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, 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

	June 30, 2001

<caption>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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

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

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

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

		Statements of Cash Flows for the Six Months Ended
		June 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.........................................18-28

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>
                                                          June 30,	     December 31,
                                                         2001   	    2000
	$	   $
	(Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:

	Cash	15,971,244	20,529,979

	Net unrealized loss on open contracts (MSIL)                                 (238,342)	    (185,379)
	Net unrealized gain (loss) on open contracts (MS & Co.)               (324,238)     	     160,096

	Total net unrealized loss on open contracts	    (562,580)	      (25,283)

	     Total Trading Equity	15,408,664	20,504,696

Subscriptions receivable	152,914	215,897
Interest receivable (Morgan Stanley DW)	         41,675                    	        89,128

	     Total Assets	  15,603,253        	     20,809,721


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Redemptions payable	256,719 	489,923
	Accrued brokerage fees (Morgan Stanley DW)	61,566	77,628
	Accrued management fees (MSCM)	        33,460	      42,189

	     Total Liabilities	      351,745	     609,740

Partners' Capital

	Limited Partners (2,333,298.319 and
  	     2,530,392.671 Units, respectively)	14,973,033	19,859,397
	General Partner (43,395.648 Units)	       278,475	     340,584

	     Total Partners' Capital	    15,251,508	 20,199,981

Total Liabilities and Partners' Capital	    15,603,253  	   20,809,721


NET ASSET VALUE PER UNIT	               6.42	             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 June 30,

	      2001   	   2000
	    $	   $
REVENUES

			<c>	<c>
	Trading profit (loss):
		Realized	(1,459,100)	(50,397)
		Net change in unrealized                                                       434,138 		    209,394

			Total Trading Results	(1,024,962) 	158,997

	Interest income (Morgan Stanley DW and
                                        MS & Co.)	                                                   141,815	     260,504

			Total  	    (883,147)	   419,501

EXPENSES

	Brokerage fees (Morgan Stanley DW,
	                           MS & Co. and MSIL)   	                                190,920	251,251
    	Management fees (MSCM)    	                                                103,761	     136,549

			Total                                                                                     294,681		    387,800


NET INCOME (LOSS)	   (1,177,828)	     31,701


NET INCOME (LOSS) ALLOCATION

	Limited Partners	(1,156,493)	30,818
	General Partner	(21,335)	883


NET INCOME (LOSS) PER UNIT

	Limited Partners	(0.49)	0.02
	General Partner	(0.49)	0.02



<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 Six Months Ended June 30,

	      2001     	      2000
	    $	      $
REVENUES

			<c>		<c>
	Trading profit (loss):
		Realized 	(2,729,842)		1,344,767
		Net change in unrealized	    (537,297)		    (889,124)

			Total Trading Results	(3,267,139)	 	455,643

	Interest income (Morgan Stanley DW
	                           and MS & Co.) 	                                         357,268		     517,218

			Total  	   (2,909,871)		     972,861


EXPENSES

	Brokerage fees (Morgan Stanley DW,
                                MS & Co. and MSIL) 	                            411,912		465,157
	Management fees (MSCM)  	                                               223,865		283,060
	Service fees (Demeter)                              	______-____ 		      58,604

			Total                                                                                  635,777			    806,821


NET INCOME (LOSS)	    (3,545,648)	   	     166,040


NET INCOME (LOSS) ALLOCATION

	Limited Partners	(3,483,539)		163,331
	General Partner	(62,109)		2,709


NET INCOME (LOSS) PER UNIT

	Limited Partners	(1.43)		0.06
	General Partner	(1.43)		0.06


<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 Six Months Ended June 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	105,748.916                	803,735                      -		803,735

Net Income                                                                   -	          	163,331  	2,709     	166,040

Redemptions	   (374,899.816)          	  (2,841,387)                     -       	  (2,841,387)

Partners' Capital,
	June 30, 2000	 2,836,716.270  	 21,435,841  	 333,017    	 21,768,858





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

Offering of Units	117,394.644                	819,340                      -		819,340

Net Loss                                                                   -	 	(3,483,539)  	(62,109)	(3,545,648)

Redemptions	   (314,488.996)          	 (2,222,165)                     -       	  (2,222,165)

Partners' Capital,
	June 30, 2001	 2,376,693.967  	  14,973,033  	   278,475    	 15,251,508




<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 Six Months Ended June 30,

	      2001     	      2000
	    $	      $
CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>

	Net income (loss) 	(3,545,648)	166,040
 	Noncash item included in net income (loss):
	  	  Net change in unrealized                                                     537,297		889,124

	(Increase) decrease in operating assets:
		Interest receivable (Morgan Stanley DW
                                             and MS & Co.)                          47,453	(9,407)

	Increase (decrease) in operating liabilities:
		Accrued brokerage fees (Morgan Stanley DW,
                                                      MS & Co. and MSIL)     (16,062)                13,155
 		Accrued management fees (MSCM)	(8,729)   	                  (2,869)
  		Service fees payable (Demeter)	______-___            	       (19,404)

	Net cash provided by (used for) operating activities	   (2,985,689)	   1,036,639


CASH FLOWS FROM FINANCING ACTIVITIES

	Offering of Units                                                                           	   819,340                    803,735
	(Increase) decrease in subscriptions receivable                              62,983		          (280,364)
	Decrease in redemptions payable                               	(233,204)                     	(38,638)
   	Redemptions of Units                                          	    (2,222,165)             	   (2,841,387)

	Net cash used for financing activities	  (1,573,046)	   (2,356,654)

	Net decrease in cash	(4,558,735)	(1,320,015)

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

	Balance at end of period                                                           15,971,244	                 22,110,122


<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
June 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 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.



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

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

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 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.



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

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

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 Maturity

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

June 30, 2001      (562,580)       -      (562,580)   Dec. 2001        -
December 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.

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

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
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
loss on all open futures and futures-styled options contracts,
which funds, in the aggregate, totaled $15,408,664 and $20,504,696
at June 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

<page>
within the limit.  Futures prices have occasionally moved the
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 six
month periods ended June 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
<page>
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, 2001
For the quarter ended June 30, 2001, the Partnership recorded
total trading losses, net of interest income, of $883,147 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 2.9% were experienced
throughout the majority of the quarter in the energy markets from
long natural gas futures positions as prices declined amid
reports of increased inventories.  In soft commodities, losses of
approximately 2.0% were incurred primarily during early April and
May from long cocoa futures positions as prices in this market
also moved lower on increasing supplies.  In the metals markets,
losses of approximately 1.0% were recorded primarily during May
and June from long positions in copper and aluminum futures as
the slowdown in the U.S. economy and weak demand continued to
drive prices lower.  In the agricultural markets, losses of
approximately 0.4% were recorded throughout the majority of the
quarter from long positions in corn and wheat futures as prices

<page>
decreased on forecasts for wet, cool weather conditions in the
U.S. Midwest and on reports of declining demand.  These losses
were partially offset by gains recorded primarily during May and
June in the livestock markets from long cattle futures positions
as prices increased on technical factors. Total expenses for the
three months ended June 30, 2001 were $294,681, resulting in a
net loss of $1,177,828.  The net asset value of a Unit decreased
from $6.91 at March 31, 2001 to $6.42 at June 30, 2001.

For the six months ended June 30, 2001, the Partnership recorded
total trading losses, net of interest income, of $2,909,871  and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 5.9% were recorded throughout
the six month period in 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 4.6% were recorded primarily during
February, March, May and June 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 4.4% were experienced primarily during January,
March 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
commodities, losses of approximately 3.0% were incurred
<page>
throughout a majority of the period from long cotton futures
positions as prices moved lower on weak export sales and low
demand.  Total expenses for the six months ended June 30, 2001
were $635,777, resulting in a net loss of $3,545,648.  The net
asset value of a Unit decreased from $7.85 at December 31, 2000
to $6.42 at June 30, 2001.

For the Quarter and Six Months Ended June 30, 2000
For the quarter ended June 30, 2000, the Partnership recorded
total trading revenues, including interest income, of $419,501
and posted an increase in net asset value per Unit. The most
significant gains of approximately 6.4% were recorded primarily
during May in the energy markets 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.  Adding to supply concerns were
fears that the U.S. demand will outstrip production this summer,
when inventories are typically refilled for the winter.
Additional gains were recorded 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.  These gains
were partially offset by losses of approximately 4.2% recorded
primarily during April and June in the agricultural markets from
long positions in corn futures as prices dropped due to heavy
rain and cooler temperatures in the major corn producing regions.
<page>
In soft commodities, losses of approximately 0.9% were
experienced throughout a majority of the quarter from long coffee
futures positions as prices decreased on technical factors.
Additional losses were experienced during June from long cotton
futures positions as prices moved lower, pressured downward by
heavy deliveries in July, benign weather forecasts for the U.S.
cotton belt and expectations that crop size was edging higher.
In the metals markets, losses of approximately 0.4% were incurred
primarily during May and June from long nickel futures positions
as prices moved lower.   Total expenses for the three months
ended June 30, 2000 were $387,800, resulting in net income of
$31,701.  The net asset value of a Unit increased from $7.65 at
March 31, 2000 to $7.67 at June 30, 2000.

For the six months ended June 30, 2000, the Partnership recorded
total trading revenues, including interest income, of $972,861
and posted an increase in net asset value per Unit.  The most
significant gains of approximately 10.9% 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.  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 and increasing
<page>
demand.  These gains were partially offset by losses of
approximately 3.4% incurred in the metals markets primarily from
long aluminum and copper futures positions as prices reversed
lower earlier in February due primarily to technically based
selling.  Losses were also 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 3.3% 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.  Additional losses were recorded throughout a majority
of the second quarter from long coffee futures positions as
prices decreased on technical factors.  In the agricultural
markets, losses of approximately 1.8% were recorded primarily
during April and June 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 six months
ended June 30, 2000 were $806,821, resulting in net income of
$166,040.  The net asset value of a Unit increased from $7.61 at
December 31, 1999 to $7.67 at June 30, 2000.

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-
<page>
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.

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
<page>
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

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historic reporting purposes only and is not utilized by either
Demeter or the Trading Advisor in its 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 as of June 30, 2001 and
2000. At June 30, 2001 and 2000, the Partnership's total
capitalization was approximately $15 million and $22 million,
respectively.

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

     Commodity                  (1.58)% 			         (1.70)%


The table above represents the VaR of the Partnership's open
positions at June 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.


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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,
2000 through June 30, 2001.

Primary Market Risk Category    High        Low       Average
Commodity          	            (1.71)%     (1.57)%		(1.63)%


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:

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?	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 June 30, 2001 and for the end of
the four quarterly reporting periods from July 1, 2000 through
June 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.


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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 June 30, 2001.

At June 30, 2001, the Partnership's cash balance at Morgan
Stanley DW was approximately 93% 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
<page>
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
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 June 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 June 30, 2001, the
Partnership had exposure to the markets that comprise these
sectors.  Most of the exposure, however, was to the cocoa,
wheat, coffee and corn markets.  Supply and demand

<page>
inequalities, severe weather disruption, and market
expectations affect price movements in these markets.

Metals.  The Partnership's primary metals market exposure at
June 30, 2001 was to fluctuations in the price of gold and
silver.  Although the Partnership will, from time to time,
trade base metals such as copper, aluminum, nickel, zinc and
lead, the principal market exposures of the Partnership have
consistently been to precious metals, such as gold and
silver (and, to a much lesser extent, platinum).  Market
exposure to precious metals was evident, as gold and silver
prices were volatile during the quarter.  The Trading
Advisor, from time to time, takes positions when market
opportunities develop.

Energy.  At June 30, 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.
<page>
Qualitative Disclosures Regarding Non-Trading Risk Exposure
At June 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
In April 2001, the Appellate Division of New York State dismissed
the class action previously disclosed in the Partnership's Form
10-K for the year ended December 31, 2000.  Because plaintiffs did
not exercise their right to appeal any further, this dismissal
constituted a final resolution of the case.

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
<page>
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
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
<page>
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.

Through June 30, 2001, 4,590,495.338 Units were sold, leaving
6,604,998.294 Units unsold.  The aggregate price of Units sold
through June 30, 2001 was $44,170,528 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.

April 25, 2001 - Filing the Amended and Restated Management
Agreement and the Amendment to the Amended and Restated
Management Agreement referred to in Exhibits 10.09 and
10.10 above, respectively, in connection with the
Partnership becoming part of the Morgan Stanley Dean Witter
Spectrum Series and reducing the annual incentive fee
payable by the Partnership to the Trading Advisor from 20%
to 17.5%.























<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)

August 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.