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 June 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 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 SELECT FUTURES FUND L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
June 30, 1997 (Unaudited) and December 31, 1996......2
Statements of Operations for the Quarters Ended
June 30, 1997 and 1996 (Unaudited)...................3
Statements of Operations for the Six Months Ended
June 30, 1997 and 1996 (Unaudited)...................4
Statements of Changes in Partners' Capital for the
Six Months Ended June 30, 1997 and 1996
(Unaudited)..........................................5
Statements of Cash Flows for the Six Months Ended
June 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>
June 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 169,363,685 154,784,007
Net unrealized gain on open contracts 2,030,992 6,477,994
Net option premiums - 18,205
Total Trading Equity 171,394,677 161,280,206
Due from DWR 745,907 409,326
Interest receivable (DWR) 615,659 533,060
Subscriptions receivable -
5,365,420
Total Assets 172,756,243 167,588,012
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 1,570,511 2,370,157
Accrued brokerage commissions (DWR) 763,838 491,315
Accrued management fees 429,593 403,858
Administrative expenses payable 106,326 123,343
Accrued transaction fees and costs 48,940 64,595
Incentive fees payable - 348,459
Total Liabilities 2,919,208 3,801,727
Partners' Capital
Limited Partners (83,356.842 and
82,132.510 Units, respectively) 167,168,244 161,174,820
General Partner (1,330.767 Units) 2,668,791 2,611,465
Total Partners' Capital 169,837,035 163,786,285
Total Liabilities and Partners' Capital172,756,243 167,588,012
NET ASSET VALUE PER UNIT 2,005.45 1,962.38
<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 Quarters Ended June 30,
1997 1996
$ $
<S> <C> <C>
REVENUES
Trading profit (loss):
Realized (1,555,509) 4,208,905
Net change in unrealized (8,238,137) 802,188
Total Trading Results (9,793,646) 5,011,093
Interest Income (DWR) 1,924,693 1,544,911
Total Revenues (7,868,953) 6,556,004
EXPENSES
Brokerage commissions (DWR) 2,459,279 2,753,504
Management fees 1,300,665 1,118,234
Transaction fees and costs 276,600 195,266
Administrative fees 27,000 24,000
Total Expenses 4,063,544 4,091,004
NET INCOME (LOSS) (11,932,497) 2,465,000
NET INCOME (LOSS) ALLOCATION
Limited Partners (11,749,366)
2,429,154
General Partner
(183,131) 35,846
NET INCOME (LOSS) PER UNIT
Limited Partners
(137.62) 26.93
General Partner
(137.62) 26.93
<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 Six Months Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 12,350,402 (1,406,672)
Net change in unrealized (4,447,002) (12,566,668)
Total Trading Results 7,903,400 (13,973,340)
Interest Income (DWR) 3,710,340 3,142,338
Total Revenues 11,613,740 (10,831,002)
EXPENSES
Brokerage commissions (DWR) 5,014,886 6,161,235
Management fees 2,652,691 2,319,074
Transaction fees and costs 571,552 454,505
Administrative fees 54,000 55,000
Incentive fees 49,988 (172,663)
Total Expenses 8,343,117 8,817,151
NET INCOME (LOSS) 3,270,623 (19,648,153)
NET INCOME (LOSS) ALLOCATION
Limited Partners 3,213,297
(19,370,621)
General Partner
57,326 (277,532)
NET INCOME (LOSS) PER UNIT
Limited Partners
43.07 (208.55)
General Partner
43.07 (208.55)
<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 Six Months Ended June 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 - (19,370,621) (277,532)
(19,648,153)
Redemptions (7,968.876) (13,284,758) -
(13,284,758)
Partners' Capital,
June 30, 1996 86,680.258 $141,310,046 $2,203,303
$143,513,349
Partners' Capital,
December 31, 1996 83,463.277 $161,174,820 $2,611,465
$163,786,285
Subscriptions 5,737.467 12,056,614 - 12,056,614
Net Income - 3,213,297 57,326
3,270,623
Redemptions (4,513.135) (9,276,487) -
(9,276,487)
Partners' Capital,
June 30, 1997 84,687.609 $167,168,244 $2,668,791
$169,837,035
<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 Six Months Ended June 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) 3,270,623
(19,648,153)
Noncash item included in net income (loss):
Net change in unrealized 4,447,002 1
2,566,668
(Increase) decrease in operating assets:
Due from DWR (336,581) 451,071
Interest receivable (DWR) (82,599) (
326,378)
Net option premiums 18,205 (9,580)
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR)272,523 (
303,787)
Accrued management fees 25,735 (80,432)
Administrative expenses payable (17,017) (62,937)
Accrued transaction fees and costs(15,655) (9,926)
Incentive fees payable (348,459)
- -
Net cash provided by (used for) operating activities 7,233,777
(7,423,454)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in subscriptions receivable5,365,420 -
Offering of units 12,056,614 -
Increase (decrease) in redemptions payable (799,646) 838,784
Redemptions of units (9,276,487)
(13,284,758)
Net cash provided by (used for) financing activities 7,345,901
(12,445,974)
Net increase (decrease) in cash 14,579,678 (
19,869,428)
Balance at beginning of period 154,784,007
161,132,662
Balance at end of period 169,363,685 1
41,263,234
<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 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.
2. Related Party Transactions
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 prevailing U.S. Treasury Bill
rates. Brokerage expenses incurred by the Partnership are paid
to DWR.
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
significantly influence the market value of these contracts,
including interest rate volatility. At June 30, 1997 and
December 31, 1996, open contracts were:
Contract or Notional Amount
June 30, 1997 December 31, 1996
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 478,683,437 295,593,000
Commitments to Sell 91,503,130 224,416,000
Commodity Futures:
Commitments to Purchase 26,550,503 28,171,000
Commitments to Sell 183,847,686 106,936,000
Options Written - 1,299,000
Foreign Futures:
Commitments to Purchase 614,146,251 395,250,000
Commitments to Sell 201,961,488 73,489,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase - 212,000
Commitments to Sell 395,962 -
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
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 $2,030,992 and
$6,477,994 at June 30, 1997 and December 31, 1996 respectively.
Of the $2,030,992 net unrealized gain on open contracts at June
30, 1997, $2,035,009 was related to exchange-traded futures
contracts and $(4,017) related to off-exchange-traded forward
currency con-tracts. 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 June
30, 1997 and December 31, 1996 mature through June 1998 and
December 1997, respectively. Off-exchange-traded forward
currency contracts held at June 30, 1997 and December 31, 1996
mature through July 1997 and January 1997, respectively. The
contract
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 DWR acts as the
futures commission merchant or the sole 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
$171,398,694 and $161,261,953 at June 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
<PAGE>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 DWR, the
counterparty on all of such contracts, to perform.
For the six months ended June 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
June 30, 1997
Assets
Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 192,229,000
315,464,000
Options on Financial Futures 3,680,000 -
Commodity Futures 111,703,000
77,675,000 Options on Commodity Futures 4,500,000
3,323,000 Foreign Futures 386,594,000
249,132,000
Off-Exchange-Traded Forward
Currency Contracts 247,000
225,000
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>
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
4. Subsequent Event
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 the
Partnership's foreign currency trades. However, during a
transition period of about three months, DWR will continue
to perform certain services relating to the Partnership's futures
trading including clearance. After such transition period, DWR
will continue to serve as a futures broker for the Partnership
with Carr providing execution and clearing services for the
Partnership's account.
<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 are used by the
Partnership as margin to engage in futures interest trading. DWR
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 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 and sales 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 Six Months Ended June 30, 1997
For the quarter ended June 30, 1997, the Partnership's total
trading losses net of interest income were $7,868,953. During
<PAGE>
the second quarter, the Partnership posted a decrease in Net
Asset Value per Unit. The most significant losses were recorded
during April from short U.S. interest rate futures positions as
U.S. bond prices moved higher after trending lower previously.
Additional losses were recorded throughout the quarter from short-
term price volatility in European and Japanese bond futures. A
portion of these losses was offset by gains from long positions
in Australian bond and global stock index futures as prices in
these markets trended higher during May and June. Trendless
price movement in oil and gas prices throughout the quarter
resulted in losses within the energy markets. In metals, losses
were recorded from long positions in most base metals futures as
prices declined during April and June after trending higher
during the first quarter. In currency trading , losses from
trendless movement in the value of the British pound and Swiss
franc relative to the U.S. dollar more than offset currency gains
recorded during April and June from transactions involving the
Japanese yen. Total expenses for the quarter were $4,063,544
resulting in a net loss of $11,932,497. The value of an
individual Unit in the Partnership decreased from $2,143.07 at
March 31, 1997 to $2,005.45 at June 30, 1997.
For the six months ended June 30, 1997, the Partnership's total
trading revenues including interest income were $11,613,740.
During the first six months, the Partnership posted an increase
in Net Asset Value per Unit. The most significant gains were
recorded in the currency markets during January and February as
<PAGE>
the value of the U.S. dollar strengthened relative to most major
European currencies and the Japanese yen. Additional gains were
recorded from long coffee futures positions as coffee prices
trended higher from January through May. In the agricultural
markets, profits were recorded from long soybean and corn futures
positions as prices in these markets also trended higher during
February and March. A portion of the Partnership's overall gains
was offset by losses from trendless price movement in Japanese
and European interest rate futures, as well as in energy futures,
during the first half of the year. Smaller losses recorded in
metals, due primarily to inconsistent price movement in aluminum
futures, were partially offset by profits from short gold futures
positions, as gold prices moved sharply lower during January and
June. Total expenses for the period were $8,343,117, resulting
in net income of $3,270,623. The value of an individual Unit in
the Partnership increased from $1,962.38 at December 31, 1996 to
$2,005.45 at June 30, 1997.
For the Quarter and Six Months Ended June 30, 1996
For the quarter ended June 30, 1996, the Partnership's total
trading revenues including interest income were $6,556,004.
During the second quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant trading gains
were recorded in the energy markets during June as long natural
gas futures positions profited from an upward price move.
Additional gains were recorded from long positions in crude oil
futures during April, and to a lesser extent during June, as oil
prices
<PAGE>
also experienced an upward move. In currency trading, short
positions in the German mark and Swiss franc profited during
April as the value of these currencies moved lower versus other
major world currencies. In agricultural futures trading, gains
were recorded from long positions in corn futures as prices
increased during April and early May. Additional gains were
recorded in metals as short copper futures positions profited as
prices plunged during June on news of significant losses incurred
in copper by Sumitomo Corporation. These gains were partially
offset by losses recorded in financial futures trading as non-
U.S. interest rate futures prices, particularly Australian and
Japanese
interest rate futures, moved in a trendless pattern throughout
the quarter. Smaller losses were recorded in global stock index
futures as prices were choppy during May and June. Total
expenses for the quarter were $4,091,004, resulting in net income
of $2,465,000. The value of an individual Unit in the
Partnership increased from $1,628.73 at March 31, 1996 to
$1,655.66 at June 30, 1996.
For the six months ended June 30, 1996, the partnership's total
trading losses net of interest income were $10,831,002. During
the first half of the year, the Partnership posted a decrease in
Net Asset Value per Unit. The most significant losses were
experienced in global interest rate futures trading during
February, as the previous upward price trend that was profitable
in late 1995 and January 1996, reversed sharply lower. As a
result, losses were recorded from previously established long
<PAGE>
positions in U.S. and European interest rate futures. Smaller
losses were recorded in non-U.S. bond futures from March through
June as trendless price movement followed. Losses were also
recorded in global stock index futures as choppy price movement
was experienced during March, May and June. In other markets,
losses were recorded from soft commodities trading as sugar and
coffee prices moved in a trendless pattern throughout a majority
of the year. Smaller losses were recorded from metals and energy
futures trading as short-term price volatility was experienced
early in the first quarter. These losses were partially offset
by gains recorded in the currency markets from short Japanese yen
positions during January and March as the value of the yen
declined versus the U.S. dollar. Additional gains were recorded
from short German mark and Swiss franc positions, as the value of
these currencies moved lower relative to other world currencies
during April, and from long Australian dollar positions, as its
value moved higher during March. Total expenses for the period
were $8,817,151, resulting in a net loss of $19,648,153. The
value of an individual Unit in the Partnership decreased from
$1,864.21 at December 31, 1995 to $1,655.66 at June 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)
August 7, 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
references to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<CASH> 169,363,685
<SECURITIES> 0
<RECEIVABLES> 1,361,566<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 172,756,243<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 172,756,243<F3>
<SALES> 0
<TOTAL-REVENUES> 11,613,740<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,343,117
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,270,623
<INCOME-TAX> 0
<INCOME-CONTINUING> 3,270,623
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,270,623
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $615,659 and due from
DWR of $745,907.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $2,030,992.
<F3>Liabilities include redemptions payable of $1,570,511, accrued brokerage
commission of $763,838, accrued management fees of $429,593, accrued
administrative expenses of $106,326 and accrued transaction fees and
costs of $48,940.
<F4>Total revenues include realized trading revenue of $12,350,402, net
change in unrealized of $(4,447,002) and interest income of $3,710,340.
</FN>
</TABLE>
