UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1998 or
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission File No. 0-19901
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3642323
(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 GLOBAL PERSPECTIVE PORTFOLIO L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 30, 1998
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<S> <C>
Statements of Financial Condition June 30, 1998
(Unaudited) and December 31, 1997.....................2
Statements of Operations for the Quarters Ended
June 30, 1998 and 1997 (Unaudited)....................3
Statements of Operations for the Six Months Ended
June 30, 1998 and 1997 (Unaudited)....................4
Statements of Changes in Partners' Capital for the
Six Months Ended June 30, 1998 and 1997
(Unaudited)...........................................5
Statements of Cash Flows for the Six Months Ended
June 30, 1998 and 1997 (Unaudited)....................6
Notes to Financial Statements (Unaudited)..........7-11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations..12-17
Part II. OTHER INFORMATION
Item 1. Legal Proceedings.................................18
Item 6. Exhibits and Reports on Form 8-K..................19
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
June 30, December 31,
1998 1997
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 17,493,666 19,685,194
Net unrealized gain on open contracts 595,988 1,204,698
Net option premiums 59,019 53,391
Total Trading Equity 18,148,673 20,943,283
Due from DWR 210,382 204,727
Interest receivable (DWR) 60,138 73,624
Total Assets 18,419,193 21,221,634
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 277,345 199,785
Accrued management fees 46,009 53,054
Administrative expenses payable 15,335 -
Total Liabilities 338,689 252,839
Partners' Capital
Limited Partners (19,373.296 and
20,963.193 Units, respectively) 17,436,132 20,276,293
General Partner (715.962 Units) 644,372 692,502
Total Partners' Capital 18,080,504 20,968,795
Total Liabilities and Partners' Capital 18,419,193 21,221,634
NET ASSET VALUE PER UNIT 900.01 967.23
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (561,363) 935,933
Net change in unrealized (345,763) (797,314)
Total Trading Results (907,126) 138,619
Interest Income (DWR) 187,915 226,840
Total Revenues (719,211) 365,459
EXPENSES
Brokerage commissions (DWR) 311,720 415,206
Management fees 139,734 167,381 T
ransaction fees and costs 51,792 50,076
Administrative expenses 11,616 13,913
Incentive fees - 17,305
Total Expenses 514,862 663,881
NET LOSS (1,234,073) (298,422)
NET LOSS ALLOCATION
Limited Partners (1,192,439) (290,024)
General Partner (41,634) (8,398)
NET LOSS PER UNIT
Limited Partners
(58.15) (11.73)
General Partner
(58.15) (11.73)
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (121,477) 3,635,236
Net change in unrealized (608,710) (382,951)
Total Trading Results (730,187) 3,252,285
Interest Income (DWR) 395,570 456,140
Total Revenues (334,617) 3,708,425
EXPENSES
Brokerage commissions (DWR) 653,052 790,816
Management fees 296,778 345,198
Transaction fees and costs 117,758 104,261
Administrative expenses 24,670 28,694
Incentive fees - 17,305
Total Expenses 1,092,258 1,286,274
NET INCOME (LOSS) (1,426,875) 2,422,151
NET INCOME (LOSS) ALLOCATION
Limited Partners
(1,378,745) 2,351,671
General Partner
(48,130) 70,480
NET INCOME (LOSS) PER UNIT
Limited Partners
(67.22) 98.44
General Partner
(67.22) 98.44
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Six Months Ended June 30, 1998 and 1997
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C>
<C>
Partners' Capital,
December 31, 1996 24,873.763 $21,020,037 $622,968
$21,643,005
Net Income - 2,351,671 70,480
2,422,151
Redemptions (1,849.581) (1,764,974) -
(1,764,974)
Partners' Capital,
June 30, 1997 23,024.182 $21,606,734 $693,448
$22,300,182
Partners' Capital,
December 31, 1997 21,679.155 $20,276,293 $692,502
$20,968,795
Net Loss - (1,378,745) (48,130)
(1,426,875)
Redemptions (1,589.897) (1,461,416) -
(1,461,416)
Partners' Capital,
June 30, 1998 20,089.258 $17,436,132 $644,372
$18,080,504
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) (1,426,875) 2
,422,151
Noncash item included in net income (loss):
Net change in unrealized 608,710 382,951
(Increase) decrease in operating assets:
Net option premiums (5,628) 54,652
Due from DWR (5,655) 89,336
Interest receivable (DWR) 13,486 (330)
Increase (decrease) in operating liabilities:
Accrued management fees (7,045) 1,079
Administrative expenses payable 15,335 (12,580)
Accrued brokerage commissions (DWR)- 91
Accrued transaction fees and costs - (
3,094)
Net cash provided by (used for) operating activities (807,672)
2,934,256
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in redemptions payable77,560 (
226,837)
Redemptions of units (1,461,416) (
1,764,974)
Net cash used for financing activities (1,383,856) (
1,991,811)
Net increase (decrease) in cash (2,191,528) 942,445
Balance at beginning of period 19,685,194 2
0,791,474
Balance at end of period 17,493,666 2
1,733,919
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE 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 of Dean Witter Global
Perspective Portfolio L.P. (the "Partnership"). The financial
statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 1997 Annual
Report on Form 10-K.
1. Organization
Dean Witter Global Perspective Portfolio L.P. is a limited
partnership organized to engage in the speculative trading of
commodity futures contracts, commodity options contracts and
forward contracts (collectively, "futures interests"). The
general partner is Demeter Management Corporation ("Demeter").
The non-clearing commodity broker is Dean Witter Reynolds Inc.
("DWR"), with an unaffiliated clearing commodity broker, Carr
Futures Inc. ("Carr"), providing clearing and execution services.
Both Demeter and DWR are wholly-owned subsidiaries of Morgan
Stanley Dean Witter & Co. ("MSDW"). Demeter has retained ELM
Financial, Inc., EMC Capital Management, Inc., and Millburn
Ridgefield Corporation as the trading advisors of the
Partnership.
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.
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DWR pays interest on these funds based on current 13-week U.S.
Treasury bill rates. Brokerage expenses incurred by the
Partnership are paid to DWR.
3. Financial Instruments
The Partnership trades futures, options and forward contracts in
interest rates, stock indices, commodities and currencies.
Futures and forwards represent contracts for delayed delivery of
an instrument at a specified date and price. Risk arises from
changes in the value of these contracts and the potential
inability of counterparties to perform under the terms of the
contracts. There are numerous factors which may significantly
influence the market value of these contracts, including interest
rate volatility. At June 30, 1998 and December 31, 1997, open
contracts were:
Contract or Notional Amount
June 30, 1998 December 31, 1997
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 63,498,000 62,649,000
Commitments to Sell 14,716,000 13,651,000
Options Written 5,610,000 -
Commodity Futures:
Commitments to Purchase 4,419,000 2,824,000
Commitments to Sell 6,511,000 15,049,000
Foreign Futures:
Commitments to Purchase 86,923,000 113,061,000
Commitments to Sell 125,804,000 29,346,000
Options Written 663,000 -
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 26,987,000 25,431,000
Commitments to Sell 39,509,000 37,596,000
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO 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 $595,988 and
$1,204,698 at June 30, 1998 and December 31, 1997, respectively.
Of the $595,988 net unrealized gain on open contracts at June 30,
1998, $751,727 related to exchange-traded futures contracts and
$(155,739) related to off-exchange-traded forward currency
contracts.
Of the $1,204,698 net unrealized gain on open contracts at
December 31, 1997, $1,259,832 related to exchange-traded futures
contracts and $(55,134) related to off-exchange-traded forward
currency contracts.
Exchange-traded futures contracts held by the Partnership at June
30, 1998 and December 31, 1997 mature through March 1999 and
December 1998, respectively. Off-exchange-traded forward
currency contracts held by the Partnership at June 30, 1998 and
December
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
31, 1997 mature through September 1998 and March 1998,
respectively.
The contract amounts in the above table represent the
Partnership's extent of involvement in a particular class of
financial instrument, but not the credit risk associated with
counterparty non-performance. The credit risk associated with
these instruments is limited to the amounts reflected in the
Partnership's Statements of Financial Condition.
The Partnership also has credit risk because DWR and Carr act as
the futures commission merchants or the counterparties, with
respect to most of the Partnership's assets. Exchange-traded
futures and futures styled options contracts are marked to market
on a daily basis, with variations in value settled on a daily
basis. Each of DWR and Carr, as a futures commission merchant
for the Partnership's exchange-traded futures and futures styled
options contracts, are required, pursuant to regulations of the
Commodity Futures Trading Commission ("CFTC"), to segregate from
their own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded
futures and futures styled options contracts, including an amount
equal to the net unrealized gain on all open futures and futures
styled options contracts, which funds, in the aggregate, totaled
$18,245,393 and $20,945,026 at June 30, 1998 and December 31,
1997, respectively. With respect to the Partnership's off-
<PAGE>
DEAN WITTER GLOBAL PERSPECTIVE PORTFOLIO L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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 to the Partnership, payment of the net liquidating
value of the transactions in the Partnership's account with Carr
(including foreign currency contracts).
For the six months ended June 30, 1998 and the year ended
December
31, 1997, the average fair value of financial instruments held
for
trading purposes was as follows:
June 30, 1998
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 33,970,000 41,065,000
Options on Financial Futures 4,288,000 16,000
Commodity Futures 4,384,000 9,844,000
Foreign Futures 96,929,000 75,343,000
Options on Foreign Futures 3,029,000 -
Off-Exchange-Traded Forward
Currency Contracts 40,812,000 46,040,000
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 40,539,000 32,632,000
Options on Financial Futures 2,903,000 -
Commodity Futures 11,044,000 9,567,000
Foreign Futures 53,622,000 47,919,000
Options on Foreign Futures 299,000 -
Off-Exchange-Traded Forward
Currency Contracts 44,844,000 48,047,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are deposited with DWR, as
non-clearing broker and with Carr, as clearing broker in separate
futures interest trading accounts, and are used by the
Partnership as margin to engage in futures interest trading.
Such assets are held in either non-interest bearing bank accounts
or in securities approved by the CFTC for investment of customer
funds. The Partnership's assets held by DWR and Carr may be used
as margin solely for the Partnership's trading. Since the
Partnership's sole purpose is to trade in futures interests, it
is expected that the Partnership will continue to own such liquid
assets for margin purposes.
The Partnership's investment in futures interests may be
illiquid. If the price of a futures contract for a particular
commodity has increased or decreased by an amount equal to the
"daily limit," positions in the commodity can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Commodity futures prices have occasionally
moved the daily limit for several consecutive days with little or
no trading. Such market conditions could prevent the Partnership
from promptly liquidating its commodity futures positions and
result in restrictions on redemptions.
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
<PAGE>
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 Units of
Limited Partnership Interest in the future will affect the amount
of funds available for investment in futures interests in
subsequent periods. Since they are at the discretion of 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, 1998
For the quarter ended June 30, 1998, the Partnership recorded
total trading losses net of interest income of $719,211 and
posted a decrease in Net Asset Value per Unit. The most
significant losses were recorded in the financial futures markets
during April and June. In April, losses were recorded from long
global bond futures positions as Australian, Japanese and
European interest rate futures prices reversed lower after
trending higher previously. This trend higher in global interest
rate futures prices reemerged during May. However, additional
losses were recorded during June as this upward move reversed
sharply lower during mid-month in reaction to the Federal
Reserve's intervention to halt the downward slide of the Japanese
<PAGE>
yen. A small portion of these losses was offset by gains
recorded from long European stock index futures positions.
Smaller losses were recorded in the currency markets from short
positions in the German mark and Swiss franc during April and
June. Smaller losses were recorded in the agricultural market
from long soybean oil positions as prices reversed lower during
May after trending higher in March and April. Smaller losses
were recorded in the energy and metals markets during the second
quarter. A portion of the overall losses for the quarter was
offset by gains recorded in soft commodities during June from
long cotton futures positions as prices moved higher. Additional
gains were recorded from short coffee futures positions as coffee
prices moved lower. Total expenses for the three months ended
June 30, 1998 were $514,862, resulting in a net loss of
$1,234,073. The value of an individual Unit in the Partnership
decreased from $958.16 at March 31, 1998 to $900.01 at June 30,
1998.
For the six months ended June 30, 1998, the Partnership recorded
total trading losses net of interest income of $334,617 and
posted a decrease in Net Asset Value per Unit. The most
significant losses were recorded from long global bond futures
positions as Australian, Japanese and U.S. interest rate futures
prices reversed lower after trending higher previously. This
trend higher in global interest rate futures prices reemerged
during May. However, additional losses were recorded during June
as this upward move reversed sharply lower during mid-month in
reaction to the Federal Reserve's intervention to halt the
<PAGE>
downward slide of the Japanese yen. A small portion of these
losses was offset by gains recorded from long European stock
index futures positions. Additional losses were recorded in the
currency markets during January due primarily to a reversal lower
in the previous upward trend in the value of the U.S. dollar
relative to the German mark, Japanese yen and the Australian
dollar. Currency losses were also recorded during February and
June from trading the Japanese yen and in March from trading the
German mark. In the metals markets, losses were recorded from
short copper futures positions as prices moved higher during
January and March, and from long silver futures positions as
silver prices reversed sharply lower during February after
trending higher previously. In the agricultural markets losses
were recorded from trading soybean oil futures in May and corn
futures in June. Smaller losses were recorded in the energy
markets. A portion of the Partnership's overall losses was
offset by gains in soft commodities from short sugar and coffee
futures as prices in these markets trended lower. Total expenses
for the six months ended June 30, 1998 were $1,092,258, resulting
in a net loss of $1,426,875. The value of an individual Unit in
the Partnership decreased from $967.23 at December 31, 1997 to
$900.01 at June 30, 1998.
For the Quarter and Six Months Ended June 30, 1997
For the quarter ended June 30, 1997, the Partnership recorded
total trading revenues including interest income of $365,459 and
after expenses posted a decrease in Net Asset Value per Unit.
Net
trading losses were recorded in the energy markets as gas and oil
<PAGE>
prices moved in a short-term volatile pattern throughout the
quarter. Additional losses were recorded from long positions in
base metals futures, particularly aluminum and copper futures, as
these prices moved lower during the quarter. In the financial
futures markets, losses were recorded during April from choppy
price movement in European interest rate futures. Smaller losses
were experienced in the currency markets as gains experienced
from transactions involving the Japanese yen and German mark were
more than offset by losses recorded from trendless movement in
the value of the British pound and Swiss franc versus the U.S.
dollar. A portion of the overall losses for the quarter was
offset by gains recorded during May and June from long Australian
bond and global stock index futures positions, as prices in these
markets trended higher. Trading gains were also recorded in the
soft commodities markets during April and May from long coffee
futures positions as prices trended higher. Total expenses for
the three months ended June 30, 1997 were $663,881, resulting in
a net loss of $298,422. The value of an individual Unit in the
Partnership decreased from $980.28 at March 31, 1997 to $968.55
at June 30, 1997.
For the six months ended June 30, 1997, the Partnership recorded
total trading revenues including interest income of $3,708,425
and posted an increase in Net Asset Value per Unit. The most
significant gains were recorded in the currency markets as the
value of the U.S. dollar increased relative to most major world
currencies during the period January through April. Additional
currency gains were recorded in the Japanese yen and German mark
<PAGE>
during June as the value of the U.S. dollar continued to
strengthen versus these currencies. Trading gains were recorded
in the financial futures markets during May and June from long
positions in global stock index futures as global equity prices
trended higher. Profits were also recorded from long positions
in soybean, wheat and corn futures during March as prices moved
higher, and in June from short positions in these same markets as
prices moved lower. Smaller gains were recorded in the soft
commodities markets from long coffee futures positions as coffee
prices trended higher for a majority of the first half of the
year. A portion of the Partnership's overall gains during this
period was offset by losses recorded in the energy markets as gas
and oil prices moved in a short-term volatile pattern. Smaller
losses were experienced from long positions in base metals
futures, as prices moved lower during March and April. Total
expenses for the six months ended June 30, 1997 were $1,286,274,
resulting in net income of $2,422,151. The value of an
individual Unit in the Partnership increased from $870.11 at
December 31, 1996 to $968.55 at June 30, 1997.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Previously reported. See Form 10-Q for the quarter ended March
31, 1998.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
Reports on Form 8-K. - No such reports have been
filed for the quarter ended June 30, 1998.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dean Witter Global Perspective
Portfolio L.P.(Registrant)
By: Demeter Management Corporation
(General Partner)
August 12, 1998 By: /s/ Lewis A. Raibley, III
Lewis A. Raibley, III
Chief Financial Officer
The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean
Witter Global Perspective Portfolio L.P. and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 17,493,666
<SECURITIES> 0
<RECEIVABLES> 270,520<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 18,419,193<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 18,419,193<F3>
<SALES> 0
<TOTAL-REVENUES> (334,617)<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,092,258
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,426,875)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,426,875)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,426,875)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include due from DWR of $210,382 and interest
receivable of $60,138.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $595,988, and net option premiums of $59,019.
<F3>Liabilities include redemptions payable of $277,345, accrued management
fees of $46,009 and administrative expenses payable of $15,335.
<F4>Total revenue includes realized trading revenue of $(121,477), net
change in unrealized of $(608,710) and interest income of $395,570.
</FN>
</TABLE>
