DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L P - 10-Q Quarterly Report

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

FORM 10-Q

[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2004 or

[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to__________________

Commission File Number 0-19901

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

(Exact name of registrant as specified in its charter)

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

Demeter Management Corporation
330 Madison Avenue, 8th Floor
New York, NY 10017
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (212) 905-2700

825 Third Avenue, 9th Floor, New York, NY 10022

(Former name, former address, and former fiscal year, if changed
since last report)

Indicate by check-mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes X No___________

Indicate by check-mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

September 30, 2004

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF FINANCIAL CONDITION

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 2004 and 2003
(Unaudited)

Units of
Partnership Limited General
Interest Partners Partner Total
$ $ $

Partners' Capital,
December 31, 2002 9,191.553 10,145,386 175,780 10,321,166

Net Income - 1,267,474 14,056 1,281,530

Redemptions (866.638) (969,775) (70,000) (1,039,775)

Partners' Capital,
September 30, 2003 8,324.915 10,443,085 119,836 10,562,921

Partners' Capital,
December 31, 2003 8,205.927 10,523,160 122,527 10,645,687

Net Loss - (2,289,175) (27,948) (2,317,123)

Redemptions (706.364) (818,432) - (818,432)

Partners' Capital,
September 30, 2004 7,499.563 7,415,553 94,579 7,510,132

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

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)

For the Nine Months Ended September 30,

2004 2003
$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) (2,317,123) 1,281,530
Noncash item included in net income (loss):
Net change in unrealized 692,540 (260,894)

(Increase) decrease in operating assets:
Due from Morgan Stanley DW 27,027 (21,161)
Interest receivable (Morgan Stanley DW) (2,176) 1,616

Increase (decrease) in operating liabilities:
Accrued management fees (8,163) 665
Accrued administrative expenses (1,710) 232
Accrued incentive fees (102,507) 4,265

Net cash provided by (used for) operating activities (1,712,112) 1,006,253

CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in redemptions payable (19,008) 19,179
Redemptions of Units (818,432) (1,039,775)

Net cash used for financing activities (837,440) (1,020,596)

Net decrease in cash (2,549,552) (14,343)

Balance at beginning of period 9,551,757 9,559,279

Balance at end of period 7,002,205 9,544,936

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

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS

September 30, 2004

(Unaudited)

The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Dean Witter Global Perspective Portfolio L.P. (the
"Partnership"). The financial statements and condensed notes
herein should be read in conjunction with the Partnership's
December 31, 2003 Annual Report on Form 10-K.

1. Organization
Dean Witter Global Perspective Portfolio L.P. 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'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
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

subsidiaries of Morgan Stanley. The trading advisors to the
Partnership are EMC Capital Management, Inc. and Millburn
Ridgefield Corporation (individually, a "Trading Advisor," or
collectively, the "Trading Advisors").

On February 27, 2002, the Partnership received notification of a
preliminary entitlement to payment from the Sumitomo Copper
Litigation Settlement Administrator, and the Partnership has
received settlement award payments in the amount of $675,411 as of
August 30, 2002 and $6,653 as of July 30, 2004. Any amounts
received are accounted for in the period received, for the benefit
of the limited partners at the date of receipt.

2. Related Party Transactions
The Partnership's cash is on deposit with Morgan Stanley DW, MS &
Co., and MSIL in futures, forwards, and options trading accounts
to meet margin requirements as needed. Monthly, Morgan Stanley DW
pays the Partnership interest income equal to 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. The Partnership pays
brokerage commissions to Morgan Stanley DW.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

3. Financial Instruments
The Partnership trades futures contracts, options on futures
contracts, and forward contracts on physical commodities and other
commodity interests. Futures and forwards represent contracts for
delayed delivery of an instrument at a specified date and price.
Risk arises from changes in the value of these contracts and the
potential inability of counterparties to perform under the terms
of the contracts. There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility.

The market value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which market value is being determined. If an exchange-traded
contract could not have been liquidated on such day due to the
operation of daily limits or other rules of the exchange, the
settlement price shall be the settlement price on the first
subsequent day on which the contract could be liquidated. The
market value of off-exchange-traded contracts is based on the
fair market value quoted by the counterparty.

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
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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, 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:

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Net Unrealized Gains
on Open Contracts Longest Maturities
Exchange- Off-Exchange- Exchange- Off-Exchange-
Date Traded Traded Total Traded Traded
$ $ $

Sep. 30, 2004 567,113 1,511 568,624 Mar. 2005 Dec. 2004
Dec. 31, 2003 1,084,783 176,381 1,261,164 Dec. 2004 Mar. 2004

The Partnership has credit risk associated with counterparty non-
performance. The credit risk associated with the instruments in
which the Partnership trades is limited to the amounts reflected
in 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, forward, 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 the
Partnership's exchange-traded futures, forward, and futures-
styled options contracts, are required, pursuant to regulations
of the Commodity Futures Trading Commission ("CFTC"), to
segregate from their own assets, and for the sole benefit of

their commodity customers, all funds held by them with respect to
exchange-traded futures, forward, and futures-styled options
contracts, including an amount equal to the net unrealized gains
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

(losses) on all open futures, forward, and futures-styled options
contracts, which funds, in the aggregate, totaled $7,569,318
and $10,636,540 at September 30, 2004 and December 31, 2003,
respectively. With respect to the Partnership's off-exchange-
traded forward currency contracts, there are no daily exchange-
required settlements of variation in value nor is there any
requirement that an amount equal to the net unrealized gains
(losses) on open forward contracts be segregated. However, the
Partnership is required to meet margin requirements equal to the
net unrealized loss on open contracts in the Partnership accounts
with the counterparty, which is accomplished by daily maintenance
of the cash balance in a custody account held at Morgan Stanley DW
for the benefit of MS & Co. 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.

Item 2. 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 each Trading Advisor, 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 CFTC 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. For the periods covered by
this report, 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 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 expects to
have, any capital assets. Redemptions of units of limited
partnership interest ("Unit(s)") 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.

Off-Balance Sheet Arrangements and Contractual Obligations. 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 each Trading Advisor's trading program to take
advantage of price movements in the futures, forwards, and options
markets. The following presents a summary of the Partnership's
operations for the three and nine month periods ended September
30, 2004 and 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 during the period in question. Past
performance is no guarantee of future results.
The Partnership's results of operations set forth in the
financial statements on pages 2 through 11 of this report were
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 trading profit (loss)"
for open (unrealized) contracts, and recorded as "Realized
trading profit (loss)" when open positions are closed out. The
sum of these amounts, along with the "Proceeds from Litigation
Settlement", constitutes the Partnership's trading results. 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.
For the Three and Nine Months Ended September 30, 2004
The Partnership recorded losses net of interest income totaling
$299,390 and expenses totaling $198,759, resulting in a net loss
of $498,149 for the three months ended September 30, 2004. The
Partnership's net asset value per Unit decreased from $1,066.26
at June 30, 2004 to $1,001.41 at September 30, 2004.

The most significant trading losses of approximately 4.7% were
recorded in the currency markets during July from long positions
in the euro and Japanese yen versus the U.S. dollar as the value
of the dollar strengthened amid the release of positive economic
data regarding consumer confidence and upbeat testimony on the
U.S. economy by Federal Reserve Chairman Alan Greenspan. Short-
term volatility in the euro was responsible for losses during
August as the value of the euro experienced "whipsawing" due to
conflicting economic data and surging energy prices throughout a
majority of the month. During September, long positions in the
Japanese yen against the U.S. dollar resulted in further losses
as the value of the yen declined amid surprisingly low second
quarter growth in Japan, weakness in the equity markets, and the
repatriation of funds by Japanese exporters. Elsewhere in the
currency markets, smaller losses were incurred throughout the
quarter from positions in the Australian dollar relative to the
U.S. dollar as the value of the Australian dollar moved without
consistent direction due to volatility in gold prices,
geopolitical concerns regarding terror warnings in the Pacific
Rim, and the decision by the Reserve Bank of Australia to raise
interest rates. Additional losses of approximately 2.8%
were incurred in the global stock index markets during July from
long positions in Japanese, U.S., and European equity index
futures as prices moved lower early in the month due to the
release of disappointing U.S. employment data, higher energy
prices, and geopolitical concerns. Further losses were recorded
from newly established short positions in U.S. and European
equity index futures towards the end of July as prices reversed
higher due to a better-than-expected consumer confidence report
and strong earnings data. During September, losses were incurred
from long positions in Japanese and European equity index futures
as rising energy prices, conflicting economic data, and weak
corporate earnings data pulled prices lower. Smaller losses
resulted from short positions in Nasdaq-100 Index futures in the
first half of the month as prices drifted higher after better-
than-expected earnings. Within the global interest rate futures
markets, losses of approximately 1.0% were experienced, primarily
during July and September, from long positions in Australian and
European interest rate futures as prices reversed lower towards
the end July and early September due to Federal Reserve Chairman
Alan Greenspan's upbeat assessment of the U.S. economy and the
release of strong economic data relating to U.S. consumer
confidence, manufacturing and job growth. A portion of the
Partnership's overall losses for the quarter was offset by gains
of approximately 1.4% recorded in the energy markets, primarily
during July and September, from long positions in heating oil,
crude oil, and gas oil as prices strengthened due to continuing
fears about potential terrorist attacks against the
production and refining facilities in Saudi Arabia and Iraq,
concerns that top Russian oil producer, Yukos, may break up or
stop selling oil, major disruptions in oil production in the Gulf
of Mexico due to Hurricane Ivan, and growing civil unrest in
Nigeria. In the metals markets, gains of approximately 0.4% were
generated, primarily during September, from long positions in
silver as precious metals prices moved higher later in the month
on geopolitical concerns. Elsewhere in the metals markets, gains
were recorded from long positions in copper futures as prices
moved higher on continued demand from China and lower-than-
expected inventories. Smaller gains of approximately 0.3% were
recorded in the agricultural markets, primarily during July and
September, from short futures positions in corn as prices trended
lower due to ideal weather conditions in the U.S. midwest growing
region, reports of increased inventories by the U.S. Department
of Agriculture, and weak export demand.

The Partnership recorded losses net of interest income totaling
$1,519,739 and expenses totaling $797,384, resulting in a net
loss of $2,317,123 for the nine months ended September 30, 2004.
The Partnership's net asset value per Unit decreased from
$1,297.32 at December 31, 2003 to $1,001.41 at September 30,
2004.

The most significant trading losses of approximately 11.3%
were experienced in the currency markets from positions in the
Japanese yen versus the U.S. dollar. These losses were
experienced throughout the year from both long and short
positions in the yen relative to the U.S. dollar and the euro as
the value of the yen experienced significant price volatility due
to conflicting economic data regarding a Japanese economic
recovery, uncertainty regarding currency market intervention by
the Bank of Japan, geopolitical concerns stemming from terror
warnings and instability in Iraq, and speculation regarding the
direction of U.S. and Japanese interest rates. Losses were also
recorded from positions in the Singapore dollar against the U.S.
dollar, primarily during the first and second quarters, as the
value of the Singapore dollar experienced significant
"whipsawing" in tandem with the Japanese yen. Elsewhere in the
currency markets, losses were experienced in the Korean won and
the Mexican peso against the U.S. dollar as the value of these
currencies also moved without consistent direction throughout the
first and second quarters. Smaller losses were recorded from
positions in euro and Czech koruna versus the U.S. dollar,
primarily during the first quarter, as well as in July and
August, as the value of these currencies also moved in a
trendless pattern due to conflicting economic data and volatility
in oil prices. Within the global stock index markets, losses of
approximately 9.2% were incurred throughout the year from
positions in European, U.S., and Pacific Rim equity index futures
as prices moved erratically due to the aforementioned reasons
regarding conflicting economic data and volatility in oil
prices, as well as, continuing difficulties in Iraq, fears of
global terrorism, and uncertainty regarding the direction of
global interest rates. Additional losses of approximately 7.1%
were experienced in the global interest rate markets, from
positions in Australian and European interest rate futures as
prices moved without consistent direction amid uncertainty
regarding interest rate policy, conflicting economic data, and
significant geopolitical uncertainties that affected the currency
and global equity markets. A portion of the Partnership's
overall losses for the first nine months of the year was offset
by gains of approximately 2.4% in the energy markets. During
February, April, May, July, and September, long positions in
unleaded gasoline and crude oil futures profited as prices
trended higher due to consistent news of tight supply, continuing
geopolitical concerns in the Middle East, concerns that top
Russian oil producer, Yukos, may break up or stop selling oil,
major disruptions in oil production in the Gulf of Mexico due to
Hurricane Ivan, and growing civil unrest in Nigeria. Additional
gains of approximately 1.8% were generated in the agricultural
markets during the first quarter from long futures positions in
soybeans and soybean-related products as growing U.S. exports and
heightened demand from Asia pushed prices higher. Elsewhere in
the agricultural complex, gains were recorded from short
positions in cotton futures, primarily during March, April, June,
and July, as prices trended lower amid rising supplies and news
of a consistent decline in demand from China.
For the Three and Nine Months Ended September 30, 2003
The Partnership recorded revenues including interest income
totaling $644,088 and expenses totaling $281,050, resulting in net
income of $363,038 for the three months ended September 30, 2003.
The Partnership's net asset value per Unit increased from
$1,225.92 at June 30, 2003 to $1,268.83 at September 30, 2003.

The most significant trading gains of approximately 2.9% were
recorded in 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.
Additional gains of approximately 2.7% were recorded in the global
stock index markets from long positions in Asian stock index
futures as prices strengthened during July and August in response
to improved investor sentiment regarding the global equity markets
and robust Japanese economic data. A portion of the Partnership's
overall gains for the quarter was offset by losses of
approximately 1.0% in the energy markets from long futures
positions in heating oil and gas oil during September as prices
dropped due to increased supply from Europe and the U.S. Gulf
region. Smaller losses stemmed from positions in crude oil
futures during September as prices first trailed lower and then
unexpectedly reversed higher after OPEC announced that it would
move to reduce output by limiting production in an effort to stem
declining oil prices. Additional losses of approximately 0.9% in
the global interest rate markets were incurred from short
positions in European interest rate futures during September as
prices reversed higher amid renewed fears that an economic
recovery would be unsustainable and that global equity prices
would be lower. Additional losses of approximately 0.8% were
recorded in the currency markets, primarily during September, from
short positions in the New Zealand dollar and euro versus the U.S.
dollar as the U.S. dollar's value moved lower on fears that the
U.S. economic recovery was unsustainable and concerns regarding
the potential impact of a statement by the G-7 countries
supporting "more flexible exchange rates." The G-7 countries
consist of France, the U.S., Britain, Germany, Japan, Italy, and
Canada. Smaller losses of approximately 0.5% were incurred in the
metals markets, primarily during July, from short positions in
aluminum futures as prices moved higher on the heels of positive
economic data and higher equity prices.

The Partnership recorded revenues including interest income
totaling $2,110,607 and expenses totaling $829,077, resulting in
net income of $1,281,530 for the nine months ended September 30,
2003. The Partnership's net asset value per Unit increased from
$1,122.90 at December 31, 2002 to $1,268.83 at September 30, 2003.

The most significant trading gains of approximately 5.0% in the
global interest rate markets were produced from long positions in
European and U.S. interest rate futures as prices moved higher
during February as investors continued to seek the security of
fixed income investments in response to prolonged uncertainty in
global equity markets. During May, long positions in
European, U.S., and Japanese interest rate futures recorded gains
as prices trended higher amid speculation of an interest rate cut
by the Federal Reserve and lingering doubts concerning a global
economic recovery. Short positions in German and U.S. interest
rate futures yielded gains during July as prices declined amid the
release of positive U.S. economic data and fears of increased
inflation risks. In the currency markets, gains of approximately
4.9% were recorded primarily from long positions in the euro
versus the U.S. dollar during January as the value of the euro
moved higher amid renewed fears of a military conflict with Iraq,
increased tensions with North Korea, and weak U.S. economic data.
During May, the value of the euro continued to trend higher
relative to most currencies following the decision by the European
Central Bank to leave interest rates unchanged. Long positions in
the Australian dollar, New Zealand dollar, and Canadian dollar
versus the U.S. dollar also profited throughout a majority of the
nine-month period as the value of these currencies strengthened
amid higher commodity prices. Additional gains of approximately
1.7% in the global stock index markets were supplied by long
positions in Asian stock index futures as prices strengthened
during July and August in response to improved investor sentiment
regarding the equity markets and robust Japanese economic data.
Gains of approximately 0.5% in the energy markets resulted from
long positions in natural gas futures as prices jumped sharply
higher during February amid fears that extremely cold weather in
the U.S. northeast and midwest could further deplete supplies. A
portion of the Partnership's overall gains for the first
nine months of the year was offset by losses of approximately 1.0%
in the metals markets from positions in silver futures as precious
metals prices experienced short-term volatile movements throughout
a majority of the first half of the year. Elsewhere in the metals
markets, losses were experienced primarily during July from short
positions in aluminum futures as prices moved higher on the heels
of positive economic data and higher equity prices.

Item 3. 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 inherent to the primary business activity
of the Partnership.

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 or unrealized,
and cash flow. Gains and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin. Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract, however, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open contracts
in the Partnership accounts with the counterparty, which is
accomplished by daily maintenance of the cash balance in a
custody account held at Morgan Stanley DW for the benefit of MS &
Co.

The Partnership's total market risk may increase or decrease as
it is 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 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 Partnership's past performance is no guarantee 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 and use of
leverage may cause future losses and volatility (i.e., "risk of
ruin") that far exceed the Partnership's experience to date under
the "Partnership's Value at Risk in Different Market Sectors"
section and significantly exceed the Value at Risk ("VaR") tables
disclosed.

Limited partners will not be liable for losses exceeding
the current net asset value of their investment.

Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the Partnership'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 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 continually 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 September 30, 2004 and 2003.
At September 30, 2004 and 2003, the Partnership's total
capitalization was approximately $8 million and $11 million,
respectively.

Primary Market September 30, 2004 September 30, 2003
Risk Category Value at Risk Value at Risk

Interest Rate (1.86)% (0.73)%
Equity (1.23) (0.85)
Currency (1.05) (1.72)
Commodity (0.94) (1.25)
Aggregate Value at Risk (3.00)% (2.54)%

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 quarter-end 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 October 1, 2003 through September 30, 2004.

Primary Market Risk Category High Low Average
Interest Rate (1.99)% (0.92)% (1.56)%
Equity (2.41) (1.23) (1.87)
Currency (2.40) (0.65) (1.24)
Commodity (1.72) (0.47) (1.16)
Aggregate Value at Risk (3.97)% (2.07)% (3.20)%

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio's aggregate market
risk exposure, incorporating a range of varied market risks;
reflect risk reduction due to portfolio diversification or
hedging activities; and can cover a wide range of portfolio
assets. However, VaR risk measures should be viewed in
light of the methodology's limitations, which include, but may
not be limited to 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 market fluctuations applied to current
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.

In addition, the VaR tables above, as well as the past performance
of the Partnership, give no indication of the Partnership's
potential "risk of ruin".

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 September 30, 2004 and 2003, and for the four
quarter-end reporting periods from October 1, 2003 through
September 30, 2004. VaR is not necessarily representative of the
Partnership's 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. These balances and any market risk they may represent
are immaterial.

The Partnership also maintains a substantial portion
(approximately 92% as of September 30, 2004) 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 September 30, 2004, by market sector. It may be
anticipated, however, that these market exposures will vary
materially over time.

Interest Rate. The primary market exposure of the Partnership at
September 30, 2004 was to the global interest rate sector.
Exposure was primarily to the European, Japanese, U.S., and
Australian 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 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 countries - e.g., Australia. Demeter
anticipates that the G-7 countries and Australian interest rates
will remain the primary interest rate exposures 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.

Equity. The second largest market exposure of the Partnership at
September 30, 2004 was to the global stock index sector,
primarily to equity price risk in the G-7 countries. The stock
index futures traded by the Partnership are by law limited to
futures on broadly-based indices. At September 30, 2004, the
Partnership's primary exposures were to the Hang Seng (China),
FTSE 100 (Great Britain), DAX (Germany), and All
Ordinaries Share Price Index (Australia) stock indices. The
Partnership was primarily exposed to the risk of adverse price
trends or static markets in the European, Australian, U.S., and
Japanese 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 third largest market exposure of the Partnership at
September 30, 2004 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 number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar. At September 30, 2004, the
Partnership's major exposures were to the euro, Canadian dollar,
British pound, Japanese yen, 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 associated with the Partnership's
currency trades will change significantly in the future.

Commodity.
Metals. The Partnership's metals exposure at September 30,
2004 was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as copper and
nickel. Economic forces, supply and demand inequalities,
geopolitical factors, and market expectations influence
price movements in these markets. The Trading Advisors
utilize the trading system(s) to take positions when market
opportunities develop, and Demeter anticipates that the
Partnership will continue to do so.

Energy. The Partnership's energy exposure at September 30,
2004 was shared primarily by futures contracts in crude oil
and its related products, and to 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 September 30, 2004,
the Partnership had exposure to the markets that comprise
these sectors. Most of the exposure was to the corn and
sugar 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 September 30, 2004:

Foreign Currency Balances. The Partnership's primary foreign
currency balances at September 30, 2004 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 4. CONTROLS AND PROCEDURES

(a) As of the end of the period covered by this quarterly
report, the President and Chief Financial Officer of
Demeter, the general partner of the Partnership, 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 during the
period covered by this quarterly report in the
Partnership's internal controls or in other factors that
could significantly affect these controls subsequent to
the date of their evaluation.
PART II. OTHER INFORMATION

Item 5. OTHER INFORMATION

Management. The following changes have been made to the Board
of Directors and Officers of Demeter:

Mr. Kevin Perry, Chief Financial Officer of Demeter, was confirmed
as a principal of Demeter by the National Futures Association on
September 3, 2004.

Mr. William D. Seugling, Director of Demeter, was confirmed as a
principal of Demeter by the National Futures Association on
October 11, 2004.

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

(A) Exhibits

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.
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.
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, 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.

(B) Reports on Form 8-K - None.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Dean Witter Global Perspective Portfolio L.P.
(Registrant)

By: Demeter Management Corporation
(General Partner)

November 15, 2004 By:/s/Kevin Perry
Kevin Perry
Chief Financial Officer

The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

1359:

1364: