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

	FORM 10-Q



[X]	Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 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 DEAN WITTER 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.)


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 SPECTRUM COMMODITY L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	March 31, 2001

<CAPTION>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
<S>                                                        <C>
		Statements of Financial Condition at March 31, 2001
 		(Unaudited) and December 31, 2000..........................2

		Statements of Operations for the Quarters Ended
		March 31, 2001 and 2000 (Unaudited)........................3

		Statements of Changes in Partners' Capital for the
		Quarters Ended March 31, 2001 and 2000
		(Unaudited)................................................4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2001 and 2000 (Unaudited) .......................5

		Notes to Financial Statements (Unaudited)...............6-10

Item 2.	Management's Discussion and Analysis of
			Financial Condition and Results of Operations...... 11-15

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................15-25

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings..................................... 26

Item 2.	Changes in Securities and Use of Proceeds.......... 26-28

Item 6.	Exhibits and Reports on Form 8-K....................29-30








</TABLE>


<PAGE>
<TABLE>

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
                                                                    March 31,	     December 31,
                                                                                           2001   	    2000
	$	   $
	(Unaudited)
ASSETS
<S> 	                        <C>                          <C>
Equity in futures interests trading accounts:

	Cash	18,213,605	20,529,979

	Net unrealized loss on open contracts (MSIL)	(293,481)	    (185,379)
	Net unrealized gain (loss) on open contracts (MS & Co.)	    (703,237)     	     160,096

	Total net unrealized loss on open contracts	     (996,718)	      (25,283)

	     Total Trading Equity	17,216,887	20,504,696

	Subscriptions receivable	123,246	215,897
	Interest receivable (Morgan Stanley DW and MS & Co.)	        64,951                    	        89,128

	     Total Assets	  17,405,084        	     20,809,721


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Redemptions payable	368,623 	489,923
	Accrued brokerage fees (Morgan Stanley DW,
          MS & Co. and MSIL)	70,772	77,628
	Accrued management fees (MSCM)	      38,463	      42,189

	     Total Liabilities	    477,858	     609,740

Partners' Capital

	Limited Partners (2,406,718.225 and
	   2,530,392.671 Units, respectively)	16,627,416	19,859,397
	General Partner (43,395.648 Units)	    299,810	     340,584

	Total Partners' Capital	   16,927,226 	 20,199,981

	Total Liabilities and Partners' Capital	  17,405,084 	   20,809,721

NET ASSET VALUE PER UNIT	            6.91	             7.85
<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 Quarters Ended March 31,


	      2001   	   2000
	    $	   $
REVENUES
 <S>                                                          <C>                             <C>
	Trading profit (loss):
		Realized	(1,270,742)	1,395,164
		Net change in unrealized	    (971,435)	 (1,098,518)

			Total Trading Results 	(2,242,177)  	296,646

	Interest Income (Morgan Stanley DW and MS & Co.)	      215,453	     256,714

			Total  	   (2,026,724)	     553,360


EXPENSES

		Brokerage fees (Morgan Stanley DW,
                 MS & Co. and MSIL)	220,992	213,906
     	Management fees (MSCM)	120,104	146,511
 		Service fees (Demeter)                                                                -   		      58,604

			Total 	     341,096	    419,021

NET INCOME (LOSS)	  (2,367,820)	    134,339


NET INCOME (LOSS) ALLOCATION

		Limited Partners	(2,327,046)	132,513
		General Partner	(40,774)	1,826


NET INCOME (LOSS) PER UNIT

		Limited Partners	(0.94)	.04
		General Partner	(0.94)	.04



<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 Quarters Ended March 31, 2001 and 2000
	(Unaudited)


<CAPTION>

 			                                                           Units of
                                                                        Partnership	Limited	General
                                                                          Interest   	Partners	Partner	Total

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

Offering of Units	   11,189.544	                 85,600                    -        	    85,600

Net Income                                                                -	         	132,513  	 1,826     	  134,339

Redemptions	   (165,322.410)	           (1,268,948)                  -        	  (1,268,948)

Partners' Capital,
	March 31, 2000	 2,951,734.304  	$22,259,327  	$332,134    	$22,591,461





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

Offering of Units	57,432.662                	419,478                    -		419,478

Net Loss                                                                      -		(2,327,046)	(40,774)	(2,367,820)

Redemptions	   (181,107.108)	           (1,324,413)                  -        	  (1,324,413)

Partners' Capital,
	March 31, 2001	 2,450,113.873  	$16,627,416  	$299,810    	$16,927,226



<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 Quarters Ended March 31,



                                                                                                               2001   	   2000
   	   $	   $
CASH FLOWS FROM OPERATING ACTIVITIES
 <S>                                        <C>                                 <C>
Net income (loss) 	(2,367,820)	134,339
Noncash item included in net income (loss):
		Net change in unrealized	971,435	1,098,518

(Increase) decrease in operating assets:
		Interest receivable (Morgan Stanley DW and MS & Co.)	24,177	(9,584)

Decrease in operating liabilities:
		Accrued brokerage fees (Morgan Stanley DW,
                MS & Co. and MSIL)	(6,856)	(1,842)
		Accrued management fees (MSCM)	(3,726)	(1,261)
		Service fees payable (Demeter)                                                   -		     (504)

Net cash provided by (used for) operating activities	  (1,382,790)	  1,219,666


CASH FLOWS FROM FINANCING ACTIVITIES

	Offering of Units	  419,478 	 85,600
	(Increase) decrease in subscriptions receivable	                              92,651                    	(85,600)
	Increase (decrease) in redemptions payable	            (121,300)	99,305
	Redemptions of Units	   (1,324,413)	   (1,268,948)

Net cash used for financing activities	      (933,584)	   (1,169,643)

Net increase (decrease) in cash	(2,316,374)	50,023

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

Balance at end of period	  18,213,605	  23,480,160

<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
(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 and forward contracts in 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 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 Morgan Stanley DW Inc. ("Morgan Stanley DW").  Dean
Witter Reynolds Inc. changed its name to Morgan Stanley DW Inc.
<PAGE>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

effective April 2, 2001.  The clearing commodity brokers are
Morgan Stanley & Co. Incorporated ("MS & Co.") and Morgan Stanley
& Co. International Limited ("MSIL").  The trading advisor is
Morgan Stanley Dean Witter Commodities Management, Inc. ("MSCM" or
the "Trading Advisor").  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 and forwards 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 the commodity brokers,
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 and forward contracts in 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 and the potential inability of counterparties to perform

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

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 option
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 loss on open contracts is reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition and totaled $996,718 and $25,283
at March 31, 2001 and December 31, 2000, respectively.

Net unrealized losses on open contracts of $996,718 and $25,283 at
March 31, 2001 and December 31, 2000, respectively, were related
to exchange-traded futures contracts.

Exchange-traded futures contracts held by the Partnership at
March 31, 2001 and December 31, 2000 mature through September
2001 and April 2001, 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 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 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
<PAGE>
MORGAN STANLEY DEAN WITTER SPECTRUM COMMODITY L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

merchant for the Partnership's exchange-traded futures contracts,
are required, pursuant to regulations of the Commodity Futures
Trading Commission ("CFTC"), to segregate from their own assets,
and for the sole benefit of their commodity customers, all funds
held by them with respect to exchange-traded futures contracts,
including an amount equal to the net unrealized loss on all open
futures contracts, which funds, in the aggregate, totaled
$17,216,887 and $20,504,696 at March 31, 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 and forwards 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 and forwards, it is expected that the Partnership will
continue to own such liquid assets for margin purposes.

The Partnership's investment in futures and forwards may, from
time to time, be illiquid.  Most U.S. futures exchanges limit
fluctuations in prices during a single day by regulations referred
to as "daily price fluctuations limits" or "daily limits".  Trades
may not be executed at prices beyond the daily limit.  If the
price for a particular futures 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 and forwards 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 and forwards markets.  The following presents a summary of
the Partnership's operations for the quarters ended March 31, 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
<PAGE>
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 Ended March 31, 2001
For the quarter ended March 31, 2001, the Partnership recorded
total trading losses net of interest income of $2,026,724
and posted a decrease in net asset value per Unit.  The most
significant losses of approximately 4.0% were experienced
primarily during January and March in the agricultural markets
from long corn, wheat and soybean meal futures positions as
prices moved lower due to favorable South American weather and on
U.S. economic woes.  In the metals markets, losses of
approximately 3.7% were recorded primarily during February and
March from long positions in copper and aluminum futures as
prices moved lower pressured by the decline in the U.S. equity
market and concerns over demand.  In the energy markets, losses
of approximately 3.1% were recorded throughout a majority of the
quarter from long positions in natural gas futures as prices
reversed their sharp upward trend amid bearish inventory data and
forecasts for warmer weather.  In soft commodities, losses of
approximately 0.9% were incurred throughout a majority of the
quarter from long cotton futures positions as prices moved
<PAGE>
lower on weak export sales and low demand.  Offsetting gains were
recorded in the soft commodities markets from long positions in
cocoa futures as prices increased on concerns over falling
production and tight supplies in Africa's Ivory Coast region.
Total expenses for the three months ended March 31, 2001 were
$341,096, resulting in a net loss of $2,367,820.  The net asset
value of a Unit decreased from $7.85  at December 31, 2000 to
$6.91 at March 31, 2001.

For the Quarter Ended March 31, 2000
For the quarter ended March 31, 2000, the Partnership recorded
trading revenues, including interest income, of $553,360 and
posted an increase in net asset value per Unit. The most
significant gains of approximately 4.3% were recorded primarily
during January and February in the energy markets 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 and
increasing demand.  In the agricultural markets, gains of
approximately 2.1% were recorded earlier in January from short
positions in corn and soybean futures as prices moved higher on
increasing concerns for dryness in Brazil, subsequent crop damage
and a surprise cut in year-end stocks.  During March, gains were
recorded from long futures positions in corn, soybeans and
soybean related products as prices in these markets increased
amid fears of a drought this summer.  These gains were partially
<PAGE>
offset by losses of approximately 2.8% recorded in the metals
markets from long aluminum and copper futures positions as prices
reversed lower earlier in February due primarily to technically
based selling.  Aluminum and copper prices dipped further later
in February led downward by falling prices of other base metals.
Losses were recorded 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.  In soft
commodities, losses of approximately 2.3% were recorded 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.  Long positions in sugar futures also incurred losses
during January and February as prices dropped amid sustained
fears of a global supply surplus.  Total expenses for the three
months ended March 31, 2000 were $419,021, resulting in net
income of $134,339.  The net asset value of a Unit increased from
$7.61 at December 31, 1999 to $7.65 at March 31, 2000.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
        RISK

Introduction
The Partnership is a commodity pool involved in the speculative
trading of futures and forwards.  The market-sensitive instruments
held by the Partnership are acquired solely 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
<PAGE>
an operating company, the risk of market-sensitive instruments is
central, not incidental, to the Partnership's main business
activities.

The futures and forwards 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.

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

<PAGE>
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 and forwards 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
<PAGE>
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
historic reporting purposes only and is not utilized by either
Demeter or the Trading Advisor in its daily risk management
activities.


<PAGE>
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
by primary market risk category as of March 31, 2001 and 2000. At
March 31, 2001 and 2000, the Partnership's total capitalization
was approximately $17 million and $23 million, respectively.

Primary Market        March 31, 2001       March 31, 2000
     Risk Category	        Value at Risk	     Value at Risk

     Commodity                   (1.57)% 			         (2.10)%

The table above represents the VaR of the Partnership's open
positions at March 31, 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 and forwards, the
composition of its trading portfolio can change significantly
over any given time period, or even within a single trading day.
Any changes in open positions could positively or negatively
materially impact market risk as measured by VaR.

The table below supplements the quarter-end VaR by presenting the
Partnership's high, low and average VaR, as a percentage of total
net assets for the four quarterly reporting periods from April 1,
2000 through March 31, 2001.


<PAGE>
Primary Market Risk Category    High        Low       Average
Commodity          	           (1.71)%     (1.57)%		(1.66)%


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:
?	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 its market risk exposure at March 31, 2001 and for the end of
the four quarterly reporting periods from April 1, 2000 through
March 31, 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.


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 March 31, 2001, the
Partnership's cash balance at Morgan Stanley DW was approximately
<PAGE>
96% 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
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

<PAGE>
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 was the primary trading risk exposures of the
Partnership at March 31, 2001, by market sector.  It may be
anticipated however, that these market exposure will vary
materially over time.

Commodity.
Soft Commodities and Agricultural.  At March 31, 2001, the
Partnership had exposure in the cocoa, coffee, corn and
wheat markets.  Supply and demand inequalities, severe
weather disruption and market expectations affect price
movements in these markets.

Metals.	The Partnership's primary metals market exposure
at March 31, 2001, was to fluctuations in the price of gold
and silver.  The Partnership will, from time to time, trade
base metals such as copper, aluminum, nickel, lead and zinc,
<PAGE>
but the principal market exposures of the Partnership have
consistently been in precious metals, gold and silver and,
to a much lesser extent, platinum.  Gold and silver prices
have remained volatile and the Trading Advisor has, from
time to time, taken positions as market opportunities
developed.

Energy.	At March 31, 2001, 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 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.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
At March 31, 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
<PAGE>
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-K for the year ended December 31, 2000.

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,

<PAGE>
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
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
<PAGE>
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.

Through March 31, 2001, 4,530,533.356 Units were sold, leaving
6,664,960.276 Units unsold.  The aggregate price of Units sold
through March 31, 2001 was $43,770,665 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 	Form of 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
Registration Statement No. 333-90483.

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 	Form of Amended and Restated Escrow Agreement among the
Partnership, Morgan Stanley Dean Witter Spectrum Select
L.P., Morgan Stanley Dean Witter Spectrum Technical L.P.,
Morgan Stanley Dean Witter Spectrum Strategic L.P., Morgan
Stanley Dean Witter Spectrum Global Balanced L.P., Morgan
Stanley Dean Witter Currency L.P., Demeter Management
Corporation, Dean Witter Reynolds Inc., 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 5, 1999.

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 Customer Agreement between the
Partnership and Dean Witter Reynolds Inc., dated as of
March 31, 2000, between the Partnership and Dean Witter
Reynolds Inc. is incorporated by reference to Exhibit
10.08 of the Partnership's Registration Statement on Form
S-1 (File No. 333-90483) filed with the SEC on March 14,
2001.

10.09	Amended and Restated Management Agreement, dated April 1,
2000, among the Partnership, Demeter Management
Corporation, 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
SEC on April 25, 2001.

10.10 	Amendment to the Amended and Restated Management
Agreement, dated November 30, 2000, among the Partnership,
Demeter Management Corporation, 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 SEC on April 25, 2001.

(B) 	Reports on Form 8-K.

 	Filed with the Securities and Exchange Commission on
January 3, 2001.  In connection with the Partnership
becoming part of the Morgan Stanley Dean Witter Spectrum
Series of continuously offered funds, the Partnership
changed its name to Morgan Stanley Dean Witter Spectrum
Commodity L.P. and effective April 1, 2000, the Partnership
entered into an amended and restated management agreement
with Morgan Stanley Dean Witter Commodities Management,
Inc.

	Additionally, effective December 1, 2000, the Partnership
amended its amended and restated management agreement with
the Trading Advisor under which the annual incentive fee
paid by the Partnership to the Trading Advisor was changed
from 20% to 17.5% of Partnership trading profits, as
determined from the end of the last period n which an
incentive fee was earned.
















<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 Spectrum
 Commodity Fund L.P. (Registrant)

                          By:  Demeter Management Corporation
                               (General Partner)

May 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.