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

	FORM 10-K

[X]	Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]
For the year ended December 31, 2005 or

[ ]	Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ________________to___________________

Commission File Number 0-23826

	DEAN WITTER WORLD CURRENCY FUND L.P.

(Exact name of registrant as specified in its Limited Partnership Agreement)

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

Demeter Management Corporation
330 Madison Avenue, 8th Floor
New York, NY                           		         	  10017
(Address of principal executive offices)		 		(Zip Code)

Registrant?s telephone number, including area code     	   (212) 905-2700

Securities registered pursuant to Section 12(b) of the Act:

									   Name of each exchange
    Title of each class						   on which registered

		None						         	    None

Securities registered pursuant to Section 12(g) of the Act:

	Units of Limited Partnership Interest

	(Title of Class)

Indicate by check-mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes          No  X

Indicate by check-mark if the registrant
is not required to file reports pursuant
to Section 13 or Section 15(d) of the Act.  Yes          No  X

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  _____

Indicate by check-mark if disclosure of
delinquent filers pursuant to Item 405 of
Regulation S-K (section 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's
knowledge, in definitive proxy
or information statements incorporated by
 reference in Part III of this Form 10-K
or any amendment of this Form 10-K. [X]


Indicate by check-mark whether the registrant is a
 large accelerated filer, an accelerated filer, or a non-
accelerated filer.  See definitions of "accelerated filer and
 large accelerated filer" in Rule 12b-2 of the
Exchange Act.  (Check one):

Large accelerated filer___  Accelerated filer____  Non-accelerated filer __X__

Indicate by check-mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Act).  Yes       No  X

State the aggregate market value of the Units of Limited Partnership Interest
held by non-affiliates of the registrant.  The aggregate market value shall be
computed by reference to the price at which Units were sold as of the last
business day of the registrant?s most recently completed second fiscal quarter:
$11,332,300 at June 30, 2005.

	DOCUMENTS INCORPORATED BY REFERENCE
	(See Page 1)


<page> <table> DEAN WITTER WORLD CURRENCY FUND L.P.
INDEX TO ANNUAL REPORT ON FORM 10-K
DECEMBER 31, 2005
<caption>
                          Page No.

								<c>
DOCUMENTS INCORPORATED BY REFERENCE . . . . . . . . . . . . . . . . . . 1

Part I .

	Item 1. 	Business. . . . . . . . . . . . . . . . . . . . . . . . . 2-5

	Item 1A.	Risk Factors. . . . . . . . . . . . . . . . . . . . . . . 5-6

	Item 1B.	Unresolved Staff Comments . . . . . . . . . . . . . . . . . 6

	Item 2. 	Properties. . . . . . . . . . . . . . . . . . . . . . . . . 6

	Item 3. 	Legal Proceedings . . . . . . . . . . . . . . . . . . . . . 6

	Item 4. 	Submission of Matters to a Vote of Security Holders . . . . 6

Part II.

	Item 5.		Market for the Registrant's Partnership Units
			and Related Security Holder Matters . . . . . . . . . . . . 7

	Item 6. 	Selected Financial Data . . . . . . . . . . . . . . . . . . 8

	Item 7. 	Management's Discussion and Analysis of Financial
			Condition and Results of Operations . . . . . . . . . .  9-26

	Item 7A.		Quantitative and Qualitative Disclosures About
			Market Risk. . . . . . . . . . . . . . . . . . . . . . .26-36

	Item 8. 	Financial Statements and Supplementary Data. . . . . . . . 37

	Item 9. 	Changes in and Disagreements with Accountants on
			Accounting and Financial Disclosure. . . . . . . . . . . . 37

	Item 9A.	Controls and Procedures . . .. . . . . . . . . . . . . .38-40

	Item 9B.	Other Information . . . . . . . . . . . . . . . . . . . . .40

Part III.

	Item 10.	Directors and Executive Officers of the Registrant . .	 41-46

	Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . 46

	Item 12.	Security Ownership of Certain Beneficial Owners
				and Management . . . . . . . . . . . . . . . . . . . .  46-47
	Item 13. Certain Relationships and Related Transactions . . . .	. . 47
	Item 14. Principal Accounting Fees and Services . . . . . . . . 	 47-48
Part IV.
	Item 15.		Exhibits and Financial Statement Schedules. . . . . . . 49-50

</table>


<page>




	DOCUMENTS INCORPORATED BY REFERENCE


Portions of the following documents are incorporated by reference
as follows:



         Documents Incorporated             Part of Form 10-K

	Partnership's Prospectus dated
  	June 2, 1993	       I

	Annual Report to Dean Witter
	World Currency Fund L.P.
	Limited Partners for the year
	ended December 31, 2005	II, III, and IV





	<page> PART I

Item 1.  BUSINESS
(a) General Development of Business. Dean Witter World Currency
Fund L.P. (the "Partnership") is a Delaware limited partnership
organized in 1992 to engage primarily in the speculative trading of
futures contracts, options on futures contracts, and forward
contracts on foreign currencies.  The Partnership commenced trading
operations on April 2, 1993.

The Partnership?s general partner is Demeter Management Corporation
(?Demeter?).  The non-clearing commodity broker is Morgan Stanley
DW Inc. (?Morgan Stanley DW?).  The clearing commodity broker is
Morgan Stanley & Co. Incorporated (?MS & Co.?).  Demeter, Morgan
Stanley DW, and MS & Co. are wholly-owned subsidiaries of Morgan
Stanley.  The trading advisors to the Partnership are John W. Henry
& Company, Inc. and Millburn Ridgefield Corporation (individually,
a ?Trading Advisor?, or collectively, the ?Trading Advisors?).

The Partnership began the year at a net asset value per unit of
limited partnership interest (?Unit(s)?) of $1,326.57 and returned
-14.7% to $1,132.08 on December 31, 2005.  For a more detailed
description of the Partnership?s business, see subparagraph (c).



<page>
(b) Financial Information about Segments.  For financial infor-
mation reporting purposes, the Partnership is deemed to engage in
one industry segment, the speculative trading of futures,
forwards, and options on such contracts.  The relevant financial
information is presented in Items 6 and 8.

(c) Narrative Description of Business.  The Partnership is in the
business of speculative trading of futures, forwards, and options,
pursuant to trading instructions provided by the Trading Advisors.
For a detailed description of the different facets of the
Partnership's business, see those portions of the Partnership's
prospectus, dated June 2, 1993 (the ?Prospectus?), incorporated by
reference in this Form 10-K, set forth below.

	Facets of Business
	1.	Summary	1.	?Summary of the Prospectus?
(Pages 1-8 of the Prospec-
 tus).

	2.	Currency Markets	2.	"The Currency Markets?
		(Pages 80-88 of the Pros-
		 pectus).

	3.	Partnership?s Trading	3.	?Trading Policies? (Page
		Arrangements and		 75 of the Prospectus).
		Policies		?The Trading Advisors?
				(Pages 34-74 of the
				 Prospectus).







<page>

	4.	Management of the Part-	4.	?The Management Agreements?
		nership		(Pages 77-80 of the Pros-
				 pectus).  ?The General
				 Partner? (Pages 30-33 of
				 the Prospectus).  ?The
				 Commodity Broker? (Pages
				 76-77 of the Prospectus).
				?The Limited Partnership
 				 Agreement? (Pages 89-93
	 of the Prospectus).

	5.	Taxation of the Partner-	5. 	?Federal Income Tax Aspects?
       	ship?s Limited Partners		?State and Local Income Tax
				 Aspects? (Pages 97-104
				 of the Prospectus).


(d) Financial Information about Geographic Areas. The Partnership
has not engaged in any operations in foreign countries; however,
the Partnership (through the commodity brokers) enters into forward
contract transactions where foreign banks are the contracting party
and trades futures, forwards, and options on foreign exchanges.

(e)	Available Information. The Partnership files an annual report
on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, and all amendments to these reports with the Securities
and Exchange Commission (?SEC?). You may read and copy any document
filed by the Partnership at the SEC?s Public Reference Room at 100
F Street, N.E., Washington, D.C.  20549.  Please call the SEC at 1-
800-SEC-0330 for information on the Public Reference Room.  The
Partnership does not maintain an internet website, however, the SEC
maintains a website that contains annual, quarterly, and current
reports, proxy statements, and other  <page> information that
issuers (including the Partnership) file electronically with the
SEC.  The SEC?s website address is http://www.sec.gov.

Item 1A.  RISK FACTORS
The following risk factors 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 ?Quantifying the Partnership?s Trading
Value at Risk? in Item 7A ?Quantitative and Qualitative Disclosures
About Market Risk? are deemed to be forward-looking statements for
purposes of the safe harbor, except for statements of historical
fact.  The qualitative disclosures, except for (A) those
disclosures that are statements of historical fact and (B) the
descriptions of how the Partnership manages its primary market risk
exposure, in the ?Qualitative Disclosure Regarding Primary Trading
Risk Exposures? in Item 7A ?Quantitative and Qualitative
Disclosures About Market Risk? are deemed to be forward looking
statements for purposes of the safe harbor.

The Partnership is in the business of speculative trading of
futures, forwards, and options.  For a detailed description of the
risks that may affect the business of the Partnership, see the
discussion of risk factors as set forth in Item 7 ?Management?s
<page> Discussion and Analysis of Financial Condition and Results
of Operations? and Item 7A ?Quantitative and Qualitative
Disclosures About Market Risk?.

Item 1B.  UNRESOLVLED STAFF COMMENTS
Not applicable.


Item 2.  PROPERTIES

The Partnership?s executive and administrative offices are located
within the offices of Morgan Stanley DW. The Morgan Stanley DW
offices utilized by the Partnership are located at 330 Madison
Avenue, 8th Floor, New York, NY 10017.

Item 3.  LEGAL PROCEEDINGS
None.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.




<page> PART II

Item 5. MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS AND RELATED
        SECURITY HOLDER MATTERS


(a) Market Information. There is no established public trading
market for Units of the Partnership.

(b) Holders. The number of holders of Units at December 31, 2005
was approximately 1,193.

(c) Distributions. No distributions have been made by the
Partnership since it commenced trading operations on April 2,  1993.
 Demeter has sole discretion to decide what distributions, if any,
shall be made to investors in the Partnership.  Demeter currently
does not intend to make any distributions of the Partnership?s
profits.









<page> <table> Item 6.  SELECTED FINANCIAL DATA (in dollars)

<caption>



	      		         For the Years Ended December 31,
		    2005        2004	      2003         2002         2001


				<c>			<c>		<c>		<c>		<c>
Total Trading Results
including interest
income	 (1,147,891) 	    (674,701)    2,589,349	 4,233,165	3,030,877


Net Income (Loss)       (2,017,953)		(1,659,464)    1,066,304	2,701,669	1,719,101


Net Income (Loss)
Per Unit (Limited
& General Partners)        (194.49)		    (136.01)       89.24	202.57	113.97


Total Assets            10,106,473		 13,936,592   17,048,130	17,681,862	17,315,205


Total Limited
Partners' Capital        9,842,147		 13,629,656   	16,578,618	17,235,560	16,393,224


Net Asset Value
Per Unit                  1,132.08 		   1,326.57     1,462.58	    1,373.34	1,170.77











</table>











<page> Item 7. 	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. as
clearing broker in separate futures, forwards, and options trading
accounts established for each Trading Advisor.  Such assets are
used as margin to engage in trading and may be used as margin solely
for the Partnership?s trading.  The assets are held in either non-
interest bearing bank accounts or in securities and   instruments
permitted by the Commodity Futures Trading Commission for investment
of customer segregated or secured funds.  Since the Partnership?s
sole purpose is to trade in futures, forwards, and options, it is
expected that the Partnership will continue to own such liquid
assets for margin purposes.

The Partnership?s investment in futures, forwards, and options
may, from time to time, be illiquid.  Most U.S. futures exchanges
limit fluctuations in prices during a single day by regulations
referred to as ?daily price fluctuations limits? or ?daily
limits?.  Trades may not be executed at prices beyond the daily
limit.  If the price for a particular futures or options contract
has increased or decreased by an amount equal to the daily limit,
positions in that futures or options contract can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Futures prices have occasionally moved the
daily limit for several consecutive days with little or no  <page>
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.  For the periods covered by
this report, illiquidity has not materially affected the
Partnership?s assets.

There are no known material trends, demands, commitments, events, or
uncertainties at the present time that are reasonably likely to
result in, the Partnership?s liquidity increasing or decreasing in
any material way.

Capital Resources.  The Partnership does not have, nor expects to
have, any capital assets.  Redemptions of Units in the future will
affect the amount of funds available for investments in futures,
forwards, and options in subsequent periods.  It is not possible to
estimate the amount, and therefore the impact, of future outflows of
Units.
<page> There are no known material trends, favorable or
unfavorable, that would affect, nor any expected material changes
to, the Partnership?s capital resource arrangements at the present
time.

Off-Balance Sheet Arrangements and Contractual Obligations.  The
Partnership does not have any off-balance sheet arrangements, nor
does it have contractual obligations or commercial commitments to
make future payments that would affect its liquidity or capital
resources.

Results of Operations.
General.  The Partnership's results depend on the Trading Advisors
and the ability of each Trading Advisor?s trading program(s) to take
advantage of price movements in the futures, forwards, and options
markets.  The following presents a summary of the Partnership's
operations for each of the three years in the period ended December
31, 2005, 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 the
Trading Advisors' trading activities on behalf of the <page>
Partnership during the period in question.  Past performance is no
guarantee of future results.

The Partnership?s results of operations set forth in the Financial
Statements are prepared in accordance with accounting principles
generally accepted in the United States of America,  which require
the use of certain accounting policies that affect the amounts
reported in these Financial Statements, including the following:
The contracts the Partnership trades are accounted for on a trade-
date basis and marked to market on a daily basis.  The difference
between their cost and market value is recorded on the Statements
of Operations as ?Net change in unrealized trading profit (loss)?
for open (unrealized) contracts, and recorded as ?Realized trading
profit (loss)? when open positions are closed out.  The sum of
these amounts constitutes the Partnership?s trading results.  The
market value of a futures contract is the settlement price on the
exchange on which that futures contract is traded on a particular
day.  The value of foreign currency forward contracts is based on
the spot rate as of the close of business.  Interest income, as
well as management fees, incentive fees, and brokerage commissions
expenses of the Partnership are recorded on an accrual basis.

Demeter believes that, based on the nature of the operations of  the
Partnership, no assumptions relating to the application of critical
accounting policies other than those presently used could reasonably
affect reported amounts.
<page>
The Partnership recorded total trading results including interest
income totaling $(1,147,891) and expenses totaling $870,062,
resulting in a net loss of $2,017,953 for the year ended December
31, 2005.  The Partnership?s net asset value per Unit decreased
from $1,326.57 at December 31, 2004 to $1,132.08 at December 31,
2005.  Total redemptions for the year were $1,827,915 and the
Partnership?s ending capital was $9,957,922 at December 31, 2005,
a decrease of $3,845,868 from ending capital at December 31, 2004
of $13,803,790.

The most significant trading losses of approximately 7.5%, 2.7%,
2.0%, 1.9%, and 1.5%, respectively, resulted from positions in
European currencies against the U.S. dollar.  Early during the
first quarter, losses resulted from long positions in several
European currencies versus the U.S. dollar after the U.S. dollar?s
value reversed sharply higher amid an increase in U.S. interest
rates and consumer prices.  The U.S. dollar?s value also advanced
in response to expectations that the Chinese government would
announce postponement of its re-valuation of the Chinese yuan.
During February, losses were incurred from short European currency
positions after the U.S. dollar?s value weakened in response to
concern for the considerable U.S. Current-Account deficit as
expressed by U.S. Federal Reserve Chairman Alan Greenspan.  During
early March, short European currency positions continued to
experience losses as their values rose amid a sharp rise in German
<page> industrial production.  Further losses were recorded from
newly established long European currency positions versus the U.S.
dollar as the U.S. dollar?s value reversed sharply higher amid an
increase in U.S. interest rates and consumer prices.  During the
second quarter, long British pound positions incurred losses as
the pound?s value declined after Britain?s Labour Party won re-
election with a reduced government majority, and then moved lower
later in the quarter on growing speculation that the interest rate
differential between the U.S. and the U.K. would tighten.  During
July, long British pound positions experienced losses as the value
of the pound dropped sharply on geopolitical concerns after a
terror attack on the London public transportation system.  During
August, short British pound positions incurred losses as the value
of the U.S. dollar declined amid higher crude oil prices, lower
durable goods orders, the U.S. trade imbalance, and economic
warnings from U.S. Federal Reserve Chairman Alan Greenspan.
During September, losses were recorded from long positions in the
British pound, Norwegian krone, and Czech koruna, as the value of
the U.S. dollar advanced amid bolstered expectations that the U.S.
Federal Reserve would continue to raise interest rates.  During
the fourth quarter, long British pound positions versus the U.S.
dollar incurred further losses as the pound?s value weakened after
the Bank of England indicated that a cut in its interest rates
would likely take place in March 2006.  Short positions in several
European currencies versus the U.S. dollar also recorded losses as
their values moved higher, boosted by expectations that the <page>
European Central Bank might raise interest rates.  Additional
losses of approximately 5.5%, 3.1%, and 2.7%, respectively, were
recorded from positions in the South African rand and both the New
Zealand and Australian dollars (collectively, the ?Commodity
Currencies?).  During the first quarter, losses stemmed from
positions in these currencies as values traded counter to the U.S.
dollar, which benefited due to positive economic data.  During the
second quarter, long positions in the Australian dollar versus the
U.S. dollar incurred losses as the Australian dollar declined amid
falling gold prices. During the third quarter, short positions in
the New Zealand and Australian dollars versus the U.S. dollar
recorded losses as the values of the Commodity Currencies moved
higher on strong economic data out of the region.  More
specifically, during September losses were recorded from long New
Zealand and Australian dollars positions as the value of the U.S.
dollar advanced amid bolstered expectations that the U.S. Federal
Reserve would continue to raise interest rates. Also forcing the
New Zealand dollar lower were fears for an economic slow-down in
New Zealand during 2006.  During the fourth quarter, long
positions in the Commodity Currencies versus the U.S. dollar
resulted in losses during October as their values weakened in
response to volatile gold prices.  The Australian dollar was also
pressured lower after the Reserve Bank of Australia kept its
overnight interest rate unchanged.  During November, short
positions in the South African rand and Australian dollar incurred
losses as their values reversed higher on stronger gold prices.
<page> Finally, during December long positions in both the New
Zealand and Australian dollars experienced losses amid weaker-
than-expected economic growth data combined with a lack of
confidence for further interest rate hikes from the Reserve Bank
of New Zealand.  Partnership losses of approximately 3.5% were
recorded primarily during the first quarter from positions in the
Singapore dollar versus the U.S. dollar.  During February, long
positions in the Singapore dollar against the U.S. dollar incurred
losses early in the month as the U.S. dollar?s value benefited
from positive economic sentiment.  Newly established short
Singapore dollar positions also incurred losses later in the month
after the U.S. dollar weakened due to a larger-than-expected drop
in January leading economic indicators and news that South Korea?s
Central Bank planned to reduce its U.S. dollar currency reserves.
 During March, long positions in the Singapore dollar versus the
U.S. dollar resulted in losses as the value of the U.S. dollar
reversed sharply higher amid an increase in U.S. interest rates
and U.S. consumer prices.  Positions in the Singapore dollar
against the U.S. dollar held during the third and fourth quarter
also contributed to sector losses.  A portion of the Partnership?s
overall losses for the year was offset by gains of approximately
9.2% from short positions in the Japanese yen against the U.S.
dollar.  During March, gains resulted as the U.S. dollar advanced
against the yen due to an increase in U.S. interest rates.  Short
Japanese yen positions held during the second quarter also
produced profits as the yen?s value declined during May and June
<page> in response to weak Japanese economic data.  During July,
gains resulted after the U.S. dollar?s value strengthened against
the yen on significant interest-rate differentials between the
U.S. and Japan.  Market participants also drove the U.S. dollar
higher against the yen during July amid beliefs that U.S. interest
rates would increase further.  During September, short Japanese
yen positions achieved gains after the yen?s value declined in the
wake of weak Japanese economic data.  During the fourth quarter,
short Japanese yen positions achieved gains as the yen?s value
continued its decline against the U.S. dollar amid the potential
for higher U.S. interest rates. The Japanese yen was also pulled
lower on investor sentiment that future action by the Chinese
government regarding further Chinese yuan re-valuation was farther
away than previously expected.  Additional Partnership profits of
approximately 2.7% were achieved from long cross-rate positions in
the Canadian dollar, Australian dollar, and British pound versus
the Japanese yen as the yen?s value weakened for the
aforementioned reasons.

The Partnership recorded total trading results including interest
income totaling $(674,701) and expenses totaling $984,763,
resulting in a net loss of $1,659,464 for the year ended December
31, 2004.  The Partnership?s net asset value per Unit decreased
from $1,462.58 at December 31, 2003 to $1,326.57 at December 31,
2004. Total redemptions for the year were $1,307,352 and the
Partnership?s ending capital was $13,803,790 at December 31, 2004,
<page> a decrease of $2,966,816 from ending capital at December
31, 2003 of $16,770,606.

The most significant trading losses of approximately 9.6% were
recorded from positions in the Japanese yen versus the U.S.
dollar.  Long yen positions resulted in losses during February
after the Bank of Japan stemmed the yen?s rise through currency
market interventions.  The yen?s value declined further under
pressure from an elevation in Japan?s security level.  During
March, short yen positions experienced losses as the yen reversed
higher due to speculation that the Bank of Japan relaxed its
currency-weakening efforts.  During April, long yen positions
incurred losses as the U.S. dollar surged following the release of
stronger-than-expected U.S. jobs data.  The yen also came under
pressure following yen-weakening efforts by the Japanese
government.  Short yen positions versus the U.S. dollar
experienced losses during May as the U.S. dollar?s value declined
amid fears of potential terrorist attacks, expanding energy
prices, and the release of weaker-than-expected economic data.
During June, short yen positions resulted in further losses as the
yen reversed higher amid improvements in the Japanese economy and
speculation for an increase in Japanese interest rates.  During
August and September, short yen positions incurred losses as the
U.S. dollar?s value declined due to concerns for U.S. economic
growth, soft economic data, and record-high oil prices.  Losses of
approximately 0.8% resulted from positions in the Singapore dollar
<page> as its value experienced directionless volatility in tandem
with the Japanese yen.  Additional losses were incurred throughout
a majority of the year from positions in the British pound,
Norwegian krone, and Swiss franc versus the U.S. dollar of
approximately 3.7%, 0.9%, and 0.8%, respectively.  Long pound
positions versus the U.S. dollar resulted in losses during March
and April as the dollar?s value reversed higher amid positive U.S.
economic data.  Long Norwegian krone and Swiss franc positions
also incurred losses as the U.S. dollar temporarily strengthened
amid a decline in U.S. unemployment claims.  During November,
short pound positions experienced losses as the U.S. dollar?s
value moved lower in response to the U.S. growing Current-Account
deficit.  During December, long pound positions resulted in losses
as the value of the pound reversed lower following news that the
Bank of England was considering an interest rate cut.  Relatively
smaller losses resulted from positions in the Mexican peso, South
African rand, and Australian dollar versus the U.S. dollar of
approximately 1.9%, 0.4%, and 0.1%, respectively, in response to
erratic U.S. dollar movements throughout much of the year and
interest rate differentials between these countries and the U.S.
A portion of the Partnership?s overall losses for the year was
offset by gains of approximately 2.2% from long positions in the
Canadian dollar versus the U.S. dollar as the Canadian dollar?s
value moved higher amid a bullish Canadian economic outlook and a
U.S. dollar value weighed down by concerns for U.S. economic
growth and the U.S. Current-Account deficit.  Additional <page>
Partnership gains were achieved primarily during the fourth
quarter, from long positions in the New Zealand dollar, Polish
zloty, Korean won, Brazilian real, and Czech koruna, all versus
the U.S. dollar of approximately 1.9%, 1.8%, 1.7%, 1.6%, and 0.8%,
respectively, as the U.S. dollar?s value responded negatively to
higher oil and gold prices, weaker-than-expected economic data,
and huge U.S. budget and trade deficits.  Finally, gains of
approximately 1.4% were achieved from long positions in the euro
versus the U.S. dollar during the fourth quarter as the euro?s
value trended higher amid European economic growth and a decline
in the value of the U.S. dollar.

The Partnership recorded total trading results including interest
income totaling $2,589,349 and expenses totaling $1,523,045,
resulting in net income of $1,066,304 for the year ended December
31, 2003.  The Partnership?s net asset value per Unit increased
from $1,373.34 at December 31, 2002 to $1,462.58 at December 31,
2003. Total redemptions for the year were $1,781,527 and the
Partnership?s ending capital was $16,770,606 at December 31, 2003,
a decrease of $715,223 from ending capital at December 31, 2002 of
$17,485,829.

The most significant trading gains of approximately 16.8% were
recorded from long positions in the euro versus the U.S. dollar as
the value of the euro strengthened during May amid uncertainty
regarding the Bush Administration?s economic policy, renewed fears
<page> of potential terrorist attacks against American interests,
and investor preference for non-U.S. dollar assets.  During
January and April, gains were also recorded from long positions in
the euro versus the U.S. dollar as the U.S. dollar?s value
weakened amid renewed fears of a military conflict with Iraq,
increased tensions with North Korea, and weak U.S. economic data.
 During December, significant gains were produced by long
positions in a broad range of major and minor currencies,
especially the euro, versus the U.S. dollar as a confluence of
factors including concerns regarding U.S. budget and trade
deficits, a dip in consumer confidence, an outbreak of Mad Cow
Disease in the U.S., and fears of a potential terrorist attack
forced the U.S. dollar to retreat. Additional gains of
approximately 8.6% resulted from long positions in the Commodity
Currencies versus the U.S. dollar as their value strengthened
during April, May, and June in response to the continued weakness
in the U.S. dollar, higher interest rates relative to those in the
U.S., Europe, and Asia, and rising gold prices.  Gains of
approximately 3.7% were provided by long positions in the South
African rand versus the U.S. dollar during April as the rand?s
value also strengthened in response to significant interest rate
differentials between the two countries and strong commodity
prices.  Long rand positions also resulted in profits during
November from continued dollar weakness.  A portion of the
Partnership?s overall gains for the year was offset by losses of
approximately 6.1% incurred from positions in the British pound
<page> versus the U.S. dollar as the value of the pound
strengthened during April and May on expectations that the Bank of
England would likely leave interest rates unchanged and following
the release of lower-than-expected unemployment data from Great
Britain.  During June, losses stemmed from positions in the pound
versus the U.S. dollar as the pound?s value increased early in the
month amid continued expectations that the Bank of England would
likely leave interest rates unchanged.  The pound then reversed
lower later in the month after the British Finance Minister
released positive comments regarding the U.K.?s entry prospects
into the European Union.  Additional losses of approximately 4.4%
resulted from positions in the Japanese yen versus the U.S. dollar
primarily throughout the first half of the year as the value of
the yen experienced significant ?whipsawing? amid uncertainty
regarding an intervention by the Bank of Japan. Positions in the
Singapore dollar also resulted in losses as the value of the Asian
currency experienced short-term volatile price movements in
sympathy with the yen.  Long positions in the Korean won versus
the U.S. dollar resulted in losses during October as the U.S.
dollar strengthened later in the month following the release of
strong U.S. economic data.

For an analysis of unrealized gains and (losses) by contract type
and a further description of 2005 trading results, refer to the
Partnership?s Annual Report to Limited Partners for the year ended
<page> December 31, 2005, which is incorporated by reference to
Exhibit 13.01 of this Form 10-K.

The Partnership's gains and losses are allocated among its  partners
for income tax purposes.

Market Risk.
Financial Instruments.  The Partnership is a party to financial
instruments with elements of off-balance sheet market and credit
risk.  The Partnership trade futures contracts, options on future
contracts, and forward contracts on foreign currencies.  In
entering into these contracts, the Partnership is subject to the
market risk that such contracts may be significantly influenced by
market conditions, such as interest rate volatility, resulting in
such contracts being less valuable.  If the markets should move
against all of the positions held by the Partnership at the same
time, and if the Trading Advisors were unable to offset positions
of the Partnership, the Partnership could lose all of its assets
and limited partners would realize a 100% loss.

In addition to the Trading Advisors? internal controls, the
Trading Advisors must comply with the Partnership?s trading
policies that include standards for liquidity and leverage that
must be maintained.  The Trading Advisors and Demeter monitor the
Partnership's trading activities to ensure compliance with the
trading policies and Demeter can require the Trading Advisors to
<page> modify positions of the Partnership if Demeter believes
they violate the Partnership's trading policies.

Credit Risk.
In addition to market risk, in entering into futures, forward, and
options contracts there is a credit risk to the Partnership that
the counterparty on a contract will not be able to meet its
obligations to the Partnership.  The ultimate counterparty or
guarantor of the Partnership for futures, forward, and options
contracts traded in the United States and most foreign exchanges
on which the Partnership trades is the clearinghouse associated
with such exchange. In general, a clearinghouse is backed by the
membership of the exchange and will act in the event of non-
performance by one of its members or one of its member?s
customers, which should significantly reduce this credit risk.
There is no assurance that a clearinghouse, exchange, or other
exchange member will meet its obligations to the Partnership, and
Demeter and the commodity brokers will not indemnify the
Partnership against a default by such parties. Further, the law is
unclear as to whether a commodity broker has any obligation to
protect its customers from loss in the event of an exchange or
clearinghouse defaulting on trades effected for the broker?s
customers.  In cases where the Partnership trades off-exchange
forward contracts with a counterparty, the sole recourse of the
Partnership will be the forward contract?s counterparty.

<page> Demeter deals with these credit risks of the Partnership in
several ways.  First, Demeter monitors the Partnership?s credit
exposure to each exchange on a daily basis.  The commodity broker
informs the Partnership, as with all its customers, of the
Partnership?s net margin requirements for all its existing open
positions, and  Demeter has installed a system which permits it to
monitor the Partnership?s potential net credit exposure, exchange
by exchange, by adding the unrealized trading gains on each
exchange, if any, to the Partnership?s margin liability thereon.

Second, the Partnership?s trading policies limit the amount of its
Net Assets that can be committed at any given time to futures
contracts and require a minimum amount of diversification in the
Partnership?s trading, usually over several different products and
exchanges.  Historically, the Partnership?s exposure to any one
exchange has typically amounted to only a small percentage of its
total Net Assets and on those relatively few occasions where the
Partnership?s credit exposure climbs above such level, Demeter
deals with the situation on a case by case basis, carefully
weighing whether the increased level of credit exposure remains
appropriate.  Material changes to the trading policies may be made
only with the prior written approval of the limited partners
owning more than 50% of Units then outstanding.

Third, with respect to forward contract trading, the Partnership
trades with only those counterparties which Demeter, together with
<page> Morgan Stanley DW, have determined to be creditworthy.  The
Partnership presently deals with MS & Co. as the sole counterparty
on forward contracts.

For additional information, see the ?Financial Instruments?
section under ?Notes to Financial Statements? in the Partnership?s
Annual Report to Limited Partners for the year ended December 31,
2005, which is incorporated by reference to Exhibit 13.01 of this
Form 10-K.

Inflation has not been a major factor in the Partnership?s
operation.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards, and options.  The
market-sensitive instruments held by the Partnership are acquired
for speculative trading purposes only and, as a result, all or
substantially all of the Partnership?s assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is inherent to the primary business activity
of the Partnership.

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
<page> often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions, and
consequently in its earnings, whether realized or unrealized, and
cash flow.  Gains and losses on open positions of exchange-traded
futures, forwards, and options are settled daily through variation
margin.  Gains and losses on off-exchange-traded forward currency
contracts are settled upon termination of the contract, however,
the Partnership is required to meet margin requirements equal to
the net unrealized loss on open contracts in the Partnership
accounts with the counterparty, which is accomplished by daily
maintenance of the cash balance in a custody account held at
Morgan Stanley DW for the benefit of MS & Co.

The Partnership?s total market risk may increase or decrease as it
is influenced by a wide variety of factors, including, but not
limited to, the diversification among the Partnership?s open
positions, the volatility present within the markets, and the
liquidity of the markets.

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
<page> Partnership to typically be many times the total
capitalization of the Partnership.

The Partnership?s past performance is no guarantee 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 and
use of leverage may cause future losses and volatility (i.e. ?risk
of ruin?) that far exceed the Partnership?s experiences to date
under the ?Partnership?s Value at Risk in Different Market
Sectors? section and significantly exceed the Value at Risk
(?VaR?) tables disclosed.

Limited partners will not be liable for losses exceeding the
current net asset value of their investment.

Quantifying the Partnership?s Trading Value at Risk
The following quantitative disclosures regarding the Partner-
ship?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.
<page>
The Partnership accounts for open positions on the basis of 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 and cash flow.

The Partnership?s risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of VaR. The
Partnership estimates VaR using a model based upon historical
simulation (with a confidence level of 99%) which involves
constructing a distribution of hypothetical daily changes in the
value of a trading portfolio.  The VaR model takes into account
linear exposures to risks including 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 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, or one day in 100.  VaR
typically does not represent the worst case outcome.  Demeter uses
approximately four years of daily market data (1,000 observations)
and re-values its portfolio (using delta-gamma approximations) for
each of the historical market moves that occurred over this time
period.  This generates a probability distribution of daily
<page> ?simulated profit and loss? outcomes.  The VaR is the
appropriate percentile of this distribution.  For example, the 99%
one-day VaR would represent the 10th worst-outcome from Demeter?s
simulated profit and loss series.

The Partnership?s VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and do not distinguish between exchange and non-exchange
dealer-based instruments.  They are also not based on exchange
and/or dealer-based maintenance margin requirements.

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. Please further
note that VaR as described above may not be comparable to
similarly-titled measures used by other entities.

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 at December 31, 2005 and 2004.  At
December 31, 2005 and 2004, the Partnership?s total capital-
<page> ization was approximately $10 million and $14 million,
respectively.
Primary Market 	December 31, 2005	  December 31, 2004
Risk Category		  Value at Risk	     Value at Risk
Currency		  		(3.04)%			    (4.11)%

The VaR for a market category represents the one-day downside risk
for the aggregate exposures associated with this market category.
Because the business of the Partnership 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, which could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the December 31, 2005 VaR set forth
above by presenting the Partnership?s high, low, and average VaR,
as a percentage of total Net Assets for the four quarter-end
reporting periods from January 1, 2005 through December 31, 2005.

Primary Market Risk Category     High        Low        Average
Currency					  (4.05)%	    (3.01)%	  (3.30)%

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio?s aggregate market
risk exposure, incorporating a range of varied market risks;
reflect risk reduction due to portfolio diversification or hedging
activities; and can cover a wide range of portfolio assets.
However, VaR risk measures should be viewed in light of the <page>
methodology?s limitations, which include, but may not be limited
to 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 caused by market movements may
differ from those of the VaR model;
*	VaR results reflect past market fluctuations applied to current
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.

In addition, the VaR tables above, as well as the past performance
of the Partnership, give no indication of the Partnership?s
potential ?risk of ruin?.

The VaR tables provided present the results of the Partnership?s
VaR for its market risk exposures at December 31, 2004, and for
the four quarter-end reporting periods during calendar year 2005.
VaR is not necessarily representative of the Partnership?s <page>
historic risk, nor should it be used to predict 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.  The Partnership did not have any foreign currency
balances at December 31, 2005.

The Partnership also maintains a substantial portion of its
available assets in cash at Morgan Stanley DW; as of December 31,
2005, such amount is equal to approximately 96% of the
Partnership?s net asset value.  A decline in short-term interest
rates would result in a decline in the Partnership?s cash
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.
<page>
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 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 only trading risk exposure of the
Partnership at December 31, 2005.  It may be anticipated, however,
that this market exposure will vary materially over time.
<page>
Currency.  The Partnership?s currency market exposure at December
31, 2005 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 a large number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar.  At December 31, 2005, the
Partnership?s major exposures were to the euro, Swedish krona,
Norwegian krone, Australian dollar, Japanese yen, Swiss franc,
British pound, Polish zloty, and Canadian dollar currency crosses,
as well as to 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 associated with the Partnership?s
currency trades will change significantly in the future.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
At December 31, 2005, there was no non-trading risk exposure
because the Partnership did not have any foreign currency balance.

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
<page> to manage market exposure by diversifying the Partnership?s
assets among different Trading Advisors in a multi-advisor
Partnership, each of whose strategies focus on different market
sectors and trading approaches, and by 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>
Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The Financial Statements are incorporated by reference to the
Partnership?s Annual Report, which is filed as Exhibit 13.01 hereto.

Supplementary data specified by Item 302 of Regulation S-K:


Summary of Quarterly Results (Unaudited)


Quarter	Total Trading Results         Net	         Net Income/
Ended	   including interest income   Income/(Loss)   (Loss) Per Unit

2005
March 31 		$(2,249,611)	     $ (2,480,089)	   $	(240.07)
June 30		  1,145,650	          931,013		  94.89
September 30	   (338,535)	         (555,611)		 (57.31)
December 31	    294,605	           86,734 		   8.00

Total			$(1,147,891)        $ (2,017,953)     $	(194.49)

2004
March 31 		$(1,579,022)	     $ (1,871,328)	   $	(165.90)
June 30		 (1,844,616)	       (2,093,905)		(189.67)
September 30	   (924,845)	       (1,154,422)		(106.45)
December 31	  3,673,782	        3,460,191		 326.01

Total			$  (674,701)	     $ (1,659,464)	   $	(136.01)



Item 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
		ACCOUNTING AND FINANCIAL DISCLOSURE

None.




<page>
Item 9A.  CONTROLS AND PROCEDURES
(a)	As of the end of the period covered by this annual report,
the President and Chief Financial Officer of Demeter, the
general partner of the Partnership, have evaluated the
effectiveness of the Partnership?s disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) of
the Exchange Act), and have judged such controls and
procedures to be effective.

(b)	There have been no material changes during the period covered
by this annual report in the Partnership?s internal control
over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) of the Exchange Act) or in other factors that could
significantly affect these controls subsequent to the date of
their evaluation.


Management?s Report on Internal Control Over Financial Reporting
Demeter is responsible for the management of the Partnership.

Management of Demeter (?Management?) is responsible for
establishing and maintaining adequate internal control over
financial reporting.  The internal control over financial
reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
<page> Financial Statements for external purposes in accordance
with generally accepted accounting principles.

The Partnership?s internal control over financial reporting
includes those policies and procedures that:

*	Pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Partnership;

*	Provide reasonable assurance that transactions are recorded
as necessary to permit preparation of Financial Statements in
accordance with generally accepted accounting principles, and
that the Partnership?s  transactions are being made only in
accordance with authorizations of Management and directors;
and

*	Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
the Partnership?s assets that could have a material effect on
the Financial Statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become <page>
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Partnership?s
internal control over financial reporting as of December 31, 2005.
In making this assessment, Management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway
Commission in Internal Control-Integrated Framework.  Based on our
assessment and those criteria, Management believes that the
Partnership maintained effective internal control over financial
reporting as of December 31, 2005.


Deloitte & Touche LLP, the Partnership?s independent registered
public accounting firm, has issued an attestation report on
Management?s assessment of the Partnership?s internal control over
financial reporting and on the effectiveness of the Partnership?s
internal control over financial reporting.  This report, which
expresses an unqualified opinion on Management?s assessment and on
the effectiveness of the Partnership?s internal control over
financial reporting, appears under ?Report of Independent
Registered Public Accounting Firm? in the Partnership?s Annual
Report to Limited Partners for the year ended December 31, 2005.


Item 9B.  OTHER INFORMATION

None.


<page>




PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

There are no directors or executive officers of the Partnership.
The Partnership is managed by Demeter.

Directors and Officers of the General Partner
The directors and executive officers of Demeter are as follows:

Effective May 1, 2005, Mr. Raymond A. Harris resigned his position
as a Director of Demeter.

Effective May 1, 2005, Mr. Todd Taylor resigned his position as a
Director of Demeter.

Effective May 1, 2005, Mr. William D. Seugling resigned his
position as a Director of Demeter.

Effective May 1, 2005, Ms. Louise M. Wasso-Jonikas resigned her
position as a Director of Demeter.

Mr. Jeffrey A. Rothman, age 44, is the Chairman of the Board of
Directors and President of Demeter. Mr. Rothman is the Managing
Director of Morgan Stanley Alternative Investments Group, <page>
responsible for overseeing all aspects of the firm?s Managed
Futures Department. Mr. Rothman has been with the Managed Futures
Department for nineteen years.  Throughout his career, Mr. Rothman
has helped with the development, marketing, and administration of
approximately 40 commodity pools. Mr. Rothman is an active member
of the Managed Funds Association and has recently served on its
Board of Directors.  Mr. Rothman has a B.A. degree in Liberal Arts
from Brooklyn College, New York.

Mr. Richard A. Beech, age 54, is a Director of Demeter.  Mr. Beech
has been associated with the futures industry for over 25 years.
He has been at Morgan Stanley DW since August 1984, where he is
presently an Executive Director in the Fixed Income Department.
Mr. Beech began his career at the Chicago Mercantile Exchange,
where he became the Chief Agricultural Economist doing market
analysis, marketing, and compliance. Prior to joining Morgan
Stanley DW, Mr. Beech worked at two investment banking firms in
operations, research, managed futures, and sales management.  Mr.
Beech has a B.S. degree in Business Administration from Ohio State
University and an M.B.A. degree from Virginia Polytechnic
Institute and State University.

Ms. Shelley Hanan, age 45, is a Director of Demeter. Ms. Hanan
joined Morgan Stanley in 1984.  She eventually became the Regional
Manager of the Southwest for Private Wealth Management and a
Senior Representative for the Morgan Stanley Foundation in <page>
Southern California.  Her focus was senior relationship management
of the firm?s largest private clients in the Southwest.  Since
January 2005, Ms. Hanan has held the position of Chief Operating
Officer of the U.S. Client Coverage Group and is a Managing
Director.  Ms. Hanan graduated from the University of California
at San Diego with a B.A. in Psychology.

Mr. Frank Zafran, age 51, is a Director of Demeter.  Mr. Zafran is
a Managing Director of Morgan Stanley and, in November 2005, was
named Managing Director of Wealth Solutions.  Previously, Mr.
Zafran was Chief Administrative Officer of Morgan Stanley?s Client
Solutions Division. Mr. Zafran joined the firm in 1979 and has
held various positions in Corporate Accounting and the Insurance
Department, including Senior Operations Officer ? Insurance
Division, until his appointment in 2000 as Director of 401(k) Plan
Services, responsible for all aspects of 401(k) Plan Services
including marketing, sales, and operations. Mr. Zafran received a
B.S. degree in Accounting from Brooklyn College, New York.

Mr. Douglas J. Ketterer, age 40, is a Director of Demeter.  Mr.
Ketterer is a Managing Director at Morgan Stanley and is head of
the Managed Money Group.  The Managed Money Group is comprised of
a number of departments (including the Alternative Investments
Group, Consulting Services Group, and Mutual Fund Department)
which offer products and services through Morgan Stanley?s Global
Wealth Management Group.  Mr. Ketterer joined Morgan Stanley in
<page> 1990 and has served in many roles in the corporate
finance/investment banking, asset management, and distribution
divisions of the firm. Mr. Ketterer received his M.B.A. from New
York University?s Leonard N. Stern School of Business and his B.S.
in Finance from the University at Albany?s School of Business.

Mr. Harry Handler, age 47, is a Director of Demeter.  Mr. Handler
serves as an Executive Director for Morgan Stanley in the Global
Wealth Management Group.  Mr. Handler works in the Investment
Solutions Division as Chief Infrastructure and Risk Officer.
Additionally, Mr. Handler also serves as Chairman of the Morgan
Stanley DW Best Execution Committee and manages the Global Wealth
Management Group Stock Lending business.  In his prior position,
Mr. Handler was a Systems Director in Information Technology, in
charge of Equity and Fixed Income Trading Systems along with the
Special Products, such as Unit Trusts, Managed Futures, and
Annuities.  Prior to his transfer to the Information Technology
Area, Mr. Handler managed the Foreign Currency and Precious Metals
Trading Desk for Dean Witter, a predecessor company to Morgan
Stanley.  He also held various positions in the Futures Division
where he helped to build the Precious Metals Trading Operation of
Dean Witter.  Before joining Dean Witter, Mr. Handler worked at
Mocatta Metals as an Assistant to the Chairman.  His roles at
Mocatta Metals included stints on the Futures Order Entry Desk and
the Commodities Exchange Trading Floor.  Additional work included
building a computerized Futures Trading System and writing a
<page> history of the company.  Mr. Handler graduated on the
Dean?s List from the University of Wisconsin-Madison with a B.A.
degree and a double major in History and Political Science.

Mr. Kevin Perry, age 36, is the Chief Financial Officer of
Demeter.  Mr. Perry currently serves as an Executive Director and
Controller within the Global Wealth Management Group at Morgan
Stanley.  Mr. Perry joined Morgan Stanley in October 2000 and is
also Chief Financial Officer of Morgan Stanley Trust National
Association.  Prior to joining Morgan Stanley, Mr. Perry worked as
an auditor and consultant in the financial services practice of
Ernst & Young LLP from October 1991 to October 2000.  Mr. Perry
received a B.S. degree in Accounting from the University of Notre
Dame in 1991 and is a Certified Public Accountant.

All of the foregoing directors have indefinite terms.


The Audit Committee
The Partnership is operated by its general partner, Demeter, and
does not have an audit committee.  The entire Board of Directors
of Demeter serves as the audit committee.  None of the directors
are considered to be ?independent? as that term is used in Item
7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of
1934, as amended.  The Board of Directors of Demeter has
determined that Mr. Kevin Perry is the audit committee financial
expert.
<page>
Code of Ethics

The Partnership has not adopted a code of ethics that applies to
the Partnership?s principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions.  The Partnership is operated by its
general partner, Demeter.  The President, Chief Financial Officer,
and each member of the Board of Directors of Demeter are employees
of Morgan Stanley and are subject to the code of ethics adopted by
Morgan Stanley, the text of which can be viewed on Morgan
Stanley?s website at http://www.morganstanley.com/ourcommitment/
codeofconduct.html.

Item 11.  EXECUTIVE COMPENSATION
The Partnership has no directors and executive officers.  As a
limited partnership, the business of the Partnership is managed by
Demeter, which is responsible for the administration of the
business affairs of the Partnership but receives no compensation
for such services.


Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

(a) Security Ownership of Certain Beneficial Owners ? At December
31, 2005, there were no persons known to be beneficial owners of
more than 5 percent of the Units.


<page>
(b) Security Ownership of Management ? At December 31, 2005, Demeter
owned 102.267 Units of general partnership interest, representing a
1.16 percent interest in the Partnership.

(c) Changes in Control ? None.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Refer to Note 2 ? ?Related Party Transactions? of ?Notes to
Financial Statements?, in the accompanying Annual Report to Limited
Partners for the year ended December 31, 2005, which is incorporated
by reference to Exhibit 13.01 of this Form 10-K.  In its capacity as
the Partnership?s retail commodity broker, Morgan Stanley DW
received commodity brokerage commissions (paid and accrued by the
Partnership) of $619,633 for the year ended December 31, 2005.

Item 14.  PRINCIPAL ACCOUNTING FEES AND SERVICES
The Partnership pays accounting fees as discussed in Note 1 to the
Financial Statements, ?Operating Expenses?, in the Annual Report
to the Limited Partners for the year ended December 31, 2005.

1)  Audit Fees.  The aggregate fees for professional services
rendered by Deloitte & Touche LLP in connection with their audit
of the Partnership?s Financial Statements and review of the
Financial Statements included in the Quarterly Reports on Form
<page> 10-Q, audit of Management?s assessment on the effectiveness
of the internal control over financial reporting, and in
connection with statutory and regulatory filings were
approximately $29,043 for the year ended December 31, 2005 and
$29,743 for the year ended December 31, 2004.
(2)	Audit-Related Fees. None.

(3)  	Tax Fees.  The Partnership did not pay Deloitte & Touche LLP
any amounts in 2005 and 2004 for professional services in connection
with tax compliance, tax advice, and tax planning.  The Partnership
engaged another unaffiliated professional firm to provide services
in connection with tax compliance, tax advice, and tax planning.

(4)  All Other Fees.  None.

The Board of Directors of Demeter serves as the audit committee
with respect to the Partnership.  The Board of Directors of
Demeter has not established pre-approval policies and procedures
with respect to the engagement of audit or permitted non-audit
services rendered to the Partnership.  Consequently, all audit and
permitted non-audit services provided by Deloitte & Touche LLP are
approved by the Board of Directors of Demeter and communicated to
Morgan Stanley.


<page>
                                  PART IV


Item 15. 	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

1. Listing of Financial Statements
The following Financial Statements and report of independent
registered public accounting firm, all appearing in the
accompanying Annual Report to Limited Partners for the year
ended December 31, 2005, are incorporated by reference to
Exhibit 13.01 of this Form 10-K:
-	Report of Deloitte & Touche LLP, independent registered
public accounting firm, for the years ended December 31,
2005, 2004, and 2003.

-	Statements of Financial Condition, including the Schedules of
Investments, as of December 31, 2005 and 2004.

-	Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2005, 2004, and
2003.

  -  Notes to Financial Statements.


With the exception of the aforementioned information and the
information incorporated in Items 7, 8 and 13, the Annual Report
to Limited Partners for the year ended December 31, 2005 is not
deemed to be filed with this report.

2. Listing of Financial Statement Schedules
No Financial Statement schedules are required to be filed with
this report.

<page>
3.	Exhibits
For the exhibits incorporated by reference or filed herewith to
this report, refer to Exhibit Index on Pages E-1 to E-2.













































<page> SIGNATURES

Pursuant to the requirements of Sections 13 or 15(d) 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

March 31, 2006			BY: /s/	Jeffrey A. Rothman
					 		Jeffrey A. Rothman,
							President

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

Demeter Management Corporation.


BY: /s/ 	Jeffrey A. Rothman                    		March 31, 2006
	  	Jeffrey A. Rothman, President

    /s/    Richard A. Beech                      		March 31, 2006
           Richard A. Beech, Director

    /s/    Shelley Hanan	              	March 31, 2006
           Shelley Hanan, Director

    /s/    Frank Zafran		           		March 31, 2006
	    	Frank Zafran, Director

    /s/ 	Douglas J. Ketterer                 		March 31, 2006
	 	Douglas J. Ketterer, Director

    /s/	Harry Handler		                 	March 31, 2006
	  	Harry Handler, Director

    /s/  	Kevin Perry			                  	March 31, 2006
	    	Kevin Perry, Chief Financial Officer











<page> EXHIBIT INDEX
ITEM

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	Management Agreement among the Partnership, Demeter, and
Millburn Ridgefield Corporation, dated as of April 2,
1993, is incorporated by reference to Exhibit 10.01(d) of
the Partnership?s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2002.

 10.01(a)	Amendment to Management Agreement between the Partnership
and Millburn Ridgefield Corporation, dated as of November
30, 2000, is incorporated by reference to Exhibit 10.2 of
the Partnership?s Form 8-K (File No. 0-23826) filed with
the Securities and Exchange Commission on January 3, 2001.

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

 10.02(a)	Amendment to Management Agreement among the Partnership,
Morgan Stanley DW, and John W. Henry & Company, Inc.,
dated as of November 30, 2000, is incorporated by
reference to Exhibit 10.1 of the Partnership?s Form 8-K
(File No. 0-23826) filed with the Securities and Exchange
Commission on January 3, 2001.

10.03	Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW, dated as of June 22,
2000, is incorporated by reference to Exhibit 10.01 of the
Partnership?s Form 8-K (File No. 0-23826) filed with the
Securities and Exchange Commission on November 13, 2001.

10.04	Commodity Futures Customer Agreement between MS & Co. and
the Partnership, and acknowledged and agreed to by Morgan
Stanley DW, dated as of May 1, 2000, is incorporated by
reference to Exhibit 10.02 of the Partnership?s Form 8-K
(File No. 0-23826) filed with the Securities and Exchange
Commission on November 13, 2001.



E-1
<page>
10.05	Foreign Exchange and Options Master Agreement between MS &
Co. and the Partnership, dated as of April 30, 2000, is
incorporated by reference to Exhibit 10.04 of the
Partnership?s Form 8-K (File No. 0-23826) filed with the
Securities and Exchange Commission on November 13, 2001.

10.06	Securities Account Control Agreement among the Partnership,
MS & Co., and Morgan Stanley DW, dated as of May 1, 2000, is
incorporated by reference to Exhibit 10.03 of the
Partnership?s Form 8-K (File No. 0-23826) filed with the
Securities and Exchange Commission on November 13, 2001.

13.01	December 31, 2005 Annual Report to Limited Partners is filed
herewith.

31.01	Certification of President of Demeter Management Corpor-
ation, the general partner of the Partnership pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.

31.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.

32.01	Certification of President of Demeter Management Corporation,
the general partner of the Partnership, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.

32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

E-2

<PAGE>

                                                                          World
                                                                       Currency
                                                                           Fund

           December 31, 2005
           Annual Report

    [LOGO] Morgan Stanley

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

HISTORICAL FUND PERFORMANCE

Presented below is the percentage change in Net Asset Value per Unit from the
start of each calendar year the Fund has traded. Also provided is the
inception-to-date return and the compound annualized return since inception for
the Fund. Past performance is no guarantee of future results.

<TABLE>
<CAPTION>
                                                                                               INCEPTION-  COMPOUND
                                                                                                TO-DATE   ANNUALIZED
                      1993    1994  1995 1996 1997 1998  1999 2000 2001 2002 2003 2004   2005    RETURN     RETURN
FUND                   %       %     %    %    %    %     %    %    %    %    %    %      %        %          %
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>    <C>  <C>  <C>  <C>   <C>  <C>  <C>  <C>  <C>  <C>   <C>    <C>        <C>
World Currency Fund  (17.4)  (25.1) 2.0  13.0 39.3 (2.6) 2.7  6.4  10.8 17.3 6.5  (9.3) (14.7)    13.2       1.0
                    (9 mos.)
--------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

DEMETER MANAGEMENT CORPORATION

330 Madison Avenue, 8th Floor
New York, NY 10017
Telephone (212) 905-2700

DEAN WITTER WORLD CURRENCY FUND L.P.
ANNUAL REPORT
2005

Dear Limited Partner:

  This marks the thirteenth annual report for the Dean Witter World Currency
Fund L.P. (the "Fund"). The Fund began the year trading at a Net Asset Value
per Unit of $1,326.57 and returned -14.7% to $1,132.08 on December 31, 2005.
The Fund has increased by 13.2% since its inception of trading in April 1993 (a
compound annualized return of 1.0%).

  Detailed performance information for the Fund is located in the body of the
financial report. We provide a trading results by currency chart that portrays
trading gains and trading losses for the year in each of the five major
currencies in which the Fund participates, and composite information for all
other "minor" and "cross-rate" currency positions traded within the Fund.

  The trading results by currency chart indicates the year's composite
percentage returns generated by the specific assets dedicated to trading within
each currency in which the Fund participates. Please note that there is not an
equal amount of assets in each currency, and the specific allocations of assets
by the Fund to each currency will vary over time within a predetermined range.
Below the chart is a description of the factors that influenced trading gains
and trading losses within the Fund during the year.

  Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 330 Madison Avenue, 8th Floor, New
York, NY 10017 or your Morgan Stanley Financial Advisor.

  I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is no
guarantee of future results.

Sincerely,

/s/ Jeffrey A. Rothman
Jeffrey A. Rothman
Chairman of the Board of Directors and President
Demeter Management Corporation
General Partner for
Dean Witter World Currency Fund L.P.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

                     [CHART]

                                Year ended December 31, 2005
                                ----------------------------
Australian dollar                         -2.67%
British pound                             -7.46%
Euro                                      -2.67%
Japanese yen                               9.24%
Swiss franc                               -0.74%
Minor Currencies                         -13.38%
Cross-rates                                2.73%


Note: Includes trading results and commissions but does not include other fees
      or interest income.
     Minor currencies may include, but are not limited to, the South African
     rand, Thai baht, Greek drachma, Singapore dollar, Mexican peso, New
     Zealand dollar, Canadian dollar, Polish zloty, Korean won, Brazilian real,
     Czech koruna, and Norwegian krone.
     Cross-rate transactions involve positions between two currencies other
     than the U.S. dollar.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
..  Losses resulted from positions in European currencies against the U.S.
   dollar. Early in the first quarter, losses resulted from long positions in
   several European currencies versus the U.S. dollar after the U.S. dollar's
   value reversed sharply higher amid an increase in U.S. interest rates and
   consumer prices. The U.S. dollar's value also advanced in response to
   expectations that the Chinese government would announce postponement of its
   re-valuation of the Chinese yuan. During February, losses were incurred from
   short European currency positions after the U.S. dollar's value weakened in
   response to concern for the considerable U.S. Current-Account deficit as
   expressed by U.S. Federal Reserve Chairman Alan Greenspan. During early
   March, short European currency positions continued to experience losses as
   their values rose amid a sharp rise in German industrial production. Further
   losses were recorded from newly established long European currency positions
   versus the U.S. dollar as the U.S. dollar's value reversed sharply higher
   amid an increase in U.S. interest rates and consumer prices. During the
   second quarter, long British pound positions incurred losses as the pound's
   value declined

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

FACTORS INFLUENCING ANNUAL TRADING LOSSES: (continued)

 after Britain's Labour Party won re-election with a reduced government
  majority, and then moved lower later in the quarter on growing speculation
  that the interest rate differential between the U.S. and the U.K. would
  tighten. During July, long British pound positions experienced losses as the
  value of the pound dropped sharply on geopolitical concerns after a terror
  attack on the London public transportation system. During August, short
  British pound positions incurred losses as the value of the U.S. dollar
  declined amid higher crude oil prices, lower durable goods orders, the U.S.
  trade imbalance, and economic warnings from U.S. Federal Reserve Chairman
  Alan Greenspan. During September, losses were recorded from long positions in
  the British pound, Norwegian krone, and Czech koruna, as the value of the
  U.S. dollar advanced amid bolstered expectations that the U.S. Federal
  Reserve would continue to raise interest rates. During the fourth quarter,
  long British pound positions versus the U.S. dollar incurred further losses
  as the pound's value weakened after the Bank of England indicated that a cut
  in its interest rates would likely take place in March 2006. Short positions
  in several European currencies versus the U.S. dollar also recorded losses as
  their values moved higher, boosted by expectations that the European Central
  Bank might raise interest rates.

..  Additional losses were recorded from positions in the South African rand and
   both the New Zealand and Australian dollars (collectively, the "Commodity
   Currencies"). During the first quarter, losses stemmed from positions in
   these currencies as their values traded counter to the U.S. dollar, which
   benefited due to positive economic data. During the second quarter, long
   positions in the Australian dollar versus the U.S. dollar incurred losses as
   the Australian dollar declined amid falling gold prices. During the third
   quarter, short positions in the New Zealand and Australian dollars versus
   the U.S. dollar recorded losses as the values of the Commodity Currencies
   moved higher on strong economic data out of the region. More specifically,
   during September, losses were recorded from long Australian and New Zealand
   dollar positions as the value of the U.S. dollar advanced amid bolstered
   expectations that the U.S. Federal Reserve would continue to raise interest
   rates. Also forcing the New Zealand dollar lower were fears for an economic
   slow-down in New Zealand during 2006. During the fourth quarter, long
   positions in the Commodity Currencies versus the U.S. dollar resulted in
   losses during October as their values weakened in response to volatile gold
   prices. The Australian dollar was also pressured lower after the Reserve
   Bank of Australia kept its overnight interest rate unchanged. During
   November, short positions in the South African rand and Australian dollar
   incurred losses as their values reversed higher on stronger gold

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

FACTORS INFLUENCING ANNUAL TRADING LOSSES: (continued)

 prices. Finally, during December long positions in both the New Zealand and
  Australian dollars experienced losses amid weaker-than-expected economic
  growth data combined with a lack of confidence for further interest rate
  hikes from the Reserve Bank of New Zealand.

..  Losses were recorded during the first quarter from positions in the
   Singapore dollar versus the U.S. dollar. During February, long positions in
   the Singapore dollar against the U.S. dollar incurred losses early in the
   month as the U.S. dollar's value benefited from positive economic sentiment.
   Newly established short Singapore dollar positions also incurred losses
   later in the month after the U.S. dollar weakened due to a
   larger-than-expected drop in January leading economic indicators and news
   that South Korea's Central Bank planned to reduce its U.S. dollar currency
   reserves. During March, long positions in the Singapore dollar versus the
   U.S. dollar resulted in losses as the value of the U.S. dollar reversed
   sharply higher amid an increase in U.S. interest rates and U.S. consumer
   prices. Positions in the Singapore dollar against the U.S. dollar held
   during the third and fourth quarter also contributed to sector losses.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
..  Gains stemmed from short positions in the Japanese yen against the U.S.
   dollar. During March, gains resulted as the U.S. dollar advanced against the
   yen due to an increase in U.S. interest rates. Short Japanese yen positions
   held during the second quarter also produced profits as the yen's value
   declined during May and June in response to weak Japanese economic data.
   During July, gains resulted after the U.S. dollar's value strengthened
   against the yen on significant interest rate differentials between the U.S.
   and Japan. Market participants also drove the U.S. dollar higher against the
   yen during July amid beliefs that U.S. interest rates would increase
   further. During September, short Japanese yen positions achieved gains after
   the yen's value declined in the wake of weak Japanese economic data. During
   the fourth quarter, short Japanese yen positions achieved gains as the yen's
   value continued its decline against the U.S. dollar amid the potential for
   higher U.S. interest rates. The Japanese yen was also pulled lower on
   investor sentiment that future action by the Chinese government regarding
   further Chinese yuan re-valuation was farther away than previously expected.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.


FACTORS INFLUENCING ANNUAL TRADING GAINS: (continued)
..  Additional profits were achieved from long cross-rate positions in the
   Canadian dollar, Australian dollar, and British pound versus the Japanese
   yen as the yen's value weakened for the aforementioned reasons.

Managed futures investments are speculative, involve a high degree of risk, use
significant leverage, are generally illiquid, have substantial charges, are
subject to conflicts of interest, and are suitable only for the risk capital
portion of an investor's portfolio. Before investing in any managed futures
investment, qualified investors should read the prospectus or offering
documents carefully for additional information with respect to charges,
expenses, and risks. Past performance is no guarantee of future results.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

  Demeter Management Corporation ("Demeter"), the general partner of Dean
Witter World Currency Fund L.P. (the "Partnership"), is responsible for the
management of the Partnership.

  Management of Demeter ("Management") is responsible for establishing and
maintaining adequate internal control over financial reporting. The internal
control over financial reporting is designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles.

  The Partnership's internal control over financial reporting includes those
policies and procedures that:

..  Pertain to the maintenance of records that, in reasonable detail, accurately
   and fairly reflect the transactions and dispositions of the assets of the
   Partnership;

..  Provide reasonable assurance that transactions are recorded as necessary to
   permit preparation of financial statements in accordance with generally
   accepted accounting principles, and that the Partnership's transactions are
   being made only in accordance with authorizations of Management and
   directors; and

..  Provide reasonable assurance regarding prevention or timely detection of
   unauthorized acquisition, use or disposition of the Partnership's assets
   that could have a material effect on the financial statements.

  Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.

<PAGE>

  Management assessed the effectiveness of the Partnership's internal control
over financial reporting as of December 31, 2005. In making this assessment,
Management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control--Integrated
Framework. Based on our assessment and those criteria, Management believes that
the Partnership maintained effective internal control over financial reporting
as of December 31, 2005.

  Deloitte & Touche LLP, the Partnership's independent registered public
accounting firm, has issued an audit report on Management's assessment of the
Partnership's internal control over financial reporting and on the
effectiveness of the Partnership's internal control over financial reporting.
This report, which expresses unqualified opinions on Management's assessment
and on the effectiveness of the Partnership's internal control over financial
reporting, appears under "Report of Independent Registered Public Accounting
Firm" on the following page.

/s/ Jeffrey A. Rothman
Jeffrey A. Rothman
President

/s/ Kevin Perry
Kevin Perry
Chief Financial Officer

New York, New York
March 21, 2006

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Limited Partners and the General Partner:

  We have audited management's assessment, included in the accompanying
Management's Report on Internal Control Over Financial Reporting, that Dean
Witter World Currency Fund L.P. (the "Partnership") maintained effective
internal control over financial reporting as of December 31, 2005, based on
criteria established in Internal Control--Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission. The
Partnership's management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting. Our responsibility is to express an
opinion on management's assessment and an opinion on the effectiveness of the
Partnership's internal control over financial reporting based on our audit.

  We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating management's assessment, testing
and evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinions.

  A company's internal control over financial reporting is a process designed
by, or under the supervision of, the company's principal executive and
principal financial officers, or persons performing similar functions, and
effected by the company's board of directors, management, and other personnel
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly

<PAGE>

reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial
statements.

  Because of the inherent limitations of internal control over financial
reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may not be
prevented or detected on a timely basis. Also, projections of any evaluation of
the effectiveness of the internal control over financial reporting to future
periods are subject to the risk that the controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

  In our opinion, management's assessment that the Partnership maintained
effective internal control over financial reporting as of December 31, 2005, is
fairly stated, in all material respects, based on the criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Also in our opinion, the Partnership
maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2005, based on the criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission.

  We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the financial statements as of and
for the year ended December 31, 2005 of the Partnership and our report dated
March 21, 2006 expressed an unqualified opinion on those financial statements.

/s/ Deloitte & Touche LLP

New York, New York
March 21, 2006


<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Limited Partners and the General Partner:

  We have audited the accompanying statements of financial condition of Dean
Witter World Currency Fund L.P. (the "Partnership"), including the schedules of
investments, as of December 31, 2005 and 2004, and the related statements of
operations, changes in partners' capital, and cash flows for each of the three
years in the period ended December 31, 2005. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

  We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

  In our opinion, such financial statements present fairly, in all material
respects, the financial position of Dean Witter World Currency Fund L.P. at
December 31, 2005 and 2004, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2005, in
conformity with accounting principles generally accepted in the United States
of America.

  As discussed in Note 1, in 2005 the Partnership modified its classification
of cash within the statements of financial condition and the related statements
of cash flows.

  We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the effectiveness of the
Partnership's internal control over financial reporting as of December 31,
2005, based on the criteria established in Internal Control--Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated March 21, 2006 expressed an unqualified opinion
on management's assessment of the effectiveness of the Partnership's internal
control over financial reporting and an unqualified opinion on the
effectiveness of the Partnership's internal control over financial reporting.

/s/ Deloitte & Touche LLP

New York, New York
March 21, 2006

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                         DECEMBER 31,
                                                    ----------------------
                                                       2005        2004
                                                    ----------  ----------
                                                        $           $
     <S>                                            <C>         <C>
                                    ASSETS
     Equity in futures interests trading accounts:
       Unrestricted cash                             9,844,300  12,945,037
       Restricted cash                                 399,277      --
                                                    ----------  ----------
         Total Cash                                 10,243,577  12,945,037
       Net unrealized gain (loss) on open
        contracts (MS&Co.)                            (190,317)    953,614
                                                    ----------  ----------
         Total Trading Equity                       10,053,260  13,898,651
     Interest receivable (Morgan Stanley DW)            26,764      17,959
     Due from Morgan Stanley DW                         26,449      19,982
                                                    ----------  ----------
         Total Assets                               10,106,473  13,936,592
                                                    ==========  ==========

                      LIABILITIES AND PARTNERS' CAPITAL

     LIABILITIES
     Redemptions payable                               124,761     101,380
     Accrued management fees                            16,833      23,214
     Accrued administrative expenses                     6,957       8,208
                                                    ----------  ----------
         Total Liabilities                             148,551     132,802
                                                    ----------  ----------

     PARTNERS' CAPITAL
     Limited Partners (8,693.851 and
      10,274.395 Units, respectively)                9,842,147  13,629,656
     General Partner (102.267 and 131.267
      Units, respectively)                             115,775     174,134
                                                    ----------  ----------
         Total Partners' Capital                     9,957,922  13,803,790
                                                    ----------  ----------
         Total Liabilities and Partners' Capital    10,106,473  13,936,592
                                                    ==========  ==========

     NET ASSET VALUE PER UNIT                         1,132.08    1,326.57
                                                    ==========  ==========
</TABLE>

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

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                      FOR THE YEARS ENDED DECEMBER 31,
                                     ----------------------------------
                                        2005        2004        2003
                                     ----------  ----------  ----------
                                         $           $           $
       <S>                           <C>         <C>         <C>
       INVESTMENT INCOME
         Interest income
          (Morgan Stanley DW)           276,355     137,833     133,771
                                     ----------  ----------  ----------
       EXPENSES
         Brokerage commissions
          (Morgan Stanley DW)           619,633     684,355     853,615
         Management fees                221,691     264,338     341,455
         Administrative expenses         28,738      36,070      43,781
         Incentive fee                   --          --         284,194
                                     ----------  ----------  ----------
          Total Expenses                870,062     984,763   1,523,045
                                     ----------  ----------  ----------
       NET INVESTMENT LOSS             (593,707)   (846,930) (1,389,274)
                                     ----------  ----------  ----------
       TRADING RESULTS
       Trading profit (loss):
         Realized                      (280,315) (1,114,680)  2,777,764
         Net change in unrealized    (1,143,931)    302,146    (322,186)
                                     ----------  ----------  ----------
          Total Trading Results      (1,424,246)   (812,534)  2,455,578
                                     ----------  ----------  ----------
       NET INCOME (LOSS)             (2,017,953) (1,659,464)  1,066,304
                                     ==========  ==========  ==========
       NET INCOME (LOSS) ALLOCATION:
       Limited Partners              (1,994,677) (1,641,610)  1,054,585
       General Partner                  (23,276)    (17,854)     11,719

       NET INCOME (LOSS) PER UNIT:
       Limited Partners                 (194.49)    (136.01)      89.24
       General Partner                  (194.49)    (136.01)      89.24
</TABLE>

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2005, 2004, AND 2003

<TABLE>
<CAPTION>
                            UNITS OF
                           PARTNERSHIP  LIMITED    GENERAL
                            INTEREST    PARTNERS   PARTNER     TOTAL
                           ----------- ----------  -------  ----------
                                           $          $          $
        <S>                <C>         <C>         <C>      <C>
        Partners' Capital,
        December 31, 2002  12,732.361  17,235,560  250,269  17,485,829
        Net income             --       1,054,585   11,719   1,066,304
        Redemptions        (1,265.890) (1,711,527) (70,000) (1,781,527)
                           ----------  ----------  -------  ----------
        Partners' Capital,
        December 31, 2003  11,466.471  16,578,618  191,988  16,770,606
        Net loss               --      (1,641,610) (17,854) (1,659,464)
        Redemptions        (1,060.809) (1,307,352)    --    (1,307,352)
                           ----------  ----------  -------  ----------
        Partners' Capital,
        December 31, 2004  10,405.662  13,629,656  174,134  13,803,790
        Net loss               --      (1,994,677) (23,276) (2,017,953)
        Redemptions        (1,609.544) (1,792,832) (35,083) (1,827,915)
                           ----------  ----------  -------  ----------
        Partners' Capital,
        December 31, 2005   8,796.118   9,842,147  115,775   9,957,922
                           ==========  ==========  =======  ==========
</TABLE>

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

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                         FOR THE YEARS ENDED DECEMBER 31,
                                        ----------------------------------
                                           2005        2004        2003
                                        ----------  ----------  ----------
                                            $           $           $
     <S>                                <C>         <C>         <C>
     CASH FLOWS FROM
      OPERATING ACTIVITIES
     Net income (loss)                  (2,017,953) (1,659,464)  1,066,304
     Noncash item included in net
      income (loss):
       Net change in unrealized          1,143,931    (302,146)    322,186
     (Increase) decrease in operating
      assets:
       Restricted cash                    (399,277)     --          --
       Interest receivable
        (Morgan Stanley DW)                 (8,805)     (8,458)      3,705
       Due from Morgan Stanley DW           (6,467)      8,038      (9,613)
     Increase (decrease) in operating
      liabilities:
       Accrued management fees              (6,381)     (5,182)     (1,056)
       Accrued administrative
        expenses                            (1,251)     (2,419)        191
       Accrued incentive fees               --         (72,698)     72,698
                                        ----------  ----------  ----------
     Net cash provided by (used for)
      operating activities              (1,296,203) (2,042,329)  1,454,415
                                        ----------  ----------  ----------

     CASH FLOWS FROM
      FINANCING ACTIVITIES
     Cash paid from redemptions of
      Units                             (1,804,534) (1,371,775) (1,771,869)
                                        ----------  ----------  ----------
     Net cash used for financing
      activities                        (1,804,534) (1,371,775) (1,771,869)
                                        ----------  ----------  ----------

     Net decrease in unrestricted cash  (3,100,737) (3,414,104)   (317,454)

     Unrestricted cash at beginning of
      period                            12,945,037  16,359,141  16,676,595
                                        ----------  ----------  ----------

     Unrestricted cash at end of period  9,844,300  12,945,037  16,359,141
                                        ==========  ==========  ==========
</TABLE>

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

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2005 AND 2004

<TABLE>
<CAPTION>
                                                                  LONG UNREALIZED  PERCENTAGE   SHORT UNREALIZED  PERCENTAGE
FUTURES AND FORWARD CONTRACTS                                       GAIN/(LOSS)   OF NET ASSETS   GAIN/(LOSS)    OF NET ASSETS
-----------------------------                                     --------------- ------------- ---------------- -------------

2005 PARTNERSHIP NET ASSETS: $9,957,922                                  $              %              $               %
<S>                                                               <C>             <C>           <C>              <C>
Foreign currency                                                      (354,737)       (3.56)        164,420           1.65
                                                                     =========        =====         =======          =====
  Unrealized Currency Gain (Loss)

  Total Net Unrealized Loss per Statement of Financial Condition


2004 PARTNERSHIP NET ASSETS: $13,803,790
Foreign currency                                                     1,031,748         7.47*        (78,134)         (0.57)
                                                                     =========        =====         =======          =====
  Unrealized Currency Gain (Loss)

  Total Net Unrealized Gain per Statement of Financial Condition

</TABLE>
<TABLE>
<CAPTION>
                                                                  NET UNREALIZED
FUTURES AND FORWARD CONTRACTS                                      GAIN/(LOSS)
-----------------------------                                     --------------

2005 PARTNERSHIP NET ASSETS: $9,957,922                                 $
<S>                                                               <C>
Foreign currency                                                     (190,317)

  Unrealized Currency Gain (Loss)                                       --
                                                                     --------
  Total Net Unrealized Loss per Statement of Financial Condition     (190,317)
                                                                     ========

2004 PARTNERSHIP NET ASSETS: $13,803,790
Foreign currency                                                      953,614

  Unrealized Currency Gain (Loss)                                       --
                                                                     --------
  Total Net Unrealized Gain per Statement of Financial Condition      953,614
                                                                     ========
</TABLE>








* Nosingle contract's value exceeds 5% of Net Assets.

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

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS

--------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION.  Dean Witter World Currency Fund L.P. (the "Partnership") is a
limited partnership organized to engage primarily in the speculative trading of
futures contracts, options on futures contracts, and forward contracts on
foreign currencies (collectively, "Futures Interests").
  The Partnership's general partner is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity broker is Morgan Stanley & Co.
Incorporated ("MS&Co."). Demeter, Morgan Stanley DW, and MS&Co. are
wholly-owned subsidiaries of Morgan Stanley.
  The trading advisors for the Partnership are John W. Henry & Company, Inc.
("JWH") and Millburn Ridgefield Corporation ("Millburn") (individually, a
"Trading Advisor", or collectively, the "Trading Advisors").
  Demeter is required to maintain a 1% minimum interest in the equity of the
Partnership and income (losses) are shared by Demeter and the limited partners
based upon their proportional ownership interests.

USE OF ESTIMATES.  The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management
believes that the estimates utilized in the preparation of the financial
statements are prudent and reasonable. Actual results could differ from those
estimates.

REVENUE RECOGNITION.  Futures Interests are open commitments until settlement
date, at which time they are realized. They are valued at market on a daily
basis and the resulting net change in unrealized gains and losses is reflected
in the change in unrealized trading profit (loss) on open contracts from one
period to the next on the Statements of Operations. Monthly, Morgan Stanley DW
pays the Partnership interest income equal to 80% of the average daily Net
Assets for the month at a rate equal to the average yield on 13-week U.S.
Treasury bills. For purposes of such interest payments, Net Assets do not
include monies owed to the Partnership on Futures Interests.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

  The Partnership's functional currency is the U.S. dollar; however, it
transacts business in currencies other than the U.S. dollar. Assets and
liabilities denominated in currencies other than the U.S. dollar are translated
into U.S. dollars at the rates in effect at the date of the Statements of
Financial Condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect
during the period. Gains and losses resulting from the translation to U.S.
dollars are reported in income currently.

NET INCOME (LOSS) PER UNIT.  Net income (loss) per unit of limited partnership
interest ("Unit(s)") is computed using the weighted average number of Units
outstanding during the period.

CONDENSED SCHEDULES OF INVESTMENTS.  In December 2003, the American Institute
of Certified Public Accountants' Accounting Standards Executive Committee
issued Statement of Position 03-4 ("SOP 03-4") "Reporting Financial Highlights
and Schedule of Investments by Nonregistered Investment Partnerships: An
Amendment to the Audit and Accounting Guide Audits Of Investment Companies and
AICPA Statement of Position 95-2, Financial Reporting By Nonpublic Investment
Partnerships". SOP 03-4 requires commodity pools to disclose the number of
contracts, the contracts' expiration dates, and the cumulative unrealized
gains/(losses) on open futures contracts, when the cumulative unrealized
gains/(losses) on an open futures contract exceeds 5% of Net Assets, taking
long and short positions into account separately. SOP 03-4 also requires ratios
for net investment income/(losses), expenses before and after incentive fees,
and net income/(losses) based on average net assets, and ratios for total
return before and after incentive fees based on average units outstanding to be
disclosed in Financial Highlights. SOP 03-4 was effective for fiscal years
ending after December 15, 2003.

EQUITY IN FUTURES INTERESTS TRADING ACCOUNTS.  The Partnership's asset "Equity
in futures interests trading accounts," reflected on the Statements of
Financial Condition, consists of (A) cash on deposit with Morgan Stanley DW and
MS&Co. to be used as margin for trading; (B) net unrealized gains or losses on
open contracts, which are valued at market and calculated as the difference
between original contract value and market value, and (C) the net option
premiums, which represent the net of all monies paid and/or received for such
option premiums.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

  The Partnership, in the normal course of business, enters into various
contracts with MS&Co. acting as its commodity broker. Pursuant to brokerage
agreements with MS&Co., to the extent that such trading results in unrealized
gains or losses, the amounts are offset and reported on a net basis on the
Partnership's Statements of Financial Condition.

  The Partnership has offset the fair value amounts recognized for forward
contracts executed with the same counterparty as allowable under the terms of
its master netting agreement with MS&Co., the sole counterparty on such
contracts. The Partnership has consistently applied its right to offset.

BROKERAGE COMMISSIONS AND RELATED TRANSACTION FEES AND COSTS.  The Partnership
accrues brokerage commissions and transaction fees and costs on a half-turn
basis, at 80% and 100%, respectively, of the rates Morgan Stanley DW and
MS&Co., respectively, charges parties that are not clearinghouse members.
Brokerage commissions and transaction fees and costs combined are capped at
13/20 of 1% per month (a maximum 7.8% annual rate) of the Partnership's
month-end Net Assets.

OPERATING EXPENSES.  The Partnership bears all operating expenses related to
its trading activities, to a maximum of  1/4 of 1% annually of the
Partnership's average month-end Net Assets. These include filing fees,
clerical, administrative, auditing, accounting, mailing, printing, and other
incidental operating expenses as permitted by the Limited Partnership
Agreement. In addition, the Partnership incurs a monthly management fee and may
incur an incentive fee.

REDEMPTIONS.  Limited partners may redeem some or all of their Units at 100% of
the Net Asset Value per Unit as of the end of any month upon five business days
advance notice by redemption form to Demeter.

DISTRIBUTIONS.  Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date. Demeter does not intend to make any distributions of the
Partnership's profits.

INCOME TAXES.  No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible for reporting
income or loss based upon their respective share of the Partnership's revenues
and expenses for income tax purposes.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)


DISSOLUTION OF THE PARTNERSHIP.  The Partnership will terminate on December 31,
2025, or at an earlier date if certain conditions set forth in the Limited
Partnership Agreement occur.

RECLASSIFICATIONS.  Certain prior year amounts relating to cash balances were
reclassified on the Statements of Financial Condition and the related
Statements of Cash Flows to conform to 2005 presentation. Such
reclassifications have no impact on the Partnership's reported net income
(loss).

--------------------------------------------------------------------------------
2. RELATED PARTY TRANSACTIONS
The Partnership pays Morgan Stanley DW brokerage commissions as described in
Note 1. The Partnership's cash is on deposit with Morgan Stanley DW and MS&Co.
in futures interests trading accounts to meet margin requirements as needed.
Morgan Stanley DW pays interest on these funds as described in Note 1.

--------------------------------------------------------------------------------
3. TRADING ADVISORS
Compensation to JWH and Millburn consists of a management fee and an incentive
fee as follows:

MANAGEMENT FEE.  The Partnership pays a monthly management fee equal to  1/6 of
1% per month (a 2% annual rate) of the Partnership's adjusted Net Assets as of
the end of each month.

INCENTIVE FEE.  The Partnership pays a quarterly incentive fee to each Trading
Advisor equal to 20% of trading profits experienced with respect to the Net
Assets allocated to such Trading Advisor as of the end of each calendar
quarter. Trading profits represent the amount by which profits from futures,
forwards, and options trading exceed losses after brokerage commissions,
management fees, transaction fees and costs, and administrative expenses are
deducted. Such incentive fee is accrued in each month in which trading profits
occur. In those months in which trading profits are negative, previous
accruals, if any, during the incentive period are reduced. In those instances
in which a limited partner redeems Units, the incentive fee (earned through the
redemption date) is paid to such Trading Advisor on those redeemed Units in the
month of redemption.

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)


--------------------------------------------------------------------------------
4. FINANCIAL INSTRUMENTS
The Partnership trades Futures Interests. 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 market value of exchange-traded contracts is based on the settlement
price quoted by the exchange on the day with respect to which market value is
being determined. If an exchange-traded contract could not have been liquidated
on such day due to the operation of daily limits or other rules of the
exchange, the settlement price shall be the settlement price on the first
subsequent day on which the contract could be liquidated. The market value of
off-exchange-traded contracts is based on the fair market value quoted by the
counterparty.
  The Partnership's contracts are accounted for on a trade-date basis and
marked to market on a daily basis. The Partnership accounts for its derivative
investments in accordance with the provisions of Statement of Financial
Accounting Standards No. 133, "Accounting for Derivative Instruments and
Hedging Activities" ("SFAS No. 133"). SFAS No. 133 defines a derivative as a
financial instrument or other contract that has all three of the following
characteristics:

(1)One or more underlying notional amounts or payment provisions;

(2)Requires no initial net investment or a smaller initial net investment than
   would be required relative to changes in market factors;

(3)Terms require or permit net settlement.

  Generally, derivatives include futures, forward, swaps or options contracts,
and other financial instruments with similar characteristics such as caps,
floors, and collars.
  The net unrealized gains/(losses) on open contracts at December 31, 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:

<PAGE>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)


<TABLE>
<CAPTION>
                      NET UNREALIZED GAINS/
                    LOSSES ON OPEN CONTRACTS    LONGEST MATURITIES
                  ----------------------------  -------------------
                              OFF-                          OFF-
                  EXCHANGE- EXCHANGE-           EXCHANGE- EXCHANGE-
             YEAR  TRADED    TRADED     TOTAL    TRADED    TRADED
             ---- --------- --------- --------  --------- ---------
                      $         $         $
             <S>  <C>       <C>       <C>       <C>       <C>
             2005    --     (190,317) (190,317)    --     Mar. 2006
             2004    --      953,614   953,614     --     Mar. 2005
</TABLE>

  The Partnership has credit risk associated with counterparty nonperformance.
As of the date of the financial statement, the credit risk associated with the
instruments in which the Partnership trades is limited to the amounts reflected
in the Partnership's Statements of Financial Condition.
  The Partnership also has credit risk because Morgan Stanley DW and MS&Co. act
as the futures commission merchants or the counterparties, with respect to most
of the Partnership's assets. Exchange-traded futures, forward, 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 and MS&Co.,
each as a futures commission merchant for the Partnership's exchange-traded
futures, forward, and futures-styled options contracts, are required, pursuant
to regulations of the Commodity Futures Trading Commission, 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, forward, and
futures-styled options contracts, including an amount equal to the net
unrealized gains (losses) on all open futures, forward, and futures-styled
options contracts. With respect to the Partnership's off- exchange-traded
forward currency contracts, there are no daily exchange-required settlements of
variation in value, nor is there any requirement that an amount equal to the
net unrealized gains (losses) on open forward contracts be segregated. However,
the Partnership is required to meet margin requirements equal to the net
unrealized loss on open contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the cash balance in
a custody account held at Morgan Stanley DW for the benefit of MS&Co. 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
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>

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(concluded)


--------------------------------------------------------------------------------
5. FINANCIAL HIGHLIGHTS

<TABLE>
                 <S>                                 <C>
                 PER UNIT OPERATING PERFORMANCE:
                 NET ASSET VALUE, JANUARY 1, 2005:   $1,326.57
                                                     ---------
                 NET OPERATING RESULTS:
                   Interest Income                       28.62
                   Expenses                             (90.11)
                   Realized Loss                        (14.53)
                   Unrealized Loss                     (118.47)
                                                     ---------
                   Net Loss                            (194.49)
                                                     ---------
                 NET ASSET VALUE, DECEMBER 31, 2005: $1,132.08
                                                     =========

                 FOR THE 2005 CALENDAR YEAR:
                 RATIOS TO AVERAGE NET ASSETS:
                   Net Investment Loss                  (5.4)%
                   Expenses before Incentive Fees         8.0%
                   Expenses after Incentive Fees          8.0%
                   Net Loss                            (18.5)%
                 TOTAL RETURN BEFORE INCENTIVE FEES    (14.7)%
                 TOTAL RETURN AFTER INCENTIVE FEES     (14.7)%

                 INCEPTION-TO-DATE RETURN                13.2%
                 COMPOUND ANNUALIZED RETURN               1.0%
</TABLE>

<PAGE>


                    Demeter Management Corporation
                    330 Madison Avenue, 8th Floor
                    New York, NY 10017

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