DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L P - 10-K Annual Report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]
For the year ended December 31, 2003 or

[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ________________to___________________

Commission File Number 0-19901

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

(Exact name of registrant as specified in its Limited Partnership Agreement)

DELAWARE 13-3642323
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

Demeter Management Corporation
825 Third Avenue, 9th Floor
New York, NY 10022
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (212) 310-6444

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange
Title of each class on which registered

None None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest

(Title of Class)

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 ______

Indicate by check-mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (section 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment of this Form 10-K. [X]

Indicate by check-mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act). Yes No X___

State the aggregate market value of the Units of Limited Partnership Interest
held by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which Units were sold as of the last
business day of the registrant's most recently completed second fiscal quarter:
$10,311,543 at June 30, 2003.

DOCUMENTS INCORPORATED BY REFERENCE
(See Page 1)

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
INDEX TO ANNUAL REPORT ON FORM 10-K
DECEMBER 31, 2003

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the following documents are incorporated by reference
as follows:

Documents Incorporated Part of Form 10-K

Partnership's Prospectus dated December
31, 1991, together with the Supplement
to the Prospectus dated April 27, 1992 I

Annual Report to the Dean Witter
Global Perspective Portfolio L.P.
Limited Partners for the year ended
December 31, 2003 II, III and IV

PART I
Item 1. BUSINESS

(a) General Development of Business. Dean Witter Global Perspective
Portfolio L.P. (the "Partnership") is a Delaware limited
partnership organized to engage primarily in the speculative
trading of futures contracts, options on futures contracts and
forward contracts on physical commodities and other commodity
interests, including, but not limited to, foreign currencies,
financial instruments, metals, energy and agricultural products.
The Partnership commenced operations on March 1, 1992.

The Partnership's general partner is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW
Inc. ("Morgan Stanley DW"). The clearing commodity brokers are
Morgan Stanley & Co. Incorporated ("MS & Co.") and Morgan Stanley &
Co. International Limited ("MSIL"). Demeter, Morgan Stanley DW, MS
& Co. and MSIL are wholly-owned subsidiaries of Morgan Stanley.
The trading advisors to the Partnership are EMC Capital Management,
Inc. and Millburn Ridgefield Corporation (collectively, the
"Trading Advisors").

The Partnership's net asset value per unit of limited partnership
interest ("Unit(s)") as of December 31, 2003 was $1,297.32,
representing an increase of 15.53 percent from the net asset value

per Unit of $1,122.90 at December 31, 2002. For a more
detailed description of the Partnership's business, see
subparagraph (c).

(b) Financial Information about Segments. For financial infor-
mation reporting purposes the Partnership is deemed to engage in
one industry segment, the speculative trading of futures, forwards
and options. The relevant financial information is presented in
Items 6 and 8.

(c) Narrative Description of Business. The Partnership is in the
business of speculative trading of futures, forwards and options,
pursuant to trading instructions provided by its Trading Advisors.
For a detailed description of the different facets of the
Partnership's business, see those portions of the Partnership's
prospectus, dated December 31, 1991 (the "Prospectus"),
incorporated by reference in this Form 10-K, set forth below:

Facets of Business
1. Summary 1. "Summary of the Prospectus"
(Pages 1-6 of the
Prospectus).

2. Commodities Markets 2. "The Commodities Markets"
(Pages 66-73 of the
Prospectus).

3. Partnership's Commodity 3. "Trading Policies" (Page
Trading Arrangements and 61 of the Prospectus).
Policies "The Trading Advisors"
(Pages 32-60 of the
Prospectus).

4. Management of the Part- 4. "The Management Agreements"
nership (Pages 63-66 of the
Prospectus). "The
General Partner" (Pages
28-30 of the Prospectus).
"The Commodity Broker"
(Pages 61-63 of the
Prospectus) and "The
Limited Partnership
Agreement" (Pages
75-78 of the Prospectus).

5. Taxation of the Partner- 5. "Material Federal Income
ship's Limited Partners Tax Considerations" and
"State and Local Income
Tax Aspects" (Pages 81-
89 of the Prospectus).

(d) Financial Information about Geographic Areas. The Partnership
has not engaged in any operations in foreign countries; however,
the Partnership (through the commodity brokers) enters into
forward contract transactions where foreign banks are the
contracting party and trades futures, forwards and options on
foreign exchanges.

(e) Available Information. The Partnership files annual reports
on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K, and all amendments to these reports with the Securities
and Exchange Commission ("SEC"). You may read and copy any
document filed by the Partnership at the SEC's public reference
room at Room 1024, 450 Fifth Street, N.W., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for information on
the public reference room. The Partnership does not maintain an
internet website, however, the SEC maintains a website that
contains annual, quarterly, and current reports, proxy statements
and other information that issuers (including the Partnership)
file electronically with the SEC. The SEC's website address is
http://www.sec.gov.

Item 2. PROPERTIES
The Partnership's executive and administrative offices are located
within the offices of Morgan Stanley DW. The Morgan Stanley DW
offices utilized by the Partnership are located at 825 Third
Avenue, 9th Floor, New York, NY 10022.

Item 3. LEGAL PROCEEDINGS
None.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.

PART II

Item 5. MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS AND RELATED
SECURITY HOLDER MATTERS

(a) Market Information. There is no established public trading
market for Units of the Partnership.

(b) Holders. The number of holders of Units at December 31, 2003
was approximately 1,153.

(c) Distributions. No distributions have been made by the
Partnership since it commenced trading operations on March 1,
1992. Demeter has sole discretion to decide what distributions, if
any, shall be made to investors in the Partnership. Demeter
currently does not intend to make any distributions of Partnership
profits.

Item 6. SELECTED FINANCIAL DATA (in dollars)

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Liquidity. The Partnership deposits its assets with Morgan
Stanley DW as non-clearing broker and MS & Co. and MSIL as
clearing brokers in separate futures, forwards and options trading
accounts established for the Trading Advisors, which assets are
used as margin to engage in trading and may be used as margin
solely for the Partnership's trading. The assets are held in
either non-interest bearing bank accounts or in securities and
instruments permitted by the Commodity Futures Trading Commission
for investment of customer segregated or secured funds. Since the
Partnership's sole purpose is to trade in futures, forwards, and
options, it is expected that the Partnership will continue to own
such liquid assets for margin purposes.

The Partnership's investment in futures, forwards and options
may, from time to time, be illiquid. Most U.S. futures exchanges
limit fluctuations in prices during a single day by regulations
referred to as "daily price fluctuations limits" or "daily
limits". Trades may not be executed at prices beyond the daily
limit. If the price for a particular futures or options contract
has increased or decreased by an amount equal to the daily limit,
positions in that futures or options contract can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Futures prices have occasionally moved the
daily limit for several consecutive days with little or no
trading. These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

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, subjecting it to
substantial losses. Either of these market conditions could
result in restrictions on redemptions. Illiquidity has not
materially affected the Partnership's assets.

There are no known material trends, demands, commitments, events
or uncertainties at the present time that will result in, or that
are reasonably likely to result in, the Partnership's liquidity
increasing or decreasing in any material way.

Capital Resources. The Partnership does not have, nor expect to
have, any capital assets. Redemptions of additional Units in the
future will affect the amount of funds available for investment in
futures, forwards, and options in subsequent periods. It is not
possible to estimate the amount, and therefore the impact, of
future redemptions of Units.

There are no known material trends, favorable or
unfavorable, that would affect, nor any expected material changes
to, the Partnership's capital resource arrangements at the present
time. The Partnership does not have any off-balance sheet
arrangements, nor does it have contractual obligations or
commercial commitments to make future payments that would affect
its liquidity or capital resources.

Results of Operations.
General. The Partnership's results depend on the Trading Advisors
and the ability of the Trading Advisors' trading programs to take
advantage of price movements or other profit opportunities in the
futures, forwards, and options markets. The following presents a
summary of the Partnership's operations for each of the three years
in the period ended December 31, 2003 and a general discussion of
its trading activities during each period. It is important to
note, however, that the Trading Advisors trade in various markets
at different times and that prior activity in a particular market
does not mean that such market will be actively traded by the
Trading Advisors or will be profitable in the future.
Consequently, the results of operations of the Partnership are
difficult to discuss other than in the context of the Trading
Advisors' trading activities on behalf of the Partnership and how
the Partnership has performed in the past. Past performance is not
necessarily indicative of future results.

The Partnership's results of operations are set forth in its
financial statements prepared in accordance with accounting
principles generally accepted in the United States of America,
which require the use of certain accounting policies that affect
the amounts reported in these financial statements, including the
following: The contracts the Partnership trades are accounted for
on a trade-date basis and marked to market on a daily basis. The
difference between their cost and market value is recorded on the
Statements of Operations as "Net change in unrealized profit/loss"
for open (unrealized) contracts, and recorded as "Realized
profit/loss" when open positions are closed out, and the sum of
these amounts constitutes the Partnership's trading revenues. The
market value of a futures contract is the settlement price on the
exchange on which that futures contract is traded on a particular
day. The value of foreign currency forward contracts is based on
the spot rate as of the close of business, New York City time, on a
given day. Interest income revenue, as well as management fees,
incentive fees and brokerage commissions expenses of the
Partnership are recorded on an accrual basis.

Demeter believes that, based on the nature of the operations of
the Partnership, no assumptions relating to the application of
critical accounting policies other than those presently used could
reasonably affect reported amounts.

The Partnership recorded revenues including interest
totaling $2,732,688 and expenses totaling $1,217,451, resulting in
net income of $1,515,237 for the year ended December 31, 2003.
The Partnership's net asset value per Unit increased from
$1,122.90 at December 31, 2002 to $1,297.32 at December 31, 2003.
Total redemptions for the year were $1,190,716, and the
Partnership's ending capital was $10,645,687 at December 31, 2003,
an increase of $324,521 from ending capital at December 31, 2002
of $10,321,166.

The most significant trading gains of approximately 11.8% were
produced in the currency markets from long positions in the
Australian dollar, New Zealand dollar, and Canadian dollar versus
the U.S. dollar during a majority of the year as the value of the
"commodity currencies" increased sharply versus the U.S. dollar on
the heels of higher commodity prices and significant interest rate
differentials between these countries and the U.S. Additional
gains resulted from long positions in the euro and British pound
versus the U.S. dollar as the value of the U.S. dollar declined
throughout much of the year due to geopolitical uncertainty and
negative economic data. Additional gains of approximately 4.3%
were recorded in the metals markets primarily during the fourth
quarter from long positions in nickel as base metal prices rallied
in response to growing investor sentiment that the global economy
was on the path to recovery and amid increased demand, especially
from China. Elsewhere in the metals markets, gains were recorded
from long positions in gold futures as prices trended
higher primarily during the latter half of the year due to
weakness in the U.S. dollar and technically-based buying. In the
global stock index futures markets, gains of approximately 2.1%
were recorded from long positions in Pacific Rim and U.S. stock
index futures as global equity prices also moved higher during the
second part of the year due to continued optimism regarding a
global economic recovery. Smaller gains of approximately 1.4%
were recorded in the agricultural markets, primarily during
September, from long futures positions in soybeans, soybean oil
and soybean meal as prices were lifted higher by robust U.S.
export sales data and smaller crop assessments by the U.S.
Department of Agriculture. A portion of the Partnership's overall
gains for the year was offset by losses of approximately 3.6%
recorded in the energy markets, primarily during October, as the
Partnership entered the month with short natural gas positions
which proved unprofitable as prices rallied during the first part
of the month. In response to this rise in prices, the Partnership
reversed its position from short to long, only to see prices
decline in the latter part of the month. Additional losses were
incurred in the energy sector from positions in heating oil and
crude oil futures as prices moved erratically during October in
response to geopolitical and supply/demand factors. Further
losses were recorded during November as oil prices continued to
trade in a volatile fashion, moving in one direction and then
sharply reversing. In December, long futures positions in natural
gas resulted in losses as prices fell sharply following
mild temperatures across the U.S. and U.S. Department of Energy
reports of increases in inventories that were much larger than
expected. Additional losses of approximately 2.7% were
experienced in the global interest rate markets from short
positions in European interest rate futures during September as
prices reversed higher amid renewed fears for an unsustainable
economic recovery and lower global equity prices. Elsewhere in
the global interest rate markets, losses continued during October
from long positions in U.S. and European interest rate futures as
prices were negatively impacted by the release of positive U.S.
economic data and inflation concerns. During November, newly
established short U.S. and European interest rate positions
experienced losses as prices finished the month higher on safe
haven buying due to renewed volatility in global equity markets,
continued geopolitical instability in the Middle East, and
comments from the U.S. Federal Reserve regarding the continuation
of it's current low interest rate policy.

The Partnership recorded revenues including interest totaling
$2,364,444 and expenses totaling $1,071,450, resulting in net
income of $1,292,994 for the year ended December 31, 2002. The
Partnership's net asset value per Unit increased from $990.95 at
December 31, 2001 to $1,122.90 at December 31, 2002. Total
redemptions for the year were $1,222,427 and the Partnership's
ending capital was $10,321,166 at December 31, 2002, an increase
of $70,567 from ending capital at December 31, 2001 of
$10,250,599.

The most significant trading gains of approximately 9.9% were
recorded in the currency markets from long positions in the euro,
New Zealand dollar, and Swiss franc relative to the U.S. dollar as
the value of the dollar weakened during the second and fourth
quarter amid investors' fears concerning increased tensions in the
Middle East and prolonged uncertainty regarding the U.S. economy.
Additional gains of approximately 2.0% were recorded in the global
stock index futures markets from short positions in U.S. and
European stock index futures as prices continued to trend lower
throughout a majority of the year due to suspicions regarding
corporate accounting practices, weak economic data, and
geopolitical uncertainty. Smaller gains of approximately 1.7%
were recorded in the global interest rate futures markets from
long positions in European and U.S. interest rate futures as
prices trended higher during the period from June through
September, and again in December, amid continued uncertainty in
the equity markets and negative economic data. A portion of the
Partnership's overall gains was offset by losses of approximately
6.3%, incurred in the agricultural futures markets from positions
in sugar, cotton, and coffee futures as prices moved without
consistent direction throughout a majority of the year amid
shifting supply and demand concerns. Additional losses of
approximately 3.8% were recorded in the metals futures markets
from positions in aluminum and zinc futures as an uncertain
economic outlook resulted in trendless price activity among
industrial metals throughout most of the year. As of August 30,
2002, the Partnership received a settlement award payment from the
Sumitomo Copper Litigation Settlement Administrator in the amount
of $675,411.

The Partnership recorded revenues including interest totaling
$1,209,340 and expenses totaling $1,317,604, resulting in a net
loss of $108,264 for the year ended December 31, 2001. The
Partnership's net asset value per Unit decreased from $1,005.36 at
December 31, 2000 to $990.95 at December 31, 2001. Total
redemptions for the year were $1,302,191, and the Partnership's
ending capital was $10,250,599 at December 31, 2001, a decrease of
$1,410,455 from ending capital at December 31, 2000 of
$11,661,054.

The most significant trading losses of approximately 8.4% were
recorded in the energy markets primarily from futures positions in
crude oil and its refined products as a result of volatility in
oil prices due to a continually changing outlook for supply,
production, and global demand. Losses of approximately 4.2% were
also experienced primarily during the second and fourth quarters
from long positions in European, Japanese and Australian interest
rate futures as investors deserted fixed income securities in
favor of equities. Additional losses of approximately 2.8% were
experienced in soft commodities from short positions in
sugar futures as prices reversed higher on supply concerns and
from long positions in cocoa futures as prices declined due to an
increase in warehouse stockpiles. In the currency markets, small
losses of approximately 0.5% were recorded, as gains experienced
during the fourth quarter from short positions in the Japanese yen
were insufficient to offset earlier losses recorded from long
positions in the euro versus the U.S. dollar, the British pound
and the Norwegian krone. Additional losses were also recorded in
both the British pound and the Australian dollar versus the U.S.
dollar as conflicting economic reports caused trendless pricing
patterns. Smaller losses of approximately 1.0% were recorded in
the metals sector from long positions in gold futures as prices
reversed lower on the heels of sharp gains in the U.S. stock
market. A portion of the Partnership's losses was offset by gains
of approximately 11.0% experienced in the global stock index
futures markets from short positions in DAX, Hang Seng, and Nikkei
index futures as equity prices generally declined on weakness in
high technology issues and fears regarding global economic
uncertainty.

For an analysis of unrealized gains and (losses) by contract type
and a further description of 2003 trading results, refer to the
Partnership's Annual Report to Limited Partners for the year ended
December 31, 2003, which is incorporated by reference to Exhibit
13.01 of this Form 10-K.

The Partnership's gains and losses are allocated among its
partners for income tax purposes.

Market Risk.
Financial Instruments. The Partnership is a party to financial
instruments with elements of off-balance sheet market and credit
risk. The Partnership may trade futures, forwards and options in
interest rates, stock indices, currencies, agriculturals, energies
and metals. In entering into these contracts, the Partnership is
subject to the market risk that such contracts may be
significantly influenced by market conditions, such as interest
rate volatility, resulting in such contracts being less valuable.
If the markets should move against all of the positions held by
the Partnership at the same time, and if the Trading Advisors were
unable to offset positions of the Partnership, the Partnership
could lose all of its assets and the limited partners would
realize a 100% loss.

In addition to the Trading Advisors' internal controls, each
Trading Advisor must comply with the Partnership's trading
policies that include standards for liquidity and leverage that
must be maintained. The Trading Advisors and Demeter monitor the
Partnership's trading activities to ensure compliance with the
trading policies and Demeter can require the Trading Advisors to
modify positions of the Partnership if Demeter believes
they violate the Partnership's trading policies.

Credit Risk.
In addition to market risk, in entering into futures, forward and
options contracts there is a credit risk to the Partnership that
the counterparty on a contract will not be able to meet its
obligations to the Partnership. The ultimate counterparty or
guarantor of the Partnership for futures contracts traded in the
United States and the foreign exchanges on which the Partnership
trades is the clearinghouse associated with such exchange. In
general, a clearinghouse is backed by the membership of the
exchange and will act in the event of non-performance by one of
its members or one of its member's customers, which should
significantly reduce this credit risk. There is no assurance that
a clearinghouse, exchange or other exchange member will meet its
obligations to the Partnership, and Demeter and the commodity
brokers will not indemnify the Partnership against a default by
such parties. Further, the law is unclear as to whether a commodity
broker has any obligation to protect its customers from loss in the
event of an exchange or clearinghouse defaulting on trades effected
for the broker's customers. In cases where the Partnership trades
off-exchange forward contracts with a counterparty, the sole
recourse of the Partnership will be the forward contracts
counterparty.

Demeter deals with these credit risks of the Partnership in
several ways. First, it monitors the Partnership's credit
exposure to each exchange on a daily basis. The commodity brokers
inform the Partnership, as with all their customers, of its net
margin requirements for all its existing open positions, and
Demeter has installed a system which permits it to monitor the
Partnership's potential net credit exposure, exchange by exchange,
by adding the unrealized trading gains on each exchange, if any,
to the Partnership's margin liability thereon.

Second, the Partnership's trading policies limit the amount of its
net assets that can be committed at any given time to futures
contracts and require a minimum amount of diversification in the
Partnership's trading, usually over several different products and
exchanges. Historically, the Partnership's exposure to any one
exchange has typically amounted to only a small percentage of its
total net assets and on those relatively few occasions where the
Partnership's credit exposure climbs above an acceptable level,
Demeter deals with the situation on a case by case basis, carefully
weighing whether the increased level of credit exposure remains
appropriate. Material changes to the trading policies may be made
only with the prior written approval of the limited partners
owning more than 50% of Units then outstanding.

Third, with respect to forward contract trading, the Partnership
trades with only those counterparties which Demeter, together with
Morgan Stanley DW, have determined to be creditworthy. The
Partnership presently deals with MS & Co. as the sole counterparty
on forward contracts.
See "Financial Instruments" under "Notes to Financial Statements"
in the Partnership's Annual Report to Limited Partners for the
year ended December 31, 2003, which is incorporated by reference
to Exhibit 13.01 of this Form 10-K.

Inflation has not been a major factor in the Partnership's
operations.

Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards and options. The
market-sensitive instruments held by the Partnership are acquired
for speculative trading purposes only and, as a result, all or
substantially all of the Partnership's assets are at risk of
trading loss. Unlike an operating company, the risk of market-
sensitive instruments is central, not incidental, to the
Partnership's main business activities.

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk. Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership's open positions, and
consequently in its earnings, whether realized of unrealized, and
cash flow. Profits and losses on open positions of exchange-
traded futures, forwards and options are settled daily through
variation margin.

The Partnership's total market risk may increase or decrease as
it's influenced by a wide variety of factors, including, but not
limited to, the diversification among the Partnership's open
positions, the volatility present within the markets, and the
liquidity of the markets.

The Partnership's past performance is not necessarily indicative
of its future results. Any attempt to numerically quantify the
Partnership's market risk is limited by the uncertainty of its
speculative trading. The Partnership's speculative trading may
cause future losses and volatility (i.e., "risk of ruin") that far
exceed the Partnership's experiences to date or any reasonable
expectations based upon historical changes in market value.

Quantifying the Partnership's Trading Value at Risk

The following quantitative disclosures regarding the Partner-
ship's market risk exposures contain "forward-looking statements"
within the meaning of the safe harbor from civil liability
provided for such statements by the Private Securities Litigation
Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934). All quantitative disclosures in this section are
deemed to be forward-looking statements for purposes of the safe
harbor, except for statements of historical fact.

The Partnership accounts for open positions on the basis of mark
to market accounting principles. Any loss in the market value of
the Partnership's open positions is directly reflected in the
Partnership's earnings and cash flow.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of Value at Risk
("VaR"). The Partnership estimates VaR using a model based upon
historical simulation (with a confidence level of 99%) which
involves constructing a distribution of hypothetical daily changes
in the value of a trading portfolio. The VaR model takes into
account linear exposures to risks including equity and commodity
prices, interest rates, foreign exchange rates, and correlation
among these variables. The hypothetical changes in portfolio value
are based on daily percentage changes observed in key market
indices or other market factors ("market risk factors") to which
the portfolio is sensitive. The one-day 99% confidence level of
the Partnership's VaR corresponds to the negative change in
portfolio value that, based on observed market risk factors, would
have been exceeded once in 100 trading days, or one day in 100.
VaR typically does not represent the worst case outcome.
Demeter uses approximately four years of daily market data (1,000
observations) and revalues its portfolio (using delta-gamma
approximations) for each of the historical market moves that
occurred over this time period. This generates a probability
distribution of daily "simulated profit and loss" outcomes. The
VaR is the appropriate percentile of this distribution. For
example, the 99% one-day VaR would represent the 10th worst
outcome from Demeter's simulated profit and loss series.

The Partnership's VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and do not distinguish between exchange and non-exchange
dealer-based instruments. They are also not based on exchange
and/or dealer-based maintenance margin requirements.

VaR models, including the Partnership's, are continuously evolving
as trading portfolios become more diverse and modeling techniques
and systems capabilities improve. Please note that the VaR model
is used to numerically quantify market risk for historic reporting
purposes only and is not utilized by either Demeter or the Trading
Advisors in their daily risk management activities. Please further
note that VaR as described above may not be comparable to
similarly titled measures used by other entities.

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
by primary market risk category at December 31, 2003 and 2002. At
December 31, 2003 and 2002, the Partnership's total capitalization
was approximately $11 million and $10 million, respectively.

Primary Market December 31, 2003 December 31, 2002
Risk Category Value at Risk Value at Risk

Equity (2.41)% (0.72)%

Currency (2.40) (2.05)

Interest Rate (1.49) (2.01)

Commodity (1.72) (1.37)

Aggregate Value at Risk (3.97)% (3.17)%

The VaR for a market category represents the one-day downside risk
for the aggregate exposures associated with this market category.
The Aggregate Value at Risk listed above represents the VaR of the
Partnership's open positions across all the market categories, and
is less than the sum of the VaRs for all such market categories
due to the diversification benefit across asset classes.

Because the business of the Partnership is the speculative trading
of futures, forwards and options, the composition of its trading
portfolio can change significantly over any given time period, or
even within a single trading day, which could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the December 31, 2003 VaR set forth
above by presenting the Partnership's high, low and average VaR,
as a percentage of total net assets for the four quarter-end
reporting periods from January 1, 2003 through December 31, 2003.
Primary Market Risk Category High Low Average
Equity (2.41)% (0.42)% (1.23)%
Currency (2.40) (0.71) (1.47)
Interest Rate (1.49) (0.53) (0.84)
Commodity (1.72) (0.43) (1.01)
Aggregate Value at Risk (3.97)% (1.09)% (2.40)%

Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements. Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by the
Partnership to typically be many times the total capitalization of
the Partnership. The value of the Partnership's open positions
thus creates a "risk of ruin" not typically found in other
investments. The relative size of the positions held may cause
the Partnership to incur losses greatly in excess of VaR within a
short period of time, given the effects of the leverage employed
and market volatility. The VaR tables above, as well as the past
performance of the Partnership, give no indication of such "risk
of ruin". In addition, VaR risk measures should be viewed in
light of the methodology's limitations, which include the
following:
? past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
? changes in portfolio value caused by market movements may
differ from those of the VaR model;
? VaR results reflect past trading positions while future risk
depends on future positions;
? VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
? the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

The VaR tables provided present the results of the Partnership's
VaR for each of the Partnership's market risk exposures and on an
aggregate basis at December 31, 2003 and 2002, and for the four
quarter-end reporting periods during calendar year 2003. VaR is
not necessarily representative of the historic risk, nor should it
be used to predict the Partnership's future financial performance
or its ability to manage or monitor risk. There can be no
assurance that the Partnership's actual losses on a particular day
will not exceed the VaR amounts indicated above or that
such losses will not occur more than once in 100 trading days.

Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances not needed for margin. These balances and any market
risk they may represent are immaterial.
The Partnership also maintains a substantial portion
(approximately 80% as of December 31, 2003) of its available
assets in cash at Morgan Stanley DW. A decline in short-term
interest rates would result in a decline in the Partnership's cash
management income. This cash flow risk is not considered to be
material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses, taking into account the leverage,
optionality and multiplier features of the Partnership's market-
sensitive instruments, in relation to the Partnership's net
assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership's
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures - constitute
forward-looking statements within the meaning of Section 27A
of the Securities Act and Section 21E of the Securities Exchange
Act. The Partnership's primary market risk exposures, as well as
the strategies used and to be used by Demeter and the Trading
Advisors for managing such exposures, are subject to numerous
uncertainties, contingencies and risks, any one of which could
cause the actual results of the Partnership's risk controls to
differ materially from the objectives of such strategies.
Government interventions, defaults and expropriations, illiquid
markets, the emergence of dominant fundamental factors, political
upheavals, changes in historical price relationships, an influx of
new market participants, increased regulation and many other
factors could result in material losses, as well as in material
changes to the risk exposures and the risk management strategies
of the Partnership. Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at December 31, 2003, by market sector. It may be
anticipated, however, that these market exposures will vary
materially over time.

Equity. The primary market exposure of the Partnership at
December 31, 2003 was to equity price risk in the G-7 countries.
The G-7 countries consist of France, the U.S., Britain, Germany,
Japan, Italy and Canada. The stock index futures traded by the
Partnership are by law limited to futures on broadly-based
indices. At December 31, 2003, the Partnership's primary
exposures were to the FTSE 100 (Great Britain) and DAX (Germany)
stock indices. The Partnership was primarily exposed to the risk
of adverse price trends or static markets in the Japanese,
European and U.S. stock indices. Static markets would not cause
major market changes, but would make it difficult for the
Partnership to avoid trendless price movements resulting in
numerous small losses.

Currency. The second largest market exposure of the Partnership
at December 31, 2003 was to the currency sector. The
Partnership's currency exposure is to exchange rate fluctuations,
primarily fluctuations which disrupt the historical pricing
relationships between different currencies and currency pairs.
Interest rate changes as well as political and general economic
conditions influence these fluctuations. The Partnership trades a
large number of currencies, including cross-rates - i.e.,
positions between two currencies other than the U.S. dollar. At
December 31, 2003, the Partnership's major exposures were to the
euro, British pound, Japanese yen, Canadian dollar and Norwegian
krone currency crosses as well as to outright U.S. dollar
positions. Outright positions consist of the U.S. dollar vs.
other currencies. These other currencies include major and minor
currencies. Demeter does not anticipate that the risk profile of
the Partnership's currency sector will change significantly in the
future. The currency trading VaR figure includes foreign
margin amounts converted into U.S. dollars with an incremental
adjustment to reflect the exchange rate risk inherent to the U.S.-
based Partnership in expressing VaR in a functional currency other
than U.S. dollars.

Interest Rate. The third largest market exposure of the
Partnership at December 31, 2003 was to the global interest rate
complex. Exposure was primarily spread across the U.S., European,
Japanese and Australian interest rate sectors. Interest rate
movements directly affect the price of the sovereign bond futures
positions held by the Partnership and indirectly affect the value
of its stock index and currency positions. Interest rate
movements in one country, as well as relative interest rate
movements between countries, materially impact the Partnership's
profitability. The Partnership's primary interest rate exposure
is generally to interest rate fluctuations in the U.S. and the
other G-7 countries. However, the Partnership also takes futures
positions in the government debt of smaller nations - e.g.,
Australia. Demeter anticipates that the G-7 countries and
Australian interest rates will remain the primary interest rate
exposure of the Partnership for the foreseeable future. The
speculative futures positions held by the Partnership may range
from short to long-term instruments. Consequently, changes in
short, medium or long-term interest rates may have an effect on
the Partnership.

Commodity.
Metals. The Partnership's metals exposure at December 31,
2003 was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as nickel,
aluminum, zinc and copper. Economic forces, supply and
demand inequalities, geopolitical factors and market
expectations influence price movements in these markets. The
Trading Advisors, from time to time, take positions when
market opportunities develop and Demeter anticipates that the
Partnership will continue to do so.

Energy. At December 31, 2003, the Partnership's energy
exposure was primarily to futures contracts in crude oil and
its related products, and natural gas. Price movements in
these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns
and other economic fundamentals. Significant profits and
losses, which have been experienced in the past, are expected
to continue to be experienced in the future. Natural gas has
exhibited volatility in prices resulting from weather
patterns and supply and demand factors and will likely
continue in this choppy pattern.

Soft Commodities and Agriculturals. At December 31, 2003,
the Partnership had exposure to the markets that comprise
these sectors. Most of the exposure was to the sugar,
soybeans and cotton markets. Supply and demand inequalities,
severe weather disruptions and market expectations affect
price movements in these markets.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at December 31, 2003:

Foreign Currency Balances. The Partnership's primary foreign
currency balances at December 31, 2003 were in euros and Hong
Kong dollars. The Partnership controls the non-trading risk
of foreign currency balances by regularly converting them
back into U.S. dollars upon liquidation of their respective
positions.

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisors, separately, attempt to
manage the risk of the Partnership's open positions in essentially
the same manner in all market categories traded. Demeter attempts
to manage market exposure by diversifying the Partnership's assets
among different Trading Advisors, each of whose strategies focus
on different market sectors and trading approaches, and by
monitoring the performance of the Trading Advisors daily. In
addition, the Trading Advisors establish diversification
guidelines, often set in terms of the maximum margin to be
committed to positions in any one market sector or market-
sensitive instrument.

Demeter monitors and controls the risk of the Partnership's non-
trading instrument, cash. Cash is the only Partnership investment
directed by Demeter, rather than the Trading Advisors.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The Financial Statements are incorporated by reference to the
Partnership's Annual Report, which is filed as Exhibit 13.01
hereto.

Supplementary data specified by Item 302 of Regulation S-K:

Summary of Quarterly Results (Unaudited)

Quarter Revenues/ Net Net Income/
Ended (Net Losses) Income/(Loss) (Loss) Per Unit

2003
March 31 $ 317,527 $ 45,593 $ 3.42
June 30 1,148,992 872,899 99.60
September 30 644,088 363,038 42.91
December 31 622,081 233,707 28.49

Total $ 2,732,688 $ 1,515,237 $ 174.42

2002
March 31 $ (406,023) $ (656,882) $ (63.65)
June 30 1,625,956 1,360,249 136.74
September 30 2,204,722 1,923,772 201.25
December 31 (1,060,211) (1,334,145) (142.39)

Total $ 2,364,444 $ 1,292,994 $ 131.95

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A. CONTROLS AND PROCEDURES
(a) As of the end of the period covered by this annual
report, the President and Chief Financial Officer of the
general partner, Demeter, have evaluated the
effectiveness of the Partnership's disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-
15(e) of the Exchange Act), and have judged such controls
and procedures to be effective.

(b) There have been no significant changes in the
Partnership's internal controls or in other factors that
could significantly affect these controls subsequent to
the date of their evaluation.

PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
There are no directors or executive officers of the Partnership.
The Partnership is managed by Demeter.

Directors and Officers of the General Partner
The directors and executive officers of Demeter are as follows:

Jeffrey A. Rothman, age 42, is the Chairman of the Board of
Directors and President of Demeter. Mr. Rothman is the Executive
Director of Morgan Stanley Managed Futures, responsible for
overseeing all aspects of the firm's managed futures department.
He is also the Chairman of the Board of Directors of Morgan
Stanley Futures & Currency Management Inc. Mr. Rothman has been
with the managed futures department for seventeen years.
Throughout his career, Mr. Rothman has helped with the
development, marketing and administration of approximately 39
commodity pools. Mr. Rothman is an active member of the Managed
Funds Association and serves on its Board of Directors. Mr.
Rothman has a B.A. degree in Liberal Arts from Brooklyn College,
New York.

Richard A. Beech, age 52, is a Director of Demeter. Mr. Beech has
been associated with the futures industry for over 25 years. He
has been at Morgan Stanley DW since August 1984 where he is
presently an Executive Director and head of Futures, Forex &
Metals. Mr. Beech began his career at the Chicago Mercantile
Exchange, where he became the Chief Agricultural Economist
doing market analysis, marketing and compliance. Prior to joining
Morgan Stanley DW, Mr. Beech worked at two investment banking firms
in operations, research, managed futures and sales management. Mr.
Beech has a B.S. degree in Business Administration from Ohio State
University and an M.B.A. degree from Virginia Polytechnic Institute
and State University.

Raymond A. Harris, age 47, is a Director of Demeter and of Morgan
Stanley Futures & Currency Management Inc. Mr. Harris is
currently Managing Director and head of Client Solutions for
Morgan Stanley Individual Investor Group. Mr. Harris joined
Morgan Stanley in 1982 and served in financial and operational
assignments for Dean Witter Reynolds. In 1994, he joined the
Discover Financial Services division, leading restructuring and
product development efforts. Mr. Harris became Chief
Administrative Officer for Morgan Stanley Investment Management in
1999. In 2001, he was named head of Global Products and Services
for Investment Management. Mr. Harris has an M.B.A. in Finance
from the University of Chicago and a B.A. degree from Boston
College.

Frank Zafran, age 48, is a Director of Demeter and of Morgan
Stanley Futures & Currency Management Inc. Mr. Zafran is an
Executive Director of Morgan Stanley and, in September 2002, was
named Chief Administrative Officer of Morgan Stanley's Client
Solutions Division. Mr. Zafran joined the firm in 1979 and
has held various positions in Corporate Accounting and the
Insurance Department, including Senior Operations Officer -
Insurance Division, until his appointment in 2000 as Director of
401(k) Plan Services, responsible for all aspects of 401(k) Plan
Services including marketing, sales and operations. Mr. Zafran
received a B.S. degree in Accounting from Brooklyn College, New
York.

Douglas J. Ketterer, age 38, was named a Director of Demeter, and
confirmed by the National Futures Association as a principal of
Demeter on October 27, 2003. Mr. Ketterer is a Managing Director
and head of the Investment Solutions Group, which is comprised of
a number of departments which offer products and services through
Morgan Stanley's Individual Investor Group (including Managed
Futures, Alternative Investments, Insurance Services, Personal
Trust, Corporate Services, and others). Mr. Ketterer joined the
firm in 1990 in the Corporate Finance Division as a part of the
Retail Products Group. He later moved to the origination side of
Investment Banking, and then, after the merger between Morgan
Stanley and Dean Witter, served in the Product Development Group
at Morgan Stanley Dean Witter Advisors (now known as Morgan
Stanley Funds). From the summer of 2000 to the summer of 2002,
Mr. Ketterer served as the Chief Administrative Officer for Morgan
Stanley Investment Management, where he headed the Strategic
Planning & Administrative Group. Mr. Ketterer received his M.B.A.
from New York University's Leonard N. Stern School of
Business and his B.S. in Finance from the University at Albany's
School of Business.

Jeffrey S. Swartz resigned his position as a Director of Demeter.

Louise M. Wasso-Jonikas will become a Director of Demeter once she
has registered with the National Futures Association as an
associated person, which registration is currently pending. Ms.
Wasso-Jonikas is a Managing Director of Morgan Stanley and Director
of Alternative Investments for the Individual Investor Group (IIG)
of Morgan Stanley. Ms. Wasso-Jonikas rejoined Morgan Stanley in
1999. Ms. Wasso-Jonikas was Co-Founder and President/Chief
Operating Officer of Graystone Partners, an objective consulting
firm, from 1993 to 1999, when Graystone was acquired by Morgan
Stanley. Prior to founding Graystone, Ms. Wasso-Jonikas was a
Senior Vice President at Bessemer Trust and opened their Chicago
office. She also was a Vice President at the Northern Trust in
their Wealth Management Services Group where she worked exclusively
with their largest private clients and family offices throughout
the U.S. and abroad serving their broad investment and custody
needs. Ms. Wasso-Jonikas also worked as an Equity Block Trader
with Goldman Sachs and with Morgan Stanley advising and managing
money for private clients. Ms. Wasso-Jonikas's focus is on
developing a robust external manager platform utilizing alternative
managers for IIG clients as well as overseeing some of the firm's
largest client relationships. Ms. Wasso-Jonikas holds a BA
in Economics from Mount Holyoke College and an MBA in Finance from
the University of Chicago Graduate School of Business.

Jeffrey D. Hahn, age 46, is the Chief Financial Officer of
Demeter. Mr. Hahn began his career at Morgan Stanley in 1992 and
is currently an Executive Director responsible for the management
and supervision of the accounting, reporting, tax and finance
functions for the firm's private equity, managed futures, and
certain legacy real estate investing activities. He is also the
Chief Financial Officer of Morgan Stanley Futures & Currency
Management Inc. From August 1984 through May 1992, Mr. Hahn held
various positions as an auditor at Coopers & Lybrand, specializing
in manufacturing businesses and venture capital organizations. Mr.
Hahn received his B.A. in Economics from St. Lawrence University
in 1979, an M.B.A. from Pace University in 1984, and is a
Certified Public Accountant.

All of the foregoing directors have indefinite terms.

The Audit Committee
The Partnership is operated by its general partner, Demeter, and
does not have an audit committee. As such, the entire Board of
Directors of Demeter serves as the audit committee. None of the
directors are considered to be "independent" as that term is used
in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange
Act of 1934, as amended. The Board of Directors of Demeter
has determined that Mr. Jeffrey D. Hahn is the audit committee
financial expert.

Section 16(a) Beneficial Ownership Reporting Compliance
The Partnership has no directors, executive officers or greater
than 10 percent beneficial owners and none of the directors or
executive officers of Demeter, the general partner of the
Partnership, own Units of the Partnership. As such, no Forms 3, 4,
or 5 have been filed.

Code of Ethics
The Partnership has not adopted a code of ethics that applies to
the Partnership's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions. The Partnership is operated by its
general partner, Demeter. The President, Chief Financial Officer
and each member of the Board of Directors of Demeter are employees
of Morgan Stanley and are subject to the code of ethics adopted by
Morgan Stanley, the text of which can be viewed on Morgan
Stanley's website at www.morganstanley.com/ourcommitment/codeofcon
duct.html.

Item 11. EXECUTIVE COMPENSATION
The Partnership has no directors and executive officers. As a
limited partnership, the business of the Partnership is managed by
Demeter, which is responsible for the administration of the
business affairs of the* Partnership but receives no compensation
for such services.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

(a) Security Ownership of Certain Beneficial Owners - At December
31, 2003, there were no persons known to be beneficial owners of
more than 5 percent of the Units.

(b) Security Ownership of Management - At December 31, 2003,
Demeter owned 94.446 Units of general partnership interest,
representing a 1.15 percent interest in the Partnership.

(c) Changes in Control - None.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Refer to Note 2 - "Related Party Transactions" of "Notes to
Financial Statements", in the accompanying Annual Report to
Limited Partners for the year ended December 31, 2003, which is
incorporated by reference to Exhibit 13.01 of this Form 10-K. In
its capacity as the Partnership's retail commodity broker, Morgan
Stanley DW received commodity brokerage commissions (paid and
accrued by the Partnership) of $692,866 for the year ended December
31, 2003.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The Partnership pays all operating expenses, including accounting
fees, to a maximum of 1/4 of 1% annually of the Partnership's
average month-end net assets, as discussed in the Notes to
Financial Statements in the Annual Report to the Limited Partners
for the year ended December 31, 2003. Demeter bears all other
operating expenses.

(1) Audit Fees. The aggregate fees for professional services
rendered by Deloitte & Touche LLP in connection with their audit
of the Partnership's financial statements and reviews of the
financial statements included in the Quarterly Reports on Form
10-Q and in connection with statutory and regulatory filings for
the years ended December 31, 2003 and 2002 were approximately
$38,800 and $38,672, respectively.

(2) Audit-Related Fees. There were no fees for assurance and
related services rendered by Deloitte & Touche LLP for the years
ended December 31, 2003 and 2002.

(3) Tax Fees. The aggregate fees for tax compliance services
rendered by Deloitte & Touche LLP for the years ended December 31,
2003 and 2002 were approximately $29,914 and $29,066,
respectively.

(4) All Other Fees. None.

As of the date of this Report, the Board of Directors of Demeter
has not adopted pre-approval policies and procedures. As a
result, all services provided by Deloitte & Touche LLP must be
directly pre-approved by the Board of Directors of Demeter.
PART IV
Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K

(a) 1. Listing of Financial Statements
The following financial statements and report of independent
auditors, all appearing in the accompanying Annual Report to
Limited Partners for the year ended December 31, 2003 are
incorporated by reference to Exhibit 13.01 of this Form 10-K:
- - Report of Deloitte & Touche LLP, independent auditors, for the
years ended December 31, 2003, 2002 and 2001.

- - Statements of Financial Condition, including the Schedules of
Investments, as of December 31, 2003 and 2002.

- - Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2003, 2002 and
2001.

- - Notes to Financial Statements.

With the exception of the aforementioned information and the
information incorporated in Items 7, 8, and 13, the Annual Report
to Limited Partners for the year ended December 31, 2003 is not
deemed to be filed with this report.

2. Listing of Financial Statement Schedules
No financial statement schedules are required to be filed with this
report.

(b) Reports on Form 8-K
No reports on Form 8-K have been filed by the Partnership during
the last quarter of the period covered by this report.

(c) Exhibits
Refer to Exhibit Index on Page E-1 to E-2.

SIGNATURES

Pursuant to the requirements of Sections 13 or 15(d) 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

March 30, 2004 BY: /s/ Jeffrey A. Rothman
Jeffrey A. Rothman, President

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.

Demeter Management Corporation.

BY: /s/ Jeffrey A. Rothman March 30, 2004
Jeffrey A. Rothman, President

/s/ Douglas J. Ketterer March 30, 2004
Douglas J. Ketterer, Director

/s/ Louise M. Wasso-Jonikas March 30, 2004
Louise M. Wasso-Jonikas, Director

/s/ Richard A. Beech March 30, 2004
Richard A. Beech, Director

/s/ Raymond A. Harris March 30, 2004
Raymond A. Harris, Director

/s/ Frank Zafran March 30, 2004
Frank Zafran, Director

/s/ Jeffrey D. Hahn March 30, 2004
Jeffrey D. Hahn, Chief
Financial Officer

EXHIBIT INDEX

ITEM

3.01 Limited Partnership Agreement of the Partnership, dated as
of November 7, 1991, is incorporated by reference to Exhibit
3.01 and Exhibit 3.02 of the Partnership's Registration
Statement on Form S-1.

10.01 Management Agreements among the Partnership, Demeter
Management Corporation and A.O. Management, Inc., Chang
Crowell and Millburn, each dated as of December 31, 1991,
are incorporated by reference to Exhibit 10.02 of the
Partnership's Registration Statement on Form S-1.

10.02 Management Agreement among the Partnership, Demeter
Management Corporation and ELM Financial Incorporated, dated
as of May 1, 1994, is incorporated by reference to Exhibit
10.03 of the Partnership's Annual Report on Form 10-K for
the fiscal year ended December 31, 1994.

10.03 Management Agreement among the Partnership, Demeter
Management Corporation and EMC Capital Management, Inc.,
dated as of June 1, 1994, is incorporated by reference to
Exhibit 10.04 of the Partnership's Annual Report on Form
10-K for the fiscal year ended December 31, 1994.

10.04 Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW Inc., dated as of June 22,
2000, is incorporated by reference to Exhibit 10.01 of the
Partnership's Form 8-K/A (File No. 0-19901) filed with the
Securities and Exchange Commission on March 29, 2002.

10.05 Commodity Futures Customer Agreement between Morgan Stanley
& Co. Incorporated and the Partnership, and acknowledged and
agreed to by Morgan Stanley DW Inc., dated as of May 1,
2000, is incorporated by reference to Exhibit 10.02 of the
Partnership's Form 8-K/A (File No. 0-19901) filed with the
Securities and Exchange Commission on March 29, 2002.

10.06 Customer Agreement between the Partnership and Morgan
Stanley & Co. International Limited, dated as of May 1,
2000, is incorporated by reference to Exhibit 10.04 of the
Partnership's Form 8-K/A (File No. 0-19901) filed with the
Securities and Exchange Commission on March 29, 2002.

E-1

10.07 Foreign Exchange and Options Master Agreement between Morgan
Stanley & Co. Incorporated and the Partnership, dated as of
April 30, 2000, is incorporated by reference to Exhibit
10.05 of the Partnership's Form 8-K/A (File No. 0-19901)
filed with the Securities and Exchange Commission on March
29, 2002.

10.08 Securities Account Control Agreement among the Partnership,
Morgan Stanley & Co. Incorporated, and Morgan Stanley DW
Inc., dated as of May 1, 2000, is incorporated by reference
to Exhibit 10.03 of the Partnership's Form 8-K/A (File No.
0-19901) filed with the Securities and Exchange Commission
on March 29, 2002.

13.01 December 31, 2003 Annual Report to Limited Partners is
filed herewith.

31.01 Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to rules 13a-15(e) and 15d-15(e), as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.02 Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to rules 13a-15(e) and 15d-15(e), as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.

32.01 Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.

32.02 Certification of Chief Financial Officer of Demeter
Management Corporation, general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.

E-2

Global
Perspective
Portfolio

December 31, 2003
Annual Report

[LOGO] Morgan Stanley

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

HISTORICAL FUND PERFORMANCE

Presented below is the percentage change in Net Asset Value per Unit from the
start of each calendar year the Fund has traded. Also provided is the
inception-to-date return and the compound annualized return since inception for
the Fund. Past performance is not necessarily indicative of future results.

INCEPTION- COMPOUND
TO-DATE ANNUALIZED
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 RETURN RETURN
FUND % % % % % % % % % % % % % %
- ------------------------------------------------------------------------------------------------------------------------

Global Perspective Portfolio 4.6 (4.7) (31.6) 16.8 9.3 11.2 11.2 (9.8) 3.6 (1.4) 13.3 15.5 29.7 2.2
(10 mos.)
- ------------------------------------------------------------------------------------------------------------------------

DEMETER MANAGEMENT CORPORATION

825 Third Avenue, 9th Floor
New York, NY 10022
Telephone (212) 310-6444

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
ANNUAL REPORT
2003

Dear Limited Partner:

This marks the twelfth annual report for the Dean Witter Global Perspective
Portfolio L.P. (the "Fund"). The Fund began the year trading at a Net Asset
Value per Unit of $1,122.90 and increased by 15.5% to $1,297.32 on December 31,
2003. The Fund has increased by 29.7% since its inception of trading in March
1992 (a compound annualized return of 2.2%).

Detailed performance information for the Fund is located in the body of the
financial report. We provide a trading results by sector chart that portrays
trading gains and trading losses for the year in each sector in which the Fund
participates.

The trading results by sector chart indicates the year's composite percentage
returns generated by the specific assets dedicated to trading within each
market sector in which the Fund participates. Please note that there is not an
equal amount of assets in each market sector, and the specific allocations of
assets by the Fund to each sector will vary over time within a predetermined
range. Below the chart is a description of the factors that influenced trading
gains and trading losses within the Fund during the year.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 825 Third Avenue, 9th Floor, New York,
NY 10022 or your Morgan Stanley Financial Advisor.

I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is no
guarantee of future results.

Sincerely,

/s/ Jeffrey A. Rothman
Jeffrey A. Rothman
Chairman and President
Demeter Management Corporation
General Partner for
Dean Witter Global Perspective Portfolio L.P.

GLOBAL PERSPECTIVE PORTFOLIO

[CHART]

Year ended December 31, 2003
-----------------------------
Currencies 11.81%
Interest Rates -2.74%
Stock Indices 2.11%
Energies -3.61%
Metals 4.28%
Agriculturals 1.45%

Note:Includes trading results and commissions but does not include other fees
or interest income.

FACTORS INFLUENCING ANNUAL TRADING GAINS:

.. In the currency markets, gains were produced from long positions in the
Australian dollar, New Zealand dollar and Canadian dollar versus the U.S.
dollar during a majority of the year as the value of the "commodity
currencies" increased sharply versus the U.S. dollar on the heels of higher
commodity prices and significant interest rate differentials between these
countries and the U.S. Additional gains resulted from long positions in the
euro and British pound versus the U.S. dollar as the value of the U.S.
dollar declined throughout much of the year due to geopolitical uncertainty
and negative economic data.

.. In the metals markets, gains were experienced primarily during the fourth
quarter from long positions in nickel as base metal prices rallied in
response to growing investor sentiment that the global economy was on the
path to recovery and amid increased demand, especially from China. Elsewhere
in the metals markets, gains were recorded from long positions in gold
futures as prices trended higher primarily during the latter half of the
year due to weakness in the U.S. dollar and technically-based buying.

.. In the global stock index futures markets, gains were recorded from long
positions in Pacific Rim and U.S. stock index futures as global equity
prices also moved higher during the second part of the year due to continued
optimism regarding a global economic recovery.

.. Smaller gains were recorded in the agricultural markets, primarily during
September, from long futures positions in soybeans, soybean oil and soybean
meal as prices were lifted higher by robust U.S. export sales data and
smaller crop assessments by the U.S. Department of Agriculture.

GLOBAL PERSPECTIVE PORTFOLIO
(continued)

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
.. In the energy markets, losses were experienced primarily during October, as
the Fund entered the month with short natural gas positions which proved
unprofitable as prices rallied during the first part of the month. In
response to this rise in prices, the Fund reversed its position from short
to long, only to see prices decline in the latter part of the month.
Additional losses were incurred in the energy sector from positions in
heating oil and crude oil futures as prices moved erratically during October
in response to geopolitical and supply/demand factors. Further losses were
experienced during November as oil prices continued to trade in a volatile
fashion, moving in one direction and then sharply reversing. In December,
long futures positions in natural gas resulted in losses as prices fell
sharply following mild temperatures across the U.S. and U.S. Department of
Energy reports of increases in inventories that were much larger than
expected.
.. Additional losses were incurred in the global interest rate markets from
short positions in European interest rate futures during September as prices
reversed higher amid renewed fears of an unsustainable economic recovery and
lower global equity prices. Elsewhere in the global interest rate markets,
losses continued during October from long positions in U.S. and European
interest rate futures as prices were negatively impacted by the release of
positive U.S. economic data and inflation concerns. During November, newly
established short U.S. and European interest rate positions experienced
losses as prices finished the month higher on safe haven buying due to
renewed volatility in global equity markets, continued geopolitical
instability in the Middle East, and comments from the U.S. Federal Reserve
regarding the continuation of the Fed's current low interest rate policy.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

INDEPENDENT AUDITORS' REPORT

To the Limited Partners and the General Partner:

We have audited the accompanying statements of financial condition of Dean
Witter Global Perspective Portfolio L.P. (the "Partnership"), including the
schedules of investments, as of December 31, 2003 and 2002, and the related
statements of operations, changes in partners' capital, and cash flows for each
of the three years in the period ended December 31, 2003. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of Dean Witter Global Perspective Portfolio
L.P. at December 31, 2003 and 2002, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2003 in
conformity with accounting principles generally accepted in the United States
of America.

/s/ Deloitte & Touche LLP

New York, New York
March 2, 2004

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31,
---------------------
2003 2002
---------- ----------
$ $

ASSETS
Equity in futures interests trading
accounts:
Cash 9,551,757 9,559,279
Net unrealized gain on open contracts
(MS&Co.) 1,252,821 935,504
Net unrealized gain (loss) on open
contracts (MSIL) 8,343 (114,187)
---------- ----------
Total net unrealized gain on open
contracts 1,261,164 821,317
---------- ----------
Total Trading Equity 10,812,921 10,380,596
Due from Morgan Stanley DW 43,243 40,623
Interest receivable (Morgan Stanley DW) 6,124 8,158
---------- ----------
Total Assets 10,862,288 10,429,377
========== ==========

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES
Accrued incentive fee 102,507 --
Redemptions payable 80,436 75,746
Accrued management fees 27,139 26,057
Accrued administrative expenses 6,519 6,408
---------- ----------
Total Liabilities 216,601 108,211
---------- ----------

PARTNERS' CAPITAL
Limited Partners (8,111.481 and
9,035.012 Units, respectively) 10,523,160 10,145,386
General Partner (94.446 and 156.541
Units, respectively) 122,527 175,780
---------- ----------
Total Partners' Capital 10,645,687 10,321,166
---------- ----------
Total Liabilities and Partners' Capital 10,862,288 10,429,377
========== ==========

NET ASSET VALUE PER UNIT 1,297.32 1,122.90
========== ==========

The accompanying notes are an integral part of these financial statements.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31,
------------------------------
2003 2002 2001
--------- --------- ----------
$ $ $

REVENUES
Trading profit (loss):
Realized 2,206,680 1,117,053 2,431,280
Net change in unrealized 439,847 441,068 (1,539,698)
--------- --------- ----------
2,646,527 1,558,121 891,582
Proceeds from Litigation Settlement -- 675,411 --
--------- --------- ----------
Total Trading Results 2,646,527 2,233,532 891,582
Interest income (Morgan Stanley DW) 86,161 130,912 317,758
--------- --------- ----------
Total 2,732,688 2,364,444 1,209,340
--------- --------- ----------
EXPENSES
Brokerage commissions (Morgan Stanley DW) 692,866 649,478 749,037
Management fees 319,748 304,338 346,722
Incentive fees 107,730 11,251 94,817
Transaction fees and costs 70,572 80,948 98,208
Administrative expenses 26,535 25,435 28,820
--------- --------- ----------
Total 1,217,451 1,071,450 1,317,604
--------- --------- ----------
NET INCOME (LOSS) 1,515,237 1,292,994 (108,264)
========= ========= ==========
NET INCOME (LOSS) ALLOCATION:
Limited Partners 1,498,490 1,261,221 (105,152)
General Partner 16,747 31,773 (3,112)

NET INCOME (LOSS) PER UNIT:
Limited Partners 174.42 131.95 (14.41)
General Partner 174.42 131.95 (14.41)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001

UNITS OF
PARTNERSHIP LIMITED GENERAL
INTEREST PARTNERS PARTNER TOTAL
----------- ---------- ------- ----------
$ $ $

Partners' Capital,
December 31, 2000 11,598.906 11,443,935 217,119 11,661,054
Net loss -- (105,152) (3,112) (108,264)
Redemptions (1,254.686) (1,302,191) -- (1,302,191)
---------- ---------- ------- ----------
Partners' Capital,
December 31, 2001 10,344.220 10,036,592 214,007 10,250,599
Net income -- 1,261,221 31,773 1,292,994
Redemptions (1,152.667) (1,152,427) (70,000) (1,222,427)
---------- ---------- ------- ----------
Partners' Capital,
December 31, 2002 9,191.553 10,145,386 175,780 10,321,166
Net income -- 1,498,490 16,747 1,515,237
Redemptions (985.626) (1,120,716) (70,000) (1,190,716)
---------- ---------- ------- ----------
Partners' Capital,
December 31, 2003 8,205.927 10,523,160 122,527 10,645,687
========== ========== ======= ==========

The accompanying notes are an integral part of these financial statements.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,
----------------------------------
2003 2002 2001
---------- ---------- ----------
$ $ $

CASH FLOWS FROM
OPERATING ACTIVITIES
Net income (loss) 1,515,237 1,292,994 (108,264)
Noncash item included in net
income (loss):
Net change in unrealized (439,847) (441,068) 1,539,698
(Increase) decrease in operating
assets:
Due from Morgan Stanley DW (2,620) (13,290) (4,087)
Interest receivable
(Morgan Stanley DW) 2,034 4,154 31,748
Increase (decrease) in operating
liabilities:
Accrued incentive fee 102,507 -- --
Accrued management fees 1,082 100 (3,578)
Accrued administrative expenses 111 (4,867) 6,605
---------- ---------- ----------
Net cash provided by operating
activities 1,178,504 838,023 1,462,122
---------- ---------- ----------

CASH FLOWS FROM
FINANCING ACTIVITIES
Increase (decrease) in redemptions
payable 4,690 (30,643) (17,208)
Redemptions of Units (1,190,716) (1,222,427) (1,302,191)
---------- ---------- ----------
Net cash used for financing
activities (1,186,026) (1,253,070) (1,319,399)
---------- ---------- ----------

Net increase (decrease) in cash (7,522) (415,047) 142,723

Balance at beginning of period 9,559,279 9,974,326 9,831,603
---------- ---------- ----------

Balance at end of period 9,551,757 9,559,279 9,974,326
========== ========== ==========

The accompanying notes are an integral part of these financial statements.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2003 AND 2002

LONG UNREALIZED PERCENTAGE SHORT UNREALIZED PERCENTAGE
FUTURES AND FORWARD CONTRACTS: GAIN/(LOSS) OF NET ASSETS GAIN/(LOSS) OF NET ASSETS
- ------------------------------ --------------- ------------- ---------------- -------------
2003 PARTNERSHIP NET ASSETS: $10,645,687 $ % $ %

Foreign currency 513,156 4.82 (86,147) (0.81)
Interest rate 22,439 0.21 (612) --
Commodity 414,351 3.89 (10,531) (0.10)
Equity 163,505 1.54 -- --
--------- ----- ------- -----
Grand Total: 1,113,451 10.46 (97,290) (0.91)
========= ===== ======= =====
Unrealized Currency Gain

Total Net Unrealized Gain per Statement of Financial Condition

2002 PARTNERSHIP NET ASSETS: $10,321,166
Foreign currency 247,213 2.40 4,889 0.04
Interest rate 323,976 3.14 -- --
Commodity 155,409 1.51 8,625 0.08
Equity (15,490) (0.15) 30,768 0.30
--------- ----- ------- -----
Grand Total: 711,108 6.90 44,282 0.42
========= ===== ======= =====
Unrealized Currency Gain

Total Net Unrealized Gain per Statement of Financial Condition

FUTURES AND FORWARD CONTRACTS: NET UNREALIZED GAIN # OF CONTRACTS/NOTIONAL AMOUNTS
- ------------------------------ ------------------- -------------------------------
2003 PARTNERSHIP NET ASSETS: $10,645,687 $

Foreign currency 427,009 3,514,320,148
Interest rate 21,827 457
Commodity 403,820 334
Equity 163,505 159
---------
Grand Total: 1,016,161

Unrealized Currency Gain 245,003
---------
Total Net Unrealized Gain per Statement of Financial Condition 1,261,164
=========

2002 PARTNERSHIP NET ASSETS: $10,321,166
Foreign currency 252,102 2,177,370,097
Interest rate 323,976 615
Commodity 164,034 251
Equity 15,278 46
---------
Grand Total: 755,390

Unrealized Currency Gain 65,927
---------
Total Net Unrealized Gain per Statement of Financial Condition 821,317
=========

The accompanying notes are an integral part of these financial statements.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS

- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION. Dean Witter Global Perspective Portfolio L.P. (the
"Partnership") is a limited partnership organized to engage primarily in the
speculative trading of futures contracts, options on futures contracts, and
forward contracts on physical commodities and other commodity interests,
including, but not limited to, foreign currencies, financial instruments,
metals, energy, and agricultural products (collectively, "futures interests").

The Partnership's general partner is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity brokers are Morgan Stanley & Co.
Incorporated ("MS&Co.") and Morgan Stanley & Co. International Limited
("MSIL"). Demeter, Morgan Stanley DW, MS&Co. and MSIL are wholly-owned
subsidiaries of Morgan Stanley.

Effective June 20, 2002, Morgan Stanley Dean Witter & Co. changed its name to
Morgan Stanley.

The trading advisors to the Partnership are EMC Capital Management, Inc.
("EMC") and Millburn Ridgefield Corporation ("Millburn").

Demeter is required to maintain a 1% minimum interest in the equity of the
Partnership and income (losses) are shared by Demeter and the limited partners
based upon their proportional ownership interests.

USE OF ESTIMATES. The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management
believes that the estimates utilized in the preparation of the financial
statements are prudent and reasonable. Actual results could differ from
those estimates.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

REVENUE RECOGNITION. Futures interests are open commitments until settlement
date. They are valued at market on a daily basis and the resulting net change
in unrealized gains and losses are reflected in the change in unrealized profit
(loss) on open contracts from one period to the next on the statements of
operations. Monthly, Morgan Stanley DW pays the Partnership interest income
based upon 80% of its average daily Net Assets for the month at a rate equal to
the average yield on 13-week U.S. Treasury bills. For purposes of such interest
payments, Net Assets do not include monies owed to the Partnership on futures
interests.

NET INCOME (LOSS) PER UNIT. Net income (loss) per unit of limited partnership
interest ("Unit(s)") is computed using the weighted average number of Units
outstanding during the period.

CONDENSED SCHEDULES OF INVESTMENTS. In March 2001, the American Institute of
Certified Public Accountants' Accounting Standards Executive Committee ("AICPA
Executive Committee") issued Statement of Position 01-1 ("SOP 01-1") "Amendment
to the Scope of Statement of Position 95-2, Financial Reporting By Nonpublic
Investment Partnerships, to Include Commodity Pools". SOP 01-1 required
commodity pools to include a condensed schedule of investments identifying
those investments which constitute more than 5% of Net Assets, taking long and
short positions into account separately, beginning in fiscal years ending after
December 15, 2001.

In December 2003, the AICPA Executive Committee issued Statement of Position
03-4 ("SOP 03-4") "Reporting Financial Highlights and Schedule of Investments
by Nonregistered Investment Partnerships: An Amendment to the Audit and
Accounting Guide Audits Of Investment Companies and AICPA Statement of Position
95-2, Financial Reporting By Nonpublic Investment Partnerships". SOP 03-4
requires commodity pools to disclose on the Schedule of Investments the number
of contracts, the contracts' expiration dates and the cumulative unrealized
gains/(losses) on open futures contracts, when the cumulative unrealized
gains/(losses) on an open futures contract

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

exceeds 5% of Net Assets, taking long and short positions into account
separately. SOP 03-4 also requires ratios for expenses and net income/ (losses)
based on average net assets to be disclosed in Financial Highlights. SOP 03-4
is effective for fiscal years ending after December 15, 2003.

EQUITY IN FUTURES INTERESTS TRADING ACCOUNTS. The Partnership's asset "Equity
in futures interests trading accounts," reflected on the statements of
financial condition, consists of (A) cash on deposit with Morgan Stanley DW,
MS&Co. and MSIL to be used as margin for trading; (B) net unrealized gains or
losses on open contracts, which are valued at market and calculated as the
difference between original contract value and market value; and (C) net option
premiums, which represent the net of all monies paid and/or received for such
option premiums.

The Partnership, in the normal course of business, enters into various
contracts with MS&Co. and MSIL acting as its commodity brokers. Pursuant to
brokerage agreements with MS&Co. and MSIL, to the extent that such trading
results in unrealized gains or losses, the amounts are offset and reported on a
net basis on the Partnership's statements of financial condition.

The Partnership has offset the fair value amounts recognized for forward
contracts executed with the same counterparty as allowable under the terms of
its master netting agreement with MS&Co., the sole counterparty on such
contracts. The Partnership has consistently applied its right to offset.

BROKERAGE COMMISSIONS AND RELATED TRANSACTION FEES AND COSTS. The Partnership
accrues brokerage commissions and transaction fees and costs on a half-turn
basis, at 80% and 100%, respectively, of the rates Morgan Stanley DW charges
parties that are not clearinghouse members. Brokerage commissions and
transaction fees and costs combined are capped at 13/20 of 1% per month (a
maximum 7.8% annual rate) of the Partnership's Net Assets as of the last day of
each month.

OPERATING EXPENSES. The Partnership bears all operating expenses related to
its trading activities, to a maximum of 1/4 of 1% annually of the Partnership's

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

average month-end Net Assets. These include filing fees, clerical,
administrative, auditing, accounting, mailing, printing, and other incidental
operating expenses as permitted by the Limited Partnership Agreement. In
addition, the Partnership incurs a monthly management fee and may incur an
incentive fee. Demeter bears all other operating expenses.

REDEMPTIONS. Limited partners may redeem some or all of their Units at 100% of
the Net Asset Value per Unit as of the last day of any month upon five business
days advance notice by redemption form to Demeter.

DISTRIBUTIONS. Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date.

INCOME TAXES. No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible for reporting
income or loss based upon their respective share of the Partnership's revenues
and expenses for income tax purposes.

DISSOLUTION OF THE PARTNERSHIP. The Partnership will terminate on December 31,
2025, or at an earlier date if certain conditions set forth in the Limited
Partnership Agreement occur.

LITIGATION SETTLEMENT. On February 27, 2002, the Partnership received
notification of a preliminary entitlement to payment from the Sumitomo Copper
Litigation Settlement Administrator and received payment of this settlement
award in the amount of $675,411 as of August 30, 2002.

- --------------------------------------------------------------------------------
2. RELATED PARTY TRANSACTIONS
The Partnership pays brokerage commissions to Morgan Stanley DW as described in
Note 1. The Partnership's cash is on deposit with Morgan Stanley DW, MS&Co. and
MSIL in futures interests trading accounts to meet margin requirements as
needed. Morgan Stanley DW pays interest on these funds as described in Note 1.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

- --------------------------------------------------------------------------------
3. TRADING ADVISORS
Compensation to EMC and Millburn consists of a management fee and an incentive
fee as follows:

MANAGEMENT FEE. The Partnership pays a monthly management fee equal to 1/4 of
1% per month (a 3% annual rate) of the Partnership's adjusted Net Assets, as
defined in the Limited Partnership Agreement, as of the last day of each month.

INCENTIVE FEE. The Partnership pays a quarterly incentive fee to each trading
advisor equal to 17.5% of trading profits experienced by the Net Assets
allocated to such trading advisor as of the end of each calendar quarter.
Trading profits represent the amount by which gains from futures, forwards and
options trading exceed losses, after brokerage commissions, management fees,
transaction fees and costs and administrative expenses are deducted. An
incentive fee is accrued in each month in which trading profits occur. If a
trading advisor has experienced trading losses with respect to its allocated
Net Assets, no incentive fee is paid in subsequent closings until all such
losses are recovered. In those instances in which limited partners redeem
Units, incentive fees earned (through the date of such redemptions) are paid to
the trading advisors on those Units redeemed in the month of such redemptions.

- --------------------------------------------------------------------------------
4. FINANCIAL INSTRUMENTS
The Partnership trades futures contracts, options on futures contracts, and
forward contracts on physical commodities and other commodity interests,
including, but not limited to, foreign currencies, financial instruments,
metals, energy, and agricultural products. 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

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

value of these contracts, including interest rate volatility.

The market value of contracts is based on closing prices quoted by the
exchange, bank or clearing firm through which the contracts are traded.

The Partnership's contracts are accounted for on a trade-date basis and
marked to market on a daily basis. The Partnership accounts for its derivative
investments in accordance with the provisions of Statement of Financial
Accounting Standards No. 133, "Accounting for Derivative Instruments and
Hedging Activities" ("SFAS No. 133"). SFAS No. 133 defines a derivative as a
financial instrument or other contract that has all three of the following
characteristics:

(1)One or more underlying notional amounts or payment provisions;

(2)Requires no initial net investment or a smaller initial net investment than
would be required relative to changes in market factors;

(3)Terms require or permit net settlement.

Generally, derivatives include futures, forward, swaps or options contracts
and other financial instruments with similar characteristics such as caps,
floors and collars.

The net unrealized gains on open contracts at December 31, reported as a
component of "Equity in futures interests trading accounts" on the statements
of financial condition, and their longest contract maturities were as follows:

NET UNREALIZED GAINS
ON OPEN CONTRACTS LONGEST MATURITIES
----------------------------- -------------------
OFF- OFF-
EXCHANGE- EXCHANGE- EXCHANGE- EXCHANGE-
YEAR TRADED TRADED TOTAL TRADED TRADED
- ---- --------- --------- --------- --------- ---------
$ $ $

2003 1,084,783 176,381 1,261,164 Dec. 2004 Mar. 2004
2002 785,546 35,771 821,317 Sep. 2003 Mar. 2003

The Partnership has credit risk associated with counterparty nonperformance.
The credit risk associated with the instruments in which the Partnership is

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

involved is limited to the amounts reflected on the Partnership's statements of
financial condition.

The Partnership also has credit risk because Morgan Stanley DW, MS&Co. and
MSIL 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. Morgan Stanley DW, MS&Co. and
MSIL, each as a futures commission merchant for all of the Partnership's
exchange-traded futures and futures-styled options contracts, are required,
pursuant to regulations of the Commodity Futures Trading Commission, to
segregate from their own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded futures and
futures-styled options contracts including an amount equal to the net
unrealized gains on all open futures and futures-styled options contracts,
which funds, in the aggregate, totaled $10,636,540 and $10,344,825 at December
31, 2003 and 2002, respectively. With respect to the Partnership's
off-exchange-traded forward currency contracts, there are no daily
exchange-required settlements of variations in value nor is there any
requirement that an amount equal to the net unrealized gains on open forward
contracts be segregated, however, MS&Co. and Morgan Stanley DW will make daily
settlements of losses as needed. With respect to those off-exchange-traded
forward currency contracts, the Partnership is at risk to the ability of
MS&Co., the sole counterparty on all such contracts, to perform. The
Partnership has a netting agreement with MS&Co. This agreement, which seeks to
reduce both the Partnership's and MS&Co.'s exposure on off-exchange-traded
forward currency contracts, should materially decrease the Partnership's credit
risk in the event of MS&Co.'s bankruptcy or insolvency.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(concluded)

- --------------------------------------------------------------------------------
5. FINANCIAL HIGHLIGHTS

PER UNIT:
---------

NET ASSET VALUE, JANUARY 1, 2003: $1,122.90
---------
NET OPERATING RESULTS:
Realized Profit 254.80
Unrealized Profit 51.14
Interest Income 10.02
Expenses (141.54)
---------
Net Income 174.42
---------
NET ASSET VALUE, DECEMBER 31, 2003: $1,297.32
=========
Expense Ratio 11.6%
Net Income Ratio 14.4%
TOTAL RETURN 2003 15.5%
INCEPTION-TO-DATE RETURN 29.7%
COMPOUND ANNUALIZED RETURN 2.2%

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