WITTER DEAN WORLD CURRENCY FUND L P - 10-K Annual Report

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

FORM 10-K

[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]
For the year ended December 31, 2001 or

[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ________________to___________________
Commission File Number 0-23826

DEAN WITTER WORLD CURRENCY FUND L.P.

(Exact name of registrant as specified in its Limited Partnership Agreement)

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

Demeter Management Corporation
c/o Managed Futures Department
825 Third Avenue, 8th Floor,
New York, NY 10022
(Address of principal executive offices) (Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange
Title of each class on which registered

None None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest

(Title of Class)

Indicate by check-mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No _____

Indicate by check-mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment of this Form 10-K. [X]

State the aggregate market value of the Units of Limited Partnership Interest
held by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which units were sold as of a specified
date within 60 days prior to the date of filing: $16,338,098 at January 31,
2002.

DOCUMENTS INCORPORATED BY REFERENCE
(See Page 1)

DEAN WITTER WORLD CURRENCY FUND L.P.
INDEX TO ANNUAL REPORT ON FORM 10-K
DECEMBER 31, 2001

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the following documents are incorporated by reference
as follows:

Documents Incorporated Part of Form 10-K

Partnership's Prospectus dated
June 2, 1993 I

Annual Report to Dean Witter
World Currency Fund L.P.
Limited Partners for the year
ended December 31, 2001 II, III and IV

PART I
Item 1. BUSINESS
(a) General Development of Business. Dean Witter World Currency
Fund L.P. (the "Partnership") 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 Partnership
commenced operations on April 2, 1993.

The general partner for 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. ("MSDW"). John W. Henry &
Company, Inc. and Millburn Ridgefield Corporation are the trading
advisors (the "Trading Advisors") to the Partnership.

Effective April 2, 2001, Dean Witter Reynolds Inc. changed its
name to Morgan Stanley DW Inc.

The Partnership's net asset value per unit of limited partnership
interest ("Unit(s)") as of December 31, 2001 was $1,170.77,
representing an increase of 10.8 percent from the net asset value
per Unit of $1,056.80 at December 31, 2000.

(b) Financial Information about Segments. For financial
information reporting purposes the Partnership is deemed to engage
in one industry segment, the speculative trading of futures,
forwards, and options. The relevant financial information is
presented in Items 6 and 8.

(c) Narrative Description of Business. The Partnership is in the
business of speculative trading of futures, forwards, and options,
pursuant to trading instructions provided by the Trading Advisors.
For a detailed description of the different facets of the
Partnership's business, see those portions of the Partnership's
prospectus, dated June 2, 1993, (the "Prospectus") incorporated by
reference in this Form 10-K, set forth below.
Facets of Business
1. Summary 1. "Summary of the Prospectus"
(Pages 1-8 of the Prospec-
tus).

2. Currency Markets 2. "The Currency Markets"
(Pages 80-88 of the Pros-
pectus).

3. Partnership's Trading 3. "Trading Policies" (Page
Arrangements and 75). "The Trading
Policies Advisors" (Pages 34-74
of the Prospectus).

4. Management of the Part- 4. "The Management Agree-
nership ments" (Pages 77-80).
"The General Partner"
(Pages 30-33) and "The
Commodity Broker"
(Pages 76-77). "The
Limited Partnership
Agreement" (Pages 89-
93 of the Prospectus).

5. Taxation of the Partner- 5. "Federal Income Tax
ship's Limited Partners Aspects" and "State and
Local Income Tax
Aspects" (Pages 97-104
of the Prospectus).

(d) Financial Information about Geographic Areas

The Partnership has not engaged in any operations in foreign
countries; however, the Partnership (through the commodity
brokers) enters into forward contract transactions where foreign
banks are the contracting party and trades in futures, forwards
and options on foreign exchanges.

Item 2. PROPERTIES

The executive and administrative offices are located within the
offices of Morgan Stanley DW. The Morgan Stanley DW offices
utilized by the Partnership are located at 825 Third Avenue, 8th
Floor, New York, NY 10022.

Demeter changed its address from 2 World Trade Center, New York,
NY 10048.

Item 3. 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 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.

PART II

Item 5. MARKET FOR THE REGISTRANT'S LIMITED PARTNERSHIP
INTERESTS AND RELATED SECURITY HOLDER MATTERS

(a) Market Information
There is no established public trading market for Units of the
Partnership.

(b) Holders
The number of holders of Units at December 31, 2001 was
approximately 1,889.

(c) Distributions
No distributions have been made by the Partnership since it
commenced operations on April 2, 1993. Demeter has sole
discretion to decide what distributions, if any, shall be made to
investors in the Partnership. Demeter currently does not intend
to make any distribution of Partnership profits.

Item 6. SELECTED FINANCIAL DATA (in dollars)

Item 7. 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 Commodity Futures Trading Commission ("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 contracts can neither be
taken nor liquidated unless traders are willing to effect trades
at or within the limit. Futures prices have occasionally moved

the daily limit for several consecutive days with little or no
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, nor expect to
have, any capital assets. Redemptions of Units 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.

Results of Operations.
General. The Partnership's results depend on the Trading Advisors
and the ability of each Trading Advisor's 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 years ended
December 31, 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 the Trading Advisors' trading activities on
behalf of the Partnership and how the Partnership has performed in
the past.

At December 31, 2001, the Partnership's total capital was
$16,759,096, a decrease of $154,070 from the Partnership's total
capital of $16,913,166 at December 31, 2000. For the year ended
December 31, 2001, the Partnership generated net income of
$1,719,101 and total redemptions aggregated $1,873,171.

For the year ended December 31, 2001, the Partnership recorded
total trading revenues, including interest income, of $3,030,877
and posted an increase in net asset value per Unit. The most
significant gains of approximately 13.0% were recorded primarily
during the first quarter from short positions in the Japanese yen
as the value of the yen continued to trend lower versus most
major currencies amid growing concern regarding the troubled
Japanese economy. Additional pressure weighed upon the yen as
the market perceived a reluctance on the part of the Japanese
government to intervene in support of the flagging currency.
Gains of approximately 4.4% were also recorded from short
positions in the Singapore dollar as its value weakened versus
the U.S. dollar following the decline in the yen. Additional
gains of approximately 11.7% were experienced during the fourth
quarter from short positions in the South African rand as the
value of the rand weakened to record lows versus the U.S. dollar
amid uncertainty within the emerging market sector following the
Argentinian debt crisis and political turmoil in neighboring
Zimbabwe. Smaller gains of approximately 0.6% were recorded from
short Thai baht positions as its value weakened versus the U.S.
dollar due to poor market sentiment in the Asia-Pacific region.
A portion of the Partnership's gains for the year was offset by
losses of approximately 4.8% experienced throughout the third and
fourth quarters from long positions in the euro as the value of
the euro declined versus the U.S. dollar, the British pound, and

the Norwegian krone due to disappointment with the European
Central Bank's decision to keep interest rates unchanged. Losses
of approximately 3.3% were also recorded primarily during the
fourth quarter from transactions involving the British pound as
its value versus the U.S. dollar moved in a choppy and volatile
fashion on conflicting economic reports. Smaller losses of
approximately 1.2% were recorded throughout the year from
transactions involving both the Canadian dollar and the Norwegian
krone versus the U.S. dollar as continued uncertainty with regard
to the global economic environment caused trendless pricing
patterns among commodity-related currencies. Total expenses for
the year were $1,311,776, resulting in net income of $1,719,101.
The net asset value of a Unit increased from $1,056.80 at December
31, 2000 to $1,170.77 at December 31, 2001.

At December 31, 2000, the Partnership's total capital was
$16,913,166, a decrease of $3,347,916 from the Partnership's total
capital of $20,261,082 at December 31, 1999. For the year ended
December 31, 2000, the Partnership generated net income of
$779,626 and total redemptions aggregated $4,127,542.

For the year ended December 31, 2000, the Partnership recorded
total trading revenues, including interest income, of $2,069,804
and posted an increase in net asset value. The most significant
gains of approximately 9.4% were recorded during the fourth

quarter from long euro positions versus the U.S. dollar and
Japanese yen as the value of the European common currency
strengthened amid worries of a slowdown in U.S. economic growth
and anemic Japanese economic growth. Gains of approximately 2.9%
were also experienced from short South African rand positions as
its value receded relative to the U.S. dollar during April and
May amid speculation that Zimbabwe was on the verge of devaluing
its currency. Additional gains of approximately 2.4% were
recorded from short Thai baht positions as its value weakened
versus the U.S. dollar due to poor market sentiment in the Asian
Pacific region. A portion of the Partnership's gains for the
year was offset by losses of approximately 7.7% experienced in
the British pound as long positions generated losses early in the
year amid continued strength in the U.S. dollar and short
positions incurred losses late in the year on fresh evidence of a
weakening U.S. economy. Additional losses of approximately 2.1%
were recorded from long Australian dollar positions as its value
declined relative to the U.S. dollar as Australian interest rate
expectations faded, as well as losses of approximately 2.1% 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. Losses of approximately 9.6%
experienced in the Japanese yen during the first nine months of
the year were offset by significant gains of approximately 9.0%
during the fourth quarter as short positions in the Japanese yen
profited from the continued weakness of the Japanese economy.

Total expenses for the year were $1,290,178, resulting in net
income of $779,626. The net asset value of a Unit increased from
$993.59 at December 31, 1999 to $1,056.80 at December 31, 2000.

At December 31, 1999, the Partnership's total capital was
$20,261,082, a decrease of $4,527,081 from the Partnership's total
capital of $24,788,163 at December 31, 1998. For the year ended
December 31, 1999, the Partnership generated net income of
$684,200 and total redemptions aggregated $5,211,281.

For the year ended December 31, 1999, the Partnership recorded
total trading revenues, including interest income, of $2,391,766
and posted an increase in net asset value per Unit. Gains of
approximately 13.61% were recorded from euro positions.
Throughout a majority of the first half of the year, gains were
recorded from short positions in the euro as the value of the
European common currency declined relative to the U.S. dollar on
the strength of the U.S. economy, concerns pertaining to the
economic health of Europe and growing uncertainty about the
military action in Yugoslavia. During November, currencies such
as the euro and the Swiss franc resumed previous downward trends
and thus proved profitable for the Partnership. The Japanese yen
produced gains of approximately 1.34%, primarily from long
positions as the value of the yen strengthened versus the U.S.
dollar and other major currencies on optimism regarding economic
recovery in that country. A portion of the Partnership's overall

gains was offset by losses of approximately 5.03% experienced
from short-term volatility in the British pound throughout a
majority of the year. Additional losses of approximately 3.93%
were incurred primarily during January from short Norwegian krone
positions as its value strengthened versus the U.S. dollar due to
a rise in oil prices and the possibility that this Scandinavian
currency could be linked to the euro sometime in the future.
Smaller losses were recorded in trading several emerging market
currencies, such as the Singapore dollar, approximately 2.30%,
and the South African rand, approximately 1.30%, primarily during
October's difficult period for trend-following money managers.
Total expenses for the year were $1,707,566, resulting in net
income of $684,200. The net asset value of a Unit increased from
$967.90 at December 31, 1998 to $993.59 at December 31, 1999.

The Partnership's overall performance record represents varied
results of trading in different futures, forwards and options
markets. For a further description of 2001 trading results, refer
to the letter to the Limited Partners in the accompanying Annual
report to Limited Partners for the year ended December 31, 2001,
which is incorporated by reference to Exhibit 13.01 of this Form
10-K. The Partnership's gains and losses are allocated among its
partners for income tax purposes.

Credit Risk.
Financial Instruments. The Partnership is a party to financial
instruments with elements of off-balance sheet market and credit
risk. The Partnership may trade futures, forwards and options in
a portfolio of foreign currencies. In entering into these
contracts, the Partnership is subject to the market risk that
such contracts may be significantly influenced by market
conditions, such as interest rate volatility, resulting in such
contracts being less valuable. If the markets should move
against all of the positions held by the Partnership at the same
time, and if the Trading Advisors were unable to offset positions
of the Partnership, the Partnership could lose all of its assets
and investors would realize a 100% loss.

In addition to the Trading Advisors' internal controls, the
Trading Advisors must comply with the trading policies of the
Partnership. These trading policies include standards for
liquidity and leverage with which the Partnership must comply.
The Trading Advisors and Demeter monitor the Partnership's
trading activities to ensure compliance with the trading
policies. Demeter may require the Trading Advisors to modify
positions of the Partnership if Demeter believes they violate the
Partnership's trading policies.

In addition to market risk, in entering into futures, forward and
options contracts there is a credit risk to the Partnership that
the counterparty on a contract will not be able to meet its
obligations to the Partnership. The ultimate counterparty or
guarantor of the Partnership for futures contracts traded in the
United States and the foreign exchanges on which the Partnership
trades is the clearinghouse associated with such exchange. In
general, a clearinghouse is backed by the membership of the
exchange and will act in the event of non-performance by one of
its members or one of its member's customers, which should
significantly reduce this credit risk. For example, a
clearinghouse may cover a default by drawing upon a defaulting
member's mandatory contributions and/or non-defaulting members'
contributions to a clearinghouse guarantee fund, established
lines or letters of credit with banks, and/or the clearinghouse's
surplus capital and other available assets of the exchange and
clearinghouse, or assessing its members. In cases where the
Partnership trades off-exchange forward contracts with a
counterparty, the sole recourse of the Partnership will be the
forward contracts counterparty.

There is no assurance that a clearinghouse or exchange will meet
its obligations to the Partnership, and Demeter and the commodity
brokers will not indemnify the Partnership against a default by
such parties. Further, the law is unclear as to whether a

commodity broker has any obligation to protect its customers from
loss in the event of an exchange or clearinghouse defaulting on
trades affected for the broker's customers. Any such obligation
on the part of a broker appears even less clear where the default
occurs in a non-U.S. jurisdiction.

Demeter deals with these credit risks of the Partnership in
several ways. First, it monitors the Partnership's credit
exposure to each exchange on a daily basis, calculating not only
the amount of margin required for it but also the amount of its
unrealized gains at each exchange, if any. The commodity brokers
inform the Partnership, as with all their customers, of its net
margin requirements for all its existing open positions, but do
not break that net figure down, exchange by exchange. Demeter,
however, has installed a system which permits it to monitor the
Partnership's potential margin liability, exchange by exchange.
As a result, Demeter is able to monitor the Partnership's
potential net credit exposure to each exchange by adding the
unrealized trading gains on that exchange, if any, to the
Partnership's margin liability thereon.

Second, the Partnership's trading policies limit the amount of
its net assets that can be committed at any given time to futures
contracts and require, in addition, a minimum amount of
diversification in the Partnership's trading, usually over

several different products. One of the aims of such trading
policies has been to reduce the credit exposure of the
Partnership to a single exchange and, historically, the
Partnership's exposure to any one exchange has typically amounted
to only a small percentage of its total net assets. On those
relatively few occasions where the Partnership's credit exposure
may climb above such level, Demeter deals with the situation on a
case by case basis, carefully weighing whether the increased level
of credit exposure remains appropriate. Material changes to the
trading policies may be made only with the prior written approval
of the Limited Partners owning more than 50% of Units then
outstanding.

Third, with respect to forward contract trading, the Partnership
trades with only those counterparties which Demeter, together
with Morgan Stanley DW, have determined to be creditworthy. The
Partnership presently deals with MS & Co. as the sole
counterparty on forward contracts.

Inflation has not been a major factor in the Partnership's
operation.

See "Financial Instruments" under Notes to Financial Statements
in the Partnership's Annual Report to Limited Partners for the
year ended December 31, 2001, which is incorporated by reference
to Exhibit 13.01 of this Form 10-K.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK

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

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

The Partnership's total market risk is influenced by a wide
variety of factors, including the diversification among the
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets. At different times,

each of these factors may act to increase or decrease the market
risk associated with the Partnership.

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

The Partnership accounts for open positions on the basis of mark-
to-market accounting principles. Any loss in the market value of
the Partnership's open positions are 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%
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
by primary market risk category at December 31, 2001 and 2000. At
both December 31, 2001 and 2000, the Partnership's total
capitalization was approximately $17 million.

Primary Market December 31, 2001 December 31, 2000
Risk Category Value at Risk Value at Risk

Currency (3.96)% (3.36)%

The table above represents the VaR of the Partnership's open
positions at December 31, 2001 and 2000 only and is not
necessarily representative of either the historic or future risk
of an investment in the Partnership. Because the Partnership's
only business is the speculative trading of futures, forwards and
options, the composition of its trading portfolio can change

significantly over any given time period, or even within a single
trading day. Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the December 31, 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 January 1, 2001 through December 31, 2001.

Primary Market Risk Category High Low Average
Currency (4.99)% (3.96)% (4.28)%

Limitations on Value at Risk as an Assessment of Market Risk
The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements. Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership. The value of the
Partnership's open positions thus creates a "risk of ruin" not
usually found in other investments. The relative size of the
positions held may cause the Partnership to incur losses greatly
in excess of VaR within a short period of time, given the effects
of the leverage employed and market volatility. The VaR tables

above, as well as the past performance of the Partnership, give
no indication of such "risk of ruin". In addition, VaR risk
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 exposures at December 31, 2001 and 2000, and
for the end of the four quarterly reporting periods during
calendar year 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 any
foreign currency balances at December 31, 2001.

At December 31, 2001, the Partnership's cash balance at Morgan
Stanley DW was approximately 94% of its total net asset value. A
decline in short-term interest rates will result in a decline in
the Partnership's cash management income. This cash flow risk is
not considered to be material.

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

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

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

Currency. The Partnership's currency exposure at December 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, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar. At December 31, 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 December 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 market sectors and trading approaches, and monitoring
the performance of the Trading Advisors daily. In addition, the
Trading Advisors establish diversification guidelines, often set
in terms of the maximum margin to be committed to positions in any
one market sector or market-sensitive instrument.

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

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The Financial Statements are incorporated by reference to the
Partnership's Annual Report, which is filed as Exhibit 13.01
hereto.

Supplementary data specified by Item 302 of Regulation S-K:

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE

None.

PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

There are no directors or executive officers of the Partnership.
The Partnership is managed by Demeter.

Directors and Officers of the General Partner
The directors and officers of Demeter are as follows:

Robert E. Murray, age 41, is the Executive Director of Morgan
Stanley DW's Managed Futures Department, a leading commodity pool
operator with approximately $1.4 billion in assets across a
variety of U.S. and international public and private managed
futures funds. In this capacity, Mr. Murray is responsible for
overseeing all aspects of Morgan Stanley DW's Managed Futures
Department. Mr. Murray began at Dean Witter in 1984 and has been
closely involved in the growth of managed futures at the firm
over the last 17 years. He is also the Chairman and President of
Morgan Stanley Futures & Currency Management Inc. ("MSFCM")
(formerly known as Dean Witter Futures & Currency Management
Inc.), Morgan Stanley's internal commodity trading advisor, and
is Chairman and President of Demeter, the entity which acts as a
general partner for Morgan Stanley DW's managed futures funds.
Mr. Murray has served as the Vice Chairman and a Director of the
Board of the Managed Futures Association and is currently a

member of the Board of Directors of the National Futures
Association. Mr. Murray received a Bachelors Degree in Finance
from Geneseo State University in 1983.

Mitchell M. Merin, age 48, is a Director of Demeter. Mr. Merin
is also a Director of MSFCM. Mr. Merin was appointed the Chief
Operating Officer of Individual Asset Management for MSDW in
December 1998 and the President and Chief Executive Officer of
Morgan Stanley Dean Witter Advisors in February 1998. He has
been an Executive Vice President of Morgan Stanley DW since 1990,
during which time he has been Director of Morgan Stanley DW's
Taxable Fixed Income and Futures divisions, Managing Director in
Corporate Finance and Corporate Treasurer. Mr. Merin received
his Bachelors degree from Trinity College in Connecticut and his
M.B.A. degree in Finance and Accounting from the Kellogg Graduate
School of Management of Northwestern University in 1977.

Joseph G. Siniscalchi, age 56, is a Director of Demeter. Mr.
Siniscalchi joined Morgan Stanley DW in July 1984 as a First Vice
President, Director of General Accounting and served as a Senior
Vice President and Controller for Morgan Stanley DW's Securities
Division through 1997. He is currently Managing Director,
responsible for the Client Support Service Division of Morgan
Stanley DW. From February 1980 to July 1984, Mr. Siniscalchi was
Director of Internal Audit at Lehman Brothers Kuhn Loeb, Inc.

Edward C. Oelsner, III, age 60, is a Director of Demeter. Mr.
Oelsner is currently an Executive Vice President and head of the
Product Development Group at Morgan Stanley Dean Witter Advisors,
an affiliate of Morgan Stanley DW. Mr. Oelsner joined Morgan
Stanley DW in 1981 as a Managing Director in Morgan Stanley DW's
Investment Banking Department specializing in coverage of
regulated industries and, subsequently, served as head of the
Morgan Stanley DW Retail Products Group. Prior to joining Morgan
Stanley DW, Mr. Oelsner held positions at The First Boston
Corporation as a member of the Research and Investment Banking
Departments from 1967 to 1981. Mr. Oelsner received his M.B.A.
in Finance from the Columbia University Graduate School of
Business in 1966 and an A.B. in Politics from Princeton
University in 1964.

Richard A. Beech, age 50, is a Director of Demeter. Mr. Beech
has been associated with the futures industry for over 24 years.
He has been at Morgan Stanley DW since August 1984 where he is
presently an Executive Director and head of Branch Futures. Mr.
Beech began his career at the Chicago Mercantile Exchange, where
he became the Chief Agricultural Economist doing market analysis,
marketing and compliance. Prior to joining Morgan Stanley DW,
Mr. Beech also had worked at two investment banking firms in
operations, research, managed futures and sales management.

Raymond A. Harris, age 45, is currently Managing Director in
Asset Management Services. He previously served as CAO of Morgan
Stanley Dean Witter Asset Management. From July 1982 to July
1994, Mr. Harris served in financial, administrative and other
assignments at Dean Witter Reynolds, Inc. and Dean Witter,
Discover & Co. From August 1994 to January 1999, he worked in
Discover Financial Services and the firm's Credit Service
business units. Mr. Harris has been with Morgan Stanley Dean
Witter & Co. and its affiliates since July 1982. He has a B.A.
degree from Boston College and an M.B.A. in finance from the
University of Chicago.

Anthony J. DeLuca, age 39, became a Director of Demeter on
September 14, 2000. Mr. DeLuca is also a Director of MSFCM. Mr.
DeLuca was appointed the Controller of Asset Management for MSDW
in June 1999. Prior to that, Mr. DeLuca was a partner at the
accounting firm of Ernst & Young LLP, where he had MSDW as a
major client. Mr. DeLuca had worked continuously at Ernst &
Young LLP ever since 1984, after he graduated from Pace
University with a B.B.A. degree in Accounting.

Raymond E. Koch, age 46, is Chief Financial Officer of Demeter.
Mr. Koch began his career at MSDW in 1988, has overseen the
Managed Futures Accounting function since 1992, and is currently
an Executive Director in Investment Management Controllers. From

November 1979 to June 1988, Mr. Koch held various positions at
Thomson McKinnon Securities, Inc. culminating as Manager, Special
Projects in the Capital Markets Division. From August 1977 to
November 1979 he was an auditor, specializing in financial
services at Deloitte Haskins & Sells. Mr. Koch received his
B.B.A. in accounting from Iona College in 1977, an M.B.A. in
finance from Pace University in 1984 and is a Certified Public
Accountant.

All of the foregoing directors have indefinite terms.

Item 11. EXECUTIVE COMPENSATION
The Partnership has no directors and executive officers. As a
limited partnership, the business of the Partnership is managed by
Demeter, which is responsible for the administration of the
business affairs of the Partnership but receives no compensation
for such services.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

(a) Security Ownership of Certain Beneficial Owners - At December
31, 2001, there were no persons known to be beneficial owners of
more than 5 percent of the Units.

(b) Security Ownership of Management - At December 31, 2001,
Demeter owned 312.506 Units of General Partnership Interest
representing a 2.18 percent interest in the Partnership.

(c) Changes in Control - None

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Refer to Note 2 - "Related Party Transactions" of "Notes to
Financial Statements", in the accompanying Annual Report to
Limited Partners for the year ended December 31, 2001, which is
incorporated by reference to Exhibit 13.01 of this Form 10-K. In
its capacity as the Partnership's retail commodity broker, Morgan
Stanley DW received commodity brokerage commissions (paid and
accrued by the Partnership) of $645,740 for the year ended
December 31, 2001.

PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K

(a) 1. Listing of Financial Statements
The following financial statements and report of independent
auditors, all appearing in the accompanying Annual Report to
Limited Partners for the year ended December 31, 2001, are
incorporated by reference to Exhibit 13.01 of this Form 10-K:
- Report of Deloitte & Touche LLP, independent auditors, for
the years ended December 31, 2001, 2000 and 1999.

- Statements of Financial Condition as of December 31, 2001 and
2000.

- Schedule of Investments as of December 31, 2001.

- - Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2001, 2000 and
1999.

- Notes to Financial Statements.

With the exception of the aforementioned information and the
information incorporated in Items 7, 8 and 13, the Annual Report
to Limited Partners for the year ended December 31, 2001 is not
deemed to be filed with this report.

2. Listing of Financial Statement Schedules
No financial statement schedules are required to be filed with
this report.
(b) Reports on Form 8-K
During the quarter/year ended December 31, 2001, the following
Forms 8-K were filed by the Partnership:

On January 3, 2001, the Partnership filed the Current Report on
Form 8-K for the purpose of reporting, under Item 5, the amendment
to the Partnership's management agreements with each of the
Trading Advisors under which the management fee rate and quarterly
incentive fee rate paid by the Partnership to the Trading Advisors
were reduced and increased, respectively.

On November 13, 2001, the Partnership filed the Current Report on
Form 8-K for the purpose of reporting, under Item 5, the
relocation of offices of the Partnership and Demeter; the transfer
of futures and options clearing of the Partnership to MS & co.;
and the replacement by MS & Co. as counterparty on all foreign
currency forward contracts for the Partnership.

(c) Exhibits
Refer to Exhibit Index on Page E-1 - E-2.

SIGNATURES

Pursuant to the requirements of Sections 13 or 15(d) 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

March 29, 2002 BY: /s/ Robert E. Murray
Robert E. Murray, Director,
Chairman of the Board and
President

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

Demeter Management Corporation.

BY: /s/ Robert E. Murray March 29, 2002
Robert E. Murray, Director,
Chairman of the Board and
President

/s/ Mitchell M. Merin March 29, 2002
Mitchell M. Merin, Director

/s/ Joseph G. Siniscalchi March 29, 2002
Joseph G. Siniscalchi, Director

/s/ Edward C. Oelsner III March 29, 2002
Edward C. Oelsner III, Director

/s/ Richard A. Beech March 29, 2002
Richard A. Beech, Director

/s/ Raymond A. Harris March 29, 2002
Raymond A. Harris, Director

/s/ Anthony J. DeLuca March 29, 2002
Anthony J. DeLuca, Director

/s/ Raymond E. Koch March 29, 2002
Raymond E. Koch, Chief
Financial Officer and Principal
Accounting Officer

EXHIBIT INDEX
ITEM

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 John
W. Henry & Company, Inc., dated as of June 1, 1995, is
incorporated by reference to Exhibit 10.03 of the
Partnership's Annual Report on Form 10-K for the fiscal year
ended December 31, 1995.

10.03 Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW dated as of June 22, 2000,
is incorporated by reference to Exhibit 10.01 of the
Partnership's Form 8-K (File No. 0-23826) filed with the
Securities and Exchange Commission on November 13, 2001.

10.04 Commodity Futures Customer Agreement between MS & Co. and
the Partnership, and acknowledged and agreed to by Morgan
Stanley DW, dated as of May 1, 2000, is incorporated by
reference to Exhibit 10.02 of the Partnership's Form 8-K
(File No. 0-23826) filed with the Securities and Exchange
Commission on November 13, 2001.

10.05 Foreign Exchange and Options Master Agreement between MS &
Co. and the Partnership, dated as of April 30, 2000, is
incorporated by reference to Exhibit 10.04 of the
Partnership's Form 8-K (File No. 0-23826) filed with the
Securities and Exchange Commission on November 13, 2001.

10.06 Securities Account Control Agreement among the Partnership,
MS & Co. and Morgan Stanley DW dated as of May 1, 2000, is
incorporated by reference to Exhibit 10.03 of the
Partnership's Form 8-K (File No. 0-23826) filed with the
Securities and Exchange Commission on November 13, 2001.

10.07 Amendment to Management Agreement among the Partnership,
Morgan Stanley DW and John W. Henry & Company, Inc., dated
as of November 30, 2000, is incorporated by reference to
Exhibit 10.1 of the Partnership's Form 8-K filed with the
Securities and Exchange Commission on January 3, 2001.

10.08 Amendment to Management Agreement between the Partnership
and Millburn Ridgefield Corporation, dated as of November
30, 2000, is incorporated by reference to Exhibit 10.2 of
the Partnership's Form 8-K filed with the Securities and
Exchange Commission on January 3, 2001.

13.01 Annual Report to Limited Partners for the year ended
December 31, 2001 is filed herewith.

World
Currency
Fund

December 31, 2001
Annual Report

[LOGO] Morgan Stanley

Dean Witter World Currency Fund L.P.

Historical Fund Performance

Presented below is the percentage change in Net Asset Value per Unit from the
start of each calendar year the Fund has traded. Also provided is the
inception-to-date return and the annualized return since inception for the
Fund. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Year Return
- ---- ------

1993 (9 months) -17.4%
1994 -25.1%
1995 2.0%
1996 13.0%
1997 39.4%
1998 -2.6%
1999 2.7%
2000 6.4%
2001 10.8%

Inception-to-Date Return: 17.1%
Annualized Return: 1.8%

Demeter Management Corporation
c/o Managed Futures Department,
825 Third Avenue, 8th Floor,
New York, NY 10022
Telephone (201) 876-4647

Dean Witter World Currency Fund L.P.
Annual Report
2001

Dear Limited Partner:

This marks the ninth annual report for the Dean Witter World Currency Fund L.P.
(the "Fund"). The Fund began the year trading at a Net Asset Value per
Unit of $1,056.80 and increased by 10.8% to $1,170.77 on December 31, 2001. The
Fund has increased by 17.1% since its inception of trading in April 1993 (a
compound annualized rate of 1.8%).

During the year, the Fund recorded an increase in Net Asset Value per Unit. The
most significant gains were recorded during the first quarter from previously
established short positions in the Japanese yen as the value of the yen
continued to trend lower versus most major currencies amid growing concern
regarding the troubled Japanese economy. Additional gains were experienced
during the fourth quarter from previously established short positions in the
South African rand as the value of the rand continued falling to record lows
versus the U.S. dollar on emerging market concerns. A portion of the Fund's
gains for the year was offset primarily by losses experienced throughout the
third and fourth quarters from previously established long positions in the
euro as the value of the euro reversed lower versus the U.S. dollar, the
British pound, and the Norwegian krone due to disappointment with the European
Central Bank's decision to keep interest rates unchanged.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, c/o Managed Futures Department, 825
Third Avenue, 8th Floor, New York, NY 10022 or your Morgan Stanley Financial
Advisor.
I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is not a
guarantee of future results.

Sincerely,
/s/ Robert E. Murray
Robert E. Murray
Chairman
Demeter Management Corporation
General Partner

Dean Witter World Currency Fund L.P.
Independent Auditors' Report

The Limited Partners and the General Partner:

We have audited the accompanying statements of financial condition of Dean
Witter World Currency Fund L.P. (the "Partnership") as of December 31, 2001 and
2000, including the schedule of investments as of December 31, 2001, and the
related statements of operations, changes in partners' capital, and cash flows
for each of the three years in the period ended December 31, 2001. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of Dean Witter World Currency Fund L.P. at
December 31, 2001 and 2000 and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2001 in conformity
with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

New York, New York
February 15, 2002

Dean Witter World Currency Fund L.P.
Statements of Financial Condition

December 31,
---------------------
2001 2000
---------- ----------
$ $

ASSETS
Equity in futures interests trading
accounts:
Cash 15,739,498 15,129,282
Net unrealized gain on open contracts
(MS&Co.) 1,557,632 2,020,756
---------- ----------
Total Trading Equity 17,297,130 17,150,038

Interest receivable (Morgan Stanley DW) 18,075 59,750
Due from Morgan Stanley DW -- 3,628
---------- ----------
Total Assets 17,315,205 17,213,416
========== ==========

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES
Redemptions payable 331,158 263,942
Accrued incentive fee 188,820 --
Accrued management fees 28,847 28,676
Accrued administrative expenses 7,284 7,632
---------- ----------
Total Liabilities 556,109 300,250
---------- ----------

PARTNERS' CAPITAL
Limited Partners (14,002.124 and 15,691.694
Units, respectively) 16,393,224 16,582,911
General Partner (312.506 Units) 365,872 330,255
---------- ----------
Total Partners' Capital 16,759,096 16,913,166
---------- ----------
Total Liabilities and
Partners' Capital 17,315,205 17,213,416
========== ==========

NET ASSET VALUE PER UNIT 1,170.77 1,056.80
========== ==========

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

Dean Witter World Currency Fund L.P.
Statements of Operations

For the Years Ended
December 31,
-------------------------------
2001 2000 1999
--------- --------- ---------
$ $ $

REVENUES
Trading profit (loss):
Realized 3,046,911 (586,585) 277,017
Net change in unrealized (463,124) 1,870,831 1,251,365
--------- --------- ---------
Total Trading Results 2,583,787 1,284,246 1,528,382

Interest income (Morgan Stanley
DW) 447,090 785,558 863,384
--------- --------- ---------

Total 3,030,877 2,069,804 2,391,766
--------- --------- ---------

EXPENSES
Brokerage commissions (Morgan
Stanley DW) 645,740 726,395 909,447
Management fees 337,634 494,529 689,650
Incentive fee 284,579 -- --
Administrative expenses 43,823 47,005 60,280
Transaction fees and costs -- 22,249 48,189
--------- --------- ---------
Total 1,311,776 1,290,178 1,707,566
--------- --------- ---------

NET INCOME 1,719,101 779,626 684,200
========= ========= =========

Net Income Allocation:
Limited Partners 1,683,484 759,874 676,171
General Partner 35,617 19,752 8,029

Net Income per Unit:
Limited Partners 113.97 63.21 25.69
General Partner 113.97 63.21 25.69

Statements of Changes in Partners' Capital
For the Years Ended December 31, 2001, 2000 and 1999

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

Partners' Capital,
December 31, 1998 25,610.241 24,485,689 302,474 24,788,163
Net income -- 676,171 8,029 684,200
Redemptions (5,218.466) (5,211,281) -- (5,211,281)
---------- ---------- ------- ----------

Partners' Capital,
December 31, 1999 20,391.775 19,950,579 310,503 20,261,082
Net income -- 759,874 19,752 779,626
Redemptions (4,387.575) (4,127,542) -- (4,127,542)
---------- ---------- ------- ----------

Partners' Capital,
December 31, 2000 16,004.200 16,582,911 330,255 16,913,166
Net income --- 1,683,484 35,617 1,719,101
Redemptions (1,689.570) (1,873,171) -- (1,873,171)
---------- ---------- ------- ----------

Partners' Capital,
December 31, 2001 14,314.630 16,393,224 365,872 16,759,096
========== ========== ======= ==========

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

Dean Witter World Currency Fund L.P.
Statements of Cash Flows

For the Years Ended
December 31,
----------------------------------
2001 2000 1999
---------- ---------- ----------
$ $ $

CASH FLOWS FROM
OPERATING ACTIVITIES
Net income 1,719,101 779,626 684,200
Noncash item included in net
income:
Net change in unrealized 463,124 (1,870,831) (1,251,365)
(Increase) decrease in operating
assets:
Interest receivable (Morgan
Stanley DW) 41,675 14,261 2,115
Due from Morgan Stanley DW 3,628 (3,628) --
Increase (decrease) in operating
liabilities:
Accrued incentive fee 188,820 -- --
Accrued management fees 171 (23,061) (11,012)
Accrued administrative
expenses (348) (6,825) 8,480
---------- ---------- ----------
Net cash provided by (used
for) operating activities 2,416,171 (1,110,458) (567,582)
---------- ---------- ----------

CASH FLOWS FROM
FINANCING ACTIVITIES
Increase (decrease) in
redemptions payable 67,216 (118,054) 133,498
Redemptions of Units (1,873,171) (4,127,542) (5,211,281)
---------- ---------- ----------
Net cash used for financing
activities (1,805,955) (4,245,596) (5,077,783)
---------- ---------- ----------

Net increase (decrease) in cash 610,216 (5,356,054) (5,645,365)

Balance at beginning of period 15,129,282 20,485,336 26,130,701
---------- ---------- ----------
Balance at end of period 15,739,498 15,129,282 20,485,336
========== ========== ==========

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

Dean Witter World Currency Fund L.P.

Schedule of Investments
December 31, 2001

Partnership Net Assets: $16,759,096

Net Percentage of # of Contracts/
Long Short Unrealized Net Assets Notional
Futures and Forward Contracts: Gain/(Loss) Gain/(Loss) Gain/(Loss) Value Amounts
- ------------------------------ ----------- ----------- ----------- ------------- ---------------
Foreign currency: $ $ $ %

Japanese yen/US dollar Mar. 02 -- 1,259,238 1,259,238 7.51 3,412,742,600
Other 310,255 (11,861) 298,394 1.78 259,405,899
------- --------- --------- ----
Total Net Unrealized Gain per Statement of
Financial Condition 310,255 1,247,377 1,557,632 9.29
======= ========= ========= ====

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

Dean Witter World Currency Fund L.P.
Notes to Financial Statements

1. Summary of Significant Accounting Policies

Organization--Dean Witter World Currency Fund L.P. (the "Partnership") is a
limited partnership organized to engage primarily in the speculative trading of
commodity futures, options on futures contracts, and forward contracts on
foreign currencies (collectively, "futures interests").

The general partner for 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.

Effective April 2, 2001, Dean Witter Reynolds Inc. changed its name to Morgan
Stanley DW Inc.

The trading advisors for the Partnership are John W. Henry & Company, Inc.
("JWH") and Millburn Ridgefield Corporation ("Millburn") (the "Trading
Advisors").

Demeter is required to maintain a 1% minimum interest in the equity of the
Partnership and income (losses) are shared by Demeter and the Limited Partners
based upon their proportional ownership interests.

Use of Estimates--The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management
believes that the estimates utilized in the preparation of the financial
statements are prudent and reasonable. Actual results could differ from those
estimates.

Revenue Recognition--Futures interests are open commitments until settlement
date. They are valued at market on a daily basis and the resulting net change
in unrealized gains and losses are reflected in the change in unrealized profit
(loss) on open contracts from one period to the next in the statements of
operations. Monthly, Morgan Stanley DW pays the Partnership interest income
based upon 80% of the average daily Net Assets for the month at a rate equal to
the average yield on 13-week U.S. Treasury bills. For purposes of such interest
payments, Net Assets do not include monies due the Partnership on futures
interests, but not actually received.

Net Income (Loss) per Unit--Net income (loss) per unit of limited partnership
interest ("Unit(s)") is computed using the weighted average number of Units
outstanding during the period.

Dean Witter World Currency Fund L.P.
Notes to Financial Statement--(Continued)

Condensed Schedule of Investments--In March 2001, the American Institute of
Certified Public Accountants' Accounting Standards Executive Committee issued
Statement of Position ("SOP") 01-1, "Amendment to the Scope of Statement of
Position 95-2, Financial Reporting by Nonpublic Investment Partnerships, to
Include Commodity Pools" effective for fiscal years ending after December 15,
2001. Accordingly, commodity pools are now required to include a condensed
schedule of investments identifying those investments which constitute more
than 5% of Net Assets, taking long and short positions into account separately.
Equity in Futures Interests Trading Accounts--The Partnership's asset "Equity
in futures interests trading accounts" reflected in the statements of financial
condition, consists of (A) cash on deposit with Morgan Stanley DW, MS&Co., and
MSIL to be used as margin for trading; (B) net unrealized gains or losses on
open contracts, which are valued at market and calculated as the difference
between original contract value and market value, and (C) the net option
premiums, which represent the net of all monies paid and/or received for such
option premiums.

The Partnership, in the normal course of business, enters into various
contracts with MS&Co. and MSIL acting as its commodity brokers. Pursuant to
brokerage agreements with MS&Co. and MSIL, to the extent that such trading
results in unrealized gains or losses, the amounts are offset and reported on a
net basis in the Partnership's statements of financial condition.

The Partnership has offset the fair value amounts recognized for forward
contracts executed with the same counterparty as allowable under terms of the
master netting agreement with MS&Co., the sole counterparty on such contracts.
The Partnership has consistently applied its right to offset.

Brokerage Commissions and Related Transaction Fees and Costs--The Partnership
accrues brokerage commissions on a half-turn basis at 80% of Morgan Stanley
DW's published non-member rates. Transaction fees and costs are accrued on a
half-turn basis. Brokerage commissions and transaction fees combined are capped
at 13/20 of 1% per month (a maximum 7.8% annual rate) of the Partnership's
month-end Net Assets.

Operating Expenses--The Partnership bears all operating expenses related to its
trading activities, to a maximum of 1/4 of 1% annually of the Partnership's
average month-end Net Assets. These include filing fees, clerical,
administrative, auditing, accounting, mailing, printing, and other incidental
operating expenses as permitted by the Limited Partnership Agreement. In
addition, the Partnership incurs a monthly management fee and may incur
incentive fees.

Dean Witter World Currency Fund L.P.
Notes to Financial Statement--(Continued)

Redemptions--Limited Partners may redeem some or all of their Units at 100% of
the Net Asset Value per Unit as of the end of any month upon five business days
advance notice by redemption form to Demeter.

Distributions--Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date.

Income Taxes--No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible for reporting
income or loss based upon their respective share of the Partnership's revenues
and expenses for income tax purposes.

Dissolution of the Partnership--The Partnership will terminate on December 31,
2025, or at an earlier date if certain conditions set forth in the Limited
Partnership Agreement occur.

2. Related Party Transactions

The Partnership pays Morgan Stanley DW brokerage commissions as described in
Note 1. The Partnership's cash is on deposit with Morgan Stanley DW, MS&Co. and
MSIL in futures interests trading accounts to meet margin requirements as
needed. Morgan Stanley DW pays interest on these funds as described in Note 1.

3. Trading Advisors

Compensation to JWH and Millburn consists of a management fee and an incentive
fee as follows:

Management Fee--The Partnership pays a monthly management fee equal to 1/6 of
1% per month (a 2% annual rate) of the Partnership's adjusted Net Assets as of
the end of each month. Prior to December 1, 2000, the Partnership paid a
monthly management fee equal to 1/4 of 1% per month (a 3% annual rate) of the
Partnership's adjusted Net Assets as of the end of each month.

Incentive Fee--The Partnership pays a quarterly incentive fee to each trading
advisor equal to 20% of trading profits experienced with respect to the Net
Assets allocated to such trading advisor as of the end of each calendar
quarter. Prior to December 1, 2000, the Partnership paid a quarterly incentive
fee to each trading advisor equal to 17.5% of trading profits experienced with
respect to the Net Assets allocated to such trading advisor as of the end of
each calendar quarter. Trading profits represent the amount by which profits
from futures, forwards and options trading exceed losses after brokerage
commissions, management fees, transaction fees and costs and administrative
expenses are deducted. Such incentive fee is accrued in each

Dean Witter World Currency Fund L.P.
Notes to Financial Statements--(Continued)

month in which trading profits occur. In those months in which trading profits
are negative, previous accruals, if any, during the incentive period are
reduced. In those instances in which a Limited Partner redeems Units, the
incentive fee, (earned through the redemption date), is paid to such advisor on
those redeemed Units in the month of redemption.

4. 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.

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

1)One or more underlying notional amounts or payment provisions;

2)Requires no initial net investment or a smaller initial net investment than
would be required relative to changes in market factors;

3)Terms require or permit net settlement.

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

The net unrealized gains on open contracts at December 31, reported as a
component of "Equity in futures interests trading accounts" on the statements
of financial condition, and their longest contract maturities were as follows:

Net Unrealized Gains on
Open Contracts Longest Maturities
----------------------------- -------------------
Off- Off-
Exchange- Exchange- Exchange- Exchange-
Year Traded Traded Total Traded Traded
---- --------- --------- --------- --------- ---------
$ $ $

2001 -- 1,557,632 1,557,632 -- Mar. 2002
2000 -- 2,020,756 2,020,756 -- Mar. 2001

Dean Witter World Currency Fund L.P.
Notes to Financial Statements--(Continued)

The Partnership has credit risk associated with counterparty nonperformance.
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, 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 gains on all open futures and
futures-styled options contracts, which funds totaled $15,739,498 and
$15,129,282 at December 31, 2001 and 2000, respectively. 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 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.

5. Financial Highlights

Per Unit
---------

NET ASSET VALUE, JANUARY 1, 2001: $1,056.80
---------
NET OPERATING RESULTS:
Realized Profit 201.30
Unrealized Loss (30.46)
Interest Income 29.41
Expenses (86.28)
---------
Net Income 113.97
---------
NET ASSET VALUE, DECEMBER 31, 2001: $1,170.77
=========
Expense Ratio 7.9%
Net Income Ratio 10.3%

TOTAL RETURN 10.8%

Dean Witter World Currency Fund L.P.
Notes to Financial Statements--(Concluded)

6. Legal Matters

In April 2001, the Appellate Division of New York State dismissed the class
action previously disclosed in the Partnership's Annual Report 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.

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