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

	FORM 10-Q

[X]	Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 2005 or

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


Commission File Number 0-19901

	DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

	(Exact name of registrant as specified in its charter)


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


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

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





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


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

Yes    X       	No___________


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

Yes             No     X


<page> <table> DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	June 30, 2005

<caption>


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

		<c>
	Statements of Financial Condition as of June 30, 2005
	(Unaudited) and December 31, 2004	2

	Statements of Operations for the Three and Six Months
	Ended June 30, 2005 and 2004 (Unaudited)	3

	Statements of Changes in Partners? Capital for the
	Six Months Ended June 30, 2005 and 2004
	(Unaudited)	4

	Statements of Cash Flows for the Six Months
	Ended June 30, 2005 and 2004 (Unaudited)	5

	Notes to Financial Statements (Unaudited)	6-11

Item 2.	Management?s Discussion and Analysis of
	Financial Condition and Results of Operations	12-26

Item 3.	Quantitative and Qualitative Disclosures about
	Market Risk	27-40

Item 4.	Controls and Procedures	40


PART II. OTHER INFORMATION

Item 5.	Other Information	41

Item 6.	Exhibits 	41-43

</table>


<page> <table> PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
	 June 30,	     December 31,
             2005      	       2004
	$	$
	 (Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:
	Cash	6,665,356 	7,916,947

	Net unrealized gain on open contracts (MS&Co.) 	569,299	454,500
	Net unrealized loss on open contracts (MSIL)	     (42,242)	         (2,263)

	     Total net unrealized gain on open contracts	     527,057	      452,237

		Total Trading Equity	7,192,413 	8,369,184

Due from Morgan Stanley DW	 39,400	26,911
Interest receivable (Morgan Stanley DW)	                   14,277	         12,471

		Total Assets	   7,246,090	   8,408,566

LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	 389,198	57,788
Accrued management fees	 18,104	21,009
Accrued administrative expenses	            4,483	        5,183

	    Total Liabilities	    411,785		      83,980

Partners? Capital

Limited Partners (6,472.574 and
    7,246.845 Units, respectively)	6,736,015	8,217,490
General Partner (94.446 Units)	       98,290	       107,096

		Total Partners? Capital		   6,834,305     	   8,324,586

		Total Liabilities and Partners? Capital	   7,246,090	   8,408,566

NET ASSET VALUE PER UNIT                                                   	      1,040.70	       1,133.94
<fn>

The accompanying notes are an integral part
of these financial statements.
</table>

<page> <table> 	DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)

<caption>
                     For the Three	 Months                         For the Six
Months
  	                    Ended June 30,      	                         Ended June 30,


           2005   	        2004    	      2005   	    2004
                                                                                          $	               $		        $	 	 $

	<c>	<c>		<c>	<c>
INVESTMENT INCOME
	Interest income (Morgan Stanley DW)	             41,750		      20,241 		    82,030		        40,231

EXPENSES
	Brokerage commissions (Morgan Stanley DW)	103,016	152,188	225,809		327,689
	Management fees	   53,934   	    66,619	  112,934		   149,110
	Transaction fees and costs	13,080	15,539	24,847		35,611
	Administrative expenses	4,484	5,538	9,388		12,359
	Incentive fee	         ?       	                ?          	                     ?
73,856

		   Total Expenses 	    174,514	      239,884	    372,978		        598,625

NET INVESTMENT LOSS 	   (132,764)	     (219,643)	   (290,948)		      (558,394)

TRADING RESULTS
Trading profit (loss):
	Realized	(161,637) 	(1,602,229)	(462,754)		(172,335)
	Net change in unrealized	     109,585	     (469,997) 		    74,820	      (1,088,245)

		  Total Trading Results	      (52,052)	  (2,072,226)	  (387,934)		   (1,260,580)

NET LOSS	    (184,816)	  (2,291,869)	   (678,882)		  (1,818,974)

NET LOSS ALLOCATION

	Limited Partners	(182,411)	  (2,264,586)	(670,076)		(1,797,151)
	General Partner 	(2,405)	(27,283)		(8,806)	(21,823)


NET LOSS PER UNIT

	Limited Partners                                                        (25.47)               (288.87)	(93.24)		(231.06)
	General Partner                                                         (25.47)               (288.87)	(93.24)		(231.06)

<fn>

The accompanying notes are an integral part
of these financial statements.
</table>

<page> <table> DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
	STATEMENTS OF CHANGES IN PARTNERS? CAPITAL
	For the Six Months Ended June 30, 2005 and 2004
	(Unaudited)


<caption>


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


	<c>	<c>	<c>	<c>
Partners? Capital,
	December 31, 2003                                8,205.927	10,523,160	122,527	10,645,687

Net Loss	?   		(1,797,151)	(21,823)	(1,818,974)

Redemptions                                               (497.929)		     (608,018)	   ?
   (608,018)

Partners? Capital,
	June 30, 2004                                         7,707.998		   8,117,991	    100,704
  8,218,695






Partners? Capital,
	December 31, 2004                                7,341.291	 8,217,490	107,096	 8,324,586

Net Loss	?   		(670,076)	(8,806)	(678,882)

Redemptions                                               (774.271)		     (811,399)	   ?
   (811,399)

Partners? Capital,
	June 30, 2005                                         6,567.020		   6,736,015	  98,290
 6,834,305



<fn>

The accompanying notes are an integral part
of these financial statements.
</table>

<page>  <table> DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)


<caption>
	    For the Six Months Ended June 30,

	        2005     	       2004
	        $	       $


	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss	(678,882)	(1,818,974)
Noncash item included in net loss:
	Net change in unrealized	(74,820)	1,088,245

(Increase) decrease in operating assets:
	Due from Morgan Stanley DW	(12,489)	11,143
	Interest receivable (Morgan Stanley DW)	(1,806)	(1,190)

Decrease in operating liabilities:
	Accrued management fees	(2,905)	(6,270)
	Accrued administrative expenses	(700)	(981)

	Accrued incentive fee	    					    ?  	          (102,507)


Net cash used for operating activities	  (771,602)	   (830,534)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid from redemptions of Units	  (479,989)	     (580,443)

Cash used for financing activities	   (479,989)	    (580,443)

Net decrease in cash	(1,251,591)	(1,410,977)

Balance at beginning of period	   7,916,947	   9,551,757

Balance at end of period	   6,665,356	   8,140,780



<fn>

The accompanying notes are an integral part
of these financial statements.
</table>


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

June 30, 2005

(Unaudited)

The unaudited financial statements contained herein include, in the
opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Dean Witter Global Perspective Portfolio L.P. (the
?Partnership?).  The financial statements and condensed notes
herein should be read in conjunction with the Partnership?s
December 31, 2004 Annual Report on Form 10-K. Certain
reclassifications have been made to the prior year?s financial
statements to conform to the current year presentation.  Such
reclassifications have no impact on the Partnership?s reported net
income (loss).

1.  Organization
Dean Witter Global Perspective Portfolio L.P. 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?s general partner is Demeter Management Corporation
(?Demeter?). The non-clearing commodity broker is Morgan Stanley
DW Inc. (?Morgan Stanley DW?).  The clearing
<page> DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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?).

Effective September 30, 2005, Demeter intends to terminate trading
within the Partnership and thereafter will commence dissolution of
the Partnership in accordance with the Partnership?s Limited
Partnership Agreement.

2.  Related Party Transactions
The Partnership?s cash is on deposit with Morgan Stanley DW, MS &
Co., and MSIL in futures, forwards, and options trading accounts to
meet margin requirements as needed.  Monthly, Morgan Stanley DW
pays the Partnership interest income equal to 80% of its average
daily Net Assets for the month at a rate equal to the average yield
on 13-week U.S. Treasury bills.  The Partnership pays brokerage
commissions to Morgan Stanley DW.



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

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

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

The Partnership?s contracts are accounted for on a trade-date
basis and marked to market on a daily basis.  The Partnership
accounts for its derivative investments in accordance with the
<page> DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

provisions of Statement of Financial Accounting Standards No.
133, ?Accounting for Derivative Instruments and Hedging
Activities? (?SFAS No. 133?).  SFAS No. 133 defines a
derivative as a financial instrument or other contract that has
all three of the following characteristics:

1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.

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


The net unrealized gains on open contracts, reported as a component
of ?Equity in futures interests trading accounts? on the
Statements of Financial Condition, and their longest contract
maturities were as follows:



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

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

Jun. 30, 2005	441,594	85,463	527,057	     Mar. 2006	     Sep. 2005
Dec. 31, 2004	407,489	44,748	452,237	     Dec. 2005	     Mar. 2005

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

The Partnership also has credit risk because Morgan Stanley DW,
MS & Co., and MSIL act as the futures commission merchants or the
counterparties, with respect to most of the Partnership?s assets.
Exchange-traded futures, forward, and futures-styled options
contracts are marked to market on a daily basis, with variations
in value settled on a daily basis. Morgan Stanley DW, MS & Co.,
and MSIL, each as a futures commission merchant for the
Partnership?s exchange-traded futures, forward, and futures-
styled options contracts, are required, pursuant to regulations
of the Commodity Futures Trading Commission (?CFTC?), to
segregate from their own assets, and for the sole benefit of


their commodity customers, all funds held by them with respect to
exchange-traded futures, forward, and futures-styled options
<page> DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

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 $7,106,950
and $8,324,436 at June 30, 2005 and December 31, 2004,
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.


<page> Item 2.	MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS


Liquidity.  The Partnership deposits its assets with Morgan Stanley
DW as non-clearing broker, and MS & Co. and MSIL as clearing
brokers in separate futures, forwards, and options trading accounts
established for each Trading Advisor.  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 CFTC for investment of customer segregated or
secured funds.  Since the Partnership?s sole purpose is to trade in
futures, forwards, and options, it is expected that the Partnership
will continue to own such liquid assets for margin purposes.

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

There is no limitation on daily price moves in trading forward
contracts on foreign currencies.  The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets, subjecting it to substantial
losses.  Either of these market conditions could result in
restrictions on redemptions.  For the periods covered by this
report, illiquidity has not materially affected the Partnership?s
assets.

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

Capital Resources.  The Partnership does not have, nor expects to
have, any capital assets.  Redemptions of units of limited
partnership interest (?Unit(s)?) in the future will affect the
amount of funds available for 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.

<page> There are no known material trends, favorable or
unfavorable, that would affect, nor any expected material changes
to, the Partnership?s capital resource arrangements at the
present time.

Off-Balance Sheet Arrangements and Contractual Obligations.  The
Partnership does not have any off-balance sheet arrangements, nor
does it have contractual obligations or commercial commitments to
make future payments that would affect its liquidity or capital
resources.

Results of Operations
General.  The Partnership?s results depend on the Trading Advisors
and the ability of each Trading Advisor?s trading program to take
advantage of price movements in the futures, forwards, and options
markets.  The following presents a summary of the Partnership?s
operations for the three and six month periods ended June 30, 2005
and 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.
<page>
The Partnership?s results of operations set forth in the
financial statements on pages 2 through 11 of this report 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 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.
<page> For the Three and Six Months Ended June 30, 2005
The Partnership recorded total trading results including interest
income totaling $(10,302) and expenses totaling $174,514, resulting
in a net loss of $184,816 for the three months ended June 30, 2005.
 The Partnership?s net asset value per Unit decreased from
$1,066.17 at March 31, 2005 to $1,040.70 at June 30, 2005.


The most significant trading losses of approximately 2.5% were
recorded in the metals market during April from short positions
in gold and silver futures as prices moved higher amid
uncertainty in the direction of the U.S. dollar and weakness in
the equity markets.  Additional losses resulted from long
positions in aluminum, copper, and zinc as prices fell due to
news of an increase in supply and fears that a slowing global
economy will weaken demand.  In May, long positions in copper
resulted in losses as prices reversed lower on strength in the
U.S. dollar and fears of a reduction in demand in China.  Further
losses were experienced from long positions in gold and silver
futures as precious metals prices also dropped amid a stronger
U.S. dollar.  During June, long futures positions in nickel,
zinc, and silver incurred losses after prices declined due to a
higher U.S. dollar.  Additional losses were experienced from both
long and short positions in gold futures amid significant price
volatility.  In the agricultural sector, losses of approximately
2.0% were recorded from positions in corn after prices moved in a
choppy pattern due to conflicting news regarding supply and
<page> demand.  Elsewhere in the agricultural complex, losses
were incurred from long positions in cotton futures during May as
prices declined on news of weak demand in China and technically-
based selling.  Losses of approximately 2.0% were recorded in the
global stock index futures markets, primarily during April, from
long positions in U.S. and Pacific Rim stock index futures as
global equity prices declined sharply towards the beginning of
the month on concerns for economic growth.  Consistently weak
economic data out of Japan, Germany, and France, as well as
weaker-than-expected U.S. Gross Domestic Product data, resulted
in prices continuing their decline throughout the second half of
April.  Smaller losses of approximately 1.3% were experienced in
energy markets during April from long futures positions in
heating oil, unleaded gasoline, and crude oil after prices
reversed lower, as U.S. government data pointed to greater
production activity by refiners and rising supplies.  Prices were
also pressured lower by the release of lower demand growth
forecasts.  During June, additional losses resulted from short
positions in natural gas futures as prices reversed higher on
supply worries after a tropical storm entered the Gulf of Mexico.
Additional losses were recorded towards the end of the month from
newly established long positions as prices reversed lower on news
that production in the Gulf of Mexico had not been interrupted as
much as previously anticipated.  A portion of the Partnership?s
overall losses for the quarter was offset by gains of
approximately 4.9% recorded in the global interest rate futures
markets during April from long positions in European bond futures
<page> as prices increased amid a steady stream of weak economic
data from the major countries of the European Union.  During May,
gains were recorded from long positions in European interest rate
futures as prices increased early in the month as investors
sought the safe-haven of fixed-income investments due to
speculation that certain hedge funds may have experienced
significant losses.  Prices then continued to strengthen after
European Central Bank representatives publicly rejected calls for
increases in European interest rates and after French voters
rejected the European Union constitution.  In June, gains were
recorded from long positions in European interest rate futures as
prices trended higher throughout the month due to European
Central Bank officials? decision to keep key interest rates
unchanged.  In the currency markets, gains of approximately 1.0%
were recorded during May and June from short positions in the
euro and Swiss franc against the U.S. dollar as the value of the
U.S. dollar moved steadily higher after China downplayed rumors
of a move toward a flexible exchange rate, the rejection of the
European Union constitution by French voters, data indicating a
slowing in the euro-zone and Japanese economies, and the ninth
consecutive quarter-point interest rate hike by the U.S. Federal
Reserve.  Elsewhere in the currency markets, gains were
experienced in May from long positions in the Mexican peso and
Brazilian real versus the U.S. dollar as the value of these
currencies moved higher after Mexico?s central bank left its
monetary policy unchanged and news of increased foreign
investment in Brazil.
<page> The Partnership recorded total trading results including
interest income totaling $(305,904) and expenses totaling
$372,978, resulting in net loss of $678,882 for the six months
ended June 30, 2005.  The Partnership?s net asset value per Unit
decreased from $1,133.94 at December 31, 2004 to $1,040.70 at
June 30, 2005.

The most significant trading losses of approximately 4.3% were
recorded in the currency markets, primarily during January, from
short U.S. dollar positions relative to the euro, South African
rand, Japanese yen, Swiss franc, Singapore dollar, and Canadian
dollar as the value of the U.S. dollar reversed sharply higher in
what many analysts described as a ?corrective? move after its
decline during the fourth quarter of 2004.  This increase in the
value of the U.S. dollar was attributed to data released by the
U.S. Treasury Department which showed November's investment
inflows to the U.S. were ample to cover that month?s record trade
deficit.  Speculation that U.S. interest rates were likely to
continue to rise, and fears that the re-evaluation of the Chinese
yuan was farther away than expected, also boosted the U.S.
dollar.  Further losses in the currency markets were incurred
during March from long positions in the Polish zloty versus the
U.S. dollar as the value of the Polish currency moved lower amid
weak economic data out of that country.  Additional losses were
experienced in March from long positions in the South African
rand, Singapore dollar and euro relative to the U.S. dollar as
the value of the U.S. dollar reversed sharply higher leading up
<page> to and after the U.S. Federal Reserve's announcement of a
quarter-point increase in the federal funds rate.    Losses of
approximately 3.6% were incurred within the global stock index
futures markets during January from long positions in U.S. equity
index futures as prices finished the month lower amid weak
consumer confidence data, concerns regarding U.S. interest rate
policy, and the potential for corporate profit growth to slow
down.  Further losses were experienced during March from long
positions in Pacific Rim and U.S. stock index futures as a result
of equity prices moving lower early in the month amid concerns
about the growing U.S. trade deficit, a weaker U.S. dollar,
inflation fears, and a surge in crude oil prices.  Prices
continued to weaken throughout the month on higher U.S. interest
rates and fears that consistently rising energy prices could have
a negative impact on economic growth.  Finally in April, losses
were recorded from long positions in U.S. and Pacific Rim stock
index futures as global equity prices declined sharply towards
the beginning of the month on concerns for economic growth after
the U.S. Federal Reserve reported declines in manufacturing and
industrial production, and the U.S. Labor Department announced
that higher oil costs previously drove up import prices.  In the
metals markets, losses of approximately 3.5% were recorded during
January, April, May, and June from positions in gold, silver,
zinc, and lead as both precious and base metals moved without
consistent direction amid volatility in the value of the U.S.
dollar and conflicting news regarding demand from China.
Additional losses of approximately 1.7% were recorded in the
<page> agricultural markets from positions in corn and sugar as
prices moved in a trendless pattern throughout a majority of the
year on supply and demand related concerns.  Smaller losses of
approximately 0.7% were incurred within the energy markets during
January from short positions in unleaded gasoline and crude oil
as prices moved higher amid speculation that OPEC would move to
cut production.  Prices were also strengthened by forecasts for
cold winter weather in the Northeastern U.S.  Then in April, long
positions in crude oil resulted in additional losses as prices
reversed sharply lower after U.S. government data pointed to
rising supplies and the release of slower demand growth
forecasts.  Elsewhere in the energy complex, losses resulted from
long positions in natural gas as prices dropped throughout the
month in tandem with crude oil prices.  Additional losses in the
energy markets were experienced during June from short positions
in natural gas futures as prices reversed higher on supply
worries after a tropical storm entered the Gulf of Mexico.
Smaller losses were experienced from short positions in crude oil
futures in early June.  A portion of the Partnership?s overall
losses for the first six months of the year was offset by gains
of approximately 6.5% in the global interest rate futures markets
particularly during January and March from long positions in
Japanese bond futures as prices trended higher due weakness in
the equity markets and fears that a full recovery of the Japanese
economy is further away than investors may have previously
expected.  Further gains were experienced during April from long
positions in Japanese interest rate futures as prices increased
<page> due to weak economic data and geopolitical concerns over
an intensifying rift between China and Japan.  Additional gains
were recorded from long positions in European bond futures as
prices increased amid a steady stream of weak economic data from
the major countries of the European Union.  During May, gains
were recorded from long positions in European interest rate
futures as prices increased early in the month as investors
sought the safe-haven of fixed-income investments due to
speculation that several hedge funds may have experienced
significant losses.  Prices then continued to strengthen after
European Central Bank representatives publicly rejected calls for
increases in European interest rates and after French voters
rejected the European Union constitution.  Finally in June, gains
were recorded from long positions in European and Japanese
interest rate futures as prices trended higher throughout the
month due to European Central Bank officials? decision to keep
key interest rates unchanged and the release of weak economic
data from Japan.

For the Three and Six Months Ended June 30, 2004
The Partnership recorded total trading results including
interest income totaling $(2,051,985) and expenses totaling
$239,884, resulting in a net loss of $2,291,869 for the three
months ended June 30, 2004.  The Partnership?s net asset value
per Unit decreased from $1,355.13 at March 31, 2004 to $1,066.26
at June 30, 2004.

<page> The most significant trading losses of approximately 7.3%
were generated in the global interest rate futures markets
primarily during April from long European, U.S., and Australian
interest rate futures positions as prices tumbled following the
release of stronger than expected U.S. jobs data.  Additional
losses were incurred during May from newly established short
positions in Australian bond futures as prices were lifted by
speculation that the Reserve Bank of Australia would move to
reduce interest rates in the future.  During June short positions
in Japanese interest rate futures resulted in losses as prices
rose following the Japanese Central Bank?s decision to leave
their interest rate policy unchanged.  Losses were also incurred
from short positions in European and U.S. interest rate futures
as prices reversed higher on weaker-than-expected U.S. economic
reports and diminished expectations for the U.S. Federal Reserve
to maintain an aggressive policy towards tightening interest
rates.  Finally, long futures positions in Australian interest
rate futures ended with losses in June as weaker demand and lower
prices were spurred by speculation that the Reserve Bank of
Australia was poised to raise interest rates instead of reducing
them.  Within the global stock index markets, losses of
approximately 5.7% were incurred during April and May from long
positions as prices drifted lower amid the continuing
difficulties in Iraq, fears of global terrorism, concerns of
higher interest rates, and surging energy prices.  In the
currency markets, losses of approximately 3.8% were incurred from
positions in the Japanese yen relative to the U.S. dollar as the
<page> value of the yen experienced significant short-term price
volatility due to conflicting data regarding a Japanese economic
recovery, uncertainty regarding a currency market intervention by
the Bank of Japan, geopolitical concerns, and uncertainty
regarding the direction of U.S. and Japanese interest rates.
Losses were also recorded from positions in the Singapore dollar
and Korean won against the U.S. dollar as the value of these
currencies experienced significant ?whipsawing? throughout the
quarter.  Losses of approximately 3.6% were incurred in the
metals markets, primarily during April, from long positions in
gold and silver as precious metals prices moved lower due to
positive economic data and the strength of the U.S. dollar.
Smaller losses of approximately 2.5% were experienced in the
agricultural markets, primarily during May, from short positions
in coffee futures as prices strengthened due to reports of cold
temperatures in the growing regions of Brazil.  Additional
agricultural losses were experienced from positions in the
soybean complex as prices moved in a trendless pattern during
April and May.  A portion of the Partnership?s overall losses was
offset by gains of approximately 0.3% in the energy markets,
primarily during May, from long futures positions in unleaded
gasoline as prices increased sharply amid fears of potential
terrorist attacks against Saudi Arabian oil facilities and
disruptions in Iraqi oil production and distribution.


The Partnership recorded total trading results including interest
income totaling $(1,220,349) and expenses totaling $598,625,
<page> resulting in a net loss of $1,818,974 for the six months
ended June 30, 2004.  The Partnership?s net asset value per Unit
decreased from $1,297.32 at December 31, 2003 to $1,066.26 at
June 30, 2004.

The most significant trading losses of approximately 7.0% were
experienced in the currency markets from positions in the
Japanese yen versus the U.S. dollar.  These losses were
experienced throughout the year from both long and short
positions in the Japanese yen relative to the U.S dollar as the
value of the yen experienced significant short-term price
volatility due to conflicting data regarding a Japanese economic
recovery, uncertainty regarding a currency market intervention by
the Bank of Japan, geopolitical concerns, and uncertainty
regarding the direction of U.S. and Japanese interest rates.
Losses were also recorded from positions in the Singapore dollar
and Korean won against the U.S. dollar as the value of these
currencies experienced significant ?whipsawing? throughout the
year.  Smaller losses were recorded from positions in the euro
and Czech koruna versus the U.S. dollar, primarily during the
first quarter, as the value of these currencies also moved in a
trendless pattern.  Within the global stock index markets, losses
of approximately 6.6% were incurred during February, March,
April, and May from long positions in European, Pacific Rim, and
U.S. equity index futures as prices drifted lower amid the
continuing difficulties in Iraq, weakness in the technology
sector, fears of global terrorism, surging energy prices, and
<page> concerns of higher interest rates.  Within the global
interest rate markets, losses of approximately 6.2% were recorded
throughout the first six months of the year from positions in
Australian, Japanese, and European interest rate futures as
prices moved erratically amid uncertainty regarding interest rate
policy, conflicting economic data, and significant geopolitical
uncertainties.  Within the metals markets, losses of
approximately 0.6% were generated during April from long futures
positions in gold as precious metals prices weakened due to the
strength in the U.S. dollar.  Smaller losses in the metals
markets were incurred during January from long positions in
nickel futures as prices reversed lower due to a temporary
strengthening of the U.S. dollar.  In February, these losses
continued from newly established short positions as prices
reversed higher.  A portion of the Partnership?s overall losses
was offset by gains of approximately 1.6% 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.  Additional
gains of approximately 1.0% were experienced in the energy
markets during February and May from long positions in unleaded
gasoline and crude oil futures as prices trended higher amid
fears of potential terrorist attacks against Saudi Arabian oil
facilities, disruptions in Iraqi oil production, falling
inventory levels, and uncertainty regarding production from OPEC.

<page> Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards, and options.  The market-
sensitive instruments held by the Partnership are acquired for
speculative trading purposes only and, as a result, all or
substantially all of the Partnership?s assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is inherent to the primary business activity
of the Partnership.

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions,
and consequently in its earnings, whether realized or unrealized,
and cash flow.  Gains and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract, however, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open contracts
in the Partnership accounts with the counterparty, which is
accomplished by daily maintenance of the cash balance in a
<page> custody account held at Morgan Stanley DW for the benefit
of MS & Co.

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

The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value.  Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership.

The Partnership?s past performance is no guarantee of its future
results.  Any attempt to numerically quantify the Partnership?s
market risk is limited by the uncertainty of its speculative
trading.  The Partnership?s speculative trading and use of
leverage may cause future losses and volatility (i.e., ?risk of
ruin?) that far exceed the Partnership?s experience to date
under the ?Partnership?s Value at Risk in Different Market
Sectors? section and significantly exceed the Value at Risk
(?VaR?) tables disclosed.

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

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

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

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

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

VaR models, including the Partnership?s, are continually evolving
as trading portfolios become more diverse and modeling techniques
and systems capabilities improve.  Please note that the VaR model
is used to numerically quantify market risk for historic
<page> 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 June 30, 2005 and 2004.  At
June 30, 2005 and 2004, the Partnership?s total capitalization
was approximately $7 million and $8 million, respectively.

Primary Market	June 30, 2005	June 30, 2004
Risk Category	Value at Risk	Value at Risk

Equity	                  (3.01)%              (1.56)%
Interest Rate                    (2.08)               (0.92)
Currency	                         (1.33)               (0.85)
Commodity                        	(1.08)               (0.47)
Aggregate Value at Risk   	       (3.08)%              (2.07)%


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
<page> market categories due to the diversification benefit
across asset classes.

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

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership?s high, low, and average VaR, as a
percentage of total Net Assets for the four quarter-end reporting
periods from July 1, 2004 through June 30, 2005.


Primary Market Risk Category       High       Low      Average
Equity	(3.01)%	(1.23)%	(1.85)%
Interest Rate	(2.08)	(0.81)	(1.59)
Currency	(1.38)	(0.72)	(1.12)
Commodity	(1.08)	(0.39)	(0.86)
Aggregate Value at Risk	(3.08)%	(2.54)%	(2.83)%

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
<page> 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 June 30, 2005, and for the four quarter-end
reporting periods from July 1, 2004 through June 30, 2005.  VaR is
<page> 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 90% as of June 30, 2005) 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
<page> 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 June 30, 2005, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

<page>
Equity.  The primary market exposure of the Partnership at June
30, 2005 was to the global stock index sector, primarily 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 June 30,
2005, the Partnership?s primary exposures were to the Hang Seng
(China), FTSE 100 (United Kingdom), DAX (Germany), Nikkei 225
(Japan), NASDAQ 100 (U.S.), CAC 40 (France), S&P 500 (U.S.), Euro
Stoxx 50 (Europe), Taiwan (Taiwan), SPI 200 (Australia), All
Share (South Africa), and TOPIX (Japan) stock indices. The
Partnership is primarily exposed to the risk of adverse price
trends or static markets in the European, U.S., Japanese, and
Chinese 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.

Interest Rate.  The second largest market exposure of the
Partnership at June 30, 2005 was to the global interest rate
sector.  Exposure was primarily spread across the European, U.S.,
Australian, and Japanese 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
<page> movements between countries, materially impact the
Partnership?s profitability. The Partnership?s interest rate
exposure is generally to interest rate fluctuations in the U.S.
and the other G-7 countries. However, the Partnership also takes
futures positions in the government debt of smaller countries -
e.g., Australia.  Demeter anticipates that the G-7 countries
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.

Currency.  The third largest market exposure of the Partnership at
June 30, 2005 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.  The
Partnership?s major exposures were to the euro, Canadian dollar,
Japanese yen, Swiss franc, British pound, Australian dollar,
Norwegian krone, Polish zloty, and Swedish krona 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
<page> anticipate that the risk associated with the Partnership?s
currency trades will change significantly in the future.

Commodity.
Soft Commodities and Agriculturals.  At June 30, 2005, the
Partnership had market exposure to the markets that comprise
these sectors.  Most of the exposure was to the sugar,
cotton, soybeans, wheat, soybean meal, cocoa, corn, and
orange juice markets. Supply and demand inequalities, severe
weather disruptions, and market expectations affect price
movements in these markets.

Energy.  At June 30, 2005, 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.

Metals.  At June 30, 2005, the Partnership had market
exposure in the metals sector.  The Partnership's metals
<page> exposure was to fluctuations in the price of base
metals, such as lead, aluminum, copper and zinc, and
precious metals such as gold.  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 June 30, 2005:

Foreign Currency Balances. The Partnership?s primary foreign
currency balances at June 30, 2005 were in euros, Hong Kong
dollars, Japanese yen, British pounds, and South African
rand.  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-
<page> 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 4.  CONTROLS AND PROCEDURES

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

  (b)	There have been no material changes during the period
covered by this quarterly report in the Partnership?s
internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) of the Exchange Act) or in
<page> other factors that could significantly affect these
controls subsequent to the date of their evaluation.
<page> PART II.  OTHER INFORMATION

Item 5.  OTHER INFORMATION

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

Mr. Harry Handler and Ms. Shelley Hanan were approved as Directors
of Demeter by the National Futures Association as of May 12, 2005
and June 30, 2005, respectively.


b. Other Events.  Effective September 30, 2005, Demeter intends to
terminate trading within the Partnership and thereafter will commence
dissolution of the Partnership in accordance with the Partnership?s
Limited Partnership Agreement.


Item 6.  EXHIBITS

3.01	Limited Partnership Agreement of the Partnership, dated as
of November 7, 1991, is incorporated by reference to
Exhibit 3.01 and Exhibit 3.02 of the Partnership?s
Registration Statement on Form S-1.
10.01	Management Agreement among the Partnership, Demeter
Management Corporation, and Millburn Ridgefield
Corporation, 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.
10.03	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.



<page>
10.04	Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW Inc., dated as of June
22, 2000, is incorporated by reference to Exhibit 10.01 of
the Partnership?s Form 8-K/A (File No. 0-19901) filed with
the Securities and Exchange Commission on March 29, 2002.
10.05	Commodity Futures Customer Agreement between Morgan
Stanley & Co. Incorporated and the Partnership, and
acknowledged and agreed to by Morgan Stanley DW Inc.,
dated as of May 1, 2000, is incorporated by reference to
Exhibit 10.02 of the Partnership?s Form 8-K/A (File No.
0-19901) filed with the Securities and Exchange Commission
on March 29, 2002.
10.06	Customer Agreement between the Partnership and Morgan
Stanley & Co. International Limited, dated as of May 1,
2000, is incorporated by reference to Exhibit 10.04 of the
Partnership?s Form 8-K/A (File No. 0-19901) filed with the
Securities and Exchange Commission on March 29, 2002.
10.07	Foreign Exchange and Options Master Agreement between
Morgan Stanley & Co. Incorporated and the Partnership,
dated as of April 30, 2000, is incorporated by reference
to Exhibit 10.05 of the Partnership?s Form 8-K/A (File No.
0-19901) filed with the Securities and Exchange Commission
on March 29, 2002.
10.08	Securities Account Control Agreement among the
Partnership, Morgan Stanley & Co. Incorporated, and Morgan
Stanley DW Inc., dated as of May 1, 2000, is incorporated
by reference to Exhibit 10.03 of the Partnership?s Form 8-
K/A (File No. 0-19901) filed with the Securities and
Exchange Commission on March 29, 2002.
31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership
pursuant to 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.
<page>
32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.












<page>



SIGNATURE



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




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

                      By:   Demeter Management Corporation
                            (General Partner)

August 15, 2005       By:/s/Kevin Perry
                            Kevin Perry
                            Chief Financial Officer





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





















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

? 10 ?