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, 2005 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 Number 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.)

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













(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___________


Indicate by check-mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act).

Yes             No     X


<page>  <table> DEAN WITTER WORLD CURRENCY FUND L.P.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

June 30, 2005

<caption>


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

				<c>
		Statements of Financial Condition as of June 30, 2005
 		(Unaudited) and December 31, 2004..........................2

		Statements of Operations for the Three and Six Months
		Ended June 30, 2005 and 2004 (Unaudited)...................3

		Statements of Changes in Partners? Capital for the
	  Six Months Ended June 30, 2005 and 2004
		(Unaudited) ...............................................4

		Statements of Cash Flows for the Six Months
		Ended June 30, 2005 and 2004 (Unaudited)...................5

		Notes to Financial Statements (Unaudited)...............6-11

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations...... 12-23

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk........................................ 24-33

Item 4.	Controls and Procedures................................34



PART II. OTHER INFORMATION

Item 5.	Other Information......................................35

Item 6.	Exhibits............................................35-36

</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,
                                    2005      	    2004
	                      $	   $
	                      (Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:
	Cash                              	10,814,360	12,945,037

	Net unrealized gain on open contracts (MS&Co.)	     799,878	     953,614

	     Total Trading Equity	11,614,238	13,898,651

Due from Morgan Stanley DW	39,456	19,982
Interest receivable (Morgan Stanley DW)	        21,654	        17,959

	     Total Assets	  11,675,348	  13,936,592


LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	161,377	101,380
Accrued management fees	19,446	23,214
Accrued administrative expenses	         7,147	         8,208

	     Total Liabilities	     187,970	    132,802

Partners? Capital

Limited Partners (9,592.368 and
   10,274.395 Units, respectively)	11,332,300	13,629,656
General Partner (131.267 Units)	      155,078	     174,134

	     Total Partners? Capital	   11,487,378	13,803,790

	     Total Liabilities and Partners? Capital                                              	   11,675,348	13,936,592


NET ASSET VALUE PER UNIT	      1,181.39	    1,326.57


<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 Three Months	                          For the Six Months
  	                 Ended June 30,     	                           Ended June 30,



                            2005   	        2004    	       2005   	     2004
                                                                                           $	               $		          $	 	  $

	    <c>	<c>	 	<c>	   <c>
INVESTMENT INCOME
	Interest income (Morgan Stanley DW)	     62,816		     28,748 		  123,546		            57,977

EXPENSES
	Brokerage commissions (Morgan Stanley DW)	151,874	176,212	315,824		379,018
	Management fees	  55,616      	    63,857	114,600 		   143,187
	Administrative expenses	        7,147	          9,220	      14,691		        19,390

		   Total Expenses 	    214,637	       249,289	    445,115		       541,595

NET INVESTMENT LOSS 	   (151,821)	      (220,541)	   (321,569)		     (483,618)

TRADING RESULTS
Trading profit (loss):
	Realized	(296,528) 	(2,570,692)	(1,073,771)		(2,605,270)
	Net change in unrealized	   1,379,362	       697,328 	    (153,736)		         (876,345)

		   Total Trading Results	   1,082,834	   (1,873,364)	   (1,227,507)		   (3,481,615)

NET INCOME (LOSS)	      931,013	  (2,093,905)	 (1,549,076)		  (3,965,233)

NET INCOME (LOSS) ALLOCATION

	Limited Partners	918,557	  (2,069,008)	(1,530,020)		(3,918,559)
	General Partner 	12,456	(24,897)                 	(19,056)	(46,674)


NET INCOME (LOSS) PER UNIT

	Limited Partners                  	   94.89               (189.67)                (145.18)	(355.57)
	General Partner                            	    94.89              (189.67)                (145.18)	(355.57)



<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, 2005 and 2004
	(Unaudited)

<caption>



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


	<c>	<c>	<c>	<c>
Partners? Capital,
	December 31, 2003	11,466.471	16,578,618	191,988	16,770,606

Net Loss                                                             ?   	 	(3,918,559)	(46,674)
	(3,965,233)

Redemptions	    (551.813)	     (722,724)	            ?    	     (722,724)

Partners? Capital,
	June 30, 2004	   10,914.658	 11,937,335	   145,314	 12,082,649



Partners? Capital,
	December 31, 2004	10,405.662	13,629,656	174,134	13,803,790

Net Loss                                                             ?   	 	(1,530,020)	(19,056)
	(1,549,076)

Redemptions	    (682.027)	    (767,336)	            ?    	     (767,336)

Partners? Capital,
	June 30, 2005	   9,723.635	 11,332,300	   155,078	  11,487,378







<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,

	    2005     	    2004
	    $	 $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net loss		(1,549,076)	(3,965,233)
Noncash item included in net loss:
	Net change in unrealized	153,736	876,345

Increase in operating assets:
	Due from Morgan Stanley DW	(19,474)	(1,943)
	Interest receivable (Morgan Stanley DW)	(3,695)	(957)

Increase (decrease) in operating liabilities:
	Accrued management fees	(3,768)	(8,121)
	Accrued administrative expenses	(1,061)	1,141
	Accrued incentive fee	                ?    	       (72,698)

Net cash used for operating activities	   (1,423,338)	   (3,171,466)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid from redemptions of Units	     (707,339)	      (826,277)

Cash used for financing activities	     (707,339)	      (826,277)

Net decrease in cash	(2,130,677)	(3,997,743)

Balance at beginning of period	  12,945,037	   16,359,141

Balance at end of period	  10,814,360	   12,361,398



<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, 2005

(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, 2004 Annual Report
on Form 10-K.  Certain reclassifications have been made to the
prior year?s financial statements to conform to the current year
presentation.  Such reclassifications have no impact on the
Partnership?s reported net income (loss).

1.  Organization
Dean Witter World Currency Fund L.P. 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?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
<page> DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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?).

2.  Related Party Transactions
The Partnership?s cash is on deposit with Morgan Stanley DW and MS
& Co. in futures, forwards, and options trading accounts to meet
margin requirements as needed.  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 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 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.
<page> DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
maturities were as follows:

                      Net Unrealized Gains
                        on Open Contracts               Longest Maturities
	               Exchange-    Off-Exchange-	            Exchange-  Off-Exchange-
Date            Traded        Traded        Total	      Traded     Traded
                   $             $            $
Jun. 30, 2005 	  -	799,878	799,878        - 	Sep. 2005
Dec. 31, 2004	  -	        953,614	       953,614        -	      Mar. 2005

The Partnership has credit risk associated with counterparty non-
performance.  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
<page> DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 (?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, 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



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

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. 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 CFTC 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 of limited
partnership interest (?Unit(s)?) 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 the three and six month periods ended June 30, 2005
and 2004, 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 <page> behalf of the
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 on pages 2 through 11 of this report 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 <page>
critical accounting policies other than those presently used could
reasonably affect reported amounts.




For the Three and Six Months Ended June 30, 2005

The Partnership recorded total trading results including interest
income totaling $1,145,650 and expenses totaling $214,637,
resulting in net income of $931,013 for the three months ended
June 30, 2005.  The Partnership?s net asset value per Unit
increased from $1,086.50 at March 31, 2005 to $1,181.39 at June
30, 2005.

The most significant trading gains of approximately 6.2% and
0.9%, respectively, resulted during May and June from short
positions in the euro and Swiss franc versus the U.S. dollar.
During May, the U.S. dollar increased after China downplayed
rumors of a move toward a flexible exchange rate, while the value
of the euro and Swiss franc moved lower on weaker-than-expected
French economic data and the rejection of a proposed European
Union constitution by French voters.  During June, short euro and
Swiss franc positions continued to profit as European currency
values declined amid market pessimism for future European
integration, the release of weak European economic data, and
greater-than-expected capital outflows into U.S. markets, which
also benefited the U.S. dollar.  The U.S. dollar also increased
following the ninth consecutive quarter-point increase in U.S.
<page> interest rates. Additional Partnership gains of
approximately 1.9% and 1.5%, respectively, were recorded
primarily during May and June from long positions in the
Brazilian real and Mexican peso versus the U.S. dollar as the
value of these currencies moved higher after Brazil?s Minister of
Finance reported increased foreign investment in Brazil and
Mexico?s Central Bank representatives elected not to change
Mexico?s monetary policy.  During June, the peso?s value moved
higher amid comments from Mexico?s Finance Minister, Francisco
Gil Diaz, that the Mexican economy was on track to meet the
government's growth estimates for the year.  Further Partnership
gains of approximately 2.0% were experienced from short positions
in the Japanese yen versus the U.S. dollar as the yen?s value
declined during May and June in response to weak Japanese
economic data.  A portion of Partnership?s overall gains was
offset by losses of approximately 2.5% recorded from long
positions in the British pound versus the U.S. dollar as the
pound?s value declined during May after British Prime Minister
Tony Blair's Labour Party re-election with a reduced government
majority, and then moved lower during June on growing speculation
the interest rate differential between the U.S. and the U.K.
would tighten.  Smaller Partnership losses of approximately 0.9%
stemmed from long positions in the Australian dollar versus the
U.S. dollar as the Australian dollar declined amid falling gold
prices, primarily during May.

<page> The Partnership recorded total trading results including
interest income totaling $(1,103,961) and expenses totaling
$445,115, resulting in a net loss of $1,549,076 for the six
months ended June 30, 2005. The Partnership?s net asset value per
Unit decreased from $1,326.57 at December 31, 2004 to $1,181.39
at June 30, 2005.


The most significant trading losses of approximately 4.7%, 1.1%,
and 1.1%, respectively, resulted from positions in the South
African rand, Australian dollar, and New Zealand dollar
(collectively the ?Commodity Currencies?), versus the U.S.
dollar.  During the first quarter, losses resulted as the
Commodity Currency values traded counter to the U.S. dollar due
to a variety of macro-economic stimuli that caused the U.S.
dollar?s value to advance.  During the second quarter, the
Commodity Currencies were impacted by speculation for higher
interest rates and falling gold prices.  Additional Partnership
losses of approximately 2.4% were incurred from long positions in
the British pound versus the U.S. dollar as the pound?s value
declined during May after British Prime Minister Tony Blair's
Labour Party re-election with a reduced government majority, and
then moved lower during June on growing speculation the interest
rate differential between the U.S. and the U.K. would tighten.
Smaller Partnership losses of approximately .09% and .02%,
respectively, were experienced from positions in the euro and
Swiss franc versus the U.S. dollar primarily during the first
<page> quarter after the U.S. dollar?s value moved higher during
January amid improvements in the U.S. Current-Account,
speculation for higher U.S. interest rates, and news that the
Chinese government postponed its revaluation of the Chinese yuan.
 During February, losses were incurred from short European
currency positions as the U.S. dollar?s value weakened against
these currencies due to concerns for the U.S. Current-Account
deficit as expressed by Federal Reserve Chairman Alan Greenspan.
 During early March, short positions continued to experience
losses as their values rose amid a sharp rise in German
industrial production data.  A portion of the Partnership?s
overall losses for the first six months of the year was offset by
gains of approximately 0.8% experienced from short positions in
the Japanese yen versus the U.S. dollar as the yen?s value
declined during May and June in response to weak Japanese
economic data.


For the Three and Six Months Ended June 30, 2004

The Partnership recorded total trading results including
interest income totaling $(1,844,616) and expenses totaling
$249,289, resulting in a net loss of $2,093,905 for the three
months ended June 30, 2004.  The Partnership?s net asset value
per Unit decreased from $1,296.68 at March 31, 2004 to $1,107.01
at June 30, 2004.

<page> The most significant trading losses of approximately 5.6%,
1.3%, and 1.2%, respectively, were recorded from positions in the
Japanese yen, Singapore dollar, and Korean won, versus the U.S.
dollar.  Long Asian currency positions versus the U.S. dollar
incurred losses during April as the U.S. dollar surged during the
month following the release of stronger-than-expected U.S. jobs
data. The yen also came under pressure following efforts by the
Japanese government to weaken the yen by intervening in the
currency markets.  As a result, most other Asian currencies
followed the yen lower.  Short Asian currency 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 the latter half of May.  During
June, short positions resulted in further losses as better-than-
anticipated improvements in Japanese economic data and
speculation that the Bank of Japan would move to raise interest
rates pushed the yen and other regional Asian currencies higher.
Additional losses of approximately 1.9% were experienced from
long positions in the British pound versus the U.S. dollar,
largely during April and June.  During April, losses were
incurred as the U.S. dollar benefited from rising U.S. interest
rates and the perception that the U.S. economy was experiencing a
sustainable recovery.  During June, losses were experienced as
the U.S. dollar reversed higher during the first half of the
month on early expectations that the U.S. Federal Reserve would
<page> be aggressive in raising U.S. interest rates.  Weakness in
the pound later in the month also contributed to losses for long
positions in the British currency.  Smaller Partnership losses of
approximately 1.2% and 1.1%, respectively, were recorded
primarily during May and June from positions in the Norwegian
krone and euro, both versus the U.S. dollar.  Short European
currency positions caused losses as the U.S. dollar?s value
declined in response to the factors mentioned above.  During
June, long positions in European currencies sustained additional
losses as the U.S. dollar reversed higher during the first half
of the month amid early expectations that the U.S. Federal
Reserve would aggressively move to raise U.S. interest rates.
Additional Partnership losses of approximately 1.3%, incurred
primarily during April, stemmed from long South African rand
positions versus the U.S. dollar as the dollar benefited from
rising U.S. interest rates and the perception that the U.S.
economy was experiencing a sustainable recovery.

The Partnership recorded total trading results including interest
income totaling $(3,423,638) and expenses totaling $541,595,
resulting in a net loss of $3,965,233 for the six months ended
June 30, 2004.  The Partnership?s net asset value per Unit
decreased from $1,462.58 at December 31, 2003 to $1,107.01 at
June 30, 2004.

<page> The most significant trading losses of approximately 7.8%
were recorded from positions in the Japanese yen versus the U.S.
dollar.  Long positions in the Japanese yen versus the U.S.
dollar resulted in losses during February when the Bank of Japan
intervened in the currency markets by buying U.S. dollars in an
attempt to stem the yen?s rise.  The yen?s value further declined
under pressure from an elevation in Japan?s security level.
During March, losses were experienced from short Japanese yen
positions against the U.S. dollar as the yen reversed higher due
to speculation the Bank of Japan was relaxing its efforts to
weaken the yen.  During April, long yen positions incurred losses
during April as the U.S. dollar surged versus most currencies
during the month following the release of stronger-than-expected
U.S. jobs data.  The yen also came under pressure following
efforts by the Japanese government to weaken the yen by
intervening in the currency markets.  Short yen positions versus
the U.S. dollar experienced losses during May as the dollar?s
value declined amid fears of potential terrorist attacks,
expanding energy prices, and the release of weaker-than-expected
economic data during the latter half of May.  During June, short
yen positions resulted in further losses as better-than-
anticipated improvements in Japanese economic data and
speculation that the Bank of Japan would move to raise interest
rates pushed the yen higher.  Additional Partnership losses of
approximately 2.5% and 1.2%, respectively, were experienced from
positions in the Singapore dollar and Korean won as their values
<page> traded in tandem with the yen.  Partnership losses of
approximately 4.3% were incurred from positions in the euro
versus the U.S. dollar, primarily during March, May, and June.
Such losses were the result of erratic movements in the euro and
the U.S. dollar during these months.  The Partnership also
experienced smaller losses of approximately 2.1%, 1.4%, and 0.9%,
respectively, in the Norwegian krone, Czech koruna, and Swiss
franc, versus the U.S. dollar, as their values also traded in a
volatile manner in relation to the U.S. dollar. Further
Partnership losses of approximately 3.0% were sustained from
positions in the South African rand versus the U.S. dollar,
primarily during January and April.  During January, long rand
positions experienced losses amid expectations for a decline in
gold prices early in the year due to an improvement in the global
macro-economic environment.  During April, long rand positions
recorded losses as the U.S. dollar benefited from rising U.S.
interest rates and the perception that the U.S. economy was
experiencing a sustainable recovery.  Smaller Partnership losses
of approximately 1.3% stemmed from positions in the Mexican peso
versus the U.S. dollar throughout the majority of the first
quarter.
<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 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
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
<page> 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 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 experience to date
under the ?Partnership?s Value at Risk in Different Market
Sectors? <page> 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 Partnership?s
market risk exposures contain ?forward-looking statements? within
the meaning of the safe harbor from civil liability provided for
such statements by the Private Securities Litigation Reform Act of
1995 (set forth in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934).  All
quantitative disclosures in this section are deemed to be forward-
looking statements for purposes of the safe harbor, except for
statements of historical fact.

The Partnership accounts for open positions 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 <page>
constructing a distribution of hypothetical daily changes in the
value of a trading portfolio.  The VaR model takes into account
linear exposures to risk 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 revalues 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
?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.
<page>
VaR models, including the Partnership?s, are continually 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 June 30, 2005 and 2004.  At June
30, 2005 and 2004, the Partnership?s total capitalization was
approximately $11 million and $12 million, respectively.

Primary Market         June 30, 2005	    June 30, 2004
Risk Category	  	   Value at Risk	    Value at Risk

Currency                  (4.05)%		             (1.52)%

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
<page> even within a single trading day, which could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the quarter-end 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 July 1, 2004 through June 30, 2005.

Primary Market Risk Category        High        Low      Average
Currency  	(4.11)%	(2.35)%	(3.38)%

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
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;


<page>
*	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 exposure at June 30, 2005, and for the four
quarter-end reporting periods from July 1, 2004 through June 30,
2005.  VaR is not necessarily representative of the Partnership?s
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.

<page> 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 June 30, 2005.
The Partnership also maintains a substantial portion
(approximately 96% as of June 30, 2005) of its available assets
in cash at Morgan Stanley DW.  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.

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 <page> 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 June 30, 2005.  It may be anticipated, however,
that this market exposure will vary materially over time.

Currency.  The Partnership?s currency market exposure at June 30,
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 June 30, 2005, the
Partnership?s major exposures were to the euro, Swedish krona,
<page> Norwegian krone, British pound, Australian dollar,
Japanese yen, Canadian dollar, Polish zloty, and Swiss franc
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 June 30, 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
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 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.

<page> 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.


Item 4.  CONTROLS AND PROCEDURES

(a)	As of the end of the period covered by this quarterly
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 quarterly 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.




<page> PART II.  OTHER INFORMATION

Item 5.  OTHER INFORMATION
Management.  The following changes have been made to the Board of
Directors and Officers of Demeter:

Mr. Harry Handler and Ms. Shelley Hanan were approved as Directors
of Demeter by the National Futures Association as of May 12, 2005
and June 30, 2005, respectively.


Item 6.  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(d)	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.
10.02	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.
10.03	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.
<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.
10.07	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.
10.08	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.
31.01	Certification of President of Demeter Management
Corporation, 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.






<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 15, 2005        By:/s/Kevin Perry
                             Kevin Perry
                             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.