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

	FORM 10-Q



[X]	Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 2001 or

[ ]	Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from               to_________________


Commission File No. 0-23826

	DEAN WITTER WORLD CURRENCY FUND L.P.

	(Exact name of registrant as specified in its charter)


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


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

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




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


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

Yes    X       	No___________




<page>
<table>
	DEAN WITTER WORLD CURRENCY FUND L.P.
	INDEX TO QUARTERLY REPORT ON FORM 10-Q

                         June 30, 2001

<caption>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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

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

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

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

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

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

Item 2.	Management's Discussion and Analysis of
			Financial Condition and Results of Operations.......12-20

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................20-30


Part II. OTHER INFORMATION

Item 1.	Legal Proceedings......................................31

Item 6.	Exhibits and Reports on Form 8-K....................31-32



</table>





<page>
<table>

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	DEAN WITTER WORLD CURRENCY FUND L.P.
	STATEMENTS OF FINANCIAL CONDITION

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

	<c>	<c>
Equity in futures interests trading accounts:
	Cash	17,595,481   	15,129,282

	Net unrealized gain on open contracts (MS & Co.)	    195,212	     2,020,756

	     Total Trading Equity	17,790,693   	17,150,038

Interest receivable (Morgan Stanley DW)	38,648         	           59,750
Due from Morgan Stanley DW	_______-___ 	           3,628

	     Total Assets	  17,829,341   	  17,213,416


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Redemptions payable	131,174	263,942
	Accrued management fees	29,710   	        28,676
	Accrued administrative expenses	           3,653   	          7,632

	     Total Liabilities	       164,537    	       300,250

Partners' Capital

	Limited Partners (14,955.827 and
	      15,691.694 Units, respectively)	17,303,248   	16,582,911
	General Partner (312.506 Units)	      361,556   	       330,255

	     Total Partners' Capital	   17,664,804    	   16,913,166

Total Liabilities and Partners' Capital	   17,829,341  	   17,213,416

NET ASSET VALUE PER UNIT	        1,156.96	         1,056.80
<fn>


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

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


<caption>



	     For the Quarters Ended June 30,

                                                                                                            2001   	   2000
                                                                                                              $		   $
REVENUES

			<c>		<c>
	Trading profit (loss):
	Realized                       1,579,671		  (185,744)
		Net change in unrealized	    (1,800,942)		(597,028)

			Total Trading Results	(221,271)		(782,772)

	Interest income (Morgan Stanley DW)                                        122,845                       197,819

			Total	       (98,426)		   (584,953)


EXPENSES

	Brokerage commissions (Morgan Stanley DW) 	131,566		160,206
  	Management fees	89,616		129,879
 	Administrative expenses	10,904		11,612
   	Transaction fees and costs             -	                             8,071
	Incentive fees                                 (56,668)                            -

			Total	     175,418	                       309,768


NET LOSS	        (273,844)		                   (894,721)


NET LOSS ALLOCATION

	  Limited Partners 	(268,380)		(878,931)
  General Partner 	(5,464)                    	(15,790)

NET LOSS PER UNIT

	  Limited Partners                (17.48)		(50.53)
  General Partner                                 (17.48)	                        (50.53)


<fn>


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

DEAN WITTER WORLD CURRENCY FUND L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)


<caption>
	    For the Six Months Ended June 30,

	      2001     	      2000
	$	      $

REVENUES

			<c>		<c>
	Trading profit (loss):
		Realized	3,676,836		(1,069,083)
	        Net change in unrealized                                                  (1,825,544)		    (588,919)

			Total Trading Results	1,851,292		(1,658,002)

	 Interest income (Morgan Stanley DW)	     274,576 		     411,063

			Total	   2,125,868		(1,246,939)


EXPENSES

	Brokerage commissions (Morgan Stanley DW) 	261,379		393,357
  	Management fees	176,030		273,521
   	Incentive fees 	95,759	                             -
   	Administrative expenses	       21,495		       23,823
	Transaction fees and costs	_____-___		       22,249

  		  Total	     554,663		     712,950


NET INCOME (LOSS)	  1,571,205		                 (1,959,889)


NET INCOME (LOSS) ALLOCATION

	   Limited Partners  	1,539,904		(1,927,229)
  	   General Partner	31,301		(32,660)

NET INCOME (LOSS) PER UNIT

  Limited Partners                     100.16		 (104.51)
                    100.16		   (104.51)

<fn>




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

DEAN WITTER WORLD CURRENCY FUND L.P.
	STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
	For the Six Months Ended June 30, 2001 and 2000
	(Unaudited)


<caption>




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


	<c>		<c>		<c>		<c>
Partners' Capital,
	December 31, 1999	20,391.775  	19,950,579		310,503		 20,261,082

Net Loss                                      - 	        (1,927,229)	          (32,660)	  (1,959,889)

Redemptions	    (2,718.376)		(2,588,152)		___-___		(2,588,152)

Partners' Capital,
	June 30, 2000	17,673.399	        15,435,198		             277,843	           15,713,041





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

Net Income                                                               -	  	  1,539,904	 	   31,301		   1,571,205

Redemptions	                                                     (735.867)		           (819,567)	_____-___		    (819,567)

Partners' Capital,
	June 30, 2001                                            15,268.333	          17,303,248		             361,556		      17,664,804





<fn>







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

	DEAN WITTER WORLD CURRENCY FUND L.P.
	STATEMENTS OF CASH FLOWS
(Unaudited)

<caption>


	    For the Six Months Ended June 30,

	      2001     	      2000
	    $	      $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>		<c>
Net income (loss)         	   1,571,205	   (1,959,889)
Noncash item included in net income (loss):
	  Net change in unrealized                                                	             1,825,544                  588,919


(Increase) decrease in operating assets:
	 Interest receivable (Morgan Stanley DW)	   21,102	                    11,732
	 Due from Morgan Stanley DW	3,628	(1,436)

 Increase (decrease) in operating liabilities:
	 Accrued management fees	   1,034	(11,586)
      Accrued administrative expenses                                                      (3,979)                   19,503

 Net cash provided by (used for) operating activities                         3,418,534	         (1,352,757)


CASH FLOWS FROM FINANCING ACTIVITIES

Decrease in redemptions payable                                                       (132,768)	(74,782)
Redemptions of Units                                                                           (819,567)	(2,588,152)

Net cash used for financing activities                                                  (952,335)	(2,662,934)

Net increase (decrease) in cash                                                        2,466,199		(4,015,691)

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

Balance at end of period                                                                   17,595,481	              16,469,645





<fn>



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

<page>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2001
 (UNAUDITED)
The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Dean Witter World Currency Fund L.P. (the "Partnership").  The
financial statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 2000 Annual Report
on Form 10-K.

1.  Organization
Dean Witter World Currency Fund L.P. is a Delaware limited
partnership organized to engage primarily in the speculative
trading of commodity futures contracts, options on futures
contracts, and forward contracts on foreign currencies.

The general partner for the Partnership is Demeter Management
Corporation ("Demeter").  The non-clearing commodity broker is
Morgan Stanley DW Inc. ("Morgan Stanley DW").  Dean Witter
Reynolds Inc. changed its name to Morgan Stanley DW Inc.,
effective April 2, 2001.  The clearing commodity brokers are
Morgan Stanley & Co., Inc. ("MS & Co.") and Morgan Stanley & Co.
International Limited ("MSIL").  Demeter, Morgan Stanley DW, MS &


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

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

2.  Related Party Transactions
The Partnership's cash is on deposit with Morgan Stanley DW, MS &
Co. and MSIL in futures, forwards and options trading accounts to
meet margin requirements as needed.  Morgan Stanley DW pays
interest on these funds based on the average yield on 13-week
U.S. Treasury bills. The Partnership pays brokerage commissions
to Morgan Stanley DW.

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


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

The Partnership accounts for its derivative investments in
accordance with the provisions of Statement of Financial
Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133").  SFAS No.
133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics:
1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.

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

The net unrealized gains on open contracts, reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition and their longest contract
maturity were as follows:



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

                    Net Unrealized Gains on Open
                             Contracts                   Longest Maturity

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

June 30, 2001	    - 	  195,212	  195,212 		-  	  Sept. 2001

December 31, 2000	    -		2,020,756	2,020,756    	-	  March 2001


The Partnership has credit risk associated with counterparty non-
performance.  The credit risk associated with the instruments in
which the Partnership is involved is limited to the amounts
reflected in the Partnership's statements of financial condition.

The Partnership also has credit risk because Morgan Stanley DW,
MS & Co. and MSIL act as the futures commission merchants or the
counterparties with respect to most of the Partnership's assets.
Exchange-traded futures and futures-styled option contracts are
marked to market on a daily basis, with variations in value
settled on a daily basis. Morgan Stanley DW, MS & Co. and MSIL
each as a futures commission merchant for the Partnership's
exchange-traded futures and futures-styled options contracts, are
required, pursuant to regulations of the Commodity Futures Trading
Commission ("CFTC"), to segregate from their own assets, and for
the sole benefit of their commodity customers, all funds held by
them with respect to exchange-traded futures and futures-styled

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

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










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

Liquidity - The Partnership deposits its assets with Morgan
Stanley DW as non-clearing broker and MS & Co. and MSIL as
clearing brokers in separate futures, forwards and options
accounts established for each Trading Advisor, which assets are
used as margin to engage in trading. The assets are held in either
non-interest-bearing bank accounts or in securities and
instruments permitted by the CFTC for investment of customer
segregated or secured funds.  The Partnership's assets held by the
commodity brokers may be used as margin solely for the
Partnership's trading.  Since the Partnership's sole purpose is to
trade in futures, forwards and options, it is expected that the
Partnership will continue to own such liquid assets for margin
purposes.

The Partnership's investment in futures, forwards and options may,
from time to time, be illiquid.  Most U.S. futures exchanges limit
fluctuations in prices during a single day by regulations referred
to as "daily price fluctuations limits" or "daily limits".  Trades
may not be executed at prices beyond the daily limit.  If the
price for a particular futures or options contract has increased
or decreased by an amount equal to the daily limit, positions in
that futures or options contract can neither be taken nor
liquidated unless traders are willing to effect trades at or

      <page>
within the limit.  Futures prices have occasionally moved the
daily limit for several consecutive days with little or no
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

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

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

Capital Resources. The Partnership does not have, or expect to
have, any capital assets.  Redemptions of additional units of
limited partnership interest ("Unit(s)") in the future will affect
the amount of funds available for investment in futures, forwards
and options in subsequent periods.  It is not possible to estimate
the amount and therefore the impact of future redemptions of
Units.

<page>
Results of Operations
General.  The Partnership's results depend on its Trading Advisors
and the ability of the Trading Advisors' trading programs to take
advantage of price movements or other profit opportunities in the
futures, forwards and options markets.  The following presents a
summary of the Partnership's operations for the three and six
month periods ended June 30, 2001 and 2000, and a general
discussion of its trading activities during each period.  It is
important to note, however, that the Trading Advisors trade in
various markets at different times and that prior activity in a
particular market does not mean that such market will be actively
traded by the Trading Advisors or will be profitable in the
future.  Consequently, the results of operations of the
Partnership are difficult to discuss other than in the context of
its Trading Advisors' trading activities on behalf of the
Partnership as a whole and how the Partnership has performed in
the past.

For the Quarter and Six Months Ended June 30, 2001
For the quarter ended June 30, 2001, the Partnership recorded
total trading losses, net of interest income, of $98,426 and
posted a decrease in a net asset value per Unit.  The most
significant losses of approximately 5.3% were recorded primarily
during April and May from short positions in the Japanese yen as
the value of the yen reversed higher versus the U.S. dollar

<page>
following a surprise interest rate cut by the U.S. Federal
Reserve and on optimism that the Japanese government would unveil
an emergency package to stimulate that country's ailing economy.
During early June, additional losses were incurred from long
positions in the Japanese yen as the value of the yen weakened
relative to the U.S. dollar on the Bank of Japan's decision to
keep its monetary policy unchanged.  Losses of approximately 1.0%
were experienced primarily during early April from short
positions in the Australian dollar as its value strengthened
versus the U.S. dollar on fears of a prolonged economic slowdown
in the U.S.  Additional losses of approximately 0.7% were
recorded throughout a majority of the quarter from positions in
the South African rand.  These losses were partially offset by
gains of approximately 4.8% recorded primarily during May from
short positions in the euro and Swiss franc as the value of these
European currencies weakened relative to the U.S. dollar
following reports of weak European economic data.  The euro
weakened further after comments by European Central Bank ("ECB")
officials were seen as playing down the prospect of further
growth-boosting European interest rate cuts.  Additional gains of
approximately 0.7% were recorded throughout a majority of the
quarter from long positions in the Mexican peso as its value
strengthened versus the U.S. dollar following better-than-
expected economic data reported out of Mexico. Total expenses for
the three months ended June 30, 2001 were $175,418, resulting in a

<page>
net loss of $273,844.  The net asset value of a Unit decreased
from $1,174.44 at March 31, 2001 to $1,156.96 at June 30, 2001.
For the six months ended June 30, 2001, the Partnership recorded
total trading revenues, including interest income, of $2,125,868
and posted an increase in net asset value per Unit.  The most
significant gains of approximately 7.4% were recorded throughout
a majority of the first quarter from short positions in the
Japanese yen as its value weakened relative to the U.S. dollar on
concerns for the Japanese economy and in both anticipation and
reaction to the Bank of Japan's decision to reinstate its zero
interest rate policy.  Profits of approximately 3.1% were
recorded primarily during March from short positions in the
Singapore dollar as its value weakened versus the U.S. dollar in
sympathy with the declining Japanese yen.  Additional gains of
approximately 1.8% were recorded primarily during May from short
positions in the euro and Swiss franc as the value of these
European currencies weakened relative to the U.S. dollar
following reports of weak European economic data.  The euro
weakened further after comments by ECB officials were seen as
playing down the prospect of further growth-boosting European
interest rate cuts.  These gains were partially offset by losses
of approximately 2.1% recorded primarily during January from long
positions in the South African rand as its value weakened
relative to the U.S. dollar after the U.S. dollar gained support
as several officials of the world's major central banks soothed
fears of a hard economic landing in the U.S.  Additional losses
<page>
were recorded throughout a majority of the second quarter from
positions in the South African rand.  Losses of approximately
0.6% were also recorded primarily during early June from long
positions in the British pound as its value weakened versus the
U.S. dollar in reaction to reports that British Prime Minister
Blair will push for Great Britain's entry into the Monetary
Union.  Total expenses for the six months ended June 30, 2001
were $554,663, resulting in net income of $1,571,205.  The net
asset value of a Unit increased from $1,056.80 at December 31,
2000 to $1,156.96 at June 30, 2001.

For the Quarter and Six Months Ended June 30, 2000
For the quarter ended June 30, 2000, the Partnership recorded
total trading losses, net of interest income, of $584,953 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 3.9% were recorded primarily
from long British pound positions as the value of the pound
weakened relative to the U.S. dollar during April.  Newly
established short British pound positions contributed to these
losses during the remainder of the quarter as the pound's value
strengthened versus the U.S. dollar following the strengthening
euro and on speculation that U.S. interest rates may have topped
in the medium term.  Additional losses of approximately 2.1% were
experienced from long Japanese yen positions as the value of the
yen weakened versus the U.S. dollar amid fears of additional Bank
of Japan intervention during April and repositioning ahead of the
<page>
Tankan survey during June.  Short euro/British pound cross-rate
positions incurred losses during May of approximately 0.8% as the
value of the European common currency strengthened versus the
British pound amid renewed expectation of central bank support
for the euro.  Smaller losses of approximately 0.7% were recorded
from long Mexican peso positions as its value dropped versus the
U.S. dollar during April amid losses on the Mexican IPC stock
index, as well as the weakness in U.S. technology issues.  Short
Australian dollar positions incurred losses of approximately 0.6%
as its value strengthened versus the U.S. dollar during mid June
on higher gold prices and stronger-than-expected Australian
economic growth data.  A portion of overall Partnership losses
was offset by gains of approximately 1.0% recorded from short
positions in the European common currency during April.  The
euro's value dropped to record lows versus the U.S. dollar due
primarily to the ECB's passive stance towards its currency and
increasing concern that the ECB should be more aggressive in
combating inflation.  Additional gains of approximately 1.2%
resulted from short South African rand positions during April and
May as its value receded to 20-month lows versus the U.S. dollar
amid speculation that Zimbabwe was on the verge of devaluing its
currency.  Smaller gains of approximately 0.9% were recorded from
short Thai baht positions during May as its value weakened versus
the U.S. dollar on a slide in the Indonesian rupiah.  Total
expenses for the three months ended June 30, 2000 were $309,768,
resulting in a net loss of $894,721.  The net asset value of a
<page>
Unit decreased from $939.61 at March 31, 2000 to $889.08 at June
30, 2000.

For the six months ended June 30, 2000, the Partnership recorded
total trading losses, net of interest income, of $1,246,939 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 5.4% were recorded primarily
from transactions involving the British pound.  Long British
pound positions incurred losses during January and February amid
the U.S. dollar's strength versus other major currencies and
interest rate increases by the ECB and the U.S. Federal Reserve.
Newly established short British pound positions incurred losses
in the second quarter as the pound's value strengthened versus
the U.S. dollar following a strengthening of the euro and on
speculation that U.S. interest rates may have topped out in the
medium term.  Additional losses of approximately 4.6% were
recorded from long Japanese yen positions as the value of the yen
weakened against the U.S. dollar during January following a Bank
of Japan intervention and improving sentiment in the U.S. bond
market.  The value of the yen weakened again versus the U.S.
dollar during April on additional Bank of Japan intervention and
repositioning ahead of the Tankan survey during June.  As a
result, losses were experienced from long yen positions.  Long
Canadian dollar positions also incurred losses of approximately
1.8% as its value weakened relative to the U.S. dollar.  Smaller
losses of approximately 1.5% were incurred from short Australian
<page>
dollar positions as its value strengthened versus the U.S. dollar
during mid June on higher gold prices and stronger-than-expected
Australian economic growth data.  A portion of overall
Partnership losses was offset by gains of approximately 4.1%
recorded from transactions involving the euro.  Short positions
in the European common currency recorded gains as its value
weakened versus the U.S. dollar during January due to skepticism
about Europe's economic outlook and during quarter-end on
expectations that the ECB would hold interest rates steady.
During April, short euro positions were profitable as its value
moved to record lows versus the U.S. dollar due primarily to the
ECB's passive stance towards its currency and increasing concern
that it should be more aggressive in combating inflation.
Additional gains of approximately 1.2% were recorded from short
South African rand positions during April and May as its value
receded to 20-month lows relative to the U.S. dollar amid
speculation that Zimbabwe was on the verge of devaluing its
currency.  Smaller gains of approximately 0.5% were recorded from
short Norwegian krone positions as its value was pushed lower
versus the U.S. dollar by the euro's weakness during April.
Total expenses for the six months ended June 30, 2000 were
$712,950, resulting in a net loss of $1,959,889.  The net asset
value of a Unit decreased from $993.59 at December 31, 1999 to
$889.08 at June 30, 2000.



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

Introduction

The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards and options.  The
market-sensitive instruments held by the Partnership are acquired
for speculative trading purposes only and, as a result, all or
substantially all of the Partnership's assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is central, not incidental, to the
Partnership's main business activities.

The futures, forwards and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities.  Fluctuations in market risk based
upon these factors result in frequent changes in the fair value
of the Partnership's open positions, and, consequently, in its
earnings and cash flow.

The Partnership's total market risk is influenced by a wide
variety of factors, including the diversification among the
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets.  At different times,
each of these factors may act to increase or decrease the market
risk associated with the Partnership.
<page>
The Partnership's past performance is not necessarily indicative
of its future results. Any attempt to numerically quantify the
Partnership's market risk is limited by the uncertainty of its
speculative trading.  The Partnership's speculative trading may
cause future losses and volatility (i.e. "risk of ruin") that far
exceed the Partnership's experience to date or any reasonable
expectations based upon historical changes in market value.

Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the
Partnership's market risk exposure contain "forward-looking
statements" within the meaning of the safe harbor from civil
liability provided for such statements by the Private Securities
Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934).  All quantitative disclosures in this section are
deemed to be forward-looking statements for purposes of the safe
harbor, except for statements of historical fact.

The Partnership accounts for open positions using mark-to-market
accounting principles.  Any loss in the market value of the
Partnership's open positions is directly reflected in the
Partnership's earnings, whether realized or unrealized, and its
cash flow.  Profits and losses on open positions of exchange-
traded futures, forwards and options are settled daily through
variation margin.
<page>
The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of Value at Risk
("VaR"). The VaR model used by the Partnership includes many
variables that could change the market value of the Partnership's
trading portfolio.  The Partnership estimates VaR using a model
based on historical simulation with a confidence level of 99%.
Historical simulation involves constructing a distribution of
hypothetical daily changes in the value of a trading portfolio.
The VaR model takes into account linear exposures to price and
interest rate risk.  Market risks that are incorporated in the
VaR model include equity and commodity prices, interest rates,
foreign exchange rates and correlation among these variables.
The hypothetical changes in portfolio value are based on daily
percentage changes observed in key market indices or other market
factors ("market risk factors") to which the portfolio is
sensitive.  The historical observation period of the Partner-
ship's VaR is approximately four years.  The one-day 99%
confidence level of the Partnership's VaR corresponds to the
negative change in portfolio value that, based on observed market
risk factors, would have been exceeded once in 100 trading days.

VaR models, including the Partnership's, are continuously
evolving as trading portfolios become more diverse and modeling
techniques and systems capabilities improve.  Please note that
the VaR model is used to numerically quantify market risk for

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

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
for its primary market risk category at June 30, 2001 and 2000.
At June 30, 2001 and 2000, the Partnership's total capitalization
was approximately $18 million and $16 million, respectively.

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

     Currency			 (4.12)%			    (1.60)%


The table above represents the VaR of the Partnership's open
positions at June 30, 2001 and 2000 only and is not necessarily
representative of either the historic or future risk of an
investment in the Partnership.  Because the Partnership's only
business is the speculative trading of futures, forwards and
options, the composition of its trading portfolio can change
significantly over any given time period, or even within a single
trading day.  Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.


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

Primary Market Risk Category        High       Low     Average
Currency			(4.99)%	 (3.36)%	(4.12)%




Limitations on Value at Risk as an Assessment of Market Risk
The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership.  The value of the
Partnership's open positions thus creates a "risk of ruin" not
usually found in other investments.  The relative size of the
positions held may cause the Partnership to incur losses greatly
in excess of VaR within a short period of time, given the effects
of the leverage employed and market volatility.  The VaR tables
above, as well as the past performance of the Partnership, give
no indication of such "risk of ruin". In addition, VaR risk


<page>
measures should be viewed in light of the methodology's
limitations, which include the following:
?	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
?	changes in portfolio value caused by market movements may
differ from those of the VaR model;
?	VaR results reflect past trading positions while future risk
depends on future positions;
?	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
?	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

The VaR tables above present the results of the Partnership's VaR
for its market risk exposure at June 30, 2001 and for the end of
the four quarterly reporting periods from July 1, 2000 through
June 30, 2001.  Since VaR is based on historical data, VaR should
not be viewed as predictive of the Partnership's future financial
performance or its ability to manage or monitor risk.  There can
be no assurance that the Partnership's actual losses on a


<page>
particular day will not exceed the VaR amounts indicated above or
that such losses will not occur more than once in 100 trading
days.

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

At June 30, 2001, the Partnership's cash balance at Morgan Stanley
DW was approximately 99% of its total net asset value.  A decline
in short-term interest rates will result in a decline in the
Partnership's cash management income. This cash flow risk is not
considered to be material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses taking into account the leverage,
optionality and multiplier features of the Partnership's market-
sensitive instruments, in relation to the Partnership's net
assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership's
market risk exposures - except for (A) those disclosures that are

<page>
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 primary trading risk exposure of the
Partnership at June 30, 2001.  It may be anticipated however,
that market exposure will vary materially over time.

Currency.  The Partnership's currency exposure at June 30, 2001
was to exchange rate fluctuations, primarily fluctuations which

<page>
disrupt the historical pricing relationships between different
currencies and currency pairs.  Interest rate changes as well as
political and general economic conditions influence these
fluctuations.  The Partnership trades in a large number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar.  For the second quarter of
2001, the Partnership's major exposures were to the euro currency
crosses and outright U.S. dollar positions.  Outright positions
consist of the U.S. dollar vs. other currencies.  These other
currencies include major and minor currencies.  Demeter does not
anticipate that the risk profile of the Partnership's currency
sector will change significantly in the future.  The currency
trading VaR figure includes foreign margin amounts converted into
U.S. dollars with an incremental adjustment to reflect the
exchange rate risk inherent to the dollar-based Partnership in
expressing VaR in a functional currency other than dollars.

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisors, separately, attempt to
manage the risk of the Partnership's open positions in essentially


<page>
the same manner in all markets traded.  Demeter attempts to manage
market exposure by diversifying the Partnership's assets among
different Trading Advisors, each of whose strategies focus on
different market sectors and trading approaches, and monitoring
the performance of the Trading Advisors daily.  In addition, the
Trading Advisors establish diversification guidelines, often set
in terms of the maximum margin to be committed to positions in any
one market sector or market-sensitive instrument.

Demeter monitors and controls the risk of the Partnership's non-
trading instrument, cash.  Cash is the only Partnership investment
directed by Demeter, rather than the Trading Advisors.



























      <page>

PART II.  OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS
In April 2001, the Appellate Division of New York State dismissed
the class action previously disclosed in the Partnership's Form
10-K for the year ended December 31, 2000.  Because plaintiffs
did not exercise their right to appeal any further, this
dismissal constituted a final resolution of the case.

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

(A)	Exhibits

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

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

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

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

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





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

10.06	Customer Agreement, dated as of May 1, 2000, between Morgan
Stanley & Co. Incorporated, the Partnership and Dean Witter
Reynolds Inc. is incorporated by reference to Exhibit 10.06 of the
Partnership's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2000, (File No. 0-23826).

10.07	Amendment to Management Agreement among the Partnership, Dean
Witter Reynolds Inc., and John W. Henry & Company, Inc., dated
November 30, 2000, is incorporated by reference to the
Partnership's Form 8-K, filed with the Securities and Exchange
Commission on January 3, 2001.

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

(B)	Reports on Form 8-K. - None.






























<page>









	SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.




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

                        By:   Demeter Management Corporation
                              (General Partner)

August 14, 2001         By:/s/Raymond E. Koch
                              Raymond E. Koch
                              Chief Financial Officer




The General Partner which signed the above is the only party
authorized to act for the Registrant.  The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.