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

	FORM 10-Q



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

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

Commission File No. 0-31563

	MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.

	(Exact name of registrant as specified in its charter)


		Delaware		 				     13-4084211
(State or other jurisdiction of		   	 (I.R.S. Employer
incorporation or organization)			      Identification No.)


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


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




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



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

Yes    X       	No___________



<page>
<table>

	MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	June 30, 2001

<caption>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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

		Statement of Operations for the Quarter Ended
		June 30, 2001(Unaudited) ..................................3

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

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

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

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

Item 2.	Management's Discussion and Analysis of
			Financial Condition and Results of Operations...... 12-17

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................17-26

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings .....................................27

Item 2.	Changes in Securities and Use of Proceeds ..........27-28

Item 6.	Exhibits and Reports on Form 8-K....................29-30





</table>



<page>
<table>
PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
	June 30,	     December 31,
                       2001        	    2000
	$	   $
	(Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:

	Cash	27,805,647 	14,391,541
     Net unrealized gain on open contracts (MS & Co.)	     329,881	        555,569

	     Total Trading Equity	28,135,528	14,947,110

Subscriptions receivable	2,675,963	    3,054,150
Interest receivable (Morgan Stanley DW)	       65,507 	         55,464

	     Total Assets	   30,876,998	   18,056,724

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Redemptions payable	124,067  	   2,237,351
	Accrued brokerage fees (Morgan Stanley DW)	109,338 	        55,245
	Accrued management fees	47,538 	       24,020
	Accrued incentive fees	_______-___	      32,876

	     Total Liabilities	        280,943	   2,349,492

Partners' Capital

	Limited Partners (2,492,455.328 and
         1,252,545.441 Units, respectively)	28,669,442	13,988,414
	General Partner (167,495.302 and
          153,905.792 Units, respectively)	    1,926,613	    1,718,818

	     Total Partners' Capital	    30,596,055	  15,707,232

Total Liabilities and Partners' Capital	    30,876,998 	  18,056,724


NET ASSET VALUE PER UNIT	               11.50  	           11.17
<fn>

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




<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
	STATEMENT OF OPERATIONS
(Unaudited)

<caption>

	For the Quarter Ended
	June 30, 2001
	$

REVENUES

			<c>
	Trading profit (loss):
		Realized                                                                                 398,249
		Net change in unrealized	    (858,582)

			Total Trading Results 	(460,333)

	Interest income (Morgan Stanley DW)  	                               191,100

			Total  	   (269,233)

EXPENSES

	Brokerage fees (Morgan Stanley DW) 	291,611
	Management fees	    126,788

			Total 	    418,399

NET LOSS 	   (687,632)


NET LOSS ALLOCATION

	Limited Partners	(636,081)
	General Partner	(51,551)


NET LOSS PER UNIT

	Limited Partners	(0.32)
	General Partner	(0.32)




<fn>





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

</table>

<page>
<table>

MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
	STATEMENT OF OPERATIONS
(Unaudited)

<caption>

	For the Six Months Ended
	June 30, 2001
	$

REVENUES

			<c>
	Trading profit (loss):
		Realized	1,370,713
		Net change in unrealized                                                       (225,688)

			Total Trading Results 	1,145,025

	Interest income (Morgan Stanley DW)	    369,134

			Total  	   1,514,159

EXPENSES

	Brokerage fees (Morgan Stanley DW) 	494,645
	Incentive fees  	241,946
	Management fees	     215,063

			Total 	     951,654

NET INCOME 	     562,505


NET INCOME ALLOCATION

	Limited Partners	511,710
	General Partner	50,795


NET INCOME PER UNIT

	Limited Partners	0.33
	General Partner	0.33


<fn>





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


<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
For the Six Months Ended June 30, 2001
	(Unaudited)


<caption>

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


	<c>	<c>	<c>	<c>
Partners' Capital,
	December 31, 2000	1,406,451.233	13,988,414	1,718,818	15,707,232

Offering of Units  	1,293,599.802	14,631,904	157,000	14,788,904

Net Income                                                                 -		511,710	50,795	562,505

Redemptions	  (40,100.405)          	    (462,586)                   -      	   (462,586)

Partners' Capital,
	June 30, 2001	  2,659,950.630	  28,669,442	 1,926,613	  30,596,055









<fn>


















The accompanying notes are an integral part
	of these financial statements.
</table>
<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
STATEMENT OF CASH FLOWS
(Unaudited)


<caption>


	For the Six Months Ended
	June 30, 2001
	$


	<c>

CASH FLOWS FROM OPERATING ACTIVITIES

Net income  	562,505
Noncash item included in net income:
	  	  Net change in unrealized	225,688

Increase in operating assets:
		Interest receivable (Morgan Stanley DW)                              (10,043)

Increase (decrease) in operating liabilities:
	Accrued brokerage fees (Morgan Stanley DW) 	54,093
	Accrued management fees	23,518
		Accrued incentive fees                                                            (32,876)

Net cash provided by operating activities	    822,885

CASH FLOWS FROM FINANCING ACTIVITIES

	Offering of Units	14,788,904
	Decrease in subscriptions receivable	378,187
	Decrease in redemptions payable                                              (2,113,284)
	Redemptions of Units                      (462,586)

Net cash provided by financing activities	   12,591,221

Net increase in cash	13,414,106

Balance at beginning of period	   14,391,541

Balance at end of period	   27,805,647




<fn>

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

</table>


<page>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS

June 30, 2001

(UNAUDITED)

The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Dean Witter Spectrum Currency 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
Morgan Stanley Dean Witter Spectrum Currency L.P. is a Delaware
limited partnership organized to engage primarily in the
speculative trading of futures contracts, options on futures
contracts, and forward contracts in global currency markets.  The
Partnership commenced operations on July 3, 2000.  The Partnership
is one of the Morgan Stanley Dean Witter Spectrum Series of funds,
comprised of the Partnership, Morgan Stanley Dean Witter Spectrum
Commodity L.P., Morgan Stanley Dean Witter Spectrum Global
Balanced L.P., Morgan Stanley Dean Witter Spectrum Select L.P.,
Morgan Stanley Dean Witter Spectrum Strategic L.P. and Morgan
Stanley Dean Witter Spectrum Technical L.P.


<page>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The general partner is Demeter Management Corporation ("Demeter").
The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW").  Dean Witter Reynolds Inc. changed its name
to Morgan Stanley DW Inc., effective April 2, 2001.  The clearing
commodity brokers are Morgan Stanley & Co., Inc. ("MS & Co.") and
Morgan Stanley & Co. International Limited ("MSIL").  Demeter, MS
& Co., MSIL and Morgan Stanley DW are wholly-owned subsidiaries of
Morgan Stanley Dean Witter & Co.  The trading advisors to the
Partnership are John W. Henry & Company, Inc. and Sunrise Capital
Partners, LLC (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 a prevailing rate on U.S.
Treasury bills. Brokerage fees are paid to Morgan Stanley DW.

3.  Financial Instruments
The Partnership trades futures contracts, options on futures
contracts, and forward contracts in global currency markets.
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
<page>
      MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

terms of the contracts.  There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility.

The Partnership accounts for its derivative investments in
accordance with the provisions of Statement of Financial
Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133").  SFAS No.
133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics:

1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.

Generally derivatives include futures, forward, swaps or option
contracts and other financial instruments with similar
characteristics such as caps, floors and collars.
The net unrealized gains on open contracts reported as a component
of "Equity in futures interests trading accounts" on the
<page>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

statements of financial condition and their longest contract
maturity were as follows:

                    Net Unrealized Gains on Open
                             Contracts                   Longest Maturity

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

June 30, 2001          -       329,881      329,881        -        Sept. 2001

December 31, 2000      -       555,569      555,569        -        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.  Each of Morgan Stanley DW, MS & Co.
and MSIL, as a futures commission merchant for the Partnership's
exchange-traded futures and futures-styled options contracts, are


<page>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

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






<page>

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


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

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

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

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

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

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

For the Quarter and Six Months Ended June 30, 2001

For the quarter ended June 30, 2001, the Partnership recorded
total trading losses, net of interest income, of $269,233 and
posted a decrease in net asset value per Unit.  The most
significant losses of approximately 2.3% were recorded primarily
during April and May from short positions in the Japanese yen as
the value of the yen reversed higher versus the U.S. dollar
following a surprise interest rate cut by the U.S. Federal
Reserve and on optimism that the Japanese government would unveil
<page>
an emergency package to revive that country's ailing economy.
Losses of approximately 1.5% were also experienced primarily
during May and early June from long positions in the British
pound as its value weakened relative to the U.S. dollar in
reaction to reports that British Prime Minister Blair will push
for Great Britain's entry into the European Monetary Union.
Additional losses of approximately 1.4% were recorded primarily
during April and early May from short positions in the Australian
dollar as its value strengthened and the U.S. dollar weakened on
fears of an economic slowdown in the U.S. accentuated by
additional weakness in U.S. economic data.  These losses were
partially offset by gains of approximately 3.1% recorded
primarily during May from short positions in the euro and Swiss
franc as the value of these European currencies weakened relative
to the U.S. dollar following reports of weak European economic
data.  The euro weakened further after comments by European
Central Bank officials were seen as playing down the prospect of
intervention and signs that the European economy was slowing
while inflation was rising.  Total expenses for the three months
ended June 30, 2001 were $418,399, resulting in a net loss of
$687,632.  The net asset value of a Unit decreased from $11.82 at
March 31, 2001 to $11.50 at June 30, 2001.

For the six months ended June 30, 2001, the Partnership recorded
total trading revenues, including interest income, of $1,514,159
and posted an increase in net asset value per Unit.  The most
<page>
significant gains of approximately 4.9% were recorded throughout
the majority of the first quarter from short positions in the
Japanese yen as the value of the yen weakened relative to the
U.S. dollar on continuing concerns for the Japanese economy and
in both anticipation and reaction to the Bank of Japan's decision
to reinstate its zero interest rate policy.  Profits of
approximately 3.8% were also recorded from short positions in the
Singapore dollar as its value weakened versus the U.S. dollar on
the heels of the declining Japanese yen.  Additional gains of
approximately 1.3% were recorded primarily during May from short
positions in the euro and Swiss franc as the value of these
European currencies weakened relative to the U.S. dollar
following reports of weak European economic data.  These gains
were partially offset by losses of approximately 2.7% recorded
primarily during January from long positions in the South African
rand versus the U.S. dollar as the value of the rand weakened and
the U.S. dollar gained support as several officials of the
world's major central banks soothed fears of a hard economic
landing in the U.S.  Additional losses were recorded throughout
the second quarter from South African rand positions.  Losses of
approximately 1.8% were experienced primarily during May and
early June from long positions in the British pound as its value
weakened relative to the U.S. dollar in reaction to reports that
British Prime Minister Blair will push for Great Britain's entry
into the European Monetary Union.  Total expenses for the six

<page>
months ended June 30, 2001 were $951,654, resulting in net income
of $562,505.  The net asset value of a Unit increased from $11.17
at December 31, 2000 to $11.50 at June 30, 2001.

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.


<page>
The Partnership's total market risk is influenced by a wide
variety of factors, including the diversification among the
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets.  At different times,
each of these factors may act to increase or decrease the market
risk associated with the Partnership.

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

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.

<page>
The Partnership accounts for open positions using mark-to-market
accounting principles.  Any loss in the market value of the
Partnership's open positions is directly reflected in the
Partnership's earnings, whether realized or unrealized, and its
cash flow.  Profits and losses on open positions of exchange-
traded futures, forwards and options are settled daily through
variation margin.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of Value at Risk
("VaR"). The VaR model used by the Partnership includes many
variables that could change the market value of the Partnership's
trading portfolio.  The Partnership estimates VaR using a model
based upon 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
Partnership's VaR is approximately four years.  The one-day 99%

<page>
confidence level of the Partnership's VaR corresponds to the
negative change in portfolio value that, based on observed market
risk factors, would have been exceeded once in 100 trading days.

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

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
in its primary market risk category at June 30, 2001.  At June
30, 2001, the Partnership's total capitalization was
approximately $31 million.

Primary Market                June 30, 2001
     Risk Category	               Value at Risk

     Currency                 	         (2.63)%

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

The table below supplements the June 30, 2001 VaR by presenting
the Partnership's high, low and average VaR, as a percentage of
total net assets for the four quarterly reporting periods from
July 3, 2000 through June 30, 2001.

Primary Market Risk Category		 High	      Low     Average
Currency						(2.85)%	(2.12)%	(2.53)%

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 June 30, 2001 and for the end of
the four quarterly reporting periods from July 3, 2000 through
June 30, 2001 . Since VaR is based on historical data, VaR should
not be viewed as predictive of the Partnership's future financial
performance or its ability to manage or monitor risk.  There can
<page>
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
foreign currency balances at June 30, 2001.

At June 30, 2001, the Partnership's cash balance at Morgan
Stanley DW was approximately 91% of its total net asset value.  A
decline in short-term interest rates will result in a decline in
the Partnership's cash management income. This cash flow risk is
not considered 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
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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 expro-
priations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in historical
price relationships, an influx of new market participants,
increased regulation and many other factors could result in
material losses as well as in material changes to the risk
exposures and the risk management strategies of the Partnership.
Investors must be prepared to lose all or substantially all of
their investment in the Partnership.

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

Currency.  The Partnership's currency exposure at June 30, 2001
was to exchange rate fluctuations, primarily fluctuations which
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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.  For the second quarter of 2001, the Partnership's
major exposures were 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 profile of the Partnership's
currency sector will change significantly in the future.  The
currency trading VaR figure includes foreign margin amounts
converted into U.S. dollars with an incremental adjustment to
reflect the exchange rate risk inherent to the dollar-based
Partnership in expressing VaR in a functional currency other than
dollars.

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisors, separately, attempt to
manage the risk of the Partnership's open positions in
essentially the same manner in all market categories traded.


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Demeter attempts to manage market exposure by diversifying the
Partnership's assets among different Trading Advisors, each of
whose strategies focus on different trading approaches, and
monitoring the performance of the Trading Advisors daily.  In
addition, the Trading Advisors establish diversification
guidelines, often set in terms of the maximum margin to be
committed to positions in any one market-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.
















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PART II.  OTHER INFORMATION


Item 1.  LEGAL PROCEEDINGS

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

Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

The Partnership registered 12,000,000 Units pursuant to a
Registration Statement on Form S-1, which became effective on
March 6, 2000 (the "Registration Statement") (SEC File Number 333-
90483).  As part of the Spectrum Series, Units of the Partnership
are sold monthly on a continuous basis at a price equal to 100% of
the net asset value per Unit at the close of business on the last
day of each month.

The managing underwriter for the Partnership is Morgan Stanley DW.

Through June 30, 2001, 2,740,042.249 total Units of the
Partnership have been sold, leaving 9,259,957.751 Units unsold.
The aggregate price of Units sold through June 30, 2001 was
$29,800,605.



<page>
Since no expenses are chargeable against proceeds, 100% of the
proceeds of the offering have been applied to the working capital
of the Partnership for use in accordance with the "Use of
Proceeds" section of the Prospectus.

























<page>
Item 6.	Exhibits and Reports on Form 8-K

(A) 	   Exhibits
 3.01	  Form of Amended and Restated Limited Partnership
  Agreement of the Partnership, dated as of March 23,
  2001, is incorporated by reference to Exhibit A of the
  Partnership's Prospectus, dated March 23, 2001, filed
  with the Securities and Exchange Commission pursuant to
  Rule 424(b)(3) under the Securities Act of 1933.
 3.02	  Certificate of Limited Partnership, dated October 20,
  1999, is incorporated by reference to Exhibit 3.02 of
  the Partnership's Registration Statement on Form S-1
  (File No. 333-90485) filed with the Securities and
  Exchange Commission on November 5, 1999.
10.01	  Management Agreement among the Partnership, Demeter
  Management Corporation, and John W. Henry & Company,
  Inc. dated as of March 6, 2000, is incorporated by
  reference to Exhibit 10.01 of the Partnership's Form
  10-Q(File No. 0-31563) filed with the Securities and
  Exchange Commission on November 14, 2000.
10.02	  Management Agreement among the Partnership, Demeter
  Management Corporation, and Sunrise Capital Management,
  Inc., dated as of March 6, 2000, is incorporated by
  reference to Exhibit 10.02 of the Partnership's Form
  10-Q (File No. 0-31563) filed with the Securities and
  Exchange Commission on November 14, 2000.

10.05 	  Amended and Restated Escrow Agreement among the
Partnership, Morgan Stanley Dean Witter Spectrum Select
L.P., Morgan Stanley Dean Witter Spectrum Technical
L.P., Morgan Stanley Dean Witter Spectrum Strategic
L.P., Morgan Stanley Dean Witter Spectrum Global
Balanced L.P., Morgan Stanley Dean Witter Spectrum
Commodity L.P., Demeter Management Corporation, Dean
Witter Reynolds Inc., and The Chase Manhattan Bank, the
escrow agent, dated as of March 10, 2000, is
incorporated by reference to Exhibit 10.05 of the
Partnership's Form 10-Q (File No. 0-31563) filed with
the Securities and Exchange Commission on November 14,
2000.
10.06	  Form of Subscription and Exchange Agreement and Power of
  Attorney to be executed by each purchaser of Units is
  incorporated by reference to Exhibit B of the
  Partnership's Prospectus, dated March 23, 2001, filed
  with the Securities and Exchange Commission pursuant to
  Rule 424(b)(3) under the Securities Act of 1933, as
  amended, on April 6, 2001.



<page>
10.08	Form of Subscription Agreement Update Form to be executed
by each purchaser of Units is incorporated by reference to
Exhibit C of the Partnership's Prospectus, dated March 23,
2001, filed with the Securities and Exchange Commission
pursuant to Rule 424(b)(3) under the Securities Act of
1933, as amended, on April 6, 2001.

10.09 	Amended and Restated Customer Agreement between the
Registrant and Dean Witter Reynolds Inc. is incorporated
by reference to Exhibit 10.09 of the Partnership's
Registration Statement on Form S-1 (File No. 333-90485)
filed with the Securities and Exchange Commission on March
14, 2001.

10.10 	Customer Agreement among the Registrant, Morgan Stanley &
Co. Incorporated, and Dean Witter Reynolds Inc. is
incorporated by reference to Exhibit 10.10 of the
Partnership's Registration Statement on Form S-1 (File No.
333-90485) filed with the Securities and Exchange
Commission on March 14, 2001.

10.11 	Form of Foreign Exchange and Options Master Agreement
between the Registrant and Morgan Stanley & Co.
Incorporated is incorporated by reference to Exhibit 10.11
of the Partnership's Registration Statement on Form S-1
(File No. 333-90485) filed with the Securities and
Exchange Commission on March 14, 2001.

10.12	Amendment to Management Agreement, dated as of November
30, 2000, among the Registrant, John W. Henry & Company,
Inc., and Demeter Management Corporation is incorporated
by reference to the Partnership's Form 8-K (File No. 0-
31563), filed with the Securities and Exchange Commission
on January 3, 2001.

10.13 	Amendment to Management Agreement, dated as of November
30, 2000, among the Registrant, Sunrise Capital
Management, Inc., and Demeter Management Corporation is
incorporated by reference to the Partnership's Form 8-K
(File No. 0-31563), filed with the Securities and Exchange
Commission on January 3, 2001.
(B)	Reports on Form 8-K.- None.






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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.




Morgan Stanley Dean Witter Spectrum
 Currency Fund L.P. (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

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




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