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, 1998 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.)

c/o Demeter Management Corporation
Two World Trade Center, - 62nd Flr., New York, N.Y.                 10048
---------------------------------------------------          -------------------
(Address of principal executive offices)                          (Zip Code)

Registrant's telephone number, including area code              (212) 392-5454
                                                             -------------------

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 ]

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 a specified
date within 60 days prior to the date of filing:  $18,008,985.65  at January 31,
1999.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                  (See Page 1)
<PAGE>


                  DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
                       INDEX TO ANNUAL REPORT ON FORM 10-K
                                DECEMBER 31, 1998

                                                                        Page No.
                                                                        --------

DOCUMENTS INCORPORATED BY REFERENCE. . . . . . . . . . . . . . . . . . . .     1

Part I .

     Item      1.  Business. . . . . . . . . . . . . . . . . . . . . . . .   2-4

     Item      2.  Properties. . . . . . . . . . . . . . . . . . . . . . .     4

     Item      3.  Legal Proceedings . . . . . . . . . . . . . . . . . . .   4-6

     Item      4.  Submission of Matters to a Vote of Security Holders . .     6

Part II.

     Item      5.  Market for the Registrant's Partnership Units and
                   Related  Security  Holder  Matters  .  .  .  .  . . . .     7

     Item      6.  Selected Financial Data . . . . . . . . . . . . . . . .     8

     Item      7.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations . . . . . . . . . .  9-17

     Item     7A.  Quantitative and Qualitative Disclosures About
                   Market Risk  . . . . . . . . . .  . . . . . . . . . . . 17-29

     Item      8.  Financial Statements and Supplementary Data . . . . . .    29

     Item      9.  Changes in and Disagreements with Accountants on
                   Accounting and Financial Disclosure . . . . . . . . . .    29
Part III.

     Item     10.  Directors and Executive Officers of the Registrant. . . 30-34

     Item     11.  Executive Compensation  . . . . . . . . . . . . . . . .    34

     Item     12.  Security Ownership of Certain Beneficial Owners
                   and Management. . . . . . . . . . . . . . . . . . . . .    34

     Item     13.  Certain Relationships and Related Transactions. . . . .    35

Part IV.

     Item     14.  Exhibits, Financial Statement Schedules, and
                   Reports on Form 8-K . . . . . . . . . . . . . . . . . .    36

<PAGE>


                      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 and IV

         Annual Report to the Dean Witter Global
         Perspective Portfolio L.P. Limited Partners
         for the year ended December 31, 1998                 II, III and IV



                                      - 1 -


<PAGE>

                                     PART I

Item 1.  BUSINESS

         (a) General  Development  of Business.  Dean Witter Global  Perspective
Portfolio L.P. (the "Partnership") is a Delaware limited  partnership  organized
to engage in the speculative  trading of futures  contracts,  commodity  options
contracts and forward contracts (collectively, "futures interests"). The general
partner  is  Demeter  Management  Corporation   ("Demeter").   The  non-clearing
commodity  broker is Dean  Witter  Reynolds  Inc.  ("DWR")  and an  unaffiliated
clearing  commodity broker,  Carr Futures Inc.  ("Carr"),  provides clearing and
execution services. Both Demeter and DWR are wholly-owned subsidiaries of Morgan
Stanley Dean Witter & Co. ("MSDW"). The trading advisors for the Partnership are
ELM  Financial,  Inc.,  EMC Capital  Management,  Inc. and  Millburn  Ridgefield
Corporation (the "Trading Advisors").

         The  Partnership's  Net Asset Value per Unit,  as of December 31, 1998,
was  $1,076.00,  representing  an increase of 11.24  percent  from the Net Asset
Value per Unit of $967.23 on December 31, 1997. For a more detailed  description
of the Partnership's business, see subparagraph (c).

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

                                     - 2 -
<PAGE>

         (c)  Narrative  Description  of  Business.  The  Partnership  is in the
business  of  speculative  trading of  futures  interests,  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. Commodity 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 Agreement"
         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).

                                      - 3 -
<PAGE>

    (d)  Financial Information About Foreign and Domestic Operations and
         Export Sales.

         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
in futures interests on foreign exchanges.

Item 2.  PROPERTIES

         The executive and administrative offices are located within the offices
of DWR.  The DWR offices  utilized by the  Partnership  are located at Two World
Trade Center, 62nd Floor, New York, NY 10048.

Item 3.  LEGAL PROCEEDINGS

         On  September  6, 10,  and 20,  1996,  and on March 13,  1997,  similar
purported  class  actions  were  filed in the  Superior  Court  of the  State of
California,  County of Los Angeles,  on behalf of all purchasers of interests in
limited  partnership  commodity pools sold by DWR. Named defendants include DWR,
Demeter,  Dean Witter Futures & Currency Management,  Inc. ("DWFCM"),  MSDW (all
such parties referred to hereafter as the "Dean Witter Parties"),  certain other
limited partnership commodity pools of which Demeter is the general partner, and
certain trading advisors to those pools. On June 16, 1997, the plaintiffs in the
above actions filed a  consolidated  amended  complaint,  alleging,  among other
things,    that   the   defendants    committed   fraud,    deceit,    negligent
misrepresentation, various violations of the California Corporations

                                     - 4 -
<PAGE>

Code,  intentional and negligent breach of fiduciary duty, fraudulent and unfair
business practices,  unjust enrichment, and conversion in the sale and operation
of the various limited  partnership  commodity  pools.  Similar  purported class
actions were also filed on September  18 and 20, 1996,  in the Supreme  Court of
the State of New York, New York County, and on November 14, 1996 in the Superior
Court of the State of  Delaware,  New Castle  County,  against  the Dean  Witter
Parties and certain trading advisors on behalf of all purchasers of interests in
various limited  partnership  commodity  pools,  sold by DWR. A consolidated and
amended complaint in the action pending in the Supreme Court of the State of New
York was filed on August 13, 1997, alleging that the defendants committed fraud,
breach  of  fiduciary  duty,  and  negligent  misrepresentation  in the sale and
operation of the various limited  partnership  commodity  pools. On December 16,
1997, upon motion of the plaintiffs, the action pending in the Superior Court of
the State of Delaware was voluntarily dismissed without prejudice.  The New York
Supreme  Court  dismissed  the New York  action in  November  1998,  but granted
plaintiffs leave to file an amended complaint,  which they did in early December
1998. The defendants  have filed a motion to dismiss the amended  complaint with
prejudice  on February  1, 1999.  The  complaints  seek  unspecified  amounts of
compensatory  and  punitive  damages  and  other  relief.  It is  possible  that
additional  similar  actions  may be filed  and  that,  in the  course  of these
actions, other parties could be added as

                                     - 5 -
<PAGE>

defendants.  The Dean Witter Parties  believe that they have strong defenses to,
and they will vigorously  contest the actions.  Although the ultimate outcome of
legal  proceedings  cannot be  predicted  with  certainty,  it is the opinion of
management  of the Dean Witter  Parties that the  resolution of the actions will
not have a material adverse effect on the financial  condition or the results of
operations of any of the Dean Witter Parties.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.



                                      - 6 -
<PAGE>

                                     PART II

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

         There is no established  public trading market for the Units of Limited
Partnership  Interest  ("Units")  in the  Partnership.  The number of holders of
Units at December 31, 1998 was approximately  2,253. 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. No determination has yet been made as to future
distributions.



                                      - 7 -

<PAGE>


Item 6.  SELECTED FINANCIAL DATA (in dollars)

<TABLE>
<CAPTION>
                                         For the Years Ended December 31,             
                       -------------------------------------------------------------------
                           1998          1997          1996          1995          1994   
                       -----------   -----------   -----------   -----------   -----------
<S>                    <C>           <C>           <C>           <C>           <C>         
Total Revenues
(including interest)     4,169,027     4,917,569     4,375,881     7,723,714   (11,717,844)

Net Income (Loss)        2,022,979     2,420,203     1,766,076     4,586,655   (16,267,965)

Net Income (Loss)
Per Unit (Limited
& General Partners)         108.77         97.12         73.76        114.30       (315.44)

Total Assets            19,185,631    21,221,634    22,267,408    24,852,070    29,736,302

Total Limited
Partners' Capital       18,754,867    20,276,293    21,020,037    23,774,361    28,148,186

Net Asset Value Per
Unit of Limited
Partnership Interest      1,076.00        967.23        870.11        796.35        682.05
</TABLE>


                                      - 8 -

<PAGE>


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

         Liquidity  -  Assets  of the  Partnership  are  deposited  with  DWR as
non-clearing  broker and Carr as clearing  broker in separate  futures  interest
trading  accounts.  Such  assets are held in either  non-interest  bearing  bank
accounts or in securities  approved by the Commodity Futures Trading  Commission
("CFTC") for investment of customer funds. The Partnership's  assets held by DWR
and Carr may be used as margin solely for the Partnership's  trading.  Since the
Partnership's sole purpose is to trade in futures interests, it is expected that
the Partnership will continue to own such liquid assets for margin purposes.

         The  Partnership's  investment in futures  interests  may, from time to
time, be illiquid.  Most United States futures  exchanges limit  fluctuations in
certain futures  interest prices during a single day by regulations  referred to
as "daily  price  fluctuations  limits"  or  "daily  limits".  Pursuant  to such
regulations,  during a single  trading  day no trades may be  executed at prices
beyond the daily  limit.  If the price for a  particular  futures  interest  has
increased or decreased by an amount equal to the daily limit,  positions in such
futures interest can neither be taken nor liquidated  unless traders are willing
to  effect  trades  at or  within  the  limit.  Futures  interests  prices  have
occasionally  moved the daily limit for several  consecutive days with little or
no trading. Such market conditions could prevent the Partnership from promptly

                                     - 9 -
<PAGE>

liquidating  its futures  interests and result in  restrictions  on redemptions.
There is no  limitation  on daily price moves in trading  forward  contracts  on
foreign currency.  The markets for some world currencies have low trading volume
and are illiquid,  which may prevent the Partnership from trading in potentially
profitable markets or from promptly  liquidating  unfavorable  positions in such
markets,  and  subjecting  it to  substantial  losses.  Either  of these  market
conditions could result in restrictions on redemptions.

         Capital Resources. The Partnership does not have, nor does it expect to
have, any capital assets.  Future  redemptions and exchanges of Units of Limited
Partnership Interest will affect the amount of funds available for investment in
futures  interests in subsequent  periods.  Since they are at the  discretion of
Limited Partners,  it is not possible to estimate the amount and therefore,  the
impact of future redemptions and exchanges.

         Results of Operations. As of December 31, 1998, the Partnership's total
capital was $18,987,243,  a decrease of $1,981,552 from the Partnership's  total
capital of  $20,968,795  at December 31, 1997.  For the year ended  December 31,
1998, the Partnership  generated net income of $2,022,979 and total  redemptions
aggregated $4,004,531.

         For the year ended December 31, 1998, the  Partnership's  total trading
revenues,  including interest income,  were $4,169,027.  The Partnership's total
expenses for the year were $2,146,048, resulting in net income of $2,022,979.

                                     - 10 -
<PAGE>

The value of an individual  unit in the  Partnership  increased  from $967.23 at
December 31, 1997 to $1,076.00 at December 31, 1998.

         As  of  December  31,  1997,  the   Partnership's   total  capital  was
$20,968,795,  a decrease of $674,210  from the  Partnership's  total  capital of
$21,643,005,  at December 31, 1996.  For the year ended  December 31, 1997,  the
Partnership generated net income of $2,420,203 and total redemptions  aggregated
$3,094,413.

         For the year ended December 31, 1997, the  Partnership's  total trading
revenues,  including interest income,  were $4,917,569.  The Partnership's total
expenses for the year were  $2,497,366,  resulting in net income of  $2,420,203.
The value of an individual  unit in the  Partnership  increased  from $870.11 at
December 31, 1996 to $967.23 at December 31, 1997.

         As  of  December  31,  1996,  the   Partnership's   total  capital  was
$21,643,005,  a decrease of $2,701,511 from the  Partnership's  total capital of
$24,344,516  at December 31,  1995.  For the year ended  December 31, 1996,  the
Partnership generated net income of $1,766,076 and total redemptions  aggregated
$4,467,587.

          For the year ended December 31, 1996, the Partnership's total trading
 revenues, including interest income, were $4,375,881. The Partnership's total
expenses for the year were  $2,609,805,  resulting in net income of  $1,766,076.
The value of an individual  unit in the  Partnership  increased  from $796.35 at
December 31, 1995 to $870.11 at December 31, 1996.

         The Partnership's  overall performance record represents varied results
of trading in different futures interests markets.  For a further description of
trading results, refer to the letter to the Limited Partners in the

                                     - 11 -
<PAGE>

accompanying 1998 Annual Report to Limited  Partners,  incorporated by reference
in this Form 10-K. The  Partnership's  gains and losses are allocated  among its
partners for income tax purposes.

         Credit Risk.  In entering  into futures  forward  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 of
the  Partnership  for  futures  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,  and,  as  such,  should
significantly  reduce this credit risk. For example, a clearinghouse may cover a
default by (i) drawing upon a defaulting member's mandatory contributions and/or
non-defaulting   members'  contributions  to  a  clearinghouse  guarantee  fund,
established  lines or letters of credit with banks,  and/or the  clearinghouse's
surplus capital and other available assets of the exchange and clearinghouse, or
(ii) assessing its members.

         In cases where the Partnership  trades on a foreign  exchange where the
clearinghouse  is not  funded  or  guaranteed  by the  membership  or where  the
exchange is a "principals' market" in which performance is the responsibility of
the  exchange  member  and not the  exchange  or a  clearinghouse,  or when  the
Partnership  enters into  off-exchange  contracts with a counterparty,  the sole
recourse of the Partnership will be the clearinghouse, the exchange member or

                                     - 12 -
<PAGE>

the  off-exchange  contract  counterparty,  as the case may be.  There can be no
assurance that a clearinghouse,  exchange or other exchange member will meet its
obligations to the Partnership, and the Partnership is not indemnified against a
default by such parties from Demeter, MSDW or DWR.

         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,
clearinghouse  or other  exchange  member  default  on trades  effected  for the
broker's  customers.  Any such obligation on the part of the broker appears even
less clear where the default occurs in a non-US jurisdiction.

         Demeter  deals with the credit risks of all  partnerships  for which it
serves as general partner in several ways.  First, it monitors the Partnership's
credit  exposure to each  exchange on a daily  basis,  calculating  not only the
amount of margin required for it but also the amount of its unrealized  gains at
each exchange, if any. The Commodity brokers inform the Partnership, as with all
their  customers,  of its net  margin  requirements  for all its  existing  open
positions, but do not break that net figure down, exchange by exchange. Demeter,
however,  has installed a system which  permits it to monitor the  Partnership's
potential  margin  liability,  exchange  by  exchange.  Demeter  is then able to
monitor the  Partnership's  potential  net credit  exposure to each  exchange by
adding  the  unrealized  trading  gains  on  that  exchange,   if  any,  to  the
Partnership's margin liability thereon.

                                     - 13 -
<PAGE>

         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,
in addition,  a certain minimum amount of  diversification  in the Partnership's
trading,  usually  over  several  different  products.  One of the  aims of such
trading  policies has been to reduce the credit exposure of the Partnership to a
single  exchange  and,  historically,  such  Partnership  exposure has typically
amounted to only a small percentage of its total net assets. On those relatively
few occasions where a partnership's  credit exposure may climb above that level,
Demeter  deals with the  situation on a case by case basis,  carefully  weighing
whether the increased level of credit exposure remains appropriate.

         Third, Demeter has secured, with respect to Carr acting as the clearing
broker for the  Partnership,  a guarantee by Credit  Agricole  Indosuez,  Carr's
parent,  of the  payment  of the "net  liquidating  value"  of the  transactions
(futures, options and forward contracts) in the Partnership's account.

         With respect to forward contract trading,  the Partnership  trades with
only those counterparties  which Demeter,  together with DWR, have determined to
be  creditworthy.  At the date of this filing,  the Partnership  deals only with
Carr as its counterparty on forward  contracts.  The guarantee by Carr's parent,
discussed above, covers these forward contracts.


                                     - 14 -
<PAGE>

         See "Financial  Instruments" under Notes to Financial Statements in the
Partnership's  Annual Report to Limited Partners for the year ended December 31,
1998, incorporated by reference in this Form 10-K.

         Year  2000  Problem.  Commodity  pools,  like  financial  and  business
organizations and individuals around the world, depend on the smooth functioning
of computer  systems.  Many computer  systems in use today cannot  recognize the
computer code for the year 2000, but revert to 1900 or some other date.  This is
commonly known as the "Year 2000 Problem".  The  Partnership  could be adversely
affected  if computer  systems  used by it or any third party with whom it has a
material  relationship  do  not  properly  process  and  calculate  date-related
information  and data  concerning  dates on or after  January  1,  2000.  Such a
failure could adversely  affect the handling or  determination of futures trades
and prices and other services.

         MSDW  began  its  planning  for the Year  2000  Problem  in  1995,  and
currently has several hundred  employees working on the matter. It has developed
its own Year  2000  compliance  plan to deal with the  problem  and had the plan
approved  by  the  company's  executive  management,   Board  of  Directors  and
Information Technology Department.  Demeter is coordinating with MSDW to address
the Year 2000 Problem with respect to Demeter's computer systems that affect the
Partnership.  This includes hardware and software  upgrades,  systems consulting
and computer maintenance.


                                     - 15 -
<PAGE>

         Beyond the challenge  facing  internal  computer  systems,  the systems
failure of any of the third  parties  with whom the  Partnership  has a material
relationship - the futures exchanges and clearing organizations through which it
trades,  Carr,  or the Trading  Advisors - could result in a material  financial
risk to the Partnership. All U.S. futures exchanges are subject to monitoring by
the CFTC of their Year 2000 preparedness and the major foreign futures exchanges
are also  expected  to be  subject  to  market-wide  testing  of their Year 2000
compliance during 1999.  Demeter intends to monitor the progress of Carr and the
Trading  Advisors  throughout  1999 in their  Year 2000  compliance  and,  where
applicable, to test its external interface with Carr and the Trading Advisors.

         A worst case  scenario  would be one in which  trading of  contracts on
behalf  of the  Partnership  becomes  impossible  as a result  of the Year  2000
Problem  encountered by any third parties.  A less  catastrophic but more likely
scenario  would be one in which  trading  opportunities  diminish as a result of
technical  problems  resulting in illiquidity  and fewer  opportunities  to make
profitable trades. MSDW has begun developing various  "contingency plans" in the
event that the systems of such third  parties fail.  Demeter  intends to consult
closely with MSDW in implementing those plans.  Despite the best efforts of both
Demeter  and  MSDW,  however,  it is  possible  that  these  steps  will  not be
sufficient to avoid any adverse impact to the Partnership.


                                     - 16 -
<PAGE>

         Risks Associated with the Euro. On January 1, 1999, eleven countries in
the  European  Union  established  fixed  conversion  rates  on  their  existing
sovereign  currencies  and converted to a common  single  currency (the "euro").
During a three-year transition period, the sovereign currencies will continue to
exist  but only as a fixed  denomination  of the  euro.  Conversion  to the euro
prevents the Trading  Advisors  from trading in certain  currencies  and thereby
limit their ability to take  advantage of potential  market  opportunities  that
might  otherwise have existed had separate  currencies  been available to trade.
This could adversely affect the performance results of the Partnership.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

         The   Partnership  is  a  commodity  pool  engaged   primarily  in  the
speculative trading of futures interests.  The market sensitive instruments held
by the Partnership are acquired solely for speculative  trading purposes and, as
a result,  all or substantially all of the  Partnership's  assets are subject to
the risk of  trading  loss.  Unlike  an  operating  company,  the risk of market
sensitive instruments is integral, not incidental,  to the Partnership's primary
business activities.

         The futures interests traded by the Partnership involve varying degrees
of related market risk.  Such market risk is often dependent upon changes in the
level or volatility of interest rates, exchange rates, and/or market values of

                                     - 17 -
<PAGE>

financial instruments and commodities. Fluctuations in related market risk based
upon the aforementioned  factors result in frequent changes in the fair value of
the Partnership's open positions,  and,  consequently,  in its earnings and cash
flow.

         The Partnership's  total market risk is influenced by a wide variety of
factors,  including the diversification effects among the Partnership's existing
open positions, the volatility present within the market(s) and the liquidity of
the market(s).  At varying times, each of these factors may act to exacerbate or
mute the market risk associated with the Partnership.

         The Partnership's past performance is not necessarily indicative of its
future results. Any attempt at quantifying the Partnership's market risk must be
qualified by the inherent  uncertainty  of its  speculative  trading,  which may
cause future losses and  volatility  (i.e.  "risk of ruin") far in excess of the
Partnership's experience to date and/or any reasonable expectation premised upon
historical changes in the fair value of its market sensitive instruments.

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

                                     - 18 -
<PAGE>

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. As such, any loss in the fair value of the
Partnership's   open  positions  is  directly  reflected  in  the  Partnership's
earnings,  whether realized or unrealized,  and the Partnership's  cash flow, as
profits and losses on open positions off exchange  traded-futures  interests are
settled daily through variation margin.

         The Partnership's risk exposure in the various market sectors traded by
the Trading  Advisors is estimated below in terms of Value at Risk ("VaR").  The
VaR model employed by the Partnership incorporates numerous variables that could
impact the fair value of the Partnership's  trading  portfolio.  The Partnership
estimates  VaR using a model based on  historical  simulation  with a confidence
level of 99%.  Historical  simulation  involves  constructing a distribution  of
hypothetical  daily changes in trading  portfolio value. The VaR model generally
takes into account  linear  exposures to price and  interest  rate risk.  Market
risks  that are  incorporated  in the VaR model  include  equity  and  commodity
prices,  interest rates,  foreign  exchange  rates, as well as correlation  that
exists among these variables. The hypothetical changes in

                                     - 19 -
<PAGE>

portfolio  value are based on daily  observed  percentage  changes in key market
indices or other market  factors  ("market risk factors") to which the portfolio
is sensitive.  In the case of the Partnership's VaR, the historical  observation
period  is  approximately   four  years.  The  Partnership's   one-day  99%  VaR
corresponds to the negative  change in portfolio  value that,  based on observed
market risk factor moves, would have been exceeded once in 100 trading days.

         VaR  models  such as the  Partnership's  are  continually  evolving  as
trading  portfolios  become more  diverse and  modeling  techniques  and systems
capabilities  improve.  It must  also be  noted  that  the VaR  model is used to
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.

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 market  category as of
December  31,  1998.  As  of  December  31,  1998,   the   Partnership's   total
capitalization was approximately $19 million.


                                     - 20 -
<PAGE>


         Primary Market                         December 31, 1998
         Risk Category                            Value at Risk
         -------------                            -------------

         Interest Rate                                (1.58)%
         Currency                                      (.99)
         Equity                                        (.72)
         Commodity                                    (1.07)
         Aggregate Value at Risk                      (2.15)%

         Aggregate   value  at  risk   represents   the  aggregate  VaR  of  the
Partnership's  open  positions  and not  the  sum of the  VaR of the  individual
categories  listed  above.  Aggregate VaR will be lower as it takes into account
correlation among different positions and categories.

         The table above represents the VaR of the Partnership's  open positions
at December 31, 1998 only and is not  necessarily  representative  of either the
historic  or  future  risk  of  an  investment  in  the   Partnership.   As  the
Partnership's  sole  business is the  speculative  trading of primarily  futures
interests,  the  composition  of its  portfolio  of open  positions  can  change
significantly  over any given time period or even within a single  trading  day.
Such changes in open positions could  materially  impact market risk as measured
by VaR either positively or negatively.

         The  table  below  supplements  the  year  end  VaR by  presenting  the
Partnership's  high, low and average VaR as a percentage of total net assets for
the four quarterly  reporting  periods from January 1, 1998 through December 31,
1998.

                                     - 21 -
<PAGE>

Primary Market 
Risk Category                       High        Low         Average
-------------                       ----        ---         -------

Interest Rate                      (2.32)%      (.61)%       (1.66)%
Currency                           (2.01)       (.95)        (1.39)
Equity                              (.72)       (.34)         (.54)
Commodity                          (1.08)       (.60)         (.92)
Aggregate Value at Risk            (3.00)%     (2.15)%       (2.53)%

Limitations on Value at Risk as an Assessment of Market Risk

         The face value of the market sector instruments held by the Partnership
is  typically  many times the  applicable  margin  requirements,  as such margin
requirements  generally  range  between  2% and  15%  of  contract  face  value.
Additionally,  due to the use of leverage,  the face value of the market  sector
instruments   held  by  the  Partnership  is  typically  many  times  the  total
capitalization of the Partnership.  The financial magnitude of the Partnership's
open  positions  thus  creates  a "risk of ruin"  not  typically  found in other
investment  vehicles.  Due to the relative size of the positions  held,  certain
market  conditions,  may cause the Partnership to incur losses greatly in excess
of VaR within a short period of time.  The foregoing VaR tables,  as well as the
past performance of the Partnership, gives no indication of such "risk of ruin".

         In addition,  VaR risk measures  should be  interpreted in light of the
methodology's  limitations,  which include the following: past changes in market
risk factors will not always yield accurate predictions of the distributions and
correlations of future market movements;  changes in portfolio value in response
to market movements may

                                     - 22 -
<PAGE>

differ from the responses implicit in a VaR model; published VaR results reflect
past trading positions while future risk depends on future positions;  VaR using
a one-day time horizon does not fully capture the market risk of positions  that
cannot be liquidated or hedged  within one day; and the  historical  market risk
factor data used for VaR estimation may provide only limited insight into losses
that could be incurred under certain unusual market movements.

         The foregoing VaR tables 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, 1998 and for the end of quarter periods during calendar 1998. Since
VaR is based on historical  data,  VaR should not be viewed as predictive of the
Partnership's future financial  performance or its ability to manage and monitor
risk and there can be no assurance  that the  Partnership's  actual  losses on a
particular  day will not exceed the VaR  amounts  indicated  or that such losses
will not occur more than 1 in 100 trading days.

Non-Trading Risk

         The  Partnership  has  non-trading  market  risk  on its  foreign  cash
balances not needed for margin.  However,  such balances,  as well as any market
risk they may  represent,  are  immaterial.  The  Partnership  also  maintains a
substantial portion  (approximately 81%) of its available assets in cash at DWR.
A  decline  in  short-term  interest  rates  will  result  in a  decline  in the
Partnership's  cash  management  income.  This cash flow risk is not  considered
material.

                                     - 23 -
<PAGE>

Materiality,  as used  throughout  this  section,  is based on an  assessment of
reasonably  possible  market  movements and the potential  losses caused by such
movements, taking into account the leverage, optionality and multiplier features
of the Partnership's market sensitive instruments.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

         The  following  qualitative  disclosures  regarding  the  Partnership's
market risk exposures - except for (i) those  disclosures that are statements of
historical fact and (ii) 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

                                     - 24 -
<PAGE>

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  as of December 31, 1998, by market  sector.  It may be  anticipated
however, that these market exposures will vary materially over time.

         Interest Rate.  Interest rate risk is the principal  market exposure of
the  Partnership.  Interest  rate  movements  directly  affect  the price of the
sovereign  futures positions held by the Partnership and indirectly the value of
its stock index and currency  positions.  Interest rate movements in one country
as well as relative interest rate movements between countries  materially impact
the  Partnership's  profitability.   The  Partnership's  primary  interest  rate
exposure is to interest rate fluctuations in the United States and the other G-7
countries.  However,  the  Partnership  also  takes  futures  positions  in  the
government debt of smaller nations - e.g.  Australia.  Demeter  anticipates that
G-7 interest  rates will remain the primary market  exposure of the  Partnership
for the  foreseeable  future.  The changes in interest rates which have the most
effect on the  Partnership  are changes in long-term,  as opposed to short-term,
rates.  Most of the speculative  future positions held by the Partnership are in
medium-to-long  term  instruments.  Consequently,  even  a  material  change  in
short-term   rates  would  have  little  effect  on  the  Partnership  were  the
medium-to-long term rates to remain steady.

         Currency.  The  Partnership's  currency  exposure is to  exchange  rate
fluctuations,  primarily  fluctuations  which  disrupt  the  historical  pricing
relationships   between   different   currencies  and  currency   pairs.   These
fluctuations

                                     - 25 -
<PAGE>

are  influenced  by  interest  rate  changes as well as  political  and  general
economic  conditions.  The  Partnership  trades in a large number of currencies,
including  cross-rates - i.e.,  positions  between two currencies other than the
U.S. dollar.  However,  the Partnership's major exposures have typically been in
the  dollar/yen,  dollar/mark  and  dollar/pound  positions.  Demeter  does  not
anticipate  that the risk  profile of the  Partnership's  currency  sector  will
change  significantly  in the future,  although it is difficult at this point to
predict  the effect of the  introduction  of the Euro on the  Trading  Advisors'
currency trading strategies.

         Equity.  The  Partnership's  primary equity exposure is to equity price
risk in the G-7 countries. The stock index futures traded by the Partnership are
by law limited to futures on broadly based indices. As of December 31, 1998, the
Partnership's  primary  exposures  were in the S&P 500,  Nikkei  (Japan) and DAX
(Germany)  stock indices.  The  Partnership is primarily  exposed to the risk of
adverse price trends or static markets in the major U.S.,  European and Japanese
indices.  (Static markets would not cause major market changes but would make it
difficult for the  Partnership  to avoid being  "whipsawed"  into numerous small
losses).

         Commodity.

         Metals.  The  Partnership's   primary  metals  market  exposure  is  to
fluctuations in the price of gold and silver. Although the Trading Advisors will
from time to time trade base metals such as aluminum,  copper,  nickel and zinc,
the principal market exposures of the Partnership have  consistently been in the
precious metals,

                                     - 26 -
<PAGE>

gold and  silver.  The Trading  Advisors'  gold  trading  has been  increasingly
limited due to the long-lasting and mainly non-volatile  decline in the price of
gold over the last 10-15 years.  However,  silver prices have remained  volatile
over  this  period,  and the  Trading  Advisors  have  from  time to time  taken
substantial  positions as they have perceived  market  opportunities to develop.
Demeter  anticipates  that gold and silver will remain the primary metals market
exposure for the Partnership.

         Soft Commodities. One of the Partnership's primary commodities exposure
is to  fluctuations in the price of soft  commodities,  which are often directly
affected by severe or  unexpected  weather  conditions.  Soybeans,  grains,  and
coffee  accounted  for the  substantial  bulk of the  Partnership's  commodities
exposure at December  31,  1998.  The  Partnership  has market  exposure to live
cattle and lean hogs.  However,  Demeter  anticipates  that the Trading Advisors
will  maintain  an  emphasis  on  soybeans,  grains,  and  coffee,  in which the
Partnership has historically taken it's largest positions.

         Energy. The Partnership's  primary energy market exposure is to gas and
oil price movements,  often resulting from political  developments in the Middle
East.  Although the Trading Advisors trade natural gas to a limited extent,  oil
is by far the dominant energy market exposure of the Partnership. Oil prices are
currently depressed, but they can be volatile and substantial profits and losses
have been and are expected to continue to be experienced in this market.


                                     - 27 -
<PAGE>


Qualitative Disclosures Regarding Non-Trading Risk Exposure

         The  following  was  the  only   non-trading   risk  exposures  of  the
Partnership at December 31, 1998:

         Foreign Currency Balances.  The Partnership's  primary foreign currency
balances are in Japanese yen, German marks,  British  pounds,  French francs and
euros.  The  Partnership  controls  the  non-trading  risk of these  balances by
regularly converting these balances back into U.S. dollars at varying intervals,
depending upon such factors as size, volatility, etc.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

         The means by which the Partnership and the Trading Advisors, severally,
attempt to manage the risk of the  Partnership's  open positions are essentially
the same in all  market  categories  traded.  Demeter  attempts  to  manage  the
Partnership's market exposure by (i) diversifying the Partnership's assets among
different  Trading  Advisors each of whose  strategies focus on different market
sectors and trading  approaches,  and (ii),  monitoring  the  performance of the
Trading Advisors on a daily basis. 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.


                                     - 28 -
<PAGE>


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

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         The  information  required by this Item appears in the Annual Report to
Limited  Partners for the year ended December 31,  1998.and is  incorporated  by
reference in this Annual Report on Form 10-K.

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

         None.



                                     - 29 -
<PAGE>

                                    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 officers of Demeter are as follows:

         Mark J.  Hawley,  age 55, is  Chairman  of the Board and a Director  of
Demeter.  Mr. Hawley is also Chairman of the Board and a Director of DWFCM.  Mr.
Hawley  previously  served as President of Demeter  throughout  1998. Mr. Hawley
joined DWR in  February  1989 as Senior  Vice  President  and is  currently  the
Executive Vice President and Director of DWR's Product Management for Individual
Asset Management.  In this capacity, Mr. Hawley is responsible for directing the
activities of the firm's Managed Futures,  Insurance,  and Unit Investment Trust
Business.  From 1978 to 1989,  Mr. Hawley was a member of the senior  management
team at Heinold Asset Management, Inc., a CPO, and was responsible for a variety
of projects in public  futures  funds.  From 1972 to 1978, Mr. Hawley was a Vice
President in charge of institutional block trading for the Mid-West at Kuhn Loeb
& Company.

         Joseph  G.  Siniscalchi,   age  53,  is  a  Director  of  Demeter.  Mr.
Siniscalchi  joined  DWR in July 1984 as a First  Vice  President,  Director  of
General Accounting and served as a Senior Vice President and Controller for


                                     - 30 -
<PAGE>

DWR's Securities Division through 1997. He is currently Executive Vice President
and Director of the Operations Division of DWR. From February 1980 to July 1984,
Mr.  Siniscalchi  was Director of Internal  Audit at Lehman  Brothers Kuhn Loeb,
Inc.

         Edward  C.  Oelsner,  III,  age  56,  is a  Director  of  Demeter.  Mr.
Oelsner  is  currently  an  Executive  Vice  President  and head of the  Product
Development  Group at Dean Witter  InterCapital  Inc.,  an affiliate of DWR. Mr.
Oelsner joined DWR in 1981 as a Managing  Director in DWR's  Investment  Banking
Department  specializing in coverage of regulated industries and,  subsequently,
served as head of the DWR  Retail  Products  Group.  Prior to joining  DWR,  Mr.
Oelsner  held  positions  at The  First  Boston  Corporation  as a member of the
Research and  Investment  Banking  Departments  from 1967 to 1981.  Mr.  Oelsner
received his M.B.A. in Finance from the Columbia  University  Graduate School of
Business in 1966 and an A.B. in Politics from Princeton University in 1964.

         Robert E.  Murray,  age 38, is  President  and a Director  of  Demeter.
Mr.  Murray is also  President  and a  Director  of DWFCM.  Effective  as of the
close of business on December  31,  1998,  Mr.  Murray  replaced  Mr.  Hawley as
President  of  Demeter.  Mr.  Murray is also a Senior  Vice  President  of DWR's
Managed Futures  Department and is the Senior  Administrative  Officer of DWFCM.
Mr.  Murray  began his career at DWR in 1984 and is  currently  the  Director of
the Managed  Futures  Department.  In this  capacity,  Mr. Murray is responsible
for  overseeing  all  aspects  of the firm's  Managed  Futures  Department.  Mr.
Murray  currently  serves as a Director of the  Managed  Funds  Association,  an
industry

                                     - 31 -
<PAGE>

association  for  investment  professionals  in  futures,  hedge funds and other
alternative  investments.  Mr. Murray  graduated  from Geneseo State  University
in May 1983 with a B.A. degree in Finance.

         Lewis A.  Raibley,  III,  age 36, is Vice  President,  Chief  Financial
Officer  and a Director  of  Demeter.  Effective  as of the close of business on
December 31, 1998, Mr. Raibley was elected to Demeter's Board of Directors.  Mr.
Raibley is currently  Senior Vice  President and  Controller  in the  Individual
Asset  Management  Group of MSDW. From July 1997 to May 1998, Mr. Raibley served
as Senior Vice  President and Director in the Internal  Reporting  Department of
MSDW and prior to that,  from 1992 to 1997,  he served as Senior Vice  President
and  Director  in the  Financial  Reporting  and Policy  Division of Dean Witter
Discover & Co. He has been with MSDW and its affiliates since June 1986.

         Mitchell  M. Merin,  age 45,  became a Director of Demeter on March 17,
1999. Mr. Merin was appointed the Chief  Operating  Officer of Asset  Management
for MSDW in  December  1998 and the  President  and Chief  Executive  Officer of
Morgan  Stanley Dean Witter  Advisors in February 1998. He has been an Executive
Vice  President  of DWR since 1990,  during  which time he has been  Director of
DWR's Taxable Fixed Income and Futures divisions, Managing Director in Corporate
Finance and Corporate  Treasurer.  Mr. Merin received his Bachelor's degree from
Trinity College in Connecticut and his M.B.A. degree in

                                     - 32 -
<PAGE>

finance  and  accounting  from the  Kellogg  Graduate  School of  Management  of
Northwestern University in 1977.

         Richard A.  Beech,  age 47,  became a Director  of Demeter on March 17,
1999. Mr. Beech has been associated with the futures industry for over 23 years.
He has been at DWR since August 1984 where he is presently Senior Vice President
and head of Branch Futures. 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 DWR, Mr. Beech also had
worked at two investment banking firms in Operations,  Research, Managed Futures
and Sales Management.

         Ray Harris, age 42, became a Director of Demeter on March 17, 1999. Mr.
Harris is  currently  Senior Vice  President,  Planning and  Administration  for
Morgan  Stanley  Dean  Witter  Asset  Management  and has  worked  at DWR or its
affiliates  since  July  1982,  serving  in both  financial  and  administrative
capacities.  From August 1994 to January  1999,  he worked in two  separate  DWR
affiliates,  Discover Financial Services and Novus Financial Corp.,  culminating
as Senior  Vice  President.  Mr.  Harris  received  his B.A.  degree from Boston
College and his M.B.A. in finance from the University of Chicago.

         Richard M. DeMartini,  age 46, previously served as the Chairman of the
Board and as a Director of Demeter throughout 1998. Effective as of the close of
business on December 31,  1998,  Mr.  DeMartini  resigned as the Chairman of the
Board and as a Director of Demeter due to changes in his responsibilities within
MSDW.

                                     - 33 -
<PAGE>

         Lawrence  Volpe,  age 51,  served as a Director  to Demeter  throughout
1998.  Effective  as of the close of business on December  31,  1998,  Mr. Volpe
resigned as a Director of Demeter.

         Patti L. Behnke,  age 38, served as Vice President and Chief  Financial
Officer of Demeter through May 1998. Effective June 1, 1998, Ms. Behnke resigned
as Vice President and Chief Financial Officer of Demeter in order to take on new
responsibilities as Operations Officer - Controllers  Division for MSDW, and was
replaced by Mr. Raibley.

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 - As of December
31, 1998,  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, 1998,  Demeter
owned  215.962  Units  of  General  Partnership  Interest  in  the  Partnership,
representing a 1.22 percent interest in the Partnership.

         (c) Changes in Control - None

                                     - 34 -
<PAGE>

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Refer to Note 2 - "Related Party  Transactions"  of "Notes to Financial
Statements",  in the  accompanying  1998  Annual  Report  to  Limited  Partners,
incorporated   by  reference  in  this  Form  10-K.   In  its  capacity  as  the
Partnership's   retail  commodity  broker,  DWR  received  commodity   brokerage
commissions  (paid and accrued by the  Partnership)  of $1,308,493  for the year
ended December 31, 1998.


                                      -35-
<PAGE>

                                     PART IV

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)      1. Listing of Financial Statements

         The following financial statements and report of independent  auditors,
all appearing in the accompanying Annual Report to Limited Partners for the year
ended December 31, 1998 are incorporated by reference in this Form 10-K:

         -        Report of Deloitte & Touche LLP, independent auditors, for the
                  years ended December 31, 1998, 1997 and 1996.

         -        Statements  of  Financial  Condition  as of December  31, 1998
                  and 1997.

         -        Statements of Operations,  Changes in Partners'  Capital,  and
                  Cash Flows for the years ended  December  31,  1998,  1997 and
                  1996.

         -        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,  1998 is not deemed to be filed with
this report.

         2.  Listing of Financial Statement Schedules

         No  financial  statement  schedules  are required to be filed with this
report.

(b)      Reports on Form 8-K

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

(c)      Exhibits

         Refer to Exhibit Index on Page E-1.

                                     - 36 -

<PAGE>

                                   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 29, 1999                     BY:  /s/ Robert E. Murray
                                        ----------------------------------------
                                        Robert E. Murray, Director and
                                        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/  Robert E. Murray                                     March 29, 1999
    -------------------------------------------
         Robert E. Murray, Director and
              President

    /s/  Mark J. Hawley                                       March 29, 1999
    -------------------------------------------
         Mark J. Hawley, Director
              and Chairman of the Board

    /s/  Joseph G. Siniscalchi                                March 29, 1999
    -------------------------------------------
         Joseph G. Siniscalchi, Director

    /s/  Edward C. Oelsner III                                March 29, 1999
    -------------------------------------------
         Edward C. Oelsner III, Director

    /s/  Mitchell M. Merin                                    March 29, 1999
    -------------------------------------------
         Mitchell M. Merin, Director

    /s/  Richard A. Beech                                     March 29, 1999
    -------------------------------------------
         Richard A. Beech, Director

    /s/  Ray Harris                                           March 29, 1999 
    -------------------------------------------
         Ray Harris, Director

    /s/  Lewis A. Raibley, III                                March 29, 1999
    -------------------------------------------
         Lewis A. Raibley, III, Director, Chief
              Financial Officer and Principal
              Accounting Officer

                                     - 37 -
<PAGE>

                                  EXHIBIT INDEX

  ITEM                                                         METHOD OF FILING
  ----                                                         ----------------

 -3.01    Limited Partnership Agreement of
          the Partnership, dated as of
          November 7, 1991.                                           (1)

-10.01    Management Agreements among the
          Partnership, Demeter and A.O. Management,                   (2)
          Inc., Chang Crowell and Millburn 
          each dated as of December 31, 1991.

-10.02    Management Agreement among the Partnership, Demeter
          Management Corporation and ELM Financial Incorporated
          dated as of May 1, 1994.                                    (4)

-10.03    Management Agreement among the Partnership, Demeter
          Management Corporation and EMC Capital Managements, Inc.
          dated as of June 1, 1994.                                   (5)

-10.04    Amended and Restated Customer Agreement, dated
          as of December 1, 1997, between the Partnership
          and Dean Witter Reynolds Inc.                               (6)

-10.05    Customer Agreement, dated as of December 1, 1997,
          among the Partnership, Carr Futures, Inc., and Dean
          Witter Reynolds Inc.                                        (6)

-10.06    International Foreign Exchange Master Agreement,
          dated as of August 1, 1997, between the Partnership
          and Carr Futures, Inc.                                      (6)

-13..01   Annual Report to Limited Partners for the year ended
          December 31, 1998.                                          (6)

-21.01    Supplement (dated April 27, 1992) to the Prospectus.        (3)

(1)       Incorporated  by  reference  to Exhibit  3.01 and Exhibit  3.02 of the
          Partnership's Registration Statement on Form S-1.

(2)       Incorporated  by  reference  by  Exhibit  10.02  of the  Partnership's
          Registration Statement on Form S-1.

(3)       Incorporated   by   reference   to  the   Partnership's   Registration
          Statement on Form S-1, Post Effective Amendment Number 1.

(4)       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.

(5)       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.

(6)       Filed herewith.

                                       E-1