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, 2004 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
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

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:
$8,117,991 at June 30, 2004.

DOCUMENTS INCORPORATED BY REFERENCE
(See Page 1)

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
INDEX TO ANNUAL REPORT ON FORM 10-K
DECEMBER 31, 2004

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, 2004 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 in 1991 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 trading 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 (individually, a ?Trading
Advisor?, or collectively, the ?Trading Advisors?).

The Partnership's net asset value per unit of limited partnership
interest (?Unit(s)?) as of December 31, 2004 was $1,133.94,
representing a decrease of 12.6 percent from the net asset value
per Unit of $1,297.32 at December 31, 2003. 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 on such contracts. 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 330 Madison
Avenue, 8th Floor, New York, NY 10017.

Demeter changes its address in August 2004 from 825 Third Avenue,
9th Floor, New York, NY 10022 to 330 Madison Avenue, 8th Floor, New
York, NY 10017.

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, 2004
was approximately 1,023.

(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 the
Partnership?s 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. Such 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. 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 in the future will
affect the amount of funds available for investments in futures,
forwards, and options in subsequent periods. It is not possible
to estimate the amount, and therefore the impact, of future
outflows 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 each of the three years in the period ended December
31, 2004, 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 are 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. Interest income, 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 total trading results including interest
totaling $(334,032) and expenses totaling $996,045, resulting in a
net loss of $1,330,077 for the year ended December 31, 2004. The
Partnership?s net asset value per Unit decreased from $1,297.32 at
December 31, 2003 to $1,133.94 at December 31, 2004. Total
redemptions for the year were $991,024 and the Partnership?s
ending capital was $8,324,586 at December 31, 2004, a decrease of
$2,321,101 from ending capital at December 31, 2003 of
$10,645,687.

The most significant trading losses of approximately 7.6% were
experienced in the global stock index markets throughout much of
the year from positions in European, U.S. and Pacific Rim equity
indices as prices moved erratically due to conflicting economic
data, volatility in oil prices, continuing difficulties in Iraq,
fears of global terrorism, and uncertainty regarding the direction
of global interest rates. Within the global interest rate futures
markets, losses of approximately 7.1% were incurred from positions
in Australian and European interest rate futures during January,
April, June, July, and September as prices moved without
consistent direction amid uncertainty regarding the interest rate
policy of Australia and the European Union, conflicting economic
data, and significant geopolitical uncertainties. The most
significant losses were recorded during April as prices reversed
sharply lower following the release of stronger-than-expected U.S.
employment data. Additional losses of approximately 0.7% were
recorded in the currency markets from positions in the Japanese
yen versus the U.S. dollar. These losses were incurred throughout
a majority of 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 volatility due to conflicting 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 quarter, as the value of the Singapore dollar
experienced significant ?whipsawing? in tandem with the value of
the Japanese yen. Elsewhere in the currency markets, losses were
incurred from positions in the Mexican peso against the U.S.
dollar as the value of the peso also moved without consistent
direction throughout the first and second quarter. Smaller losses
were recorded from positions in euro versus the U.S. dollar,
primarily during the first quarter, as well as during July and
August. Smaller losses of approximately 0.4% were incurred in the
metals markets, primarily during April and December, from long
futures positions in gold as prices weakened due to the strength
in the U.S. dollar and stronger-than-expected economic data as
demand for the ?safe-haven? asset was reduced. Elsewhere
in the metals markets, losses were incurred from both long and
short positions in nickel futures as prices moved erratically
throughout most of the year amid conflicting news regarding supply
and demand. A portion of the Partnership?s overall losses for the
year was offset by gains of approximately 1.8% in the energy
markets from long futures positions in crude oil and its related
products 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 production disruptions in the Gulf of
Mexico, growing civil unrest in Nigeria, and the threat of a
national strike in Norway. Additional gains of approximately 0.8%
were generated in the agricultural markets during the first
quarter from long futures positions in soybeans and its related
products as growing U.S. exports and heightened demand from Asia
pushed prices higher. Elsewhere in the agricultural sectors,
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. Smaller gains were experienced 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, and weak export demand.

The Partnership recorded total trading results 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 total trading results 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 U.S. 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 the 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.
For an analysis of unrealized gains and (losses) by contract type
and a further description of 2004 trading results, refer to the
Partnership?s Annual Report to Limited Partners for the year ended
December 31, 2004, 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 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. 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, forward, and options
contracts traded in the United States and most 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 contract?s 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 such 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.

For additional information, see the ?Financial Instruments?
section under ?Notes to Financial Statements? in the Partnership?s
Annual Report to Limited Partners for the year ended December 31,
2004, 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 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 of 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 experiences 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 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 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, 2004 and 2003. At
December 31, 2004 and 2003, the Partnership?s total capitalization
was approximately $8 million and $11 million, respectively.

Primary Market December 31, 2004 December 31, 2003
Risk Category Value at Risk Value at Risk

Equity (1.91)% (2.41)%

Currency (1.38) (2.40)

Interest Rate (0.81) (1.49)

Commodity (0.39) (1.72)

Aggregate Value at Risk (2.54)% (3.97)%

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, 2004 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, 2004 through December 31, 2004.

Primary Market Risk Category High Low Average
Equity (2.27)% (1.23)% (1.74)%
Currency (1.38) (0.65) (0.98)
Interest Rate (1.99) (0.81) (1.39)
Commodity (1.52) (0.39) (0.83)
Aggregate Value at Risk (3.77)% (2.07)% (2.85)%

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 December 31, 2003, and for the four quarter-end
reporting periods during calendar year 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 86% as of December 31, 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 December 31, 2004, 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, 2004 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, 2004, the Partnership?s primary
exposures were to the DAX (Germany), Hang Seng (China), S&P 500
(U.S.), NASDAQ 100 (U.S.), and All Ordinaries Share Price
(Australia) stock indices. The Partnership is exposed to the risk
of adverse price trends or static markets in the European, U.S.,
Chinese, and Australian 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, 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
large number of currencies, including cross-rates - i.e.,
positions between two currencies other than the U.S. dollar. At
December 31, 2004, the Partnership?s major exposures were to the
euro, Canadian dollar, Japanese yen, Norwegian krone, and British
pound 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.
Interest Rate. The third largest market exposure of the
Partnership at December 31, 2004 was to the global interest rate
sector. Exposure was primarily spread across the European,
Japanese, and U.S. 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 interest rate exposure is generally to interest rate
fluctuations in the U.S. and the other G-7 countries. Demeter
anticipates that the G-7 countries 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.
Energy. At December 31, 2004, the Partnership had market
exposure in the energy sector. 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, 2004,
the Partnership had market exposure to the markets that
comprise these sectors. Most of the exposure was to the
corn, sugar, cotton, and soybeans markets. Supply and demand
inequalities, severe weather disruptions, and market
expectations affect price movements in these markets.

Metals. At December 31, 2004, the Partnership had market
exposure in the metals sector. The Partnership?s metals
exposure was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as copper.
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.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at December 31, 2004:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at December 31, 2004 were in euros, Hong
Kong dollars, Japanese yen, British pounds, Australian
dollars, and Swiss francs. 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 in a multi-advisor Partnership,
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 Total Trading Results Net Net Income/
Ended including interest Income/(Loss) (Loss) Per Unit

2004
March 31 $ 831,636 $ 472,895 $ 57.81
June 30 (2,051,985) (2,291,869) (288.87)
September 30 (299,390) (498,149) (64.85)
December 31 1,185,707 987,046 132.53

Total $ (334,032 ) $(1,330,077) $(163.38)

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

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 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 material changes during the period covered
by this annual report in the Partnership?s internal controls
or in other factors that could significantly affect these
controls subsequent to the date of their evaluation.

Management?s Report on Internal Control Over Financial Reporting
Demeter is responsible for the management of the Partnership.

Management of Demeter (?Management?) is responsible for
establishing and maintaining adequate internal control over
financial reporting. The internal control over financial reporting
is designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles.

The Partnership?s internal control over financial reporting
includes those policies and procedures that:
* Pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Partnership;

* Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that the Partnership?s transactions are being made only
in accordance with authorizations of Management and directors;
and

* Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
the Partnership?s assets that could have a material effect on
the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Partnership?s
internal control over financial reporting as of December 31, 2004.
In making this assessment, Management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway
Commission in Internal Control-Integrated Framework. Based on our
assessment and those criteria, Management believes that the
Partnership maintained effective internal control over financial
reporting as of December 31, 2004.

Deloitte & Touche LLP, the Partnership?s independent
registered public accounting firm, has issued an audit report on
Management?s assessment of the Partnership?s internal control over
financial reporting and on the effectiveness of the Partnership?s
internal control over financial reporting. This report, which
expresses unqualified opinions on Management?s assessment and on
the effectiveness of the Partnership?s internal control over
financial reporting, appears under ?Report of Independent
Registered Public Accounting Firm? in the Partnership?s Annual
Report to Limited Partners for the year ended December 31, 2004.

Item 9B. OTHER INFORMATION
The Board of Directors of Demeter, the general partner of the
registrant, approved the engagement of Ernst & Young LLP as the
registrant?s principal accountant for tax purposes. Ernst & Young
LLP was engaged by the registrant on November 1, 2004. Deloitte &
Touche LLP will continue as the registrant?s principal accountant
and audit the financial statements of the registrant.

There have been no material disagreements with Deloitte & Touche
LLP on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.

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:

Mr. Jeffrey D. Hahn resigned his position as Chief Financial
Officer and Director of Demeter.

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

Mr. Jeffrey A. Rothman, age 43, is the Chairman of the Board of
Directors and President of Demeter. Mr. Rothman is the Managing
Director of Morgan Stanley Managed Futures, responsible for
overseeing all aspects of the firm?s managed futures department.
Mr. Rothman has been with the managed futures department for
eighteen years. Throughout his career, Mr. Rothman has helped with
the development, marketing, and administration of approximately 40
commodity pools. Mr. Rothman is an active member of the Managed
Funds Association and has recently served on its Board of
Directors. Mr. Rothman has a B.A. degree in Liberal Arts from
Brooklyn College, New York.

Mr. Richard A. Beech, age 53, 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.

Mr. Raymond A. Harris, age 48, is a Director of Demeter. Mr.
Harris is currently Managing Director and head of Client Solutions
for Morgan Stanley Individual Investor Group (?IIG?), a Board
Member of Morgan Stanley DW Inc., and Director of Morgan Stanley
Trust. 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.
Mr. Frank Zafran, age 50, is a Director of Demeter. 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.

Mr. Douglas J. Ketterer, age 39, is a Director of Demeter. Mr.
Ketterer is a Managing Director and has had responsibility for
managing a number of departments at Morgan Stanley over the years,
most recently as head of the Investment Solutions Group, which is
comprised of a number of departments which offer products and
services through Morgan Stanley?s IIG (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.

Mr. Todd Taylor, age 42, is a Director of Demeter. Mr. Taylor
began his career with Morgan Stanley in June 1987 as a Financial
Advisor in the Dallas office. In 1995, he joined the Management
Training Program in New York and was appointed Branch Manager of
the Missouri and southern Illinois branch offices in 1997. Three
years later, in 2000, Mr. Taylor was appointed to a newly created
position, Director of IIG Learning and Development, before becoming
the Director of IIG Strategy in 2002. Most recently, Mr. Taylor
has taken on a new role as the High Net Worth Segment Director.
Mr. Taylor graduated from Texas Tech University with a B.B.A. in
Finance.

Mr. William D. Seugling, age 35, is a Director of Demeter. Mr.
Seugling is a Managing Director at Morgan Stanley and currently
serves as Director of Client Solutions for U.S. Private Wealth
Management. Mr. Seugling joined Morgan Stanley in June 1993 as an
Associate in Equity Structured Products having previously worked
in research and consulting for Greenwich Associates from October
1991 to June 1993. Since 1994, he has focused broadly on
analysis and solutions for wealthy individuals and families
culminating in his current role within the division. He was named
Vice President in 1996 and an Executive Director in 1999. Mr.
Seugling graduated cum laude from Bucknell University with a B.S.
in Management and a concentration in Chemistry.

Ms. Louise M. Wasso-Jonikas, age 51, is a Director of Demeter.
Ms. Wasso-Jonikas is a Managing Director of Morgan Stanley and the
Director of Alternative Investments for the IIG of Morgan Stanley.
Ms. Wasso-Jonikas was Co-Founder, President, and 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? focus is on developing a
robust external manager platform utilizing alternative managers
for Morgan Stanley?s IIG private clients as well as overseeing
some of the Morgan Stanley?s largest client relationships. Ms.
Wasso-Jonikas holds a B.A. in Economics from Mount Holyoke College
and an M.B.A in Finance from the University of Chicago
Graduate School of Business.
Mr. Kevin Perry, age 35, is the Chief Financial Officer of
Demeter. Mr. Perry currently serves as an Executive Director and
Controller within the IIG at Morgan Stanley. Mr. Perry joined
Morgan Stanley in October 2000 and is also Chief Financial Officer
of Morgan Stanley Trust National Association, Van Kampen Funds
Inc., and Morgan Stanley Distribution, Inc. Prior to joining
Morgan Stanley, Mr. Perry worked as an auditor and consultant in
the financial services practice of Ernst & Young LLP from October
1991 to October 2000. Mr. Perry received a B.S. degree in
Accounting from the University of Notre Dame in 1991 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. 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. Kevin Perry is the audit committee financial expert.

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 http://www.morganstanley.com/ourcommitment/
codeofconduct.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, 2004, 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, 2004,
Demeter owned 94.446 Units of general partnership interest,
representing a 1.29 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, 2004, 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 $573,727 for the year ended December
31, 2004.

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, 2004. 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 year ended December 31, 2004 were approximately $44,880 and
for the year ended December 31, 2003 were $42,647.

(2) Audit-Related Fees. There were no fees for assurance and
related services rendered by Deloitte & Touche LLP for the years
ended December 31, 2004 and 2003.

(3) Tax Fees. The aggregate fees for tax compliance services
rendered by Ernst & Young LLP were approximately $30,446 and
Deloitte & Touche LLP were $29,559 for the years ended December
31, 2004 and 2003, 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 Ernst & Young LLP and Deloitte &
Touche LLP must be directly pre-approved by the Board of Directors
of Demeter. Additionally, all services provided by Deloitte &
Touche LLP and Ernest & Young LLP must be communicated to Morgan
Stanley?s Audit Director.

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
registered public accounting firm, all appearing in the
accompanying Annual Report to Limited Partners for the year ended
December 31, 2004, are incorporated by reference to Exhibit 13.01
of this Form 10-K:
- - Report of Deloitte & Touche LLP, independent registered public
accounting firm, for the years ended December 31, 2004, 2003,
and 2002.

- - Statements of Financial Condition, including the Schedules of
Investments, as of December 31, 2004 and 2003.

- - Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2004, 2003, and
2002.

- - 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, 2004 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.

(c) Exhibits
Refer to Exhibit Index on Pages 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 31, 2005 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 31, 2005
Jeffrey A. Rothman, President

/s/ Richard A. Beech March 31, 2005
Richard A. Beech, Director

/s/ Raymond A. Harris March 31, 2005
Raymond A. Harris, Director

/s/ Frank Zafran March 31, 2005
Frank Zafran, Director

/s/ Douglas J. Ketterer March 31, 2005
Douglas J. Ketterer, Director

/s/ Todd Taylor March 31, 2005
Todd Taylor, Director

/s/ William D. Seugling March 31, 2005
William D. Seugling, Director

/s/ Louise M. Wasso-Jonikas March 31, 2005
Louise M. Wasso-Jonikas, Director

/s/ Kevin Perry March 31, 2005
Kevin Perry, 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.

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, 2004 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 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 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.

Global
Perspective
Portfolio

December 31, 2004
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 no guarantee of future results.

INCEPTION- COMPOUND
TO-DATE ANNUALIZED
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 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 (12.6) 13.4 1.0
(10 mos.)
- -------------------------------------------------------------------------------------------------------------------------------

DEMETER MANAGEMENT CORPORATION

330 Madison Avenue, 8th Floor
New York, NY 10017
Telephone (212) 905-2700

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
ANNUAL REPORT
2004

Dear Limited Partner:

This marks the thirteenth 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 $1,297.32 and decreased by 12.6% to $1,133.94 on
December 31, 2004. The Fund has increased by 13.4% since its inception of
trading in March 1992 (a compound annualized return of 1.0%).

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, 330 Madison Avenue, 8th Floor, New
York, NY 10017 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 of the Board of Directors and President
Demeter Management Corporation
General Partner for
Dean Witter Global Perspective Portfolio L.P.

GLOBAL PERSPECTIVE PORTFOLIO

[CHART]

Year ended December 31, 2004
-----------------------------
Currencies -0.71%
Interest Rates -7.05%
Stock Indices -7.61%
Energies 1.82%
Metals -0.43%
Agriculturals 0.82%

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

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
.. Losses were experienced in the global stock index markets throughout much of
the year from positions in European, U.S., and Pacific Rim equity indices as
prices moved erratically due to conflicting economic data, volatility in oil
prices, continuing difficulties in Iraq, fears of global terrorism, and
uncertainty regarding the direction of global interest rates.

.. Within the global interest rate futures markets, losses were incurred from
positions in Australian and European interest rate futures during January,
April, June, July, and September as prices moved without consistent
direction amid uncertainty regarding the interest rate policy of Australia
and the European Union, conflicting economic data and significant
geopolitical uncertainties. The most significant losses were recorded during
April as prices reversed sharply lower following the release of
stronger-than-expected U.S. employment data.

.. Additional losses were recorded in the currency markets from positions in
the Japanese yen versus the U.S. dollar. These losses were incurred
throughout a majority of 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 volatility due to conflicting data regarding a
Japanese economic recovery, uncertainty regarding currency

GLOBAL PERSPECTIVE PORTFOLIO

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 quarter, as the value of the Singapore dollar
experienced significant "whipsawing" in tandem with the value of the Japanese
yen. Elsewhere in the currency markets, losses were incurred from positions
in the Mexican peso against the U.S. dollar as the value of the peso also
moved without consistent direction throughout the first and second quarter.
Smaller losses were recorded from positions in euro versus the U.S. dollar,
primarily during the first quarter, as well as during July and August.

.. Relatively smaller losses were incurred in the metals markets, primarily
during April and December, from long futures positions in gold as prices
weakened due to the strength in the U.S. dollar and stronger-than-expected
economic data as demand for the "safe-haven" asset was reduced. Elsewhere in
the metals markets, losses were incurred from both long and short positions
in nickel futures as prices moved erratically throughout most of the year
amid conflicting news regarding supply and demand.

FACTORS INFLUENCING ANNUAL TRADING GAINS:
.. In the energy markets, gains were recorded during the year from long futures
positions in crude oil and its related products 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 production disruptions in the Gulf of Mexico,
growing civil unrest in Nigeria, and the threat of a national strike in
Norway.

.. Additional gains were generated in the agricultural markets during the first
quarter from long futures positions in soybeans and its related products as
growing U.S. exports and heightened demand from Asia pushed prices higher.
Elsewhere in this sector, 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. Smaller gains were experienced 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, and weak export demand.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Demeter Management Corporation ("Demeter"), the general partner of Dean
Witter Global Perspective Portfolio L.P. (the "Partnership"), is responsible
for the management of the Partnership.

Management of Demeter ("Management") is responsible for establishing and
maintaining adequate internal control over financial reporting. The internal
control over financial reporting is designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles.

The Partnership's internal control over financial reporting includes those
policies and procedures that:

. Pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the
assets of the Partnership;

. Provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that the Partnership's transactions are
being made only in accordance with authorizations of Management and
directors; and

. Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Partnership's assets
that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Partnership's internal control
over financial reporting as of December 31, 2004. In making this assessment,
Management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control--Integrated
Framework. Based on our assessment and those criteria, Management believes that
the Partnership maintained effective internal control over financial reporting
as of December 31, 2004.

Deloitte & Touche LLP, the Partnership's independent registered public
accounting firm, has issued an audit report on Management's assessment of the
Partnership's internal control over financial reporting and on the
effectiveness of the Partnership's internal control over financial reporting.
This report, which expresses unqualified opinions on Management's assessment
and on the effectiveness of the Partnership's internal control over financial
reporting, appears under "Report of Independent Registered Public Accounting
Firm" on the following page.

New York, New York
March 11, 2005

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Limited Partners and the General Partner:

We have audited management's assessment, included in the accompanying
Management's Report on Internal Control Over Financial Reporting, that Dean
Witter Global Perspective Portfolio L.P. (the "Partnership") maintained
effective internal control over financial reporting as of December 31, 2004,
based on criteria established in Internal Control--Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission. The
Partnership's management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting. Our responsibility is to express an
opinion on management's assessment and an opinion on the effectiveness of the
Partnership's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating management's assessment, testing
and evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinions.

A company's internal control over financial reporting is a process designed
by, or under the supervision of, the company's principal executive and
principal financial officers, or persons performing similar functions, and
effected by the company's board of directors, management, and other personnel
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly

reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial
statements.

Because of the inherent limitations of internal control over financial
reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may not be
prevented or detected on a timely basis. Also, projections of any evaluation of
the effectiveness of the internal control over financial reporting to future
periods are subject to the risk that the controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

In our opinion, management's assessment that the Partnership maintained
effective internal control over financial reporting as of December 31, 2004, is
fairly stated, in all material respects, based on the criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Also in our opinion, the Partnership
maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2004, based on the criteria established in
Internal Control--Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the financial statements as of and
for the year ended December 31, 2004 of the Partnership and our report dated
March 11, 2005 expressed an unqualified opinion on those financial statements.

/s/ Deloitte & Touche LLP

New York, New York
March 11, 2005

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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, 2004 and 2003, 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, 2004. 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 the standards of the Public
Company Accounting Oversight Board (United States). 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, 2004 and 2003, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2004,
in conformity with accounting principles generally accepted in the United
States of America.

We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the effectiveness of the
Partnership's internal control over financial reporting as of December 31,
2004, based on the criteria established in Internal Control--Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated March 11, 2005 expressed an unqualified opinion
on management's assessment of the effectiveness of the Partnership's internal
control over financial reporting and an unqualified opinion on the
effectiveness of the Partnership's internal control over financial reporting.

/s/ Deloitte & Touche LLP

New York, New York
March 11, 2005

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31,
---------------------
2004 2003
--------- ----------
$ $

ASSETS
Equity in futures interests trading accounts:
Cash 7,916,947 9,551,757
Net unrealized gain on open contracts
(MS&Co.) 454,500 1,252,821
Net unrealized gain (loss) on open
contracts (MSIL) (2,263) 8,343
--------- ----------
Total net unrealized gain on open
contracts 452,237 1,261,164
--------- ----------
Total Trading Equity 8,369,184 10,812,921
Due from Morgan Stanley DW 26,911 43,243
Interest receivable (Morgan Stanley DW) 12,471 6,124
--------- ----------
Total Assets 8,408,566 10,862,288
========= ==========

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES
Redemptions payable 57,788 80,436
Accrued management fees 21,009 27,139
Accrued administrative expenses 5,183 6,519
Accrued incentive fee -- 102,507
--------- ----------
Total Liabilities 83,980 216,601
--------- ----------

PARTNERS' CAPITAL
Limited Partners (7,246.845 and
8,111.481 Units, respectively) 8,217,490 10,523,160
General Partner (94.446 Units) 107,096 122,527
--------- ----------
Total Partners' Capital 8,324,586 10,645,687
--------- ----------
Total Liabilities and Partners' Capital 8,408,566 10,862,288
========= ==========

NET ASSET VALUE PER UNIT 1,133.94 1,297.32
========= ==========

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,
---------------------------------
2004 2003 2002
---------- ---------- ---------
$ $ $

INVESTMENT INCOME
Interest income
(Morgan Stanley DW) 96,639 86,161 130,912
---------- ---------- ---------
EXPENSES
Brokerage commissions
(Morgan Stanley DW) 573,727 692,866 649,478
Management fees 269,310 319,748 304,338
Incentive fees 73,856 107,730 11,251
Transaction fees and costs 56,802 70,572 80,948
Administrative expenses 22,350 26,535 25,435
---------- ---------- ---------
Total Expenses 996,045 1,217,451 1,071,450
---------- ---------- ---------
NET INVESTMENT LOSS (899,406) (1,131,290) (940,538)
---------- ---------- ---------
TRADING RESULTS
Trading profit (loss):
Realized 371,603 2,206,680 1,117,053
Net change in unrealized (808,927) 439,847 441,068
---------- ---------- ---------
(437,324) 2,646,527 1,558,121
Proceeds from Litigation Settlement 6,653 -- 675,411
---------- ---------- ---------
Total Trading Results (430,671) 2,646,527 2,233,532
---------- ---------- ---------
NET INCOME (LOSS) (1,330,077) 1,515,237 1,292,994
========== ========== =========
NET INCOME (LOSS) ALLOCATION:
Limited Partners (1,314,646) 1,498,490 1,261,221
General Partner (15,431) 16,747 31,773

NET INCOME (LOSS) PER UNIT:
Limited Partners (163.38) 174.42 131.95
General Partner (163.38) 174.42 131.95

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2004, 2003, AND 2002

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

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
Net loss -- (1,314,646) (15,431) (1,330,077)
Redemptions (864.636) (991,024) -- (991,024)
---------- ---------- ------- ----------
Partners' Capital,
December 31, 2004 7,341.291 8,217,490 107,096 8,324,586
========== ========== ======= ==========

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,
----------------------------------
2004 2003 2002
---------- ---------- ----------
$ $ $

CASH FLOWS FROM
OPERATING ACTIVITIES
Net income (loss) (1,330,077) 1,515,237 1,292,994
Noncash item included in net
income (loss):
Net change in unrealized 808,927 (439,847) (441,068)
(Increase) decrease in operating
assets:
Due from Morgan Stanley
DW 16,332 (2,620) (13,290)
Interest receivable
(Morgan Stanley DW) (6,347) 2,034 4,154
Increase (decrease) in operating
liabilities:
Accrued management fees (6,130) 1,082 100
Accrued administrative
expenses (1,336) 111 (4,867)
Accrued incentive fees (102,507) 102,507 --
---------- ---------- ----------
Net cash provided by (used for)
operating activities (621,138) 1,178,504 838,023
---------- ---------- ----------

CASH FLOWS FROM
FINANCING ACTIVITIES
Increase (decrease) in
redemptions payable (22,648) 4,690 (30,643)
Redemptions of Units (991,024) (1,190,716) (1,222,427)
---------- ---------- ----------
Net cash used for financing
activities (1,013,672) (1,186,026) (1,253,070)
---------- ---------- ----------

Net decrease in cash (1,634,810) (7,522) (415,047)

Balance at beginning of period 9,551,757 9,559,279 9,974,326
---------- ---------- ----------

Balance at end of period 7,916,947 9,551,757 9,559,279
========== ========== ==========

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

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2004 AND 2003

LONG UNREALIZED PERCENTAGE SHORT UNREALIZED PERCENTAGE
FUTURES AND FORWARD CONTRACTS: GAIN/(LOSS) OF NET ASSETS GAIN/(LOSS) OF NET ASSETS
- ------------------------------ --------------- ------------- ---------------- -------------
2004 PARTNERSHIP NET ASSETS: $8,324,586 $ % $ %

Commodity (15,366) (0.18) 17,078 0.21
Equity 94,906 1.14 -- --
Foreign currency 73,351 0.88 (29,998) (0.36)
Interest rate 9,398 0.11 1,701 0.02
--------- ----- ------- -----
Grand Total: 162,289 1.95 (11,219) (0.13)
========= ===== ======= =====
Unrealized Currency Gain

Total Net Unrealized Gain per Statement of Financial Condition

2003 PARTNERSHIP NET ASSETS: $10,645,687
Commodity 414,351 3.89 (10,531) (0.10)
Equity 163,505 1.54 -- --
Foreign currency 513,156 4.82 (86,147) (0.81)
Interest rate 22,439 0.21 (612) --
--------- ----- ------- -----
Grand Total: 1,113,451 10.46 (97,290) (0.91)
========= ===== ======= =====
Unrealized Currency Gain

Total Net Unrealized Gain per Statement of Financial Condition

NET UNREALIZED
FUTURES AND FORWARD CONTRACTS: GAIN/(LOSS)
- ------------------------------ --------------
2004 PARTNERSHIP NET ASSETS: $8,324,586 $

Commodity 1,712
Equity 94,906
Foreign currency 43,353
Interest rate 11,099
---------
Grand Total: 151,070

Unrealized Currency Gain 301,167
---------
Total Net Unrealized Gain per Statement of Financial Condition 452,237
=========
2003 PARTNERSHIP NET ASSETS: $10,645,687
Commodity 403,820
Equity 163,505
Foreign currency 427,009
Interest rate 21,827
---------
Grand Total: 1,016,161

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

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, at which time they are realized. They are valued at market on a daily
basis and the resulting net change in unrealized gains and losses is reflected
in the change in unrealized trading 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 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. 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 December 2003, the American Institute
of Certified Public Accountants' Accounting Standards 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 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 exceeds 5% of Net Assets, taking
long and short positions into account separately. SOP 03-4 also requires ratios
for net investment income/(losses), expenses before and after incentive fees,
and net income/ (losses) based on average net assets, and ratios for total
return before and after incentive fees based on average units outstanding to be
disclosed in Financial Highlights. SOP 03-4 was effective for fiscal years
ending after December 15, 2003.

EQUITY IN FUTURES INTERESTS TRADING ACCOUNTS. The Partnership's asset "Equity
in futures interests trading

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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 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.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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. Demeter does not intend to make any distributions of the
Partnership's profits.

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 the Partnership received settlement
award payments in the amount of $675,411 during August 2002, and $6,653 during
July 2004. Any amounts received are accounted for in the period received, for
the benefit of the limited partners at the date of receipt.

RECLASSIFICATIONS. Certain reclassifications have been made to the prior
years' financial statements to conform to the current year presentation. Such
reclassifications have no impact on the Partnership's reported net income
(loss).

- --------------------------------------------------------------------------------
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 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

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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 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
---- --------- --------- --------- --------- ---------
$ $ $

2004 407,489 44,748 452,237 Dec. 2005 Mar. 2005
2003 1,084,783 176,381 1,261,164 Dec. 2004 Mar. 2004

The Partnership has credit risk associated with counterparty nonperformance.
The credit risk associated with the instruments in which the Partnership trades
is limited to the amounts reflected on the Partnership's Statements of
Financial Condition.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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,
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 (losses) on all open futures, forward, and futures-styled
options contracts, which funds, in the aggregate, totaled $8,324,436, and
$10,636,540 at December 31, 2004 and 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.

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(concluded)

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

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

NET ASSET VALUE, JANUARY 1, 2004: $1,297.32
---------
NET OPERATING RESULTS:
Interest Income 12.49
Expenses (128.77)
Realized Profit 56.62
Unrealized Loss (104.58)
Proceeds from Litigation Settlement 0.86
---------
Net Loss (163.38)
---------
NET ASSET VALUE, DECEMBER 31, 2004: $1,133.94
=========
RATIOS TO AVERAGE NET ASSETS:
Net Investment Loss (10.2)%
Expenses before Incentive Fees 10.4 %
Expenses after Incentive Fees 11.2 %
Net Loss (15.0)%

TOTAL RETURN BEFORE INCENTIVE FEES (11.9)%
TOTAL RETURN AFTER INCENTIVE FEES (12.6)%
INCEPTION-TO-DATE RETURN 13.4 %
COMPOUND ANNUALIZED RETURN 1.0 %

Demeter Management Corporation
330 Madison Avenue, 8th Floor
New York, NY 10017

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