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 September 30, 2001 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. 0-24035

	MORGAN STANLEY SPECTRUM COMMODITY L.P.

	(Exact name of registrant as specified in its charter)


		Delaware						     13-3968008
(State or other jurisdiction of		   	 (I.R.S. Employer
incorporation or organization)			      Identification No.)


Demeter Management Corporation
c/o Morgan Stanley Trust Company,
Attention:  Managed Futures, 7th Fl.,
Harborside Financial Center Plaza Two
Jersey City, NJ  	  			    			07311-3977
(Address of principal executive offices)	  	     (Zip Code)


Registrant's telephone number, including area code (201) 876-4647


Morgan Stanley Dean Witter Spectrum Commodity L.P.
Two World Trade Center, 62nd Fl., New York, NY 10048

(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 SPECTRUM COMMODITY L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	September 30, 2001

<caption
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

				<c>
		Statements of Financial Condition as of September 30,
 		2001 (Unaudited) and December 31, 2000....................2

		Statements of Operations for the Quarters Ended
		September 30, 2001 and 2000 (Unaudited)...................3

		Statements of Operations for the Nine Months Ended
		September 30, 2001 and 2000 (Unaudited)...................4

		Statements of Changes in Partners' Capital for the
		Nine Months Ended September 30, 2001 and 2000
		(Unaudited)...............................................5

		Statements of Cash Flows for the Nine Months Ended
		September 30, 2001 and 2000 (Unaudited) ..................6

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

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........................................19-28

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings.................................... 29

Item 2.	Changes in Securities and Use of Proceeds......... 29-31

Item 6.	Exhibits and Reports on Form 8-K...................32-33



</table>









<page>
<table>

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
                                                                September 30,	  December 31,
                                                                                 2001   	         2000
	$	$
	(Unaudited)
ASSETS

Equity in futures interests trading accounts:

	<c>	<c>
	Cash	14,297,125	                        20,529,979

	Net unrealized loss on open contracts (MSIL)	                                (120,815)	                           (185,379)
	Net unrealized gain (loss) on open contracts (MS & Co.)               (522,620)	                            160,096

	Total net unrealized loss on open contracts	                                    (643,435)	                            (25,283)

	     Total Trading Equity                          13,653,690     	                  20,504,696

	Subscriptions receivable                   198,653	                          215,897
	Interest receivable (Morgan Stanley DW and MS & Co.)                    30,051                 	             89,128

	     Total Assets	                            13,882,394       	                20,809,721


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Redemptions payable	216,141 	489,923
	Accrued brokerage fees (Morgan Stanley DW and MS & Co.) 	54,969	77,628
	Accrued management fees (MSCM)	     29,874	      42,189

	     Total Liabilities	   300,984	     609,740

Partners' Capital

	Limited Partners (2,259,938.667 and
	     2,530,392.671 Units, respectively)	13,325,531	19,859,397
	General Partner (43,395.648 Units)	      255,879	     340,584

	     Total Partners' Capital	   13,581,410	 20,199,981

Total Liabilities and Partners' Capital	                                                13,882,394  	   20,809,721
NET ASSET VALUE PER UNIT	              5.90	             7.85
<fn>
	The accompanying notes are an integral part
	of these financial statements.
</table>
<apge>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)


<caption>

	     For the Quarters Ended September 30,

	      2001   	   2000
	    $	   $
REVENUES

			<c>	<c>
	Trading profit (loss):
		Realized	(964,568)	142,246
		Net change in unrealized	   (80,855)	    51,554

			Total Trading Results	(1,045,423) 	193,800

	Interest income (Morgan Stanley DW and MS & Co.)                   103,764		     263,530

			Total  	   (941,659)	   457,330

EXPENSES

	Brokerage fees (Morgan Stanley DW, MS & Co. and MSIL)        170,352		245,853
   	Management fees (MSCM)                                                              92,584		    133,616

			Total                                                                                     262,936		    379,469


NET INCOME (LOSS)                                                                   (1,204,595)		       77,861


NET INCOME (LOSS) ALLOCATION

	Limited Partners	(1,181,999)	76,518
	General Partner	(22,596)	1,343


NET INCOME (LOSS) PER UNIT

	Limited Partners	(0.52)	0.03
	General Partner	(0.52)	0.03


<fn>




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

<page>
<table>
	MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)

<caption>


	    For the Nine Months Ended September 30,

	      2001     	      2000
	    $	      $
REVENUES

			<c>		<c>
	Trading profit (loss):
		Realized 	(3,694,410)		1,487,013
		Net change in unrealized	   (618,152)		                    (837,570)

			Total Trading Results	(4,312,562)	 	649,443

	Interest income (Morgan Stanley DW and MS & Co.)                461,032			     780,748

			Total  	  (3,851,530)		   1,430,191


EXPENSES

	Brokerage fees (Morgan Stanley DW,
        MS & Co. and MSIL)                                                                582,264 			711,010
	Management fees (MSCM)                                                         316,449			416,676
	Service fees (Demeter)                                                                    -			      58,604

			Total                                                                                  898,713			  1,186,290


NET INCOME (LOSS)	  (4,750,243)		      243,901


NET INCOME (LOSS) ALLOCATION

	Limited Partners	(4,665,538)		239,849
	General Partner	(84,705)		4,052


NET INCOME (LOSS) PER UNIT

	Limited Partners	(1.95)		0.09
	General Partner	(1.95)		0.09


<fn>

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

</table>
<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
	STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 2001 and 2000
	(Unaudited)

<caption>



                                                                           Units of
                                                                        Partnership	Limited	General
                                                                          Interest   	Partners	Partner	  Total
                                      $	                          $                         $



	<c>	<c>	<c>	<c>
Partners' Capital,
	December 31, 1999	3,105,867.170	23,310,162	330,308	          23,640,470

Offering of Units                    201,296.295  	1,530,081                   -	            1,530,081

Net income                                                               -		239,849	4,052	               243,901

Redemptions	 (538,271.092)	            (4,080,348)                  -        	        (4,080,348)

Partners' Capital,
	September 30, 2000	  2,768,892.373  	          20,999,744  	          334,360      	    21,334,104




Partners' Capital,
	December 31, 2000                                2,573,788.319	19,859,397	340,584	          20,199,981

Offering of Units                  213,428.220  1,411,511                   -	            1,411,511

Net loss                                  -            (4,665,538)	(84,705)	          (4,750,243)

Redemptions	 (483,882.224)	            (3,279,839)                  -        	        (3,279,839)

Partners' Capital,
	September 30, 2001	  2,303,334.315  	          13,325,531  	           255,879      	   13,581,410


<fn>






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

</table>
<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)



<caption>
	    For the Nine Months Ended September 30,

	      2001     	      2000
	    $	      $
CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
	Net income (loss)  	(4,750,243)	243,901
 	Noncash item included in net income (loss):
	  	  Net change in unrealized                                                     618,152		837,570

	(Increase) decrease in operating assets:
		Interest receivable (Morgan Stanley DW
               and MS & Co.)                             59,077		                     (12,706)

	Increase (decrease) in operating liabilities:
		Accrued brokerage fees (Morgan Stanley
                DW, MS & Co. and MSIL)	(22,659)	12,150
  		Accrued management fees (MSCM)	(12,315)	                       (3,415)
 		Service fees payable (Demeter)                                                 -		                     (19,404)

	Net cash provided by (used for) operating activities	  (4,107,988)	    1,058,096


CASH FLOWS FROM FINANCING ACTIVITIES

	Offering of Units                                                                           1,411,511                   1,530,081
	(Increase) decrease  in subscriptions receivable	                             17,244      	              (191,733)
	Increase (decrease) in redemptions payable                                	(273,782)                     143,088
  	Redemptions of Units                                                                 (3,279,839)      	          (4,080,348)

	Net cash used for financing activities	  (2,124,866)	                (2,598,912)

	Net decrease in cash	(6,232,854)	                (1,540,816)

	Balance at beginning of period                                                 20,529,979		 23,430,137

	Balance at end of period                                                           14,297,125		  21,889,321

<fn>

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


</table>



<page>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
The unaudited financial statements contained herein 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 Spectrum Commodity L.P. (the
"Partnership").  The financial statements and condensed notes
herein should be read in conjunction with the Partnership's
December 31, 2000 Annual Report on Form 10-K.

1. Organization
Morgan Stanley Dean Witter Spectrum Commodity L.P. is a Delaware
limited partnership organized to engage primarily in the
speculative trading of futures contracts, options on futures
contracts, and forward contracts in the metals, energy and
agricultural markets. The Partnership is one of the Morgan Stanley
Dean Witter Spectrum Series of funds, comprised of the
Partnership, Morgan Stanley Dean Witter Spectrum Currency L.P.,
Morgan Stanley Dean Witter Spectrum Global Balanced L.P., Morgan
Stanley Dean Witter Spectrum Select L.P., Morgan Stanley Dean
Witter Spectrum Strategic L.P. and Morgan Stanley Dean Witter
Spectrum Technical L.P.

The Partnership's general partner is Demeter Management
Corporation ("Demeter").  The non-clearing commodity broker is

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Morgan Stanley DW Inc. ("Morgan Stanley DW"). The clearing
commodity brokers are Morgan Stanley & Co. Incorporated ("MS &
Co.") and Morgan Stanley & Co. International Limited ("MSIL"). The
trading advisor is Morgan Stanley Commodities Management, Inc.
("MSCM" or the "Trading Advisor").  Morgan Stanley Dean Witter
Commodities Management, Inc. changed its name to Morgan Stanley
Commodities Management, Inc. effective September 28, 2001.  MSCM,
Morgan Stanley DW, MS & Co., MSIL and Demeter are all wholly-owned
subsidiaries of Morgan Stanley Dean Witter & Co.

2.  Related Party Transactions
The Partnership's cash is on deposit with Morgan Stanley DW, MS &
Co. and MSIL in futures, forwards and options trading accounts to
meet margin requirements as needed. Morgan Stanley DW pays
interest on these funds based on a prevailing rate on U.S.
Treasury bills. The Partnership pays brokerage fees to Morgan
Stanley DW, management fees and incentive fees (if applicable) to
MSCM and, through March 2000, paid service fees to Demeter.

3.  Financial Instruments
The Partnership trades futures contracts, options on futures
contracts, and forward contracts in the metals, energy and
agricultural markets.  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

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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.

The Partnership accounts for its derivative investments in
accordance with the provisions of Statement of Financial
Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133").  SFAS No.
133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics:

1) One or more underlying notional amounts or payment
provisions;
2) Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3) Terms require or permit net settlement.

Generally derivatives include futures, forward, swaps or options
contracts and other financial instruments with similar
characteristics such as caps, floors and collars.



<page>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The net unrealized losses on open contracts, reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition, and their longest contract
maturities were as follows:
                         Net Unrealized Losses
                          on Open Contracts             Longest Maturities


      Exchange-  Off-Exchange-            Exchange-  Off-Exchange-
                    Traded      Traded      Total       Traded      Traded
  Date             Contracts   Contracts   Contracts  Contracts   Contracts
                       $           $		    $

Sept. 30, 2001	(643,435)        - 	(643,435)	March 2002      -
Dec. 31, 2000	 (25,283)	     -		 (25,283)	April 2001      -

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 Morgan Stanley DW, MS
& Co. and MSIL 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 Morgan Stanley DW, MS & Co. and
MSIL, as a futures commission merchant for the Partnership's



<page>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

exchange-traded futures and futures-styled 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
losses on all open futures and futures-styled options contracts,
which funds, in the aggregate, totaled $13,653,690 and $20,504,696
at September 30, 2001 and December 31, 2000, respectively.
































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


Liquidity -  The Partnership deposits its assets with Morgan
Stanley DW as non-clearing broker and MS & Co. and MSIL as
clearing brokers in separate futures, forwards and options
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

<page>
daily limit for several consecutive days with little or no
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
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 ("Unit(s)") in
the future will affect the amount of funds available for
investment in futures, forwards and options in subsequent periods.
It is not possible to estimate the amount and therefore the impact
of future redemptions of Units.

Results of Operations
General.  The Partnership's results depend on its Trading Advisor
and the ability of the Trading Advisor's trading program to take
advantage of price movements or other profit opportunities in the
futures, forwards and options markets.  The following presents a
summary of the Partnership's operations for the three and nine
month periods ended September 30, 2001 and 2000, 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
<page>
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 Nine Months Ended September 30, 2001
For the quarter ended September 30, 2001, the Partnership
recorded total trading losses, net of interest income, of
$941,659 and posted a decrease in net asset value per Unit. The
most significant losses of approximately 2.9% were experienced
primarily during August and September in the energy markets from
long natural gas futures positions as prices declined to two year
lows on reports of rising supply levels.  In the metals markets,
losses of approximately 1.8% were recorded throughout a majority
of the quarter from long positions in copper and aluminum futures
as prices declined due to higher inventories and weak demand.
Offsetting gains were recorded during August and September from
long gold futures positions as prices continued moving higher,
boosted by falling equity prices and uncertainty linked to
possible U.S. military action.  In the agricultural markets,
losses of approximately 1.3% were recorded primarily during
August and September from long futures positions in soybeans and
its related products as prices decreased on reports of declining
demand.  In soft commodities, losses of approximately 1.2% were
incurred primarily during August and September from long cotton

<page>
futures positions as prices fell following a U.S.D.A. report for
a record crop in 2001.  Offsetting gains were recorded during
September from long cocoa futures positions as prices increased
on expectations that global demand will outpace production. Total
expenses for the three months ended September 30, 2001 were
$262,936, resulting in a net loss of $1,204,595.  The net asset
value of a Unit decreased from $6.42 at June 30, 2001 to $5.90 at
September 30, 2001.
For the nine months ended September 30, 2001, the Partnership
recorded total trading losses, net of interest income, of
$3,851,530 and posted a decrease in net asset value per Unit. The
most significant losses of approximately 8.6% were recorded
throughout the first nine months of the year in the energy
markets from long positions in natural gas futures as prices
reversed the sharp upward trend experienced in late 2000 amid
reports of increased inventories and forecasts for favorable
weather.  In the metals markets, losses of approximately 6.4%
were recorded throughout the first nine months of the year from
long positions in copper and aluminum futures as the slowdown in
the U.S. economy and weak demand drove prices lower.  In the
agricultural markets, losses of approximately 5.6% were
experienced primarily during January, March, September and a
majority of the second quarter from long positions in corn and
wheat futures as prices moved lower due to favorable weather
forecasts and on reports of declining demand. In soft

<page>
commodities, losses of approximately 4.2% were incurred
throughout the first nine months of the year from long cotton
futures positions as prices moved lower on weak export sales and
low demand. Total expenses for the nine months ended September
30, 2001 were $898,713, resulting in a net loss of $4,750,243.
The net asset value of a Unit decreased from $7.85 at December
31, 2000 to $5.90 at September 30, 2001.
For the Quarter and Nine Months Ended September 30, 2000
For the quarter ended September 30, 2000, the Partnership
recorded total trading revenues, including interest income, of
$457,330 and posted an increase in net asset value per Unit.  The
most significant gains of approximately 1.6% were recorded in the
energy markets primarily during August from long positions in
natural gas futures as prices moved higher amid supply and
storage concerns.  Additional gains were recorded from long
positions in crude oil futures and its related products as prices
increased as ongoing supply concerns outweighed signals from OPEC
kingpin Saudi Arabia that it would seek a suitable production
increase to ease the crunch.  In the metals markets, gains of
approximately 0.2% were recorded throughout a majority of the
quarter from long positions in copper futures as prices increased
on technically based buying and declines in copper supplies.  In
the livestock markets, gains of approximately 0.1% were recorded
primarily during September from long positions in cattle futures
as livestock prices increased.  In soft commodities, gains of

<page>
approximately 0.1% were produced primarily during July and August
from long cotton futures positions as prices moved higher amid
fears that the dryness and heat in Texas would slash the size of
the U.S. crop.  These gains were partially offset by losses of
approximately 1.1% recorded in the agricultural markets primarily
during July from long positions in corn and wheat futures as
prices declined on favorable U.S. crop weather forecasts. Total
expenses for the three months ended September 30, 2000 were
$379,469, resulting in net income of $77,861.  The net asset
value of a Unit increased from $7.67 at June 30, 2000 to $7.70 at
September 30, 2000.

For the nine months ended September 30, 2000, the Partnership
recorded total trading revenues, including interest income, of
$1,430,191 and posted an increase in net asset value per Unit.
The most significant gains of approximately 12.7% were recorded
in the energy markets primarily 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.  During August,
additional gains were recorded from long positions in natural gas
futures as prices moved higher amid supply and storage concerns.
Additional gains were recorded during January and February from
long futures positions in crude oil and its refined products as
oil prices increased on concerns about future output levels from
the world's leading producer countries amid dwindling stockpiles
<page>
and increasing demand.  These gains were partially offset by
losses of approximately 3.4% recorded in the soft commodities
markets primarily during January and February from long coffee
futures positions as coffee prices declined in the wake of
forecasts for a bumper crop in Brazil.  Additional losses were
recorded throughout a majority of the second quarter from long
coffee futures positions as prices decreased on technical
factors.  In the metals markets, losses of approximately 3.2%
were incurred primarily during March from long gold futures
positions as gold prices fell on fears that the French central
bank could decide to sell some of its reserves.  During mid July,
additional losses were incurred from long gold futures positions
as gold prices fell after the Bank of England announced the
results of its gold auction, which had concluded at a lower price
than most dealers expected.  In the agricultural markets, losses
of approximately 2.9% were recorded primarily during April, June
and July from long positions in corn futures as prices dropped
due to heavy rain and cooler temperatures in the major corn
producing regions.  Total expenses for the nine months ended
September 30, 2000 were $1,186,290, resulting in net income of
$243,901.  The net asset value of a Unit increased from $7.61 at
December 31, 1999 to $7.70 at September 30, 2000.




<page>
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
        RISK

Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards and options.  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, forwards and options traded by the Partnership
involve varying degrees of related 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,
each of these factors may act to increase or decrease the market
risk associated with the Partnership.

<page>
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
Partnership's earnings, whether realized or unrealized, and its
cash flow.  Profits and losses on open positions of exchange-
traded futures, forwards and options are settled daily through
variation margin.

<page>
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.

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

<page>
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 table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
for its primary market risk category at September 30, 2001 and
2000. At September 30, 2001 and 2000, the Partnership's total
capitalization was approximately $14 million and $21 million,
respectively.

Primary Market       September 30, 2001   September 30, 2000
     Risk Category	        Value at Risk	     Value at Risk

     Commodity                  (1.57)% 			         (1.71)%


The table above represents the VaR of the Partnership's open
positions at September 30, 2001 and 2000 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, forwards and
options, the composition of its trading portfolio can change
significantly over any given time period, or even within a single
trading day. Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.


<page>
The table below supplements the quarter-end VaR by presenting the
Partnership's high, low and average VaR, as a percentage of total
net assets for the four quarterly reporting periods from October
1, 2000 through September 30, 2001.

Primary Market Risk Category    High        Low       Average
Commodity          	             (1.64)%     (1.57)%	(1.59)%


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, give
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:

<page>
? 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 caused by market movements may
differ from those of the VaR model;
? VaR results reflect past trading positions while future risk
depends on future positions;
? VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
? the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

The VaR tables above present the results of the Partnership's VaR
for its market risk exposure at September 30, 2001 and for the
end of the four quarterly reporting periods from October 1, 2000
through September 30, 2001.  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 once
in 100 trading days.


<page>

Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances not needed for margin.  The Partnership did not have any
foreign currency balances at September 30, 2001.

At September 30, 2001, the Partnership's cash balance at Morgan
Stanley DW was approximately 92% 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, in relation to the Partnership's net
assets.
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

<page>
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
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 at September 30, 2001, by market sector.  It may be
anticipated however, that these market exposures will vary
materially over time.

Commodity.
Soft Commodities and Agriculturals.  At September 30, 2001,
the Partnership had exposure to the markets that comprise
these sectors.  Most of the exposure was to the cocoa,
coffee, wheat and livestock markets.  Supply and demand
inequalities, severe weather disruption and market
expectations affect price movements in these markets.

<page>
Metals.  The Partnership's metals exposure at September 30,
2001 was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as copper,
aluminum, nickel, zinc and lead.  Economic forces, supply
and demand inequalities, geopolitical factors and market
expectations influence price movement in these markets.  The
Trading Advisor has, from time to time, taken positions when
market opportunities develop. Demeter anticipates that the
Partnership will continue to be exposed to the precious and
base metals markets.

Energy.  At September 30, 2001, the Partnership's energy
exposure was shared primarily by futures contracts in crude
oil and its related products, and natural gas. Price
movements in these markets result from political
developments in the Middle East, weather patterns and other
economic fundamentals.  It is possible that volatility will
remain high.  Significant profits and losses, which have
been experienced in the past, are expected to continue to be
experienced in these markets.  Natural gas has exhibited
volatility in prices resulting from weather patterns and
supply and demand factors and may continue in this choppy
pattern.





<page>
Qualitative Disclosures Regarding Non-Trading Risk Exposure
At September 30, 2001, there was no non-trading risk exposure
because the Partnership did not have any foreign currency
balances.

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 June 30, 2001.

Item 2. CHANGE IN SECURITIES AND USE OF PROCEEDS

The Partnership registered 5,000,000 Units pursuant to a
Registration Statement on Form S-1, which became effective on
November 10, 1997 (the "Registration Statement") (SEC File Number
333-33975).  The Partnership, Demeter and Morgan Stanley DW
extended the offering period for unsold Units until no later than
October 16, 1998 pursuant to Post Effective Amendment No. 1 to the
Registration Statement, which became effective on July 10, 1998.

The managing underwriter for the Partnership is Morgan Stanley DW.

The offering originally commenced on November 10, 1997 with
5,000,000 Units registered and 4,045,503.483 Units sold through
April 1, 1998.  The aggregate price of the offering amount
registered was $50,000,000 (based upon the initial offering price
of $10.00 per Unit) for the initial closing on January 2, 1998
(the "Initial Offering").  After the Initial Offering, Units were
sold at three closings held on February 2, March 2 and April 1,
1998, at a price equal to 100% of the net asset value per Unit at
the close of business on the last day of the month immediately
preceding the closing.  The aggregate price of the Units sold at
<page>
the four closings of the offering was $40,100,218 (based upon the
net asset value per Unit of $10.00 at January 2, 1998, $10.13 at
February 2, 1998, $9.53 at March 2, 1998 and $9.54 at April 1,
1998 closings, respectively).

An additional 149,990.149 Units were sold at subsequent closings;
held on August 3, September 1 and October 1, 1998 at a price equal
to 100% of the net asset value per Unit at the close of business
on the last day of the month immediately preceding the closing.

The aggregate offering price of the three subsequent closings was
$1,135,005 (based upon the net asset value per Unit of $7.85 at
August 3, 1998, $7.23 on September 1, 1998 and $7.75 on October 1,
1998, respectively).

Subsequent to these closings, remaining unsold Units were de-
registered.

In conjunction with becoming part of the Spectrum Series on March
7, 2000, the Partnership registered an additional 7,000,000 Units
pursuant to another Registration Statement on form S-1, which
became effective on March 6, 2000 (SEC File Number 33-90483).  As
part of the Spectrum Series, Units of the Partnership are now sold
monthly on a continuous basis at a price equal to 100% of the net
asset value per Unit at the close of business on the last day of
each month.


<page>
Through September 30, 2001, 4,686,528.914 Units were sold, leaving
6,508,964.718 Units unsold.  The aggregate price of Units sold
through September 30, 2001 was $44,762,698 at a price equal to
100% of the net asset value per Unit at the close of business on
the last day of each month.

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 "Use of
Proceeds" section of the Prospectus.



















<page>
Item 6.	Exhibits and Reports on Form 8-K

(A)   Exhibits
 3.01	Form of Amended and Restated Limited Partnership Agreement
of the Partnership is incorporated by reference to Exhibit
A of the Partnership's Prospectus, dated March 23, 2001,
filed with the Securities and Exchange Commission pursuant
to Rule 424(b)(3) under the Securities Act of 1933.
 3.02	Certificate of Limited Partnership, dated July 31, 1997,
is incorporated by reference to Exhibit 3.02 of the
Partnership's Registration Statement on Form S-1 (File No.
333-33975) filed with the Securities and Exchange
Commission on August 20, 1997.

3.03 Amendment of Certificate of Limited Partnership of the
Partnership (changing its name from Morgan Stanley
Tangible Asset Fund L.P.) is incorporated by reference to
the Partnership's Form 8-K filed with the Securities and
Exchange Commission on March 23, 2000.

 3.04	Certificate of Amendment of Certificate of Limited
Partnership, dated November 1, 2001, (changing its name
from Morgan Stanley Dean Witter Spectrum Commodity L.P.)
is incorporated by reference to the Partnership's Form 8-K
(File No. 0-24035) filed with the Securities and Exchange
Commission on November 1, 2001.

10.05 	Form of 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 23, 2001, as filed
with the Securities and Exchange Commission pursuant to
Rule 424 (b)(3) under the Securities Act of 1933.

10.06	Amended and Restated Escrow Agreement among the
Partnership, Morgan Stanley Spectrum Select L.P., Morgan
Stanley Spectrum Technical L.P., Morgan Stanley Spectrum
Strategic L.P., Morgan Stanley Spectrum Global Balanced
L.P., Morgan Stanley Currency L.P., Demeter, Morgan
Stanley DW, and Chemical Bank, the escrow agent is
incorporated by reference to the Partnership's
Registration Statement on Form S-1 (File No. 333-90483)
filed with the Securities and Exchange Commission on
November 2, 2001.

10.07 	Form of Subscription Agreement Update Form to be executed
by purchasers of Units is incorporated by reference to
Exhibit C of the Partnership's Prospectus dated March 23,
2001, as filed with the Securities and Exchange Commission
pursuant to Rule 424 (b)(3) under the Securities Act of
1933.


<page>
10.08	Amended and Restated Management Agreement, dated April 1,
2000, among the Partnership, Demeter, and Morgan Stanley
Commodities Management, Inc. is incorporated by reference
to Exhibit 10.01 of the Partnership's Form 8-K (File No.
0-24035) filed with the Securities and Exchange Commission
on  April 25, 2001.

10.10 	Amendment to the Amended and Restated Management
Agreement, dated November 30, 2000, among the Partnership,
Demeter and Morgan Stanley Commodities Management, Inc. is
incorporated by reference to Exhibit 10.02 of the
Partnership's Form 8-K (File No. 0-24035) filed with the
Securities and Exchange Commission on April 25, 2001.

10.11	Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW Inc., dated as of March
31, 2000 is incorporated by reference to Exhibit 10.01 of
the Partnership's Form 8-K (File No. 0-24035) filed with
the Securities and Exchange Commission on November 1,
2001.

10.12	Commodity Futures Customer Agreement between Morgan
Stanley & Co. Incorporated and the Partnership, and
acknowledged and agreed to by Morgan Stanley DW Inc.,
dated as of June 30, 2000, is incorporated by reference to
Exhibit 10.02 of the Partnership's Form 8-K (File No. 0-
24035) filed with the Securities and Exchange Commission
on November 1, 2001.

10.13	Customer Agreement between the Partnership and Morgan
Stanley & Co. International Limited, dated as of June 30,
2000, is incorporated by reference to Exhibit 10.04 of the
Partnership's Form 8-K (File No. 0-24035) filed with the
Securities and Exchange Commission on November 1, 2001.

10.14	Securities Account Control Agreement among the
Partnership, Morgan Stanley & Co. Incorporated, and Morgan
Stanley DW Inc., dated as of June 30, 2000, is
incorporated by reference to Exhibit 10.03 of the
Partnership's Form 8-K (File No. 0-24035) filed with the
Securities and Exchange Commission on November 1, 2001.

(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 Spectrum Commodity
 L.P. (Registrant)

                          By:  Demeter Management Corporation
                               (General Partner)

November 14, 2001         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.