996                        1995     
                                                                                $                           $
                                                                           (Unaudited)
ASSETS
<S>                                                                        <C>                           <C>   
Equity in Commodity futures trading accounts:
    Cash                                                                   152,632,188                   186,577,817
    Net unrealized gain on open contracts                                   12,161,683                     7,961,783
    
    Total Trading Equity                                                   164,793,871                   194,539,600

    Interest receivable (DWR)                                                  533,614                       694,646
    Due from DWR                                                               140,990                       257,457

    Total Assets                                                           165,468,475                   195,491,703


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

    Redemptions payable                                                      2,107,052                        76,096
    Accrued management fee (DWFCM)                                             392,172                       464,750
    Accrued brokerage commissions (DWR)                                        286,499                       628,375
    Administrative expenses payable                                             79,489                        97,122
    Accrued transaction fees and costs                                          29,071                        61,596

    Total Liabilities                                                        2,894,283                     1,327,939


Partners' Capital

    Limited Partners (185,196.270 and
     205,070.252 Units, respectively)                                      160,597,652                   192,029,423
    General Partner (2,279.285 Units)                                        1,976,540                     2,134,341

    Total Partners' Capital                                                162,574,192                   194,163,764

    Total Liabilities and Partners' Capital                                165,468,475                   195,491,703


NET ASSET VALUE PER UNIT                                                        867.18                        936.41

<FN>

                                      The accompanying footnotes are an integral part
                                              of these financial statements.
</TABLE>
<PAGE>
<TABLE> 
                                         DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                                                 STATEMENTS OF OPERATIONS
                                                         (Unaudited)

<CAPTION>

                                                                         For the Quarters Ended September 30,     

                                                                            1996                     1995      
                                                                              $                        $
REVENUES
<S>                                                                      <C>                     <C>        
    Trading profit (loss):                                                          
         Realized                                                         2,891,666              (4,933,746)     
         Net change in unrealized                                        11,362,983              (6,097,856)

            Total Trading Results                                        14,254,649             (11,031,602) 

    Interest Income (DWR)                                                 1,602,020                 775,473  

            Total Revenues                                               15,856,669             (10,256,129) 


EXPENSES

    Brokerage commissions (DWR)                                           2,918,020               1,234,445     
    Management fees (DWFCM)                                               1,188,119                 533,560        
    Transaction fees and costs                                              200,962                 109,418        
    Administrative expenses                                                   9,000                  25,000  
                                                                                    
            Total Expenses                                                4,316,101               1,902,423  

NET INCOME (LOSS)                                                        11,540,568             (12,158,552)


NET INCOME (LOSS) ALLOCATION

    Limited Partners                                                     11,403,524             (12,156,465)
    General Partner                                                         137,044                  (2,087)

                                                                                                            
NET INCOME (LOSS) PER UNIT

    Limited Partners                                                          60.13                  (96.84)
    General Partner                                                           60.13                  (96.84)

<FN>
                                      The accompanying footnotes are an integral part
                                              of these financial statements.
</TABLE>
<PAGE>
<TABLE> 
                                         DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                                                 STATEMENTS OF OPERATIONS
(Unaudited)

<CAPTION>
                                                                       For the Nine Months Ended September 30,      

                                                                            1996                     1995      
                                                                              $                        $
REVENUES
<S>                                                                      <C>                    <C>         
    Trading profit (loss):                                                          
         Realized                                                        (9,464,278)             (4,326,538)       
         Net change in unrealized                                         4,199,900              (6,370,117)

            Total Trading Results                                        (5,264,378)            (10,696,655)

    Interest Income (DWR)                                                 5,120,541                 843,764 

            Total Revenues                                                 (143,837)             (9,852,891)


EXPENSES

    Brokerage commissions (DWR)                                          10,273,703               1,373,812  
    Management fees (DWFCM)                                               3,844,588                 577,424  
    Transaction fees and costs                                              780,077                 122,374 
    Administrative expenses                                                  49,000                  29,000 
    Incentive fees (DWFCM)                                                        -                  27,484 
                                                                                    
            Total Expenses                                               14,947,368               2,130,094 

NET LOSS                                                                (15,091,205)            (11,982,985)


NET LOSS ALLOCATION

    Limited Partners                                                    (14,933,404)            (11,852,320)
    General Partner                                                        (157,801)               (130,665)

                                                                                                            
NET LOSS PER UNIT

    Limited Partners                                                         (69.23)                 (39.19)
    General Partner                                                          (69.23)                 (39.19)

<FN>

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

</TABLE>
<PAGE>
<TABLE>
                                         DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                                        STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                   For the Nine Months Ended September 30, 1996 and 1995
                                                        (Unaudited)


<CAPTION>


                                                     Units of
                                                    Partnership          Limited            General
                                                     Interest           Partners            Partner            Total
<S>                                                 <C>               <C>                 <C>                <C>     
Partners' Capital
   December 31, 1994                                2,969.768         $2,836,167           $77,795            $2,913,962 

Offerings of Units                                205,135.863        202,935,863         2,200,000           205,135,863 

Net Loss                                                    -        (11,852,320)         (130,665)          (11,982,985) 

Redemptions                                          (521.797)          (518,913)                -              (518,913)

Partners' Capital
   September 30, 1995                             207,583.834       $193,400,797        $2,147,130          $195,547,927 




Partners' Capital
   December 31, 1995                              207,349.537       $192,029,423        $2,134,341          $194,163,764 

Net Loss                                                    -        (14,933,404)         (157,801)          (15,091,205) 

Redemptions                                       (19,873.982)       (16,498,367)                -           (16,498,367) 

Partners' Capital
   September 30, 1996                             187,475.555       $160,597,652        $1,976,540          $162,574,192 






<FN>





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

</TABLE>
<PAGE>
<TABLE>
                                         DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                                                 STATEMENTS OF CASH FLOWS
                                                      (Unaudited)


<CAPTION>

                                                                       For the Nine Months Ended September 30,      

                                                                            1996                     1995      
                                                                              $                        $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                     <C>                      <C>         
Net loss                                                                (15,091,205)             (11,982,985)
Noncash item included in net loss:
         Net change in unrealized                                        (4,199,900)               6,370,117 

    (Increase) decrease in operating assets:
         Interest receivable (DWR)                                          161,032                 (738,001)
         Due from DWR                                                       116,467                    1,986 

    Increase (decrease) in operating liabilities:
         Accrued management fee (DWFCM)                                     (72,578)                 512,267 
         Accrued brokerage commissions (DWR)                               (341,876)                 155,881  
         Administrative expenses payable                                    (17,633)                  10,694  
         Accrued transaction fees and costs                                 (32,525)                  28,771  

Net cash used for operating activities                                  (19,478,218)              (5,641,270)


CASH FLOWS FROM FINANCING ACTIVITIES

    Offering of Units                                                             -              205,135,863 
    Increase in redemptions payable                                       2,030,956                  230,136 
    Redemptions of units                                                (16,498,367)                (518,913)
 

Net cash provided by (used for) financing activities                    (14,467,411)             204,847,086  


Net increase (decrease) in cash                                         (33,945,629)             199,205,816  

Balance at beginning of period                                          186,577,817                2,521,366 

Balance at end of period                                                152,632,188              201,727,182 


<FN>

                                      The accompanying footnotes are an integral part
                                              of these financial statements.
</TABLE>
<PAGE>
               DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                     NOTES TO FINANCIAL STATEMENTS
                            (UNAUDITED)
The financial statements include, in the opinion of management, all
adjustments necessary for a fair presentation of the results of
operations and financial condition.  The financial statements and
condensed notes, herein should be read in conjunction with the
Partnership's December 31, 1995 Annual Report on Form 10K.

1. Organization  
Dean Witter Diversified Futures Fund Limited Partnership (the
"Partnership") is a limited partnership organized to engage in the
speculative trading of commodity futures and futures related
contracts, including forward contracts on foreign currencies.  The
general partner is Demeter Management Corporation (the "General
Partner").  The commodity broker is Dean Witter Reynolds Inc.
("DWR").  The trading manager who makes all trading decisions for
the Partnership is Dean Witter Futures & Currency Management Inc.
("DWFCM").  The General Partner, DWR and DWFCM are wholly-owned
subsidiaries of Dean Witter, Discover & Co.  


2. Summary of Significant Accounting Policies
Effective September 1, 1996, maximum total brokerage commissions
and transaction fees chargeable to the Partnership are capped at
 .65% per month of adjusted Net Assets as defined in the Limited
Partnership.
<PAGE>
              DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
               NOTES TO FINANCIAL STATEMENTS (CONTINUED)




3.  Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity trading
accounts to meet margin requirements as needed.  DWR pays interest
on these funds based on current 13-week U.S. Treasury Bill rates. 
Brokerage expenses incurred by the Partnership are paid to DWR
Management fees and incentive fees (if any) are paid to DWFCM.


4.  Financial Instruments
The Partnership trades futures and forward contracts in interest
rates, stock indices, commodities, currencies, petroleum and
precious metals.  Futures and forwards represent contracts for
delayed delivery of an instrument at a specified date and price. 
Risk arises from changes in the value of these contracts and the 
potential inability of counterparties to perform under the terms of
the contracts.  There are numerous factors which may significantly 
influence the market value of these contracts, including interest
rate volatility.  At September 30, 1996, open contracts were:
                                                                  
                                          Contract or
                                        Notional Amount
                                                $
Exchange Traded Contracts
 Financial Futures:              
   Commitments to Purchase                 14,174,000 
 Commodity Futures:
   Commitments to Purchase                 40,627,000 
   Commitments to Sell                     96,215,000 
 Foreign Futures:      
   Commitments to Purchase                377,882,000 
   Commitments to Sell                     19,329,000 
Off Exchange Traded Forward
 Currency Contracts
   Commitments to Purchase                359,736,000
   Commitments to Sell                    566,429,000
<PAGE>
            DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
            NOTES TO FINANCIAL STATEMENTS - (CONTINUED)



A portion of the amounts indicated as off-balance-sheet risk in
forward currency contracts is due to offsetting forward commitments
to purchase and to sell the same currency on the same date in the
future.  These commitments are economically offsetting, but are not
offset in the forward market until the settlement date.


The net unrealized gain on open contracts is reported as a
component of "Equity in Commodity futures trading accounts" on the
Statement of Financial Condition and totaled $12,161,683 at
September 30, 1996.  Of this amount $11,512,921 related to
exchange-traded futures contracts and $648,762 related to off-
exchange-traded forward currency contracts.


Exchange-traded futures contracts held by the Partnership at
September 30, 1996 mature through June 1997.  Off-exchange-traded
forward currency contracts held by the Partnership at September 30,
1996 mature through November 1996.  The contract amounts in the
above table represent the Partnership's extent of involvement in
the particular class of financial instrument, but not the credit
risk associated with counterparty nonperformance.  The credit risk
associated with these instruments is limited to the amounts
reflected in the Partnership's Statements of Financial Condition.

<PAGE>
                 DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                 NOTES TO FINANCIAL STATEMENTS (CONTINUED)



The Partnership also has credit risk because DWR acts as the
futures commission merchant or the sole counterparty with respect
to most of the Partnership's assets.  Exchange-traded futures
contracts are marked to market on a daily basis, with variations in
value settled on a daily basis.  DWR, as the futures commission
merchant for all of the Partnership's exchange-traded futures
contracts, is required pursuant to regulations of the Commodity
Futures Trading Commission to segregate from its own assets and for
the sole benefit of its commodity customers all funds held by DWR
with respect to exchange-traded futures contracts including an
amount equal to the net unrealized gain on all open futures
contracts, which funds totaled $164,145,109 at September 30, 1996. 
With respect to the Partnership's off-exchange-traded forward
currency contracts, there are no daily settlements of variations in
value nor is there any requirement that an amount equal to the net
unrealized gain on open forward contracts be segregated.  With
respect to those off-exchange-traded forward currency contracts,
the Partnership is at risk to the ability of DWR, the counterparty
on all such contracts, to perform.
<PAGE>
                DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                NOTES TO FINANCIAL STATEMENTS (CONTINUED)



For the nine months ended September 30, 1996, the average fair
value of financial instruments held for trading purposes was as
follows:

                                             Assets      Liabilities
                                               $              $
Exchange-Traded Contracts                                
  Financial Futures                       166,770,000    155,410,000
  Commodity Futures                       116,120,000     56,546,000
  Foreign Futures                         287,941,000     95,277,000
Off-Exchange-Traded Forward
 Currency Contracts                       505,924,000    559,627,000



5.  Legal Matters
On September 6, 10, and 20, 1996, similar purported class actions
were filed in the Superior Court of the State of California, County
of Los Angeles, on behalf of all purchasers of interests in limited
partnership commodity pools sold by DWR.  Named defendants include
DWR, Demeter Management Corporation, DWFCM, Dean Witter, Discover
& Co. (all such parties referred to hereafter as the "Dean Witter
Parties"), the Partnership, certain other limited partnership
commodity pools of which Demeter is the general partner, and
certain trading advisors to those pools.  Also, on September 18 and
20, 1996 similar purported class actions were filed in the Supreme
Court of the State of New York, New York County, against the Dean
Witter Parties and certain trading advisors on behalf of all
purchasers of interests in various limited partnership commodity
pools sold by DWR.  Generally, these complaints allege, among other 
<PAGE>
               DEAN WITTER DIVERSIFIED FUTURES FUND L.P.
                NOTES TO FINANCIAL STATEMENTS (CONCLUDED)



things, that the defendants committed fraud, deceit, mis-
representation, breach of fiduciary duty, fraudulent and unfair
business practices, unjust enrichment, and conversion in connection
with the sale and operation of the various limited partnership
commodity pools.  The complaints seek unspecified amounts of
compensatory and punitive damages and other relief.  It is possible
that additional similar actions may be filed and that, in the
course of these actions, other parties could be added as
defendants.  The Dean Witter Parties believe that they and the
Partnership have strong defenses to, and they will vigorously
contest, the actions.  Although the ultimate outcome of legal
proceedings cannot be predicted with certainty, it is the opinion
of management of the Dean Witter Parties that the resolution of the
actions will not have a material adverse effect on the financial
condition or the results of operations of any of the Dean Witter
Parties or the Partnership. 
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

Liquidity - The Partnership's assets are on deposit in separate
commodity interest trading accounts with DWR, and are used by the
Partnership as margin to engage in commodity futures, forward
contracts and other commodity interest trading.  DWR holds such
assets in either designated depositories or in securities approved
by the Commodity Futures Trading Commission for investment of
customer funds.  The Partnership's assets held by DWR may be used
as margin solely for the Partnership's trading.  Since the
Partnership's sole purpose is to trade in commodity futures
contracts, forward contracts on foreign currencies and other
commodity interests, it is expected that the Partnership will
continue to own such liquid assets for margin purposes.

The Partnership's investment in commodity futures and forward
contracts and other commodity interests may be illiquid.  If the
price for the futures contract for a particular commodity has
increased or decreased by an amount equal to the "daily limit",
positions in the commodity can neither be taken nor liquidated
unless traders are willing to effect trades at or within the limit. 
Commodity futures prices have occasionally moved the daily limit
for several consecutive days with little or no trading.  Such
market conditions could prevent the Partnership from promptly
liquidating its commodity futures positions.

There is no limitation on daily price moves in trading forward
contracts on foreign currencies.  The markets for some world 
<PAGE>
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets and subjecting it to
substantial losses.  Either of these market conditions could result
in restrictions on redemptions.

Capital Resources. The Partnership does not have, nor does it
expect to have, any capital assets.  Redemptions of additional
Units in the future will impact the amount of funds available for
investments in commodity futures, forward contracts on foreign
currencies and other commodity interests.  As redemptions are at
the discretion of Limited Partners, it is not possible to estimate
the amount and therefore, the impact of future redemptions.

Results of Operations
For the Quarter and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $15,856,669. 
During the third quarter, the Partnership posted an increase in Net
Asset Value per Unit.  The most significant trading gains were
recorded in the financial futures markets from long Australian,
European and Japanese bond futures positions as global interest
rate futures prices moved steadily higher between July and
September.  Additional gains were recorded in the energy markets
from long positions in crude, heating and gas oil futures as prices
in these markets trended higher throughout the quarter.
<PAGE>
Gains were also recorded in metals as a downward move in aluminum
futures prices during September resulted in gains from previously
established short positions.  A portion of the overall gains for
the quarter was offset by losses experienced in the agricultural
currency and soft commodities markets.  In the agricultural
markets, losses were recorded as soybean and corn futures prices
moved in an inconsistent pattern during most of the quarter. 
Additional losses were recorded in the currency markets during
August from short Australian dollar positions as its value reversed
higher relative to the U.S. dollar and other world currencies and
from short Japanese yen positions as its value increased sharply
during late August.  In soft commodities, losses were recorded as
a result of trendless movement in cotton and coffee prices
throughout most of the quarter.  Expenses are not comparable to the
prior year period and increased in September 1995 commensurate with
the increase in assets traded resulting from additional offering of
units in September 1995.  Total expenses for the quarter were
$4,316,101, resulting in net income of $11,540,568.  The value of
an individual Unit in the Partnership increased from $807.05 at
June 30, 1996 to $867.18 at September 30, 1996.

For the nine months ended September 30, 1996, the Partnership's
total trading losses net interest income were $143,837.  During the
first nine months, the Partnership posted a decrease in Net Asset
Value per Unit.  The most significant losses were recorded in soft
commodities as a result of choppy price movement in coffee, cotton
and cocoa futures during a majority of the first nine months of the
year.  Additional losses were recorded in the agricultural markets 
<PAGE>
as a result of trendless price movement in soybean products during
the first and third quarters of the year.  Gains from long corn and
wheat futures positions during the second quarter offset a portion
of these losses.  In financial futures trading, losses were
recorded as a result of short-term volatile movement in global
stock index futures prices during the first nine months of the
year.  In interest rate futures, gains experienced during the third
quarter from long Australian and European bond futures positions
more than offset losses recorded during the first half of the year
in U.S. and Japanese interest rate futures.  In the currency
markets, losses were recorded during February as a result of a
sharp and sudden trend reversal in the previous downward move in
the value of the Japanese yen and most European currencies, which
had resulted in gains during January.  Smaller currency losses were
recorded from transactions involving the Canadian dollar.  Trading
gains experienced from transactions involving the German mark
relative to the U.S. dollar and other world currencies during April
and July helped to mitigate currency losses.  A portion of overall
losses during the first nine months of the year was offset by gains
from short aluminum futures positions as prices declined sharply
during September.  These gains, coupled with smaller profits from
trading gold, more than offset losses experienced in silver and
other base metals during the first half of the year.  Gains
experienced during the third quarter in the energy markets from a
strong upward move in heating, gas and crude oil futures prices
more than offset losses experienced from trading unleaded gas
futures earlier in the year.  Expenses are not comparable to the
prior year period and increased in September 1995 commensurate with
<PAGE>
the increase in assets traded resulting from additional offering of
units in September 1995.  Total expenses for the period were
$14,947,368, resulting in a net loss of $15,091,205.  The value of
an individual Unit in the Partnership decreased from $936.41 at
December 31, 1995 to $867.18 at September 30, 1996.       

For the Quarter and Nine Months Ended September 30, 1995
For the quarter ended September 30, 1995 the Partnership's total
trading losses net of interest income were $10,256,129.  During the
third quarter, the Partnership posted a decrease in Net Asset Value
per Unit.  The most significant trading losses were recorded in
financial futures as global interest rate futures prices
experienced choppiness throughout the quarter.  As a result of this
price volatility, losses were experienced in U.S. Treasury bond,
Treasury note and eurodollar futures, as well as in Japanese,
Australian and French government bond futures trading.  In global
stock index futures, a sharp reversal in the downward trend in the
Japanese Nikkei Index during July resulted in losses for the
Partnership's previously established short Nikkei positions. 
Additional losses in this complex were recorded in Australian All
Ordinaries Index futures as Australian stock prices remained in a
short-term volatile range.  In agricultural futures trading, net
losses were recorded from trading the soybean products and corn as
prices remained trendless throughout the quarter.  Smaller losses
were recorded in each of the energy, metals and soft commodities
complexes as prices moved in a trendless pattern for most of the
quarter.  Trading gains from transactions involving the Japanese
yen were recorded during all three months of the quarter as a 
<PAGE>
downward trend in the value of the yen relative to the U.S. dollar
was evident until late September.  Smaller Partnership gains were
recorded in August from transactions involving the British pound as
its value declined relative to the U.S. dollar.  These gains offset
losses experienced due to a sharp reversal in European currency 
values during late September.  Expenses are not comparable to the
prior year third quarter and increased commensurate with the
increase in assets traded resulting from the additional offering of
units in September 1995.  Total expenses for the period were
$1,902,423, resulting in a net loss of $12,158,552.  The value of
an individual Unit in the Partnership decreased from $1,038.86 at
June 30, 1995 to $942.02 at September 30, 1995.

For the nine months ended September 30, 1995 the Partnership's
total trading losses net of interest income were $9,852,891. 
During the first three quarters of the year, the Partnership posted
a decrease in Net Asset Value per Unit.  The most significant
losses were recorded in agricultural futures, primarily due to a
trendless environment in soybean and corn prices.  In other
markets, trading losses were experienced in metals futures as
precious and base metals prices traded within a short-term volatile
pattern for most of the year.   Losses were also recorded in soft
commodities and energy futures trading due to similar price
volatility.  Trading gains were recorded in financial futures
between February and May as global bond prices trended higher.  As
a result, gains were recorded in Japanese, U.S., Australian and
European interest rate futures.  Additional gains within this
complex were recorded from long positions in S&P 500 Index futures 
<PAGE>
as domestic stock prices reached record highs throughout the first
nine months of the year.  Currency trading also helped in
offsetting a portion of the Partnership's losses as an upward trend
in the Japanese yen and major European currencies versus the U.S.
dollar occurred between February and April.  This upward trend in
these foreign currencies lost momentum during May and June. 
However, a declining trend in the Japanese yen relative to the U.S.
dollar occurred between July and September resulting in net gains
for the Partnership's short yen positions during this period.
Expenses are not comparable to the prior year period and increased
in September 1995 commensurate with the increase in assets traded
resulting from the additional offering of units in September 1995. 
Total expenses for the period were $2,130,094, resulting in a net
loss of $11,982,985.  The value of an individual Unit in the
Partnership decreased from $981.21 at December 31, 1994 to $942.02
at September 30, 1995.
<PAGE>
                          PART II. OTHER INFORMATION


Item 6.            Exhibits and Reports on Form 8-K

          (A)      Exhibits - None.


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




<PAGE>

                                                   SIGNATURE



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




                                          Dean Witter Diversified Futures
                                             Fund L.P. (Registrant)

                                          By: Demeter Management Corporation
                                              (General Partner)

November 13, 1996                         By:  /s/ Patti L. Behnke
                                                   Patti L. Behnke
                                                   Chief Financial Officer




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



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