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 period ended September 30, 1995 or
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from________________to_____________
Commission file number 33-21532
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3469595
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
c/o Demeter Management Corp.
Two World Trade Center, New York, NY 62 Fl. 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
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<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 1995
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
September 30, 1995 (Unaudited) and December 31, 1994..2
Statements of Operations for the Quarters Ended
September 30, 1995 and 1994 (Unaudited)...............3
Statements of Operations for the Nine Months Ended
September 30, 1995 and 1994 (Unaudited)...............4
Statements of Changes in Partners' Capital for
the Nine Months Ended September 30, 1995 and 1994
(Unaudited)...........................................5
Statements of Cash Flows for the Nine Months Ended
September 30, 1995 and 1994 (Unaudited)...............6
Notes to Financial Statements......................7-11
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations.....................................12-19
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................20
/TABLE
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<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
<S> <C> <C>
Equity in commodity futures trading accounts:
Cash $ 17,400,805 $ 17,153,766
Net unrealized gain (loss) on open contracts (900,776) 2,530,293
Total Trading Equity 16,500,029 19,684,059
Interest receivable from DWR 59,986 76,087
Total Assets $ 16,560,015 $ 19,760,146
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable $ 131,530 $ 202,571
Accrued brokerage commissions (DWR) 124,146 148,174
Accrued management fees (DWFCM) 41,382 49,391
Accrued transaction fees and costs 7,201 3,680
Total Liabilities 304,259 403,816
Partners' Capital
Limited Partners (14,648.432 and
16,462.804 Units, respectively) 15,923,128 19,003,112
General Partner (306 Units) 332,628 353,218
Total Partners' Capital 16,255,756 19,356,330
Total Liabilities and Partners' Capital $ 16,560,015 $ 19,760,146
NET ASSET VALUE PER UNIT $ 1,087.02 $ 1,154.31
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1995 1994
<S> <C> <C>
REVENUES
Trading profit (loss):
Realized $ 70,692 $ 842,496
Net change in unrealized (1,976,952) (1,447,428)
Total Trading Results (1,906,260) (604,932)
Interest Income (DWR) 171,468 182,978
Total Revenues (1,734,792) (421,954)
EXPENSES
Brokerage fees (DWR) 400,635 432,640
Management fees (DWFCM) 133,545 144,213
Transaction fees and costs 37,015 35,293
Total Expenses 571,195 612,146
NET LOSS $ (2,305,987) $ (1,034,100)
Limited Partners (2,259,573) (1,016,359)
General Partner (46,414) (17,741)
$ (2,305,987) $ (1,034,100)
NET LOSS PER UNIT
Limited Partners $ (151.68) $ (57.98)
General Partner $ (151.68) $ (57.98)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S> <C> <C>
REVENUES
Trading profit (loss):
Realized $ 3,679,718 $ 1,081,885
Net change in unrealized (3,431,069) (965,547)
Total Trading Results 248,649 116,338
Interest Income (DWR) 626,429 509,170
Total Revenues 875,078 625,508
EXPENSES
Brokerage fees (DWR) 1,280,732 1,433,655
Management fees (DWFCM) 426,911 477,885
Transaction fees and costs 105,787 111,392
Total Expenses 1,813,430 2,022,932
NET LOSS $ (938,352) $ (1,397,424)
Limited Partners (917,762) (1,356,986)
General Partner (20,590) (40,438)
$ (938,352) $ (1,397,424)
NET LOSS PER UNIT
Limited Partners $ (67.29) $ (66.97)
General Partner $ (67.29) $ (66.97)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 1995 and 1994
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C> <C>
Partners' Capital
December 31, 1993 22,084.450 $21,990,643 $2,840,121 $24,830,764
Net Loss - (1,356,986) (40,438) (1,397,424)
Redemptions (4,727.382) (2,603,982) (2,476,121) (5,080,103)
Partners' Capital
September 30, 1994 17,357.068 $18,029,675 $ 323,562 $18,353,237
Partners' Capital
December 31, 1994 16,768.804 $19,003,112 $ 353,218 $19,356,330
Net Loss - (917,762) (20,590) (938,352)
Redemptions (1,814.372) (2,162,222) - (2,162,222)
Partners' Capital
September 30, 1995 14,954.432 $15,923,128 $ 332,628 $16,255,756
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (938,352) $ (1,397,424)
Noncash item included in net loss:
Net change in unrealized 3,431,069 965,547
(Increase) decrease in operating assets:
Interest receivable from DWR 16,101 (4,948)
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) (24,028) (51,064)
Accrued management fees (DWFCM) (8,009) (17,021)
Accrued transaction fees and costs 3,521 (860)
Net cash provided by (used for) operating activities 2,480,302 (505,770)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (71,041) (262,913)
Redemptions of units (2,162,222) (5,080,103)
Net cash used for financing activities (2,233,263) (5,343,016)
Net increase (decrease) in cash 247,039 (5,848,786)
Balance at beginning of period 17,153,766 23,489,651
Balance at end of period $17,400,805 $17,640,865
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE> DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
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. The financial statements and
condensed notes herein should be read in conjunction with the
Partnership's December 31, 1994 Annual Report on Form 10-K.
1. Organization
Dean Witter Multi-Market Portfolio L.P. (formerly Dean Witter
Principal Guaranteed Fund L.P.) (the "Partnership") is a limited
partnership organized to engage in the speculative trading of
commodity futures contracts, commodity options contracts and
forward contracts on foreign currencies.
The General Partner for the Partnership is Demeter Management
Corporation (the "General Partner"). The commodity broker is Dean
Witter Reynolds Inc. ("DWR").
The General Partner is required to maintain a 1% minimum interest
in the equity of the Partnership and income (losses) are shared by
the General and Limited Partners based upon their proportional
ownership interest.
Dean Witter Futures and Currency Management ("DWFCM"), an affiliate
of the General Partner is the sole trading advisor.
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. Summary of Significant Accounting Policies
Net Income (Loss) per Unit - Net income (loss) per unit was
computed using the weighted average number of units outstanding
during the period.
Equity in Commodity Futures Trading Accounts - The Partnership's
asset "Equity in Commodity Futures Trading Accounts" consists of
cash on deposit at DWR to be used as margin for trading and the net
asset or liability related to unrealized gains or losses on open
contracts. The asset or liability related to the unrealized gains
or losses on forward contracts is presented as a net amount because
the Partnership has a master netting agreement with DWR.
3. Related Party Transactions
The General Partner, DWFCM and DWR are all wholly owned sub-
sidiaries of Dean Witter, Discover & Co. The Partnership's cash is
on deposit with DWR 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. Management fees and
incentive fees (if any) are paid to DWFCM.
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. Off-Balance Sheet Risk
The Partnership trades futures and forward contracts in interest
rates, stock indices, commodities, currencies, petroleum and
precious metals. 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 September 30, 1995, open contracts were:
Contract or
Notional Amount
Exchange Traded Contracts:
Financial Futures:
Commitments to Purchase $ 2,353,000
Commodity Futures:
Commitments to Purchase $13,949,000
Commitments to Sell $ 4,227,000
Foreign Futures:
Commitments to Purchase $42,132,000
Commitments to Sell $23,666,000
Off Exchange Traded Contracts:
Forward Currency Contracts:
Commitments to Purchase $64,386,000
Commitments to Sell $61,857,000
A portion of the amounts indicated as off-balance sheet risk in
forward foreign 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.
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The unrealized gains and losses on open contracts are reported as
a component of "Equity in Commodity Futures Trading Accounts" on
the Statement of Financial Condition and totaled $(900,776) at
September 30, 1995. Of the $900,776 net unrealized loss on open
contracts as of September 30, 1995, $423,439 related to exchange
traded futures contracts and ($1,324,215) related to off-exchange
traded forward currency contracts.
Exchange Traded Futures Contracts held by the Partnership at
September 30, 1995 mature through June 1996. Off Exchange Traded
Forward Currency Contracts held by the Partnership at September 30,
1995 mature through November 1995.
The contract amounts in the above table represent the Partnership's
extent of involvement in the particular class of financial
instrument, but not the credit risk associated with counterparty
nonperformance. 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 the sole counterparty,
with respect to most of the Partnership's assets, is DWR. Exchange
traded futures contracts are marked to market on a daily basis,
with variations in value credited or charged to the Fund's account
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
on a daily basis. DWR, as the futures commission merchant for all
of the Partnership's exchange traded futures contracts, is required
pursuant to regulations of the Commodity Futures Trading Commission
to segregate from its own assets and for the sole benefit of its
commodity customers all funds held by DWR with respect to exchange
traded futures contracts including an amount equal to the net
unrealized gain on all open futures contracts which funds totalled
$17,824,244 at September 30, 1995. With respect to the
Partnership's off-exchange traded foreign currency forward
contracts, there are no daily settlements of variations in value.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in separate
commodity interest trading accounts with DWR, and are used by the
Partnership as margin to engage in commodity futures, options
contracts, forward contracts on foreign currencies and other
commodity interest trading. DWR holds such assets in either
designated depositories or in securities approved by the Commodity
Futures Trading Commission for investment of customer funds. The
Partnership's assets held by DWR may be used as margin solely for
the Partnership's trading. Since the Partnership's sole purpose is
to trade in commodity futures contracts, options contracts, forward
contracts on foreign currencies and other commodity interests, it
is expected that the Partnership will continue to own such liquid
assets for margin purposes.
The Partnership's investment in commodity futures and forward
contracts and other commodity interests may be illiquid. If the
price of the 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.
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 therefore subjecting it
to substantial losses. Either of these market conditions could
result in restrictions on redemptions.
Market Risk. The Partnership trades futures, options and forward
contracts in interest rates, stock indices, commodities and cur-
rencies. In entering into these contracts there exists a risk to
the Partnership (market risk) that such contracts may be sig-
nificantly influenced by market conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If
the markets should move against all of the futures interest pos-
itions held by the Partnership at the same time, and if the Trading
Advisor was unable to offset futures interest positions of the
Partnership, the Partnership could lose all of its assets. The
Partnership has established Trading Policies for liquidity and
leverage which help control market risk. Both the Trading Advisor
and the General Partner monitor the Partnership's trading activi-
ties on a daily basis to ensure compliance with the Trading
Policies. The General Partner may (under terms of the Management
Agreement) override the trading instructions of the Trading Advisor
to the extent necessary to comply with the Partnership's Trading
Policies.
Credit Risk. In addition to market risk, the Partnership is
subject to credit risk in that a counterparty may not be able to
meet its obligations to the Partnership. The counterparty of the
Partnership for futures contracts traded in the United States and
most foreign exchanges on which the Partnership trades is the
clearinghouse associated with such exchange. In general,
clearinghouses are 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 members' customers, and as such, should significantly
reduce this credit risk. In cases where the Partnership trades on
exchanges where the clearinghouse is not backed by the membership
or when the Partnership enters into off-exchange contracts with a
counterparty, the sole recourse of the Partnership will be the
clearinghouse or the counterparty as the case may be. With respect
to futures contracts, DWR, in its business as an international
commodity broker, constantly monitors the creditworthiness of the
exchanges and clearing members of the foreign exchanges with which
it does business for clients, including the Partnership. If DWR
believes that there was a problem with the credit-worthiness of an
exchange on which the Partnership deals, it would so advise the
General Partner. With respect to forward contract trading, the
Partnership trades with only those counterparties which the General
Partner, together with DWR, have determined to be creditworthy. As
set forth in the Partnership's Trading Policies, in determining
credit-worthiness, the General Partner and DWR consult with the
Corporate Credit Department of DWR. Currently, the Partnership
deals solely with DWR as its counterparty on forward contracts.
While DWR and the General Partner monitor creditworthiness and risk
involved in dealing on the various exchanges and with
counterparties, there can be no assurance that an exchange or
counterparty will be able to meet its obligations to the
Partnership.
Capital Resources. The Partnership does not have, nor does it
expect to have, any capital assets. Redemptions of units will
impact the amount of funds available for investments in commodity
futures contracts and other commodity interests. As redemptions
are at the discretion of Limited Partners, it is not possible to
estimate the amount and therefore, the impact of future
redemptions.
Results of Operations
For the Quarter and Nine Months Ended September 30, 1995
For the quarter ended September 30, 1995, the Partnership's total
trading losses net of interest income were $1,734,792. During the
third quarter, the Partnership posted a loss in Net Asset Value per
Unit. The most significant trading losses were recorded in
financial futures as global interest rate futures prices
experienced choppiness throughout the quarter. As a result of this
price volatility, losses were experienced in U.S. Treasury bond,
Treasury note and eurodollar futures, as well as in Japanese,
Australian and French government bond futures trading. In global
stock index futures, a sharp reversal in the downward trend in the
Japanese Nikkei Index during July resulted in losses for the
Partnership's previously established short Nikkei positions.
Additional losses in this complex were recorded in Australian All
Ordinaries Index futures as Australian stock prices remained in a
short-term volatile range. In agricultural futures trading, net
losses were recorded from trading the soybean products and corn as
prices remained trendless throughout the quarter. Smaller losses
were recorded in each of the energy, metals and soft commodities
complexes as prices moved in a trendless pattern for most of the
quarter. Trading gains from transactions involving the Japanese
yen were recorded during al three months of the quarter as a
downward trend in the value of the yen relative to the U.S. dollar
was evident until late September. Smaller Partnership gains were
recorded in August from transactions involving the British pound as
its value declined relative to the U.S. dollar. These gains offset
losses experienced due to a sharp reversal in European currency
values during late September. Total expenses for the period were
$571,195, resulting in a net loss of $2,305,987. The value of an
individual Unit in the Partnership decreased from $1,238.70 at June
30, 1995 to $1,087.02 at September 30, 1995.
For the nine months ended September 30, 1995, the Partnership's
total trading revenue including interest income was $875,078.
During the first three quarters of the year, the Partnership posted
a loss in Net Asset Value per Unit. The most significant losses
were recorded in agricultural futures, primarily due to a trendless
environment in soybean and corn prices. In other markets, trading
losses were experienced in metals futures as precious and base
metals prices traded within a short-term volatile pattern for most
of the year. Losses were also recorded in soft commodities and
energy futures trading due to a similar price volatility. Trading
gains were recorded in financial futures between February and May
as global bond prices trended higher. As a result, gains were
recorded in Japanese, U.S., Australian and European interest rate
futures. Additional gains within this complex were recorded from
long positions in S&P 500 Index futures as domestic stock prices
reached record highs throughout the first nine months of the year.
Currency trading also helped in offsetting a portion of the
Partnership's losses as an upward trend in the Japanese yen and
major European currencies versus the U.S. dollar occurred between
February and April. This upward trend in these foreign currencies
lost momentum during May and June. However, a declining trend in
the Japanese yen relative to the U.S. dollar occurred between July
and September resulting in net gains for the Partnership's short
yen positions during this period. Total expenses for the period
were $1,813,430 resulting in a net loss of $938,352. The value of
an individual Unit in the Partnership decreased from $1,154.31 at
December 31, 1994 to $1,087.02 at September 30, 1995.
For the Quarter and Nine Months Ended September 30, 1994
For the quarter ended September 30, 1994, the Partnership's total
trading losses net of interest income were $421,954. During the
third quarter, the Partnership posted a loss in Net Asset Value per
Unit. The most significant trading losses were recorded during
July and August in financial futures as a result of trendless price
movement in U.S. and European interest rate futures prices.
Additional losses were recorded in the energy markets as oil and
gas prices moved in a short-term volatile range during August and
September. Smaller losses were recorded for the Partnership in the
international markets as a result of losses experienced from
trading cotton, cocoa and sugar. Trading gains were recorded in
the currency markets during the third quarter as a result of
profits recorded from transactions involving the U.S. dollar versus
most major European currencies and the Canadian dollar. Additional
gains were recorded in the agricultural markets from trading
soybean products and corn futures during July and September and in
the metals markets as gains in copper offset losses resulting from
trading precious metals during the quarter. Total expenses for the
period were $612,146, resulting in a net loss of $1,034,100. The
value of an individual Unit in the Partnership decreased from
$1,115.37 at June 30, 1994 to $1,057.39 at September 30, 1994.
For the nine months ended September 30, 1994, the Partnership's
total trading revenues including interest income were $625,508.
During the first nine months of the year, the Partnership posted a
loss in Net Asset Value per Unit. The most significant losses were
recorded in the agricultural, energy and currency markets. The
majority of losses in the agricultural markets resulted from
trading in the soybean products during January, May and June. In
the energy markets, the Partnership recorded losses as a result of
gas and oil prices moving in a tight range in the first and third
quarters of the year. In the currency markets the Partnership
recorded losses due primarily to transactions involving the U.S.
dollar versus most European currencies and the Japanese yen in
January, February, April and May. Trading gains in the
international markets from trading coffee in May and June and in
the financial markets from trading U.S. and European interest
futures during March and throughout the second quarter, offset a
portion of overall losses for the first nine months of the year.
Total expenses for the period were $2,022,932 resulting in a net
loss of $1,397,424. The value of an individual Unit in the
Partnership decreased from $1,124.36 at December 31, 1993 to
$1,057.39 at September 30, 1994.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
A) Exhibits - None.
B) Reports on Form 8-K. - None.
<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 Multi-Market Portfolio
L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
November 13, 1995 By:/s/ Patti L. Behnke
Patti L. Behnke
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.
- 21 -
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary fnancial information
extracted from Dean Witter Multi Market Portfolio L.P. and is
qualified in its entirety by references to such financial
instruments.
<CIK> 0000832350
<NAME> Dean Witter Multi Market Portfolio L.P.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<CASH> 17,400,805
<SECURITIES> 0
<RECEIVABLES> 59,986
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 16,560,015<F1>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 16,560,015<F2>
<SALES> 0
<TOTAL-REVENUES> 875,078<F3>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,813,430
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (938,352)
<INCOME-TAX> 0
<INCOME-CONTINUING> (938,352)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (938,352)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>In addition to cash and receivables, total assets include net unrealized
loss on open contracts of $900,776.
<F2>Liabilities include redemptions payable of $131,530 and accrued
management fees of $41,382.
<F3>Total revenue includes realized trading revenue of $3,679,718 net change
in unrealized of ($3,431,069) and interest income of $626,429.
</FN>
</TABLE>
