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 June 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
(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 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
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
June 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition June 30, 1997
(Unaudited) and December 31, 1996.....................2
Statements of Operations for the Quarters Ended
June 30, 1997 and 1996 (Unaudited)....................3
Statements of Operations for the Six Months Ended
June 30, 1997 and 1996 (Unaudited)....................4
Statements of Changes in Partners' Capital for the
Six Months Ended June 30, 1997 and 1996
(Unaudited)...........................................5
Statements of Cash Flows for the Six Months Ended
June 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
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
June 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 21,733,919 20,791,474
Net unrealized gain on open contracts 693,422 1,076,373
Net option premiums 54,527 109,179
Total Trading Equity 22,481,868 21,977,026
Due from DWR 128,974 218,310
Interest receivable (DWR) 72,402 72,072
Total Assets 22,683,244 22,267,408
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 221,887 448,724
Accrued brokerage commissions (DWR) 92,005 91,914
Accrued management fees 56,446 55,367
Administrative expenses payable 6,465 19,045
Accrued transaction fees and costs 6,259 9,353
Total Liabilities 383,062 624,403
Partners' Capital
Limited Partners (22,308.220 and
24,157.801 Units, respectively) 21,606,734 21,020,037
General Partner (715.962 Units) 693,448 622,968
Total Partners' Capital 22,300,182 21,643,005
Total Liabilities and Partners' Capital22,683,244 22,267,408
NET ASSET VALUE PER UNIT 968.55 870.11
<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 June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 935,933 140,914
Net change in unrealized (797,314) 652,237
Total Trading Results 138,619 793,151
Interest Income (DWR) 226,840 224,138
Total Revenues 365,459 1,017,289
EXPENSES
Brokerage commissions (DWR) 415,206 452,880
Management fees 167,381 167,708
Transaction fees and costs 50,076 41,219
Incentive fees 17,305 -
Administrative expenses 13,913 13,941
Total Expenses 663,881 675,748
NET INCOME (LOSS) (298,422) 341,541
NET INCOME (LOSS) ALLOCATION
Limited Partners (290,024) 333,597
General Partner(8,398) 7,944
NET INCOME (LOSS) PER UNIT
Limited Partners
(11.73) 11.10
General Partner
(11.73) 11.10
<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 Six Months Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 3,635,236 (262,311)
Net change in unrealized (382,951) (149,815)
Total Trading Results 3,252,285 (412,126)
Interest Income (DWR) 456,140 454,670
Total Revenues 3,708,425 42,544
EXPENSES
Brokerage commissions (DWR) 790,816 884,280
Management fees 345,198 345,756
Transaction fees and costs 104,261 83,355
Administrative expenses 28,694 28,701
Incentive fees 17,305
- -
Total Expenses 1,286,274 1,342,092
NET INCOME (LOSS) 2,422,151 (1,299,548)
NET INCOME (LOSS) ALLOCATION
Limited Partners
2,351,671 (1,268,291)
General Partner
70,480 (31,257)
NET INCOME (LOSS) PER UNIT
Limited Partners
98.44 (43.66)
General Partner
98.44 (43.66)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<TABLE>
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Quarters Ended June 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 - (1,268,291) (31,257)
(1,299,548)
Redemptions (3,337.603) (2,547,243) -
(2,547,243)
Partners' Capital,
June 30, 1996 27,232.591 $19,958,827 $538,898
$20,497,725
Partners' Capital,
December 31, 1996 24,873.763 $21,020,037 $622,968
$21,643,005
Net Income - 2,351,671 70,480
2,422,151
Redemptions (1,849.581) (1,764,974) -
(1,764,974)
Partners' Capital,
June 30, 1997 23,024.182 $21,606,734 $693,448
$22,300,182
<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 Six Months Ended June 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) 2,422,151
(1,299,548)
Noncash item included in net income (loss):
Net change in unrealized 382,951 149,815
(Increase) decrease in operating assets:
Net option premiums 54,652 (
141,668)
Due from DWR 89,336 (79,804)
Interest receivable (DWR) (330) 12,793
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) 91 (3,311)
Accrued management fees 1,079 (7,210)
Administrative expenses payable (12,580) (313)
Accrued transaction fees and costs (3,094)
2,234
Net cash provided by (used for) operating activities2,934,256
(1,367,012)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in redemptions payable(226,837) 775,268
Redemptions of units (1,764,974) (
2,547,243)
Net cash used for financing activities(1,991,811)
<1,771,975)
Net increase (decrease) in cash 942,445
(3,138,987)
Balance at beginning of period 20,791,474
23,419,888
Balance at end of period 21,733,919
20,280,901
<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, 1996 Annual Report on Form 10K.
1. Organization
Dean Witter Global Perspective Portfolio Fund (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 is Dean Witter Reynolds Inc. ("DWR"). Both
Demeter and DWR are all 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.
2. Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity
trading
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 of the contracts. There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility. At June 30, 1997 and
December 31, 1996, open contracts were:
Contract or Notional Amount
June 30, 1997 December 31, 1996
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 66,389,000 21,821,000
Commitments to Sell 3,860,000 86,598,000
Commodity Futures:
Commitments to Purchase 4,596,000 4,784,000
Commitments to Sell 18,046,000 12,396,000
Foreign Futures:
Commitments to Purchase 74,061,000 89,863,000
Commitments to Sell 31,074,000 5,713,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 24,463,000 29,783,000
Commitments to Sell 26,196,000 36,562,000
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
the Statements of Financial Condition and totaled $693,422 and
$1,076,373 at June 30, 1997 and December 31, 1996, respectively.
Of the $693,422 net unrealized gain on open contracts at June 30,
1997, $656,715 was related to exchange-traded futures contracts
and $36,707 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 June
30, 1997 and December 31, 1996 mature through December 1997 and
June 1998, respectively. Off-exchange-traded forward currency
contracts held by the Partnership at June 30, 1997 and December
31, 1996 mature through September 1997 and January 1997, respec-
tively. The contract amounts in the above table represent the
Partnership's extent of involvement in the particular class of
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 DWR acts as the
futures commission merchant or the sole counterparty, with
respect to most of the Partnership's assets. 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 ("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 $22,390,634
and $21,838,132 at June 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
DWR, the counterparty on all such contracts, to perform.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
For the six months ended June 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
June 30, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 28,348,000 45,533,000
Options on Financial Futures 3,580,000 -
Commodity Futures 11,201,000 9,354,000
Foreign Futures 56,416,000 40,784,000
Options on Foreign Futures 73,000 -
Off-Exchange-Traded Forward
Currency Contracts 28,557,000 32,698,000
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
4. Subsequent Event
On July 31, 1997, DWR closed the sale of its institutional
futures business and foreign currency trading operations to Carr
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 three months, DWR will continue to
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
perform certain services relating to the Partnership's futures
trading including clearance. After such transition period, DWR
will continue to serve as a futures broker for the Partnership
with Carr providing execution and clearing services for the
Partnership's account.
<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 are used by the
Partnership as margin to engage in futures interest trading. DWR
holds 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 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 and sales 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 Six Months Ended June 30, 1997
For the quarter ended June 30, 1997, the Partnership's total
trading revenues including interest income were $365,459. During
<PAGE>
the second quarter, the Partnership posted a decrease in Net
Asset Value per Unit. Losses were recorded in the energy markets
as gas and oil prices moved in a short-term volatile pattern
throughout the quarter. Additional losses were recorded from
long positions in base metals futures, particularly aluminum and
copper futures, as these prices moved lower during the quarter.
In the financial futures markets, losses were recorded during
April from choppy price movement in European interest rate
futures. Smaller losses were experienced in the currency markets
as gains experienced from transactions involving the Japanese yen
and German mark were more than offset by losses recorded from
trendless movement in the value of the British pound and Swiss
franc versus the U.S. dollar. A portion of the overall losses
for the quarter was offset by gains recorded during May and June
from long Australian bond and global stock index futures
positions, as prices in these markets trended higher. Trading
gains were also recorded in the soft commodities markets during
April and May from long coffee futures positions as prices
trended higher. Total expenses for the quarter were $663,881,
resulting in a net loss of $298,422. The value of an individual
Unit in the Partnership decreased from $980.28 at March 31, 1997
to $968.55 at June 30, 1997.
For the six months ended June 30, 1997, the Partnership's total
trading revenues including interest income were $3,708,425.
During the first six months, 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
<PAGE>
increased relative to most major world currencies during the
period January through April. Additional currency gains were
recorded in the Japanese yen and German mark during June as the
value of the U.S. dollar continued to strengthen versus these
currencies. Trading gains were recorded in the financial futures
markets during May and June from long positions in global stock
index futures as global equity prices trended higher. Profits
were also recorded from long positions in soybean, wheat and corn
futures during March as prices moved higher, and in June from
short positions in these same markets as prices moved lower.
Smaller gains were recorded in the soft commodities markets from
long coffee futures positions as coffee prices trended higher for
a majority of the first half of the year. A portion of the
Partnership's overall gains during this period was offset by
losses recorded in the energy markets as gas and oil prices moved
in a short-term volatile pattern. Smaller losses were
experienced from long positions in base metals futures, as prices
moved lower during March and April. Total expenses for the
period were $1,286,274 resulting in net income of $2,422,151.
The value of an individual Unit in the Partnership increased from
$870.11 at December 31, 1996 to $968.55 at June 30, 1997.
For the Quarter and Six Months Ended June 30, 1996
For the quarter ended June 30, 1996, the Partnership's total
trading revenues including interest income were $1,017,289.
During the second quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant trading gains
were
<PAGE>
recorded in the currency markets as a decline in the value of the
German mark and Swiss franc relative to the U.S. dollar resulted
in profits for short German mark and Swiss franc positions. In
the energy markets, gains were recorded from long natural gas
futures positions as prices moved higher during June. Additional
trading gains were experienced in the metals markets during June
from short copper futures positions as prices moved sharply lower
on news of significant losses by Sumitomo Corporation. In the
agricultural markets, trading gains were recorded from long wheat
and corn futures positions, as prices in these markets moved
higher. Gains in soft commodities from short cotton futures
positions during May and June more than offset losses experienced
in coffee, orange juice and cocoa during April. A portion of
overall gains for the quarter was offset by losses in the
financial futures markets from global interest rate and stock
index futures trading as prices in these markets were trendless
throughout the quarter. Total expenses for the quarter were
$675,748, resulting in net income of $341,541. The value of an
individual Unit in the Partnership increased from $741.59 at
March 31, 1996 to $752.69 at June 30, 1996.
For the six months ended June 30, 1996, the Partnership's total
trading revenues including interest income were $42,544. During
the first half of the year, the Partnership posted a decrease in
Net Asset Value per Unit. The most significant losses were
recorded in the financial futures markets during February as a
sharp reversal downward was experienced in global bond futures
<PAGE>
prices. Additional losses were recorded in non-U.S. interest
rate and global stock index futures between March and June as
trendless price movement followed. Losses were also recorded in
soft commodities as prices moved in a choppy pattern during the
first quarter. However, gains from short cotton futures
positions during May and June helped to mitigate these losses.
Gains were recorded in the currency markets during April from
short German mark and Swiss franc positions, as well as from
trading other European currencies. Smaller gains experienced
from transactions involving the Japanese yen offset a portion of
overall losses. Smaller gains were also recorded in the
agricultural markets from trading wheat and corn futures during
April and May, as rising prices resulted in profits for the
Partnership's long positions. In the energy markets, gains from
trading natural gas futures during June more than offset losses
incurred during May from trading unleaded gas and crude oil
futures. In metals, gains from short copper futures positions
during June more than offset losses from trendless price movement
in other base metals during the first quarter. Total expenses
for the period were $1,342,092, resulting in a net loss of
$1,299,548. The value of an individual Unit in the Partnership
decreased from $796.35 at December 31, 1995 to $752.69 at June
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)
August 8, 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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<CASH> 21,733,919
<SECURITIES> 0
<RECEIVABLES> 201,376<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 22,683,244<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 22,683,244<F3>
<SALES> 0
<TOTAL-REVENUES> 3,708,425<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,286,274
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,422,151
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,422,151
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,422,151
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include due from DWR of $128,974 and interest receivable
of $72,402.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $693,422 and net option premiums of $54,527.
<F3>Liabilities include redemptions payable of $221,887, accrued brokerage
commissions of $92,005, accrued management fees of $56,446, accrued
administrative expenses of $6,465 and accrued transaction fees and
costs of $6,259.
<F4>Total revenues include realized trading revenue of $3,635,236, net
change in unrealized of $(382,951) and interest income of $456,140.
</FN>
</TABLE>
