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 March 31, 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

	March 31, 2001
<CAPTION>

PART I. FINANCIAL INFORMATION
<S>                                                       <C>
Item 1. Financial Statements

		Statements of Financial Condition at March 31, 2001
 		(Unaudited) and December 31, 2000..........................2

		Statement of Operations for the Quarter Ended
		March 31, 2001 (Unaudited).................................3

		Statement of Changes in Partners' Capital for the
		Quarter Ended March 31, 2001
		(Unaudited)................................................4

		Statement of Cash Flows for the Quarter Ended
		March 31, 2001 (Unaudited) ................................5

		Notes to Financial Statements (Unaudited)...............6-10

Item 2.	Management's Discussion and Analysis of
			Financial Condition and Results of Operations...... 11-14

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk.........................................14-23

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings .....................................24

Item 2.	Changes in Securities and Use of Proceeds .............24

Item 6.	Exhibits and Reports on Form 8-K....................25-27








</TABLE>


<PAGE>
<TABLE>

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
	March 31,	     December 31,
                         2001        	                                 2000
	$	   $
	(Unaudited)
ASSETS
<S>	<C>	<C>
Equity in futures interests trading accounts:

	Cash	20,324,238 	14,391,541
     Net unrealized gain on open contracts (MS & Co.)	    1,188,463	        555,569

	     Total Trading Equity	21,512,701	14,947,110

Subscriptions receivable	2,144,761	    3,054,150
Interest receivable (Morgan Stanley DW)	       63,904 	         55,464

	     Total Assets	   23,721,366	   18,056,724

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

	Accrued incentive fees	237,107	32,876
	Redemptions payable	130,639  	   2,237,351
	Accrued brokerage fees (Morgan Stanley DW)	75,048 	        55,245
	Accrued management fees	     32,630 	       24,020

	     Total Liabilities	   475,424 	   2,349,492


Partners' Capital

	Limited Partners (1,807,466.353 and
       1,252,545.441 Units, respectively)	21,367,778	13,988,414
	General Partner (158,870.942 and
        153,905.792 Units, respectively)	   1,878,164 	    1,718,818

	Total Partners' Capital	   23,245,942	  15,707,232

	Total Liabilities and Partners' Capital	  23,721,366 	  18,056,724


NET ASSET VALUE PER UNIT	          11.82  	           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
	March 31, 2001
	$

REVENUES
<S>                                                                                        <C>
	Trading profit:
		Realized	972,464
		Net change in unrealized	    632,894

			Total Trading Results 	1,605,358

		Interest Income (Morgan Stanley DW)	    178,034

			Total  	   1,783,392

EXPENSES

	Incentive fees  	241,946
	Brokerage fees (Morgan Stanley DW) 	203,034
	Management fees	      88,275

			Total 	     533,255

NET INCOME 	  1,250,137


NET INCOME ALLOCATION

	Limited Partners	1,147,791
	General Partner	102,346


NET INCOME PER UNIT

	Limited Partners	0.65
	General Partner	0.65




<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 Quarter Ended March 31, 2001
	(Unaudited)


<CAPTION>

 			                                                           Units of
                                                                        Partnership	Limited	General
                                                                          Interest   	Partners	Partner	Total


<S>                                                      <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  	576,481.196	6,422,736	57,000	6,479,736

Net Income                                                                 -		1,147,791	102,346	1,250,137

Redemptions	  (16,595.134)	               (191,163)                   -     	    (191,163)

Partners' Capital,
	March 31, 2001	1,966,337.295	$21,367,778	$1,878,164	$23,245,942














<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 Quarter Ended
	March 31, 2001
	$



CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                                                    <C>
Net income  	1,250,137
Noncash item included in net income:
	  	  Net change in unrealized	(632,894)

Increase in operating assets:
		Interest receivable (Morgan Stanley DW)	(8,440)

Increase in operating liabilities:
		Accrued incentive fees	204,231
	Accrued brokerage fees (Morgan Stanley DW) 	19,803
	Accrued management fees	         8,610

Net cash provided by operating activities	     841,447

CASH FLOWS FROM FINANCING ACTIVITIES

	Offering of Units	6,479,736
	Decrease in subscriptions receivable	909,389
	Decrease in redemptions payable	(2,106,712)
	Redemptions of Units                           	     (191,163)

Net cash provided by financing activities	    5,091,250

Net increase in cash	5,932,697

Balance at beginning of period	   14,391,541

Balance at end of period	   20,324,238




<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
(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, forward and options 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. 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
<PAGE>
MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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, forward and options 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 inability of counterparties to perform under the


<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 gain on open contracts is 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 totaled $1,188,463 and
$555,569 at March 31, 2001 and December 31, 2000, respectively.

Net unrealized gains on open contracts of $1,188,463 and $555,569
at March 31, 2001 and December 31, 2000, respectively, related to
off-exchange-traded forward currency contracts.

Off-exchange-traded forward currency contracts held by the
Partnership at March 31, 2001 and December 31, 2000 mature
through June 2001 and March 2001, respectively.

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.





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

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
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 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 currency.  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 quarter ended
March 31, 2001 and a general discussion of its trading activities.
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 Ended March 31, 2001

For the quarter ended March 31, 2001, the Partnership recorded
total trading revenues, including interest income of $1,783,392
and posted an increase in net asset value per Unit.  The most
significant gains of approximately 7.4% were recorded throughout
the majority of the 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
<PAGE>
reinstate its zero interest rate policy.  Profits of
approximately 2.9% 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 1.6% were recorded primarily during March from
short Australian dollar positions as its value weakened relative
to the U.S. dollar on evidence of a weak Australian economy,
declining commodity prices and increased support for the U.S.
dollar.  These gains were partially offset by losses of
approximately 1.8% 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.  Total expenses for
the three months ended March 31, 2001 were $533,255, resulting in
net income of $1,250,137.  The net asset value of a Unit
increased from $11.17 at December 31, 2000 to $11.82 at March 31,
2001.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
        RISK

Introduction
The Partnership is a commodity pool involved 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
<PAGE>
of the Partnership's assets are at risk of trading loss.  Unlike
an operating company, the risk of market-sensitive instruments is
central, not incidental, to the Partnership's main business
activities.

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

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

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
<PAGE>
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.

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
<PAGE>
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%
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.
<PAGE>
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 March 31, 2001.  At March 31,
2001, the Partnership's total capitalization was approximately
$23 million.

Primary Market               March 31, 2001
     Risk Category	               Value at Risk

     Currency                 	          (2.54)%

The table above represents the VaR of the Partnership's open
positions at March 31, 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
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 March 31, 2001 VaR by presenting
the Partnership's high, low and average VaR, as a percentage of
total net assets for the three quarterly reporting periods from
July 3, 2000 through March 31, 2001.


<PAGE>
Primary Market Risk Category		High	      Low     Average
Currency						(2.85)%	(2.12)%	(2.50)%

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
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 in response to market movements may
differ from those of the VaR model;

<PAGE>
?	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 March 31, 2001 and for the end of
the three quarterly reporting periods from July 3, 2000 through
March 31, 2001 . Since VaR is based on historical data, VaR
should not be viewed as predictive of the Partnership's future
financial performance or its ability to manage or monitor risk.
There can be no assurance that the Partnership's actual losses on
a 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 March 31, 2001.  At March 31, 2001,
the Partnership's cash balance at Morgan Stanley DW was



<PAGE>
approximately 87% 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
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
<PAGE>


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 March 31, 2001.  It may be anticipated however,
that market exposure will vary materially over time.

Currency.  The Partnership's currency exposure at March 31, 2001
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 in a large number of
currencies.  For the first quarter of 2001, the Partnership's
major exposure was 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

<PAGE>
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 March 31, 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.
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 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-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-K for the year ended December 31, 2000.

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 March 31, 2001, 2,031,548.003 total Units of the
Partnership have been sold, leaving 9,968,451.997 Units unsold.
The aggregate price of Units sold through March 31, 2001 was
$21,591,437.

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.



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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.
10.01(a)	Amendment to Management Agreement between the
Partnership and John W. Henry & Company, Inc., dated
November 30, 2000, is incorporated by reference to
Exhibit 10.1 of the Partnership's Form 8-K (File No. 0-
31563) filed with the Securities and Exchange Commission
on January 3, 2001.
10.02	  Management Agreement among the Partnership, Demeter
  Management Corporation, and Sunrise Capital Management,
  Inc., dated as of March 6, 2000.
10.02(a)	Amendment to Management Agreement between the Partnership
and Sunrise Capital Partners, LLC, dated November 30,
2000, is incorporated by reference to Exhibit 10.2 of the
Partnership's Form 8-K (File No. 0-31563) filed with the
Securities and Exchange Commission on January 3, 2001.

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.





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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.
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 SEC 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 SEC 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 SEC 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 SEC 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 SEC on January 3, 2001.
(B)	Reports on Form 8-K.
Filed with the Securities and Exchange Commission on
January 3, 2001.  Effective December 1, 2000, the
Partnership amended its management agreements with John W.
Henry & Company, Inc. and Sunrise Capital Partners, LLC.
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under which the monthly management fee paid to each
trading advisor was reduced from a 4% to a 2% annual rate
in the case of John W. Henry & Company, Inc., and from a
3% to a 2% annual rate in the case of Sunrise Capital
Partners, LLC.  Additionally, the monthly incentive fee
paid by the Partnership to each Trading Advisor was
changed from 15% to 20% of Partnership trading profits, as
determined from the end of the last period in which an
incentive fee was earned.

























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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)

May 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.