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. 33-42360
DEAN WITTER SELECT FUTURES FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3619290
(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
<PAGE>
<TABLE>
DEAN WITTER SELECT FUTURES FUND 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..13-18
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................19-20
Item 5. Other Information.................................20
Item 6. Exhibits and Reports on Form 8-K................. 21
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SELECT FUTURES FUND 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 167,323,069 154,784,007
Net unrealized gain on open contracts 5,849,370 6,477,994
Net option premiums - 18,205
Total Trading Equity 173,172,439 161,280,206
Due from DWR 752,300 409,326
Interest receivable (DWR) 599,049 533,060
Subscriptions receivable - 5,365,420
Total Assets 174,523,788 167,588,012
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 1,509,195 2,370,157
Accrued brokerage commissions (DWR) 659,487 491,315
Accrued management fees 434,266 403,858
Administrative expenses payable 110,121 123,343
Accrued transaction fees and costs 47,754 64,595
Incentive fees payable - 348,459
Total Liabilities 2,760,823 3,801,727
Partners' Capital
Limited Partners (81,123.244 and
82,132.510 Units, respectively) 168,990,796 161,174,820
General Partner (1,330.767 Units) 2,772,169 2,611,465
Total Partners' Capital 171,762,965 163,786,285
Total Liabilities and Partners' Capital 174,523,788 167,588,012
NET ASSET VALUE PER UNIT 2,083.14 1,962.38
<FN>
The accompanying footnotes are an integral part
of these financial statements.
<PAGE>
</TABLE>
<TABLE>
DEAN WITTER SELECT FUTURES FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1997 1996
$ $
<S> <C> <C>
REVENUES
Trading profit (loss):
Realized 5,198,438 (1,501,598)
Net change in unrealized 3,818,378 5,631,814
Total Trading Results 9,016,816 4,130,216
Interest Income (DWR) 1,881,794 1,445,079
Total Revenues 10,898,610 5,575,295
EXPENSES
Brokerage commissions (DWR) 2,520,442 2,394,721
Management fees 1,335,540 1,056,305
Transaction fees and costs 354,668 232,388
Administrative expenses 29,000 32,000
Total Expenses 4,239,650 3,715,414
NET INCOME 6,658,960 1,859,881
NET INCOME ALLOCATION
Limited Partners 6,555,582 1,829,258
General Partner 103,378 30,623
NET INCOME PER UNIT
Limited Partners 77.69 23.02
General Partner 77.69 23.02
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SELECT FUTURES FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 17,548,841 (2,908,270)
Net change in unrealized (628,624) (6,934,854)
Total Trading Results 16,920,217 (9,843,124)
Interest Income (DWR) 5,592,135 4,587,417
Total Revenues 22,512,352 (5,255,707)
EXPENSES
Brokerage commissions (DWR) 7,535,328 8,555,956
Management fees 3,988,231 3,375,378
Transaction fees and costs 926,221 686,894
Administrative expenses 83,000 87,000
Incentive fees 49,989 (172,663)
Total Expenses 12,582,769 12,532,565
NET INCOME (LOSS) 9,929,583 (17,788,272)
NET INCOME (LOSS) ALLOCATION
Limited Partners 9,768,879 (17,541,363)
General Partner 160,704 (246,909)
NET INCOME (LOSS) PER UNIT
Limited Partners 120.76 (185.53)
General Partner 120.76 (185.53)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SELECT FUTURES FUND 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 94,649.134 $173,965,425 $2,480,835 $176,446,260
Net Loss - (17,541,363) (246,909) <17,788,272)
Redemptions (12,249.884) (20,336,402) - (20,336,402)
Partners' Capital
September 30, 1996 82,399.250 $136,087,660 $2,233,926 $138,321,586
Partners' Capital
December 31, 1996 83,463.277 $161,174,820 $2,611,465 $163,786,285
Offering of Units 5,737.467 12,056,614 - 12,056,614
Net Income - 9,768,879 160,704 9,929,583
Redemptions (6,746.733) (14,009,517) - (14,009,517)
Partners' Capital
September 30, 1997 82,454.011 $168,990,796 $2,772,169 $171,762,965
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SELECT FUTURES FUND 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) 9,929,583 (17,788,272)
Noncash item included in net income (loss):
Net change in unrealized 628,624 6,934,854
(Increase) decrease in operating assets:
Net option premiums 18,205 17,020
Due from DWR (342,974) (653,583)
Interest receivable (DWR) (65,989) 128,167
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) 168,172 (36,844)
Accrued management fees 30,408 (92,534)
Administrative expenses payable (13,222) (30,936)
Accrued transaction fees and costs (16,841) (4,975)
Incentive fees payable (348,459) -
Net cash provided by (used for) operating activities 9,987,507 (11,527,103)
CASH FLOWS FROM FINANCING ACTIVITIES
Offering of Units 12,056,614 -
Decrease in subscriptions receivable 5,365,420 -
Increase (decrease) in redemptions payable (860,962) 1,201,781
Redemptions of units (14,009,517) (20,336,402)
Net cash provided by (used for) financing activities 2,551,555 (19,134,621)
Net increase (decrease) in cash 12,539,062 (30,661,724)
Balance at beginning of period 154,784,007 161,132,662
Balance at end of period 167,323,069 130,470,938
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER SELECT FUTURES FUND 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 10K.
1. Organization
Dean Witter Select Futures 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
(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"). Both Demeter and DWR are
wholly owned subsidiaries of Morgan Stanley, Dean Witter,
Discover & Co. ("MSDWD"). Demeter has retained EMC Capital
Management, Inc., Rabar Market Research, Inc. and Sunrise Capital
Management, Inc. as the trading advisors of the Partnership.
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.
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Following the sale, Carr became the counterparty on 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 prevailing U.S.
Treasury Bill rates. Brokerage expenses incurred by the
Partnership are paid to DWR.
3. Financial Instruments
The Partnership trades futures, options 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 SELECT FUTURES FUND 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 662,271,000 295,593,000
Commitments to Sell 77,611,000 224,416,000
Commodity Futures:
Commitments to Purchase 76,434,000 28,171,000
Commitments to Sell 54,689,000 106,936,000
Options Written - 1,299,000
Foreign Futures:
Commitments to Purchase 337,114,000 395,250,000
Commitments to Sell 518,697,000 73,489,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 60,935,000 212,000
Commitments to Sell 72,997,000 -
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 $5,849,370 and
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
$6,477,994 at September 30, 1997 and December 31, 1996
respectively. Of the $5,849,370 net unrealized gain on open
contracts at September 30, 1997, $6,278,212 was related to
exchange-traded futures contracts and ($428,842) related to off-
exchange-traded forward currency contracts. Of the $6,477,994
net unrealized gain on open contracts at December 31, 1996,
$6,477,946 related to exchange-traded futures contracts and $48
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 September
1998 and December 1997, respectively. Off-exchange-traded
forward currency contracts held at September 30, 1997 and
December 31, 1996 mature through December 1997 and January 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.
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 and options contracts are marked to market on a daily
basis, with variations in value settled on a daily basis. DWR,
as the futures commission merchant for all of the Partnership's
exchange-traded futures and options 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 and options contracts
including an amount equal to the net unrealized gain on all open
futures contracts and option contracts which funds totaled
$173,481,685 and $161,261,953 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 of such contracts,
to perform. Carr's parent, Credit Agricole Indosuez, has
guaranteed Carr's obligations to the Partnership.
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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:
September 30, 1997
Assets
Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 313,433,000
273,515,000
Options on Financial Futures 4,915,000 -
Commodity Futures 94,671,000
69,673,000 Options on Commodity Futures 3,150,000
2,326,000 Foreign Futures 343,928,000
352,549,000
Off-Exchange-Traded Forward
Currency Contracts 6,972,000
7,662,000
December 31,1996
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 352,972,000
262,469,000
Commodity Futures 90,720,000
60,672,000
Options on Commodity Futures 2,341,000
308,000
Foreign Futures 458,659,000
117,896,000
Off-Exchange-Traded Forward
Currency Contracts 9,226,000
20,258,000
<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 holds 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 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
<PAGE>
restrictions on redemptions. However, since the commencement of
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 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 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
trading revenues including interest income were $10,898,610.
<PAGE>
During the third quarter, the Partnership posted a gain in Net
Asset Value per Unit. The most significant gains were recorded
in financial futures due primarily to an upward trend in global
interest rate futures 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.
Additional currency gains were recorded from transactions
involving the French and Swiss franc. In metals, gains were
recorded from short gold futures positions as prices declined
during July. A portion of the Partnership's overall gains for
the third quarter was offset by losses recorded in the
agricultural and soft commodities markets as a result of short-
term volatile price movement in a majority of the markets traded,
particularly, corn, soybean meal and cotton futures. Smaller
losses were recorded in energies from trading heating and crude
oil futures as oil prices moved without consistent direction
during the quarter. Total expenses for the quarter were
$4,239,650, resulting in net income of $6,658,960. The value of
an individual Unit in the Partnership increased from $2,005.45 at
June 30, 1997 to $2,083.14 at September 30, 1997.
For the nine months ended September 30, 1997, the Partnership's
total trading revenues including interest income were
$22,512,352. During the first nine months of the year, the
Partnership posted a gain in Net Asset Value per Unit. The most
significant gains
<PAGE>
were recorded in the currency markets as the value of the U.S.
dollar increased relative to most world currencies during the
first and third quarters of the year. Additional gains were
recorded from long positions in global stock index futures as
prices in these markets increased during the second quarter and
July. Trading gains were also recorded from long Australian bond
futures positions during May, June, July and September, and from
long Japanese bond futures positions during the third quarter.
Smaller profits were recorded in soft commodities from long
coffee futures positions as coffee prices trended higher from
January through May. 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 steadily during the third quarter, thus resulting in
gains from long positions. In metals, losses experienced from
trading base metals futures during the second quarter more than
offset gains from trading gold and zinc futures. Total expenses
for the period were $12,582,769, resulting in net income of
$9,929,583. The value of an individual Unit in the Partnership
increased from $1,962.38 at December 31, 1996 to $2,083.14 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
trading revenues including interest income were $5,575,295.
<PAGE>
During the third quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant gains were
recorded in the financial futures markets from long Australian,
Japanese and European bond futures positions as international
bond futures prices moved steadily higher between July and
September. Additional gains were recorded in the energy markets
from long crude and heating oil futures positions as prices
trended higher throughout the quarter. These gains were
partially offset by losses experienced in the currency markets
during August from previously established short Australian dollar
positions as its value reversed higher relative to the U.S.
dollar. Additional losses were recorded from transactions
involving the Swiss franc as its value moved without consistent
direction during August and the first half of September. Gains
recorded from short Japanese yen positions as its value decreased
versus the U.S. dollar helped to mitigate currency losses for the
quarter. In other markets, smaller trading losses were recorded
in soft commodities, soybean products and copper futures as
prices moved in a trendless volatile pattern for a majority of
the quarter. Total expenses for the quarter were $3,715,414,
resulting in net income of $1,859,881. The value of an
individual Unit in the Partnership increased from $1,655.66 at
June 30, 1996 to $1,678.68 at September 30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading losses net of interest income were $5,255,707.
<PAGE>
During the first nine months of the year, the Partnership posted
a decrease in Net Asset Value per Unit. Total expenses for the
period were $12,532,565, resulting in a net loss of $17,788,272.
The value of an individual Unit in the Partnership decreased from
$1,864.21 at December 31, 1995 to $1,678.68 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, Dean Witter
Futures & Currency Management, Inc., MSDWD (all such parties
referred to hereafter as the "Dean Witter Parties"), the
Partnership, 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
including the Partnership, 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,
<PAGE>
in the course of these actions, other parties could be added as
defendants. The Dean Witter Parties believe that they and the
Partnership 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 or the Partnership.
Item 5. OTHER INFORMATION
On 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 Select Futures Fund
L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
November 6, 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 Select Futures Fund 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> 167,323,069
<SECURITIES> 0
<RECEIVABLES> 1,351,349<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 174,523,788<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 174,523,788<F3>
<SALES> 0
<TOTAL-REVENUES> 22,512,352<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 12,582,769
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 9,929,583
<INCOME-TAX> 0
<INCOME-CONTINUING> 9,929,583
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,929,583
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $599,049 and due from DWR
of $752,300.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $5,849,370.
<F3>Liabilities include redemptions payable of $1,509,195, accrued brokerage
commission of $659,487, accrued management fees of $434,266, administrative
expenses payable of $110,121 and accrued transaction fees and
costs of $47,754.
<F4>Total revenue includes realized trading revenue of $17,548,841, net
change in unrealized of $(628,624) and interest income of $5,592,135.
</FN>
</TABLE>
