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 period ended March 31, 1996 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 number 33-42360
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
(Exact name of registrant as specified in its charter)
Delaware 13-3642323
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
c/o Demeter Management Corp.
Two World Trade Center, New York, NY 62 Fl. 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 GLOBAL PERSPECTIVE PORTFOLIO FUND
INDEX TO QUARTERLY REPORT ON FORM 10-Q
March 31, 1996
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
March 31, 1996 (Unaudited) and December 31, 1995...........2
Statements of Operations for the Quarters Ended
March 31, 1996 and 1995 (Unaudited) .......................3
Statement of Changes in Partners' Capital for
the Quarters Ended March 31, 1996 and 1995
(Unaudited)................................................4
Statements of Cash Flows for the Quarters Ended
March 31, 1996 and 1995 (Unaudited)........................5
Notes to Financial Statements (Unaudited)................6-10
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations............................................11-14
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...................... 15
/TABLE
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
March 31, December 31,
1996 1995
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 21,524,568 23,419,888
Net unrealized gain on open contracts 432,563 1,234,614
Net of option premiums 280,750 68,262
Total Trading Equity 22,237,881 24,722,764
Receivable from DWR 75,860 43,173
Interest receivable (DWR) 74,863 86,133
Total Assets 22,388,604 24,852,070
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 233,565 360,179
Accrued management fees 55,882 61,428
Accrued brokerage commissions (DWR) 24,367 60,522
Accrued administrative expenses 5,896 20,150
Accrued transaction fees and costs 5,146 5,275
Total Liabilities 324,856 507,554
Partners' Capital
Limited Partners (29,035.799 and
29,854.232 Units, respectively) 21,532,794 23,774,361
General Partner (715.962 Units) 530,954 570,155
Total Partners' Capital 22,063,748 24,344,516
Total Liabilities and Partners' Capital 22,388,604 24,852,070
NET ASSET VALUE PER UNIT 741.59 796.35
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended March 31,
1996 1995
$ $
<S> <C> <C>
REVENUES
Trading profit (loss):
Realized (403,225) 2,667,022
Net change in unrealized (802,051) 2,287,331
Total Trading Results (1,205,276) 4,954,353
Interest Income (DWR) 230,531 317,898
Total Revenues (974,745) 5,272,251
EXPENSES
Brokerage commissions (DWR) 431,400 533,457
Management fees 178,048 217,478
Transaction fees and costs 42,136 53,716
Administrative expenses 14,760 13,599
Total Expenses 666,344 818,250
NET INCOME (LOSS) (1,641,089) 4,454,001
NET INCOME (LOSS) ALLOCATION
Limited Partners (1,601,888) 4,373,236
General Partner (39,201) 80,765
NET INCOME (LOSS) PER UNIT
Limited Partners (54.76) 112.81
General Partner (54.76) 112.81
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Quarters Ended March 31, 1996 and 1995
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C> <C>
Partners' Capital
December 31, 1994 41,985.791 $28,148,186 $488,324 $28,636,510
Net Income - 4,373,236 80,765 4,454,001
Redemptions (2,959.540) (2,070,155) - (2,070,155)
Partners' Capital
March 31, 1995 39,026.251 $30,451,267 $569,089 $31,020,356
Partners' Capital
December 31, 1995 30,570.194 $23,774,361 $570,155 $24,344,516
Net Loss - (1,601,888) (39,201) (1,641,089)
Redemptions (818.433) (639,679) - (639,679)
Partners' Capital
March 31, 1996 29,751.761 $21,532,794 $530,954 $22,063,748
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Quarters Ended March 31,
1996 1995
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) (1,641,089) 4,454,001
Noncash item included in net income (loss):
Net change in unrealized 802,051 (2,287,331)
(Increase) decrease in operating assets:
Net option premiums (212,488) 151,050
Receivable from DWR (32,687) 32,993
Interest receivable (DWR) 11,270 5,488
Prepaid expenses - (9,363)
Increase (decrease) in operating liabilities:
Accrued management fees (5,546) 5,614
Accrued brokerage commissions (DWR) (36,155) 18,883
Accrued administrative expenses (14,254) (10,318)
Accrued transaction fees and costs (129) 4,217
Net cash provided by (used for) operating activities (1,129,027) 2,365,234
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (126,614) (338,603)
Redemptions of units (639,679) (2,070,155)
Net cash used for financing activities (766,293) (2,408,758)
Net decrease in cash (1,895,320) (43,524)
Balance at beginning of period 23,419,888 27,713,770
Balance at end of period 21,524,568 27,670,246
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
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. The financial statements and
condensed notes herein should be read in conjunction with the
Partnership's December 31, 1995 Annual Report on Form 10-K.
1. Organization
Dean Witter Global Perspective Portfolio Fund (the "Partnership")
is a limited partnership organized to engage in the speculative
trading of commodity futures contracts, commodity options contracts
and forward contracts on foreign currencies. The general partner
for the Partnership is Demeter Management Corporation (the "General
Partner"). The commodity broker is Dean Witter Reynolds Inc.
("DWR"). Both DWR and the General Partner are wholly-owned
subsidiaries of Dean Witter, Discover & Co. The General Partner
has retained Abacus Asset Management Inc., ELM Financial, Inc., EMC
Capital Management, Inc., and Millburn Ridgefield Corporation as
the trading advisors of the Partnership.
2. Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity trading
accounts to meet margin requirements as needed. 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.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
3. Financial Instruments
The Partnership trades futures, options and forward contracts in
interest rates, stock indices, commodities, currencies, petroleum
and precious metals. Futures and forwards represent contracts for
delayed delivery of an instrument at a specific 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 March 31, 1996 open contracts were:
Contract or
Notional Amount
$
Exchange-Traded Contracts
Financial Futures:
Commitments to Sell 61,110,000
Commodity Futures:
Commitments to Purchase 10,217,000
Foreign Futures:
Commitments to Purchase 12,448,000
Commitments to Sell 13,932,000
Off-Exchange-Traded Forward
Currency Contracts
Commitments to Purchase 27,728,000
Commitments to Sell 33,835,000
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.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The unrealized gain on open contracts is reported as a component of
"Equity in Commodity futures trading accounts" on the Statement of
Financial Condition and totaled $432,563 at March 31, 1996. Of
this amount, $407,791 was related to exchange-traded futures
contracts and $24,772 related to off-exchange-traded forward
currency contracts.
Exchange-traded futures contracts held by the Partnership at March
31, 1996 mature through June 1997. Off-exchange-traded forward
currency contracts held at March 31, 1996 mature through April
1996. The contract amounts in the above table represent the
partnership's extent of involvement in the 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.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The Partnership also has credit risk because the sole counterparty,
with respect to most of the Partnership's assets is DWR. Exchange-
traded futures and options contracts are marked to market on a
daily basis, with variations in value settled on a daily basis.
DWR, as the futures commission merchant for all of the
Partnership's exchange-traded futures and options contracts, is
required pursuant to regulations of the Commodity Futures Trading
Commission to segregate from its own assets and for the sole
benefit of its commodity customers, all funds held by DWR with
respect to exchange-traded futures and options contracts including
an amount equal to the net unrealized gains on all open futures
contracts which funds totaled $21,923,359 at March 31, 1996. With
respect to the Partnership's off-exchange-traded forward currency
contracts, there are no daily settlements of variations in value
nor is there any requirement that an amount equal to the net
unrealized gain on open forward contracts be segregated. With
respect to those off-exchange-traded forward currency contracts,
the partnership is at risk to the ability of DWR, the counterparty
on all of such contracts, to perform.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)
For the quarter ended March 31, 1996 the average fair value of
financial instruments held for trading purposes was as follows:
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 56,765,000 84,357,000
Commodity Futures 9,399,000 768,000
Foreign Futures 49,813,000 13,244,000
Off-Exchange-Traded Forward
Currency Contracts 33,780,000 44,883,162
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in separate
commodity interest trading accounts with DWR, and are used by the
Partnership as margin to engage in commodity futures, forward
contracts on foreign currencies and other commodity interest
trading. DWR holds such assets in either designated depositories
or in securities approved by the Commodity Futures Trading
Commission for investment of customer funds. The Partnership's
assets held by DWR may be used as margin solely for the
Partnership's trading. Since the Partnership's sole purpose is to
trade in commodity futures contracts, forward contracts on foreign
currencies and other commodity interests, it is expected that the
Partnership will continue to own such liquid assets for margin
purposes.
The Partnership's investment in commodity futures and forward
contracts and other commodity interests may be illiquid. If the
price of the futures contract for a particular commodity has
increased or decreased by an amount equal to the "daily limit",
positions in the commodity can neither be taken nor liquidated
unless traders are willing to effect trades at or within the limit.
Commodity futures prices have occasionally moved the daily limit
for several consecutive days with little or no trading. Such
market conditions could prevent the Partnership from promptly
liquidating its commodity futures positions.
<PAGE>
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. Redemptions of additional
Units in the future will impact the amount of funds available for
investments in commodity futures and forward contracts and other
commodity interests. As redemptions are at the discretion of
Limited Partners, it is not possible to estimate the amount and
therefore, the impact of future redemptions.
Results of Operations
For the Quarter Ended March 31, 1996
For the Quarter ended March 31, 1996, the Partnership's total
trading losses net of interest income were $974,745. During the
first quarter, the Partnership posted a loss in Net Asset Value per
Unit. The most significant losses were recorded during February as
dramatic price trend reversals were experienced in several key
market sectors, particularly the currency and financial futures
markets. In the currency markets, sharp and sudden move higher in
the value of the Japanese yen, German mark and Swiss franc resulted
in losses for the Fund's previously established short positions in
<PAGE>
these currencies. Trading in global financial futures during
February resulted in additional losses as the previous upward trend
in interest rate and stock index futures prices reversed
dramatically lower. As a result, losses were recorded primarily in
European financial futures. Smaller losses were recorded in
traditional commodities during the quarter as metals and soft
commodities prices moved in a trendless pattern during both
February and March and from trading in global financial futures
during March. A portion of these losses was offset by gains
recorded from currency trading during January as short positions in
the Japanese yen and most major European currencies profited from
a decline in the value of these currencies relative to the U.S.
dollar. Additional profits during January were recorded from long
positions in European bond futures as prices moved higher.
Currency trading during March also helped in offsetting losses for
the quarter as transactions involving the Japanese yen and
Australian dollar were profitable. Total expenses for the quarter
were $666,344 resulting in a net loss of $1,641,089. The value of
an individual Unit in the Partnership decreased from $796.35 at
December 31, 1995 to $741.59 at March 31, 1996.
For the Quarter Ended March 31, 1995
For the Quarter ended March 31, 1995, the Partnership's total
trading revenues including interest income were $5,272,251. During
the first quarter, the Partnership posted a gain in Net Asset Value
per Unit. The most significant losses were recorded during
February and March in the currency markets as a result of a
decrease in value of the U.S. dollar versus the Japanese yen and
<PAGE>
major European currencies such as the Swiss franc, German mark and
French franc. Additional gains were recorded in the financial
futures markets as a result of trading Japanese bond, U.S. interest
rate, Nikkei stock index and S&P 500 futures. Smaller trading
losses in the metals, agricultural, international and energy
markets offset a portion of overall gains for the quarter. Total
expenses for the quarter were $818,250 generating net income of
$4,454,001. The value of an individual Unit in the Partnership
increased from $682.05 at December 31, 1994 to $794.86 at March 31,
1995.
<PAGE>
PART II. OTHER INFORMATION
Item 6.Exhibits and Reports on Form 8-K
A) Exhibits.
None.
B) Reports on Form 8-K. - None.
<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 Global Perspective
Portfolio Fund
(Registrant)
By: Demeter Management Corporation
(General Partner)
May 15, 1996 By:/s/ Patti L. Behnke
Patti L. Behnke
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.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean Witter
Global Perspective Portfolio L.P. and is qualified in its entirety by
references to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 21,524,568
<SECURITIES> 0
<RECEIVABLES> 150,723<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 22,388,064<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 22,388,064<F3>
<SALES> 0
<TOTAL-REVENUES> (974,745)<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 666,344
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,641,089)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,641,089)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,641,089)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include receivable from DWR of $75,860 and interest
receivable of $74,863.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $432,563 and net option premiums of $280,750.
<F3>Liabilities include redemptions payable of $233,565, accrued brokerage
commissions of $24,367, accrued management fees of $55,882, accrued
administrative expenses of $5,896 and accrued transaction fees and costs of
$5,146.
<F4>Total revenues includes realized trading revenue of $(403,225), net
change in unrealized of $(802,051) and interest income of $230,531.
</FN>
</TABLE>
