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, 2000 or

[  ]   Transition report pursuant to Section 13 or 15(d)  of  the
Securities Exchange Act of 1934 [No Fee Required]
For          the          transition         period          from
________________to___________________
Commission File Number 0-19901

         DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.

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

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

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


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

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

                                                Name   of    each
exchange
Title   of  each  class                                on   which
registered
          None                                        None

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

             Units of Limited Partnership Interest

                        (Title of Class)


      Indicate by check-mark whether the registrant (1) has filed  all
reports  required to be filed by Section 13 or 15(d) of the Securities
Exchange  Act  of  1934 during the preceding 12 months  (or  for  such
shorter period that the registrant was required to file such reports),
and  (2) has been subject to such filing requirements for the past  90
days.   Yes  _____     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: $11,451,697 at January 31, 2001.

              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, 2000

                              <CAPTION>
                              Page No.
<S>
<C>
DOCUMENTS  INCORPORATED BY REFERENCE. . . . . . . . .  .  .  .  .
 . . . .  1

Part I .

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

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

   Item  3.Legal Proceedings. . . . . . . . . . . . . . . . . . .
5-6

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

Part II.

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

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

   Item   7.                                         Management's
Discussion and Analysis of Financial
           Condition and Results of Operations. . . . . . . . . .
 .9-19

  Item 7A.Quantitative and Qualitative Disclosures About
            Market Risk . . . . . . . . . . . . . . . . . . . . .
19-32

   Item  8.Financial Statements and Supplementary Data. . . . . .
 . .32

  Item  9.Changes in and Disagreements with Accountants on
           Accounting and Financial Disclosure. . . . . . . . . .
 . .33
Part III.

   Item 10.                                        Directors  and
Executive Officers of the Registrant .    34-38

  Item 11. Executive Compensation . . . . . . . . . . . . . . . .
 . .38

  Item 12.Security Ownership of Certain Beneficial Owners
           and Management . . . . . . . . . . . . . . . . .  .  .
 . .38

  Item 13. Certain Relationships and Related Transactions . . . .
38-39

Part IV.

    Item   14.                                          Exhibits,
Financial Statement Schedules, and
           Reports on Form 8-K. . . . . . . . . . . . . . .  .  .
 . .40


</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 and IV

     Annual Report to the Dean Witter
     Global Perspective Portfolio L.P.
     Limited Partners for the year ended
     December 31, 2000                           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 and forwards contracts, options on

futures  contracts,  physical  commodities  and  other  commodity

interests.



The   general   partner   is   Demeter   Management   Corporation

("Demeter").  The non-clearing commodity broker  is  Dean  Witter

Reynolds,  Inc.  ("DWR").   The clearing  commodity  brokers  are

Morgan Stanley & Co. Inc. ("MS & Co.") and Morgan Stanley  &  Co.

International  Limited  ("MSIL"),  which  provide  clearing   and

execution  services.   Prior  to  May  2000,  Carr  Futures  Inc.

provided  clearing  and execution services  to  the  Partnership.

Demeter, DWR, MS & Co. and MSIL are wholly-owned subsidiaries  of

Morgan  Stanley Dean Witter & Co. ("MSDW").  The trading advisors

for  the Partnership are EMC Capital Management, Inc. ("EMC") and

Millburn Ridgefield Corporation ("Millburn"), (collectively,  the

"Trading Advisors").



Prior  to July 31, 2000, ELM Financial, Inc. ("ELM") was  also  a

trading  advisor in the Partnership.  Effective August  1,  2000,

ELM  was  removed  as  a trading advisor to the  Partnership  and

assets previously managed by ELM were equally reallocated to  EMC

and





<PAGE>

Millburn.   Redemptions are allocated among EMC and  Millburn  in

proportion to the percentage of monthly average equity managed by

each trading advisor.



The Partnership's net asset value per unit of limited partnership

interest  ("Unit(s)")  as of December 31,  2000,  was  $1,005.36,

representing an increase of 3.6 percent from the net asset  value

per  Unit  of $970.18 on December 31, 1999.  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).

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

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

       4.    Management  of  the  Part-   4.     "The  Management
       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 in futures, forwards,

and options on foreign exchanges.


Item 2.  PROPERTIES
The  executive and administrative offices are located within  the

offices  of DWR. The DWR offices utilized by the Partnership  are

located  at  Two  World Trade Center, 62nd Floor,  New  York,  NY

10048.







<PAGE>

Item 3.  LEGAL PROCEEDINGS

Similar class actions were filed in 1996 in California and in New

York State courts.  Each of these actions were dismissed in 1999.

However, the New York State class action discussed below is still

pending  because plaintiffs appealed the trial court's  dismissal

of their case on March 3, 2000.



On  September 18 and 20, 1996, purported class actions were filed

in  the  Supreme Court of the State of New York, New York County,

on  behalf  of all purchasers of interests in limited partnership

commodity  pools  sold  by  DWR.  Named defendants  include  DWR,

Demeter,  MSDW,  certain limited partnership commodity  pools  of

which  Demeter  is  the  general  partner,  and  certain  trading

advisors to those pools. A consolidated and amended complaint  in

the  action pending in the Supreme Court of the State of New York

was  filed  on  August  13, 1997, alleging  that  the  defendants

committed   fraud,  breach  of  fiduciary  duty,  and   negligent

misrepresentation  in  the  sale and  operation  of  the  various

limited  partnership  commodity  pools.  The  complaints   sought

unspecified  amounts  of compensatory and  punitive  damages  and

other relief.  The New York Supreme Court dismissed the New  York

action in November 1998, but granted plaintiffs leave to file  an

amended  complaint,  which they did in early December  1998.  The

defendants  filed a motion to dismiss the amended complaint  with

prejudice  on  February 1, 1999. By decision dated  December  21,

1999, the New York Supreme Court



<PAGE>

dismissed the case with prejudice.   However, on March  3,  2000,

plaintiffs appealed the trial court's dismissal of their case.



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,  2000  was

approximately 1,548.



(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 distribution of Partnership profits.























<PAGE>
<TABLE>



Item 6.  SELECTED FINANCIAL DATA (in dollars)
     <CAPTION>



                                           For the Years Ended December 31,
                             2000          1999           1998         1997
1996  .


<S>                    <C>               <C>        <C>           <C>          <C>
Total Revenues
(including interest)      1,436,980        268,597    4,169,027     4,917,569
4,375,881

Net   Income  (Loss)                 148,781        (1,674,974)     2,022,979
2,420,203   1,766,076

Net Income (Loss)
Per Unit (Limited
&  General Partners)           35.18       (105.82)       108.77        97.12
73.76


Total  Assets             11,818,856     15,203,903   19,185,631   21,221,634
22,267,408


Total Limited
Partners' Capital        11,443,935        14,636,245   18,754,867   20,276,293
21,020,037


Net Asset Value Per
Unit                       1,005.36            970.18     1,076.00       967.23
870.11











</TABLE>










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

Liquidity - The Partnership deposits its assets with DWR 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  ("CFTC")

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 daily limit for several consecutive days with little or no

                             <PAGE>

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  and  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.



Capital  Resources.  The Partnership does not have, or expect  to

have,  any  capital assets.  Redemptions of Units in  the  future

will  affect  the  amount of funds available for  investments  in

futures, forwards, and options in subsequent periods.  It is  not

possible  to  estimate  the amount and therefore  the  impact  of

future redemptions of Units.



Results of Operations.

General.   The  Partnership's  results  depend  on  its   Trading

Advisors  and  the  ability  of each  Trading  Advisor's  trading

programs to take

                             <PAGE>

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,  2000  and  a  general discussion  of  its  trading

activities during each period.  It is important to note, however,

that  the  Trading Advisors trade in various markets at different

times  and  that prior activity in a particular market  does  not

mean  that  such  market will be actively traded by  the  Trading

Advisors or will be profitable in the future.  Consequently,  the

results of operations of the Partnership are difficult to discuss

other  than  in  the  context  of its Trading  Advisors'  trading

activities  on behalf of the Partnership as a whole and  how  the

Partnership has performed in the past.


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



<PAGE>

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 futures positions in sugar futures as prices trended to  22-

month  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.



At  December  31,  1999,  the  Partnership's  total  capital  was

$14,845,767,  a  decrease of $4,141,476  from  the  Partnership's

total

<PAGE>

capital of $18,987,243 at December 31, 1998.  For the year  ended

December  31,  1999,  the Partnership generated  a  net  loss  of

$1,674,974 and total redemptions aggregated $2,466,502.



For  the  year ended December 31, 1999, the Partnership  recorded

total  trading revenues, including interest income,  of  $268,597

and,  after  expenses, posted a decrease in net asset  value  per

Unit.   The  most significant losses of approximately 7.02%  were

experienced  from  global interest rate futures  trading  as  the

volatile  and choppy price movement experienced during  the  year

limited  the ability to capitalize on trends.  During the  fourth

quarter,  most  global bond markets dropped on  a  resurgence  of

inflation  and  interest  rate fears  initiated  by  consistently

strong  U.S.  economic  data, evidence  of  rising  inflation  in

Germany  and  increases  in  oil prices.   Additional  losses  of

approximately  5.40%  were recorded in  the  global  stock  index

futures  markets  primarily  from  short  European  stock   index

futures,  particularly German, as prices in  these  markets  were

boosted higher by gains on Wall Street and in Japan early in  the

year.   As  a result of a widespread contraction of a  number  of

major   stock   markets,  some  downward  price   trends   became

established  in  the  late  summer/early  fall  that  caused  the

Partnership's   trend-following  managers  to   establish   short

positions.  Given the upward snapback exhibited in many of  these

markets,  especially  the U.S., these previously  existing  short

positions were negatively impacted during the fourth quarter.

<PAGE>

Smaller  losses  of  1.71%  and  1.65%  were  recorded   in   the

agricultural  markets and soft commodities markets, respectively.

A  portion of the Partnership's overall losses for the year  were

offset  by  gains of approximately 0.85% recorded in  the  energy

markets  from  long  crude oil futures positions  as  oil  prices

increased  on  supply  cuts  by  oil  producing  nations.   Total

expenses for the year were $1,943,571, resulting in a net loss of

$1,674,974.   The  net  asset value  of  a  Unit  decreased  from

$1,076.00 at December 31, 1998 to $970.18 at December 31, 1999.



At  December  31,  1998,  the  Partnership's  total  capital  was

$18,987,243,  a  decrease of $1,981,552  from  the  Partnership's

total capital of $20,968,795 at December 31, 1997.  For the  year

ended December 31, 1998, the Partnership generated net income  of

$2,022,979 and total redemptions aggregated $4,004,531.



For  the  year ended December 31, 1998, the Partnership  recorded

total  trading revenues, including interest income, of $4,169,027

and  posted an increase in net asset value per Unit. In 1998, the

Partnership recorded gains of approximately 14.75% in the  global

interest  rate  markets primarily as prices moved  higher  during

August  and September.  The most significant gains were  recorded

from German, U.S. and Japanese interest rate futures as investors

sought  the safety of fixed income investments in response  to  a

decline  in the global equity markets amid political and economic

turmoil in Russia, Asia and Latin America.  These gains were

<PAGE>

partially offset by losses of approximately 5.62% experienced  in

the  currency markets and approximately 5.04% experienced in  the

metals  markets, as prices in these markets moved in a short-term

volatile  pattern during a good portion of the year as  investors

nervously  shifted  their capital from market  to  market  in  an

effort  to  limit risk and increase return in the face of  global

economic   uncertainty.  Total  expenses  for   the   year   were

$2,146,048, resulting in net income of $2,022,979.  The net asset

value  of a Unit increased from $967.23 at December 31,  1997  to

$1,076.00 at December 31, 1998.



The  Partnership's  overall performance record represents  varied

results  of  trading in different futures, forwards, and  options

markets.   For  a  further description of 2000  trading  results,

refer  to  the letter to the Limited Partners in the accompanying

Annual Report to Limited Partners for the year ended December 31,

2000, which is incorporated by reference to Exhibit 13.01 of this

Form  10-K.   The  Partnership's gains and losses  are  allocated

among its partners for income tax purposes.



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 agricultural commodities,  energy  products,

foreign currencies, interest rates, precious and base metals,

<PAGE>

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 moved 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

investors 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

positions of the Partnership if Demeter believes they violate the

Partnership's trading policies.



In  addition to market risk, in entering into futures,  forwards,

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

<PAGE>

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 or exchange will  meet

its obligations to the Partnership, and Demeter and the commodity

brokers  will not indemnify the Partnership against a default  by

such  parties.  Further,  the law is  unclear  as  to  whether  a

commodity broker has any obligation to protect its customers from

loss  in the event of an exchange or clearinghouse defaulting  on

trades  effected for the broker's customers.  Any such obligation

on the part of a broker appears even less clear where the default

occurs in a non-U.S. jurisdiction.





                             <PAGE>

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

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

<PAGE>

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  DWR,  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, 2000, which is incorporated by reference

to Exhibit 13.01 of this Form 10-K.



Item 7A. QUANTITATIVE  AND QUALITATIVE DISCLOSURES  ABOUT  MARKET
         RISK

Introduction

The  Partnership is a commodity pool involved 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



<PAGE>

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

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





<PAGE>

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 using mark-to-market

accounting  principles.   Any loss in the  market  value  of  the

Partnership's  open  positions  is  directly  reflected  in   the

Partnership's earnings, 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

<PAGE>

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.



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.



<PAGE>

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 as of December 31, 2000 and 1999.

As  of  December  31,  2000  and 1999,  the  Partnership's  total

capitalization  was approximately $12 million  and  $15  million,

respectively.



     Primary Market      December 31, 2000   December 31, 1999
     Risk Category         Value at Risk       Value at Risk

     Interest    Rate               (2.36)%               (1.06)%

Currency                  (1.10)             (1.08)

     Equity                    (0.58)             (0.90)

     Commodity                 (0.81)             (0.60)

     Aggregate Value at Risk   (2.79)%            (1.89)%



Aggregate Value at Risk represents the aggregate VaR of  all  the

Partnership's open positions and not the sum of the  VaR  of  the

individual market categories listed above.  Aggregate VaR will be

lower  as  it  takes  into  account correlation  among  different

positions and categories.



The  table  above  represents the VaR of the  Partnership's  open

positions  at  December  31,  2000  and  1999  only  and  is  not

necessarily representative of either the historic or future  risk

of an investment in the Partnership. Because the Partnership's



<PAGE>

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,  2000  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, 2000 through December 31, 2000.

Primary Market Risk Category      High        Low        Average

Interest Rate                    (2.36)%     (1.13)%     (1.70)%

Currency                         (1.58)      (1.10)      (1.29)

Equity                           (1.12)      (0.58)      (0.76)

Commodity                        (1.29)      (0.70)      (0.98)

Aggregate Value at Risk          (2.79)%     (2.25)%     (2.54)%


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

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

usually  found in other investments.  The relative  size  of  the

positions held may cause

<PAGE>

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 in response to 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

     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, 2000 and 1999, and for the end of

the  four quarterly reporting periods during calendar year  2000.

Since  VaR is based on historical data, VaR should not be  viewed

as  predictive of the Partnership's future financial  performance

or

<PAGE>

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 1 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,  2000,

the  Partnership's cash balance at DWR was approximately  83%  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.



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.



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

<PAGE>

the  Securities  Act  and Section 21E of the Securities  Exchange

Act.  The Partnership's primary market risk exposures as well  as

the  strategies  used and to be used by Demeter and  the  Trading

Advisors  for  managing such exposures are  subject  to  numerous

uncertainties,  contingencies and risks, any one of  which  could

cause  the  actual results of the Partnership's risk controls  to

differ   materially  from  the  objectives  of  such  strategies.

Government  interventions, defaults and expropriations,  illiquid

markets, the emergence of dominant fundamental factors, political

upheavals, changes in historical price relationships,  an  influx

of  new market participants, increased regulation and many  other

factors  could result in material losses as well as  in  material

changes  to the risk exposures and the risk management strategies

of  the  Partnership.  Investors must be prepared to lose all  or

substantially all of their investment in the Partnership.



The  following  were the primary trading risk  exposures  of  the

Partnership as of December 31, 2000, by market sector.  It may be

anticipated  however,  that  these  market  exposures  will  vary

materially over time.



Interest Rate.  The primary market exposure of the Partnership at

December  31,  2000  was  in the global  interest  rate  complex.

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

<PAGE>

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 United States and the other G-7

countries.   The G-7 countries consist of France, 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 G-7 interest  rates

will remain the primary interest rate exposure of the Partnership

for  the foreseeable future.  The changes in interest rates which

have  the  most effect on the Partnership, are changes  in  long-

term,  as  opposed to short-term, rates.  Most of the speculative

futures positions held by the Partnership are in medium- to long-

term instruments.  Consequently, even a material change in short-

term rates would have little effect on the Partnership, were  the

medium- to long-term rates to remain steady.



Currency. The second largest market exposure at December 31, 2000

was  in the currency sector.  The Partnership's currency exposure

is  to  exchange rate fluctuations, primarily fluctuations  which

disrupt  the  historical pricing relationships between  different

currencies and currency pairs.  Interest rate changes as well  as

political   and  general  economic  conditions  influence   these

fluctuations.  The Partnership trades in a large number of

<PAGE>

currencies,  including cross-rates - i.e., positions between  two

currencies other than the U.S. dollar.  For the fourth quarter of

2000, the Partnership's major exposures were to the 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

exchange  rate  risk inherent to the dollar-based Partnership  in

expressing VaR in a functional currency other than U.S. dollars.



Equity.  The primary equity exposure at December 31, 2000 was  to

equity  price risk in the G-7 countries.  The stock index futures

traded  by  the  Partnership are by law  limited  to  futures  on

broadly-based  indices.  At December 31, 2000, the  Partnership's

primary  exposures were to the DAX (Germany), TOPIX (Japan),  and

NASDAQ  (U.S.)  stock  indices.   The  Partnership  is  primarily

exposed to the risk of adverse price trends or static markets  in

the  U.S., European, and Japanese indices.  Static markets  would

not  cause  major market changes but would make it difficult  for

the  Partnership to avoid being "whipsawed" into  numerous  small

losses.





<PAGE>

Commodity.

Energy.   At December 31, 2000, the Partnership's energy exposure

was  shared primarily by futures contracts in the crude  oil  and

natural  gas  markets.  Price movements in these  markets  result

from political developments in the Middle East, weather patterns,

and  other economic fundamentals.  It is possible that volatility

and losses, which have been experienced in the past, are expected

to  continue to be experienced in this market.  Natural  gas  has

exhibited  volatility in prices resulting from  weather  patterns

and  supply  and demand factors and may continue in  this  choppy

pattern.



Metals.    The  Partnership's primary metals market  exposure  at

December  31, 2000 was to fluctuations in the price of  gold  and

silver.   Although certain Trading Advisors will,  from  time  to

time,  trade  base metals such as copper, aluminum,  nickel,  and

zinc,  the  principal  market exposures of the  Partnership  have

consistently  been in precious metals, such as gold  and  silver.

Market  exposure to precious metals was evident, as  gold  prices

continued  to  be  volatile during the  quarter.   Silver  prices

remained volatile over this period as well.  The Trading Advisors

have,   from   time   to  time,  taken  positions   when   market

opportunities developed.



Soft  Commodities and Agriculturals.  At December 31,  2000,  the

Partnership had exposure to the markets that comprise these

<PAGE>

sectors.   Most  of  the exposure, however, was  in  the  coffee,

cotton, and corn 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, 2000:



     Foreign   Currency  Balances.   The  Partnership's   primary

     foreign currency balances were in Japanese yen and Hong Kong

     dollars.  The Partnership controls the non-trading  risk  of

     these  balances by regularly converting these balances  back

     into   U.S.  dollars  upon  liquidation  of  the  respective

     position.



Qualitative Disclosures Regarding Means of Managing Risk Exposure

The Partnership and the Trading Advisors, separately, attempt  to

manage   the   risk  of  the  Partnership's  open  positions   in

essentially  the  same  manner in all market  categories  traded.

Demeter  attempts  to manage market exposure by diversifying  the

Partnership's  assets among different Trading Advisors,  each  of

whose  strategies focus on different market sectors  and  trading

approaches,  and  monitoring  the  performance  of  the   Trading

Advisors  daily.   In  addition, the Trading  Advisors  establish

diversification guidelines, often set in terms of the maximum

<PAGE>

margin  to be committed to positions in any one market sector  or

market-sensitive instrument.



Demeter monitors and controls the risk of the Partnership's  non-

trading   instrument,  cash.   Cash  is  the   only   Partnership

investment directed by Demeter, rather than the Trading Advisors.



Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The  Financial  Statements are incorporated by reference  to  the

Partnership's  Annual  Report, which is filed  as  Exhibit  13.01

hereto.



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


            Summary of Quarterly Results (Unaudited)

                                                              Net
Income/
                                                    (Loss) Per
Quarter                            Net          Unit of Limited
Ended                Revenue        Income/(Loss)
Partnership Interest

2000
March 31           $   (51,780)   $    (449,952)        $(31.17)
June 30          (628,693)        (966,439)         (70.42)
September 30     (380,076)        (671,200)         (52.36)
December 31     2,497,529        2,236,372          189.13

Total              $ 1,436,980    $     148,781         $ 35.18

1999
March 31           $    75,320    $    (432,411)       $ (24.69)
June 30         1,866,989        1,333,222           78.54
September 30     (421,388)        (902,710)         (55.02)
December 31    (1,252,324)      (1,673,075)        (104.65)

Total              $   268,597    $  (1,674,974)       $(105.82)





<PAGE>
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


Directors and Officers of the General Partner

The directors and officers of Demeter are as follows:



Robert E. Murray, age 40, is Chairman of the Board, President and

a Director of Demeter.  Mr. Murray is also Chairman of the Board,

President  and  a  Director  of Dean Witter  Futures  &  Currency

Management Inc. ("DWFCM").  Mr. Murray is currently a Senior Vice

President of DWR's Managed Futures Department.  Mr. Murray  began

his  career at DWR in 1984 and is currently the Director  of  the

Managed  Futures  Department. In this  capacity,  Mr.  Murray  is

responsible  for  overseeing all aspects of  the  firm's  Managed

Futures  Department.   Mr.  Murray  previously  served  as   Vice

Chairman  and  a  Director of the Managed Funds  Association,  an

industry  association  for investment professionals  in  futures,

hedge   funds  and  other  alternative  investments.  Mr.  Murray

graduated from Geneseo State University in May 1983 with  a  B.A.

degree in Finance.



Mitchell  M. Merin, age 47, is a Director of Demeter.  Mr.  Merin

is  also a Director of DWFCM.  Mr. Merin was appointed the  Chief

Operating  Officer  of Individual Asset Management  for  MSDW  in

December  1998 and the President and Chief Executive  Officer  of

Morgan  Stanley Dean Witter Advisors in February  1998.   He  has

been an Executive Vice President of DWR since 1990, during which

<PAGE>

time  he  has  been  Director of DWR's Taxable Fixed  Income  and

Futures  divisions,  Managing Director in Corporate  Finance  and

Corporate  Treasurer.  Mr. Merin received his  Bachelor's  degree

from  Trinity  College in Connecticut and his  M.B.A.  degree  in

Finance  and  Accounting  from the  Kellogg  Graduate  School  of

Management of Northwestern University in 1977.



Joseph  G.  Siniscalchi, age 55, is a Director of  Demeter.   Mr.

Siniscalchi  joined DWR in July 1984 as a First  Vice  President,

Director  of  General  Accounting and served  as  a  Senior  Vice

President  and  Controller for DWR's Securities Division  through

1997.   He is currently Executive Vice President and Director  of

the  Operations Division of DWR. From February 1980 to July 1984,

Mr. Siniscalchi was Director of Internal Audit at Lehman Brothers

Kuhn Loeb, Inc.



Edward  C.  Oelsner, III, age 59, is a Director of Demeter.   Mr.

Oelsner is currently an Executive Vice President and head of  the

Product Development Group at Morgan Stanley Dean Witter Advisors,

an  affiliate  of  DWR.  Mr. Oelsner joined  DWR  in  1981  as  a

Managing   Director   in  DWR's  Investment  Banking   Department

specializing   in   coverage   of   regulated   industries   and,

subsequently,  served as head of the DWR Retail  Products  Group.

Prior  to  joining DWR, Mr. Oelsner held positions at  The  First

Boston  Corporation  as a member of the Research  and  Investment

Banking Departments from 1967 to 1981.  Mr. Oelsner received his

<PAGE>

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 49, is a Director of Demeter.   Mr.  Beech

has  been associated with the futures industry for over 23 years.

He has been at DWR since August 1984 where he is presently Senior

Vice  President and head of Branch Futures.  Mr. Beech began  his

career  at  the Chicago Mercantile Exchange, where he became  the

Chief Agricultural Economist doing market analysis, marketing and

compliance.  Prior to joining DWR, Mr. Beech also had  worked  at

two  investment  banking firms in operations,  research,  managed

futures and sales management.



Raymond  A. Harris, age 44, is a Director of Demeter. Mr.  Harris

is    currently   Executive   Vice   President,   Planning    and

Administration  for Morgan Stanley Dean Witter  Asset  Management

and  has worked at DWR or its affiliates since July 1982, serving

in  both  financial and administrative capacities.   From  August

1994  to  January 1999, he worked in two separate DWR affiliates,

Discover   Financial   Services  and   Novus   Financial   Corp.,

culminating  as Senior Vice President.  Mr. Harris  received  his

B.A.  degree  from Boston College and his M.B.A. in finance  from

the University of Chicago.





<PAGE>

Anthony  J.  DeLuca,  age  38, became a Director  of  Demeter  on

September 14, 2000.  Mr. DeLuca is also a Director of DWFCM.  Mr.

DeLuca was appointed the Controller of Asset Management for  MSDW

in  June  1999.  Prior to that, Mr. DeLuca was a partner  at  the

accounting  firm of Ernst & Young LLP, where he  had  MSDW  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.



Raymond  E. Koch, age 45, is Chief Financial Officer of  Demeter.

Effective July 10, 2000, Mr. Koch replaced Mr. Raibley  as  Chief

Financial Officer of Demeter.  Mr. Koch began his career at  MSDW

in  1988,  has  overseen the Managed Futures Accounting  function

since  1992,  and is currently First Vice President, Director  of

Managed  Futures  and Realty Accounting.  From November  1979  to

June  1988,  Mr. Koch held various positions at Thomson  McKinnon

Securities, Inc. culminating as Manager, Special Projects in  the

Capital  Markets Division.  From August 1977 to November 1979  he

was  an  auditor, specializing in financial services at  Deloitte

Haskins  and  Sells.  Mr. Koch received his B.B.A. in  accounting

from  Iona  College  in  1977, an M.B.A.  in  finance  from  Pace

University in 1984 and is a Certified Public Accountant.



Lewis  A.  Raibley, III, age 38, served as Vice President,  Chief

Financial Officer, and a Director of Demeter and DWFCM until  his

resignation from MSDW on July 1, 2000.

<PAGE>

All of the foregoing directors have indefinite terms.



Item 11.  EXECUTIVE COMPENSATION

The  Partnership has no directors and executive officers.   As  a

limited  partnership, the business of the Partnership is  managed

by  Demeter, which is responsible for the administration  of  the

business  affairs of the Partnership but receives no compensation

for such services.



Item 12.  SECURITY  OWNERSHIP  OF CERTAIN BENEFICIAL  OWNERS  AND
          MANAGEMENT

(a)   Security  Ownership of Certain Beneficial Owners  -  As  of

December  31, 2000, 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,  2000,

Demeter  owned 215.962 Units of General Partnership  Interest  in

the  Partnership,  representing a 1.86 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, 2000, which  is

incorporated by reference to Exhibit 13.01 of this Form 10-K.  In

<PAGE>

its  capacity as the Partnership's retail commodity broker,  DWR,

received commodity brokerage commissions (paid and accrued by the

Partnership) of $807,298 for the year ended December 31, 2000.
















































                             <PAGE>

                             PART IV

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

(a)  1. Listing of Financial Statements

The  following  financial statements and  report  of  independent

auditors,  all  appearing in the accompanying  Annual  Report  to

Limited  Partners  for  the  year ended  December  31,  2000  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, 2000, 1999 and 1998.

-    Statements  of Financial Condition as of December  31,  2000
     and
     1999.

-    Statements of Operations, Changes in Partners' Capital,  and
     Cash Flows for the years ended December 31, 2000, 1999 and 1998.

-         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, 2000 is  not

deemed to be filed with this report.

2.  Listing of Financial Statement Schedules

No  financial statement schedules are required to be  filed  with

this report.

(b)  Reports on Form 8-K

No  reports on Form 8-K have been filed by the Partnership during

the last quarter of the period covered by this report.

(c)  Exhibits

Refer to Exhibit Index on Page E-1.


                             <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 30, 2001           BY: /s/ Robert E. Murray           .
                                 Robert E. Murray, Director,
                                 Chairman of the Board 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 30, 2001
          Robert E. Murray, Director,
          Chairman of the Board and
          President

    /s/    Mitchell M. Merin                           March 30, 2001
           Mitchell M. Merin, Director

    /s/   Joseph G. Siniscalchi                   March 30, 2001
          Joseph G. Siniscalchi, Director

    /s/   Edward C. Oelsner III                   March 30, 2001
          Edward C. Oelsner III, Director

    /s/    Mitchell M. Merin                           March 30, 2001
           Mitchell M. Merin, Director

    /s/    Richard A. Beech                            March 30, 2001
           Richard A. Beech, Director

    /s/    Raymond A. Harris                           March 30, 2001
           Raymond A. Harris, Director

    /s/    Anthony J. DeLuca                           March 30, 2001
           Anthony J. DeLuca, Director

    /s/   Raymond E. Koch                              March 30, 2001
          Raymond E. Koch, Chief
          Financial Officer and Principal
          Accounting Officer





<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.

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

10.02Management   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.

10.03Management   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.

10.04Amended  and  Restated  Customer  Agreement,  dated  as   of
     December  1,  1997, between the Partnership and Dean  Witter
     Reynolds Inc. is incorporated by reference to Exhibit  10.05
     of  the  Partnership's Form 10-K (File No. 0-19901) for  the
     fiscal year ended December 31, 1998.

10.05Customer Agreement, dated as of December 1, 1997, among  the
     Partnership,  Carr Futures, Inc., and Dean  Witter  Reynolds
     Inc.  is incorporated by reference to Exhibit 10.05  of  the
     Partnership's  Form 10-K (File NO. 0-19901) for  the  fiscal
     year ended December 31, 1998.

10.06International  Foreign Exchange Master Agreement,  dated  as
     of   August  1,  1997,  between  the  Partnership  and  Carr
     Futures, Inc. is incorporated by reference to Exhibit  10.06
     of  the  Partnership's Form 10-K (File No. 0-19901) for  the
     fiscal year ended December 31, 1998.

10.07      Customer  Agreement, dated as of May 1,  2000  between
     Morgan Stanley & Co. Incorporated, the Partnership and  Dean
     Witter Reynolds Inc. is incorporated by reference to Exhibit
     10.07 of the Partnership's Form 10-Q (File No. 0-19901) for the
     quarter ended June 30, 2000.

13.01Annual  Report  to  Limited  Partners  for  the  year  ended
     December 31, 2000 is filed herewith.

21.01Supplement  (dated  April 27, 1992)  to  the  Prospectus  is
     incorporated  by reference to the Partnership's Registration
     Statement on Form S-1, Post Effective Amendment Number 1.




<PAGE>



Global
Perspective
Portfolio

December 31, 2000
Annual Report

MORGAN STANLEY DEAN WITTER
<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 incep-
tion-to-date return and the annualized return since inception for the Fund.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

<TABLE>
<CAPTION>
   Year                       Return
   ----                       ------
   <S>                        <C>
   1992 (10 months)             4.6%
   1993                        -4.7%
   1994                       -31.6%
   1995                        16.8%
   1996                         9.3%
   1997                        11.1%
   1998                        11.2%
   1999                        -9.8%
   2000                         3.6%

   Inception-to-Date Return:    0.5%
   Annualized Return:           0.1%
</TABLE>
<PAGE>

Demeter Management Corporation
Two World Trade Center
62nd Floor
New York, NY 10048
Telephone (212) 392-8899

Dean Witter Global Perspective Portfolio L.P.
Annual Report
2000

Dear Limited Partner:

This marks the ninth 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 $970.18 and finished 2000 at a Net Asset Value of $1,005.36,
a net gain of 3.6%.

Overall, the Fund recorded an increase in Net Asset Value per Unit during
2000. The most significant gains 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 produc-
tion cuts. Additional gains 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 continued concerns regarding
supply. Gains were also experienced from long futures positions in sugar
futures, as prices trended to 22-month highs during June due to strong demand
and declining production from Brazil. Smaller gains 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
Fund's gains was offset by losses experienced in global stock index futures
markets, as the Fund experienced difficulty trading Asian and Australian stock
indices throughout the first half of the year. Losses were also recorded in
the metals markets as erratic price activity resulted in the predominance of
trendless markets.

Should you have any questions concerning this report, please feel free to con-
tact Demeter Management Corporation at Two World Trade Center, 62nd Floor, New
York, NY 10048, or your Morgan Stanley Dean Witter Financial Advisor.
<PAGE>

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/ Robert E. Murray
    Robert E. Murray
    Chairman
    Demeter Management Corporation
    General Partner
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Independent Auditors' Report

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") as of December
31, 2000 and 1999 and the related statements of operations, changes in part-
ners' capital, and cash flows for each of the three years in the period ended
December 31, 2000. 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 ac-
cepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the finan-
cial statements are free of material misstatement. An audit includes examin-
ing, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting princi-
ples used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits pro-
vide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material re-
spects, the financial position of Dean Witter Global Perspective Portfolio
L.P. at December 31, 2000 and 1999 and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2000
in conformity with accounting principles generally accepted in the United
States of America.


/S/ Deloitte & Touche LLP

New York, New York
February 16, 2001
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Statements of Financial Condition

<TABLE>
<CAPTION>
                                                    December 31,
                                                ----------------------
                                                   2000        1999
                                                ----------  ----------
                                                    $           $
<S>                                             <C>         <C>
                    ASSETS
Equity in futures interests trading accounts:
 Cash                                            9,831,603  14,098,056

 Net unrealized gain on open contracts (MS&Co.)  2,003,653      --
 Net unrealized loss on open contracts (MSIL)      (83,706)     --
 Net unrealized gain on open contracts (Carr)       --         987,025
                                                ----------  ----------
 Total net unrealized gain on open contracts     1,919,947     987,025
                                                ----------  ----------
 Total Trading Equity                           11,751,550  15,085,081
Interest receivable (DWR)                           44,060      53,212
Due from DWR                                        23,246      65,610
                                                ----------  ----------
 Total Assets                                   11,818,856  15,203,903
                                                ==========  ==========
                  LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable                                123,597     310,659
Accrued management fees                             29,535      37,986
Accrued administrative expenses                      4,670       9,491
                                                ----------  ----------
 Total Liabilities                                 157,802     358,136
                                                ----------  ----------
PARTNERS' CAPITAL
Limited Partners (11,382.944
  and 15,086.096 Units, respectively)           11,443,935  14,636,245
General Partner (215.962 Units)                    217,119     209,522
                                                ----------  ----------
 Total Partners' Capital                        11,661,054  14,845,767
                                                ----------  ----------
 Total Liabilities and
   Partners' Capital                            11,818,856  15,203,903
                                                ==========  ==========
NET ASSET VALUE PER UNIT                          1,005.36      970.18
                                                ==========  ==========
</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,
                               --------------------------------
                                 2000        1999       1998
                               ---------  ----------  ---------
                                   $          $           $
<S>                            <C>        <C>         <C>
REVENUES
Trading profit (loss):
 Realized                        (65,193)    447,017  2,823,992
 Net change in unrealized        932,922    (823,956)   606,283
                               ---------  ----------  ---------
  Total Trading Results          867,729    (376,939) 3,430,275
Interest income (DWR)            569,251     645,536    738,752
                               ---------  ----------  ---------
  Total Revenues               1,436,980     268,597  4,169,027
                               ---------  ----------  ---------
EXPENSES
Brokerage commissions (DWR)      807,298   1,203,533  1,308,493
Management fees                  361,865     527,136    589,789
Transaction fees and costs        91,326     155,326    198,739
Administrative expenses           27,710      43,819     49,027
Incentive fee                        --       13,757     --
                               ---------  ----------  ---------
  Total Expenses               1,288,199   1,943,571  2,146,048
                               ---------  ----------  ---------
NET INCOME (LOSS)                148,781  (1,674,974) 2,022,979
                               =========  ==========  =========
Net Income (Loss) Allocation:
Limited Partners                 141,184  (1,652,120) 1,934,545
General Partner                    7,597     (22,854)    88,434
Net Income (Loss) per Unit:
Limited Partners                   35.18     (105.82)    108.77
General Partner                    35.18     (105.82)    108.77
</TABLE>

Statements of Changes in Partners' Capital
For the Years Ended December 31, 2000, 1999 and 1998

<TABLE>
<CAPTION>
                                  Units of
                                 Partnership   Limited    General
                                  Interest     Partners   Partner     Total
                                 -----------  ----------  --------  ----------
                                                  $          $          $
<S>                              <C>          <C>         <C>       <C>
Partners' Capital,
December 31, 1997                21,679.155   20,276,293   692,502  20,968,795
Net income                           --        1,934,545    88,434   2,022,979
Redemptions                      (4,033.062)  (3,455,971) (548,560) (4,004,531)
                                 ----------   ----------  --------  ----------
Partners' Capital,
December 31, 1998                17,646.093   18,754,867   232,376  18,987,243
Net loss                             --       (1,652,120)  (22,854) (1,674,974)
Redemptions                      (2,344.035)  (2,466,502)    --     (2,466,502)
                                 ----------   ----------  --------  ----------
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
                                 ==========   ==========  ========  ==========
</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,
                                            ----------------------------------
                                               2000        1999        1998
                                            ----------  ----------  ----------
                                                $           $           $
<S>                                         <C>         <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                              148,781  (1,674,974)  2,022,979
Noncash item included in net income
  (loss):
 Net change in unrealized                     (932,922)    823,956    (606,283)
Decrease in operating assets:
 Interest receivable (DWR)                       9,152       1,242      19,170
 Due from DWR                                   42,364      45,748      93,369
 Net option premiums                               --          --       53,391
Increase (decrease) in operating
  liabilities:
 Accrued management fees                        (8,451)     (9,948)     (5,120)
 Accrued administrative expenses                (4,821)     (2,505)     11,996
                                            ----------  ----------  ----------
Net cash provided by (used
  for) operating activities                   (745,897)   (816,481)  1,589,502
                                            ----------  ----------  ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in redemptions payable    (187,062)    172,201     (61,327)
Redemptions of Units                        (3,333,494) (2,466,502) (4,004,531)
                                            ----------  ----------  ----------
Net cash used for financing activities      (3,520,556) (2,294,301) (4,065,858)
                                            ----------  ----------  ----------
Net decrease in cash                        (4,266,453) (3,110,782) (2,476,356)
Balance at beginning of period              14,098,056  17,208,838  19,685,194
                                            ----------  ----------  ----------
Balance at end of period                     9,831,603  14,098,056  17,208,838
                                            ==========  ==========  ==========
</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 "Partner-
ship") is a limited partnership organized to engage primarily in the specula-
tive trading of futures and forward contracts, options on futures contracts,
physical commodities and other commodity interests (collectively, "futures in-
terests").

The general partner is Demeter Management Corporation ("Demeter"). The non-
clearing commodity broker is Dean Witter Reynolds Inc. ("DWR"). Morgan Stanley
& Co., Inc. ("MS&Co.") and Morgan Stanley & Co. International Limited
("MSIL"), provide clearing and execution services. Prior to May 2000, Carr
Futures Inc. ("Carr") provided clearing and execution services to the Partner-
ship. Demeter, DWR, MS&Co. and MSIL are wholly-owned subsidiaries of Morgan
Stanley Dean Witter & Co. ("MSDW").

Effective February 19, 1998, Morgan Stanley, Dean Witter, Discover & Co.
changed its corporate name to Morgan Stanley Dean Witter & Co.

The trading advisors for the Partnership are EMC Capital Management, Inc.
("EMC") and Millburn Ridgefield Corporation ("Millburn") (the "Trading Advis-
ors").

Prior to July 31, 2000, ELM Financial, Inc. ("ELM") was also a trading advisor
in the Partnership. Effective August 1, 2000, ELM was removed as a trading ad-
visor to the Partnership and assets previously managed by ELM were equally
reallocated to EMC and Millburn. Future redemptions will be allocated among
EMC and Millburn in proportion to the percentage of monthly average equity
managed by each trading advisor.

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 ac-
counting 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 be-
lieves that the estimates utilized in the preparation of the financial state-
ments are prudent and reasonable. Actual results could differ from those esti-
mates.

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 unrealized gains and losses are reflected in the change in unrealized prof-
it (loss) on open contracts from one period to the next in the statements of
operations. Monthly, DWR 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.
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Notes to Financial Statements--(Continued)

Treasury bills. For purposes of such interest payments, Net Assets do not in-
clude monies due the Partnership on futures interests, but not actually re-
ceived.

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.

Equity in Futures Interests Trading Accounts--The Partnership's asset "Equity
in futures interests trading accounts," reflected in the statements of finan-
cial condition consists of (A) cash on deposit with DWR, MS&Co. and MSIL to be
used as margin for trading; (B) net unrealized gains or losses on open con-
tracts, 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 con-
tracts with MS&Co. and MSIL acting as its commodity brokers. Pursuant to bro-
kerage agreements with MS&Co. and MSIL, to the extent that such trading re-
sults 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 con-
tracts 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 on a half-turn basis at 80% of DWR's published
non-member rates. Transaction fees and costs are accrued on a half-turn basis.
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 Partner-
ship's average month-end Net Assets. These include filing fees, clerical, ad-
ministrative, auditing, accounting, mailing, printing, and other incidental
operating expenses as permitted by the Limited Partnership Agreement. In addi-
tion, the Partnership incurs a monthly management fee and may incur an incen-
tive 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 busi-
ness days advance notice by redemption form to Demeter.
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Notes to Financial Statements--(Continued)

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.

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.

2. Related Party Transactions

The Partnership pays brokerage commissions to DWR as described in Note 1. The
Partnership's cash is on deposit with DWR, MS&Co., and MSIL in futures inter-
ests trading accounts to meet margin requirements as needed. DWR 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 allo-
cated to such Trading Advisor as of the end of each calendar quarter. Trading
profits represent the amount by which profits from futures, forward and op-
tions 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 incen-
tive 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 will be reduced. In those in-
stances in which a limited partner redeems Units, the incentive fee (earned
through a redemption date) is paid to such Trading Advisor on those Units re-
deemed in the month of such redemptions.

4. Financial Instruments

The Partnership trades futures and forward contracts, options on futures con-
tracts, physical commodities and other commod-
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Notes to Financial Statements--(Continued)

ity 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 inter-
est rate volatility.

In June 1998, the Financial Accounting Standards Board ("FASB") issued State-
ment of Financial Accounting Standard ("SFAS") No. 133, "Accounting for Deriv-
ative Instruments and Hedging Activities" effective for fiscal years beginning
after June 15, 2000, as amended by SFAS No. 137. The Partnership adopted the
provisions of SFAS No. 133 beginning with the fiscal year ended December 31,
1998. SFAS No. 133 superceded SFAS Nos. 119 and 105, which required the dis-
closure of average aggregate fair values and contract/notional values, respec-
tively, of derivative financial instruments for an entity that carries its as-
sets at fair value. SFAS No. 133 was further amended by SFAS No. 138, which
clarifies issues surrounding interest rate risk, foreign currency denomina-
tions, normal purchases and sales and net hedging. The application of SFAS No.
133, as amended by SFAS No. 137 and SFAS No. 138, did not have a significant
effect on the Partnership's financial statements.

SFAS No. 133 defines a derivative as a financial instrument or other contract
that has all three of the following characteristics:

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

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

The net unrealized gain on open contracts is reported as a component of
"Equity in futures interests trading accounts" on the statements of financial
condition and totaled $1,919,947 and $987,025 at December 31, 2000 and 1999,
respectively.

Of the $1,919,947 net unrealized gain on open contracts at December 31, 2000,
$1,419,017 related to exchange-traded futures contracts and $500,930 related
to off-exchange-traded forward currency contracts.

Of the $987,025 net unrealized gain on open contracts at December 31, 1999,
$957,815 related to exchange-traded futures contracts and $29,210 related to
off-exchange-traded forward currency contracts.
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Notes to Financial Statements--(Continued)

Exchange-traded futures contracts held by the Partnership at December 31, 2000
and 1999 mature through September 2001 and June 2000, respectively. Off-ex-
change-traded forward currency contracts held by the Partnership at December
31, 2000 and 1999 mature through March 2001 and March 2000, respectively.

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 DWR, 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 con-
tracts are marked to market on a daily basis, with variations in value settled
on a daily basis. DWR, MS&Co. and MSIL, each as a futures commission merchant
for all of the Partnership's exchange-traded futures and futures-styled op-
tions contracts, are required, pursuant to regulations of the Commodity
Futures Trading Commission to segregate from their own assets, and for the
sole benefit of their commodity customers, all funds held by them with respect
to exchange-traded futures and futures-styled option contracts including an
amount equal to the net unrealized gain on all open futures and futures-styled
options contracts, which funds, in the aggregate, totaled $11,250,620 and
$15,055,871 at December 31, 2000 and 1999, respectively. With respect to the
Partnership's off-exchange-traded forward currency and option contracts, there
are no daily settlements of variations in value nor is there any requirement
that an amount equal to the net unrealized gain on open forward and option
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. Legal Matters

Similar class actions were filed in 1996 in California and New York State
courts. Each of the actions were dismissed in 1999. However, the New York
State class action discussed below is still pending because plaintiffs ap-
pealed the trial court's dismissal of their case on March 3, 2000.

On September 18 and 20, 1996, purported class actions were filed in the Su-
preme Court of the State of New York, New York County, on behalf of all pur-
chasers of interests in limited partnership commodity pools sold by DWR. Named
defendants
<PAGE>

Dean Witter Global Perspective Portfolio L.P.
Notes to Financial Statements--(Concluded)

include DWR, Demeter, MSDW, certain limited partnership commodity pools of
which Demeter is the general partner and certain trading advisors to those
pools. A consolidated and amended complaint in the action pending in the Su-
preme Court of the State of New York was filed on August 13, 1997, alleging
that the defendants committed fraud, breach of fiduciary duty, and negligent
misrepresentation in the sale and operation of the various limited partnership
commodity pools. The complaints sought unspecified amounts of compensatory and
punitive damages and other relief. The New York Supreme Court dismissed the
New York action in November 1998, but granted plaintiffs leave to file an
amended complaint, which they did in early December 1998. The defendants filed
a motion to dismiss the amended complaint with prejudice on February 1, 1999.
By decision dated December 21, 1999, the New York Supreme Court dismissed the
case with prejudice. However, on March 3, 2000, plaintiffs appealed the trial
court's dismissal of their case.

<PAGE>

MORGAN STANLEY DEAN WITTER & CO.
Two World Trade Center
62nd Floor
New York, NY 10048

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