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, 1996 or
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from________________to_____________
Commission file number 33-71654
DWFCM INTERNATIONAL ACCESS FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3700691
(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>
DWFCM INTERNATIONAL ACCESS FUND L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 1996
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
September 30, 1996 (Unaudited) and December 31, 1995.......2
Statements of Operations for the Quarters Ended
September 30, 1996 and 1995 (Unaudited)....................3
Statements of Operations for the Nine Months Ended
September 30, 1996 and 1995 (Unaudited)......................4
Statements of Changes in Partners' Capital
for the Nine Months Ended September 1996 and
1995 (Unaudited).............................................5
Statement of Cash Flows for the Nine Months Ended
September 30, 1996 and 1995 (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 6. Exhibits and Reports on Form 8-K.......................19
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF FINANCIAL CONDITIONS
<CAPTION>
September 30, December 31,
1996 1995
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 41,386,331 53,843,646
Net unrealized gain on open contracts 3,073,750 929,946
Total Trading Equity 44,460,081 54,773,592
Interest receivable (DWR) 143,671 197,923
Receivable from DWR 81,757 165,458
Total Assets 44,685,509 55,136,973
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 765,512 1,058,634
Accrued administrative expenses payable 111,256 147,774
Accrued management fees (DWFCM) 111,050 136,687
Accrued brokerage commissions (DWR) 64,704 126,849
Accrued transaction fees and costs 7,877 22,110
Total Liabilities 1,060,399 1,492,054
Partners' Capital
Limited Partners (39,145.572 and
46,783.554 Units, respectively) 42,847,519 52,842,505
General Partner (710.409 Units) 777,591 802,414
Total Partners' Capital 43,625,110 53,644,919
Total Liabilities and Partners' Capital 44,685,509 55,136,973
NET ASSET VALUE PER UNIT 1,094.57 1,129.51
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1996 1995
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 895,168 7,643,247
Net change in unrealized 3,478,803 (7,107,700)
Total Trading Results 4,373,971 535,547
Interest Income (DWR) 439,739 676,459
Total Revenues 4,813,710 1,212,006
EXPENSES
Brokerage commissions (DWR) 921,587 1,214,057
Management fee (DWFCM) 330,151 464,367
Transaction fees and costs 49,475 95,247
Administrative expenses 23,000 21,000
Incentive fee (DWFCM) - 6,294
Total Expenses 1,324,213 1,800,965
NET INCOME (LOSS) 3,489,497 (588,959)
NET INCOME (LOSS) ALLOCATION
Limited Partners 3,429,362 (580,167)
General Partner 60,135 (8,792)
NET INCOME (LOSS) PER UNIT
Limited Partners 84.65 (12.37)
General Partner 84.65 (12.37)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (1,329,537) 29,461,706
Net change in unrealized 2,143,804 (8,510,034)
Total Trading Results 814,267 20,951,672
Interest Income (DWR) 1,399,869 2,115,264
Total Revenues 2,214,136 23,066,936
EXPENSES
Brokerage commissions (DWR) 2,868,035 3,732,788
Management fee (DWFCM) 1,043,178 1,436,404
Transaction fees and costs 185,400 301,010
Administrative expenses 66,000 59,000
Incentive fee (DWFCM) - 1,170,066
Total Expenses 4,162,613 6,699,268
NET INCOME (LOSS) (1,948,477) 16,367,668
NET INCOME (LOSS) ALLOCATION
Limited Partners (1,923,654) 16,187,589
General Partner (24,823) 180,079
NET INCOME (LOSS) PER UNIT
Limited Partners (34.94) 253.49
General Partner (34.94) 253.49
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 1996 and 1995
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C> <C> <C>
Partners' Capital
December 31, 1994 65,135.840 $59,707,586 $ 658,386 $60,365,972
Net Income - 16,187,589 180,079 16,367,668
Redemptions (15,080.428) (17,655,428) - (17,655,428)
Partners' Capital
September 30, 1995 50,055.412 $58,239,747 $838,465 $59,078,212
Partners' Capital
December 31, 1995 47,493.963 $ 52,842,505 $ 802,414 $ 53,644,919
Net Loss - (1,923,654) (24,823) (1,948,477)
Redemptions (7,637.982) (8,071,332) - ( 8,071,332)
Partners' Capital
September 30, 1996 39,855.981 $42,847,519 $777,591 $43,625,110
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) (1,948,477) 16,367,668
Noncash item included in net income (loss):
Net change in unrealized (2,143,804) 8,510,034
Decrease in operating assets:
Interest receivable (DWR) 54,252 20,406
Receivable from DWR 83,701 86,218
Increase (decrease) in operating liabilities:
Accrued administrative expenses payable (36,518) 44,774
Accrued management fees (DWFCM) (25,637) (3,624)
Accrued brokerage commissions (DWR) (62,145) 16,851
Accrued transaction fees and costs (14,233) 23,576
Net cash provided by (used for) operating activities (4,092,861) 25,065,903
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (293,122) (244,647)
Redemptions of units (8,071,332) (17,655,428)
Net cash used for financing activities (8,364,454) (17,900,075)
Net increase (decrease) in cash (12,457,315) 7,165,828
Balance at beginning of period 53,843,646 56,516,639
Balance at end of period 41,386,331 63,682,467
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DWFCM INTERNATIONAL ACCESS 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 1995 Annual Report on Form 10-K.
1. Organization
DWFCM International Access Fund L.P. (the "Partnership") was
organized to engage in speculative trading of futures contracts and
forward contracts, and options on futures contracts and physical
commodities, and other commodity interests. The General Partner
for the Partnership is Demeter Management Corporation (the "General
Partner"). The commodity broker is Dean Witter Reynolds Inc.
("DWR"). The trading manager who makes all trading decisions for
the Partnership is Dean Witter Futures & Currency Management, Inc.
("DWFCM"), an affiliate of DWR. The General Partner, DWFCM and DWR
are all wholly owned subsidiaries of Dean Witter, Discover & Co.
2. Summary of Significant Accounting Policies
Through August 31, 1996, the Partnership accrued brokerage commissions on
a half-turn basis at 80% of DWR's published non-member rates, to a
maximum of 3/4 of 1% per month of the Net Assets allocated to each
trading advisor as defined in the Limited Partnership Agreement.
Transaction fees and costs were accrued on a half-turn basis. Such
transaction fees and costs, exclusive of "give-up" fees, were capped
at 1/12 of 1% per month of the Net Assets allocated to each trading
advisor. Effective September 1, 1996, maximum total brokerage commissions
and transaction fees chargeable to the Partnership are capped at
.65% per month of adjusted Net Assets as defined in the Limited
Partnership Agreement. Transaction fees and costs are no longer capped
separately.
3. Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity trading
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 and incentive fees incurred by the Partnership are paid
to DWFCM.
4. 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 significantly
influence the market value of these contracts, including interest
rate volatility. At September 30, 1996, open contracts were:
Contract or
Notional Amount
$
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 1,729,000
Commodity Futures:
Commitments to Purchase 10,878,000
Commitments to Sell 7,965,000
Foreign Futures:
Commitments to Purchase 128,791,000
Commitments to Sell 7,993,000
Off-Exchange-Traded Forward
Currency Contracts:
Commitments to Purchase 220,693,000
Commitments to Sell 260,356,000
<PAGE>
DWFCM INTERNATIONAL ACCESS 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 commit-
ments 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 gain on open contracts is reported as a component
of "Equity in Commodity futures trading accounts" on the Statement of
Financial Condition and totaled $3,073,750 at September 30, 1996.
Of this amount, $3,118,620 related to exchange-traded futures
contracts and ($44,870) related to off-exchange-traded forward
currency contracts.
Exchange-traded futures contracts held by the Partnership at
September 30, 1996 mature through June 1997. Off-exchange-traded
forward currency contracts held by the Partnership at September 30,
1996 mature through November 1996. 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 DWR acts as the
futures commission merchant or the sole counterparty, with respect
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 commission
merchant for all of the Partnership's exchange-traded futures
contracts, is required pursuant to regulations of the Commodity
Futures Trading Commission to segregate from its own assets and for
the sole benefit of its commodity customers all funds held by DWR
with respect to exchange traded futures contracts including an
amount equal to the net unrealized gain on all open futures
contracts, which funds totaled $44,504,951 at September 30, 1996.
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 DWR, the counterparty
on all such contracts, to perform.
For the nine months ended September 30, 1996, the average fair
value of financial instruments held for trading purposes was as
follows:
Assets Liabilities
$ $
Exchange-Traded Contracts
Financial Futures 30,584,000 19,805,000
Commodity Futures 8,078,000 4,499,000
Foreign Futures 120,016,000 38,319,000
Off-Exchange-Traded Forward
Currency Contracts 276,702,000 273,544,000
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. Legal Matters
On September 6, 10, and 20, 1996, 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, the General Partner, DWFCM, Dean Witter, Discover & Co. (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. Also, on September 18 and 20, 1996 similar purported class
actions were filed in the Supreme Court of the State of New York,
New York 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 defendants. The Dean Witter
Parties believe that they have strong defenses
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in separate
commodity interest trading accounts with DWR and are used by the
Partnership as margin to engage in commodity futures, forward
contracts on foreign currencies and other commodity interest
trading. DWR holds such assets in either designated depositories
or in securities approved by the Commodity Futures Trading
Commission for investment of customer funds. The Partnership's
assets held by DWR may be used as margin solely for the
Partnership's trading. Since the Partnership's sole purpose is to
trade in commodity futures contracts, forward contracts on foreign
currencies and other commodity interests, it is expected that the
Partnership will continue to own such liquid assets for margin
purposes.
The Partnership's investment in commodity futures, forward
contracts and other commodity interests may be illiquid. If the
price of the futures contract for a particular commodity has
increased or decreased by an amount equal to the "daily limit",
positions in the commodity can neither be taken nor liquidated
unless traders are willing to effect trades at or within the limit.
Commodity futures prices have occasionally moved the daily limit
for several consecutive days with little or no trading. Such
market conditions could prevent the Partnership from promptly
liquidating its commodity futures positions.
<PAGE>
There is no limitation on daily price moves in trading forward
contracts on foreign currency. 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 in the future will impact the amount of funds available for
investments in commodity futures and other commodity interests.
As redemptions are at the discretion of Limited Partners, it is not
possible to estimate the amount and therefore, the impact of future
redemptions.
Results of Operations
For the Quarter and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $4,813,710. 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, 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
<PAGE>
positions in crude, heating and gas oil futures as prices in these
markets trended higher throughout the quarter. Gains were also
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 primarily in the currency markets.
The majority of the losses recorded in the currency markets during
August resulted 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 the value of
the Japanese yen increased sharply during July. Smaller
losses were recorded as a result of trendless price movement in
cocoa and coffee futures throughout most the quarter. Total
expenses for the quarter were $1,324,213, resulting in net income
of $3,489,497. The value of an individual Unit in the Partnership
increased from $1,009.92 at June 30, 1996 to $1,094.57 at September
30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading revenues including interest income were $2,214,136.
During the first nine months, the Partnership posted a decrease in
Net Asset Value per Unit. Trading gains during the first nine
months were offset by brokerage commissions resulting in net
trading losses. The most significant losses were recorded in
currency markets during February as a result of a sharp and sudden
reversal in the previous downward move in the value of the Japanese
yen and most European currencies. Additional currency losses were
recorded from transactions involving the Canadian dollar throughout
<PAGE>
the first nine months of the year. Gains experienced from
transactions involving the Australian dollar during the first half
of the year more than offset losses experienced during the third
quarter. Trading gains experienced from transactions involving the
German mark relative to the U.S. dollar and other world currencies
during April and July also helped to mitigate currency losses. In
financial futures trading, losses were recorded as a result of
short-term volatile movement in non-U.S. stock index futures prices
during the first nine months of the year. In interest rate
futures, gains experienced during the third quarter from long
European and Australian bond futures positions more than offset
losses recorded during the first half of the year in U.S. and
Japanese interest rate futures trading. Smaller losses were
recorded from trendless movement in coffee and cocoa futures prices
throughout the year. A portion of the 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 futures, more than offset losses experienced in silver and
base metals during the first half of the year. These gains
experienced during the third quarter in the energy markets from a
strong upward trend in oil prices more than offset losses
experienced from trading unleaded gas futures earlier in the year.
Total expenses for the period were $4,162,613, resulting in a net
loss of $1,948,477. The value of an individual Unit in the
Partnership decreased from $1,129.51 at December 31, 1995 to
$1,094.57 at September 30, 1996.
<PAGE>
For the Quarter and Nine Months Ended September 30, 1995
For the quarter ended September 30, 1995, the Partnership's total
trading revenues including interest income were $1,212,006. During
the third quarter, the Partnership posted a decrease in Net Asset
Value per Unit. Trading gains during the quarter were offset by
brokerage commissions resulting in net trading losses. The most
significant losses were recorded in financial futures as global
interest rate futures prices experienced choppiness throughout the
quarter. As a result of this price volatility, losses were
experienced in U.S., Japanese and European bond futures trading.
In global stock index futures, a sharp reversal in the downward
trend in the Japanese Nikkei Index during July resulted in losses
for the Partnership's previously established short Nikkei
positions. Additional losses in this complex were recorded in
Australian All Ordinaries Index futures as Australian stock prices
remained in a short-term volatile range. Smaller losses were
recorded in each of the metals, energy and soft commodities
complexes as prices moved in a trendless pattern for most of the
quarter. Trading gains from transactions involving the Japanese
yen were recorded during all three months of the quarter as a
downward trend in the value of the yen relative to the U.S.
dollar was evident until late September. Smaller Partnership gains
were recorded in August from short positions in the British pound
as its value declined relative to the U.S. dollar. These gains
offset losses experienced due to a sharp reversal in European
currency values during late September. Total expenses for the
period were $1,800,965, resulting in a net loss of $588,959. The
<PAGE>
value of an individual Unit in the Partnership decreased from
$1,192.63 at June 30, 1995 to $1,180.26 at September 30, 1995.
For the nine months ended September 30, 1995, the Partnership's
total trading revenues including interest income were $23,066,936.
During the first nine months, the Partnership posted an increase in
Net Asset Value per Unit. The most significant gains were recorded
in financial futures between February and May as global bond prices
trended higher. As a result, gains were recorded in Japanese,
U.S., Australian and European interest rate futures. Additional
gains within this complex were recorded from long positions in S&P
500 Index futures as domestic stock prices reached record highs.
In currency trading, gains were recorded as a result of trending
movement in the value of the Japanese yen throughout the first nine
months of the year and in major European currencies in the year's
first quarter. Losses were experienced across a majority of global
commodities, including metals, energies and soft commodities, as a
result of trendless price movement for much of 1995. These losses
offset a portion of the gains experienced in other complexes.
Total expenses for the period were $6,699,268, resulting in net
income of $16,367,668. The value of an individual Unit in the
Partnership increased from $926.77 at December 31, 1994 to
$1,180.26 at September 30, 1995.
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
A) Exhibits - None.
B) Reports on Form 8-K. - None.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
DWFCM International Access Fund L.P.
(Registrant)
By: Demeter Management Corporation
(General Partner)
November 7, 1996 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.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
DWFCM International Access 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-30-1996
<PERIOD-END> SEP-30-1996
<CASH> 41,386,331
<SECURITIES> 0
<RECEIVABLES> 225,428<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 44,685,509<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 44,685,509<F3>
<SALES> 0
<TOTAL-REVENUES> 2,214,136<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,162,613
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,948,477)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,948,477)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,948,477)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $143,671 and receivable
from DWR of $81,757.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $3,073,750.
<F3>Liabilities include redemptions payable of $765,512, accrued brokerage
commissions of $64,704, accrued management fees of $111,050, accrued
administrative expenses payable of $111,256 and accrued transaction fees
and costs of $7,877.
<F4>Total revenues include realized trading revenue of $(1,329,537), net
change in unrealized of $2,143,804 and interest income of $1,399,869.
</FN>
</TABLE>
