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 June 30, 2000 or

[  ]   Transition report pursuant to Section 13 or 15(d)  of  the
Securities Exchange Act of 1934
For the transition period from ________________to_____________

Commission File number 0-25607

         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.

     (Exact name of registrant as specified in its charter)


          Delaware                                13-4018063
(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>
         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.

             INDEX TO QUARTERLY REPORT ON FORM 10-Q

                        June 30, 2000

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

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

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

     Statements of Operations for the Six Months Ended
     June 30, 2000 and the Period from March 1, 1999
     (commencement of operations) to June 30, 1999
     (Unaudited)................................................4

     Statements of Changes in Partners' Capital for the
        Six Months Ended June 30, 2000 and the Period from
        March 1, 1999 (commencement of operations) to
                       June               30,                1999
     (Unaudited)..................................5

     Statements of Cash Flows for the Six Months Ended
     June 30, 2000 and the Period from March 1,
     1999 (commencement of operations) to June 30, 1999
     (Unaudited)................................................6

        Notes to Financial Statements (Unaudited)...............7-
     11

Item 2. Management's Discussion and Analysis of

Financial Condition and Results of Operations.......12-21

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

Part II. OTHER INFORMATION

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

Item 2. Changes in Securities and Use of Proceeds...........34-35

Item 5. Other Information..................................... 35

Item 6. Exhibits and Reports on Form 8-K....................35-36

</TABLE>
<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                       June 30,      December 31,

2000                                   1999                     $
$
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in futures interests trading accounts:
 Cash                               22,658,173    20,297,239
 Net unrealized gain (loss) on open contracts(57,093)1,722,849
 Net option premiums                (215,831)         403,312

      Total Trading Equity          22,385,249     22,423,400

Subscriptions receivable               382,301        948,424
Interest receivable (DWR)            106,154          83,547

      Total Assets                 22,873,704      23,455,371


LIABILITIES AND PARTNERS' CAPITAL

Liabilities
 Redemptions payable                   413,077        222,634
 Accrued brokerage fees (DWR)          133,718        120,848
 Accrued management fees                38,205         34,528

      Total Liabilities                585,000        378,010

Partners' Capital

 Limited Partners (2,813,703.558 and
 2,554,572.061 Units, respectively) 22,035,031     22,813,660
 General Partner (32,392.072 and
     29,528.110 Units, respectively)     253,673      263,701

 Total Partners' Capital            22,288,704     23,077,361

 Total Liabilities and Partners' Capital  22,873,704   23,455,371


NET ASSET VALUE PER UNIT                  7.83            8.93

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

<PAGE>
<TABLE>
        MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
                    STATEMENTS OF OPERATIONS
                           (Unaudited)




<CAPTION>
                                For the Quarters Ended June 30,

                                        2000        1999
                                          $            $


REVENUES
<S>
<C>                              <C>
 Trading profit (loss):
          Realized                           (1,449,599)(536,301)
Net change in unrealized          (1,222,151)      720,358

      Total Trading Results       (2,671,750)   184,057

 Interest Income (DWR)                329,692        91,962
      Total Revenues              (2,342,058)      276,019

EXPENSES

 Brokerage fees (DWR)                 411,702   181,528
      Management fees                 117,629        51,865
      Total Expenses                  529,331       233,393

NET INCOME (LOSS)                 (2,871,389)         42,626


NET INCOME (LOSS) ALLOCATION

 Limited Partners                 (2,838,021)    42,391
 General Partner                     (33,368)        235


NET INCOME (LOSS) PER UNIT

 Limited Partners                      (1.03)     (.02)
 General Partner                       (1.03)       (.02)


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



<PAGE>
<TABLE>
        MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
                    STATEMENTS OF OPERATIONS
                           (Unaudited)

<CAPTION>

For the Period from

March 1, 1999

(commencement
For the Six Months         of operations) to

Ended June 30,                  June 30,
                                      2000            1999
                                        $              $
REVENUES
<S>
<C>                                 <C>
 Trading profit (loss):
    Realized                       (793,358)     (994,153)
      Net change in unrealized   (1,779,942)     752,388
      Total Trading Results      (2,573,300)  (241,765)
 Interest Income (DWR)               619,594      112,440
      Total Revenues             (1,953,706)     (129,325)

EXPENSES

   Brokerage   fees   (DWR)                  810,905      215,370
Management fees                      231,687          61,534

      Total Expenses               1,042,592        276,904
NET LOSS                         (2,996,298)      (406,229)


NET LOSS ALLOCATION

    Limited    Partners                  (2,961,270)    (401,052)
General Partner                     (35,028)    (5,177)

NET LOSS PER UNIT

 Limited Partners                     (1.10)      (.79)
 General Partner                      (1.10)       (.79)


<FN>

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




<PAGE>
<TABLE>

         MORGAN STANLEY DEAN WITTER CHARTER WELTON  L.P.
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
         For the Six Months Ended June 30, 2000 and the
                   Period from March 1, 1999
                 (commencement of operations) to
                          June 30, 1999
                          (Unaudited)

<CAPTION>




Units of

Partnership               Limited   General

Interest                  Partners  Partner    Total
<S>                        <C>       <C>       <C>        <C>

Partners' Capital,
 March 1, 1999
 Initial Offering     580,145.052          $5,731,450            $70,000   $5,801,450

Offering of Units     997,332.947                  9,038,806     100,000   9,138,806

Net                                                          Loss
-                                     (401,052)         (5,177)      (406,229)

Partners' Capital,
  June 30, 1999     1,577,477.999           $14,369,204  $164,823
$14,534,027





Partners' Capital,
 December 31, 1999  2,584,100.171          $22,813,660           $263,701
$23,077,361
Offering of Units     643,848.858          5,433,034      25,000      5,458,034

Net                                                          Loss
-                                          (2,961,270)           (35,028)
(2,996,298)

Redemptions                                        (381,853.399)         (3,250,393)
______-__                          (3,250,393)

Partners' Capital,
  June 30, 2000     2,846,095.630           $22,035,031  $253,673
$22,288,704



<FN>






           The accompanying notes are an integral part
                 of these financial statements.
</TABLE>
<PAGE>
<TABLE>
         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
                    STATEMENTS OF CASH FLOWS
                           (Unaudited)


<CAPTION>



For the Period from

March 1, 1999

(commencement
For the Six Months         of operations) to

Ended June 30,                 June 30,
                                      2000            1999
                                        $              $
<S>                                    <C>          <C>

CASH FLOWS FROM OPERATING ACTIVITIES

 Net loss                         (2,996,298)(406,229)
 Noncash item included in net loss:
    Net change in unrealized        1,779,942   (752,388)

 (Increase) decrease in operating assets:
     Net   option   premiums                619,143       178,547
 Interest receivable (DWR)          (22,607)  (38,708)
 Increase in operating liabilities:
       Accrued   brokerage   fees   (DWR)         12,870   72,440
Accrued management fees                 3,677      20,697

 Net cash used for operating activities   (603,273)  (925,641)


CASH FLOWS FROM FINANCING ACTIVITIES

                           Initial                       offering
-                                   5,801,450
    Offering of Units               5,458,034   9,138,806
         (Increase)   decrease   in   subscriptions    receivable
566,123                           (1,740,035)
            Increase        in        redemptions         payable
190,443                            -
    Redemptions of Units          (3,250,393)  ______-___

   Net   cash  provided  by  financing  activities      2,964,207
13,200,221

 Net increase in cash               2,360,934  12,274,580

 Balance at beginning of period    20,297,239_____-____
 Balance at end of period          22,658,173     12,274,580


<FN>

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

<PAGE>

         MORGAN STANLEY DEAN WITTER CHARTER WELTON 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 of Morgan  Stanley  Dean

Witter  Charter Welton L.P. (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 - Morgan Stanley Dean Witter Charter Welton L.P.

is  a  Delaware limited partnership organized to engage primarily

in  the  speculative  trading of futures and  forward  contracts,

options  on  futures  contracts and on physical  commodities  and

other   commodity   interests,  including   foreign   currencies,

financial  instruments, metals, energy and agricultural  products

(collectively,  "futures interests").  The Partnership  commenced

operations  on  March 1, 1999.  The Partnership  is  one  of  the

Morgan Stanley Dean Witter Charter Series of funds, comprised  of

the  Partnership, Morgan Stanley Dean Witter Charter Graham L.P.,

and Morgan Stanley Dean Witter Charter Millburn L.P.



The   general   partner   is   Demeter   Management   Corporation

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

Reynolds Inc.



<PAGE>
         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONTINUED)




("DWR")  and  an  unaffiliated clearing  commodity  broker,  Carr

Futures  Inc. ("Carr"), provides clearing and execution services.

Demeter  and DWR are wholly-owned subsidiaries of Morgan  Stanley

Dean   Witter  &  Co.  Welton  Investment  Corporation  ("Trading

Advisor") is the Trading Advisor to the Partnership.



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 rate equal  to  that

earned  by  DWR  on  its  U.S. Treasury  bill  investments.   The

Partnership pays brokerage fees to DWR.



3.  Financial Instruments

The Partnership trades futures and forward contracts, options  on

futures contracts and on physical commodities and other commodity

interests,  including foreign currencies, financial  instruments,

metals,  energy and agricultural products.  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



<PAGE>
         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONTINUED)


factors  which  may significantly influence the market  value  of

these contracts, including interest rate volatility.



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

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

133,   "Accounting   for  Derivative  Instruments   and   Hedging

Activities" effective for fiscal years beginning after  June  15,

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

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 for the fiscal year ended

December 31, 1999.  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 (loss) on open contracts is reported as a

component  of  "Equity in futures interests trading accounts"  on

the statements of financial condition and totaled $(57,093) and




<PAGE>
         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONTINUED)


$1,722,849 at June 30, 2000 and December 31, 1999, respectively.



The net unrealized loss of $57,093 and the net unrealized gain of

$1,722,849  at June 30, 2000 and December 31, 1999, respectively,

related  to  exchange-traded futures and  futures-styled  options

contracts.



Exchange-traded futures and futures-styled options contracts held

by  the Partnership at June 30, 2000 and December 31, 1999 mature

through December 2000 and May 2000, respectively.



The Partnership has credit risk associated with counterparty non-

performance.  The credit risk associated with the instruments  in

which  the  Partnership  is involved is limited  to  the  amounts

reflected in the Partnership's statements of financial condition.



The Partnership also has credit risk because DWR and Carr act  as

the  futures  commission  merchants or  the  counterparties  with

respect  to  most  of  the Partnership's assets.  Exchange-traded

futures and futures-styled options 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 and futures-styled



<PAGE>

         MORGAN STANLEY DEAN WITTER CHARTER WELTON L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)


options 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 and futures-styled options contracts, including an amount

equal  to the net unrealized gain (loss) on all open futures  and

futures-styled options contracts, which funds, in the  aggregate,

totaled $22,601,080 and $22,020,088 at June 30, 2000 and December

31,  1999, respectively.  With respect to the Partnership's  off-

exchange-traded forward currency contracts, there  are  no  daily

settlements  of variations in value nor is there any  requirement

that  an  amount equal to the net unrealized gain (loss) on  open

forward  contracts  be segregated.  With respect  to  those  off-

exchange-traded forward currency contracts, the Partnership is at

risk to the ability of Carr, the sole counterparty on all of such

contracts,  to perform.  The Partnership has a netting  agreement

with  Carr.   This  agreement, which seeks  to  reduce  both  the

Partnership's and Carr's exposure on off-exchange-traded  forward

currency  contracts, should materially decrease the Partnership's

credit  risk  in  the event of Carr's bankruptcy  or  insolvency.

Carr's  parent, Credit Agricole Indosuez, has guaranteed  to  the

Partnership  payment  of  the  net  liquidating  value   of   the

transactions  in  the Partnership's account with Carr  (including

foreign currency contracts).

<PAGE>
Item   2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
CONDITION AND RESULTS OF OPERATIONS


Liquidity. The Partnership deposits its assets with DWR  as  non-

clearing  broker and Carr as clearing broker in separate  futures

trading  accounts  established for  the  Trading  Advisor,  which

assets  are  used as margin to engage in trading. The assets  are

held   in  either  non-interest-bearing  bank  accounts   or   in

securities  and instruments permitted by the CFTC for  investment

of  customer  segregated  or secured  funds.   The  Partnership's

assets held by the commodity brokers may be used as margin solely

for  the  Partnership's  trading.  Since the  Partnership's  sole

purpose  is  to  trade in futures, forwards, and options,  it  is

expected  that the Partnership will continue to own  such  liquid

assets for margin purposes.



The  Partnership's investment in futures, forwards,  and  options

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 or options contract

has increased or decreased by an amount equal to the daily limit,

positions  in  that futures or options 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

<PAGE>

no   trading.    These  market  conditions  could   prevent   the

Partnership  from  promptly liquidating its  futures  or  options

contracts and result in restrictions on redemptions.



There  is  no limitation on daily price moves in trading  forward

contracts  on  foreign currencies.  The markets  for  some  world

currencies  have low trading volume and are illiquid,  which  may

prevent  the  Partnership from trading in potentially  profitable

markets  or  prevent  the Partnership from  promptly  liquidating

unfavorable   positions  in  such  markets,  subjecting   it   to

substantial  losses.   Either of these  market  conditions  could

result in restrictions on redemptions.



The  Partnership  has  never had illiquidity  affect  a  material

portion of its assets.



Capital  Resources. The Partnership does not have, or  expect  to

have,  any capital assets.  Redemptions, exchanges and  sales  of

additional  units of limited partnership interest ("Units")  will

affect  the  amount of funds available for investment in  futures

interests in subsequent periods.  It is not possible to  estimate

the  amount  and  therefore, the impact of future redemptions  of

Units.







<PAGE>

Results of Operations

General.  The Partnership's results depend on its Trading Advisor

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

advantage of price movements or other profit opportunities in the

futures  and forwards markets.  The following presents a  summary

of  the  Partnership's operations for the quarter and six  months

ended  June 30, 2000 and for the quarter ended June 30, 1999  and

the  period  from March 1, 1999 (commencement of  operations)  to

June  30,  1999,  respectively, and a general discussion  of  its

trading activities during each period.  It is important to  note,

however,  that the Trading Advisor trades in various  markets  at

different  times  and that prior activity in a particular  market

does  not  mean that such market will be actively traded  by  the

Trading   Advisor   or  will  be  profitable   in   the   future.

Consequently,  the results of operations of the  Partnership  are

difficult  to  discuss other than in the context of  its  Trading

Advisor's  trading activities on behalf of the Partnership  as  a

whole and how the Partnership has performed in the past.



For the Quarter and Six Months Ended June 30, 2000

For  the  quarter  ended June 30, 2000, the Partnership  recorded

total  trading  losses net of interest income of  $2,342,058  and

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

significant  losses of approximately 7.7% were  recorded  in  the

currency  markets primarily during April from long  positions  in

the Japanese yen as the value of the yen weakened versus the U.S.

<PAGE>

dollar   amid   fears  of  additional  Bank  of   Japan   ("BOJ")

intervention.  During  May and June, losses  were  recorded  from

short  positions in the Japanese yen as its value reversed higher

versus the U.S. dollar following hints by BOJ governor Hayami  of

the  possible end of the zero interest rate policy in Japan.  The

U.S.  dollar  weakened further versus the  yen  during  June  due

primarily to the perception that interest rates in the  U.S.  may

have  topped  out.   In the global stock index  futures  markets,

losses of approximately 6.3% were recorded primarily during April

from  long U.S. stock index futures positions as domestic  equity

prices  declined  following an unexpected jump  in  the  Consumer

Price  Index on fears of inflation and concerns that the  Federal

Reserve  may need to raise interest rates more aggressively.   In

the   metals  markets,  losses  of  approximately  1.5%  resulted

primarily  during June from short aluminum futures  positions  as

prices  reversed sharply higher mid-month on institutional buying

and  fears  that  U.S.  capacity could be hit  further  by  power

shortages.   In the global interest rate futures markets,  losses

of  approximately 0.8% were recorded throughout the  majority  of

the quarter from short positions in German bund futures as prices

were  pushed higher by a rise in U.S. prices.  These losses  were

partially   offset  by  gains  of  approximately  4.2%   recorded

primarily  in  the energy markets during May and June  from  long

futures  positions in crude oil and its related products  as  the

previous  upward  movement in oil prices re-emerged  amid  rising

concerns regarding supplies and production levels.  Additional

<PAGE>

gains were recorded during May from long positions in natural gas

futures  as prices continued their upward trend, as data released

by  the  American  Gas Association further confirmed  fears  that

inventory  levels  remain low.  In the soft commodities  markets,

gains  of  approximately 0.6% were recorded throughout a majority

of  the  quarter from short positions in coffee futures as prices

declined  on  technical factors.  Total expenses  for  the  three

months ended June 30, 2000 were $529,331, resulting in a net loss

of $2,871,389.  The value of a Unit decreased from $8.86 at March

31, 2000 to $7.83 at June 30, 2000.



For  the six months ended June 30, 2000, the Partnership recorded

total  trading  losses net of interest income of  $1,953,706  and

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

significant losses of approximately 8.2% were recorded  primarily

during  January  in the global stock index futures  markets  from

long  positions in U.S. stock index futures as U.S. and  European

equity  prices reversed lower, after rallying higher in December,

amid fears of interest rate hikes in the U.S. and Europe.  During

April, additional losses were recorded from long U.S. stock index

futures positions as domestic equity prices declined following an

unexpected  jump  in the Consumer Price Index.  In  the  currency

markets,  losses of approximately 4.7% were experienced primarily

during April from long positions in the Japanese yen as the value

of  the  yen  weakened  versus the  U.S.  dollar  amid  fears  of

additional BOJ intervention. During May and June, losses were

<PAGE>

recorded  from short positions in the Japanese yen as  its  value

reversed  higher versus the U.S. dollar following  hints  by  BOJ

governor  Hayami  of the possible end of the zero  interest  rate

policy  in  Japan.  In the global interest rate futures  markets,

losses  of  approximately  1.7%  were  recorded  throughout   the

majority  of  the second quarter from short positions  in  German

bund  futures  as prices were pushed higher by the rise  in  U.S.

prices.   In  the  metals markets, losses of  approximately  1.6%

resulted  primarily  during  June  from  short  aluminum  futures

positions  as  prices  reversed sharply higher  at  mid-month  on

institutional buying and fears that U.S. capacity  could  be  hit

further  by power shortages.  These losses were partially  offset

by  gains of approximately 5.8% recorded primarily during January

and  February in the energy markets from long positions in  crude

oil  futures and its refined products as oil prices increased  on

concerns  about  future output levels from  the  world's  leading

producer  countries  amid  dwindling  stockpiles  and  increasing

demand.   Gains were also recorded during May and June from  long

futures positions in crude oil as the previous upward movement in

oil  prices reemerged amid rising concerns regarding supplies and

production  levels.   Additional gains were recorded  during  May

from  long  positions in natural gas futures as prices  continued

their  upward  trend,  as  data  released  by  the  American  Gas

Association further confirmed fears that inventory levels  remain

low.  Total expenses for the six months ended June 30, 2000



<PAGE>

were $1,042,592, resulting in a net loss of $2,996,298. The value

of  a Unit decreased from $8.93 at December 31, 1999 to $7.83  at

June 30, 2000.


For the Quarter and Four Months Ended June 30, 1999

For  the  quarter  ended June 30, 1999, the Partnership  recorded

total trading revenues including interest income of $276,019  and

posted  a  small  increase in Total Net Assets.  Due  to  monthly

fluctuations  in  Net  Asset Value per Unit  and  the  timing  of

monthly   subscriptions,  Net  Asset  Value  per  Unit  decreased

slightly  for  the  quarter.   The  most  significant  losses  of

approximately 2.6% were recorded in the energy markets  primarily

from  long  positions in natural gas futures  as  prices  dropped

during mid June on reports of higher-than-expected storage levels

and  a break in a heat wave in key consumption areas of the  U.S.

In  metals, losses of approximately 2.2% were incurred  primarily

during  May  from long futures positions in most base  metals  as

prices  reversed sharply lower amid increased supply, low  demand

and  as the likelihood of a production cut faded.  Smaller losses

of  approximately  0.4%  were recorded in  the  currency  markets

primarily   from   crossrate  transactions,  specifically   short

positions  in  the  European  common  currency  relative  to  the

Japanese  yen,  as the value of the euro climbed versus  the  yen

during  mid May following comments by Japanese finance  officials

that the subsequent decline in the yen versus the U.S. dollar was

rapid but not concerning.  These losses were partially offset by

<PAGE>

gains of approximately 2.3% recorded in the global interest  rate

futures  markets  primarily during June from short  positions  in

European  interest rate futures, particularly Spanish and  German

bond   futures,  as  prices  declined  amid  dampened   sentiment

regarding  economic  unity in that region  and  on  fears  of  an

interest rate hike in the U.S.  Additional gains of approximately

2.2%  were  recorded  in the global stock index  futures  markets

primarily  from  long positions in U.S. stock  index  futures  as

domestic equity prices rose during June following the release  of

U.S.  economic  data that calmed investor fears  of  any  extreme

action  by the Federal Open Market Committee.  Smaller  gains  of

approximately  0.4%  were  recorded  in  the  livestock   markets

primarily  from  short positions in lean hog  futures  as  prices

declined  sharply due to reports of an inventory surplus.   Total

expenses  for the three months ended June 30, 1999 were $233,393,

resulting  in  net  income  of $42,626.   The  value  of  a  Unit

decreased from $9.23 at March 31, 1999 to $9.21 at June 30, 1999.



For the period from March 1, 1999 (commencement of operations) to

June 30, 1999, the Partnership recorded total trading losses  net

of interest income of $129,325 and posted a decrease in Net Asset

Value per Unit. The most significant losses of approximately 3.1%

were recorded in the energy markets primarily from long positions

in  natural  gas  futures as prices dropped during  mid  June  on

reports of higher-than-expected storage levels and a break  in  a

heat wave in key consumption areas of the U.S.  In metals, losses

<PAGE>

of  approximately 2.6% were incurred primarily  during  May  from

long  futures  positions in most base metals as  prices  reversed

sharply  lower  amid  increased supply, low  demand  and  as  the

likelihood  of  a  production  cut faded.   Smaller  losses  were

recorded  in this market complex during March from short aluminum

futures  positions as prices increased as strong demand from  the

U.S.  prompted shipments from Europe amid a drawdown  in  supply.

In   currencies,  losses  of  approximately  0.5%  were  recorded

primarily during March from short Japanese yen positions  as  the

value  of  the  yen  increased relative to the U.S.  dollar  amid

positive  investor  reaction to the Bank of Japan's  decision  to

leave  the  official discount rate unchanged.  Losses  were  also

recorded from short yen positions during June as the yen's  value

temporarily  strengthened  versus the  U.S.  dollar  on  optimism

regarding  the Japanese economy.  These losses were mitigated  by

gains of approximately 2.1% recorded in the global interest  rate

futures  markets  primarily  from  short  positions  in  European

interest  rate  futures,  particularly Spanish  and  German  bond

futures,  as prices declined during June amid dampened  sentiment

regarding  economic  unity in that region  and  on  fears  of  an

interest  rate hike in the U.S.  Smaller profits of approximately

0.4%  were recorded in the livestock markets primarily from short

positions in lean hog futures as prices declined sharply  due  to

reports  of an inventory surplus.  Total expenses for the  period

from  March 1, 1999 (commencement of operations) to June 30, 1999

were $276,904, resulting in a net



<PAGE>

loss  of $406,229.  The value of a Unit decreased from $10.00  at

March  1, 1999 (commencement of operations) to $9.21 at June  30,

1999.



Item  3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT  MARKET
RISK

Introduction

The  Partnership is a commodity pool involved in the  speculative

trading  of  futures interests.  The market-sensitive instruments

held  by  the  Partnership are acquired for  speculative  trading

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

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

operating  company, the risk of market-sensitive  instruments  is

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

activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  market  risk.  Market risk is often  dependent  upon

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

<PAGE>

markets,  and the liquidity of the markets.  At different  times,

each  of these factors may act to increase or decrease the market

risk associated with the Partnership.



The  Partnership's past performance is not necessarily indicative

of  its future results.  Any attempt to numerically quantify  the

Partnership's  market risk is limited by the uncertainty  of  its

speculative  trading.  The Partnership's speculative trading  may

cause future losses and volatility (i.e. "risk of ruin") that far

exceed  the  Partnership's experiences to date or any  reasonable

expectations based upon historical changes in market value.


Quantifying the Partnership's Trading Value at Risk

The    following    quantitative   disclosures   regarding    the

Partnership's  market  risk  exposures  contain  "forward-looking

statements"  within  the meaning of the safe  harbor  from  civil

liability  provided for such statements by the Private Securities

Litigation  Reform Act of 1995 (set forth in Section 27A  of  the

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

Act  of  1934). 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 Advisor is estimated below in terms of Value at Risk

("VaR").  The  VaR  model used by the Partnership  includes  many

variables that could change the market value of the Partnership's

trading  portfolio.  The Partnership estimates VaR using a  model

based upon historical simulation with a confidence level of  99%.

Historical  simulation involves constructing  a  distribution  of

hypothetical  daily changes in the value of a trading  portfolio.

The  VaR  model takes into account linear exposures to price  and

interest  rate risk.  Market risks that are incorporated  in  the

VaR  model  include equity and commodity prices, interest  rates,

foreign  exchange  rates, and correlation among these  variables.

The  hypothetical changes in portfolio value are based  on  daily

percentage changes observed in key market indices or other market

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

sensitive. The historical observation period of the Partnership's

VaR  is  approximately  four years.  The one-day  99%  confidence

level of the Partnership's VaR corresponds to the negative change

in  portfolio value that, based on observed market risk  factors,

would have been exceeded once in 100 trading days.



<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 Advisor 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 at June 30, 2000 and 1999.  As of

June  30,  2000  and 1999, the Partnership's total capitalization

was approximately $22 million and $15 million, respectively.


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

     Interest Rate              (1.30)%           (0.86)%

     Currency                   (1.11)            (1.12)

     Equity                     (0.74)            (4.75)
     Commodity                  (1.23)            (0.60)
     Aggregate Value at Risk    (1.98)%           (5.02)%


Aggregate Value at Risk represents the aggregate VaR of  all  the

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

individual Market Categories listed above.  Aggregate VaR will be





<PAGE>

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 June 30, 2000 and 1999 only and is not  necessarily

representative  of  either the historic  or  future  risk  of  an

investment  in  the  Partnership. Because the Partnership's  only

business  is  the speculative trading of futures  interests,  the

composition  of  its  trading portfolio can change  significantly

over  any given time period, or even within a single trading day.

Any  changes  in  open positions could positively  or  negatively

materially impact market risk as measured by VaR.



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 July  1,

1999 through June 30, 2000.



Primary Market Risk Category        High       Low       Average

Interest Rate                      (1.30)%    (0.44)%    (0.92)%
Currency                           (1.35)     (0.99)     (1.14)

Equity                             (4.75)     (0.16)     (1.78)

Commodity                          (1.23)     (0.19)     (0.65)

Aggregate Value at Risk            (5.02)%    (1.08)%    (2.72)%


<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;







<PAGE>

    VaR results reflect past trading positions while future risk

  depends on future positions;

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

  market  risk of positions that cannot be liquidated  or  hedged

  within one day; and

     the  historical  market  risk  factor  data  used  for  VaR

  estimation  may provide only limited insight into  losses  that

  could be incurred under certain unusual market movements.



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

for  the  Partnership's market risk exposures and on an aggregate

basis  at  June  30, 2000 and for the end of the  four  quarterly

reporting periods from July 1, 1999 through June 30, 2000.  Since

VaR  is  based  on historical data, VaR should not be  viewed  as

predictive  of the Partnership's future financial performance  or

its ability to manage or monitor risk.  There can be no assurance

that the Partnership's actual losses on a particular day will not

exceed  the VaR amounts indicated above or that such losses  will

not occur more than 1 in 100 trading days.



Non-Trading Risk

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

balances  not needed for margin.  These balances and  any  market

risk they may represent are immaterial.  At June 30, 2000 the



<PAGE>

Partnership's cash balance at DWR was approximately  86%  of  its

total  Net Asset Value.    A decline in short-term interest rates

will  result  in  a decline in the Partnership's cash  management

income. This cash flow risk is not considered material.



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

assessment  of  reasonably  possible  market  movements  and  any

associated  potential losses, 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 Advisor for managing such exposures  are

subject  to numerous uncertainties, contingencies and risks,  any

one  of which could cause the actual results of the Partnership's

risk  controls to differ materially from the objectives  of  such

strategies.   Government  interventions,  defaults   and   expro-

priations, illiquid markets, the emergence of dominant

<PAGE>

fundamental  factors, political upheavals, changes in  historical

price  relationships,  an  influx  of  new  market  participants,

increased  regulation  and many other  factors  could  result  in

material  losses  as  well as in material  changes  to  the  risk

exposures  and the risk management strategies of the Partnership.

Investors  must be prepared to lose all or substantially  all  of

their investment in the Partnership.




The  following  were the primary trading risk  exposures  of  the

Partnership  as of June 30, 2000 by market sectors.   It  may  be

anticipated  however,  that  these  market  exposures  will  vary

materially over time.



Interest Rate.  The primary market exposure in the Partnership at

June  30,  2000  was in the interest rate sector.   Exposure  was

spread   across  the  U.S.,  Japanese,  European  and  Australian

interest  rate sectors.  Interest rate movements directly  affect

the  price  of the sovereign bond futures positions held  by  the

Partnership  and indirectly affect the value of its  stock  index

and  currency positions.  Interest rate movements in one  country

as  well  as  relative interest rate movements between  countries

materially   impact   the   Partnership's   profitability.    The

Partnership's  primary  interest rate exposure  is  generally  to

interest rate fluctuations in the United States and the other G-7

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

<PAGE>

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

takes futures positions in the government debt of smaller nations

-  e.g.  Australia.  Demeter anticipates that G-7 and  Australian

interest rates will remain the primary interest rate exposure  of

the  Partnership  for  the foreseeable future.   The  changes  in

interest rates which have the most effect on the Partnership  are

changes  in long-term, as opposed to short-term, rates.  Most  of

the speculative futures positions held by the Partnership are  in

medium-  to long-term instruments.  Consequently, even a material

change  in  short-term  rates would have  little  effect  on  the

Partnership,  were  the  medium- to  long-term  rates  to  remain

steady.



Currency.   The second largest market exposure at June  30,  2000

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

is  to  exchange rate fluctuations, primarily fluctuations  which

disrupt  the  historical pricing relationships between  different

currencies and currency pairs.  Interest rate changes as well  as

political   and  general  economic  conditions  influence   these

fluctuations.   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 second quarter of

2000, the Partnership's major exposures were in the euro currency

crosses  and outright U.S. dollar positions.  Outright  positions

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

currencies include the major and minor currencies.  Demeter does

<PAGE>

not  anticipate  that  the  risk  profile  of  the  Partnership's

currency  sector  will change significantly in the  future.   The

currency  trading  VaR  figure includes  foreign  margin  amounts

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

reflect  the  exchange  rate risk inherent  to  the  dollar-based

Partnership in expressing VaR in a functional currency other than

dollars.



Equity.    The  primary equity exposure at June 30, 2000  was  to

equity  price risk in the G-7 countries.  The stock index futures

traded  by  the  Partnership are by law  limited  to  futures  on

broadly  based  indices.  As of June 30, 2000, the  Partnership's

primary  exposures were in the S&P 500 (U.S.), Hang Seng  (China)

and  NASDAQ  (U.S.) stock indices.  The Partnership is  primarily

exposed to the risk of adverse price trends or static markets  in

the  U.S.,  European and Japanese indices.  Static markets  would

not  cause  major market changes but would make it difficult  for

the  Partnership to avoid being "whipsawed" into  numerous  small

losses.



Commodity.

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

shared  primarily  by  futures contracts in  the  crude  oil  and

natural  gas  markets.  Price movements in these  markets  result

from political developments in the Middle East, weather patterns,

and other economic fundamentals.  It is possible that volatility

<PAGE>

will  remain  high.  Significant profits and losses,  which  have

been  experienced  in the past, are expected to  continue  to  be

experienced in this market.  Natural gas has exhibited volatility

in  prices resulting from weather patterns and supply and  demand

factors and may continue in this choppy pattern.



Soft  Commodities  and Agriculturals .  On  June  30,  2000,  the

Partnership  had exposure in the corn, wheat and coffee  markets.

Supply  and  demand inequalities, severe weather  disruption  and

market expectations affect price movements in these markets.



Metals.   The  Partnership's metals market exposure at  June  30,

2000  was  to  fluctuations in the price of base metals.   During

periods  of  volatility,  base  metals  will  affect  performance

dramatically.   Demeter anticipates that  the  base  metals  will

remain the primary metals market exposure of the Partnership.



Qualitative Disclosures Regarding Non-Trading Risk Exposure

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

Partnership as of June 30, 2000:



Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency  balances  at June 30, 2000 were  in  Japanese  yen  and

British pounds.  The Partnership controls the non-trading risk of

these  balances by regularly converting these balances back  into

dollars upon liquidation of the respective position.

<PAGE>

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The  Partnership and the Trading Advisor, separately, attempt  to

manage   the   risk  of  the  Partnership's  open  positions   in

essentially  the  same  manner in all market  categories  traded.

Demeter  attempts  to manage market exposure by diversifying  the

Partnership's assets among different market sectors  and  trading

approaches, and monitoring the performance of the Trading Advisor

daily.    In    addition,   the   Trading   Advisor   establishes

diversification  guidelines, often set in terms  of  the  maximum

margin  to be committed to positions in any one market sector  or

market-sensitive instrument.



Demeter monitors and controls the risk of the Partnership's  non-

trading   instrument,  cash.   Cash  is  the   only   Partnership

investment directed by Demeter, rather than the Trading Advisor.























<PAGE>

                   PART II.  OTHER INFORMATION


Item 1.  LEGAL PROCEEDINGS

Please  refer  to Legal Proceedings previously disclosed  in  the

Partnership's Form 10-Q for the quarter ended March 31, 2000  and

Form 10-K for the year ended December 31, 1999.



Item 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

The   Partnership  registered  3,000,000  Units  pursuant  to   a

Registration  Statement on Form S-1, which  became  effective  on

November 6, 1998 (SEC File Number 333-60097).



The Partnership registered an additional 6,000,000 Units pursuant

to  a  new  Registration  Statement on  form  S-1,  which  became

effective on March 27, 2000 (SEC File Number 333-91567).



The managing underwriter for the Partnership is DWR.



Units are being sold at monthly closings at a price equal to 100%

of  the  Net Asset Value per Unit as of the close of business  on

the last day of each month.



Through  June  30, 2000, 3,259,058.086 Units were  sold,  leaving

5,740,941.914  Units unsold as of June 30, 2000.   The  aggregate

price of the Units sold through June 30, 2000 was $29,273,562.



<PAGE>

Since  no expenses are chargeable against proceeds, 100%  of  the

proceeds of the offering have been applied to the working capital

of  the  Partnership for use in accordance with  the  "Investment

Programs, Use of Proceeds and Trading Policies" sections  of  the

prospectus  included as part of the above referenced Registration

Statement.

Item 5.   OTHER INFORMATION

Effective July 1, 2000, Lewis A. Raibley, III resigned  as  Chief

Financial  Officer  and  a Director of Demeter  and  Dean  Witter

Futures  Currency  Management  Inc.   Effective  July  10,  2000,

Raymond E. Koch replaced Lewis A. Raibley, III as Chief Financial

Officer in Demeter.



Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

     (A)  Exhibits

   3.01   Form   of   Limited   Partnership  Agreement   of   the
          Partnership,   dated   as  of  March   27,   2000,   is
          incorporated  by  reference  to  Exhibit   A   of   the
          Partnership's Prospectus, dated November 6, 1998, filed
          with the Securities and Exchange Commission pursuant to
          Rule  424(b)(3) under the Securities Act  of  1933,  as
          amended, on March 31, 2000.

  3.02   Certificate of Limited Partnership, dated July 15, 1998,
       is  incorporated  by  reference to  Exhibit  3.01  of  the
       Partnership's Form 10-Q (File No. 0-25607) for the        quarter
       ended March 31, 1999.

 10.01        Management Agreement, dated as of November 6, 1998,
      among the Partnership, Demeter Management Corporation,     and
      Welton Investment Corporation, is incorporated by      reference
      to Exhibit 10.01 of the Partnership's Form 10-    Q (File No. 0-
      25607) for the quarter ended March 31,       1999.

<PAGE>

 10.02         Customer Agreement, dated as of November 6,  1998,
      between  the Partnership and Dean Witter Reynolds  Inc.  is
      incorporated   by  reference  to  Exhibit  10.02   of   the
      Partnership's  Form  10-Q  (File  No.  0-25607)   for   the
      quarter ended March 31, 1999.

 10.03         Customer Agreement, dated as of November 6,  1998,
      among    the Partnership, Carr Futures, Inc., and Dean Witter
      Reynolds Inc. is incorporated by reference to Exhibit      10.03
      of the Partnership's Form 10-Q (File No. 0-25607)    for the
      quarter ended March 31, 1999.

  10.04   International Foreign Exchange Master Agreement,  dated
          as  of  November  6, 1998, between the Partnership  and
          Carr  Futures,  Inc. is incorporated  by  reference  to
          Exhibit 10.04 of the Partnership's Form 10-Q (File  No.
          0-25607) for the quarter ended March 31, 1999.

  10.05   Subscription  and  Exchange  Agreement  and  Power   of
          Attorney  to be executed by each purchaser of Units  is
          incorporated  by  reference  to  Exhibit   B   of   the
          Partnership's  Prospectus dated March 27,  2000,  filed
          with the Securities and Exchange Commission pursuant to
          Rule  424(b)(3) under the Securities Act  of  1933,  as
          amended, on March 31, 2000.

  10.06   Escrow  Agreement, dated November 6,  1998,  among  the
          Partnership,   Demeter  Management  Corporation,   Dean
          Witter Reynolds Inc., and Chemical Bank is incorporated
          by reference to Exhibit 10.06 of the Partnership's Form
          10-Q (File No. 0-25607) for the quarter ended March 31,
          1999.

     (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.




                          Morgan Stanley Dean Witter Charter
                          Welton L.P.(Registrant)

                          By: Demeter Management Corporation
                             (General Partner)

August 11, 2000            By:/s/ Raymond E. Koch_____________
Raymond E. Koch
                                  Chief Financial Officer




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