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 September 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.)


Demeter Management Corporation
c/o Morgan Stanley Trust Company
Attention:  Managed Futures, 7th Fl.,
Harborside Financial Center Plaza Two
Jersey City, NJ  	  			    		      07311-3977
(Address of principal executive offices)	     (Zip Code)


Registrant's telephone number, including area code (201) 876-4647


Two World Trade Center, 62nd Fl. New York, NY 10048

(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

	September 30, 2001

<caption>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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

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

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

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

		Statements of Cash Flows for the Nine Months Ended
		September 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...... 12-21

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.......................................  21-30


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

	<c>	<c>
Equity in futures interests trading accounts:
	Cash	16,588,014 	15,129,282

	Net unrealized gain (loss) on open contracts (MS & Co.)	    (619,797)	  2,020,756

	     Total Trading Equity	15,968,217	17,150,038

Interest receivable (Morgan Stanley DW)	      31,248	      59,750
Due from Morgan Stanley DW	            5,800	         3,628

	     Total Assets	   16,005,265 	    17,213,416

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Redemptions payable	180,645	263,942
	Accrued management fees	26,669	28,676
	Accrued administrative expenses	          3,949	        7,632

	     Total Liabilities	       211,263	      300,250

Partners' Capital

	Limited Partners (14,453.427 and
	     15,691.694 Units, respectively)	15,459,738	16,582,911
	General Partner (312.506 Units)	      334,264	       330,255

	     Total Partners' Capital	    15,794,002	   16,913,166

Total Liabilities and Partners' Capital	   16,005,265 	     17,213,416

NET ASSET VALUE PER UNIT		         1,069.62	        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 September 30,

	      2001   	   2000
	    $	   $
REVENUES

			<c>		<c>
	Trading loss:
		Realized	(320,751)		                      (66,878)
  		Net change in unrealized	    (815,009)		                    (176,877)

			Total Trading Results	(1,135,760)		                    (243,755)

	Interest income (Morgan Stanley DW)                                        111,684			    190,083

			Total	  (1,024,076)	                       (53,672)


EXPENSES

	Brokerage commissions (Morgan Stanley DW) 	202,993		177,963
  	Management fees	82,465		113,776
   	Administrative expenses	       11,182		    11,661


			Total 	      296,640		    303,400


NET LOSS                             (1,320,716)	                   (357,072)


NET LOSS ALLOCATION

	Limited Partners                               (1,293,424)	(350,645)
General Partner	                                (27,292)                 	    (6,427)

NET LOSS PER UNIT

	Limited Partners                                    (87.34)	                       (20.57)
	General Partner                                  (87.34)                        (20.57)

<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 Nine Months Ended September 30,

                                                         2001                           2000
                                                           $                                   $
REVENUES

			<c>		<c>
	Trading profit (loss):
		Realized	                                                                              3,356,085	                 (1,135,961)
 		Net change in unrealized	                                                  (2,640,553)	                   (765,796)

			Total Trading Results	715,532		                 (1,901,757)

	Interest income (Morgan Stanley DW)	      386,260 		      601,146

			Total  	   1,101,792		                (1,300,611)


EXPENSES

	Brokerage commissions (Morgan Stanley DW) 	464,372		571,320
  	Management fees	258,495		387,297
   	Incentive fees	    95,759		      -
	Administrative expenses	     32,677		       35,484
	Transaction fees and costs                                                               -			       22,249

  		  Total 	    851,303		   1,016,350


NET INCOME (LOSS)	     250,489		                 (2,316,961)


NET INCOME (LOSS) ALLOCATION

	Limited Partners  	246,480		                 (2,277,874)
	General Partner  	4,009		                      (39,087)

NET INCOME (LOSS) PER UNIT

	Limited Partners                 12.82		                      (125.08)
	General Partner               12.82 		                    (125.08)

 	<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 Nine Months Ended September 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                                                                   -			(2,277,874)		(39,087)		           (2,316,961)

Redemptions	  (3,651.102)		  (3,404,604)	                   -     		            (3,404,604)

Partners' Capital,
	September 30, 2000                                 16,740.673	          14,268,101	            271,416	              14,539,517




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

Net Income                                                                -			246,480		4,009	                250,489

Redemptions	   (1,238.267)		  (1,369,653)	                   -       	          (1,369,653)

Partners' Capital,
	September 30, 2001                                 14,765.933	          15,459,738  		    334,264	          15,794,002


<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 Nine Months Ended September 30,

	      2001     	      2000
	    $	      $
CASH FLOWS FROM OPERATING ACTIVITIES

			<c>		<c>
Net income (loss) 	250,489		                (2,316,961)
Noncash item included in net income (loss):
	   Net change in unrealized                                                          	2,640,553                     765,796

 (Increase) decrease in operating assets:
	  Interest receivable (Morgan Stanley DW)	28,502	                       13,164
  Due from Morgan Stanley DW 	                                                       (2,172)                          -

Increase (decrease) in operating liabilities:
	 Accrued management fees              (2,007)		                    (14,599)
      Accrued administrative expenses                                               	    (3,683)                       31,164

Net cash provided by (used for) operating activities                       2,911,682		                (1,521,436)


CASH FLOWS FROM FINANCING ACTIVITIES

Decrease in redemptions payable	                                                       (83,297) 	(103,312)
Redemptions of Units	                                                                     (1,369,653)  	(3,404,604)

Net cash used for financing activities	                                            (1,452,950)		(3,507,916)

Net increase (decrease) in cash                                                     1,458,732 	                 (5,029,352)

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

Balance at end of period                                       16,588,014	                 15,455,984




<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
September 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 of the Partnership is Demeter Management
Corporation ("Demeter").  The non-clearing commodity broker is
Morgan Stanley DW Inc. ("Morgan Stanley DW").  The clearing
commodity brokers are Morgan Stanley & Co., Inc. ("MS & Co.") and
Morgan Stanley & Co. International Limited ("MSIL").  Demeter,
Morgan Stanley DW, MS & Co. and MSIL are wholly-owned
subsidiaries of Morgan Stanley Dean Witter & Co.


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


The trading advisors to 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 (losses) on open contracts, reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition, and their longest contract
maturities were as follows:



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

                     Net Unrealized Gains (Losses)
                           on Open Contracts             Longest Maturities


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

Sept. 30, 2001	    -		(619,797)	(619,797)	     -	Dec. 2001

Dec. 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 options contracts are
marked to market on a daily basis, with variations in value
settled on a daily basis. Morgan Stanley DW, MS & Co. and MSIL
each as a futures commission merchant for the Partnership's
exchange-traded futures and futures-styled options contracts, are
required, pursuant to regulations of the Commodity Futures Trading
Commission ("CFTC"), to segregate from their own assets, and for
the sole benefit of their commodity customers, all funds 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
gains (losses) 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 gains (losses) 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

<page>
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
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 nine
month periods ended September 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 Nine Months Ended September 30, 2001
For the quarter ended September 30, 2001, the Partnership
recorded total trading losses, net of interest income, of
$1,024,076 and posted a decrease in net asset value per Unit. The
most significant losses of approximately 4.3% were recorded
primarily during August from short positions in the Japanese yen
as the value of the yen strengthened versus the U.S. dollar due
to a Japanese repatriation of assets and the weakness in the U.S.
<page>
resulting from economic pessimism.  During late September,
additional losses were incurred from long yen positions as its
value reversed lower and the U.S. dollar strengthened amid
optimistic economic data and the Bank of Japan's surprising
interventions.  Losses of approximately 2.6% were experienced
primarily during September from transactions involving the euro
relative to the British pound.  Additional losses of
approximately 1.4% were recorded during July from short positions
in the euro as its value reversed higher versus the U.S. dollar
following Chairman Greenspan's testimony highlighting that the
U.S. economy still faces weakness and the release of benign
European inflation data.  Additional losses were recorded during
September from long positions in the euro as its value reversed
lower relative to the U.S. dollar.  These losses were partially
offset by gains of approximately 2.8% recorded primarily during
September from short positions in the South African rand as its
value trended lower relative to the U.S. dollar as investors
targeted the emerging market currency while global economic
concerns persisted.  Additional gains of approximately 0.7% were
recorded primarily during August from long positions in the Swiss
franc as its value strengthened versus the U.S. dollar amid
economic optimism for Europe and weakness in the U.S. dollar
caused by the sluggish U.S. economy.  These profits continued
into September as the value of the Swiss franc continued to
strengthen versus the U.S. dollar as investors sought refuge in

<page>
this safe haven currency amid the current global economic and
political uncertainty. Total expenses for the three months ended
September 30, 2001 were $296,640, resulting in a net loss of
$1,320,716.  The net asset value of a Unit decreased from
$1,156.96 at June 30, 2001 to $1,069.62 at September 30, 2001.

For the nine months ended September 30, 2001, the Partnership
recorded total trading revenues, including interest income, of
$1,101,792 and posted an increase in net asset value per Unit.
The most significant gains of approximately 3.2% were recorded
primarily during March from short positions in the Singapore
dollar as its value weakened versus the U.S. dollar following the
decline in the Japanese yen based on concerns for the Japanese
economy.  Additional gains of approximately 2.8% 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 in both anticipation and reaction to the Bank of Japan's
decision to reinstate its zero interest rate policy.  Profits of
approximately 1.2% were recorded primarily during May from short
positions in the Swiss franc as its value weakened relative to
the U.S. dollar following reports of weak European economic data.
During August, gains were recorded from long positions in the
Swiss franc as its value strengthened versus the U.S. dollar amid
economic optimism for Europe and weakness in the U.S. dollar
caused by the sluggish U.S. economy.  These profits continued
into September as the value of the Swiss franc continued to
<page>
strengthen versus the U.S. dollar as investors sought refuge in
this safe haven currency amid the current global economic and
political uncertainty.  These gains were partially offset by
losses of approximately 5.1% recorded from cross-rate
transactions.   The majority of these losses were recorded during
September from trading the euro relative to the British pound and
the British pound relative to the Japanese yen.  Total expenses
for the nine months ended September 30, 2001 were $851,303,
resulting in net income of $250,489.  The net asset value of a
Unit increased from $1,056.80 at December 31, 2000 to $1,069.62 at
September 30, 2001.

For the Quarter and Nine Months Ended September 30, 2000
For the quarter ended September 30, 2000, the Partnership
recorded total trading losses, net of interest income, of $53,672
and posted a decrease in net asset value per Unit.  The most
significant losses of approximately 3.2% were recorded primarily
during August from short Japanese yen positions as the value of
the yen strengthened versus the U.S. dollar following comments by
a senior Japanese official stating that the Bank of Japan could
raise interest rates further by December.  Newly established long
Japanese yen positions incurred additional losses during
September as the value of the yen weakened against the U.S.
dollar on warnings that the Japanese economy may shrink in the
fourth quarter because of lethargic consumer spending. Additional

<page>
losses of approximately 1.0% were recorded from long Australian
dollar positions as its value declined versus the U.S. dollar on
weakness in the euro and fading of Australian interest rate
expectations during August.  Smaller losses of approximately 0.7%
resulted from long Canadian dollar positions as its value
weakened relative to the U.S. dollar on technical factors and
general weakness in commodity-related currencies.  A portion of
overall Partnership losses was offset by gains of approximately
1.9% recorded primarily during September from short Thai baht
positions as its value weakened versus the U.S. dollar due to
poor market sentiment in the Asian Pacific region.  Additional
gains of approximately 0.9% resulted from short New Zealand
dollar positions during August as its value dropped alongside the
euro and after worse-than-expected trade figures were released.
Smaller gains of approximately 0.8% were experienced from short
British pound positions as its value weakened against the U.S.
dollar during July after June data showed Britain's manufacturing
sector grew at its slowest rate since June 1999.  Short British
pound positions were also profitable during September as the
pound's value weakened relative to the U.S. dollar amid a
combination of capital flow considerations, expectations of
peaking U.K. interest rate hikes and a sagging euro.  Total
expenses for the three months ended September 30, 2000 were
$303,400, resulting in a net loss of $357,072.  The net asset
value of a Unit decreased from $889.08 at June 30, 2000 to
$868.51 at September 30, 2000.
<page>
For the nine months ended September 30, 2000, the Partnership
recorded total trading losses, net of interest income, of
$1,300,611 and posted a decrease in net asset value per Unit.
The most significant losses of approximately 7.1% were recorded
from trading the Japanese yen.  Long Japanese yen positions
incurred losses during the first half of the year as the value of
the yen weakened versus the U.S. dollar following Bank of Japan
interventions in both April and June.  During August, short
Japanese yen positions were unprofitable as the value of the yen
strengthened versus the U.S. dollar on concerns about potential
interest rates increases expected by December.  Newly established
long Japanese yen positions resulted in additional losses during
September as the yen's value weakened against the U.S. dollar on
warnings that the Japanese economy may shrink in the fourth
quarter.  Losses of approximately 4.7% were recorded from
transactions involving the British pound during the first half of
the year.  Long British pound positions incurred losses during
the first quarter amid the U.S. dollar's strength versus other
major currencies and interest rate increases by the European
Central Bank ("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 on the back of a strengthening euro and on speculation
that U.S. interest rates may have topped in the medium-term.
Smaller losses of approximately 2.4% resulted from long Canadian

<page>
dollar positions throughout the first nine months of the year as
its value weakened relative to the U.S. dollar on technical
factors and general weakness in commodity-related currencies.
Losses of approximately 2.2% resulted from short Australian
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.  During August, long Australian
dollar positions contributed to these losses as its value
declined versus the U.S. dollar on weakness in the euro and the
fading of Australian interest rate expectations.  A portion of
overall Partnership losses was offset by gains of approximately
3.8% recorded from transactions involving the euro.  Short
positions in the euro recorded gains as its value weakened versus
the U.S. dollar during the first half of the year due to
skepticism about Europe's economic outlook, expectations that the
ECB would hold interest rates steady and the ECB's passive stance
towards its currency.  Additional gains of approximately 1.9%
were recorded during September from short Thai baht positions as
its value weakened versus the U.S. dollar due to poor market
sentiment in the Asian Pacific region. Smaller gains of
approximately 1.6% were experienced from short South African rand
positions during April and May as its value receded relative to
the U.S. dollar amid speculation that Zimbabwe was on the verge
of devaluing its currency.  Total expenses for the nine months
ended September 30, 2000 were $1,016,350, resulting in a net

<page>
loss of $2,316,961.  The net asset value of a Unit decreased from
$993.59 at December 31, 1999 to $868.51 at September 30, 2000.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards and options.  The
market-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

<page>
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets.  At different times,
each of these factors may act to increase or decrease the market
risk associated with the Partnership.

The Partnership's past performance is not necessarily indicative
of its future results. Any attempt to numerically quantify the
Partnership's market risk is limited by the uncertainty of its
speculative trading.  The Partnership's speculative trading may
cause future losses and volatility (i.e. "risk of ruin") that far
exceed the Partnership's experience to date or any reasonable
expectations based upon historical changes in market value.

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
<page>
Partnership's open positions is directly reflected in the
Partnership's earnings, whether realized or unrealized, and its
cash flow.  Profits and losses on open positions of exchange-
traded futures, forwards and options are settled daily through
variation margin.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of Value at Risk
("VaR"). The VaR model used by the Partnership includes many
variables that could change the market value of the Partnership's
trading portfolio.  The Partnership estimates VaR using a model
based on historical simulation with a confidence level of 99%.
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

<page>
risk factors, would have been exceeded once in 100 trading days.
VaR models, including the Partnership's, are continuously
evolving as trading portfolios become more diverse and modeling
techniques and systems capabilities improve.  Please note that
the VaR model is used to numerically quantify market risk for
historic reporting purposes only and is not utilized by either
Demeter or the Trading Advisors in their daily risk management
activities.

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
by primary market category at September 30, 2001 and 2000.  At
September 30, 2001 and 2000, the Partnership's total
capitalization was approximately $16 million and $15 million,
respectively.

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

        Currency			(4.05)%			   (4.01)%


The table above represents the VaR of the Partnership's open
positions at September 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
<page>
options, the composition of its trading portfolio can change
significantly over any given time period, or even within a single
trading day.  Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the quarter-end VaR by presenting the
Partnership's high, low and average VaR, as a percentage of total
net assets for the four quarterly reporting periods from October
1, 2000 through September 30, 2001.

Primary Market Risk Category        High       Low     Average
Currency			(4.99)%	 (3.36)%   (4.13)%




Limitations on Value at Risk as an Assessment of Market Risk
The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership.  The value of the
Partnership's open positions thus creates a "risk of ruin" not
typically found in other investments.  The relative size of the
positions held may cause the Partnership to incur losses greatly
in excess of VaR within a short period of time, given the effects
<page>
of the leverage employed and market volatility.  The VaR tables
above, as well as the past performance of the Partnership, give
no indication of such "risk of ruin". In addition, VaR risk
measures should be viewed in light of the methodology's
limitations, which include the following:
? past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
? changes in portfolio value 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 September 30, 2001 and for the
end of the four quarterly reporting periods from October 1, 2000
through September 30, 2001.  Since VaR is based on historical
data, VaR should not be viewed as predictive of the Partnership's

<page>
future financial performance or its ability to manage or monitor
risk.  There can be no assurance that the Partnership's actual
losses on a particular day will not exceed the VaR amounts
indicated above or that such losses will not occur more than once
in 100 trading days.

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

At September 30, 2001, the Partnership's cash balance at Morgan
Stanley DW was approximately 104% 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

<page>
The following qualitative disclosures regarding the Partnership's
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures - constitute
forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
The Partnership's primary market risk exposures as well as the
strategies used and to be used by Demeter and the Trading Advisors
for managing such exposures are subject to numerous uncertainties,
contingencies and risks, any one of which could cause the actual
results of the Partnership's risk controls to differ materially
from the objectives of such strategies.  Government interventions,
defaults and expropriations, illiquid markets, the emergence of
dominant fundamental factors, political upheavals, changes in
historical price relationships, an influx of new market
participants, increased regulation and many other factors could
result in material losses as well as in material changes to the
risk exposures and the risk management strategies of the
Partnership.  Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following was the primary trading risk exposure of the
Partnership at September 30, 2001.  It may be anticipated,
however, that market exposure will vary materially over time.


<page>
Currency.	 The Partnership's currency exposure at September 30,
2001 was to exchange rate fluctuations, primarily fluctuations
                               - 28 -
which disrupt the historical pricing relationships between
different currencies and currency pairs.  Interest rate changes
as well as political and general economic conditions influence
these fluctuations.  The Partnership trades in a large number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar.  At September 30, 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 September 30, 2001, there was no non-trading risk exposure
because the Partnership did not have any foreign currency
balances.


<page>

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisors, separately, attempt to
manage the risk of the Partnership's open positions in
essentially the same manner in all market categories traded.
Demeter attempts to manage market exposure by diversifying the
Partnership's assets among different Trading Advisors, each of
whose strategies focus on different market sectors and trading
approaches, and monitoring the performance of the Trading
Advisors daily.  In addition, the Trading Advisors establishes
diversification guidelines, often set in terms of the maximum
margin to be committed to positions in any one market sector or
market-sensitive instrument.

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




















<page>

PART II.  OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS
Please refer to Legal Proceedings previously disclosed in the
Partnership's Form 10-Q for the quarter ended June 30, 2001.

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, are 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 between the
Partnership and Morgan Stanley DW Inc., 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 Morgan Stanley
& Co. Incorporated and the Partnership, and acknowledged and
agreed to by Morgan Stanley DW Inc., 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 Morgan
Stanley & Co. Incorporated and the Partnership, dated as of
April 30, 1999, is incorporated by reference to Exhibit
10.05 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,
Morgan Stanley & Co. Incorporated, and Morgan Stanley DW
Inc., 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,
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)

November 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.