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. 0-19901
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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 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 GLOBAL PERSPECTIVE PORTFOLIO 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-
12
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.......13-21
Part II. OTHER INFORMATION
Item 1. Legal Proceedings......................................22
Item 6. Exhibits and Reports on Form 8-K.......................22
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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 18,190,090 19,685,194
Net unrealized gain on open contracts3,233,109 1,204,698
Net option premiums - 53,391
Total Trading Equity 21,423,199 20,943,283
Interest receivable (DWR) 61,344 73,624
Due from DWR 41,617 204,727
Total Assets 21,526,160 21,221,634
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 733,285 199,785
Accrued management fees 53,746 53,054
Accrued administrative expenses payable 27,694
- -
Total Liabilities 814,725 252,839
Partners' Capital
Limited Partners (18,662.082 and
20,963.193 Units, respectively) 20,474,499 20,276,293
General Partner (215.962 and
715.962 Units, respectively) 236,936 692,502
Total Partners' Capital 20,711,435 20,968,795
Total Liabilities and Partners' Capital 21,526,160 21,221,634
NET ASSET VALUE PER UNIT 1,097.12 967.23
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit:
Realized 1,606,810 598,588
Net change in unrealized 2,637,121 297,248
Total Trading Results 4,243,931 895,836
Interest Income (DWR) 180,333 228,437
Total Revenues 4,424,264 1,124,273
EXPENSES
Brokerage commissions (DWR) 339,839 381,150
Management fees 148,693 173,474
Transaction fees and costs 42,777 68,762
Administrative expenses 12,360 14,421
Total Expenses 543,669 637,807
NET INCOME 3,880,595 486,466
NET INCOME ALLOCATION
Limited Partners 3,739,471 472,174
General Partner 141,124 14,292
NET INCOME PER UNIT
Limited Partners
197.11 19.97
General Partner
197.11 19.97
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 1,485,333 4,233,825
Net change in unrealized 2,028,411 (85,703)
Total Trading Results 3,513,744 4,148,122
Interest Income (DWR) 575,903 684,575
Total Revenues 4,089,647 4,832,697
EXPENSES
Brokerage commissions (DWR) 992,891 1,171,965
Management fees 445,471 518,674
Transaction fees and costs 160,535 173,021
Administrative expenses 37,030 43,115
Incentive fees - 17,305
Total Expenses 1,635,927 1,924,080
NET INCOME 2,453,720 2,908,617
NET INCOME ALLOCATION
Limited Partners
2,360,726 2,823,845
General Partner
92,994 84,772
NET INCOME PER UNIT
Limited Partners 129.89 118.41
General Partner 129.89 118.41
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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 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
Partners' Capital
December 31, 1997 21,679.155 $20,276,293 $692,502
$20,968,795
Net Income - 2,360,726 92,994
2,453,720
Redemptions (2,801.111) (2,162,520) (548,560)
(2,711,080)
Partners' Capital
September 30, 1998 18,878.044 $20,474,499 $236,936
$20,711,435
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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 2,453,720 2
,908,617
Noncash item included in net income:
Net change in unrealized (2,028,411) 85,703
Decrease in operating assets:
Net option premiums 53,391 76,064
Interest receivable (DWR) 12,280 226
Due from DWR 163,110 69,014
Increase (decrease) in operating liabilities:
Accrued management fees 692 429
Administrative expenses payable 27,694 1,841
Accrued brokerage commissions (DWR)- 3,149
Accrued transaction fees and costs -
(2,161)
Net cash provided by operating activities 682,476 3
,142,882
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in redemptions payable533,500 (
191,697)
Redemptions of units (2,711,080) (
2,546,066)
Net cash used for financing activities (2,177,580) (
2,737,763)
Net increase (decrease) in cash (1,495,104) 405,119
Balance at beginning of period 19,685,194 2
0,791,474
Balance at end of period 18,190,090
21,196,593
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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 Global
Perspective Portfolio 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 Global Perspective Portfolio L.P. is a limited
partnership organized to engage in the speculative trading of
commodity futures contracts, commodity options contracts and
forward contracts (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
ELM Financial, Inc., EMC Capital Management, Inc., and Millburn
Ridgefield Corporation, (the "Trading Advisors") to be trading
advisors for the Partnership.
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 GLOBAL PERSPECTIVE PORTFOLIO 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 futures, options and forward contracts in
interest rates, stock indices, commodities and currencies.
Futures and forwards represent contracts for delayed delivery of
an instrument at a specified date and price. Risk arises from
changes in the value of these contracts and the potential
inability of counterparties to perform under the terms of the
contracts. There are numerous factors which may significantly
influence the market value of these contracts, including interest
rate volatility. At September 30, 1998 and December 31, 1997,
open contracts were:
Contract or Notional Amount
September 30, 1998 December 31, 1997
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 81,205,000 62,649,000
Commitments to Sell 1,388,000 13,651,000
Commodity Futures:
Commitments to Purchase 5,677,000 2,824,000
Commitments to Sell 4,251,000 15,049,000
Foreign Futures:
Commitments to Purchase 192,166,000 113,061,000
Commitments to Sell 15,613,000 29,346,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 33,833,000 25,431,000
Commitments to Sell 19,257,000 37,596,000
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
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 $3,233,109 and
$1,204,698 at September 30, 1998 and December 31, 1997,
respectively.
Of the $3,233,109 net unrealized gain on open contracts at
September 30, 1998, $2,972,869 related to exchange-traded futures
contracts and $260,240 related to off-exchange-traded forward
currency contracts.
Of the $1,204,698 net unrealized gain on open contracts at
December 31, 1997, $1,259,832 related to exchange-traded futures
contracts and $(55,134) related to off-exchange-traded forward
currency contracts.
Exchange-traded futures contracts held by the Partnership at
September 30, 1998 and December 31, 1997 mature through June 1999
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
and December 1998, respectively. 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.
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 gain on all open futures and futures
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
styled options contracts, which funds, in the aggregate, totaled
$21,162,959 and $20,945,026 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
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:
Financial Futures 42,809,000 31,016,000
Options on Financial Futures 3,886,000 11,000
Commodity Futures 4,053,000 8,921,000
Foreign Futures 118,421,000 60,135,000
Options on Foreign Futures 2,403,000 -
Off-Exchange-Traded Forward
Currency Contracts 44,813,000 46,132,000
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 40,539,000 32,632,000
Options on Financial Futures 2,903,000 -
Commodity Futures 11,044,000 9,567,000
Foreign Futures 53,622,000 47,919,000
Options on Foreign Futures 299,000 -
Off-Exchange-Traded Forward
Currency Contracts 44,844,000 48,047,000
<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 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 revenues including interest income of
$4,424,264 and posted an increase in Net Asset Value per Unit.
The Partnership recorded gains primarily in the financial futures
markets from long global interest rate futures positions. The
most significant of these gains were recorded during August and
September from long
<PAGE>
U.S., German and Japanese bond futures positions as prices moved
significantly higher as investors sought the perceived safety of
fixed income investments in lieu of the volatility plaguing most
global financial markets. In the agricultural markets,
additional gains were recorded during July and August from short
corn futures positions as prices moved lower on near perfect
growing conditions and disappointing export demand. Smaller
gains were recorded in the energy markets from short positions in
crude oil futures during July and August as oil prices declined
on speculation regarding OPEC's proposed production cuts. A
portion of the Partnership's overall gains for the quarter was
offset by losses recorded in the metals markets from long copper
and aluminum futures positions as base metal prices moved in a
choppy pattern throughout the quarter amid uncertain demand from
Asia. In soft commodities, losses were recorded from trading
coffee futures during the quarter as prices in this market moved
in a trendless manner. Losses were also experienced in this
market complex from long cotton futures as prices moved lower
during July and August. Smaller losses were recorded in the
currency markets from transactions involving the Japanese yen as
the value of the yen moved in a choppy pattern versus most world
currencies during August and September. Total expenses for the
three months ended September 30, 1998 were $543,669, resulting in
net income of $3,880,595. The value of an individual Unit in the
Partnership increased from 900.01 at June 30, 1998 to $1,097.12
at September 30, 1998.
<PAGE>
For the nine months ended September 30, 1998, the Partnership
recorded total trading revenues including interest income of
$4,089,647 and posted an increase in Net Asset Value per Unit.
The most significant gains were recorded from long global bond
futures positions as German, Japanese and U.S. interest rate
futures prices moved higher during August and September after
experiencing trendless price movements during a majority of the
first half of the year. This trend higher in global interest
rate futures prices was a direct result of increased volatility
in the global financial markets which caused a flight of investor
capital to the perceived safety of government debt. Smaller
gains were recorded in this market complex from long German stock
index futures positions. A portion of the Partnership's overall
gains was offset by losses experienced in the currency markets
from transactions involving the British pound as the value of the
pound versus the U.S. dollar moved in a choppy pattern during the
first three quarters. Smaller currency losses were experienced
during the first half of the year from trading the Swiss franc
and German mark. Additional Partnership losses recorded in soft
commodities during July and August from long positions in cotton
futures more than offset profits recorded during the first half
of the year from short sugar futures positions. In the metals
markets, losses were recorded from transactions involving copper
futures positions as prices moved in a trendless manner
throughout the first nine months of the year. Total expenses for
the nine months ended September 30, 1998 were $1,635,927,
resulting in net income of $2,453,720. The value of an
individual Unit in the Partnership increased from 967.23 at
<PAGE>
December 31, 1997 to $1,097.12 at September 30, 1998.
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
$1,124,273 and 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 three months ended September
<PAGE>
30, 1997 were $637,807, resulting in 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.
For the nine months ended September 30, 1997, the Partnership
recorded total trading revenues including interest income of
$4,832,697 and 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
<PAGE>
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 a majority of
the third quarter. Total expenses for the nine months ended
September 30, 1997 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.
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
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
<PAGE>
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
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
<PAGE>
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 Global Perspective
Portfolio L.P.(Registrant)
By: Demeter Management Corporation
(General Partner)
November 13, 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 Global Perspective Portfolio 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> 18,190,090
<SECURITIES> 0
<RECEIVABLES> 102,961<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 21,526,160<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 21,526,160<F3>
<SALES> 0
<TOTAL-REVENUES> 4,089,647<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,635,927
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,453,720
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,453,720
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,453,720
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include due from DWR of $41,617 and interest
receivable of $61,344.
<F2>In addition to cash and receivables, total assets include net
unrealized gain on open contracts of $3,233,109.
<F3>Liabilities include redemptions payable of $733,285, accrued
management fees of $53,746 and accrued administrative expenses payable
of $27,694.
<F4>Total revenue includes realized trading revenue of $1,485,333, net
change in unrealized of $2,028,411 and interest income of $575,903.
</FN>
</TABLE>
