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, 2002 or

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

Commission File Number 0-19901

	DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

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

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

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

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


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

									Name of each exchange
Title of each class  						on which registered

		None								    None

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

	Units of Limited Partnership Interest

	(Title of Class)


Indicate by check-mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.   Yes    X      No  ______

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


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: $10,650,291 at January 31,
2003.

	DOCUMENTS INCORPORATED BY REFERENCE
	(See Page 1)



<page>
<table>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
	INDEX TO ANNUAL REPORT ON FORM 10-K
	DECEMBER 31, 2002
<caption>
                                                                   Page No.

												<c>
DOCUMENTS INCORPORATED BY REFERENCE  . . . . . . . . . . . . . . . . . . 1

Part I .

  Item  1.  Business . . . . . . . . . . . . . . . . . . . . . . . . . 2-5

  Item  2.  Properties . . . . . . . . . . . . . . . . . . . . . . . . . 5

  Item  3.  Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . 5

  Item  4.  Submission of Matters to a Vote of Security Holders. . . . . 5

Part II.

  Item  5.  Market for the Registrant's Partnership Units
            and Related Security Holder Matters  . . . . . . . . . . . . 6

  Item  6.  Selected Financial Data. . . . . . . . . . . . . . . . . .   7

  Item  7.  Management's Discussion and Analysis of Financial
            Condition and Results of Operations. . . . . . . . . . .  8-21

  Item 7A.  Quantitative and Qualitative Disclosures About
            Market Risk  . . . . . . . . . . . . . . . . . . . . . . 21-34

  Item  8.  Financial Statements and Supplementary Data. . . . . . . 34-35

  Item  9.  Changes in and Disagreements with Accountants on
            Accounting and Financial Disclosure  . . . . . . . . . . . .35
Part III.

  Item 10.  Directors and Executive Officers of the Registrant . . . 36-40

  Item 11.  Executive Compensation . . . . . . . . . . . . . . . . .   .41

  Item 12.  Security Ownership of Certain Beneficial Owners
            and Management . . . . . . . . . . . . . . . . . . . . . .  41

  Item 13.  Certain Relationships and Related Transactions . . . . . 41-42

  Item 14.  Controls and Procedures. . . . . . . . . . . . . . . . . .  42
Part IV.

  Item 15.  Exhibits, Financial Statement Schedules, and
            Reports on Form 8-K. . . . . . . . . . . . . . . . . . . 43-44

</table>


<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

	Annual Report to the Dean Witter
	Global Perspective Portfolio L.P.
	Limited Partners for the year ended
	December 31, 2002	    II, III and IV




<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 primarily in the
speculative trading of futures contracts, options on futures
contracts and forward contracts on physical commodities and other
commodity interests including foreign currencies, financial
instruments, metals, energy products and agriculturals.  The
Partnership commenced operations on March 1, 1992.

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

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

The Partnership's net asset value per unit of limited partnership
interest ("Unit(s)") as of December 31, 2002 was $1,122.90, <page>
representing an increase of 13.32 percent from the net asset
value per Unit of $990.95 at December 31, 2001.  For a more
detailed description of the Partnership's business, see
subparagraph (c).

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

(c) Narrative Description of Business.  The Partnership is in the
business of speculative trading of futures, forwards, and options,
pursuant to trading instructions provided by its Trading Advisors.
For a detailed description of the different facets of the
Partnership's business, see those portions of the Partnership's
prospectus, dated December 31, 1991 (the "Prospectus"),
incorporated by reference in this Form 10-K, set forth below.
	Facets of Business
	1.	Summary	1.	"Summary of the Prospectus"
  (Pages 1-6 of the
   Prospectus).

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

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

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

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

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

Item 3.  LEGAL PROCEEDINGS
None.

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

<page>	PART II

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

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

(b) Holders. The number of holders of Units at December 31, 2002
was approximately 1,255.

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



<page>
<table>

Item 6.  SELECTED FINANCIAL DATA (in dollars)


                                           For the Years Ended December 31,
	                       2002         2001         2000           1999   	     1998  .

				<c>		<c>		<c>			<c>		<c>
Revenues
(including interest)	 2,364,444	   1,209,340	    1,436,980	   268,597	  4,169,027

Net Income (Loss)	   	 1,292,994	    (108,264)	148,781	(1,674,974)	  2,022,979

Net Income (Loss)
Per Unit (Limited
& General Partners) 	    131.95	      (14.41)	  35.18	   (105.82)	     108.77

Total Assets			10,429,377	  10,394,220	   11,818,856	15,203,903	 19,185,631


Total Limited
Partners' Capital	 	10,145,386	  10,036,592	   11,443,935	14,636,245	 18,754,867

Net Asset Value Per
Unit 			 	  1,122.90	      990.95	     1,005.36	    970.18	   1,076.00

</table>
<page> Item 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
		CONDITION AND RESULTS OF OPERATIONS

Liquidity. - The Partnership deposits its assets with Morgan
Stanley DW as non-clearing broker and MS & Co. and MSIL as
clearing brokers in separate futures, forwards, and options
trading accounts established for each Trading Advisor, which
assets are used as margin to engage in trading. The assets are
held in either non-interest bearing bank accounts or in securities
and instruments permitted by the Commodity Futures Trading
Commission for investment of customer segregated or secured funds.
The Partnership's assets held by the commodity brokers may be used
as margin solely for the Partnership's trading.  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
<page> daily limit for several consecutive days with little or no
trading.  These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

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

The Partnership has never had illiquidity affect a material
portion of its assets. Furthermore, there are no material trends,
demands, commitments, events or uncertainties known at the
present time that will result in, or that are reasonably likely
to result in, the Partnership's liquidity increasing or
decreasing in any material way.

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

There are no known material trends, favorable or unfavorable, that
would affect, nor any expected material changes to, the
Partnership's capital resource arrangements at the present time.
The Partnership has no off-balance sheet arrangements, nor
contractual obligations or commercial commitments to make future
payments that would affect the Partnership's liquidity or capital
resources.  The contracts traded by the Partnership are accounted
for on a trade-date basis and marked to market on a daily basis.
The value of futures contracts is the settlement price on the
exchange on which that futures contract is traded on a particular
day. The value of foreign currency forward contracts is based on
the spot rate as of the close of business, New York City time, on
a given day.

Results of Operations.
General.  The Partnership's results depend on the Trading Advisors
and the ability of each Trading Advisor's trading programs to take
advantage of price movements or other profit opportunities in the
futures, forwards, and options markets.  The following presents a
summary of the Partnership's operations for the three years ended
December 31, 2002 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
<page> times and that prior activity in a particular market does
not mean that such market will be actively traded by the Trading
Advisors or will be profitable in the future.  Consequently, the
results of operations of the Partnership are difficult to discuss
other than in the context of the Trading Advisors' trading
activities on behalf of the Partnership and how the Partnership
has performed in the past.

The Partnership's results of operations are set forth in financial
statements prepared in accordance with United States generally
accepted accounting principles, which require the use of certain
accounting policies that affect the amounts reported in these
financial statements, including the following: The contracts the
Partnership trades are accounted for on a trade-date basis and
marked to market on a daily basis.  The difference between their
cost and market value is recorded on the Statements of Operations
as "Net change in unrealized profit/loss" for open (unrealized)
contracts, and recorded as "Realized profit/loss" when open
positions are closed out, and the sum of these amounts constitutes
the Partnership's trading revenues.  Interest income revenue as
well as management fees, incentive fees and brokerage 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 other than those presently used
<page> relating to the application of critical accounting policies
are reasonably plausible that could affect reported amounts.


At December 31, 2002, the Partnership's total capital was
$10,321,166, an increase of $70,567 from the Partnership's total
capital of $10,250,599 at December 31, 2001.  For the year ended
December 31, 2002, the Partnership generated net income of
$1,292,994 and total redemptions aggregated $1,222,427.

For the year ended December 31, 2002, the Partnership recorded
total trading revenues, including interest income, of $2,364,444
and posted an increase in net asset value per Unit.  The most
significant gains of approximately 9.9% were recorded in the
currency markets from long positions in the euro, New Zealand
dollar, and Swiss franc relative to the U.S. dollar as the value
of the dollar weakened during the second and fourth quarter amid
investors' fears concerning increased tensions in the Middle East
and prolonged uncertainty regarding the U.S. economy.  Additional
gains of approximately 2.0% were recorded in the global stock
index futures markets from short positions in U.S. and European
stock index futures as prices continued to trend lower throughout
a majority of the year due to suspicions regarding corporate
accounting practices, weak economic data, and geopolitical
uncertainty.  Smaller gains of approximately 1.7% were recorded
in the global interest rate futures markets from long positions
in European and U.S. interest rate futures as prices trended
<page> higher during the period from June through September, and
again in December, amid continued uncertainty in the equity
markets and negative economic data.  A portion of the
Partnership's gains was offset by losses of approximately 6.3%,
incurred in the agricultural futures markets from positions in
sugar, cotton, and coffee futures as prices moved without
consistent direction throughout a majority of the year amid
shifting supply and demand concerns.  Additional losses of
approximately 3.8% were recorded in the metals futures markets
from positions in aluminum and zinc futures as an uncertain
economic outlook resulted in trendless price activity among
industrial metals throughout most of the year.  Total expenses
for the year were $1,071,450, resulting in net income of
$1,292,994.  The net asset value of a Unit increased from $990.95
at December 31, 2001 to $1,122.90 at December 31, 2002.

At December 31, 2001, the Partnership's total capital was
$10,250,599, a decrease of $1,410,455 from the Partnership's total
capital of $11,661,054 at December 31, 2000.  For the year ended
December 31, 2001, the Partnership generated a net loss of
$108,264 and total redemptions aggregated $1,302,191.

For the year ended December 31, 2001, the Partnership recorded
total trading revenues, including interest income, of $1,209,340
and, after expenses, posted a decrease in net asset value per
Unit.
<page> The most significant losses of approximately 8.4% were
recorded in the energy markets primarily from futures positions in
crude oil and its refined products as a result of volatility in
oil prices due to a continually changing outlook for supply,
production, and global demand.  Losses of approximately 4.2% were
also experienced primarily during the second and fourth quarters
from long positions in European, Japanese and Australian interest
rate futures as investors deserted fixed income securities in
favor of equities.  Additional losses of approximately 2.8% were
experienced in soft commodities from short positions in sugar
futures as prices reversed higher on supply concerns and from long
positions in cocoa futures as prices declined due to an increase
in warehouse stockpiles.  In the currency markets, small losses of
approximately 0.5% were recorded, as gains experienced during the
fourth quarter from short positions in the Japanese yen were
insufficient to offset earlier losses recorded from long positions
in the euro versus the U.S. dollar, the British pound and the
Norwegian krone.  Additional losses were also recorded in both the
British pound and the Australian dollar versus the U.S. dollar as
conflicting economic reports caused trendless pricing patterns.
Smaller losses of approximately 1.0% were recorded in the metals
sector from long positions in gold futures as prices reversed
lower on the heels of sharp gains in the U.S. stock market.  A
portion of the Partnership's losses was offset by gains of
approximately 11.0% experienced in the global stock index futures
markets from short positions in DAX, Hang Seng, and Nikkei index
<page> futures as equity prices generally declined on weakness in
high technology issues and fears regarding global economic
uncertainty. Total expenses for the year were $1,317,604,
resulting in a net loss of $108,264. The net asset value of a Unit
decreased from $1,005.36 at December 31, 2000 to $990.95 at
December 31, 2001.


At December 31, 2000, the Partnership's total capital was
$11,661,054, a decrease of $3,184,713 from the Partnership's total
capital of $14,845,767 at December 31, 1999.  For the year ended
December 31, 2000, the Partnership generated net income of
$148,781, and total redemptions aggregated $3,333,494.

For the year ended December 31, 2000, the Partnership recorded
total trading revenues, including interest income, of $1,436,980
and posted an increase in net asset value per Unit.  The most
significant gains of approximately 3.6% were recorded in the
energy markets as long futures positions in both crude oil and
its refined products proved profitable during the first quarter
on growing speculation that OPEC would extend production cuts.
Additional gains of approximately 3.2% resulted from long
positions in natural gas futures as prices skyrocketed to all-
time highs during the fourth quarter on cold winter weather
across much of the U.S. and due to continued concerns regarding
supply. Gains of approximately 2.0% were also experienced from
long positions in sugar futures as prices trended to 22-month
<page> highs during June due to strong demand and declining
production from Brazil.  Smaller gains of approximately 1.0% were
experienced in the fourth quarter from long positions in the euro
as the value of the European common currency strengthened
relative to the U.S. dollar on concerns about slowing U.S. growth
and persistent declines in U.S. stocks.  A portion of the
Partnership's gains was offset by losses of approximately 4.1%
experienced in global stock index futures markets as the
Partnership experienced difficulty trading Asian and Australian
stock indices throughout the first half of the year.  Losses of
approximately 3.4% were also recorded in the metals markets as
erratic price activity resulted in the predominance of trendless
markets.  Total expenses for the year were $1,288,199, resulting
in net income of $148,781.  The net asset value of a Unit
increased from $970.18 at December 31, 1999 to $1,005.36 at
December 31, 2000.

The Partnership's overall performance record represents varied
results of trading in different futures, forwards, and options
markets.  For an analysis of unrealized gains and (losses) by
contract type and a further description of 2002 trading results,
refer to the "Letter to the Limited Partners" in the Partnership's
Annual Report to Limited Partners for the year ended December 31,
2002, which is incorporated by reference to Exhibit 13.01 of this
Form 10-K.

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

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

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

In addition to market risk, in entering into futures, forward,
and options contracts there is a credit risk to the Partnership
that the counterparty on a contract will not be able to meet its
obligations to the Partnership.  The ultimate counterparty or
guarantor of the Partnership for futures contracts traded in the
United States and the foreign exchanges on which the Partnership
trades is the clearinghouse associated with such exchange.  In
general, a clearinghouse is backed by the membership of the
exchange and will act in the event of non-performance by one of
its members or one of its member's customers, which should
significantly reduce this credit risk.  For example, a
clearinghouse may cover a default by 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 assessing its members.  In cases where the
Partnership trades off-exchange forward contracts with a
counterparty, the sole recourse of the Partnership will be the
forward contracts counterparty.

There is no assurance that a clearinghouse, exchange or other
exchange member will meet its obligations to the Partnership, and
<page> Demeter and the commodity brokers will not indemnify the
Partnership against a default by such parties. Further, the law is
unclear as to whether a commodity broker has any obligation to
protect its customers from loss in the event of an exchange or
clearinghouse defaulting on trades effected for the broker's
customers.  Any such obligation on the part of a broker appears
even less clear where the default occurs in a non-U.S.
jurisdiction.

Demeter deals with these credit risks of the Partnership in
several ways.  First, it monitors the Partnership's credit
exposure to each exchange on a daily basis, 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.
As a result, Demeter is 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.

Second, the Partnership's trading policies limit the amount of
its net assets that can be committed at any given time to futures
<page> contracts and require, in addition, a 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, the
Partnership's exposure to any one exchange has typically amounted
to only a small percentage of its total net assets.  On those
relatively few occasions where the Partnership's credit exposure
may climb above such level, Demeter deals with the situation on a
case by case basis, carefully weighing whether the increased
level of credit exposure remains appropriate.  Material changes
to the trading policies may be made only with the prior written
approval of the Limited Partners owning more than 50% of Units
then outstanding.

Third, with respect to forward contract trading, the Partnership
trades with only those counterparties which Demeter, together
with Morgan Stanley DW, have determined to be creditworthy.  The
Partnership presently deals with MS & Co. as the sole
counterparty on forward contracts.

See "Financial Instruments" under "Notes to Financial Statements"
in the Partnership's Annual Report to Limited Partners for the
year ended December 31, 2002, which is incorporated by reference
to Exhibit 13.01 of this Form 10-K.

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

Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities.  Fluctuations in market risk based
upon these 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 among the
Partnership's open positions, the volatility present within the
<page> markets, and the liquidity of the markets.  At different
times, each of these factors may act to increase or decrease the
market risk associated with the Partnership.

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

Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the 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
<page> Partnership's earnings, whether realized or unrealized, and
its cash flow.  Profits and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of Value at Risk
("VaR"). The VaR model used by the Partnership includes many
variables that could change the market value of the Partnership's
trading portfolio.  The Partnership estimates VaR using a model
based upon historical simulation with a confidence level of 99%.
Historical simulation involves constructing a distribution of
hypothetical daily changes in the value of a trading portfolio.
The VaR model 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, and correlation among these variables. The
hypothetical changes in portfolio value are based on daily
percentage changes observed in key market indices or other market
factors ("market risk factors") to which the portfolio is
sensitive.  The historical observation period of the Partnership's
VaR is approximately four years.  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. In other words, one-
day VaR for a portfolio is a number such that losses in this
<page> portfolio are estimated to exceed the VaR only one day in
100. VaR typically does not represent the worst case outcome.

VaR is calculated using historical simulation.  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 does not distinguish between exchange and non-
exchange-traded instruments and is also not based on exchange
and/or dealer-based margin requirements.

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

The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
by primary market risk category at December 31, 2002 and 2001. At
both December 31, 2002 and 2001, the Partnership's total
capitalization was approximately $10 million.

     Primary Market 	December 31, 2002	December 31, 2001
     Risk Category	  	  Value at Risk	  Value at Risk

Currency				(2.05)%			(2.04)%
Interest Rate		 	(2.01)			(0.99)
Equity				(0.72)			(0.33)
Commodity				(1.37)			(0.55)
Aggregate Value at Risk	(3.17)%			(2.34)%

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

<page> The table above represents the VaR of the Partnership's
open positions at December 31, 2002 and 2001 only and is not
necessarily representative of either the historic or future risk
of an investment in the Partnership. Because the Partnership's
only business 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. Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the December 31, 2002 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, 2002 through December 31, 2002.

Primary Market Risk Category     High         Low        Average
Currency                        (2.05)%		(0.60)%	   (1.39)%
Interest Rate    			  (2.38)		(1.54)	   (1.95)
Equity		  			  (1.87)		(0.72)	   (1.14)
Commodity      	 		  (1.72)		(0.88) 	   (1.41)
Aggregate Value at Risk		  (3.56)%		(2.85)%	   (3.13)%

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


<page>
?	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.
The VaR tables above 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, 2002 and 2001, and for the end of
the four quarterly reporting periods during calendar year 2002.
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 or monitor risk.  There can be no assurance
that the Partnership's actual losses on a particular day will not
exceed the VaR amounts indicated above or that such losses will
not occur more than once in 100 trading days.

Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances not needed for margin.  These balances and any market
risk they may represent are immaterial.

At December 31, 2002, the Partnership's cash balance at Morgan
Stanley DW was approximately 87% of its total net asset value.  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 to be material.

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

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

The following were the primary trading risk exposures of the
Partnership at December 31, 2002, by market sector.  It may be
anticipated, however, that these market exposures will vary
materially over time.

Currency.  The primary market exposure of the Partnership at
December 31, 2002 was to the currency sector.  The Partnership's
currency exposure was to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships
between different currencies and currency pairs.  Interest rate
changes as well as political and general economic conditions
influence these fluctuations.  The Partnership trades a large
number of currencies, including cross-rates - i.e., positions
between two currencies other than the U.S. dollar.  At December
31, 2002, the Partnership's major exposures were to euro currency
crosses and outright U.S. dollar positions.  Outright positions
consist of the U.S. dollar vs. other currencies.  These other
currencies include major and minor currencies.  Demeter does not
anticipate that the risk profile of the Partnership's currency
sector will change significantly in the future.  The currency
trading VaR figure includes foreign margin amounts converted into
U.S. dollars with an incremental adjustment to reflect the <page>
exchange rate risk inherent to the U.S.-based Partnership in
expressing VaR in a functional currency other than U.S. dollars.

Interest Rate.  The second largest market exposure at December
31, 2002 was to the global interest rate sector.  Exposure was
primarily spread across the U.S., European 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 movements between countries, materially
impact the Partnership's profitability.  The Partnership's
primary interest rate exposure is generally to interest rate
fluctuations in the U.S. and the other G-7 countries.  The G-7
countries consist of France, the U.S., Britain, Germany, Japan,
Italy and Canada.  However, the Partnership also takes futures
positions in the government debt of smaller nations - 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.

Equity.  The primary equity exposure at December 31, 2002 was to
price risk in the G-7 countries.  The stock index futures traded
<page> by the Partnership are by law limited to futures on
broadly-based indices.  At December 31, 2002, the Partnership's
primary exposures were to the Hang Seng (Hong Kong), NASDAQ
(U.S.) and Nikkei (Japan) stock indices.  The Partnership was
exposed to the risk of adverse price trends or static markets in
the U.S., European, and Hong Kong stock 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.
Energy.  At December 31, 2002, the Partnership's energy
exposure was shared primarily by futures contracts in crude
oil and its related products, and natural gas. Price
movements in these markets result from political
developments in the Middle East, weather patterns and other
economic fundamentals.  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.  The Partnership's metals exposure at December 31,
2002 was to fluctuations in the price of precious metals
such as gold, and base metals, such as aluminum, zinc and
copper.  Economic forces, supply and demand inequalities,
geopolitical factors and market expectations influence price
<page> movements in these markets.  The Trading Advisors,
from time to time, take positions as market opportunities
develop and Demeter anticipates that the Partnership will
continue to do so.

Soft Commodities and Agriculturals.  At December 31, 2002,
the Partnership had exposure to the markets that comprise
these sectors.  Most of the exposure was to the corn and
sugar markets.  Supply and demand inequalities, severe
weather disruption and market expectations affect price
movements in these markets.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at December 31, 2002:

Foreign Currency Balances.  The Partnership's primary
foreign currency balances at December 31, 2002 were in
euros, Hong Kong dollars and British pounds.  The
Partnership controls the non-trading risk of these 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 <page>
essentially the same manner in all market categories traded.
Demeter attempts to manage market exposure by diversifying the
Partnership's assets among different Trading Advisors, each of
whose strategies focus on different market sectors and trading
approaches, and monitoring the performance of the Trading
Advisors daily.  In addition, the Trading Advisors establish
diversification guidelines, often set in terms of the maximum
margin to be committed to positions in any one market sector or
market-sensitive instrument.

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

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

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

Summary of Quarterly Results (Unaudited)



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

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

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

2001
March 31 	    $ 1,800,222	      $ 1,441,969	   	 $ 126.67
June 30	  	  (758,907)      (1,080,146)		   (95.94)
September 30      882,435	          521,654	  	    48.29
December 31      (714,410)        (991,741)	  	   (93.43)

Total		    $ 1,209,340	      $  (108,264)	 	 $ (14.41)



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

None.


<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 executive officers of Demeter are as follows:

Robert E. Murray, age 42, is the Managing Director of the
Strategic Products Group at Morgan Stanley and Chairman of the
Board of Directors of Demeter Management Corporation, a leading
commodity pool operator with approximately $1.7 billion in assets
across a variety of U.S. and international public and private
managed futures funds.  Mr. Murray began at Dean Witter in 1984
and has been closely involved in the growth of managed futures at
the firm over the last 18 years.  He is also the Chairman of the
Board of Directors of Morgan Stanley Futures & Currency
Management Inc., Morgan Stanley's internal commodity trading
advisor.  Mr. Murray served as the Vice Chairman and a Director
of the Board of the Managed Futures Association and is currently
a member of the Board of Directors of the National Futures
Association.  Mr. Murray received a Bachelors Degree in Finance
from Geneseo State University in 1983.

Jeffrey A. Rothman, age 41, is the President and a Director of
Demeter.  Mr. Rothman is the Executive Director of Morgan Stanley
<page> Managed Futures, responsible for overseeing all aspects of
the firm's managed futures department.  He is also President and
a Director of Morgan Stanley Futures & Currency Management Inc.
Mr. Rothman has been with the managed futures department for
sixteen years and most recently held the position of National
Sales Manager, assisting Branch Managers and Financial Advisors
with their managed futures education, marketing, and asset
retention efforts.  Throughout his career, Mr. Rothman has helped
with the development, marketing, and administration of
approximately 35 commodity pools.  Mr. Rothman is an active
member of the Managed Funds Association and serves on its Board
of Directors.

Mitchell M. Merin resigned his position as a Director of Demeter.

Joseph G. Siniscalchi, age 57, is a Director of Demeter.  Mr.
Siniscalchi joined Morgan Stanley DW in July 1984 as a First Vice
President, Director of General Accounting and served as a Senior
Vice President and Controller for Morgan Stanley DW's Securities
Division through 1997.  He is currently Managing Director
responsible for the Client Support Service Division of Morgan
Stanley DW. From February 1980 to July 1984, Mr. Siniscalchi was
Director of Internal Audit at Lehman Brothers Kuhn Loeb, Inc.

Edward C. Oelsner, III, age 61, is a Director of Demeter.  Mr.
Oelsner is currently an Executive Vice President and head of the
<page> Product Development Group at Morgan Stanley Dean Witter
Investment Advisors Inc., an affiliate of Morgan Stanley DW.  Mr.
Oelsner joined Morgan Stanley DW in 1981 as a Managing Director in
Morgan Stanley DW's Investment Banking Department, specializing in
coverage of regulated industries and subsequently served as head
of the Morgan Stanley DW Retail Products Group.  Prior to joining
Morgan Stanley DW, 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 an 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.

Richard A. Beech, age 51, is a Director of Demeter.  Mr. Beech
has been associated with the futures industry for over 25 years.
He has been at Morgan Stanley DW since August 1984 where he is
presently an Executive Director and head of 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 Morgan Stanley DW,
Mr. Beech worked at two investment banking firms in operations,
research, managed futures and sales management.

Raymond A. Harris, age 46, is a Director of Demeter and of Morgan
Stanley Futures & Currency Management Inc. Mr. Harris is
currently Managing Director of Global Products & Services at
Morgan Stanley.  He previously served as Chief Accounting Officer
<page> of Morgan Stanley Dean Witter Asset Management.  From July
1982 to July 1994, Mr. Harris served in financial, administrative
and other assignments at Dean Witter Reynolds, Inc. and Dean
Witter, Discover & Co.  From August 1994 to January 1999, he
worked in Discover Financial Services and the firm's Credit
Service business units.  Mr. Harris has been with Morgan Stanley
and its affiliates since July 1982.  He has a B.A. degree from
Boston College and an M.B.A. in Finance from the University of
Chicago.

Anthony J. DeLuca, age 40, is a Director of Demeter. Mr. DeLuca
is also a Director of Morgan Stanley Futures & Currency
Management Inc.  Mr. DeLuca was appointed the Controller of Asset
Management for Morgan Stanley in June 1999.  Prior to that, Mr.
DeLuca was a partner at the accounting firm of Ernst & Young LLP,
where he had Morgan Stanley as a major client.  Mr. DeLuca had
worked continuously at Ernst & Young LLP ever since 1984, after
he graduated from Pace University with a B.B.A. degree in
Accounting.

Frank Zafran, age 47, is a Director of Demeter and of Morgan
Stanley Futures & Currency Management Inc.  Mr. Zafran is an
Executive Director of Morgan Stanley and in September 2002 was
named Chief Administrative Officer of Morgan Stanley's Global
Products & Services Division.  Mr. Zafran joined the firm in 1979
and has held various positions in Corporate Accounting and the
<page> Insurance Department, including Senior Operations Officer
- Insurance Division, until his appointment in 2000 as Director
of 401(k) Plan Services, responsible for all aspects of 401(k)
Plan Services including marketing, sales and operations.  Mr.
Zafran received a B.S. degree in Accounting from Brooklyn
College, New York.

Raymond E. Koch resigned his position as Chief Financial Officer
of Demeter.

Jeffrey D. Hahn, age 45, is the Chief Financial Officer of
Demeter.  Mr. Hahn began his career at Morgan Stanley in 1992 and
is currently an Executive Director responsible for the management
and supervision of the accounting, reporting, tax and finance
functions for the firm's private equity, managed futures, and
certain legacy real estate investing activities.  He is also
Chief Financial Officer of Morgan Stanley Futures & Currency
Management Inc.  From August 1984 through May 1992, Mr. Hahn held
various positions as an auditor at Coopers & Lybrand,
specializing in manufacturing businesses and ventures capital
organizations.  Mr. Hahn received his B.A. in Economics from St.
Lawrence University in 1979, an M.B.A. from Pace University in
1984, and is a Certified Public Accountant.

All of the foregoing directors have indefinite terms.

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

Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

(a)	Security Ownership of Certain Beneficial Owners - At December
31, 2002, 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, 2002,
Demeter owned 156.541 Units of general partnership interest in the
Partnership, representing a 1.7 percent interest in the
Partnership.

(c)	Changes in Control - None.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Refer to Note 2 - "Related Party Transactions" of "Notes to
Financial Statements", in the accompanying Annual Report to
Limited Partners for the year ended December 31, 2002, which is
incorporated by reference to Exhibit 13.01 of this Form 10-K.  In
its capacity as the Partnership's retail commodity broker, Morgan
<page> Stanley DW received commodity brokerage commissions (paid
and accrued by the Partnership) of $649,478 for the year ended
December 31, 2002.

Item 14.  CONTROLS AND PROCEDURES
(a)	As of a date within 90 days of the filing date of this annual
report, the President and Chief Financial Officer of the
general partner, Demeter, have evaluated the Partnership's
disclosure controls and procedures (as defined in Rules 13a-
14 and 15d-14 of the Exchange Act), and have judged such
controls and procedures to be effective.

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

<page> PART IV
Item 15. 	EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
		FORM 8-K

(a)	1. Listing of Financial Statements
The following financial statements and report of independent
auditors, all appearing in the accompanying Annual Report to
Limited Partners for the year ended December 31, 2002 are
incorporated by reference to Exhibit 13.01 of this Form 10-K:
-	Report of Deloitte & Touche LLP, independent auditors, for
the years ended December 31, 2002, 2001 and 2000.

-	Statements of Financial Condition, including the Schedules of
Investments, as of December 31, 2002 and 2001.

-	Statements of Operations, Changes in Partners' Capital, and
Cash Flows for the years ended December 31, 2002, 2001 and
2000.

-	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, 2002 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.
<page>
(c)	Exhibits
Refer to Exhibit Index on Page E-1 to E-2.



	<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 31, 2003			BY: /s/	Jeffrey A. Rothman
				 		Jeffrey A. Rothman,
					  		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 31, 2003
           Robert E. Murray, Director
           and Chairman

    /s/	Jeffrey A. Rothman                  		March 31, 2003
	  	Jeffrey A. Rothman, Director
		and President

    /s/ 	Joseph G. Siniscalchi             		March 31, 2003
	 	Joseph G. Siniscalchi, Director

    /s/	Edward C. Oelsner III             		March 31, 2003
	  	Edward C. Oelsner III, Director

    /s/    Richard A. Beech                 			March 31, 2003
           Richard A. Beech, Director

    /s/    Raymond A. Harris   	           		March 31, 2003
           Raymond A. Harris, Director

    /s/    Anthony J. DeLuca                			March 31, 2003
           Anthony J. DeLuca, Director

    /s/    Frank Zafran                			March 31, 2003
           Frank Zafran, Director

    /s/  	Jeffrey D. Hahn		             		March 31, 2003
	    	Jeffrey D. Hahn,
	  	Chief Financial Officer



<page> CERTIFICATIONS

I, Jeffrey A. Rothman, President of Demeter Management
Corporation, the general partner of the registrant, certify that:

1.	I have reviewed this annual report on Form 10-K of the
registrant;

2.	Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light
of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
annual report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4.	The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and have:

a)	designed such disclosure controls and procedures to
ensure that material information relating to the
registrant, including its consolidated subsidiaries,
is made known to us by others within those entities,
particularly during the period in which this annual
report is being prepared;

b)	evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date
within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and

c)	presented in this annual report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;

5.	The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of Demeter's
board of directors (or persons performing the equivalent
function):



<page>
a)	all significant deficiencies in the design or
operation of internal controls which could adversely
affect the registrant's ability to record, process,
summarize and report financial data and have
identified for the registrant's auditors any material
weaknesses in internal controls; and

b)	any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal controls; and

6.	The registrant's other certifying officers and I have
indicated in this annual report whether there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies
and material weaknesses.





Date:   March 31, 2003             /s/Jeffrey A. Rothman
		Jeffrey A. Rothman
		President, Demeter Management
		Corporation, general partner
		of the registrant

<page> CERTIFICATIONS

I, Jeffrey D. Hahn, Chief Financial Officer of Demeter Management
Corporation, the general partner of the registrant, certify that:

1.	I have reviewed this annual report on Form 10-K of the
registrant;

2.	Based on my knowledge, this annual report does not contain
any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light
of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
annual report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this annual report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the registrant as of,
and for, the periods presented in this annual report;

4.	The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the registrant and have:

a)	designed such disclosure controls and procedures to
ensure that material information relating to the
registrant, including its consolidated subsidiaries,
is made known to us by others within those entities,
particularly during the period in which this annual
report is being prepared;

b)	evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date
within 90 days prior to the filing date of this
annual report (the "Evaluation Date"); and

c)	presented in this annual report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;

5.	The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of Demeter's
board of directors (or persons performing the equivalent
function):



<page>
a)	all significant deficiencies in the design or
operation of internal controls which could adversely
affect the registrant's ability to record, process,
summarize and report financial data and have
identified for the registrant's auditors any material
weaknesses in internal controls; and

b)	any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal controls; and

6.	The registrant's other certifying officers and I have
indicated in this annual report whether there were
significant changes in internal controls or in other factors
that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies
and material weaknesses.






Date:   March 31, 2003            /s/Jeffrey D. Hahn
                                     Jeffrey D. Hahn
                                     Chief Financial Officer,
                                     Demeter Management Corporation,
                                     general partner of the
                                     registrant



	<page> EXHIBIT INDEX

     ITEM

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

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

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

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

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

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

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






<page>
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 in the Securities and Exchange Commission on March 29,
2002.

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

13.01	Annual Report to Limited Partners for the year ended
December 31, 2002 is filed herewith.

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

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




<page>
                                               EXHIBIT 99.01


CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002




In connection with the Annual Report of Dean Witter Global
Perspective Portfolio L.P. (the "Partnership") on Form 10-K for
the period ended December 31, 2002 as filed with the Securities
and Exchange Commission on the date hereof (the "Report"), I,
Jeffrey A. Rothman, President, Demeter Management Corporation,
general partner of the Partnership, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002, that:
(1)	The Report fully complies with the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents,
in all material respects, the financial condition and
results of operations of the Partnership.














By:	  /s/	Jeffrey A. Rothman

Name:		Jeffrey A. Rothman
Title:	President

Date:		March 31, 2003




<page>
									            EXHIBIT 99.02


CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002




In connection with the Annual Report of Dean Witter Global
Perspective Portfolio L.P. (the "Partnership") on Form 10-K for
the period ended December 31, 2002 as filed with the Securities
and Exchange Commission on the date hereof (the "Report"), I,
Jeffrey D. Hahn, Chief Financial Officer, Demeter Management
Corporation, general partner of the Partnership, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that:
(1)	The Report fully complies with the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents,
in all material respects, the financial condition and
results of operations of the Partnership.










By:	  /s/	Jeffrey D. Hahn

Name:		Jeffrey D. Hahn
Title:	Chief Financial Officer

Date:		March 31, 2003

<PAGE>

                           Global
                           Perspective
                           Portfolio

       December 31, 2002
       Annual Report

    [LOGO] Morgan Stanley

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

HISTORICAL FUND PERFORMANCE

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

<TABLE>
<CAPTION>
                                                                                             INCEPTION-
                                                                                              TO-DATE   ANNUALIZED
                               1992   1993   1994  1995 1996 1997 1998 1999  2000 2001  2002   RETURN     RETURN
FUND                            %      %      %     %    %    %    %    %     %    %     %       %          %
------------------------------------------------------------------------------------------------------------------
<S>                          <C>      <C>   <C>    <C>  <C>  <C>  <C>  <C>   <C>  <C>   <C>  <C>        <C>
Global Perspective Portfolio   4.6    (4.7) (31.6) 16.8 9.3  11.1 11.2 (9.8) 3.6  (1.4) 13.3    12.3       1.1
                             (10 mos)
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

DEMETER MANAGEMENT CORPORATION

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

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
ANNUAL REPORT
2002

Dear Limited Partner:

  This marks the eleventh annual report for the Dean Witter Global Perspective
Portfolio L.P. (the "Fund"). The Fund began the year trading at a Net Asset
Value per Unit of $990.95 and increased by 13.3% to $1,122.90 on December 31,
2002. The Fund has increased 12.3% since its inception of trading in March 1992
(a compound annualized return of 1.1%)

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

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

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

  I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is not a
guarantee of future results.

Sincerely,

/s/ Jeffrey A. Rothman
Jeffrey A. Rothman
President
Demeter Management Corporation
General Partner


<PAGE>

GLOBAL PERSPECTIVE PORTFOLIO

                                    [CHART]

                      Year ended December 31, 2002
                      ----------------------------
Currencies                     9.90%
Interest Rates                 1.72%
Stock Indices                  1.96%
Energies                       0.22%
Metals                        -3.84%
Agriculturals                 -6.27%


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

FACTORS INFLUENCING ANNUAL TRADING GAINS:
..  In the currency markets, gains were recorded from long positions in the
   euro, New Zealand dollar, and Swiss franc relative to the U.S. dollar as the
   value of the dollar weakened during the second quarter, as well as late in
   the fourth quarter, amid investors' fears concerning increased tensions in
   the Middle East and prolonged uncertainty regarding the U.S. economy.
..  In the global stock index futures market, gains were recorded from short
   positions in U.S. and European stock index futures as prices continued to
   trend lower throughout a majority of the year due to suspicions regarding
   corporate accounting practices, weak economic data, and geopolitical
   uncertainty.
..  In the global interest rate futures markets, gains resulted from long
   positions in European and U.S. interest rate futures as prices trended
   higher during the period from June through September, and again in December,
   amid continued uncertainty in the equity markets and negative economic data.

FACTORS INFLUENCING ANNUAL TRADING LOSSES:
..  In the agricultural futures markets, losses were incurred from positions in
   sugar, cotton, and coffee futures as prices moved without consistent
   direction throughout a majority of the year amid shifting supply and demand
   concerns.
..  In the metals futures markets, losses were recorded from positions in
   aluminum and zinc futures as an uncertain economic outlook resulted in
   trendless price activity among industrial metals throughout most of the year.

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

INDEPENDENT AUDITORS' REPORT

To the Limited Partners and the General Partner:

  We have audited the accompanying statements of financial condition of Dean
Witter Global Perspective Portfolio L.P. (the "Partnership"), including the
schedules of investments, as of December 31, 2002 and 2001, and the related
statements of operations, changes in partners' capital, and cash flows for each
of the three years in the period ended December 31, 2002. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

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

  In our opinion, such financial statements present fairly, in all material
respects, the financial position of Dean Witter Global Perspective Portfolio
L.P. at December 31, 2002 and 2001, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2002 in
conformity with accounting principles generally accepted in the United States
of America.

/s/ Deloitte & Touche LLP

New York, New York
February 14, 2003

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                         DECEMBER 31,
                                                    ----------------------
                                                       2002        2001
                                                    ----------  ----------
                                                        $           $
     <S>                                            <C>         <C>
                                   ASSETS
     Equity in futures interests trading accounts:
       Cash                                          9,559,279   9,974,326
       Net unrealized gain on open contracts
        (MS&Co.)                                       935,504     454,205
       Net unrealized loss on open contracts
        (MSIL)                                        (114,187)    (73,956)
                                                    ----------  ----------
       Total net unrealized gain on open
        contracts                                      821,317     380,249
                                                    ----------  ----------
         Total Trading Equity                       10,380,596  10,354,575
     Due from Morgan Stanley DW                         40,623      27,333
     Interest receivable (Morgan Stanley DW)             8,158      12,312
                                                    ----------  ----------
         Total Assets                               10,429,377  10,394,220
                                                    ==========  ==========

                      LIABILITIES AND PARTNERS' CAPITAL

     LIABILITIES
     Redemptions payable                                75,746     106,389
     Accrued management fees                            26,057      25,957
     Accrued administrative expenses                     6,408      11,275
                                                    ----------  ----------
         Total Liabilities                             108,211     143,621
                                                    ----------  ----------

     PARTNERS' CAPITAL
     Limited Partners (9,035.012 and
      10,128.258 Units, respectively)               10,145,386  10,036,592
     General Partner (156.541 and 215.962
      Units, respectively)                             175,780     214,007
                                                    ----------  ----------
         Total Partners' Capital                    10,321,166  10,250,599
                                                    ----------  ----------
         Total Liabilities and Partners' Capital    10,429,377  10,394,220
                                                    ==========  ==========

     NET ASSET VALUE PER UNIT                         1,122.90      990.95

                                                    ==========  ==========
</TABLE>

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

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                    FOR THE YEARS ENDED DECEMBER 31,
                                                    -------------------------------
                                                      2002       2001        2000
                                                    --------- ----------  ---------
                                                       $          $           $
<S>                                                 <C>       <C>         <C>
REVENUES
Trading profit (loss):
 Realized                                           1,117,053  2,431,280    (65,193)
 Net change in unrealized                             441,068 (1,539,698)   932,922
                                                    --------- ----------  ---------
                                                    1,558,121    891,582    867,729
Proceeds from Litigation Settlement                   675,411     --          --
                                                    --------- ----------  ---------
   Total Trading Results                            2,233,532    891,582    867,729
Interest income (Morgan Stanley DW)                   130,912    317,758    569,251
                                                    --------- ----------  ---------
   Total                                            2,364,444  1,209,340  1,436,980
                                                    --------- ----------  ---------
EXPENSES
Brokerage commissions (Morgan Stanley DW)             649,478    749,037    807,298
Management fees                                       304,338    346,722    361,865
Transaction fees and costs                             80,948     98,208     91,326
Administrative expenses                                25,435     28,820     27,710
Incentive fees                                         11,251     94,817      --
                                                    --------- ----------  ---------
   Total                                            1,071,450  1,317,604  1,288,199
                                                    --------- ----------  ---------
NET INCOME (LOSS)                                   1,292,994   (108,264)   148,781
                                                    ========= ==========  =========
NET INCOME (LOSS) ALLOCATION:
Limited Partners                                    1,261,221   (105,152)   141,184
General Partner                                        31,773     (3,112)     7,597
NET INCOME (LOSS) PER UNIT:
Limited Partners                                       131.95     (14.41)     35.18
General Partner                                        131.95     (14.41)     35.18
</TABLE>

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL


FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000

<TABLE>
<CAPTION>
                            UNITS OF
                           PARTNERSHIP  LIMITED    GENERAL
                            INTEREST    PARTNERS   PARTNER     TOTAL
                           ----------- ----------  -------  ----------
                                           $          $          $
        <S>                <C>         <C>         <C>      <C>
        Partners' Capital,
        December 31, 1999  15,302.058  14,636,245  209,522  14,845,767
        Net income             --         141,184    7,597     148,781
        Redemptions        (3,703.152) (3,333,494)    --    (3,333,494)
                           ----------  ----------  -------  ----------
        Partners' Capital,
        December 31, 2000  11,598.906  11,443,935  217,119  11,661,054
        Net loss               --        (105,152)  (3,112)   (108,264)
        Redemptions        (1,254.686) (1,302,191)    --    (1,302,191)
                           ----------  ----------  -------  ----------
        Partners' Capital,
        December 31, 2001  10,344.220  10,036,592  214,007  10,250,599
        Net income             --       1,261,221   31,773   1,292,994
        Redemptions        (1,152.667) (1,152,427) (70,000) (1,222,427)
                           ----------  ----------  -------  ----------
        Partners' Capital,
        December 31, 2002   9,191.553  10,145,386  175,780  10,321,166
                           ==========  ==========  =======  ==========
</TABLE>

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

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                         FOR THE YEARS ENDED DECEMBER 31,
                                        ----------------------------------
                                           2002        2001        2000
                                        ----------  ----------  ----------
                                            $           $           $
     <S>                                <C>         <C>         <C>
     CASH FLOWS FROM
      OPERATING ACTIVITIES
     Net income (loss)                   1,292,994    (108,264)    148,781
     Noncash item included in net
      income (loss):
       Net change in unrealized           (441,068)  1,539,698    (932,922)
     (Increase) decrease in operating
      assets:
       Due from Morgan Stanley DW          (13,290)     (4,087)     42,364
       Interest receivable
        (Morgan Stanley DW)                  4,154      31,748       9,152
     Increase (decrease) in operating
      liabilities:
       Accrued management fees                 100      (3,578)     (8,451)
       Accrued administrative expenses      (4,867)      6,605      (4,821)
                                        ----------  ----------  ----------
     Net cash provided by (used for)
      operating activities                 838,023   1,462,122    (745,897)
                                        ----------  ----------  ----------

     CASH FLOWS FROM
      FINANCING ACTIVITIES
     Decrease in redemptions payable       (30,643)    (17,208)   (187,062)
     Redemptions of Units               (1,222,427) (1,302,191) (3,333,494)
                                        ----------  ----------  ----------
     Net cash used for financing
      activities                        (1,253,070) (1,319,399) (3,520,556)
                                        ----------  ----------  ----------
     Net increase (decrease) in cash      (415,047)    142,723  (4,266,453)
     Balance at beginning of period      9,974,326   9,831,603  14,098,056
                                        ----------  ----------  ----------
     Balance at end of period            9,559,279   9,974,326   9,831,603
                                        ==========  ==========  ==========
</TABLE>

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

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

SCHEDULES OF INVESTMENTS

DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
FUTURES AND FORWARD CONTRACTS:                LONG GAIN/(LOSS) SHORT GAIN/(LOSS) NET UNREALIZED GAIN/(LOSS)
------------------------------                ---------------- ----------------- --------------------------
2002 PARTNERSHIP NET ASSETS: $10,321,166             $                 $                     $
<S>                                           <C>              <C>               <C>
Foreign currency                                  247,213             4,889               252,102
Interest rate                                     323,976                --               323,976
Commodity                                         155,409             8,625               164,034
Equity                                            (15,490)           30,768                15,278
                                                  -------           -------               -------
 Grand Total:                                     711,108            44,282               755,390
                                                  =======           =======
 Unrealized Currency Gain                                                                  65,927
                                                                                          -------
 Total Net Unrealized Gain per Statement of
   Financial Condition                                                                    821,317
                                                                                          =======

2001 PARTNERSHIP NET ASSETS: $10,250,599
Foreign currency                                   92,319           275,705               368,024
Interest rate                                     (17,980)           65,479                47,499
Commodity                                         (69,032)           34,632               (34,400)
Equity                                              6,281           (26,836)              (20,555)
                                                  -------           -------               -------
 Grand Total:                                      11,588           348,980               360,568
                                                  =======           =======
 Unrealized Currency Gain                                                                  19,681
                                                                                          -------
 Total Net Unrealized Gain per Statement of
   Financial Condition                                                                    380,249
                                                                                          =======
</TABLE>
<TABLE>
<CAPTION>
FUTURES AND FORWARD CONTRACTS:                PERCENTAGE OF NET ASSETS # OF CONTRACTS/NOTIONAL AMOUNTS
------------------------------                ------------------------ -------------------------------
2002 PARTNERSHIP NET ASSETS: $10,321,166                 %
<S>                                           <C>                      <C>
Foreign currency                                        2.44                    2,177,370,097
Interest rate                                           3.14                              615
Commodity                                               1.59                              251
Equity                                                  0.15                               46
                                                       -----
 Grand Total:                                           7.32
                                                       =====
 Unrealized Currency Gain

 Total Net Unrealized Gain per Statement of
   Financial Condition


2001 PARTNERSHIP NET ASSETS: $10,250,599
Foreign currency                                        3.59                      552,210,075
Interest rate                                           0.46                              430
Commodity                                              (0.33)                             167
Equity                                                 (0.20)                              45
                                                       -----
 Grand Total:                                           3.52
                                                       =====
 Unrealized Currency Gain

 Total Net Unrealized Gain per Statement of
   Financial Condition

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

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS

--------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION.  Dean Witter Global Perspective Portfolio L.P. (the
"Partnership") is a limited partnership organized to engage primarily in the
speculative trading of futures contracts, options on futures contracts, and
forward contracts on physical commodities and other commodity interests
(collectively, "futures interests").
  The Partnership's general partner is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity brokers are Morgan Stanley & Co.
Incorporated ("MS&Co.") and Morgan Stanley & Co. International Limited
("MSIL"). Demeter, Morgan Stanley DW, MS&Co. and MSIL are wholly-owned
subsidiaries of Morgan Stanley.
  Effective June 20, 2002, Morgan Stanley Dean Witter & Co. changed its name to
Morgan Stanley.
  The trading advisors for the Partnership are EMC Capital Management, Inc.
("EMC") and Millburn Ridgefield Corporation ("Millburn").
  Demeter is required to maintain a 1% minimum interest in the equity of the
Partnership and income (losses) are shared by Demeter and the limited partners
based upon their proportional ownership interests.

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

REVENUE RECOGNITION.  Futures interests are open commitments until settlement
date. They are valued at market on a daily basis and the resulting net change in

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

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

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

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

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

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

acting as its commodity brokers. Pursuant to brokerage agreements with MS&Co.
and MSIL, to the extent that such trading results in unrealized gains or
losses, the amounts are offset and reported on a net basis on the Partnership's
statements of financial condition.
  The Partnership has offset the fair value amounts recognized for forward
contracts executed with the same counterparty as allowable under terms of the
master netting agreement with MS&Co., the sole counterparty on such contracts.
The Partnership has consistently applied its right to offset.

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

OPERATING EXPENSES.  The Partnership bears all operating expenses related to
its trading activities, to a maximum of  1/4 of 1% annually of the
Partnership's average month-end Net Assets. These include filing fees,
clerical, administrative, auditing, accounting, mailing, printing, and other
incidental operating expenses as permitted by the Limited Partnership
Agreement. In addition, the Partnership incurs a monthly management fee and may
incur an incentive fee. Demeter bears all other operating expenses.

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

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

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)


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

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

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

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

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

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

INCENTIVE FEE.  The Partnership pays a quarterly incentive fee to each trading
advisor equal to 17.5% of trading profits experienced by the Net Assets
allocated to such trading advisor as of the end of each calendar

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

quarter. Trading profits represent the amount by which profits from futures,
forwards and options trading exceed losses, after brokerage commissions,
management fees, transaction fees and costs and administrative expenses are
deducted. If a trading advisor has experienced trading losses with respect to
its allocated Net Assets at the time of any supplemental closing, the trading
advisor must earn back such losses plus a pro-rata amount related to the funds
allocated to the trading advisor at such supplemental closing to be eligible
for an incentive fee. Such incentive fee is accrued in each month in which
trading profits occur. In those months in which trading profits are negative,
previous accruals, if any, during the incentive period are reduced. In those
instances in which a limited partner redeems Units, the incentive fee (earned
through a redemption date) is paid to such trading advisor on those Units
redeemed in the month of such redemptions.

--------------------------------------------------------------------------------
4. FINANCIAL INSTRUMENTS
The Partnership trades futures contracts, options on futures contracts, and
forward contracts on physical commodities and other commodity interests.
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 contracts is based on closing prices quoted by the
exchange, bank or clearing firm through which the contracts are traded.
  The Partnership's contracts are accounted for on a trade-date basis and
marked to market on a daily basis.
The Partnership accounts for its derivative investments in accordance with the
provisions of Statement of Financial Accounting Standard No. 133, "Accounting
for Derivative Instruments and Hedging Activities" ("SFAS No. 133"). SFAS No.
133 defines a derivative

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(continued)

as a financial instrument or other contract that has all three of the following
characteristics:

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

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

(3)Terms require or permit net settlement.

Generally derivatives include futures, forward, swaps or options contracts and
other financial instruments with similar characteristics such as caps, floors
and collars.
  The net unrealized gains on open contracts at December 31, reported as a
component of "Equity in futures interests trading accounts" on the statements
of financial condition, and their longest contract maturities were as follows:

<TABLE>
<CAPTION>
                     NET UNREALIZED GAINS
                       ON OPEN CONTRACTS       LONGEST MATURITIES
                  --------------------------- --------------------
                              OFF-                         OFF-
                  EXCHANGE- EXCHANGE-         EXCHANGE-  EXCHANGE-
             YEAR  TRADED    TRADED    TOTAL   TRADED     TRADED
             ---- --------- --------- ------- ---------- ---------
                      $         $        $
             <S>  <C>       <C>       <C>     <C>        <C>
             2002   785,546   35,771  821,317 Sept. 2003 Mar. 2003
             2001   111,366  268,883  380,249 Jun. 2002  Mar. 2002
</TABLE>

  The Partnership has credit risk associated with counterparty nonperformance.
The credit risk associated with the instruments in which the Partnership is
involved is limited to the amounts reflected in the Partnership's statements of
financial condition.
  The Partnership also has credit risk because Morgan Stanley DW, MS&Co., and
MSIL act as the futures commission merchants or the counterparties with respect
to most of the Partnership's assets. Exchange-traded futures and futures-styled
options contracts are marked to market on a daily basis, with variations in
value settled on a daily basis. Morgan Stanley DW, MS&Co. and MSIL, each as a
futures commission merchant for all of the Partnership's exchange-traded
futures and futures-styled options contracts, are

<PAGE>

DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

NOTES TO FINANCIAL STATEMENTS
(concluded)

required, pursuant to regulations of the Commodity Futures Trading Commission,
to segregate from their own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded futures and
futures-styled options contracts including an amount equal to the net
unrealized gains on all open futures and futures-styled options contracts,
which funds, in the aggregate, totaled $10,344,825 and $10,085,692 at December
31, 2002 and 2001, respectively. With respect to the Partnership's
off-exchange-traded forward currency contracts, there are no daily settlements
of variations in value nor is there any requirement that an amount equal to the
net unrealized gains on open forward contracts be segregated. 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 of 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.

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

<TABLE>
<CAPTION>
                                                      PER UNIT:
                                                      ---------
               <S>                                    <C>
               NET ASSET VALUE, JANUARY 1, 2002:      $  990.95
                                                      ---------
               NET OPERATING RESULTS:
                 Realized Profit                         113.88
                 Unrealized Profit                        45.28
                 Proceeds from Litigation Settlement      69.34
                 Interest Income                          13.44
                 Expenses                               (109.99)
                                                      ---------
                 Net Income                              131.95
                                                      ---------
               NET ASSET VALUE, DECEMBER 31, 2002:    $1,122.90
                                                      =========
                 Expense Ratio                            10.6%
                 Net Income Ratio                         12.8%
               TOTAL RETURN                               13.3%
</TABLE>

<PAGE>

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