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, 2003 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]

Indicate by check-mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes _____ No __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 the last
business day of the registrant's most recently completed second fiscal quarter:
$16,874,023 at June 30, 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, 2003

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, 2003 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
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 broker is Morgan Stanley & Co. Incorporated ("MS &
Co."). Demeter, Morgan Stanley DW and MS & Co. 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.

The Partnership's net asset value per unit of limited partnership
interest ("Unit(s)") as of December 31, 2003 was $1,462.58,
representing an increase of 6.5 percent from the net asset value
per Unit of $1,373.34 at December 31, 2002. For a more
detailed description of the Partnership's business, see
subparagraph (c).

(b) Financial Information about Segments. For financial infor-
mation 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 of the Prospectus).
Policies "The Trading Advisors"
(Pages 34-74 of the
Prospectus).

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

5. Taxation of the Partner- 5. "Federal Income Tax Aspects"
ship's Limited Partners "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 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, 2003
was approximately 1,600.

(c) Distributions. No distributions have been made by the
Partnership since it commenced trading 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. as
clearing broker in separate futures, forwards, and options trading
accounts established for each Trading Advisor, which assets are
used as margin to engage in trading and may be used as margin
solely for the Partnership's 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. Since the
Partnership's sole purpose is to trade in futures, forwards and
options, it is expected that the Partnership will continue to own
such liquid assets for margin purposes.

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

There are no known material trends, demands, commitments, events or
uncertainties 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 does not have any off-balance sheet
arrangements, nor does it have contractual obligations or
commercial commitments to make future payments that would affect
its liquidity or capital resources.

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 each of the three years
in the period ended December 31, 2003 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. Past performance is not necessarily
indicative of future results.

The Partnership's results of operations are set forth in
its financial statements prepared in accordance with accounting
principles generally accepted in the United States of America,
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. The
market value of a futures contract 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. 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 relating to the application of
critical accounting policies other than those presently used could
reasonably affect reported amounts.

The Partnership recorded revenues including interest
totaling $2,589,349 and expenses totaling $1,523,045, resulting in
net income of $1,066,304 for the year ended December 31, 2003.
The Partnership's net asset value per Unit increased from
$1,373.34 at December 31, 2002 to $1,462.58 at December 31, 2003.
Total redemptions for the year were $1,781,527 and the
Partnership's ending capital was $16,770,606 at December 31, 2003,
a decrease of $715,223 from ending capital at December 31, 2002 of
$17,485,829.

The most significant trading gains of approximately 16.8% were
recorded from long positions in the euro versus the U.S. dollar as
the value of the euro strengthened during May amid uncertainty
regarding the Bush Administration's economic policy, renewed fears
of potential terrorist attacks against American interests, and
investor preference for non-U.S. dollar assets. During January
and April, gains were also recorded from long positions in the
euro versus the U.S. dollar as the dollar's value weakened amid
renewed fears of a military conflict with Iraq, increased tensions
with North Korea, and weak U.S. economic data. During December,
significant gains were produced by long positions in a broad range
of major and minor currencies, especially the euro, versus the
U.S. dollar as a confluence of factors including concerns
regarding U.S. budget and trade deficits, a dip in consumer
confidence, an outbreak of Mad Cow Disease in the U.S., and fears
of a potential terrorist attack forced the U.S. dollar to retreat.
Additional gains of approximately 8.6% resulted from long
positions in the Australian and New Zealand dollars versus the
U.S. dollar as the value of these currencies strengthened during
April, May and June in response to the continued weakness in the
U.S. dollar, higher interest rates relative to those in the U.S.,
Europe and Asia, and rising gold prices. Gains of approximately
3.7% were provided by long positions in the South African rand
versus the U.S. dollar during April as the rand's value also
strengthened in response to significant interest rate
differentials between the two countries and strong commodity
prices. Gains from long rand positions also resulted in profits
during November from continued dollar weakness. A portion of the
Partnership's gains for the year was offset by losses of
approximately 6.1% incurred from positions in the British pound
versus the U.S. dollar as the value of the pound strengthened
during April and May on expectations that the Bank of England
would likely leave interest rates unchanged and following the
release of lower-than-expected unemployment data from Great
Britain. During June, losses stemmed from positions in the pound
versus the U.S. dollar as the pound's value increased early in the
month amid continued expectations that the Bank of England would
likely leave interest rates unchanged. The pound then reversed
lower later in the month after the British Finance Minister
released positive comments regarding the U.K.'s entry prospects
into the European Union. Additional losses of approximately 4.4%
resulted from positions in the Japanese yen versus the U.S. dollar
primarily throughout the first half of the year as the
value of the yen experienced significant "whipsawing" amid
uncertainty regarding an intervention by the Bank of Japan.
Positions in the Singapore dollar also resulted in losses as the
value of the Asian currency experienced short-term volatile price
movement in sympathy with the yen. Long positions in the Korean
won versus the U.S. dollar resulted in losses during October as
the U.S. dollar strengthened late in the month following the
release of strong U.S. economic data.

The Partnership recorded revenues including interest totaling
$4,233,165 and expenses totaling $1,531,496, resulting in net
income of $2,701,669 for the year ended December 31, 2002. The
Partnership's net asset value per Unit increased from $1,170.77 at
December 31, 2001 to $1,373.34 at December 31, 2002. Total
redemptions for the year were $1,974,936 and the Partnership's
ending capital was $17,485,829 at December 31, 2002, an increase
of $726,733 from ending capital at December 31, 2001 of
$16,759,096.

The most significant trading 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 sixteen-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.

The Partnership recorded revenues including interest totaling
$3,030,877 and expenses totaling $1,311,776, resulting in net
income of $1,719,101 for the year ended December 31, 2001. The
Partnership's net asset value per Unit increased from $1,056.80 at
December 31, 2000 to $1,170.77 at December 31, 2001. Total
redemptions for the year were $1,873,171 and the Partnership's
ending capital was $16,759,096 at December 31, 2001, a decrease of
$154,070 from ending capital at December 31, 2000 of $16,913,166.

The most significant trading 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.

For an analysis of unrealized gains and (losses) by contract type
and a further description of 2003 trading results, refer to the
Partnership's Annual Report to Limited Partners for the year ended
December 31, 2003, 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.

Market 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 Partnership's trading
policies that include standards for liquidity and leverage that
must be maintained. The Trading Advisors and Demeter monitor the
Partnership's trading activities to ensure compliance with the
trading policies and Demeter can require the Trading Advisors to
modify positions of the Partnership if Demeter believes they
violate the Partnership's trading policies.

Credit Risk.
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. 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. 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.

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. The commodity broker
informs the Partnership, as with all its customers, of its net
margin requirements for all its existing open positions and
Demeter has installed a system which permits it to monitor the
Partnership's potential net credit exposure, exchange by exchange,
by adding the unrealized trading gains on each 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 a minimum amount of diversification
in the Partnership's trading, usually over several different
products and exchanges. Historically, the Partnership's exposure
to any one exchange has typically amounted to only a small
percentage of its total net assets and on those relatively few
occasions where the Partnership's credit exposure climbs above an
acceptable 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, 2003, 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, factors that result in frequent
changes in the fair value of the Partnership's open positions, and
consequently in its earnings, whether realized or unrealized, and
cash flow. Profits and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin.

The Partnership's total market risk may increase or
decrease as it's influenced by a wide variety of factors,
including, but not limited to, the diversification among the
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets.

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 and cash flow.

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 Partnership estimates VaR using a model based upon
historical simulation (with a confidence level of 99%) which
involves constructing a distribution of hypothetical daily changes
in the value of a trading portfolio. The VaR model takes into
account linear exposures to risk including 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 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, or one day in 100.
VaR typically does not represent the worst case outcome. 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 do not distinguish between exchange and non-exchange
dealer-based instruments. They are also not based on exchange
and/or dealer-based maintenance 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, 2003 and 2002. At
both December 31, 2003 and 2002, the Partnership's total capital-
ization was approximately $17 million.

Primary Market December 31, 2003 December 31, 2002
Risk Category Value at Risk Value at Risk
Currency (3.62)% (4.54)%

The VaR for a market category represents the one-day downside risk
for the aggregate exposures associated with this market category.

Because the business of the Partnership 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, which could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the December 31, 2003 VaR set forth
above by presenting the Partnership's high, low and average VaR,
as a percentage of total net assets for the four quarter-end
reporting periods from January 1, 2003 through December 31, 2003.

Primary Market Risk Category High Low Average
Currency (3.83)% (1.98)% (2.87)%

Limitations on Value at Risk as an Assessment of Market Risk
The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements. Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held
by the Partnership to typically be many times the total
capitalization of the Partnership. The value of the Partnership's
open positions thus creates a "risk of ruin" not typically found
in other investments. The relative size of the positions held may
cause the Partnership to incur losses greatly in excess of VaR
within a short period of time, given the effects of the leverage
employed and market volatility. The VaR tables above, as well as
the past performance of the Partnership, give no indication of
such "risk of ruin". In addition, VaR risk measures should be
viewed in light of the methodology's limitations, which include
the following:
? past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
? changes in portfolio value 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 provided present the results of the Partnership's
VaR for its market risk exposures at December 31, 2003 and 2002
and for the four quarter-end reporting periods during calendar
year 2003. VaR is not necessarily representative of the historic
risk, nor should it be used to predict 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, 2003.

The Partnership also maintains a substantial portion
(approximately 93% as of December 31, 2003) of its available
assets in cash at Morgan Stanley DW. A decline in short-term
interest rates would 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 only trading risk exposure of the
Partnership at December 31, 2003. It may be anticipated, however,
that market exposure will vary materially over time.

Currency. The Partnership's currency exposure at December 31,
2003 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, 2003, the
Partnership's major exposures were to the euro, Japanese yen,
British pound, Australian dollar, Canadian dollar, Swiss franc,
and Norwegian kroner currency crosses, as well as 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, 2003, 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 by
monitoring the performance of the Trading Advisors daily. In
addition, the Trading Advisors establish diversification
guidelines, often set in terms of the maximum margin to be
committed to positions in any one market 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

2003
March 31 $ 360,693 $ (62,406) $ (6.33)
June 30 1,144,264 729,245 59.15
September 30 (228,851) (539,511) (44.73)
December 31 1,313,243 938,976 81.15

Total $ 2,589,349 $ 1,066,304 $ 89.24

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

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

None.

Item 9A. CONTROLS AND PROCEDURES
(a) As of the end of the period covered by 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-15(e) and 15d-
15(e) 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 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:

Jeffrey A. Rothman, age 42, is the Chairman of the Board of
Directors and President 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 the Chairman of the Board of Directors of Morgan
Stanley Futures & Currency Management Inc. Mr. Rothman has been
with the managed futures department for seventeen years.
Throughout his career, Mr. Rothman has helped with the
development, marketing and administration of approximately 39
commodity pools. Mr. Rothman is an active member of the Managed
Funds Association and serves on its Board of Directors. Mr.
Rothman has a B.A. degree in Liberal Arts from Brooklyn College,
New York.

Richard A. Beech, age 52, 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 Futures, Forex
& Metals. 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. Mr.
Beech has a B.S. degree in Business Administration from Ohio State
University and an M.B.A. degree from Virginia Polytechnic
Institute and State University.

Raymond A. Harris, age 47, is a Director of Demeter and of Morgan
Stanley Futures & Currency Management Inc. Mr. Harris is
currently Managing Director and head of Client Solutions for
Morgan Stanley Individual Investor Group. Mr. Harris joined
Morgan Stanley in 1982 and served in financial and operational
assignments for Dean Witter Reynolds. In 1994 he joined the
Discover Financial Services division, leading restructuring and
product development efforts. Mr. Harris became Chief
Administrative Officer for Morgan Stanley Investment Management in
1999. In 2001, he was named head of Global Products and Services
for Investment Management. Mr. Harris has an M.B.A. in Finance
from the University of Chicago and a B.A. degree from Boston
College.

Frank Zafran, age 48, 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 Client
Solutions 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.

Douglas J. Ketterer, age 38, was named a Director of Demeter, and
confirmed by the National Futures Association as a principal of
Demeter on October 27, 2003. Mr. Ketterer is a Managing Director
and head of the Investment Solutions Group, which is comprised of
a number of departments which offer products and services through
Morgan Stanley's Individual Investor Group (including Managed
Futures, Alternative Investments, Insurance Services, Personal
Trust, Corporate Services, and others). Mr. Ketterer joined the
firm in 1990 in the Corporate Finance Division as a part of the
Retail Products Group. He later moved to the origination side of
Investment Banking, and then, after the merger between Morgan
Stanley and Dean Witter, served in the Product Development Group
at Morgan Stanley Dean Witter Advisors (now known as Morgan
Stanley Funds). From the summer of 2000 to the summer of 2002,
Mr. Ketterer served as the Chief Administrative Officer for Morgan
Stanley Investment Management, where he headed the Strategic
Planning & Administrative Group. Mr. Ketterer received his
M.B.A. from New York University's Leonard N. Stern School of
Business and his B.S. in Finance from the University at Albany's
School of Business.

Jeffrey S. Swartz, age 36, was named a Director of Demeter, and
confirmed by the National Futures Association as a principal of
Demeter on October 23, 2003. Mr. Swartz is a Managing Director
and Director of the Mass Affluent Segment of Morgan Stanley's
Individual Investor Group. Mr. Swartz began his career with Morgan
Stanley in 1990, working as a Financial Advisor in Boston. He was
appointed Sales Manager of the Boston office in 1994, and served
in that role for two years. In 1996, he was named Branch Manager
of the Cincinnati office. In 1999, Mr. Swartz was named Associate
Director of the Midwest Region, which consisted of 10 states and
approximately 90 offices. Mr. Swartz served in this capacity
until October of 2001, when he was named Director of Investor
Advisory Services ("IAS") Strategy and relocated to IAS
headquarters in New York. In December of 2002, Mr. Swartz was
promoted to Managing Director and Chief Operating Officer of IAS
and has recently assumed the responsibility for managing the Mass
Affluent Client Segment. Mr. Swartz received his degree in
Business Administration from the University of New Hampshire.

Jeffrey D. Hahn, age 46, 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 the
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.

The Audit Committee
The Partnership is operated by its general partner, Demeter, and
does not have an audit committee. As such, the entire Board of
Directors of Demeter serves as the audit committee. None of the
directors are considered to be "independent" as that term is used
in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange
Act of 1934, as amended. The Board of Directors of Demeter has
determined that Mr. Jeffrey D. Hahn is the audit committee
financial expert.

Section 16(a) Beneficial Ownership Reporting Compliance
The Partnership has no directors, executive officers or greater
than 10 percent beneficial owners and none of the directors or
executive officers of Demeter, the general partner of the
Partnership, own Units of the Partnership. As such, no Forms 3,
4, or 5 have been filed.

Code of Ethics

The Partnership has not adopted a code of ethics that applies to
the Partnership's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions. The Partnership is operated by its
general partner, Demeter. The President, Chief Financial Officer
and each member of the Board of Directors of Demeter, are
employees of Morgan Stanley and are subject to the code of ethics
adopted by Morgan Stanley, the text of which can be viewed on
Morgan Stanley's website at www.morganstanley.com/ourcommitment/
codeofconduct.html.

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, 2003, 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, 2003,
Demeter owned 131.267 Units of general partnership interest,
representing a 1.14 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, 2003, 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 fees (paid and accrued by
the Partnership) of $853,615 for the year ended December 31, 2003.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The Partnership pays accounting fees as discussed in Note 1 to
Financial Statements in the Annual Report to the Limited Partners
for the year ended December 31, 2003.

(1) Audit Fees. The aggregate fees for professional services
rendered by Deloitte & Touche LLP in connection with their audit
of the Partnership's financial statements and reviews of the
financial statements included in the Quarterly Reports on Form
10-Q and in connection with statutory and regulatory filings for
the years ended December 31, 2003 and 2002 were approximately
$20,600 and $20,544, respectively.

(2) Audit-Related Fees. There were no fees for assurance and
related services rendered by Deloitte & Touche LLP for the years
ended December 31, 2003 and 2002.

(3) Tax Fees. The aggregate fees for tax compliance services
rendered by Deloitte & Touche LLP for the years ended December 31,
2003 and 2002 were approximately $29,914 and $29,066,
respectively.

(4) All Other Fees. None.

As of the date of this Report, the Board of Directors of Demeter
has not adopted pre-approval policies and procedures. As a
result, all services provided by Deloitte & Touche LLP must be
directly pre-approved by the Board of Directors of Demeter.

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, 2003, 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, 2003, 2002, and 2001.

- - Statements of Financial Condition, including the Schedules of
Investments, as of December 31, 2003 and 2002.

- - Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2003, 2002, and
2001.

- - 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, 2003 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-3.

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 30, 2004 BY: /s/ Jeffrey A. Rothman
Jeffrey A. Rothman,
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/ Jeffrey A. Rothman March 30, 2004
Jeffrey A. Rothman, President

/s/ Douglas J. Ketterer March 30, 2004
Douglas J. Ketterer, Director

/s/ Jeffrey S. Swartz March 30, 2004
Jeffrey S. Swartz, Director

/s/ Richard A. Beech March 30, 2004
Richard A. Beech, Director

/s/ Raymond A. Harris March 30, 2004
Raymond A. Harris, Director

/s/ Frank Zafran March 30, 2004
Frank Zafran, Director

/s/ Jeffery D. Hahn March 30, 2004
Jeffrey D. Hahn, Chief
Financial 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 (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.

E-1

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 December 31, 2003 Annual Report to Limited Partners is filed
herewith.

31.01 Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to rules 13a-15(e) and 15d-15(e), as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.02 Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to rules 13a-15(e) and 15d-15(e), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

32.01 Certification of President of Demeter Management
Corporation, the 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.
E-2

32.02 Certification of Chief Financial Officer of Demeter
Management Corporation, the 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.

E-3

World
Currency
Fund

December 31, 2003
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 compound annualized return since inception for
the Fund. Past performance is not necessarily indicative of future results.

INCEPTION- COMPOUND
TO-DATE ANNUALIZED
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 RETURN RETURN
FUND % % % % % % % % % % % % %
- -------------------------------------------------------------------------------------------------------

World Currency Fund (17.4) (25.1) 2.0 13.0 39.3 (2.6) 2.7 6.4 10.8 17.3 6.5 46.3 3.6
(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
2003

Dear Limited Partner:

This marks the eleventh 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 $1,373.34 and increased by 6.5% to $1,462.58 on December 31, 2003. The
Fund has increased by 46.3% since its inception of trading in April 1993 (a
compound annualized return of 3.6%).

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 no
guarantee of future results.

Sincerely,

/s/ Jeffrey A. Rothman
Jeffrey A. Rothman
Chairman and President
Demeter Management Corporation
General Partner for
Dean Witter World Currency Fund L.P.

DEAN WITTER WORLD CURRENCY FUND L.P.

[CHART]

Year ended December 31, 2003
----------------------------
Australian dollar 6.18%
British pound -6.08%
Euro 16.83%
Japanese yen -4.43%
Swiss franc -1.70%
Minor Currencies -0.09%
Crossrates -0.95%

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:
.. The most significant gains were recorded from long positions in the euro
versus the U.S. dollar as the value of the euro strengthened during May amid
uncertainty regarding the Bush Administration's economic policy, renewed
fears of potential terrorist attacks against American interests, and
investor preference for non-U.S. dollar assets. During January and April,
gains were also recorded from long positions in the euro versus the U.S.
dollar as the dollar's value weakened amid renewed fears of a military
conflict with Iraq, increased tensions with North Korea, and weak U.S.
economic data. During December, significant gains were produced by long
positions in a broad range of major and minor currencies, especially the
euro, versus the U.S. dollar as a confluence of factors including concerns
regarding U.S. budget and trade deficits, a dip in consumer confidence, an
outbreak of Mad Cow Disease in the U.S., and fears of a potential terrorist
attack forced the U.S. dollar to retreat.

WORLD CURRENCY FUND L.P.
(continued)

.. Additional gains resulted from long positions in the Australian and New
Zealand dollars versus the U.S. dollar as the value of these currencies
strengthened during April, May and June in response to the continued
weakness in the U.S. dollar, higher interest rates relative to those in the
U.S., Europe and Asia, and rising gold prices.
.. Further gains were provided by long positions in the South African rand
versus the U.S. dollar during April as the rand's value also strengthened in
response to significant interest rate differentials between the two
countries and strong commodity prices. Gains from long rand positions also
resulted in profits during November from continued dollar weakness.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
.. Positions in the British pound versus the U.S. dollar incurred losses as the
value of the pound strengthened during April and May on expectations that
the Bank of England would likely leave interest rates unchanged and
following the release of lower-than-expected unemployment data from Great
Britain. During June, losses stemmed from positions in the pound versus the
U.S. dollar as the pound's value increased early in the month amid continued
expectations that the Bank of England would likely leave interest rates
unchanged. The pound then reversed lower later in the month after the
British Finance Minister released positive comments regarding the U.K.'s
entry prospects into the European Union.
.. Additional losses resulted from positions in the Japanese yen versus the
U.S. dollar primarily throughout the first half of the year as the value of
the yen experienced significant "whipsawing" amid uncertainty regarding an
intervention by the Bank of Japan. Positions in the Singapore dollar also
resulted in losses as the value of the Asian currency experienced short-term
volatile price movement in sympathy with the yen. Long positions in the
Korean won versus the U.S. dollar resulted in losses during October as the
U.S. dollar strengthened late in the month following the release of strong
U.S. economic data.

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, 2003 and 2002, 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, 2003. 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, 2003 and 2002, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2003 in
conformity with accounting principles generally accepted in the United States
of America.

/s/ Deloitte & Touche LLP

New York, New York
March 2, 2004

DEAN WITTER WORLD CURRENCY FUND L.P.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31,
---------------------
2003 2002
---------- ----------
$ $

ASSETS
Equity in futures interests trading
accounts:
Cash 16,359,141 16,676,595
Net unrealized gain on open contracts 651,468 973,654
---------- ----------
Total Trading Equity 17,010,609 17,650,249
Due from Morgan Stanley DW 28,020 18,407
Interest receivable (Morgan Stanley DW) 9,501 13,206
---------- ----------
Total Assets 17,048,130 17,681,862
========== ==========

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES
Redemptions payable 165,803 156,145
Accrued incentive fees 72,698 --
Accrued management fees 28,396 29,452
Accrued administrative expenses 10,627 10,436
---------- ----------
Total Liabilities 277,524 196,033
---------- ----------

PARTNERS' CAPITAL
Limited Partners (11,335.204 and
12,550.127 Units, respectively) 16,578,618 17,235,560
General Partner ( 131.267 and 182.234
Units, respectively) 191,988 250,269
---------- ----------
Total Partners' Capital 16,770,606 17,485,829
---------- ----------
Total Liabilities and Partners' Capital 17,048,130 17,681,862
========== ==========

NET ASSET VALUE PER UNIT 1,462.58 1,373.34
========== ==========

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,
-------------------------------
2003 2002 2001
--------- --------- ---------
$ $ $

REVENUES
Trading profit (loss):
Realized 2,777,764 4,610,969 3,046,911
Net change in unrealized (322,186) (583,978) (463,124)
--------- --------- ---------
Total Trading Results 2,455,578 4,026,991 2,583,787
Interest income (Morgan Stanley DW) 133,771 206,174 447,090
--------- --------- ---------
Total 2,589,349 4,233,165 3,030,877
--------- --------- ---------
EXPENSES
Brokerage commissions
(Morgan Stanley DW) 853,615 726,787 645,740
Management fees 341,455 335,866 337,634
Incentive fees 284,194 427,708 284,579
Administrative expenses 43,781 41,135 43,823
--------- --------- ---------
Total 1,523,045 1,531,496 1,311,776
--------- --------- ---------
NET INCOME 1,066,304 2,701,669 1,719,101
========= ========= =========
NET INCOME ALLOCATION:
Limited Partners 1,054,585 2,653,012 1,683,484
General Partner 11,719 48,657 35,617

NET INCOME PER UNIT:
Limited Partners 89.24 202.57 113.97
General Partner 89.24 202.57 113.97

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001

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

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
Net income -- 1,054,585 11,719 1,066,304
Redemptions (1,265.890) (1,711,527) (70,000) (1,781,527)
---------- ---------- -------- ----------
Partners' Capital,
December 31, 2003 11,466.471 16,578,618 191,988 16,770,606
========== ========== ======== ==========

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,
----------------------------------
2003 2002 2001
---------- ---------- ----------
$ $ $

CASH FLOWS FROM
OPERATING ACTIVITIES
Net income 1,066,304 2,701,669 1,719,101
Noncash item included in net
income:
Net change in unrealized 322,186 583,978 463,124
(Increase) decrease in operating
assets:
Due from Morgan Stanley
DW (9,613) (18,407) 3,628
Interest receivable
(Morgan Stanley DW) 3,705 4,869 41,675
Increase (decrease) in operating
liabilities:
Accrued incentive fees 72,698 (188,820) 188,820
Accrued management fees (1,056) 605 171
Accrued administrative
expenses 191 3,152 (348)
---------- ---------- ----------
Net cash provided by operating
activities 1,454,415 3,087,046 2,416,171
---------- ---------- ----------

CASH FLOWS FROM
FINANCING ACTIVITIES
Increase (decrease) in
redemptions payable 9,658 (175,013) 67,216
Redemptions of Units (1,781,527) (1,974,936) (1,873,171)
---------- ---------- ----------
Net cash used for financing
activities (1,771,869) (2,149,949) (1,805,955)
---------- ---------- ----------

Net increase (decrease) in cash (317,454) 937,097 610,216

Balance at beginning of period 16,676,595 15,739,498 15,129,282
---------- ---------- ----------

Balance at end of period 16,359,141 16,676,595 15,739,498
========== ========== ==========

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

DEAN WITTER WORLD CURRENCY FUND L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2003 AND 2002

LONG UNREALIZED PERCENTAGE SHORT UNREALIZED PERCENTAGE
FUTURES AND FORWARD CONTRACTS GAIN/(LOSS) OF NET ASSETS GAIN/(LOSS) OF NET ASSETS
- ----------------------------- --------------- ------------- ---------------- -------------
2003 PARTNERSHIP NET ASSETS: $16,770,606 $ % $ %

Foreign currency 942,619 5.62* (291,151) (1.74)
========= ===== ======== =====
Unrealized Currency Gain (Loss)

Total Net Unrealized Gain per Statement of Financial
Condition

2002 PARTNERSHIP NET ASSETS: $17,485,829
Foreign currency:
Other (113,511) (0.65) (107,553) (0.62)
Euro/US dollar Mar. 03 1,176,398 6.73 -- --
--------- ----- -------- -----
Grand Total: 1,062,887 6.08 (107,553) (0.62)
========= ===== ======== =====
Unrealized Currency Gain

Total Net Unrealized Gain per Statement of Financial
Condition

NET UNREALIZED
FUTURES AND FORWARD CONTRACTS GAIN/(LOSS) NOTIONAL AMOUNTS
- ----------------------------- -------------- ----------------
2003 PARTNERSHIP NET ASSETS: $16,770,606 $

Foreign currency 651,468 8,441,370,665

Unrealized Currency Gain (Loss) --
---------
Total Net Unrealized Gain per Statement of Financial
Condition 651,468
=========

2002 PARTNERSHIP NET ASSETS: $17,485,829
Foreign currency:
Other (221,064) 5,584,171,735
Euro/US dollar Mar. 03 1,176,398 37,990,000
---------
Grand Total: 955,334

Unrealized Currency Gain 18,320
---------
Total Net Unrealized Gain per Statement of Financial
Condition 973,654
=========

* No single contract's value exceeds 5% of Net Assets.

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
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 broker is Morgan Stanley & Co.
Incorporated ("MS&Co."). Demeter, Morgan Stanley DW and MS&Co. 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.

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

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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 ("AICPA
Executive Committee") issued Statement of Position 01-1 ("SOP 01-1") "Amendment
to the Scope of Statement of Position 95-2, Financial Reporting By Nonpublic
Investment Partnerships, to Include Commodity Pools". SOP 01-1 required
commodity pools 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, beginning in fiscal years ending after
December 15, 2001.

In December 2003, the AICPA Executive Committee issued Statement of Position
03-4 ("SOP 03-4") "Reporting Financial Highlights and Schedule of Investments
by Nonregistered Investment Partnerships: An Amendment to the Audit and
Accounting Guide Audits Of Investment Companies and AICPA Statement of Position
95-2, Financial Reporting By Nonpublic Investment Partnerships". SOP 03-4
requires commodity pools to disclose on the Schedule of Investments the number
of contracts, the contracts' expiration dates and the cumulative unrealized
gains/(losses) on open futures contracts, when the cumulative unrealized
gains/(losses) on an open futures contract exceeds 5% of Net Assets, taking
long and short positions into account separately. SOP 03-4 also requires ratios
for expenses and net income/(losses) based on average net assets to be
disclosed in Financial Highlights. SOP 03-4 is effective for fiscal years
ending after December 15, 2003.

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

EQUITY IN FUTURES INTERESTS TRADING ACCOUNTS. The Partnership's asset "Equity
in futures interests trading accounts", reflected on the statements of
financial condition, consists of (A) cash on deposit with Morgan Stanley DW and
MS&Co. 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. acting as its commodity broker. Pursuant to brokerage
agreements with MS&Co., to the extent that such trading results in unrealized
gains or losses, the amounts are offset and reported on a net basis on 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 the terms of
its 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 and MS&Co.
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.

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. Trading profits represent the amount by which profits from futures,
forwards and

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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.
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 Standards 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.

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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
---- --------- --------- ------- --------- ---------
$ $ $

2003 -- 651,468 651,468 -- Mar. 2004
2002 -- 973,654 973,654 -- Mar. 2003

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 and MS&Co. 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 and MS&Co., 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
exchange-required 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, however, MS&Co. and Morgan Stanley DW will make

DEAN WITTER WORLD CURRENCY FUND L.P.

NOTES TO FINANCIAL STATEMENTS
(concluded)

daily settlements of losses as needed. 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 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, 2003: $1,373.34
---------
NET OPERATING RESULTS:
Realized Profit 231.66
Unrealized Loss (26.81)
Interest Income 11.13
Expenses (126.74)
---------
Net Income 89.24
---------
NET ASSET VALUE, DECEMBER 31, 2003: $1,462.58
=========

Expense Ratio 9.1%
Net Income Ratio 6.3%

TOTAL RETURN 2003 6.5%

INCEPTION-TO-DATE RETURN 46.3%

COMPOUND ANNUALIZED RETURN 3.6%

PRESORTED
FIRST CLASS MAIL
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PAID
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LANCASTER, PA
Demeter Management Corporation
825 Third Avenue, 9th Floor
New York, NY 10022

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