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. 0-23577

     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 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>
    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP

             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)..........6-11

Item 2. Management's Discussion and Analysis of

Financial Condition and Results of Operations..12-18

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk ...................................19-31

Part II. OTHER INFORMATION

Item 1. Legal Proceedings................................ 32

Item 5. Other Information.................................32

Item 6. Exhibits and Reports on Form 8-K..................32




</TABLE>






<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
               STATEMENTS OF FINANCIAL CONDITION


<CAPTION>
                                     March 31,     December 31,
                                       2000         1999
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in futures interests trading accounts:
 Cash                             83,825,423       92,093,924
  Net  unrealized gain on open contracts     5,997,335        1,6
01,939

      Total Trading Equity        89,822,758       93,695,863

Interest receivable (DWR)            317,281          312,680

      Total Assets                90,140,039       94,008,543


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable               2,239,802        2,015,683
 Accrued management fee (DWFCM)      215,824          229,326
 Administrative expenses payable      137,824         114,311

      Total Liabilities            2,593,450        2,359,320


Partners' Capital

 Limited Partners (85,771.287 and
  92,865.334 Units, respectively)   85,280,350   89,453,674
 General Partner (2,279.285 Units)     2,266,239     2,195,549

 Total Partners' Capital            87,546,589   91,649,223

  Total  Liabilities and Partners' Capital    90,140,039    94,00
8,543


NET ASSET VALUE PER UNIT               994.28          963.26

<FN>


          The accompanying notes 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,

                                                             2000
1999
                                         $             $
<S>                                    <C>          <C>
REVENUES
 Trading profit (loss):
    Realized                        (233,470)    (6,915,701)
      Net change in unrealized    4,395,396             (17,951)
      Total Trading Results       4,161,926      (6,933,652)
 Interest Income (DWR)              927,356          1,067,425
      Total Revenues              5,089,282         (5,866,227)

EXPENSES

 Brokerage commissions (DWR)      1,511,907      1,840,522
   Management   fee   (DWFCM)              666,285        918,066
Transaction   fees   and  costs            115,604        145,990
Administrative expenses              37,000              35,000
      Total Expenses              2,330,796          2,939,578

NET INCOME (LOSS)                 2,758,486         (8,805,805)

NET INCOME (LOSS) ALLOCATION

   Limited  Partners                    2,687,796     (8,633,447)
General Partner                        70,690    (172,358)

NET INCOME (LOSS) PER UNIT

                         Limited                         Partners
31.02                         (75.62)
                          General                         Partner
31.02                         (75.62)


<FN>



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

<age>
<TABLE>
    DEAN WITTER DIVERSIFIED FUTURES FUND LIMITED PARTNERSHIP
           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
117,935.784           $125,375,751$2,470,826   $127,846,577

Net  Loss                    -          (8,633,447)     (172,358)
(8,805,805)

Redemptions
(5,594.705)                     (5,754,219)                     -
(5,754,219)

Partners' Capital,
                   March                 31,                 1999
112,341.079           $110,988,085$2,298,468  $113,286,553



Partners' Capital,
                  December                31,                1999
95,144.619             $89,453,674$2,195,549   $91,649,223

Net Income                 -         2,687,796     70,690       2
,758,486

Redemptions
(7,094.047)                      (6,861,120)                    -
(6,861,120)

Partners' Capital,
                   March                 31,                 2000
88,050.572             $85,280,350$2,266,239 $  87,546,589






<FN>








           The accompanying notes 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,

                                                             2000
1999
                                         $               $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                           <C>                        <C>
Net income (loss)                 2,758,486      (8,805,805)
Noncash item included in net income (loss):
        Net     change     in     unrealized          (4,395,396)
17,951
(Increase) decrease in operating assets:
    Interest receivable (DWR)         (4,601)       46,076
      Due from DWR                    -            (179,122)
Increase (decrease) in operating liabilities:
    Accrued management fee (DWFCM)   (13,502)       (10,965)
    Administrative expenses payable        23,513                        (42)

Net cash used for operating activities   (1,631,500)         (8,931,907)

CASH FLOWS FROM FINANCING ACTIVITIES

Increase in redemptions payable     224,119        659,464
Redemptions of Units              (6,861,120)      (5,754,219)

Net cash used for financing activities    (6,637,001)         (5,094,755)

Net decrease in cash              (8,268,501)    (14,026,662)

Balance at beginning of period   92,093,924      127,547,473

Balance at end of period         83,825,423      113,520,811









<FN>



          The accompanying notes 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 of Dean Witter Diversified

Futures   Fund  Limited  Partnership  (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

Dean  Witter  Diversified Futures Fund Limited Partnership  is  a

Delaware limited partnership organized to engage primarily in the

speculative  trading  of futures and forward contracts,  physical

commodities  and  other  commodity  interests  including  foreign

currencies,  financial instruments, metals, energy  products  and

agriculturals (collectively, "futures interests").



The  general  partner for the Partnership 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.  The trading  manager  is  Dean  Witter

Futures   &   Currency   Management   Inc.   ("DWFCM"   or    the

"Trading



<PAGE>

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




Manager").   Demeter, DWR and DWFCM are wholly-owned subsidiaries

of Morgan Stanley Dean Witter & Co.



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 a prevailing  rate  on

U.S.  Treasury bills. The Partnership pays brokerage  commissions

to  DWR.  Management and incentive fees (if any) incurred by  the

Partnership are paid to DWFCM.



3.  Financial Instruments

The  Partnership  trades futures and forward contracts,  physical

commodities  and  other  commodity  interests  including  foreign

currencies,  financial instruments, metals, energy  products  and

agriculturals.   Futures  and forwards  represent  contracts  for

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

Risk arises from changes in the value of these contracts and  the

potential inability of counterparties to perform under the  terms

of   the  contracts.   There  are  numerous  factors  which   may

significantly  influence  the market value  of  these  contracts,

including interest rate volatility.



<PAGE>

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




In  June  1998, the Financial Accounting Standards Board ("FASB")

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

133,   "Accounting   for  Derivative  Instruments   and   Hedging

Activities" effective for fiscal years beginning after  June  15,

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

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  gain on open contracts  is  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  statements of financial condition and totaled $5,997,335 and

$1,601,939 at March 31, 2000 and December 31, 1999, respectively.



<PAGE>

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




Of  the $5,997,335 net unrealized gain on open contracts at March

31, 2000, $5,042,373 related to exchange-traded futures contracts

and  $954,962  related  to off-exchange-traded  forward  currency

contracts.



Of  the  $1,601,939  net unrealized gain  on  open  contracts  at

December 31, 1999, $1,280,887 related to exchange-traded  futures

contracts  and  $321,052  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 June 2000 and

September   2000,   respectively.   Off-exchange-traded   forward

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

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

respectively.



The  Partnership  has  credit risk associated  with  counterparty

nonperformance.  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

<PAGE>

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




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

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 $88,867,796 and $93,374,811  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

<PAGE>

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




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  Manager,  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





<PAGE>

prevent  the  Partnership from promptly liquidating  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 Manager

and the ability of the Trading Manager's trading programs to take

advantage of price movements or other profit opportunities in the

<PAGE>

futures  and forwards markets.  The following presents a  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 Manager 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   Manager   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

Manager'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  $5,089,282

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

significant  gains  of approximately 5.3% were  recorded  in  the

energy  markets primarily during February from long positions  in

crude  oil futures as prices rose to nine-year highs.  This price

increase  was  due  to a combination of cold  weather,  declining

inventories  and  increasing demand, as well  as  concerns  about

future output levels from the world's leading producer countries.

Despite  a  dramatic move lower in the price of crude oil  during

March,  the  Partnership profited from long positions  liquidated

early in  the  month.   In   the  currency   markets,  gains   of

<PAGE>

approximately  2.3% were recorded primarily during  January  from

short  positions  in the Swedish krona, the euro  and  the  Swiss

franc as the value of these European currencies weakened relative

to  the  U.S. dollar, hurt by skepticism about Europe's  economic

outlook  and  lack  of support from European  officials.   During

March,   gains  were  recorded  from  short  euro  positions   as

expectations for continued interest rate hikes from the  European

Central  Bank diminished.  These gains were partially  offset  by

losses  of  approximately 1.6% recorded throughout a majority  of

the  quarter in the global stock index futures markets from  long

positions  in  S&P  500  Index futures as domestic  stock  prices

declined  due  to  volatility in the  technology  sector  and  as

economic  data  raised  fears that the Federal  Reserve  will  be

forced  to  take aggressive action to slow the economy.   In  the

metals  markets,  losses of approximately 1.5%  were  experienced

primarily  from  long  positions in base  metal  futures  as  the

previous  upward  price  trend  reversed  sharply  lower   during

February  in  response to interest rate hikes across  the  globe.

Additional losses were recorded from short gold futures positions

as  prices  spiked sharply higher early in February following  an

announcement  by  a  major producer that it was  suspending  gold

hedging   activities.   Newly  established  long   gold   futures

positions resulted in additional losses as gold prices fell later

in February from weakness in the Australian dollar and gold sales

by  the  Dutch central bank.  In the global interest rate futures

markets, losses  of  approximately  1.4% were  incurred primarily

<PAGE>

during  February from long positions in Japanese government  bond

futures as prices decreased in response to the yen's weakness,  a

higher Nikkei average and the perception in Japan that, despite a

zero  interest rate policy, 10-year interest rates are  too  low.

In  soft  commodities, losses of approximately 0.6% were recorded

primarily during March from long cocoa futures positions as cocoa

prices  dropped  against  the backdrop of  world  overproduction.

Total  expenses for the three months ended March  31,  2000  were

$2,330,796 resulting in net income of $2,758,486.  The value of a

Unit  increased from $963.26 at December 31, 1999 to  $994.28  at

March 31, 2000.



For the Quarter Ended March 31, 1999

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

total  trading  losses net of interest income, of $5,866,227  and

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

significant losses of approximately 4.5% were experienced in  the

global interest rate futures markets throughout a majority of the

quarter from short Japanese government bond futures positions  as

prices increased amid growing speculation that the Bank of  Japan

may  underwrite Japanese government bonds.  Fears that a rise  in

Japanese  bond yields would lead many Japanese money managers  to

repatriate  assets  from foreign investments  to  yen-denominated

debt  also pushed prices higher.  Additional losses were recorded

during  February  and  March from short  German  government  bond

futures  positions  as prices increased on reports that Germany's

<PAGE>

industrial  production  showed a sharp increase,  creating  hopes

that  Europe's  biggest economy could be strengthening.   In  the

currency  markets,  losses of approximately  4.1%  were  recorded

throughout a majority of the quarter from long Australian  dollar

positions as its value dropped significantly relative to the U.S.

dollar  on  speculation regarding potential currency devaluations

in  the  Asian region.  Losses recorded from short British  pound

positions  in  March offset profits recorded in February  as  its

value  strengthened versus the U.S. dollar as the  market  scaled

back  the  chances  of a British interest rate cut  following  an

announcement of a budget that was more generous than expected. In

the metals markets, losses of approximately 0.9% were experienced

during  March  from  long  silver  futures  positions  as  prices

retreated  after  Berkshire Hathaway's annual  report  failed  to

provide  any  new information on the company's silver  positions.

In  soft  commodities, losses of approximately 0.6% were recorded

during March from short positions in coffee futures as prices  in

this  market  surged late in the month as options-related  buying

triggered  waves  of buy-stops at several key resistance  levels,

attracting  fund  short-covering.   In  the  global  stock  index

futures  markets,  losses of approximately 0.2% were  experienced

during  February  from  long S&P 500 Index futures  positions  as

domestic  equity prices moved lower on concerns that the  Federal

Reserve  may  raise  interest  rates  in  an  effort  to  control

inflation.   These  losses  were partially  offset  by  gains  of

approximately 2.4%  recorded in  the  energy markets during March

<PAGE>

from  long  positions in crude and heating oil futures as  prices

moved  significantly higher which 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.   In  the  agricultural

markets, gains of approximately 0.7% were recorded mainly  during

January and February from short futures positions in soybeans and

soybean  products as prices declined to 23-year lows in  reaction

to  a healthy South American crop outlook, weak world demand  and

fears  that Brazil will flood the market in an effort to  support

their  ailing economy.  Total expenses for the three months ended

March  31,  1999  were $2,939,578, resulting in  a  net  loss  of

$8,805,805.   The  value of a Unit decreased  from  $1,084.04  at

December 31, 1998 to $1,008.42 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

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 Manager  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.



<PAGE>

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.

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,



<PAGE>

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 Partnerships'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). 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



<PAGE>

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 Manager 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

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

sensitive.   The  historical observation period of  the  Partner-

ship's  VaR  is  approximately  four  years.   The  one-day   99%

confidence  level  of the Partnership's VaR  corresponds  to  the

negative change in portfolio value that, based on observed market

risk factors, would have been exceeded once in 100 trading days.

<PAGE>

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 Manager in their daily risk  management

activities.



The Partnership's Value at Risk in Different Market Sectors

The  following  tables  indicate  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 $88 million and $113 million,

respectively.


     Primary Market             March 31, 2000     March 31, 1999
     Risk Category              Value at Risk      Value at Risk

     Currency                      (1.67)%             (1.91)%

     Interest Rate                 (1.56)              (0.89)

     Commodity                     (2.07)              (0.98)

     Equity                        (1.30)              (0.77)

     Aggregate Value at Risk       (3.40)%             (2.26)%



Aggregate Value at Risk represents the aggregate VaR of  all  the

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



<PAGE>

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.



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                         (1.95)%     (1.67)%     (1.81)%

Interest Rate                    (2.01)      (0.89)      (1.36)

Commodity                        (2.07)      (0.93)      (1.35)

Equity                           (1.30)      (0.19)      (0.69)

Aggregate Value at Risk          (3.40)%     (2.26)%     (2.82)%


<PAGE>
Limitations on Value at Risk as an Assessment of Market Risk

The  face  value  of the market sector instruments  held  by  the

Partnership  is  typically  many  times  the  applicable   margin

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

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;







<PAGE>

     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 1999 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

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

78%) of its available assets in cash at DWR.  A decline in short-



<PAGE>

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

cash  management  income. This cash flow risk is  not  considered

material.



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

assessment  of  reasonably  possible  market  movements  and  the

potential  losses caused by such movements, taking  into  account

the   leverage,  optionality  and  multiplier  features  of   the

Partnership's market-sensitive instruments.



Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

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

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

Partnership   manages  its  primary  market  risk   exposures   -

constitute  forward-looking  statements  within  the  meaning  of

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

Securities  Exchange Act. The Partnership's primary  market  risk

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

Demeter  and the Trading Manager 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

<PAGE>

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 most significant exposure in the Partnership  was

in  the currency complex.  The Partnership's currency exposure is

to   exchange  rate  fluctuations,  primarily  fluctuations  that

disrupt  the  historical pricing relationships between  different

currencies and currency pairs.  Interest rate changes as well  as

political   and  general  economic  conditions  influence   these

fluctuations.   The  Partnership trades  in  a  large  number  of

currencies,  including  cross-rates i.e., positions  between  two

currencies other than the U.S. dollar.  For the first quarter  of

2000, the Partnership's foreign currency exposure was in the euro

currency  crosses  and outright U.S. dollar  positions  (outright

positions  consist of the U.S. dollar vs. other currencies).  The

currency  trading  VaR  figure includes  foreign  margin  amounts

converted into U.S. dollars with an incremental adjustment to



<PAGE>

reflect  the  exchange  rate risk inherent  to  the  dollar-based

Partnership in expressing VaR in a functional currency other than

dollars.



Interest  Rates.   At March 31, 2000, there was also  significant

exposure in the interest rate sector. Exposure was spread  across

the U.S., Swiss, Australian, and Euro-zone interest rate sectors.

Interest  rate  movements  directly  affect  the  price  of   the

sovereign  bond 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 G-

7  countries  and Australia.  Demeter anticipates  that  G-7  and

Australian  interest rates will remain the primary interest  rate

exposure  of  the  Partnership for the foreseeable  future.   The

changes  in  interest rates, which have the most  effect  on  the

Partnership,   are   changes   in   long-term   and   medium-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.



Commodity.

Metals.   The Partnership's metals market exposure in  the  first

quarter of 2000 was to fluctuations in the prices of base metals,

<PAGE>

as  well as exposure in the gold market.  A significant amount of

exposure  was evident in the base metals as the Partnership  held

sizeable  positions in aluminum and copper as determined  by  the

parameters of the proprietary system.



The  Partnership  aims to equally weight market exposure  in  the

metals  as much as possible, however base metals, during  periods

of volatility, will affect performance more dramatically than the

precious  metals markets.  Demeter anticipates that  base  metals

will   remain   the  primary  metals  market  exposure   of   the

Partnership.



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

in  natural gas futures contracts.  Price movement in this market

results  from  supply/demand data, weather  patterns,  and  other

economic fundamentals. A position in natural gas will impact  the

portfolio as it is a significant portion of the portfolio.



Soft   Commodities  and  Agriculturals.    The  Partnership   had

moderate  exposure  in the markets that comprise  these  sectors.

Most  of the exposure was in the corn and coffee markets.  Supply

and  demand  inequalities, severe weather disruptions and  market

expectations affect price movements in these markets.



Equity.  The Partnership's equity exposure on March 31, 2000  was

primarily to price risk in the S&P 500 futures index.  The stock

<PAGE>

index  futures  traded by the Partnership are by law  limited  to

futures on broadly based indices. Demeter anticipates little,  if

any,  trading  in  non-G-7  stock indices.   The  Partnership  is

primarily  exposed to the risk of adverse price trends or  static

markets in the U.S. and Japanese indices.  (Static markets  would

not  cause  major market changes but would make it difficult  for

the  Partnership to avoid being "whipsawed" into  numerous  small

losses.)



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 foreign  currency

balances are in Japanese yen, British pounds, euros, Swiss francs

and 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 Manager, 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 Manager

daily. In

<PAGE>

addition,   the   Trading  Manager  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 Manager.





































<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 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, MS & Co. and  MSIL,  rather

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

Partnership's  foreign  currency  forward  trades.   Dean  Witter

Reynolds  Inc. will continue to act as the non-clearing commodity

broker for the Partnership.


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 Limited Partnership
                              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.