UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1998 or
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period _________________to______________.
Commission File Number 0-15442
DEAN WITTER CORNERSTONE FUND IV
(Exact name of registrant as specified in its charter)
New York 13-3393597
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
No.)
c/o Demeter Management Corporation
Two World Trade Center, 62 Fl., New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 392-5454
(Former name, former address, and former fiscal year, if changed
since last report)
Indicate by check-mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
<PAGE>
<TABLE>
DEAN WITTER CORNERSTONE FUND IV
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 30, 1998
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
June 30, 1998 (Unaudited) and December 31, 1997............2
Statements of Operations for the Quarters Ended
June 30, 1998 and 1997 (Unaudited).........................3
Statements of Operations for the Six Months Ended
June 30, 1998 and 1997 (Unaudited).........................4
Statements of Changes in Partners' Capital for the
Six Months Ended June 30, 1998 and 1997
(Unaudited)................................................5
Statements of Cash Flows for the Six Months Ended
June 30, 1998 and 1997 (Unaudited).........................6
Notes to Financial Statements (Unaudited)...............7-11
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations...............12-17
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...................................18
Item 2. Changes in Securities and Use of Proceeds........18-19
Item 6. Exhibits and Reports on Form 8-K....................20
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
DEAN WITTER CORNERSTONE FUND IV
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
June 30, December 31,
1998 1997
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 116,634,568 119,181,131
Net unrealized gain on open contracts 11,738,740 1,815,112
Total Trading Equity 128,373,308 120,996,243
Interest receivable (DWR) 379,076 382,307
Total Assets 128,752,384 121,378,550
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Incentive fees payable 2,192,552 1,594,371
Redemptions payable 1,018,602 899,127
Accrued management fees 427,338 403,011
Common administrative expenses payable 123,674
72,297
Total Liabilities 3,762,166 2,968,806
Partners' Capital
Limited Partners (24,944.941 and
26,057.228 Units, respectively)121,868,915 115,575,973
General Partner (638.889 Units) 3,121,303 2,833,771
Total Partners' Capital 124,990,218 118,409,744
Total Liabilities and Partners' Capital 128,752,384 121,3
78,550
NET ASSET VALUE PER UNIT 4,885.52 4,435.47
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER CORNERSTONE FUND IV
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 8,133,849 (1,181,474)
Net change in unrealized 8,968,573 (1,179,769)
Total Trading Results 17,102,422 (2,361,243)
Interest Income (DWR) 1,127,721 1,036,775
Total Revenues 18,230,143 (1,324,468)
EXPENSES
Incentive fees 2,028,248 -
Management fees 1,177,862 1,011,085
Brokerage commissions (DWR) 735,477 752,284
Transaction fees and costs 36,848 47,546
Common administrative expenses 36,212
33,388
Total Expenses 4,014,647 1,844,303
NET INCOME (LOSS) 14,215,496 (3,168,771)
NET INCOME (LOSS) ALLOCATION
Limited Partners 13,862,708 (3,097,184)
General Partner 352,788 (71,587)
NET INCOME (LOSS) PER UNIT
Limited Partners 552.19 (112.05)
General Partner 552.19 (112.05)
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER CORNERSTONE FUND IV
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 4,527,313 17,204,603
Net change in unrealized 9,923,628 (5,601,735)
Total Trading Results 14,450,941 11,602,868
Interest Income (DWR) 2,302,693 2,048,277
Total Revenues 16,753,634 13,651,145
EXPENSES
Management fees 2,333,334 2,052,759
Incentive fees 1,618,729 -
Brokerage commissions (DWR) 1,202,871 1,478,595
Common administrative expenses 62,565
70,539
Transaction fees and costs 60,647 90,957
Total Expenses 5,278,146 3,692,850
NET INCOME 11,475,488 9,958,295
NET INCOME ALLOCATION
Limited Partners 11,187,956 9,745,978
General Partner 287,532 212,317
NET INCOME PER UNIT
Limited Partners 450.05 332.32
General Partner 450.05 332.32
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER CORNERSTONE FUND IV
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Six Months Ended June 30, 1998 and 1997
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C>
<C> <C>
Partners' Capital,
December 31, 1996 29,799.176 $93,448,822
$2,047,422 $95,496,244
Offering of Units 11.519 39,545
- - 39,545
Net Income - 9,745,978
212,317 9,958,295
Redemptions (1,954.091) (6,965,751)
- - (6,965,751)
Partners' Capital,
June 30, 1997 27,856.604 $96,268,594
$2,259,739 $98,528,333
Partners' Capital,
December 31, 1997 26,696.117 $115,575,973
$2,833,771 $118,409,744
Offering of Units 41.522 178,410
- - 178,410
Net Income - 11,187,956
287,532 11,475,488
Redemptions (1,153.809) (5,073,424)
- - (5,073,424)
Partners' Capital,
June 30, 1998 25,583.830 $121,868,915
$3,121,303 $124,990,218
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER CORNERSTONE FUND IV
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income 11,475,488 9
,958,295
Noncash item included in net income:
Net change in unrealized (9,923,628)
5,601,735
Increase (decrease) in operating assets:
Interest receivable (DWR) 3,231 (22,169)
Increase (decrease) in operating liabilities:
Incentive fees payable 598,181 -
Accrued management fees 24,327
8,146
Common administrative expenses payable 51,377
(873)
Accrued brokerage commissions (DWR)- 3,276
Accrued transaction fees and costs
- -
913
Net cash provided by operating activities 2,228,976 1
5,549,323
CASH FLOWS FROM FINANCING ACTIVITIES
Offering of units 178,410 39,545
Increase (decrease) in redemptions payable 119,475
(588,354)
Redemptions of units (5,073,424) (
6,965,751)
Net cash used for financing activities (4,775,539) (
7,514,560)
Net increase (decrease) in cash(2,546,563) 8
,034,763
Balance at beginning of period119,181,131 9
1,656,399
Balance at end of period 116,634,568 9
9,691,162
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER CORNERSTONE FUND IV
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
The financial statements include, in the opinion of management,
all adjustments necessary for a fair presentation of the results
of operations and financial condition of Dean Witter Cornerstone
Fund IV (the "Partnership"). The financial statements and
condensed notes herein should be read in conjunction with the
Partnership's December 31, 1997 Annual Report on Form 10-K.
1. Organization
The Partnership is a limited partnership organized to engage in
the speculative trading of commodity futures contracts and
forward contracts on foreign currencies (collectively, "futures
interests"). The Partnership is one of the Dean Witter
Cornerstone Funds, comprised of Dean Witter Cornerstone Fund II,
Dean Witter Cornerstone Fund III, and the Partnership. The
general partner is Demeter Management Corporation ("Demeter").
The non-clearing commodity broker is Dean Witter Reynolds Inc.
("DWR"), with an unaffiliated broker, Carr Futures Inc. ("Carr"),
providing clearing and execution services. Both Demeter and DWR
are wholly-owned subsidiaries of Morgan Stanley Dean Witter & Co.
("MSDW"). The trading advisors who make all trading decisions
for the Partnership are John W. Henry & Company, Inc. ("JWH") and
Sunrise Capital Management, Inc.
<PAGE>
DEAN WITTER CORNERSTONE FUND IV
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. Related Party Transactions
The Partnership's cash is on deposit with DWR and Carr in
commodity trading accounts to meet margin requirements as needed.
DWR pays interest on these funds based on current 13-week U.S.
Treasury bill rates. Brokerage expenses incurred by the
Partnership are paid to DWR.
3. Financial Instruments
The Partnership trades futures and forward contracts on foreign
currencies. Futures and forwards represent contracts for delayed
delivery of an instrument at a specified date and price. Risk
arises from changes in the value of these contracts and the
potential inability of counterparties to perform under the terms
of the contracts. There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility. At June 30, 1998 and
December 31, 1997, open contracts were:
Contract or Notional Amount
June 30, 1998 December 31, 1997
$ $
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 275,653,000 218,670,000
Commitments to Sell 476,596,000 427,237,000
<PAGE>
DEAN WITTER CORNERSTONE FUND IV
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
A portion of the amounts indicated as off-balance-sheet risk in
forward currency contracts is due to offsetting forward
commitments to purchase and to sell the same currency on the same
date in the future. These commitments are economically
offsetting, but are not offset in the forward market until the
settlement date.
The net unrealized gains on open contracts are reported as a
component of "Equity in Commodity futures trading accounts" on
the Statements of Financial Condition and totaled $11,738,740 and
$1,815,112 at June 30, 1998 and December 31, 1997, respectively.
The $11,738,740 and $1,815,112 of net unrealized gains on open
contracts at June 30, 1998 and December 31, 1997, respectively,
related entirely to off-exchange-traded forward currency
contracts.
Off-exchange-traded forward currency contracts held by the
Partnership at June 30, 1998 and December 31, 1997 mature through
September 1998 and April 1998, respectively.
The contract amounts in the above table represent the
Partnership's extent of involvement in a particular class of
financial instrument, but not the credit risk associated with
<PAGE>
DEAN WITTER CORNERSTONE FUND IV
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
counterparty non-performance. The credit risk associated with
these instruments is limited to the amounts reflected in the
Partnership's Statements of Financial Condition.
The Partnership also has credit risk because DWR and Carr act as
the futures commission merchants or the counterparties, with
respect to most of the Partnership's assets. Exchange-traded
futures contracts are marked to market on a daily basis, with
variations in value settled or charged to the Fund's account on a
daily basis. Each of DWR and Carr, as a futures commission
merchant for the Partnership's exchange-traded futures contracts,
is required, pursuant to regulations of the Commodity Futures
Trading Commission ("CFTC"), to segregate from their own assets,
and for the sole benefit of their commodity customers, all funds
held by them with respect to exchange-traded futures contracts,
including an amount equal to the net unrealized gain on all open
futures contracts which funds, in the aggregate, totaled
$116,634,568 and $119,181,131 at June 30, 1998 and December 31,
1997, respectively. With respect to the Partnership's off-
exchange-traded forward currency contracts, there are no daily
settlements of variations in value nor is there any requirement
that an amount equal to the net unrealized gain on open forward
contracts be segregated. With respect to those off-exchange-
<PAGE>
DEAN WITTER CORNERSTONE FUND IV
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
traded forward currency contracts, the Partnership is at risk to
the ability of Carr, the sole counterparty on all such contracts,
to perform. Carr's parent, Credit Agricole Indosuez, has
guaranteed to the Partnership payment of the net liquidating
value of the transactions in the Partnership's account with Carr
(including foreign currency contracts).
For the six months ended June 30, 1998 and the year ended
December 31, 1997, the average fair value of financial
instruments held for trading purposes was as follows:
June 30, 1998
Assets Liabilities
$ $
Off-Exchange-Traded Forward
Currency Contracts 366,770,586 502,261,702
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 34,008,000 57,577,000
Off-Exchange-Traded Forward
Currency Contracts 299,407,000 414,754,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are deposited with DWR, as
non-clearing broker and with Carr, as clearing broker in separate
futures interest trading accounts, and are used by the
Partnership as margin to engage in futures interest trading.
Such assets are held in either non-interest bearing bank accounts
or in securities approved by the CFTC for investment of customer
funds. The Partnership's assets held by DWR and Carr may be used
as margin solely for the Partnership's trading. Since the
Partnership's sole purpose is to trade in futures interests, it
is expected that the Partnership will continue to own such liquid
assets for margin purposes.
The Partnership's investment in futures interests may be
illiquid. If the price of a futures contract for a particular
commodity has increased or decreased by an amount equal to the
"daily limit," positions in the commodity can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Commodity futures prices have occasionally
moved the daily limit for several consecutive days with little or
no trading. Such market conditions could prevent the Partnership
from promptly liquidating its commodity futures positions and
result in restrictions on redemptions. The Partnership may be
subject to additional liquidity risks because it trades
exclusively in world
<PAGE>
currencies, the markets for some of which are or may become
illiquid at times.
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.
Capital Resources The Partnership does not have, nor does it
expect to have, any capital assets. Redemptions and exchanges of
Units of Limited Partnership Interest in the future will affect
the amount of funds available for investment in futures interests
in subsequent periods. Since they are at the discretion of the
Limited Partners, it is not possible to estimate the amount and
therefore, the impact of future redemptions and exchanges.
Results of Operations
For the Quarter and Six Months Ended June 30, 1998
For the quarter ended June 30, 1998, the Partnership recorded
total trading revenues including interest income of $18,230,143
and posted a gain in Net Asset Value per Unit. The most
significant gains were recorded from short South African rand
positions as its value trended sharply lower relative to the U.S.
<PAGE>
dollar during May and June despite an effort by the South African
government to prevent its currency from dropping further.
Additional currency gains were recorded from short Japanese yen
positions as the value of the yen also declined significantly
relative to other currencies during May and June amid concerns
regarding the Japanese economy. Smaller profits were recorded
from short Australian and New Zealand dollar positions during May
and June as the value of these currencies also moved lower versus
the U.S. dollar. A portion of the Partnership's profits for the
quarter was offset by losses incurred during April and May from
short German mark positions as its value moved higher relative to
the U.S. dollar following a downward move in previous months.
Smaller currency losses were experienced from short positions in
the French and Swiss francs as the value of these currencies also
moved higher versus the U.S. dollar during April. Total expenses
for the three months ended June 30, 1998 were $4,014,647,
resulting in net income of $14,215,496. The value of an
individual Unit in the Partnership increased from $4,333.33 at
March 31, 1998 to $4,885.52 at June 30, 1998.
For the six months ended June 30, 1998, the Partnership recorded
total trading revenues including interest income of $16,753,634
and posted a gain in Net Asset Value per Unit. The most
significant profits were recorded during May and June from short
South African rand positions as the value of this currency fell
significantly lower relative to the U.S. dollar. Additional
<PAGE>
gains were recorded from short New Zealand dollar positions as
its value also decreased versus the U.S. dollar during March, May
and June. Short Japanese yen positions also proved profitable as
the value of the yen weakened versus other major currencies in
reaction to the economic and political turmoil plaguing Japan.
These gains were partially offset by losses recorded during April
and May from short German mark positions as the value of the mark
reversed higher after moving lower in March. Smaller losses were
experienced from transactions involving the British pound as its
value moved without consistent direction for a majority of the
first half of the year. Total expenses for the six months ended
June 30, 1998 were $5,278,146 resulting in net income of
$11,475,488. The value of an individual Unit in the Partnership
increased from $4,435.47 at December 31, 1997 to $4,885.52 at
June 30, 1998.
For the Quarter and Six Months Ended June 30, 1997
For the quarter ended June 30, 1997, the Partnership recorded
total trading losses net of interest income of $1,324,468 and
posted a decrease in Net Asset Value per Unit. Losses were
recorded during May and June from short positions in the
Singapore dollar as its value moved higher relative to the U.S.
dollar after trending lower earlier in the year. Additional
losses were recorded during these same months from transactions
involving the New Zealand dollar. In April, transactions
involving the Swiss franc and Malaysian ringgit resulted in
additional losses as the
<PAGE>
value of these currencies moved without consistent direction.
Smaller losses were experienced during April from long positions
in the British pound as its value finished the month lower
relative to the U.S. dollar. A portion of these losses was offset
by gains recorded during April from short positions in the
Japanese yen as the value of the U.S. dollar strengthened
relative to the yen, and from long positions in the yen during
June as its value moved higher versus the U.S. dollar. Smaller
gains were recorded during June from transactions involving the
German mark. Total expenses for the three months ended June 30,
1997 were $1,844,303, resulting in a net loss of $3,168,771. The
value of an individual Unit in the Partnership decreased from
$3,649.03 at March 31, 1997 to $3,536.98 at June 30, 1997.
For the six months ended June 30, 1997, the Partnership recorded
total trading revenues including interest income of $13,651,145
and posted an increase in Net Asset Value per Unit. The most
significant trading gains were recorded from a strong upward
trend in the value of the U.S. dollar versus most other major
currencies during January and February. As a result, gains were
recorded from short positions in the Singapore dollar, most
European currencies, particularly the German mark, French and
Swiss francs, and the Japanese yen. The strengthening of the
U.S. dollar relative to the Japanese yen continued during March
and April, resulting in additional gains for the Partnership's
short yen positions. A portion of the Partnership's overall
currency gains
<PAGE>
for the first half of the year was offset by losses experienced
from transactions involving the British pound during the first
quarter. Losses were also recorded from transactions involving
the New Zealand dollar during March, May and June, and the
Australian dollar during January. Smaller losses were
experienced from trading the Malaysian ringgit as profits
recorded during March and May were more than offset by losses
experienced during April. Total expenses for the six months
ended June 30, 1997 were $3,692,850, resulting in net income of
$9,958,295. The value of an individual Unit in the Partnership
increased from $3,204.66 at December 31, 1996 to $3,536.98 at
June 30, 1997.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Previously reported. See Form 10-Q for the quarter ended March
31, 1998.
Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Dean Witter Cornerstone Fund I ("Cornerstone I"), Dean Witter
Cornerstone Fund II ("Cornerstone II"), and Dean Witter
Cornerstone III ("Cornerstone III") collectively registered
250,000 Units of Limited Partnership Interest ("Units") pursuant
to a Registration Statement on Form S-1, which became effective
on May 31, 1984 (the "Registration Statement") (SEC File Numbers
2-88587; 88587-01; 88587-02). As contemplated in the
Registration Statement, an additional fund, the Partnership,
(collectively with Cornerstone I, Cornerstone II and Cornerstone
III, the "Cornerstone Funds") was registered pursuant to Post-
Effective Amendment No. 5 to the Registration Statement, which
became effective on February 6, 1987. The managing underwriter
for the Cornerstone Funds is DWR.
The offering for the Partnership originally commenced on February
6, 1987 and currently continues, with 100,621.345 Units sold
through June 30, 1998. Through June 30, 1998, the Cornerstone
Funds have sold an aggregate of 235,407.756 Units, leaving
14,592.244 Units remaining available for sale as of July 1, 1998.
<PAGE>
The aggregate price of Units sold through June 30, 1998 with
respect to the Partnership is $168,001,174.
<PAGE>
Item 6. - EXHIBITS AND REPORTS ON FORM 8-K
Reports on Form 8-K - No such reports have
been filed for the quarter ended June 30, 1998.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dean Witter Cornerstone Fund IV
(Registrant)
By: Demeter Management Corporation
(General Partner)
August 12, 1998 By: /s/ Lewis A. Raibley, III
Lewis A. Raibley, III
Chief Financial Officer
The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean
Witter Cornerstone Fund IV and is qualified in its entirety by reference
to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<CASH> 116,634,568
<SECURITIES> 0
<RECEIVABLES> 379,076
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 128,752,384<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 128,752,384<F2>
<SALES> 0
<TOTAL-REVENUES> 16,753,635<F3>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,278,147
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 11,475,488
<INCOME-TAX> 0
<INCOME-CONTINUING> 11,475,488
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,475,488
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $11,738,740.
<F2>Liabilities include redemptions payable of $1,018,602, accrued
management fees of $427,338, common administrative expenses payable
of $123,674 and incentive fees payable of $2,192,552.
<F3>Total revenue includes realized trading revenue of $4,527,313, net
change in unrealized of $9,923,628 and interest income of $2,302,693.
</FN>
</TABLE>
