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. 0-23826

	DEAN WITTER WORLD CURRENCY FUND L.P.

	(Exact name of registrant as specified in its charter)


		Delaware						     13-3700691
(State or other jurisdiction of			  (I.R.S. Employer
incorporation or organization)			      Identification No.)


c/o Demeter Management Corporation
Two World Trade Center, 62 Fl., New York, NY	     	  10048
(Address of principal executive offices)	     (Zip Code)

Registrant's telephone number, including area code (212) 392-5454




(Former name, former address, and former fiscal year, if changed
since last report)


Indicate by check-mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes    X       	No___________




<PAGE>
<TABLE>
	DEAN WITTER WORLD CURRENCY FUND 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...... 11-16

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................16-25

Part II. OTHER INFORMATION

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

Item 6.	Exhibits and Reports on Form 8-K....................26-27





</TABLE>









<PAGE>
<TABLE>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	DEAN WITTER WORLD CURRENCY FUND 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	16,585,363   	15,129,282

	Net unrealized gain on open contracts (MS & Co.)	   1,996,154  	   2,020,756

	     Total Trading Equity	18,581,517   	17,150,038

Interest receivable (Morgan Stanley DW)	48,281	59,750
Due from Morgan Stanley DW	_____-____         	             3,628

	     Total Assets	  18,629,798  	  17,213,416


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Accrued incentive fees                 152,427                                   -
	Redemptions payable	141,915   	     263,942
	Accrued management fees	31,037         	        28,676
	Accrued administrative expenses	        7,403   	          7,632

	     Total Liabilities	     332,782    	       300,250

Partners' Capital

	Limited Partners (15,266.817 and
	  15,691.694 Units, respectively)	17,929,996   	16,582,911
	General Partner (312.506 Units)	     367,020  	     330,255

	Total Partners' Capital	  18,297,016   	 16,913,166

	Total Liabilities and Partners' Capital	  18,629,798  	 17,213,416

NET ASSET VALUE PER UNIT	      1,174.44    	       1,056.80

<FN>

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

<PAGE>
<TABLE>
	DEAN WITTER WORLD CURRENCY FUND L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)

<CAPTION>




	     For the Quarters Ended March 31,

	      2001   	   2000
	    $	   $
REVENUES
<S>			<C>		<C>
	Trading profit (loss):
		Realized	2,097,165		(883,339)
 		Net change in unrealized                                                       (24,602)	                        8,109

			Total Trading Results	2,072,563		(875,230)

	Interest Income (Morgan Stanley DW)	    151,731	                      213,244

			Total  	  2,224,294	                     (661,986)


EXPENSES

	Incentive fees	152,427	                            -
	Brokerage commissions (Morgan Stanley DW) 	129,813	 	233,151
  	Management fees	86,414		143,642
  	Administrative expenses	     10,591		        12,211
     Transaction fees and costs                                                                -			         14,178

			Total 	   379,245		       403,182


NET INCOME (LOSS)	 1,845,049		  (1,065,168)


NET INCOME (LOSS) ALLOCATION

	Limited Partners 	1,808,284	                	(1,048,298)
	General Partner                        	36,765	  	(16,870)

NET INCOME (LOSS) PER UNIT

	Limited Partners                                                        117.64	                	(53.98)
	General Partner                                                         117.64	  	(53.98)


<FN>

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

<PAGE>
<TABLE>

DEAN WITTER WORLD CURRENCY FUND 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                                       20,391.775       $19,950,579   	$310,503 	$20,261,082

Net Loss	-     	(1,048,298)	(16,870)	(1,065,168)

Redemptions                                                     (1,784.848)  	   (1,712,682)	        -      	   (1,712,682)

Partners' Capital,
	March 31, 2000                                              18,606.927  	$17,189,599  	$293,633	$17,483,232




Partners' Capital,
	December 31, 2000                                       16,004.200        $16,582,911   	$330,255 	$16,913,166

Net Income   	-     	          1,808,284	              36,765           1,845,049

Redemptions                                                         (424.877)  	    (461,199)	        -      	   (461,199)

Partners' Capital,
	March 31, 2001                                              15,579.323  	$17,929,996  	$367,020	$18,297,016







<FN>

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

</TABLE>


<PAGE>
<TABLE>
	DEAN WITTER WORLD CURRENCY FUND 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) 	1,845,049		(1,065,168)
Noncash item included in net income (loss):
		Net change in unrealized	24,602	                      (8,109)

(Increase) decrease in operating assets:
		Interest receivable (Morgan Stanley DW)	11,469	                        1,347
	Due from Morgan Stanley DW                                       	3,628		  (22,056)

Increase (decrease) in operating liabilities:
		Accrued incentive fees 	152,427	                            -
		Accrued management fees 	2,361         	 (6,422)
		Accrued administrative expenses	         (229	)                       7,892

Net cash provided by (used for) operating activities	   2,039,307		 (1,092,516)


CASH FLOWS FROM FINANCING ACTIVITIES

	Increase (decrease) in redemptions payable	(122,027)	                    215,536
	Redemptions of Units	   (461,199)		  (1,712,682)

Net cash used for financing activities	    (583,226)	                (1,497,146)


Net increase (decrease) in cash	1,456,081		   (2,589,662)

Balance at beginning of period	   15,129,282	                20,485,336

Balance at end of period	   16,585,363		   17,895,674

<FN>







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


<PAGE>
DEAN WITTER WORLD CURRENCY FUND 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 Dean Witter World Currency Fund 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
Dean Witter World Currency Fund L.P. is a Delaware limited
partnership organized to engage primarily in the speculative
trading of commodity futures, forward and options contracts on
foreign currencies.

The general partner for the Partnership 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., Inc. ("MS & Co.") and Morgan Stanley & Co.
International Limited ("MSIL").  Prior to May 2000, Carr Futures
Inc. provided clearing and execution services.  Demeter, Morgan

<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Stanley DW, MS & Co. and MSIL are wholly-owned subsidiaries of
Morgan Stanley Dean Witter & Co.  The trading advisors for the
Partnership are John W. Henry & Company, Inc. and Millburn
Ridgefield Corporation (collectively, the "Trading Advisors").

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 the average yield on 13-week
U.S. Treasury bills. The Partnership pays brokerage commissions
to Morgan Stanley DW.

3.  Financial Instruments
The Partnership trades futures, forward and options contracts on
foreign currencies.  Futures and forwards represent contracts for
delayed delivery of an instrument at a specified date and price.
Risk arises from changes in the value of these contracts and the
potential inability of counterparties to perform under the terms
of the contracts.  There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility.



<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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.

The net unrealized gain on open contracts is reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition and totaled $1,996,154 and
$2,020,756 at March 31, 2001 and December 31, 2000, respectively.


<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Net unrealized gain on open contracts of $1,996,154 and $2,020,756
at March 31, 2001 and December 31, 2000, respectively, related to
off-exchange-traded forward currency contracts.

Off-exchange-traded forward currency contracts held by the
Partnership at March 31, 2001 and December 31, 2000 mature through
June 2001 and March 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 and futures-styled options contracts are
marked to market on a daily basis, with variations in value
settled on a daily basis. Morgan Stanley DW, MS & Co. and MSIL
each 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
<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

held by them with respect to exchange-traded futures and futures-
styled options contracts, including an amount equal to the net
unrealized gain on all open futures and futures-styled options
contracts.  With respect to the Partnership's off-exchange-traded
forward currency contracts, there are no daily settlements of
variations in value nor is there any requirement that an amount
equal to the net unrealized gain on open forward contracts be
segregated.  With respect to those off-exchange-traded forward
currency contracts, the Partnership is at risk to the ability of
MS & Co., the sole counterparty on all of such contracts, to
perform.  The Partnership has a netting agreement with MS & Co.
This agreement, which seeks to reduce both the Partnership's and
MS & Co.'s exposure on off-exchange-traded forward currency
contracts, should materially decrease the Partnership's credit
risk in the event of MS & Co.'s bankruptcy or insolvency.








<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 each 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.

There is no limitation on daily price moves in trading forward
contracts on foreign currencies.  The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets, subjecting it to
substantial losses.  Either of these market conditions could
result in restrictions on redemptions.

The Partnership has never had illiquidity affect a material
portion of its assets.

Capital Resources. The Partnership does not have, or expect to
have, any capital assets.  Redemptions 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.

<PAGE>
Results of Operations
General.  The Partnership's results depend on its Trading Advisors
and the ability of the Trading Advisors' trading programs 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 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 Advisors trade in various markets at different
times and that prior activity in a particular market does not mean
that such market will be actively traded by the Trading Advisors
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 Advisors' 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 revenues, including interest income of $2,224,294
and posted an increase in net asset value per Unit.  The most
significant gains of approximately 13.4% were recorded throughout
a majority of the quarter primarily from short positions in the
Japanese yen as the value of the yen weakened relative to the
U.S. dollar on concerns for the Japanese economy and in both
anticipation and reaction to the Bank of Japan's decision to
<PAGE>
reinstate its zero interest rate policy.  Additional gains of
approximately 2.5% were recorded during March from short
positions in the Singapore dollar as its value weakened versus
the U.S. dollar in sympathy with the declining Japanese yen.
Smaller gains of approximately 1.1% resulted from short
Australian dollar positions as its value moved lower relative to
the U.S. dollar during March amid economic uncertainty in that
country.  Profits of approximately 1.0% were recorded during
March from short positions in the Thai baht as its value declined
relative to the U.S. dollar on concerns regarding the overall
economic environment in the Pacific Rim.  A portion of overall
Partnership gains for the quarter was offset by losses of
approximately 2.7% recorded primarily during February from long
positions in the euro as the value of the euro weakened versus
the U.S. dollar amid growth concerns regarding the European
economy and the European Central Bank's decision to hold interest
rates unchanged.  Smaller losses of approximately 1.4% were
recorded primarily during January from long positions in the
South African rand versus the U.S. dollar as the value of the
rand weakened and the U.S. dollar gained support as several
officials of the world's major central banks soothed fears of a
hard economic landing in the U.S.  Total expenses for the three
months ended March 31, 2001 were $379,245, resulting in net
income of $1,845,049.  The net asset value of a Unit increased
from $1,056.80 at December 31, 2000 to $1,174.44 at March 31,
2001.
<PAGE>
For the Quarter Ended March 31, 2000
For the quarter ended March 31, 2000, the Partnership recorded
total trading losses, net of interest income of $661,986 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 2.7% were recorded from long
Japanese yen positions as the value of the yen weakened versus
the U.S. dollar during January following a Bank of Japan
intervention and improving sentiment in the U.S. bond market.
Short Japanese yen positions resulted in losses during March as
the yen's value reversed higher relative to the U.S. dollar and
major European currencies on reports of yen repatriation by
institutions ahead of the Japanese fiscal year-end on March 31.
Additional losses of approximately 1.9% were experienced from
long positions in the British pound during January and February
as the value of the pound weakened versus the U.S. dollar amid
the dollar's strength versus other major currencies and interest
rate increases by the European Central Bank and the U.S. Federal
Reserve.  Smaller losses of approximately 1.3% resulted during
February from long Canadian dollar positions as its value
weakened against the U.S. dollar after a weak December wholesale
trade report cast some doubt on the Bank of Canada's ability to
match future U.S. Federal Reserve rate hikes.  A portion of
overall Partnership losses was offset by gains of approximately
1.0% recorded from short positions in the European common
currency as its value weakened to a lifetime low versus the U.S.
dollar during January on skepticism about Europe's economic
<PAGE>
outlook. The value of the euro finished the quarter lower versus
the U.S. dollar on expectations that interest rates would be held
steady by the European Central Bank, resulting in additional
gains for short positions.  Additional gains of approximately
0.7% were recorded during January from short positions in the
Swiss franc as the value of this currency shared many of the same
woes as the euro. Long Mexican peso positions also resulted in
gains of approximately 0.7% as its value strengthened relative to
the U.S. dollar amid gains for Mexico's benchmark IPC stock index
during March.  Total expenses for the three months ended March
31, 2000 were $403,182, resulting in a net loss of $1,065,168.
The net asset value of a Unit decreased from $993.59 at December
31, 1999 to $939.61 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, 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.


<PAGE>
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
speculative trading.  The Partnership's speculative trading may
cause future losses and volatility (i.e. "risk of ruin") that far
exceed the Partnership's experience to date or any reasonable
expectations based upon historical changes in market value.



<PAGE>
Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the
Partnership's market risk exposure 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.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors 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 on historical simulation with a confidence level of 99%.

<PAGE>
Historical simulation involves constructing a distribution of
hypothetical daily changes in the value of a trading portfolio.
The VaR model takes into account linear exposures to price and
interest rate risk.  Market risks that are incorporated in the
VaR model include equity and commodity prices, interest rates,
foreign exchange rates, and correlation among these variables.
The hypothetical changes in portfolio value are based on daily
percentage changes observed in key market indices or other market
factors ("market risk factors") to which the portfolio is
sensitive.  The historical observation period of the Partner-
ship's VaR is approximately four years.  The one-day 99%
confidence level of the Partnership's VaR corresponds to the
negative change in portfolio value that, based on observed market
risk factors, would have been exceeded once in 100 trading days.

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 Advisors 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
<PAGE>
by primary market category at March 31, 2001 and 2000.  At March
31, 2001 and 2000, the Partnership's total capitalization was
approximately $18 million and $17 million, respectively.

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

     Currency			(4.99)%				(3.29)%


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, 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.

The table below supplements the March 31, 2001 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.

Primary Market Risk Category        High       Low     Average
Currency			(4.99)%	 (1.60)%	 (3.49)%




<PAGE>
Limitations on Value at Risk as an Assessment of Market Risk
The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership.  The value of the
Partnership's open positions thus creates a "risk of ruin" not
usually 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;
?	VaR results reflect past trading positions while future risk
depends on future positions;



?	<PAGE>
?	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
?	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

The VaR tables above present the results of the Partnership's VaR
for 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
91% of its total net asset value.  A decline in short-term
interest rates will result in a decline in the Partnership's cash
<PAGE>
management income. This cash flow risk is not considered to be
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 Advisors
for managing such exposures are subject to numerous uncertainties,
contingencies and risks, any one of which could cause the actual
results of the Partnership's risk controls to differ materially
from the objectives of such strategies.  Government interventions,
defaults and expropriations, illiquid markets, the emergence of
dominant fundamental factors, political upheavals, changes in

<PAGE>
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 exposure of the
Partnership at March 31, 2001.  It may be anticipated however,
that market exposure will vary materially over time.

Currency.  At March 31, 2001 the Partnership's currency exposure
was to exchange rate fluctuations, primarily fluctuations which
disrupt the historical pricing relationships between different
currencies and currency pairs.  Interest rate changes as well as
political and general economic conditions influence these
fluctuations.  The Partnership trades in a large number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar.  For the first quarter of
2001, the Partnership's major exposures were to the euro currency
crosses and outright U.S. dollar positions.  Outright positions
consist of the U.S. dollar vs. other currencies.  These other
currencies include major and minor currencies.  Demeter does not
anticipate that the risk profile of the Partnership's currency
sector will change significantly in the future.  The currency

<PAGE>
trading VaR figure includes foreign margin amounts converted into
U.S. dollars with an incremental adjustment to reflect the
exchange rate risk inherent to the dollar-based Partnership in
expressing VaR in a functional currency other than dollars.

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 Advisors, 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 Trading Advisors, each of whose strategies focus
on different market sectors and trading approaches, and monitoring
the performance of the Trading Advisors daily.  In addition, the
Trading Advisors establish 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 Advisors.



<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 6. EXHIBITS AND REPORTS ON FORM 8-K

(A)	Exhibits

3.01	Limited Partnership Agreement of the Partnership, dated as of
December 8, 1992 is incorporated by reference to Exhibit 3.01 and
Exhibit 3.02 of the Partnership's Registration Statement on Form
S-1 (File No. 33-55806).

10.01	Form of the Management Agreements among the Partnership, Demeter
and CCA Capital Management Inc., Colorado Commodities Management
Corporation, Ezra Zask Associates Inc. and Millburn Ridgefield
Corporation dated as of March 1, 1993 is incorporated by reference
to Exhibit 10.02 of the Partnership's Registration Statement on
Form S-1 (File No. 33-55806).

10.02	Management Agreement among the Partnership, Demeter and JWH 	dated
as of June 1, 1995 is incorporated by reference to Exhibit 10.03
of the Partnership's Annual Report on Form 10K for the fiscal year
ended December 31, 1995.

10.03	Amended and Restated Customer Agreement, dated as of December 1,
1997, between the Partnership and Dean Witter Reynolds Inc. is
incorporated by reference to Exhibit 10.03 of the Partnership's
Form 10-K (File No. 0-23826) for fiscal year ended December 31,
1998.

10.04	Customer Agreement, dated as of December 1, 1997, among the
Partnership, Carr Futures Inc., and Dean Witter Reynolds Inc. is
incorporated by reference to Exhibit 10.04 of the Partnership's
Form 10-K (File No. 0-23826) for fiscal year ended December 31,
1998.

10.05	International Foreign Exchange Master Agreement, dated as of
August 1, 1997, between the Partnership and Carr Futures, Inc. is
incorporated by reference to Exhibit 10.05 of the Partnership's
Form 10-K (File No. 0-23826) for fiscal year ended December 31,
1998.

10.06	Customer Agreement, dated as of May 1, 2000 between Morgan Stanley
& Co. Incorporated, the Partnership and Dean Witter Reynolds Inc.
is incorporated by reference to Exhibit 10.06 of the Partnership's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2000,
(File No. 0-23826).
<PAGE>
10.07	Amendment to Management Agreement among the Partnership, Dean
Witter Reynolds Inc., and John W. Henry & Company, Inc., dated
November 30, 2000, is incorporated by reference to the
Partnership's Form 8-K, filed with the Securities and Exchange
Commission on January 3, 2001.

10.08	Amendment to Management Agreement between the Partnership and
Millburn Ridgefield Corporation, dated November 30, 2000, is
incorporated by reference to the Partnership's Form 8-K, filed
with the Securities and Exchange Commission on January 3, 2001.

(B)	Reports on Form 8-K.

Filed with the Securities and Exchange Commission on January 3,
2001.  Effective December 1, 2000, the Partnership amended its
management agreement with John W. Henry & Company, Inc. ("JWH")
under which the monthly management fee paid by the Partnership to
JWH was reduced from a 4% to a 2% annual rate.  Additionally, the
quarterly incentive fee paid by the Partnership to JWH was
changed from 17.5% to 20% of Partnership trading profits, as
determined from the end of the last period in which an incentive
fee was earned.

Effective December 1, 2000, the Partnership amended its
management agreement with Millburn Ridgefield Corporation
("Millburn") under which the management fee paid by the
Partnership to Millburn was reduced from a 3% to a 2% annual
rate.  Additionally, the quarterly incentive fee paid by the
Partnership to Millburn was changed from 17.5% to 20% of
Partnership trading profits, as determined from the end of the
last period in 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.




                        Dean Witter World Currency Fund L.P.
                        (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

May 15, 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.