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 March 31, 1997 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 LIMITED PARTNERSHIP

             INDEX TO QUARTERLY REPORT ON FORM 10-Q

                       March 31, 1997
<CAPTION>

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

     Statements of Financial Condition March 31, 1997
     (Unaudited) and December 31, 1996.....................2

     Statements of Operations for the Quarters Ended
     March 31, 1997 and 1996 (Unaudited)...................3

     Statements of Changes in Partners' Capital for the
        Quarters Ended March 31, 1997 and 1996
     (Unaudited)...........................................4

     Statements of Cash Flows for the Quarters Ended
     March 31, 1997 and 1996 (Unaudited)...................5

     Notes to Financial Statements (Unaudited)......... 6-11

Item 2. Management's Discussion and Analysis of

Financial Condition and Results of Operations..........12-16

Part II. OTHER INFORMATION

Item 1. Legal Proceedings..............................17-18

Item 6. Exhibits and Reports on Form 8-K..................19


</TABLE>



<PAGE>
<TABLE>
    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                                 March 31,     December 31,
                                                    1997           1996
                                                     $              $
                                                (Unaudited)
ASSETS
<S>                                                 <C>          <C>
Equity in Commodity futures trading accounts:
 Cash                                               164,943,807   166,737,088
  Net unrealized gain (loss) on open  contracts       3,471,430       (10,164)

 Total Trading Equity                               168,415,237   166,726,924

Interest receivable (DWR)                               589,440       574,678
Due from DWR                                            279,461             -

 Total Assets                                       169,284,138   167,301,602


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable                                 2,276,877     2,811,995
 Accrued brokerage commissions (DWR)                   469,732       208,243
 Accrued management fee (DWFCM)                        441,631       455,428
 Administrative expenses payable                       131,768       106,568
 Accrued transaction fees and costs                     34,695        32,213

 Total Liabilities                                   3,354,703     3,614,447


Partners' Capital

 Limited Partners (167,368.481 and
  177,301.806 Units, respectively)                 163,700,107   161,609,600
 General Partner (2,279.285 Units)                   2,229,328     2,077,555

 Total Partners' Capital                           165,929,435   163,687,155

 Total Liabilities and Partners' Capital           169,284,138   167,301,602


NET ASSET VALUE PER UNIT                                978.08        911.49

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


<PAGE>
<TABLE>
    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
                    STATEMENTS OF OPERATIONS
                           (Unaudited)

<CAPTION>
                                For the Quarters Ended March 31,
                                       1997            1996
                                        $            $
REVENUES
<S>                              <C>           <C>
 Trading profit (loss):
    Realized                     11,502,267    (20,272,787)
    Net change in unrealized      3,481,594        940,534

      Total Trading Results      14,983,861    (19,332,253)

 Interest Income (DWR)            1,724,246      1,804,781

      Total Revenues             16,708,107    (17,527,472)


EXPENSES

 Brokerage commissions (DWR)      3,050,337      4,198,057
 Management fee (DWFCM)           1,276,057      1,392,828
 Transaction fees and costs         248,792        328,202
 Administrative expenses             43,000         31,000

      Total Expenses              4,618,186      5,950,087

NET INCOME (LOSS)                12,089,921    (23,477,559)


NET INCOME (LOSS) ALLOCATION

 Limited Partners                 11,938,148  (23,219,194)
 General Partner                     151,773     (258,365)


NET INCOME (LOSS) PER UNIT

Limited Partners                       66.59      (113.36)
General Partner                        66.59      (113.36)


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







<PAGE>
<TABLE>
    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
         For the Quarters Ended March 31, 1997 and 1996
                          (Unaudited)


<CAPTION>


                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total

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

Net Loss                             -      (23,219,194)    (258,365)    (23,477,559)

Redemptions                 (3,966.270)      (3,290,660)           -      (3,290,660)

Partners' Capital
  March 31, 1996           203,383.267     $165,519,569   $1,875,976    $167,395,545



Partners' Capital
   December 31, 1996       179,581.091     $161,609,600   $2,077,555    $163,687,155

Net Income                           -       11,938,148      151,773      12,089,921

Redemptions                 (9,933.325)      (9,847,641)          -       (9,847,641)

Partners' Capital
March 31, 1997             169,647.766     $163,700,107   $2,229,328    $165,929,435





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

</TABLE>


<PAGE>
<TABLE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
                    STATEMENTS OF CASH FLOWS
                           (Unaudited)



<CAPTION>


                                                      For the Quarters Ended March 31,

                                                         1997            1996
                                                          $               $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                    <C>            <C>
Net   income   (loss)                                  12,089,921     (23,477,559)
Noncash item included in net income (loss):
   Net change in unrealized                            (3,481,594)       (940,534)

(Increase) decrease in operating assets:
    Interest receivable (DWR)                             (14,762)        143,693
    Due from DWR                                         (279,461)         78,019
Increase (decrease) in operating liabilities:
    Accrued brokerage commissions (DWR)                   261,489        (408,860)
    Accrued management fee (DWFCM)                        (13,797)        (42,053)
    Administrative expenses payable                        25,200         (14,557)
    Accrued transaction fees and costs                      2,482         (38,997)

Net cash provided by (used for) operating activities    8,589,478     (24,700,848)


CASH FLOWS FROM FINANCING ACTIVITIES


Increase (decrease) in redemptions payable              (535,118)       1,618,950
Redemptions of units                                  (9,847,641)      (3,290,660)

Net cash used for financing activities               (10,382,759)      (1,671,710)

Net decrease in cash                                  (1,793,281)      (26,372,558)

Balance at beginning of period                       166,737,088       186,577,817

Balance at end of period                             164,943,807       160,205,259



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



<PAGE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP

                  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, 1996 Annual Report on Form 10-K.


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 for the Partnership is  Demeter  Management

Corporation  ("Demeter").  The commodity broker  is  Dean  Witter

Reynolds  Inc.  ("DWR").   The trading  manager  is  Dean  Witter

Futures & Currency Management, Inc. ("DWFCM").  Demeter, DWR, and

DWFCM  are all wholly owned subsidiaries of Dean Witter, Discover

& Co. ("DWD").







<PAGE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP

           NOTES TO FINANCIAL STATEMENTS (CONTINUED)



2. 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 and incentive fees  incurred  by  the

Partnership are paid to DWFCM.


3. 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  March  31,  1997  and

December 31, 1996, open contracts were:

                                

<PAGE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP

           NOTES TO FINANCIAL STATEMENTS (CONTINUED)



                                Contract or Notional Amount
                            March 31, 1997   December 31, 1996
                                    $                   $
Exchange-Traded Contracts
 Financial Futures
   Commitments to Sell        746,483,000                  -
 Commodity Futures:
   Commitments to Purchase    120,462,000         28,117,000
   Commitments to Sell         48,278,000         84,112,000
 Foreign Futures:
   Commitments to Purchase     47,778,000         86,391,000
   Commitments to Sell        348,801,000        163,838,000
Off-Exchange-Traded
 Forward Currency Contracts
   Commitments to Purchase    229,326,000        442,642,000
   Commitments to Sell        399,405,000        573,157,000



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.









<PAGE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
           NOTES TO FINANCIAL STATEMENTS (CONTINUED)


The  unrealized gain (loss) on open contracts is  reported  as  a

component  of  "Equity in Commodity futures trading accounts"  on

the  Statement of Financial Condition and totaled $3,471,430  and

$(10,164)  at March 31, 1997 and December 31, 1996, respectively.

Of  the $3,471,430 net unrealized gain on open contracts at March

31, 1997, $7,398,891 related to exchange-traded futures contracts

and  $(3,927,461) related to off-exchange-traded forward currency

contracts.   Of  the  $(10,164)  net  unrealized  loss  on   open

contracts  at December 31, 1996, $3,667,477 related to  exchange-

traded futures contracts and $(3,677,641) related to off-exchange-

traded forward currency contracts.


Exchange-traded  futures contracts held  by  the  Partnership  at

March 31, 1997 and December 31, 1996 mature through December 1997

and   June  1997,  respectively.   Off-exchange  traded   forward

currency  contracts held at March 31, 1997 and December 31,  1996

mature  through  May 1997 and February 1997,  respectively.   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

non-performance.

                                

<PAGE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
           NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The  credit risk associated with these instruments is limited  to

the   amounts  reflected  in  the  partnership's  Statements   of

Financial Condition.


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  gains

on  all  open futures contracts, which funds totaled $172,342,698

and  $170,404,565  at  March  31, 1997  and  December  31,  1996,

respectively.   With  respect to the Partnership's  off-exchange-

traded forward currency contracts, there are no daily settlements

of  variations  in  value nor is there any  requirement  that  an

amount equal to the net unrealized gain on open forward contracts

be segregated.  With

<PAGE>

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
           NOTES TO FINANCIAL STATEMENTS (CONCLUDED)


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

the   Partnership  is  at  risk  to  the  ability  of  DWR,   the

counterparty on all of such contracts, to perform.


For  the quarter ended March 31, 1997 and the year ended December

31, 1996 the average fair value of financial instruments held for

trading purposes was as follows:

                                               March 1997
                                       Assets         Liabilities
                                         $                 $

Exchange-Traded Contracts:
  Financial Futures                  12,032,000      326,655,000
  Commodity Futures                  73,347,000       57,737,000
  Foreign Futures                   213,384,000      134,899,000
Off-Exchange-Traded Forward
 Currency Contracts                 261,202,000      431,310,000



                                           December 1996
                                       Assets         Liabilities
                                         $                 $

Exchange-Traded Contracts:
  Financial Futures                 198,372,000       116,558,000
  Commodity Futures                  92,560,000        69,758,000
  Foreign Futures                   282,199,000       109,444,000
Off-Exchange-Traded Forward
 Currency Contracts                 489,931,000       540,039,000





<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 contracts  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

<PAGE>



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

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.





<PAGE>

Results of Operations

For the Quarter Ended March 31, 1997

For  the  quarter  ended March 31, 1997, the Partnership's  total

trading  revenues  including interest  income  were  $16,708,107.

During  the first quarter, the Partnership posted an increase  in

Net  Asset  Value per Unit.  The most significant  trading  gains

were  recorded  in  the  currency  markets  as  a  result  of   a

strengthening in the value of the U.S. dollar versus the Japanese

yen  and  most  major  European  currencies  during  January  and

February.   A  portion of these gains was offset by  losses  from

transactions involving the British pound, as well as the Canadian

and  Australian dollars, during February and March.   Gains  were

also  recorded  in  soft  commodities from  long  coffee  futures

positions as prices in this market trended steadily higher during

January  and  February,  before  reversing  lower  during  March.

Additional trading gains were recorded in the metals markets from

short gold futures positions as gold prices, which began trending

lower  during  late  1996, continued to trend lower  in  January.

Gains  were also recorded from long base metals futures positions

as  copper and zinc futures prices increased from late January to

early  March.   Smaller gains were recorded in  the  agricultural

markets from long corn, soybean meal and soybean futures

<PAGE>

positions.   A  portion of the Partnership's  overall  gains  was

offset  by short-term volatile price movement in global  interest

rate futures.  Smaller losses were recorded in the energy markets

during  January and March.   Total expenses for the  period  were

$4,618,186, generating net income of $12,089,921.  The  value  of

an  individual Unit in the Partnership increased from $911.49  at

December 31, 1996 to $978.08 at March 31, 1997.



For the Quarter Ended March 31, 1996

For  the  quarter  ended March 31, 1996, the Partnership's  total

trading  losses net of interest income were $17,527,472.   During

the first quarter, the Partnership posted a decrease in Net Asset

Value  per Unit.  The most significant trading losses during  the

quarter  were recorded in the currency and energy markets  during

February.   In  the currency markets, a sudden  and  sharp  trend

reversal  in  the downward move in the value of the Japanese  yen

and most major European currencies, which had posted gains during

January,  resulted in losses from short positions in the Japanese

yen,  German mark, Swiss franc and British pound.  Trading  gains

recorded  during March from transactions involving the Australian

dollar and Japanese yen offset a portion of the overall losses



<PAGE>

experienced in the currency markets during February.   Additional

losses  were  experienced in the energy markets due primarily  to

short-term  volatile  movement  in  gas  and  oil  prices  during

February.  A portion of these losses was offset by gains in crude

oil  during March.  In the financial futures markets, losses were

recorded in most global interest rate and stock index futures  as

these  prices moved in a short-term volatile pattern  during  the

quarter.   Trading gains in British long gilt,  French  bond  and

U.S.  Treasury  note futures offset a portion  of  these  losses.

Smaller  losses  were recorded in the agricultural  markets  from

trading soybean futures and in the soft commodities markets  from

trading  cotton  and  coffee futures.   Total  expenses  for  the

quarter  were  $5,950,087 resulting in a net loss of $23,477,559.

The value of an individual Unit in the Partnership decreased from

$936.41 at December 31, 1995 to $823.05 at March 31, 1996.















<PAGE>

                  PART II.   OTHER INFORMATION

Item 1.   LEGAL PROCEEDINGS

On  September 6, 10, and 20, 1996, and on March 13, 1997, 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, DWFCM,  DWD

(all  such  parties  referred to hereafter as  the  "Dean  Witter

Parties"), the Partnership, certain limited partnership commodity

pools  of  which  Demeter  is the general  partner,  and  certain

trading advisors to those pools.  Similar purported class actions

were also filed on September 18 and 20, 1996 in the Supreme Court

of  the  State of New York, New York County, and on November  14,

1996  in the Superior Court of the State of Delaware, New  Castle

County,  against  the  Dean Witter Parties  and  certain  trading

advisors  on  behalf  of all purchasers of interests  in  various

limited  partnership commodity pools including  the  Partnership,

sold  by  DWR.  Generally, these complaints allege,  among  other

things,    that   the   defendants   committed   fraud,   deceit,

misrepresentation,  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.

<PAGE>

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 have strong  defenses

to,  and  they  and the Partnership 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 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)

May 9, 1997                         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.