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, 2002 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
825 Third Avenue, 9th Floor
New York, NY 10022
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (212) 310-6444

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: $17,980,818 at January 31,
2003.

DOCUMENTS INCORPORATED BY REFERENCE
(See Page 1)

DEAN WITTER WORLD CURRENCY FUND L.P.
INDEX TO ANNUAL REPORT ON FORM 10-K
DECEMBER 31, 2002

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, 2002 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 Partnership's general partner is Demeter Management
Corporation ("Demeter"). The non-clearing commodity broker is
Morgan Stanley DW Inc. ("Morgan Stanley DW"). The clearing
commodity brokers are Morgan Stanley & Co. Incorporated ("MS &
Co.") and Morgan Stanley & Co. International Limited ("MSIL").
Demeter, Morgan Stanley DW, MS & Co. and MSIL are wholly-owned
subsidiaries of Morgan Stanley. John W. Henry & Company, Inc. and
Millburn Ridgefield Corporation are the trading advisors (the
"Trading Advisors") to the Partnership.

Effective June 20, 2002, Morgan Stanley Dean Witter & Co. changed
its name to Morgan Stanley.

The Partnership's net asset value per unit of limited partnership
interest ("Unit(s)") as of December 31, 2002 was $1,373.34,
representing an increase of 17.3 percent from the net asset value
per Unit of $1,170.77 at December 31, 2001. For a more
detailed description of the Partnership's business, see
subparagraph (c).

(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 Partner-
ship 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 futures, forwards and options on
foreign exchanges.

(e) Available Information. The Partnership files annual reports
on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, and all amendments to these reports with the Securities
and Exchange Commission ("SEC"). You may read and copy any
document filed by the Partnership at the SEC's public reference
room at Room 1024, 450 Fifth Street, N.W., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for information on
the public reference room. The Partnership does not maintain an
internet website, however, the SEC maintains a website that
contains annual, quarterly, and current reports, proxy statements

and other information that issuers (including the Partnership)
file electronically with the SEC. The SEC's website address is
http://www.sec.gov.

Item 2. PROPERTIES

The Partnership's 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, 9th Floor, New York, NY 10022.

Item 3. LEGAL PROCEEDINGS
None.

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

PART II

Item 5. MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS 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, 2002
was approximately 1,734.

(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 distributions 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 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 Commodity Futures Trading Commission
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. Furthermore, there are no material trends,
demands, commitments, events or uncertainties known at the present
time that will result in, or that are reasonably likely to result
in, the Partnership's liquidity increasing or decreasing in any
material way.

Capital Resources. The Partnership does not have, nor expect to
have, any capital assets. Redemptions of additional 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 of Units.

There are no known material trends, favorable or unfavorable, that
would affect, nor any expected material changes to, the
Partnership's capital resource arrangements at the present time.
The Partnership has no off-balance sheet arrangements, nor
contractual obligations or commercial commitments to make future
payments that would affect the Partnership's liquidity or capital
resources. The contracts traded by the Partnership are accounted
for on a trade-date basis and marked to market on a daily basis.
The value of futures contracts is the settlement price on the
exchange on which that futures contract is traded on a particular
day. The value of foreign currency forward contracts is based on
the spot rate as of the close of business, New York City time, on
a given day.

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, 2002 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.

The Partnership's results of operations are set forth in financial
statements prepared in accordance with United States generally
accepted accounting principles, which require the use of certain
accounting policies that affect the amounts reported in these
financial statements, including the following: The contracts the
Partnership trades are accounted for on a trade-date basis and
marked to market on a daily basis. The difference between their
cost and market value is recorded on the Statements of Operations
as "Net change in unrealized profit/loss" for open (unrealized)
contracts, and recorded as "Realized profit/loss" when open
positions are closed out, and the sum of these amounts constitutes
the Partnership's trading revenues. Interest income revenue, as
well as management fees, incentive fees and brokerage commissions
expenses of the Partnership are recorded on an accrual basis.

Demeter believes that, based on the nature of the operations of
the Partnership, no assumptions other than those presently used
relating to the application of critical accounting policies
are reasonably plausible that could affect reported amounts.

At December 31, 2002, the Partnership's total capital was
$17,485,829, an increase of $726,733 from the Partnership's total
capital of $16,759,096 at December 31, 2001. For the year ended
December 31, 2002, the Partnership generated net income of
$2,701,669 and total redemptions aggregated $1,974,936.

For the year ended December 31, 2002, the Partnership recorded
total trading revenues, including interest income, of $4,233,165
and posted an increase in net asset value per Unit. The most
significant gains of approximately 27.3% were recorded from long
positions in the euro relative to the U.S. dollar as the dollar's
value significantly weakened during April, May, and June amid
investors' uncertainty regarding the U.S. economy. Additional
gains were recorded from long positions in the Swiss franc and
Norwegian krone as increased global tensions weakened the dollar.
Long positions in the Australian dollar and New Zealand dollar
versus the U.S. dollar provided gains of approximately 4.8% as
the value of both currencies strengthened during April, May, and
throughout the fourth quarter amid higher gold prices. Further
gains of approximately 4.2% stemmed from long positions in the
South African rand versus the U.S. dollar as its value approached
a 16-month high during the second and fourth quarters amid strong
demand for South African exports and high relative interest
rates. A portion of the Partnership's overall gains was
offset by losses of approximately 7.8% recorded in the Japanese
yen versus the U.S. dollar during March as the yen initially
strengthened amid asset repatriation out of the U.S. into Japan,
only to retreat by month-end on expectations that the
repatriation flow would soon subside ahead of the Japanese fiscal
year-end. Further losses in the Japanese yen were experienced in
December from short positions versus the U.S. dollar as the value
of the dollar weakened versus most major currencies. Additional
losses of approximately 7.4% were recorded in the British pound
from short positions versus the U.S. dollar during the summer
months and into the fourth quarter as the value of the dollar
weakened amid geopolitical and economic concerns. Total expenses
for the year were $1,531,496, resulting in net income of
$2,701,669. The net asset value of a Unit increased from
$1,170.77 at December 31, 2001 to $1,373.34 at December 31, 2002.

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 Argentinean 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 per Unit. 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.

The Partnership's overall performance record represents varied
results of trading in different futures, forwards and options
markets. For an analysis of unrealized gains and (losses) by
contract type and a further description of 2002 trading results,
refer to the "Letter to the Limited Partners" in the Partnership's
Annual Report to Limited Partners for the year ended December 31,
2002, 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 limited partners 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, exchange or other
exchange member 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 effected 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.

See "Financial Instruments" under "Notes to Financial Statements"
in the Partnership's Annual Report to Limited Partners for the
year ended December 31, 2002, which is incorporated by reference
to Exhibit 13.01 of this Form 10-K.

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

Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

The Partnership's total market risk is influenced by a wide
variety of factors, including the diversification among the
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.
In other words, one-day VaR for a portfolio is a number such that
losses in this portfolio are estimated to exceed the VaR only one
day in 100. VaR typically does not represent the worst case
outcome.

VaR is calculated using historical simulation. Demeter uses
approximately four years of daily market data (1,000
observations) and revalues its portfolio (using delta-gamma
approximations) for each of the historical market moves that
occurred over this time period. This generates a probability
distribution of daily "simulated profit and loss" outcomes. The
VaR is the appropriate percentile of this distribution. For
example, the 99% one-day VaR would represent the 10th
worst-outcome from Demeter's simulated profit and loss series.

The Partnership's VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and does not distinguish between exchange and non-
exchange-traded instruments and is also not based on exchange
and/or dealer-based margin requirements.

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. Please further note that VaR as described above may
not be comparable to similarly titled measures used by other
entities.

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
by primary market risk category at December 31, 2002 and 2001.
The VaR for a market category represents the one-day downside
risk for the aggregate exposures associated with this market
category. At December 31, 2002 and 2001, the
Partnership's total capitalization was approximately $17 million.

Primary Market December 31, 2002 December 31, 2001
Risk Category Value at Risk Value at Risk

Currency (4.54)% (4.70)%

The table above represents the VaR of the Partnership's open
positions at December 31, 2002 and 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 December 31, 2002 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, 2002 through December 31, 2002.

Primary Market Risk Category High Low Average
Currency (4.74)% (1.32)% (3.69)%

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, 2002 and 2001 and
for the end of the four quarterly reporting periods during
calendar year 2002. 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, 2002.

At December 31, 2002, 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 expro-
priations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in historical
price relationships, an influx of new market participants,
increased regulation and many other factors could result in
material losses as well as in material changes to the risk
exposures and the risk management strategies of the Partnership.
Investors must be prepared to lose all or substantially all of
their investment in the Partnership.

The following was the primary trading risk exposure of the
Partnership at December 31, 2002. It may be anticipated,
however, that market exposure will vary materially over time.

Currency. The Partnership's currency exposure at December 31,
2002 was to exchange rate fluctuations, primarily fluctuations
which disrupt the historical pricing relationships between
different currencies and currency pairs. Interest rate changes
as well as political and general economic conditions influence
these fluctuations. The Partnership trades a large number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar. At December 31, 2002, 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 U.S.-based Partnership in expressing
VaR in a functional currency other than U.S. dollars.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
At December 31, 2002, 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:

Summary of Quarterly Results (Unaudited)

Quarter Revenues/ Net Net Income/
Ended (Net Losses) Income/(Loss) (Loss) Per Unit

2002
March 31 $(1,734,205) $ (1,964,372) $(138.89)
June 30 6,258,421 5,534,732 403.00
September 30 (2,126,457) (2,399,554) (180.85)
December 31 1,835,406 1,530,863 119.31

Total $ 4,233,165 $ 2,701,669 $ 202.57

2001
March 31 $ 2,224,294 $ 1,845,049 $ 117.64
June 30 (98,426) (273,844) (17.48)
September 30 (1,024,076) (1,320,716) (87.34)
December 31 1,929,085 1,468,612 101.15

Total $ 3,030,877 $ 1,719,101 $ 113.97

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 executive officers of Demeter are as follows:

Robert E. Murray, age 42, is the Managing Director of the
Strategic Products Group at Morgan Stanley and Chairman of the
Board of Directors of Demeter Management Corporation, a leading
commodity pool operator with approximately $1.7 billion in assets
across a variety of U.S. and international public and private
managed futures funds. 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 18 years. He is also the Chairman of the
Board of Directors of Morgan Stanley Futures & Currency
Management Inc., Morgan Stanley's internal commodity trading
advisor. Mr. Murray 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.

Jeffrey A. Rothman, age 41, is the President and a
Director of Demeter. Mr. Rothman is the Executive Director of
Morgan Stanley Managed Futures, responsible for overseeing all
aspects of the firm's managed futures department. He is also
President and a Director of Morgan Stanley Futures & Currency
Management Inc. Mr. Rothman has been with the managed futures
department for sixteen years and most recently held the position
of National Sales Manager, assisting Branch Managers and
Financial Advisors with their managed futures education,
marketing, and asset retention efforts. Throughout his career,
Mr. Rothman has helped with the development, marketing and
administration of approximately 35 commodity pools. Mr. Rothman
is an active member of the Managed Funds Association and serves
on its Board of Directors.

Mitchell M. Merin resigned his position as a Director of Demeter.

Joseph G. Siniscalchi, age 57, 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 61, is a Director of Demeter.
Mr. Oelsner is currently an Executive Vice President and head of
the Product Development Group at Morgan Stanley Investment
Advisors Inc., 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 an 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 51, is a Director of Demeter. Mr. Beech
has been associated with the futures industry for over 25 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 worked at two investment banking firms in operations,
research, managed futures and sales management.

Raymond A. Harris, age 46, is a Director of Demter and of
Morgan Stanley Futures & Currency Management Inc. Mr. Harris is
currently Managing Director of Global Products & Services at
Morgan Stanley. He previously served as Chief Accounting Officer
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 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 40, is a Director of Demeter. Mr. DeLuca
is also a Director of Morgan Stanley Futures & Currency
Management Inc. Mr. DeLuca was appointed the Controller of Asset
Management for Morgan Stanley in June 1999. Prior to that, Mr.
DeLuca was a partner at the accounting firm of Ernst & Young LLP,
where he had Morgan Stanley 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.

Frank Zafran, age 47, is a Director of Demeter and of Morgan
Stanley Futures & Currency Management Inc. Mr. Zafran is an
Executive Director of Morgan Stanley and, in September 2002, was
named Chief Administrative Officer of Morgan Stanley's
Global Products & Services Division. Mr. Zafran joined the firm
in 1979 and has held various positions in Corporate Accounting
and the Insurance Department, including Senior Operations Officer
- - Insurance Division, until his appointment in 2000 as Director
of 401(k) Plan Services, responsible for all aspects of 401(k)
Plan Services including marketing, sales and operations. Mr.
Zafran received a B.S. degree in Accounting from Brooklyn
College, New York.

Raymond E. Koch resigned his position as Chief Financial Officer
of Demeter.

Jeffrey D. Hahn, age 45, is the Chief Financial Officer of
Demeter. Mr. Hahn began his career at Morgan Stanley in 1992 and
is currently an Executive Director responsible for the management
and supervision of the accounting, reporting, tax and finance
functions for the firm's private equity, managed futures, and
certain legacy real estate investing activities. He is also Chief
Financial Officer of Morgan Stanley Futures & Currency Management
Inc. From August 1984 through May 1992, Mr. Hahn held various
positions as an auditor at Coopers & Lybrand, specializing in
manufacturing businesses and venture capital organizations. Mr.
Hahn received his B.A. in Economics from St. Lawrence University
in 1979, an M.B.A. 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, 2002, 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, 2002,
Demeter owned 182.234 Units of general partnership interest
representing a 1.43 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, 2002, 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 $726,787 for the year ended
December 31, 2002.

Item 14. CONTROLS AND PROCEDURES
(a) As of a date within 90 days of the filing date of this annual
report, the President and Chief Financial Officer of the
general partner, Demeter, have evaluated the effectiveness of
the Partnership's disclosure controls and procedures (as
defined in Rules 13a-14 and 15d-14 of the Exchange Act), and
have judged such controls and procedures to be effective.

(b) There have been no significant changes in the Partnership's
internal controls or in other factors that could
significantly affect these controls subsequent to the date of
their evaluation.

PART IV

Item 15. 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, 2002, 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, 2002, 2001 and 2000.

- - Statements of Financial Condition, including the Schedules
of Investments, as of December 31, 2002 and 2001.

- - Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2002, 2001 and
2000.

- - 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, 2002 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
No reports on Form 8-K have been filed by the Partnership during
the last quarter of the period covered by this report.

(c) Exhibits
Refer to Exhibit Index on Page E-1 to 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 31, 2003 BY: /s/ Jeffrey A. Rothman
Jeffrey A. Rothman, Director
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 31, 2003
Robert E. Murray, Director and
Chairman

/s/ Jeffrey A. Rothman March 31, 2003
Jeffrey A. Rothman, Director and
President

/s/ Joseph G. Siniscalchi March 31, 2003
Joseph G. Siniscalchi, Director

/s/ Edward C. Oelsner III March 31, 2003
Edward C. Oelsner III, Director

/s/ Richard A. Beech March 31, 2003
Richard A. Beech, Director

/s/ Raymond A. Harris March 31, 2003
Raymond A. Harris, Director

/s/ Anthony J. DeLuca March 31, 2003
Anthony J. DeLuca, Director

/s/ Frank Zafran March 31, 2003
Frank Zafran, Director

/s/ Jeffery D. Hahn March 31, 2003
Jeffrey D. Hahn, Chief
Financial Officer

CERTIFICATIONS

I, Jeffrey A. Rothman, President of Demeter Management
Corporation, the general partner of the registrant, certify that:

1. I have reviewed this annual report on Form 10-K of the
registrant;

2. Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light
of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
annual report.

3. Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to
ensure that material information relating to the
registrant, including its consolidated subsidiaries, is
made known to us by others within those entities,
particularly during the period in which this annual
report is being prepared;

b) evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date within
90 days prior to the filing date of this annual report
(the "Evaluation Date"); and

c) presented in this annual report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation
Date;

5. The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of Demeter's
board of directors (or persons performing the equivalent
function):

a) all significant deficiencies in the design or operation
of internal controls which could adversely affect the
registrant's ability to record, process, summarize and
report financial data and have identified for the
registrant's auditors any material weaknesses in
internal controls; and

b) any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have
indicated in this annual report whether there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and
material weaknesses.

Date: March 31, 2003 BY: /s/ Jeffrey A. Rothman
Jeffrey A. Rothman
President, Demeter Management
Corporation, general partner
of the registrant

CERTIFICATIONS

I, Jeffrey D. Hahn, Chief Financial Officer of Demeter Management
Corporation, the general partner of the registrant, certify that:

1. I have reviewed this annual report on Form 10-K of the
registrant;

2. Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light
of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
annual report.

3. Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to
ensure that material information relating to the
registrant, including its consolidated subsidiaries, is
made known to us by others within those entities,
particularly during the period in which this annual
report is being prepared;

b) evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date within
90 days prior to the filing date of this annual report
(the "Evaluation Date"); and

c) presented in this annual report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the Evaluation
Date;

5. The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of Demeter's
board of directors (or persons performing the equivalent
function):

a) all significant deficiencies in the design or operation
of internal controls which could adversely affect the
registrant's ability to record, process, summarize and
report financial data and have identified for the
registrant's auditors any material weaknesses in
internal controls; and

b) any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have
indicated in this annual report whether there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies
and material weaknesses.

Date: March 31, 2003 BY: /s/Jeffrey D. Hahn
Jeffrey D. Hahn
Chief Financial Officer,
Demeter Management Corporation,
general partner of the
registrant

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 (a) Management Agreement among the Partnership, Demeter, and
CCA Capital Management Inc., dated as of April 2, 1993, is
incorporated by reference to Exhibit 10.01(a) of the
Partnership's Quarterly Report on Form 10-Q for the Quarter
ended June 30, 2002.

(b) Management Agreement among the Partnership, Demeter, and
Colorado Commodities Management Corporation, dated as of
April 2, 1993, is incorporated by reference to Exhibit 10.01
(b) of the Partnership's Quarterly Report on Form 10-Q for
the Quarter ended June 30, 2002.

(c) Management Agreement among the Partnership, Demeter, and
Ezra Zask Associates Inc., dated as of April 2, 1993, is
incorporated by reference to Exhibit 10.01(c) of the
Partnership's Quarterly Report on Form 10-Q for the Quarter
ended June 30, 2002.

(d) Management Agreement among the Partnership, Demeter, and
Millburn Ridgefield Corporation, dated as of April 2, 1993,
is incorporated by reference to Exhibit 10.01(d) of the
Partnership's Quarterly Report on Form 10-Q for the Quarter
ended June 30, 2002.

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

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

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

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, 2002 is filed herewith.

99.01 Certification of President of Demeter Management
Corporation, general partner of the Partnership, pursuant to
18 U.S.C. Section 1350, as adopted, pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.

99.02 Certification of Chief Financial Officer of Demeter
Management Corporation, general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 99.01

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Dean Witter World Currency
Fund L.P. (the "Partnership") on Form 10-K for the period ended
December 31, 2002 as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), I, Jeffrey A.
Rothman, President, Demeter Management Corporation, general
partner of the Partnership, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that:

(1) The Report fully complies with the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Partnership.

By: /s/ Jeffrey A. Rothman

Name: Jeffrey A. Rothman
Title: President
Date: March 31, 2003

EXHIBIT 99.02

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Dean Witter World Currency
Fund L.P. (the "Partnership") on Form 10-K for the period ended
December 31, 2002 as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), I, Jeffrey D. Hahn,
Chief Financial Officer, Demeter Management Corporation, general
partner of the Partnership, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that:

(1) The Report fully complies with the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in
all material respects, the financial condition and results of
operations of the Partnership.

By: /s/ Jeffrey D. Hahn

Name: Jeffrey D. Hahn
Title: Chief Financial Officer
Date: March 31, 2003

World
Currency
Fund

December 31, 2002
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.

INCEPTION-
TO-DATE ANNUALIZED
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 RETURN RETURN
FUND % % % % % % % % % % % %
- --------------------------------------------------------------------------------------------------

World Currency Fund (17.4) (25.1) 2.0 13.0 39.4 (2.6) 2.7 6.4 10.8 17.3 37.3 3.3
(9 mos.)
- --------------------------------------------------------------------------------------------------

DEMETER MANAGEMENT CORPORATION

825 Third Avenue, 9th Floor
New York, NY 10022
Telephone (212) 310-6444

DEAN WITTER WORLD CURRENCY FUND L.P.
ANNUAL REPORT
2002

Dear Limited Partner:

This marks the tenth 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 $1,170.77 and increased by 17.3% to $1,373.34 on December 31, 2002. The
Fund has increased by 37.3% since its inception of trading in April 1993 (a
compound annualized rate of 3.3%).

Detailed performance information for the Fund is located in the body of the
financial report. We provide a trading results by sector chart that portrays
trading gains and trading losses for the year in each of the five major
currencies in which the Fund participates, and composite information for all
other "minor" and "cross-rate" currency positions traded within the Fund.

The trading results by currency chart indicates the year's composite
percentage returns generated by the specific assets dedicated to trading within
each currency in which the Fund participates. Please note that there is not an
equal amount of assets in each currency, and the specific allocations of assets
by the Fund to each currency will vary over time within a predetermined range.
Below the chart is a description of the factors that influenced trading gains
and trading losses within the Fund during the year.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 825 Third Avenue, 9th 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/ Jeffrey A. Rothman
Jeffrey A. Rothman
President
Demeter Management Corporation
General Partner

DEAN WITTER WORLD CURRENCY FUND L.P.

[CHART]

Year ended December 31, 2002
---------------------------
Australian dollar 2.62%
British pound -7.38%
Euro 27.28%
Japanese yen -7.78%
Swiss franc 2.42%
Minor Currencies 9.36%
Crossrates -1.14%

Note: Includes trading results and commissions but does not include other fees
or interest income.
Minor currencies may include, but are not limited to, the South African
rand, Thai baht, Greek drachma, Singapore dollar, Mexican peso, New
Zealand dollar and Norwegian krone.
Cross-rate transactions involve positions between two currencies other
than the U.S. dollar.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
.. Strong gains were recorded from long positions in the euro, as well as in
the Norwegian krone and Swiss franc, relative to the U.S. dollar as the
value of the dollar weakened during the second quarter, as well as in
December, amid investors' fears concerning increased global tensions and
prolonged uncertainty regarding the U.S. economy.
.. Additional gains resulted from long positions in the South African rand as
its value rose to a 16-month high versus the U.S. dollar during the second
and fourth quarter amid strong demand for South African exports and high
relative interest rates.
.. Gains were recorded from long positions in the Australian dollar and New
Zealand dollar versus the U.S. dollar as the value of both currencies
strengthened amid higher gold prices.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
.. Losses resulted from positions in the Japanese yen versus the U.S. dollar
during March as the yen initially strengthened amid asset repatriation out
of the U.S. into Japan, only to later retreat by month-end on expectations
that the repatriation flow would soon subside ahead of the Japanese fiscal
year-end. Further losses in the Japanese yen were experienced in December
from short positions versus the U.S. dollar as the value of the dollar
weakened versus most major currencies.
.. Losses were recorded in the British pound from short positions versus the
U.S. dollar during the summer months and into the fourth quarter as the
value of the dollar weakened amid geopolitical and economic concerns.

DEAN WITTER WORLD CURRENCY FUND L.P.

INDEPENDENT AUDITORS' REPORT

To 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"), including the schedules of
investments, as of December 31, 2002 and 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, 2002. 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, 2002 and 2001, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2002 in
conformity with accounting principles generally accepted in the United States
of America.

/s/ Deloitte & Touche LLP

New York, New York
February 14, 2003

DEAN WITTER WORLD CURRENCY FUND L.P.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31,
---------------------
2002 2001
---------- ----------
$ $

ASSETS
Equity in futures interests trading
accounts:
Cash 16,676,595 15,739,498
Net unrealized gain on open contracts
(MS&Co.) 973,654 1,557,632
---------- ----------
Total Trading Equity 17,650,249 17,297,130
Due from Morgan Stanley DW 18,407 --
Interest receivable (Morgan Stanley DW) 13,206 18,075
---------- ----------
Total Assets 17,681,862 17,315,205
========== ==========

LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable 156,145 331,158
Accrued management fees 29,452 28,847
Accrued administrative expenses 10,436 7,284
Accrued incentive fees -- 188,820
---------- ----------
Total Liabilities 196,033 556,109
---------- ----------

PARTNERS' CAPITAL
Limited Partners (12,550.127 and
14,002.124 Units, respectively) 17,235,560 16,393,224
General Partner (182.234 and 312.506
Units, respectively) 250,269 365,872
---------- ----------
Total Partners' Capital 17,485,829 16,759,096
---------- ----------
Total Liabilities and Partners' Capital 17,681,862 17,315,205
========== ==========

NET ASSET VALUE PER UNIT 1,373.34 1,170.77
========== ==========

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,
-------------------------------
2002 2001 2000
--------- --------- ---------
$ $ $

REVENUES
Trading profit (loss):
Realized 4,610,969 3,046,911 (586,585)
Net change in unrealized (583,978) (463,124) 1,870,831
--------- --------- ---------
Total Trading Results 4,026,991 2,583,787 1,284,246
Interest income (Morgan Stanley DW) 206,174 447,090 785,558
--------- --------- ---------
Total 4,233,165 3,030,877 2,069,804
--------- --------- ---------
EXPENSES
Brokerage commissions
(Morgan Stanley DW) 726,787 645,740 726,395
Incentive fees 427,708 284,579 --
Management fees 335,866 337,634 494,529
Administrative expenses 41,135 43,823 47,005
Transaction fees and costs -- -- 22,249
--------- --------- ---------
Total 1,531,496 1,311,776 1,290,178
--------- --------- ---------
NET INCOME 2,701,669 1,719,101 779,626
========= ========= =========
NET INCOME ALLOCATION:
Limited Partners 2,653,012 1,683,484 759,874
General Partner 48,657 35,617 19,752

NET INCOME PER UNIT:
Limited Partners 202.57 113.97 63.21
General Partner 202.57 113.97 63.21

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000

UNITS OF
PARTNERSHIP LIMITED GENERAL
INTEREST PARTNERS PARTNER TOTAL
----------- ---------- -------- ----------
$ $ $

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
Net income -- 2,653,012 48,657 2,701,669
Redemptions (1,582.269) (1,810,676) (164,260) (1,974,936)
---------- ---------- -------- ----------
Partners' Capital,
December 31, 2002 12,732.361 17,235,560 250,269 17,485,829
========== ========== ======== ==========

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,
----------------------------------
2002 2001 2000
---------- ---------- ----------
$ $ $

CASH FLOWS FROM
OPERATING ACTIVITIES
Net income 2,701,669 1,719,101 779,626
Noncash item included in net
income:
Net change in unrealized 583,978 463,124 (1,870,831)
(Increase) decrease in operating
assets:
Due from Morgan Stanley
DW (18,407) 3,628 (3,628)
Interest receivable
(Morgan Stanley DW) 4,869 41,675 14,261
Increase (decrease) in operating
liabilities:
Accrued management fees 605 171 (23,061)
Accrued administrative
expenses 3,152 (348) (6,825)
Accrued incentive fees (188,820) 188,820 --
---------- ---------- ----------
Net cash provided by (used for)
operating activities 3,087,046 2,416,171 (1,110,458)
---------- ---------- ----------

CASH FLOWS FROM
FINANCING ACTIVITIES
Increase (decrease) in
redemptions payable (175,013) 67,216 (118,054)
Redemptions of Units (1,974,936) (1,873,171) (4,127,542)
---------- ---------- ----------
Net cash used for financing
activities (2,149,949) (1,805,955) (4,245,596)
---------- ---------- ----------
Net increase (decrease) in cash 937,097 610,216 (5,356,054)
Balance at beginning of period 15,739,498 15,129,282 20,485,336
---------- ---------- ----------
Balance at end of period 16,676,595 15,739,498 15,129,282
========== ========== ==========

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

DEAN WITTER WORLD CURRENCY FUND L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2002 AND 2001

FUTURES AND FORWARD CONTRACTS LONG GAIN/(LOSS) SHORT GAIN/(LOSS) NET UNREALIZED GAIN/(LOSS)
- ----------------------------- ---------------- ----------------- --------------------------
2002 PARTNERSHIP NET ASSETS: $17,485,829 $ $ $

Foreign currency:
Other (113,511) (107,553) (221,064)
Euro/US dollar Mar. 03 1,176,398 -- 1,176,398
--------- --------- ---------
Grand Total: 1,062,887 (107,553) 955,334
========= =========
Unrealized Currency Gain 18,320
---------
Total Net Unrealized Gain per Statement of Financial Condition 973,654
=========

2001 PARTNERSHIP NET ASSETS: $16,759,096
Foreign currency:
Japanese yen/US dollar Mar. 02 -- 1,259,238 1,259,238
Other 310,255 (11,861) 298,394
--------- --------- ---------
Total Net Unrealized Gain per Statement of Financial Condition 310,255 1,247,377 1,557,632
========= ========= =========

FUTURES AND FORWARD CONTRACTS PERCENTAGE OF NET ASSETS VALUE NOTIONAL AMOUNTS
- ----------------------------- ------------------------------ ----------------
2002 PARTNERSHIP NET ASSETS: $17,485,829 %

Foreign currency:
Other (1.27) 5,584,171,735
Euro/US dollar Mar. 03 6.73 37,990,000
-----
Grand Total: 5.46
=====
Unrealized Currency Gain

Total Net Unrealized Gain per Statement of Financial Condition

2001 PARTNERSHIP NET ASSETS: $16,759,096
Foreign currency:
Japanese yen/US dollar Mar. 02 7.51 3,412,742,600
Other 1.78 259,405,899
-----
Total Net Unrealized Gain per Statement of Financial Condition 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 contracts, options on futures contracts, and forward
contracts on foreign currencies (collectively, "futures interests").
The Partnership's general partner is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity brokers are Morgan Stanley & Co.
Incorporated ("MS&Co.") and Morgan Stanley & Co. International Limited
("MSIL"). Demeter, Morgan Stanley DW, MS&Co. and MSIL are wholly-owned
subsidiaries of Morgan Stanley.
Effective June 20, 2002, Morgan Stanley Dean Witter & Co. changed its name to
Morgan Stanley.
The trading advisors for the Partnership are John W. Henry & Company, Inc.
("JWH") and Millburn Ridgefield Corporation ("Millburn") (collectively, 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.

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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 is 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 owed to the Partnership on futures
interests.

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.

CONDENSED SCHEDULES 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 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

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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 and transaction fees and costs on a half-turn
basis, at 80% and 100%, respectively, of the rates Morgan Stanley DW charges
parties that are not clearinghouse members. Brokerage commissions and
transaction fees and costs 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 STATEMENTS
(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,

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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 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.

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

The market value of contracts is based on closing prices quoted by the
exchange, bank or clearing firm through which the contracts are traded.
The Partnership's contracts are accounted for on a trade-date basis and
marked to market on a daily basis. The Partnership accounts for its derivative
investments in accordance with the provisions of Statement of Financial
Accounting 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
- ---- --------- --------- --------- --------- ---------
$ $ $

2002 -- 973,654 973,654 -- Mar. 2003
2001 -- 1,557,632 1,557,632 -- Mar. 2002

The Partnership has credit risk associated with counterparty nonperformance.
The credit risk associated

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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. 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.

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(concluded)

- --------------------------------------------------------------------------------
5. FINANCIAL HIGHLIGHTS

PER UNIT:
---------

NET ASSET VALUE, JANUARY 1, 2002: $1,170.77
---------
NET OPERATING RESULTS:
Realized Profit 344.15
Unrealized Loss (43.30)
Interest Income 15.29
Expenses (113.57)
---------
Net Income 202.57
---------
NET ASSET VALUE, DECEMBER 31, 2002: $1,373.34
=========

Expense Ratio 9.3%
Net Income Ratio 16.3%
TOTAL RETURN 17.3%

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