UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1998 or
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission File No. 0-23826
DEAN WITTER WORLD CURRENCY FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3700691
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
No.)
c/o Demeter Management Corporation
Two World Trade Center, 62 Fl., New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 392-5454
(Former name, former address, and former fiscal year, if changed
since last report)
Indicate by check-mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
<PAGE>
<TABLE>
DEAN WITTER WORLD CURRENCY FUND L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 1998
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition September 30, 1998
(Unaudited) and December 31, 1997.........................2
Statements of Operations for the Quarters Ended
September 30, 1998 and 1997 (Unaudited)...................3
Statements of Operations for the Nine Months Ended
September 30, 1998 and 1997 (Unaudited)...................4
Statements of Changes in Partners' Capital for the
Nine Months Ended September 30, 1998 and 1997
(Unaudited)...............................................5
Statements of Cash Flows for the Nine Months Ended
September 30, 1998 and 1997 (Unaudited)...................6
Notes to Financial Statements (Unaudited)..............7-
11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations......12-19
Part II. OTHER INFORMATION
Item 1. Legal Proceedings.....................................20
Item 6. Exhibits and Reports on Form 8-K......................20
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER WORLD CURRENCY FUND L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1998 1997
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 27,072,378 31,327,827
Net unrealized gain on open contracts1,327,287 775,529
Net option premiums - 49,687
Total Trading Equity 28,399,665 32,153,043
Interest receivable (DWR) 85,032 106,973
Total Assets 28,484,697 32,260,016
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 1,282,440 305,335
Accrued management fees 71,073 80,650
Accrued administrative expenses 55,578 -
Total Liabilities 1,409,091 385,985
Partners' Capital
Limited Partners (26,841.821 and
30,865.833 Units, respectively) 26,764,006 30,674,029
General Partner (312.506 and
1,207.506 Units, respectively) 311,600 1,200,002
Total Partners' Capital 27,075,606 31,874,031
Total Liabilities and Partners' Capital 28,484,697 32,26
0,016
NET ASSET VALUE PER UNIT 997.10 993.79
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER WORLD CURRENCY FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (1,346,449) 2,523,168
Net change in unrealized 663,103 (106,902)
Total Trading Results (683,346) 2,416,266
Interest Income (DWR) 271,614 304,376
Total Revenues (411,732) 2,720,642
EXPENSES
Brokerage commissions (DWR) 277,920 184,683
Management fees 215,853 232,128
Transaction fees and costs 18,670 16,523
Administrative expenses 18,337 18,804
Incentive fees - 73,082
Total Expenses 530,780 525,220
NET INCOME (LOSS) (942,512) 2,195,422
NET INCOME (LOSS) ALLOCATION
Limited Partners (903,661) 2,117,604
General Partner (38,851) 77,818
NET INCOME (LOSS) PER UNIT
Limited Partners
(32.18) 64.45
General Partner
(32.18) 64.45
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER WORLD CURRENCY FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 153,729 8,990,979
Net change in unrealized 551,758 (444,695)
Total Trading Results 705,487 8,546,284
Interest Income (DWR) 864,192 918,776
Total Revenues 1,569,679 9,465,060
EXPENSES
Brokerage commissions (DWR) 797,770 661,581
Management fees 665,534 689,457
Administrative expenses 55,583 56,240
Transaction fees and costs 47,777 51,546
Incentive fees - 562,586
Total Expenses 1,566,664 2,021,410
NET INCOME 3,015 7,443,650
NET INCOME (LOSS) ALLOCATION
Limited Partners (988) 7,194,229
General Partner 4,003 249,421
NET INCOME PER UNIT
Limited Partners 3.31 206.56
General Partner 3.31 206.56
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER WORLD CURRENCY FUND L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 1998 and 1997
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C>
<C>
Partners' Capital
December 31, 1996 37,200.115 $25,668,776 $861,155
$26,529,931
Net Income - 7,194,229 249,421
7,443,650
Redemptions (4,342.426) (3,753,466) -
(3,753,466)
Partners' Capital
September 30, 1997 32,857.689 $29,109,539 $1,110,576
$30,220,115
Partners' Capital
December 31, 1997 32,073.339 $30,674,029 $1,200,002
$31,874,031
Net Income - (988) 4,003 3,015
Redemptions (4,919.012) (3,909,035) (892,405)
(4,801,440)
Partners' Capital
September 30, 1998 27,154.327 $26,764,006 $311,600
$27,075,606
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER WORLD CURRENCY FUND L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1998 1997
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income 3,015 7
,443,650
Noncash item included in net income:
Net change in unrealized (551,758) 444,695
(Increase) decrease in operating assets:
Net option premiums 49,687 230,200
Interest receivable (DWR) 21,941 (9,424)
Due from DWR - 40,800
Increase (decrease) in operating liabilities:
Accrued management fees (9,577) 8,186
Accrued administrative expenses 55,578 9,064
Accrued incentive fees -
73,081
Accrued brokerage commissions (DWR) - (26,388)
Accrued transaction fees and costs -
(1,702)
Net cash provided by (used for) operating activities (431,114)
8,212,162
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in redemptions payable977,105
(510,539)
Redemptions of units (4,801,440) (
3,753,466)
Net cash used for financing activities (3,824,335) (
4,264,005)
Net increase (decrease) in cash (4,255,449) 3
,948,157
Balance at beginning of period 31,327,827 2
5,825,801
Balance at end of period 27,072,378 2
9,773,958
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
The financial statements include, in the opinion of management,
all adjustments necessary for a fair presentation of the results
of operations and financial condition of Dean Witter World
Currency Fund L.P. (the "Partnership"). The financial statements
and condensed notes herein should be read in conjunction with the
Partnership's December 31, 1997 Annual Report on Form 10-K.
1. Organization
Dean Witter World Currency Fund L.P. is a limited partnership
organized to engage in the speculative trading of commodity
futures contracts, commodity options contracts and forward
contracts on foreign currencies (collectively, "futures
interests"). The general partner is Demeter Management
Corporation ("Demeter"). The non-clearing commodity broker is
Dean Witter Reynolds Inc. ("DWR"), an affiliate of Demeter. The
clearing commodity broker is Carr Futures Inc. ("Carr"),
providing clearing and execution services. Both Demeter and DWR
are wholly-owned subsidiaries of Morgan Stanley Dean Witter & Co.
("MSDW"). Demeter has retained as the trading advisors of the
Partnership John W. Henry & Company, Inc. ("JWH") and Millburn
Ridgefield Corporation (the "Trading Advisors").
2. Related Party Transactions
The Partnership's cash is on deposit with DWR and Carr in futures
interest trading accounts to meet margin requirements as needed.
<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DWR pays interest on these funds based on current 13-week U.S.
Treasury bill rates. Brokerage expenses incurred by the
Partnership are paid to DWR.
3. Financial Instruments
The Partnership trades commodity futures, options and forward
contracts on foreign currencies. Futures, options 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. At
September 30, 1998 and December 31, 1997, open contracts were:
Contract or Notional Amount
September 30, 1998 December 31, 1997
$ $
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 152,144,000 56,832,000
Commitments to Sell 84,145,000 114,502,000
A portion of the amounts indicated as off-balance-sheet risk in
forward currency contracts is due to offsetting forward
commitments to purchase and to sell the same currency on the same
date in the future. These commitments are economically
offsetting, but are not offset in the forward market until the
settlement date.
<pae>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The net unrealized gains on open contracts are reported as a
component of "Equity in Commodity futures trading accounts" on
the Statements of Financial Condition and totaled $1,327,287 and
$775,529 at September 30, 1998 and December 31, 1997,
respectively.
Of the $1,327,287 net unrealized gain on open contracts at
September 30, 1998, $(244,828) related to exchange-traded futures
contracts and $1,572,115 related to off-exchange-traded forward
currency contracts.
Of the $775,529 net unrealized gain on open contracts at December
31, 1997, $(24,755) related to exchange-traded futures contracts
and $800,284 related to off-exchange-traded forward currency
contracts.
No exchange-traded futures contracts were held by the Partnership
at September 30, 1998 or December 31, 1997. Off-exchange-traded
forward currency contracts held by the Partnership at September
30, 1998 and December 31, 1997 mature through December 1998 and
March 1998, respectively.
<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The contract amounts in the above table represent the
Partnership's extent of involvement in a particular class of
financial instrument, but not the credit risk associated with
counterparty non-performance. The credit risk associated with
these instruments is limited to the amounts reflected in the
Partnership's Statements of Financial Condition.
The Partnership also has credit risk because DWR and Carr act as
the futures commission merchants or the counterparties, with
respect to most of the Partnership's assets. Exchange-traded
futures and futures styled options contracts are marked to market
on a daily basis, with variations in value settled on a daily
basis. Each of DWR and Carr, as a futures commission merchant
for the Partnership's exchange-traded futures and futures styled
options contracts, are required, pursuant to regulations of the
Commodity Futures Trading Commission ("CFTC"), to segregate from
their own assets and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded
futures and futures styled options contracts, including an amount
equal to the net unrealized gains on all open futures and futures
styled options contracts, which funds, in the aggregate, totaled
$26,827,550 and $31,303,072 at September 30, 1998 and December
31, 1997, respectively. With respect to the Partnership's off-
exchange-traded forward currency contracts, there are no daily
settlements of variations in value nor is there any requirement
<PAGE>
DEAN WITTER WORLD CURRENCY FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
that an amount equal to the net unrealized gain on open forward
contracts be segregated. With respect to those off-exchange-
traded forward currency contracts, the Partnership is at risk to
the ability of Carr, the sole counterparty on all such contracts,
to perform. Carr's parent, Credit Agricole Indosuez, has
guaranteed to the Partnership payment of the net liquidating
value of the transactions in the Partnership's account with Carr
(including foreign currency contracts).
For the nine months ended September 30, 1998 and the year ended
December 31, 1997, the average fair value of financial
instruments held for trading purposes was as follows:
September 30, 1998
Assets Liabilities
$ $
Exchange-Traded Contracts
Options on Financial Futures 10,101,000 -
Off-Exchange-Traded Forward
Currency Contracts 171,342,000 188,897,000
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts
Financial Futures 6,501,000 19,214,000
Off-Exchange-Traded Forward
Currency Contracts 130,462,000 152,556,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - Assets of the Partnership are deposited with DWR as
non-clearing broker and Carr as clearing broker in separate
futures interest trading accounts established for each Trading
Advisor and are used by the Partnership as margin to engage in
futures interest trading. Such assets are held in either non-
interest bearing bank accounts or in securities approved by the
CFTC for investment of customer funds. The Partnership's assets
held by DWR and Carr may be used as margin solely for the
Partnership's trading. Since the Partnership's sole purpose is
to trade in futures interests, it is expected that the
Partnership will continue to own such liquid assets for margin
purposes.
The Partnership's investment in futures interests may, from time
to time, be illiquid. Most United States futures exchanges limit
fluctuations in certain futures interest prices during a single
day by regulations referred to as "daily price fluctuations
limits" or "daily limits". Pursuant to such regulations, during
a single trading day no trades may be executed at prices beyond
the daily limit. If the price for a particular futures interest
has increased or decreased by an amount equal to the daily limit,
positions in such futures interest can neither be taken nor
liquidated unless traders are willing to effect trades at or
within the limit. Futures interests prices have occasionally
moved the daily limit for several consecutive days with little or
no trading. Such market conditions could prevent the Partnership
<PAGE>
from promptly liquidating its futures interests and result in
restrictions on redemptions.
There is no limitation on daily price moves in trading forward
contracts on foreign currency. The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets and subjecting it to
substantial losses. Either of these market conditions could
result in restrictions on redemptions.
Capital Resources. The Partnership does not have, nor does it
expect to have, any capital assets. Future redemptions of Units
of Limited Partnership Interest will affect the amount of funds
available for investment in futures interests in subsequent
periods. Since they are at the discretion of the Limited
Partners, it is not possible to estimate the amount and
therefore, the impact of future redemptions.
Results of Operations
For the Quarter and Nine Months Ended September 30, 1998
For the quarter ended September 30, 1998, the Partnership
recorded total trading losses net of interest income of $411,732
and posted a decrease in Net Asset Value per Unit. The most
significant losses were recorded from long British pound
positions as its value moved lower versus the U.S. dollar during
July after showing signs of trending higher earlier in the month.
<PAGE>
Losses continued to be recorded throughout the remainder of the
quarter from transactions involving the British pound as its
value continued to move without consistent direction. Additional
losses were incurred from short Japanese yen positions during
August and September as the value of the yen strengthened versus
the U.S. dollar. This increase in the yen was spurred by several
remarks from a top finance official in Tokyo stating that Japan
was close to intervening in order to support the yen. As a
result of this increase in the yen, new long positions were
established during mid-September, only to result in additional
losses as the value of the yen reversed lower due to the failure
of the Japanese government to present any new initiatives toward
economic reform in that country. Smaller losses were recorded
from transactions involving the Australian dollar during July and
September. These losses were partially offset by gains recorded
during September from long German mark positions as the U.S.
dollar weakened relative to most European currencies due to fears
over the White House scandal, continued concerns about emerging
markets and anticipation of an interest rate cut by the Federal
Reserve. Additional currency gains were recorded from long
positions in the French franc as its value also strengthened
versus the U.S. dollar during September. Total expenses for the
three months ended September 30, 1998 were $530,780, resulting in
a net loss of $942,512. The value of an individual Unit in the
Partnership decreased from $1,029.28 at June 30, 1998 to $997.10
at September 30, 1998.
<PAGE>
For the nine months ended September 30, 1998, the Partnership
recorded total trading revenues including interest income of
$1,569,679 and posted an increase in Net Asset Value per Unit.
The most significant trading gains were recorded from short South
African rand positions as its value moved sharply lower relative
to the U.S. dollar during the second quarter despite an effort by
the South African government to prevent its currency from
declining further. Profits were also recorded from short rand
positions during August as many of the world's emerging market
currencies weakened significantly against the U.S. dollar in lieu
of the Russian ruble devaluation. Additional gains were recorded
from short Japanese yen positions as the U.S. dollar strengthened
versus the yen during March. Short Japanese yen positions
continued to profit throughout the second quarter and early half
of the third quarter as the yen reached a seven and a half year
low relative to the U.S. dollar. Smaller gains were recorded
from short positions in the New Zealand dollar during the first
half of 1998. A portion of the Partnership's overall gains was
offset by losses from trendless movement in the value of the
British pound relative to the U.S. dollar during the second and
third quarters. Smaller losses were recorded from short Swiss
franc positions as the value of this currency strengthened versus
the U.S. dollar during April, May and July. Total expenses for
the nine months ended September 30, 1998 were $1,566,664,
resulting in net income of $3,015. The value of an individual
Unit in the Partnership increased from $993.79 at December 31,
1997 to $997.10 at September 30, 1998.
<PAGE>
For the Quarter and Nine Months Ended September 30, 1997
For the quarter ended September 30, 1997, the Partnership
recorded total trading revenues including interest income of
$2,720,642 and posted an increase in Net Asset Value per Unit.
The most significant profits were recorded during July as the
value of the U.S. dollar strengthened relative to most major
world currencies. As a result, gains were recorded from short
German mark positions, as well as from short positions in the
Swiss franc, French franc, and Singapore dollar. Additional
gains were recorded from short Malaysian ringgit positions as its
value declined relative to the U.S. dollar throughout the
quarter. A portion of the Partnership's overall gains for the
quarter was offset by losses experienced from transactions
involving the British pound as its value moved in a trendless
pattern relative to other world currencies during the quarter.
Smaller losses were recorded from transactions involving the
Japanese yen as its value also moved without consistent direction
during the quarter. Total expenses for the three months ended
September 30, 1997 were $525,220 resulting in net income of
$2,195,422. The value of an individual Unit in the Partnership
increased from $855.28 at June 30, 1997 to $919.73 at September
30, 1997.
For the nine months ended September 30, 1997, the Partnership
recorded total trading revenues including interest income of
$9,465,060 and posted an increase in Net Asset Value per Unit.
The most significant gains were recorded during January and
February as a strengthening in the value of the U.S. dollar
relative to most other major currencies emerged. Gains were also
<PAGE>
recorded from transactions involving the German mark and Japanese
yen during April and June. Additional profits were recorded from
short German mark and Malaysian ringgit positions as the value of
the U.S. dollar increased relative to these currencies throughout
the third quarter. A small portion of the Partnership's overall
gains was offset by losses recorded from transactions involving
the British pound as its value moved in a trendless pattern
relative to other world currencies during the first nine months
of the year. Total expenses for the nine months ended September
30, 1997 were $2,021,410 resulting in net income of $7,443,650.
The value of an individual Unit in the Partnership increased from
$713.17 at December 31, 1996 to $919.73 at September 30, 1997.
Year 2000 Problem - Commodity pools, like financial and business
organizations and individuals around the world, depend on the
smooth functioning of computer systems. Many computer systems in
use today cannot recognize the computer code for the year 2000,
but revert to 1900 or some other date. This is commonly known as
the "Year 2000 Problem". The Partnership could be adversely
affected if computer systems used by it or any third party with
whom it has a material relationship do not properly process and
calculate date-related information and data concerning dates on
or after January 1, 2000. Such a failure could have a negative
impact on the handling or determination of futures trades and
prices and the services provided the Partnership.
MSDW began its planning in response to the Year 2000 Problem in
1995 and currently has several hundred employees working on such
<PAGE>
response. It has developed its own Year 2000 compliance plan to
deal with the problem and had the plan approved by the company's
executive management, Board of Directors and Information
Technology Department. Demeter is coordinating with MSDW in
taking steps that both believe are reasonably designed to address
the Year 2000 Problem with respect to Demeter's computer systems
that relate to the Partnership. This includes hardware and
software upgrades, systems consulting and computer maintenance.
Beyond the challenge facing internal computer systems, the
systems failure of any of the third parties with whom the
Partnership has a material relationship - the futures exchanges
and clearing organizations through which it trades, Carr, or the
Trading Advisors - could result in a material financial risk to
the Partnership. Regarding the futures exchanges, all U.S.
futures exchanges will be subject to the monitoring of the CFTC
for their Year 2000 preparedness and the major foreign futures
exchanges are also expected to be subject to market-wide testing
of their Year 2000 compliance during 1999. With respect to Carr
and the Trading Advisors, Demeter intends to monitor their
progress throughout 1999 in their Year 2000 compliance and, where
applicable, to test its external interface with Carr and the
Trading Advisors.
Finally, MSDW has begun developing various "contingency plans" in
the event that the systems of such third parties fail, and
Demeter intends to consult closely with MSDW in implementing
those plans. MSDW has also recently reported that its
<PAGE>
development of such contingency plans is proceeding on schedule.
Despite the best efforts of both Demeter and MSDW, however, there
can be no assurance that the above steps will be sufficient to
avoid any adverse impact to the Partnership, whether from
failures in their own computer systems or those of Carr, the
Trading Advisors or any other third party.
Risks Associated with the Euro - On January 1, 1999, eleven
countries in the European Union intend to establish fixed
conversion rates on their existing sovereign currencies and
convert to a common single currency (the "euro"). During a three-
year transition period, the existing sovereign currencies will
continue to exist but only as a fixed denomination of the euro.
Conversion to the euro will prevent the Trading Advisors from
trading in certain currencies and thereby limit its ability to
take advantage of potential market opportunities that might
otherwise have existed had separate currencies been available to
trade, and could result in losses with respect to those
positions.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Previously reported. See Form 10-Q for the quarter ended March
31, 1998.
Item 6. Exhibits and Reports on Form 8-K
Reports on Form 8-K. - No reports have been filed for the quarter
ended September 30, 1998.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dean Witter World Currency Fund
L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
November 10, 1998 By: /s/ Lewis A. Raibley, III
Lewis A. Raibley, III
Chief Financial Officer
The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean
Witter World Currency Fund L.P. and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 27,072,378
<SECURITIES> 0
<RECEIVABLES> 85,032<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 28,484,697<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 28,484,697<F3>
<SALES> 0
<TOTAL-REVENUES> 1,569,679<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,566,664
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,015
<INCOME-TAX> 0
<INCOME-CONTINUING> 3,015
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,015
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $85,032.
<F2)In addition to cash and receivables, total assets include net
unrealized gain on open contracts of $1,327,287.
<F3>Liabilities include redemptions payable of $1,282,440, accrued
management fees of $71,073, and accrued administrative expenses of
$55,578.
<F4>Total revenues include realized trading revenue of $153,729, net
change in unrealized of $551,758 and interest income of $864,192.
</FN>
</TABLE>
