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 September 30, 1997 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. 33-42360
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
(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
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 L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition September 30, 1997
(Unaudited) and December 31, 1996.....................2
Statements of Operations for the Quarters Ended
September 30, 1997 and 1996 (Unaudited)...............3
Statements of Operations for the Nine Months Ended
September 30, 1997 and 1996 (Unaudited)...............4
Statements of Changes in Partners' Capital for the
Nine Months ended September 30, 1997 and 1996
(Unaudited)...........................................5
Statements of Cash Flows for the Nine Months Ended
September 30, 1997 and 1996 (Unaudited)...............6
Notes to Financial Statements (Unaudited)......... 7-12
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations..13-18
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................19-20
Item 5. Other Information.................................20
Item 6. Exhibits and Reports on Form 8-K..................21
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 21,196,593 20,791,474
Net unrealized gain on open contracts 990,670 1,076,373
Net option premiums 33,115 109,179
Total Trading Equity 22,220,378 21,977,026
Due from DWR 149,296 218,310
Interest receivable (DWR) 71,846 72,072
Total Assets 22,441,520 22,267,408
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 257,027 448,724
Accrued brokerage commissions (DWR) 95,063 91,914
Accrued management fees 55,796 55,367
Administrative expenses payable 20,886 19,045
Accrued transaction fees and costs 7,192 9,353
Total Liabilities 435,964 624,403
Partners' Capital
Limited Partners (21,545.253 and
24,157.801 Units, respectively) 21,297,816 21,020,037
General Partner (715.962 Units) 707,740 622,968
Total Partners' Capital 22,005,556 21,643,005
Total Liabilities and Partners' Capital 22,441,520 22,267,408
NET ASSET VALUE PER UNIT 988.52 870.11
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 598,588 (379,310)
Net change in unrealized 297,248 1,184,955
Total Trading Results 895,836 805,645
Interest Income (DWR) 228,437 200,663
Total Revenues 1,124,273 1,006,308
EXPENSES
Brokerage commissions (DWR) 381,150 414,301
Management fees 173,474 151,935
Transaction fees and costs 68,762 59,535
Administrative expenses 14,421 12,630
Total Expenses 637,807 638,401
NET INCOME 486,466 367,907
NET INCOME ALLOCATION
Limited Partners 472,174 357,738
General Partner 14,292 10,169
NET INCOME PER UNIT
Limited Partners 19.97 14.21
General Partner 19.97 14.21
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 4,233,825 (641,621)
Net change in unrealized (85,703) 1,035,141
Total Trading Results 4,148,122 393,520
Interest Income (DWR) 684,575 655,332
Total Revenues 4,832,697 1,048,852
EXPENSES
Brokerage commissions (DWR) 1,171,965 1,298,579
Management fees 518,674 497,693
Transaction fees and costs 173,021 142,891
Administrative expenses 43,115 41,330
Incentive fees 17,305 -
Total Expenses 1,924,080 1,980,493
NET INCOME (LOSS) 2,908,617 (931,641)
NET INCOME (LOSS ) ALLOCATION
Limited Partners 2,823,845 (910,553)
General Partner 84,772 (21,088)
NET INCOME (LOSS) PER UNIT
Limited Partners 118.41 (29.45)
General Partner 118.41 (29.45)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 1997 and 1996
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C> <C>
Partners' Capital
December 31, 1995 30,570.194 $23,774,361 $570,155 $24,344,516
Net Loss - (910,553) (21,088) (931,641)
Redemptions (4,540.189) (3,450,594) - (3,450,594)
Partners' Capital
September 30, 1996 26,030.005 $19,413,214 $549,067 $19,962,281
Partners' Capital
December 31, 1996 24,873.763 $21,020,037 $622,968 $21,643,005
Net Income - 2,823,845 84,772 2,908,617
Redemptions (2,612.548) (2,546,066) - (2,546,066)
Partners' Capital
September 30, 1997 22,261.215 $21,297,816 $707,740 $22,005,556
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) 2,908,617 <931,641)
Noncash item included in net income (loss):
Net change in unrealized 85,703 (1,035,141)
(Increase)decrease in operating assets:
Net option premiums 76,064 (152,673)
Due from DWR 69,014 (152,070)
Interest receivable (DWR) 226 22,340
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) 3,149 38,596
Accrued management fees 429 (10,615)
Administrative expenses payable 1,841 12,317
Accrued transaction fees and costs (2,161) 4,443
Net cash provided by (used for) operating activities 3,142,882 (2,204,444)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (191,697) (47,858)
Redemptions of units (2,546,066) (3,450,594)
Net cash used for financing activities (2,737,763) (3,498,452)
Net increase (decrease) in cash 405,119 (5,702,896)
Balance at beginning of period 20,791,474 23,419,888
Balance at end of period 21,196,593 17,716,992
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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. The financial statements
and condensed notes herein should be read in conjunction with the
Partnership's December 31, 1996 Annual Report on Form 10K.
1. Organization
Dean Witter Global Perspective Portfolio Fund L.P. (the "Partner-
ship") 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 for the
Partnership is Demeter Management Corporation ("Demeter"). The
commodity broker for most of the Partnership's transactions is
Dean Witter Reynolds Inc. ("DWR"). Both Demeter and DWR are
wholly owned subsidiaries of Morgan Stanley, Dean Witter,
Discover & Co. ("MSDWD"). Demeter has retained ELM Financial,
Inc., EMC Capital Management, Inc., and Millburn Ridgefield
Corporation as the trading advisors of the Partnership.
Effective March 1, 1997, Abacus Asset Management Inc. ("Abacus")
was removed as a trading advisor and Partnership assets
previously managed by Abacus were reallocated to the remaining
advisors.
On July 31, 1997, DWR closed the sale of its institutional
futures business and foreign currency trading operations to Carr
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Futures Inc. ("Carr"), a subsidiary of Credit Agricole Indosuez.
Following the sale, Carr became the counterparty on the
Partnership's foreign currency trades. However, during a
transition period of about four months, DWR will continue to
perform certain services relating to the Partnership's futures
trading including clearance. After such transition period, DWR
will continue to serve as a non-clearing commodity broker for the
Partnership with Carr providing all clearing services for
Partnership transactions.
2. Related Party Transactions
The Partnership's cash is on deposit with DWR and Carr 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.
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 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
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
of the contracts. There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility. At September 30, 1997 and
December 31, 1996, open contracts were:
Contract or Notional Amount
September 30, 1997 December 31, 1996
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 61,953,000 21,821,000
Commitments to Sell 8,112,000 86,598,000
Commodity Futures:
Commitments to Purchase 13,626,000 4,784,000
Commitments to Sell 7,891,000 12,396,000
Foreign Futures:
Commitments to Purchase 64,142,000 89,863,000
Commitments to Sell 59,525,000 5,713,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 50,861,000 29,783,000
Commitments to Sell 41,700,000 36,562,000
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.
The net unrealized gains on open contracts are reported as a
component of "Equity in Commodity futures trading accounts" on
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Statements of Financial Condition and totaled $990,670 and
$1,076,373 at September 30, 1997 and December 31, 1996,
respectively. Of the $990,670 net unrealized gain on open
contracts at September 30, 1997, $(640,940) was related to
exchange-traded futures contracts and $1,631,610 was related to
off-exchange-traded forward currency contracts. Of the
$1,076,373 net unrealized gain on open contracts at December 31,
1996, $1,046,658 related to exchange-traded futures contracts and
$29,715 related to off-exchange-traded forward currency
contracts.
Exchange-traded futures contracts held by the Partnership at
September 30, 1997 and December 31, 1996 mature through June
1998. Off-exchange-traded forward currency contracts held by the
Partnership at September 30, 1997 and December 31, 1996 mature
through December 1997 and January 1997, respectively. 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
nonperformance. 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 either DWR or Carr
acts as the futures commission merchant or the counterparty, with
respect to most of the Partnership's assets. Exchange-traded
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 ("CFTC") 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 gain on all open
futures and options contracts, which funds totaled $20,416,004
and $21,838,132 at September 30, 1997 and December 31, 1996,
respectively. With respect to the Partnership's off-exchange-
traded forward currency contracts, there are no daily settlements
of variations in value nor is there any requirement that an
amount equal to the net unrealized 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 Carr's
obligations to the Partnership.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
For the nine months ended September 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
September 30, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 35,508,000 38,509,000
Options on Financial Futures 3,476,400 -
Commodity Futures 10,789,000 9,007,000
Foreign Futures 51,144,000 50,408,000
Options on Foreign Futures 288,000 -
Off-Exchange-Traded Forward
Currency Contracts 35,130,000 38,252,000
December 31, 1996
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 50,976,000 52,598,000
Options on Financial Futures 9,545,000 -
Commodity Futures 7,374,000 6,609,000
Foreign Futures 59,550,000 15,161,000
Options on Foreign Futures 541,000 -
Off-Exchange-Traded Forward
Currency Contracts 35,955,000 41,296,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in futures
interests trading accounts with DWR and Carr, and are used by the
Partnership as margin to engage in futures interest trading. DWR
and Carr hold such assets in either designated depositories 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 of 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 interest 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 futures interests and result in
<PAGE>
restrictions on redemptions. However, since the commencement of
trading by the Partnership, there has never been a time when
illiquidity has affected a material portion of the Partnership's
assets.
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 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 of Limited Partnership Interest in the future will affect
the amount of funds available for investments in futures
interests in subsequent periods. 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 and Nine Months Ended September 30, 1997
For the quarter ended September 30, 1997, the Partnership's total
revenues including interest income were $1,124,273. During
<PAGE>
the third quarter, the Partnership posted an increase in Net
Asset Value per Unit. The most significant gains were recorded
in financial futures due primarily to an upward trend in global
interest rate futures prices during July and September. A
portion of these gains was offset by losses recorded from trading
global stock index futures during the quarter. In the currency
markets, gains were recorded during July from short German mark
positions as the value of the U.S. dollar increased versus the
German mark. Smaller currency gains were recorded from
transactions involving the Mexican Peso, Swiss franc and most
minor European currencies. A portion of the Partnership's
overall gains for the quarter was offset by losses recorded in
the soft commodities agricultural, metals and energy markets. In
the soft commodities and agricultural markets, losses were
recorded from trendless price movement across a majority of the
markets. In metals, gains recorded from trading gold and silver
futures were offset by losses recorded from trendless movement in
base metals prices, particularly nickel and aluminum futures
prices during August and September. In the energy markets, gains
recorded from long natural gas positions, as prices increased
during August and September, offset losses from trading crude and
heating oil futures during July and September. Total expenses
for the quarter were $637,807, resulting in a net income of
$486,466. The value of an individual Unit in the Partnership
increased from $968.55 at June 30, 1997 to $988.52 at September
30, 1997.
<PAGE>
For the nine months ended September 30, 1997, the Partnership's
total revenues including interest income were $4,832,697. During
the first three quarters of the year, the Partnership posted an
increase in Net Asset Value per Unit. The most significant gains
were recorded in the currency markets as the value of the U.S.
dollar increased relative to most major world currencies during
the period January through April. Additional currency gains were
recorded from short positions in the Japanese yen during June as
the value of the U.S. dollar continued to strengthen versus the
yen. Trading gains were also recorded from transactions
involving the German mark relative to the U.S. dollar during the
second and third quarters. In financial futures trading, gains
were recorded during the third quarter from long global interest
rate futures positions as prices increased, and during May and
June from long positions in global stock index futures, as global
equity prices trended higher. A portion of the Partnership's
overall gains during this period was offset by losses recorded in
the energy markets as most gas and oil prices moved in a short-
term volatile pattern. One exception in the energy complex was
natural gas futures prices, which increased during the third
quarter, thus resulting in gains from long positions. Losses
were also experienced from long positions in base metals futures,
as prices moved lower during March and April and then in a
trendless pattern throughout the third quarter. Smaller losses
were recorded in the agricultural and soft commodities markets as
small profits recorded in the first half of the year were more
than offset by losses recorded from trendless movement throughout
<PAGE>
a majority of the third quarter. Total expenses for the period
were $1,924,080 resulting in net income of $2,908,617. The value
of an individual Unit in the Partnership increased from $870.11
at December 31, 1996 to $988.52 at September 30, 1997.
For the Quarter and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $1,006,308.
During the third quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant trading gains
were recorded in the financial futures markets from long
European, Australian and Japanese bond futures positions as
international interest rate futures prices moved higher between
July and September. Additional gains were recorded in the energy
markets from long positions in crude and heating oil futures as
oil prices trended higher throughout the quarter. A portion of
the overall gains for the quarter was offset by losses in the
currency markets from short Swiss franc positions as its value
increased relative to the U.S. dollar and other world currencies
during July. Additional losses were experienced in soft
commodities as a result of trendless movement in coffee and
cotton prices throughout a majority of the quarter. In the
agricultural markets, losses were experienced as soybean and corn
futures prices moved in an inconsistent pattern during the
quarter. Total expenses for the quarter were $638,401, resulting
in net income of $367,907. The value of an individual Unit in
the Partnership increased from
<PAGE>
$752.69 at June 30, 1996 to $766.90 at September 30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading revenues including interest income were $1,048,852.
During the first nine months of the year, the Partnership posted
a decrease in Net Asset Value per Unit. Trading gains during the
first nine months of the year were offset by brokerage
commissions resulting in a net loss. The most significant
trading losses were recorded in the financial futures markets.
These losses recorded during the first six months of the year in
global interest rate and stock index futures more than offset
gains recorded during the third quarter from long positions in
international bond futures. Additional losses were recorded in
the soft commodities markets as a result of choppy price movement
in coffee and sugar futures during a majority of the first nine
months of the year. A majority of overall losses for the year
was offset by gains from long heating, crude and gas oil futures
positions as oil prices moved significantly higher during the
third quarter. Gains were also recorded in the currency markets
from transactions involving the Japanese yen throughout a
majority of the first nine months of the year. Additionally,
profits recorded from long wheat and corn futures positions
during the second quarter more than offset losses in these same
markets recorded during the third quarter. Total expenses for
the period were $1,980,493, resulting in a net loss of $931,641.
The value of an individual Unit in the Partnership decreased from
$796.35 at December 31, 1995 to $766.90 at September 30, 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
On September 6, 10, and 20, 1996, and on March 13, 1997, similar
purported class actions were filed in the Superior Court of the
State of California, County of Los Angeles, on behalf of all
purchasers of interests in limited partnership commodity pools
sold by DWR. Named defendants include DWR, Demeter, Dean Witter
Futures & Currency Management, Inc., MSDWD (all such parties
referred to hereafter as the "Dean Witter Parties"), certain
limited partnership commodity pools of which Demeter is the
general partner, and certain trading advisors to those pools. On
June 16, 1997, the plaintiffs in the above actions filed a
consolidated amended complaint. Similar purported class actions
were also filed on September 18 and 20, 1996 in the Supreme Court
of the State of New York, New York County, and on November 14,
1996 in the Superior Court of the State of Delaware, New Castle
County, against the Dean Witter Parties and certain trading
advisors on behalf of all purchasers of interests in various
limited partnership commodity pools sold by DWR. Generally,
these complaints allege, among other things, that the defendants
committed fraud, deceit, misrepresentation, breach of fiduciary
duty, fraudulent and unfair business practices, unjust
enrichment, and conversion in connection with the sale and
operation of the various limited partnership commodity pools.
The complaints seek unspecified amounts of compensatory and
punitive damages and other relief. It is possible that
additional similar actions may be filed and that, in the course
of these actions, other parties
<PAGE>
could be added as defendants. The Dean Witter Parties believe
that they have strong defenses to, and they will vigorously
contest, the actions. Although the ultimate outcome of legal
proceedings cannot be predicted with certainty, it is the opinion
of management of the Dean Witter Parties that the resolution of
the actions will not have a material adverse effect on the
financial condition or the results of operations of any of the
Dean Witter Parties.
Item 5. OTHER INFORMATION
On July 21, 1997, MSDWD, the sole shareholder of Demeter,
appointed a new Board of Directors consisting of Richard M.
DeMartini, Mark J. Hawley, Lawrence Volpe, Joseph G. Siniscalchi,
Edward C. Oelsner III, and Robert E. Murray.
<PAGE>
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)
November 12, 1997 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.
<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 reference to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<CASH> 21,196,593
<SECURITIES> 0
<RECEIVABLES> 221,142<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 22,441,520<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 22,441,520<F3>
<SALES> 0
<TOTAL-REVENUES> 4,832,697<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,924,080
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,908,617
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,908,617
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,908,617
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include due from DWR of $149,296 and interest receivable
of $71,846.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $990,670 and net option premiums of $33,115.
<F3>Liabilities include redemptions payable of $257,027, accrued brokerage
commissions of $95,063, accrued management fees of $55,796, accrued
administrative expenses of $20,886 and accrued transaction fees and
costs of $7,192.
<F4>Total revenue includes realized trading revenue of $4,233,825, net
change in unrealized of $(85,703) and interest income of $684,575.
</FN>
</TABLE>
