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, 1997 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 No. 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, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition September 30, 1997
(Unaudited) and December 31, 1996.....................2
Statements of Operations for the Quarters Ended
September 30, 1997 and 1996 (Unaudited)...............3
Statements of Operations for the Nine Months Ended
September 30, 1997 and 1996 (Unaudited)...............4
Statements of Changes in Partners' Capital for the
Nine Months ended September 30, 1997 and 1996
(Unaudited)...........................................5
Statements of Cash Flows for the Nine Months Ended
September 30, 1997 and 1996 (Unaudited)...............6
Notes to Financial Statements (Unaudited)......... 7-12
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations..13-20
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................21-22
Item 5. Other Information.................................22
Item 6. Exhibits and Reports on Form 8-K..................23
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 9,990,190 11,906,105
Net unrealized gain on open contracts 718,993 221,008
Total Trading Equity 10,709,183 12,127,113
Interest receivable (DWR) 34,353 41,222
Due from DWR 8,623 1,628
Total Assets 10,752,159 12,169,963
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 148,719 184,964
Accrued management fees (DWFCM) 26,876 30,419
Accrued brokerage commissions (DWR) 23,686 14,948
Accrued transaction fees and costs 1,869 2,350
Total Liabilities 201,150 232,681
Partners' Capital
Limited Partners (9,588.358 and
11,539.388 Units, respectively) 10,224,701 11,628,908
General Partner (306 Units) 326,308 308,374
Total Partners' Capital 10,551,009 11,937,282
Total Liabilities and Partners' Capital 10,752,159 12,169,963
NET ASSET VALUE PER UNIT 1,066.37 1,007.76
<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,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit:
Realized 230,993 106,020
Net change in unrealized 527,615 803,643
Total Trading Results 758,608 909,663
Interest Income (DWR) 108,792 118,460
Total Revenues 867,400 1,028,123
EXPENSES
Brokerage fees (DWR) 162,331 243,148
Management fees (DWFCM) 82,085 89,822
Transaction fees and costs 14,511 16,181
Total Expenses 258,927 349,151
NET INCOME 608,473 678,972
NET INCOME ALLOCATION
Limited Partners 590,765 662,549
General Partner 17,708 16,423
NET INCOME PER UNIT
Limited Partners 57.87 53.68
General Partner 57.87 53.68
<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,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 672,180 (1,042,523)
Net change in unrealized 497,985 79,157
Total Trading Results 1,170,165 (963,366)
Interest Income (DWR) 347,867 382,915
Total Revenues 1,518,032 (580,451)
EXPENSES
Brokerage fees (DWR) 534,292 836,641
Management fees (DWFCM) 262,253 287,654
Transaction fees and costs 48,090 69,832
Total Expenses 844,635 1,194,127
NET INCOME (LOSS) 673,397 (1,774,578)
NET INCOME (LOSS) ALLOCATION
Limited Partners 655,463 (1,736,387)
General Partner 17,934 (38,191)
NET INCOME (LOSS) PER UNIT
Limited Partners 58.61 (124.80)
General Partner 58.61 (124.80)
<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, 1997 and 1996
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C> <C>
Partners' Capital
December 31, 1995 14,384.727 $15,216,606 $330,732 $15,547,338
Net Loss - (1,736,387) (38,191) (1,774,578)
Redemptions (2,005.354) (1,937,867) - (1,937,867)
Partners' Capital
September 30, 1996 12,379.373 $11,542,352 $292,541 $11,834,893
Partners' Capital
December 31, 1996 11,845.388 $11,628,908 $308,374 $11,937,282
Net Income - 655,463 17,934 673,397
Redemptions (1,951.030) (2,059,670) - (2,059,670)
Partners' Capital
September 30, 1997 9,894.358 $10,224,701 $326,308 $10,551,009
<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,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss): 673,397 (1,774,578)
Noncash item included in net income (loss):
Net change in unrealized (497,985) (79,157)
(Increase) decrease in operating assets:
Interest receivable (DWR) 6,869 17,307
Due from DWR (6,995) -
Increase (decrease) in operating liabilities:
Accrued management fee (DWFCM) (3,543) (9,637)
Accrued brokerage commissions (DWR) 8,738 (102,910)
Accrued transaction fees and costs (481) <3,158)
Net cash provided by (used for) operating activities 180,000 (1,952,133)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (36,245) (30,085)
Redemptions of units (2,059,670) (1,937,867)
Net cash used for financing activities (2,095,915) (1,967,952)
Net decrease in cash (1,915,915) (3,920,085)
Balance at beginning of period 11,906,105 14,884,093
Balance at end of period 9,990,190 10,964,008
<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, 1996 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, and forward contracts on foreign
currencies (collectively, "futures interests"). The general
partner for the Partnership is Demeter Management Corporation
("Demeter"). The commodity broker for most of the Partnership's
transactions is Dean Witter Reynolds Inc. ("DWR"). Dean Witter
Futures & Currency Management ("DWFCM"), an affiliate of Demeter,
is the sole trading advisor. Demeter, DWFCM and DWR are all
wholly owned subsidiaries of Morgan Stanley, Dean Witter,
Discover & Co. ("MSDWD").
On July 31, 1997, DWR closed the sale of its institutional
futures business and foreign currency trading operations to Carr
Futures Inc. ("Carr"), a subsidiary of Credit Agricole Indosuez.
Following the sale, Carr became the counterparty on
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Partnership's foreign currency trades. However, during a
transition period of about four months, DWR will continue to
perform certain services relating to the Partnership's futures
trading including clearance. After such transaction period, DWR
will continue to serve as a non-clearing commodity broker for the
Partnership with Carr providing all clearing services for
Partnership transactions.
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. Management fees and incentive fees
(if any) are paid to DWFCM.
3. Financial Instruments
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
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
significantly influence the market value of these contracts,
including interest rate volatility. At September 30, 1997 and
December 31, 1996, open contracts were:
Contract or Notional Amount
September 30, 1997 December 31,
1996 $ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 313,000 -
Commodity Futures:
Commitments to Purchase 5,926,000 1,887,000
Commitments to Sell 3,985,000 5,815,000
Foreign Futures:
Commitments to Purchase 15,863,000 6,889,000
Commitments to Sell 4,433,000 12,227,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 21,519,000 33,149,000
Commitments to Sell 21,183,000 42,607,000
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 $718,993 and
$221,008 at September 30, 1997 and December 31, 1996
respectively.
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Of the $718,993 net unrealized gain on open contracts at
September 30, 1997, $498,030 related to exchange-traded futures
contracts and $220,963 related to off-exchange-traded forward
currency contracts. Of the $221,008 net unrealized gain on open
contracts at December 31, 1996, $477,638 related to exchange-
traded futures contracts and $(256,630) related to off-exchange-
traded forward currency contracts.
Exchange-traded futures contracts held by the Partnership at
September 30, 1997 and December 31, 1996 mature through March
1998 and June 1997, respectively. Off-exchange-traded forward
currency contracts held by the Partnership at September 30, 1997
and December 31, 1996 mature through December 1997 and February
1997, respectively. 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 either DWR or Carr
acts as the futures commission merchant or the counterparty, 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 on a daily basis. DWR, as the
futures
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
commission merchant for all of the Partnership's exchange-traded
futures contracts, is required pursuant to regulations of the
Commodity Futures Trading Commission ("CFTC") 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
totaled $10,388,455 and $12,383,743 at September 30, 1997 and
December 31, 1996 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-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 Carr's obligations to the
Partnership.
For the nine months ended September 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
<PAGE>
DEAN WITTER MULTI-MARKET PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
September 30, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 3,475,000 13,821,000
Commodity Futures 4,155,000 4,783,000
Foreign Futures 13,269,000 8,630,000
Off-Exchange-Traded Forward
Currency Contracts 20,901,000 30,029,000
December 31, 1996
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 15,388,000 9,495,000
Commodity Futures 8,258,000 4,820,000
Foreign Futures 22,868,000 8,490,000
Off-Exchange-Traded Forward
Currency Contracts 38,167,000 42,948,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in futures
interest trading accounts with DWR and Carr, and are used by the
Partnership as margin to engage in futures interest trading. DWR
and Carr hold such assets in either designated depositories 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, from time
to time, be illiquid. Most United States futures exchanges limit
fluctuations in certain futures interest prices during a single
day by regulations referred to as "daily price fluctuations
limits" or "daily limits". Pursuant to such regulations, during
a single trading day no trades may be executed at prices beyond
the daily limit. If the price of a particular futures interest
has increased or decreased by an amount equal to the "daily
limit", positions in such futures interest can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Futures interest 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 futures interests and result in
restrictions on redemptions. However, since the commencement of
<PAGE>
trading by the Partnership, there has never been a time when
illiquidity has affected a material portion of the Partnership's
assets.
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.
Capital Resources - The Partnership does not have, nor does it
expect to have, any capital assets. Redemptions of
additional Units of Limited Partnership Interest in the future
will affect the amount of funds available for investments in
futures interests in subsequent periods. As redemptions are at
the discretion of the 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, 1997
For the quarter ended September 30, 1997, the partnership's total
revenues including interest income were $867,400. During the
third quarter, the Partnership posted a gain in Net Asset Value
<PAGE>
per Unit. The most significant gains were recorded in financial
futures due primarily to an upward trend in global interest rate
futures prices during July and September. Smaller profits were
recorded in global stock index futures from short Nikkei Index
futures during the quarter. In the currency markets, gains were
recorded during July from short German mark positions as the
value of the U.S. dollar increased versus the German mark.
During August, the value of the German mark increased versus the
U.S. dollar, resulting in losses for the Partnership. This upward
price move resulted in new long German mark positions, which
profited during September. Additional currency gains were
recorded from transactions involving the Malaysian ringgit,
Australian dollar and Swedish krona. A portion of these currency
gains was offset by losses experienced from transactions
involving the British pound and Japanese yen. In the energy
markets, gains were recorded from long natural gas positions as
prices increased during August and September. In metals, gains
were recorded from long zinc futures during July and long silver
futures positions during September. Gains were also recorded
from short copper futures positions during August and September.
Trading losses in aluminum futures during August offset a portion
of these gains. In soft commodities and agricultural markets,
losses were recorded as a result of short-term volatile price
movement in a majority of the markets traded, particularly,
cocoa, cotton and corn futures. Total expenses for the quarter
<PAGE>
were $258,927, resulting in a net income of $608,473. The value
of an individual Unit in the Partnership increased from $1,008.50
at June 30, 1997 to $1,066.37 at September 30, 1997.
For the nine months ended September 30, 1997, the partnership's
total trading revenues including interest income were $1,518,032.
During the first three-quarters of year, the Partnership posted a
gain in Net Asset Value per Unit. The most significant trading
gains were recorded in the currency markets as a result of a
strengthening in the value of the U.S. dollar relative to most
major currencies during the period January through April.
Additional currency gains were recorded during the third quarter
from transactions involving the German mark, Malaysian ringgit,
Swedish knona and Australian dollar. A portion of these gains
was offset by losses from transactions involving the British
pound and Canadian dollar during February, March and May. In
metals, gains experienced from short gold futures positions in
January and July from long zinc futures positions in July and
long silver futures positions in September more than offset
losses recorded from base metals futures during the second
quarter. A portion of the Partnership's overall gains for the
first nine months of the year was offset by losses from trading
energy futures as oil and gas prices moved without consistent
direction for a majority of the year. One exception in the
energy complex was natural gas futures prices, which increased
during the third quarter, thus resulting in gains from long
<PAGE>
positions. In soft commodities, losses recorded from trading
cocoa, cotton and sugar futures during the third quarter offset
profits recorded during the first half of the year from long
coffee futures positions. In agricultural markets, losses were
recorded from trading corn futures during the third quarter and
soybean oil during the first half of the year. In financial
futures, trading gains recorded from short Nikkei Index and long
global interest rate futures during the third quarter more than
offset the losses experienced in global interest rate futures as
a result of short-term price volatility during the first four
months of the year. Total expenses for the period were $844,635
resulting in net income of $673,397. The value of an individual
Unit in the Partnership increased from $1,007.76 at December 31,
1996 to $1,066.37 at September 30, 1997.
For the Quarter and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
revenues including interest income were $1,028,123. During the
third quarter, the Partnership posted an increase in Net Asset
Value per Unit. The most significant trading gains were recorded
in the financial futures markets from long Australian, European
and Japanese bond futures positions as global interest rate
futures prices moved steadily higher between July and September.
Additional gains were recorded in the energy markets from long
positions in crude, heating and gas oil futures as prices in
these markets trended higher throughout the quarter. Gains were
also
<PAGE>
recorded in metals as a downward move in aluminum futures prices
during September resulted in gains from previously established
short positions. A portion of the overall gains for the quarter
was offset by losses experienced in the agricultural currency and
soft commodities markets. In the agricultural markets, losses
were recorded as soybean and corn futures prices moved in an
inconsistent pattern during most of the quarter. Additional
losses were recorded in the currency markets during August from
short Australian dollar positions as its value reversed higher
relative to the U.S. dollar and other world currencies and from
short Japanese yen positions as its value increased sharply
during late August. In soft commodities, losses were recorded as
a result of trendless movement in cotton and coffee prices
throughout most of the quarter. Expenses are not comparable to
the prior year period and increased in September 1995
commensurate with the increase in assets traded resulting from
additional offering of units in September 1995. Total expenses
for the quarter were $349,151, resulting in net income of
$678,972. The value of an individual Unit in the Partnership
increased from $902.34 at June 30, 1996 to $956.02 at September
30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading losses net of interest income were $580,451.
During the first nine months, the Partnership posted a decrease
in Net Asset Value per Unit. The most significant losses were
recorded in soft commodities as a result of choppy price movement
in
<PAGE>
coffee, cotton and cocoa futures during a majority of the first
nine months of the year. Additional losses were recorded in the
agricultural markets as a result of trendless price movement in
soybean products during the first and third quarters of the year.
Gains from long corn and wheat futures positions during the
second quarter offset a portion of these losses. In financial
futures trading, losses were recorded as a result of short-term
volatile movement in global stock index futures prices during the
first nine months of the year. In interest rate futures, gains
experienced during the third quarter from long Australian and
European bond futures positions more than offset losses recorded
during the first half of the year in U.S. and Japanese interest
rate futures. In the currency markets, losses were recorded
during February as a result of a sharp and sudden trend reversal
in the previous downward move in the value of the Japanese yen
and most European currencies, which had resulted in gains during
January. Smaller currency losses were recorded from transactions
involving the Canadian dollar. Trading gains experienced from
transactions involving the German mark relative to the U.S.
dollar and other world currencies during April and July helped to
mitigate currency losses. A portion of overall losses during the
first nine months of the year was offset by gains from short
aluminum futures positions as prices declined sharply during
September. These gains, coupled with smaller profits from
trading gold, more than offset losses experienced in silver and
other base metals during the first half of the year. Gains
experienced during the third quarter in the energy markets from a
strong
<PAGE>
upward move in heating, gas and crude oil futures prices more
than offset losses experienced from trading unleaded gas futures
earlier in the year. Total expenses for the period were
$1,194,127, resulting in a net loss of $1,774,578. The value of
an individual Unit in the Partnership decreased from $1,080.82 at
December 31, 1995 to $956.02 at September 30, 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
On September 6, 10, and 20, 1996, and on March 13, 1997, similar
purported class actions were filed in the Superior Court of the
State of California, County of Los Angeles, on behalf of all
purchasers of interests in limited partnership commodity pools
sold by DWR. Named defendants include DWR, Demeter, DWFCM, MSDWD
(all such parties referred to hereafter as the "Dean Witter
Parties"), certain other limited partnership commodity pools of
which Demeter is the general partner, and certain trading
advisors to those pools. On June 16, 1997, the plaintiffs in the
above actions filed a consolidated amended complaint. Similar
purported class actions were also filed on September 18 and 20,
1996 in the Supreme Court of the State of New York, New York
County, and on November 14, 1996 in the Superior Court of the
State of Delaware, New Castle County, against the Dean Witter
Parties and certain trading advisors on behalf of all purchasers
of interests in various limited partnership commodity pools sold
by DWR. Generally, these complaints allege, among other things,
that the defendants committed fraud, deceit, misrepresentation,
breach of fiduciary duty, fraudulent and unfair business
practices, unjust enrichment, and conversion in connection with
the sale and operation of the various limited partnership
commodity pools. The complaints seek unspecified amounts of
compensatory and punitive damages and other relief. It is
possible that additional similar actions may be filed and that,
in the course of these actions, other parties could be added as
<PAGE>
defendants. The Dean Witter Parties believe that they have
strong defenses to, and they will vigorously contest, the
actions. Although the ultimate outcome of legal proceedings
cannot be predicted with certainty, it is the opinion of
management of the Dean Witter Parties that the resolution of the
actions will not have a material adverse effect on the financial
condition or the results of operations of any of the Dean Witter
Parties.Item 5. OTHER INFORMATIONOn July 21, 1997, MSDWD, the
sole shareholder of Demeter, appointed a new Board of Directors
consisting of Richard M. DeMartini, Mark J. Hawley, Lawrence
Volpe, Joseph G. Siniscalchi, Edward C. Oelsner III, and Robert
E. Murray.
<PAGE>
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
Fund L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
November 10, 1997 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.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
Dean Witter Multi Market Portfolio L.P. and is qualified in its entirety
by reference to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<CASH> 9,990,190
<SECURITIES> 0
<RECEIVABLES> 42,976<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,752,159<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 10,752,159<F3>
<SALES> 0
<TOTAL-REVENUES> 1,518,032<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 844,635
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 673,397
<INCOME-TAX> 0
<INCOME-CONTINUING> 673,397
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 673,397
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $34,353 and due from DWR of
$8,623.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $718,993.
<F3>Liabilities include redemptions payable of $148,719 and accrued management
fees of $26,876, accrued brokerage commissions of $23,686 and accrued
transaction fees and costs of $1,869.
<F4>Total revenue includes realized trading revenue of $672,180, net change
in unrealized of $497,985 and interest income of $347,867.
</FN>
</TABLE>
