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. 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 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>
DWFCM INTERNATIONAL ACCESS FUND L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 30, 1998
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
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
DWFCM INTERNATIONAL ACCESS FUND 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 40,179,924 43,146,223
Net unrealized gain on open contracts 3,606,835 5,689,588
Total Trading Equity 43,786,759 48,835,811
Interest receivable (DWR) 138,587 155,295
Total Assets 43,925,346 48,991,106
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 197,176 343,450
Accrued administrative expenses 123,345 85,345
Accrued management fee (DWFCM) 109,505 122,264
Incentive fee payable (DWFCM) - 437,418
Total Liabilities 430,026 988,477
Partners' Capital
Limited Partners (30,140.042 and
31,675.130 Units, respectively) 42,493,731 46,949,644
General Partner (710.409 Units) 1,001,589 1,052,985
Total Partners' Capital 43,495,320 48,002,629
Total Liabilities and Partners' Capital 43,925,346 48,99
1,106
NET ASSET VALUE PER UNIT 1,409.88 1,482.22
<FN>
The accompanying notes 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 June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (5,163,150) (2,085,252)
Net change in unrealized 5,571,124 390,108
Total Trading Results 407,974 (1,695,144)
Interest Income (DWR) 433,352 448,080
Total Revenues 841,326 (1,247,064)
EXPENSES
Brokerage commissions (DWR) 655,531 776,064
Management fee (DWFCM) 326,232 320,038
Transaction fees and costs 41,258 56,037
Administrative expenses 18,000 24,000
Total Expenses 1,041,021 1,176,139
NET LOSS (199,695) (2,423,203)
NET LOSS ALLOCATION
Limited Partners (195,568)
(2,377,044)
General Partner
(4,127) (46,159)
NET LOSS PER UNIT
Limited Partners
(5.81) (64.97)
General Partner
(5.81) (64.97)
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 861,015 3,687,648
Net change in unrealized (2,082,753) (1,206,920)
Total Trading Results (1,221,738) 2,480,728
Interest Income (DWR) 892,517 924,376
Total Revenues (329,221) 3,405,104
EXPENSES
Brokerage commissions (DWR) 1,216,470 1,648,074
Management fee (DWFCM) 673,210 692,711
Transaction fees and costs 88,337 96,495
Administrative expenses 38,000 48,000
Total Expenses 2,016,017 2,485,280
NET INCOME (LOSS) (2,345,238) 919,824
NET INCOME (LOSS) ALLOCATION
Limited Partners (2,293,842)
904,746
General Partner
(51,396) 15,078
NET INCOME (LOSS) PER UNIT
Limited Partners
(72.34) 21.23
General Partner
(72.34) 21.23
<FN>
The accompanying notes 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 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 38,144.001 $43,960,184 $834,270
$44,794,454
Net Income - 904,746 15,078
919,824
Redemptions (3,501.185) (4,296,150) -
(4,296,150)
Partners' Capital,
June 30, 1997 34,642.816 $40,568,780 $849,348
$41,418,128
Partners' Capital,
December 31, 1997 32,385.539 $46,949,644 $1,052,985
$48,002,629
Net Loss - (2,293,842) (51,396)
(2,345,238)
Redemptions (1,535.088) (2,162,071) -
(2,162,071)
Partners' Capital,
June 30, 1998 30,850.451 $42,493,731 $1,001,589
$43,495,320
<FN>
The accompanying notes 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 Six Months Ended June 30,
1998 1997
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) (2,345,238) 919,824
Noncash item included in net income (loss):
Net change in unrealized 2,082,753 1
,206,920
(Increase) decrease in operating assets:
Interest receivable (DWR) 16,708 15,546
Due from DWR - (18,292)
Increase (decrease) in operating liabilities:
Accrued administrative expenses 38,000 (461)
Accrued management fee (DWFCM) (12,759) (8,933)
Incentive fee payable (DWFCM) (437,418) -
Accrued brokerage commissions (DWR)- 71,369
Accrued transaction fees and costs -
(5,177)
Net cash provided by (used for) operating activities (657,954)
2,180,796
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (146,274) (
169,578)
Redemptions of units (2,162,071) (
4,296,150)
Net cash used for financing activities (2,308,345) (
4,465,728)
Net decrease in cash (2,966,299) (
2,284,932)
Balance at beginning of period 43,146,223 4
4,917,336
Balance at end of period 40,179,924 4
2,632,404
<FN>
The accompanying notes 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 of DWFCM International
Access Fund 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
DWFCM International Access Fund L.P. is a limited partnership
organized to engage in speculative trading of futures contracts
and forward contracts, options on futures contracts and physical
commodities, and other commodity interests (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 broker,
Carr Futures Inc. ("Carr"), providing clearing and execution
services. The trading manager is Dean Witter Futures & Currency
Management, Inc. ("DWFCM"). Demeter, DWR and DWFCM are wholly-
owned subsidiaries of Morgan Stanley Dean Witter & Co. ("MSDW").
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>
DWFCM INTERNATIONAL ACCESS FUND 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. Management and incentive fees
incurred by the Partnership are paid to DWFCM.
3. Financial Instruments
The Partnership trades futures 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 27,189,000 18,689,000
Commitments to Sell 4,192,000 -
Commodity Futures:
Commitments to Purchase - 1,916,000
Commitments to Sell 12,113,000 15,338,000
Foreign Futures:
Commitments to Purchase 82,260,000 53,487,000
Commitments to Sell 110,004,000 20,289,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 254,501,000 109,180,000
Commitments to Sell 324,285,000 205,569,000
<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
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 $3,606,835 and
$5,689,588 at June 30, 1998 and December 31, 1997, respectively.
Of the $3,606,835 net unrealized gain on open contracts at June
30, 1998, $(171,422) related to exchange-traded futures contracts
and $3,778,257 related to off-exchange-traded forward currency
contracts.
Of the $5,689,588 net unrealized gain on open contracts at
December 31, 1997, $995,339 related to exchange-traded futures
contracts and $4,694,249 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 September 1998 and
March 1998, respectively. Off-exchange-traded forward currency
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
contracts held at June 30, 1998 and December 31, 1997 mature
through October 1998 and April 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 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 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 contracts, including an amount equal to
the net unrealized gain on all open futures contracts, which
funds, in the aggregate, totaled $40,008,502 and $44,141,562 at
June 30, 1998 and December 31, 1997, respectively. With respect
to the Partnership's off-exchange-traded forward currency
contracts, there are no daily settlements of variations in value
nor is
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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 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 17,225,000 15,787,000
Commodity Futures 1,370,000 7,513,000
Foreign Futures 52,761,000 38,175,000
Off-Exchange-Traded Forward
Currency Contracts 193,194,000 234,620,000
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 18,852,000 25,164,000
Commodity Futures 3,726,000 9,818,000
Foreign Futures 65,551,000 41,413,000
Off-Exchange-Traded Forward
Currency Contracts 156,224,000 189,458,000
<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
<PAGE>
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 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 revenues including interest income of $841,326 and
posted a decrease in Net Asset Value per Unit, after expenses.
The most significant net trading 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
<PAGE>
reaction to the Federal Reserve's intervention to halt the
downward slide of the Japanese yen. Additional losses were
recorded from trading global stock index futures during April and
June. Smaller losses were recorded in the energy markets from
short natural gas futures positions as prices reversed higher
during June after trending lower previously. A portion of the
Partnership's overall losses was offset by gains recorded in the
currency markets during May from short Japanese yen positions as
the value of the yen reached its lowest level relative to the
U.S. dollar since 1991. Additional gains were recorded during
June from short South African rand positions as its value also
trended lower versus the U.S. dollar despite intervention by the
South African government late in the quarter. Currency gains
were also recorded from trading the Swedish krona and Australian
dollar throughout the quarter. In metals, small gains were
recorded from short positions in aluminum futures as prices
declined. Total expenses for the three months ended June 30,
1998 were $1,041,021, resulting in a net loss of $199,695. The
value of an individual Unit in the Partnership decreased from
$1,415.69 at March 31, 1998 to $1,409.88 at June 30, 1998.
For the six months ended June 30, 1998, the Partnership recorded
total trading losses net of interest income of $329,221 and
posted a decrease in Net Asset Value per Unit. The most
significant losses were recorded in the financial futures and
metals markets. In financial futures, losses were recorded from
<PAGE>
trading Australian bond futures as prices in this market were
subject to sharp trend reversals during the first six months of
the year. Additional losses recorded during the second quarter
from short Nikkei Index futures positions more than offset
profits recorded during the first quarter from long European bond
futures positions. Losses were also recorded in the metals
markets from long silver futures positions as silver prices
reversed sharply lower in February after rallying higher during
January. Additional losses were recorded from trading gold
futures during a majority of the first half of the year. Smaller
losses were recorded from trading base metals futures during
March and May. In currency trading, significant losses recorded
during the first quarter from short-term volatility in the
Japanese yen were offset during the second quarter as short
Japanese yen positions profited from a sharp move lower in the
value of the yen. Additional gains in the second quarter from
trading the Swedish krona and South African rand offset losses
recorded in European currencies during the first six months of
the year. Small gains were recorded in the energy markets from
short oil futures positions. Total expenses for the six months
ended June 30, 1998 were $2,016,017, resulting in a net loss of
$2,345,238. The value of an individual Unit in the Partnership
decreased from $1,482.22 at December 31, 1997 to $1,409.88 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 losses net of interest income of $1,247,064 and
<PAGE>
posted a decrease in Net Asset Value per Unit. Losses were
recorded in the financial futures markets during April from short
positions in U.S. interest rate futures as prices moved higher
late in the month. This upward price move resulted in the
Partnership establishing new long positions, which recorded
additional losses in May as prices finished the month lower.
Smaller losses were recorded as a result of similar choppy price
movement in European interest rate futures during April and May.
A portion of these losses was offset in June from long global
interest rate and stock index futures positions as prices in
these markets moved higher. Trading losses were also recorded in
the energy markets as oil and gas prices moved in a choppy
pattern throughout a majority of the quarter. Additional trading
losses were recorded in the metals markets as most base metals
futures prices, particularly aluminum, copper and nickel futures,
moved in a narrow range. A portion of these losses was offset by
gains recorded from long zinc future positions during June. A
portion of the Partnership's overall losses was offset by gains
recorded in the currency markets from transactions involving the
Japanese yen during April and June. Additional gains were
recorded from transactions involving the Australian dollar,
British pound and German mark during these same months. Smaller
gains from long coffee futures positions, as coffee prices
trended higher during April and May, also helped to mitigate
overall losses for the quarter. Total expenses for the three
months ended June 30, 1997 were $1,176,139, resulting in a net
loss of $2,423,203. The value of an individual Unit in the
Partnership decreased from $1,260.55 at March 31, 1997 to
$1,195.58 at June 30, 1997.
<PAGE>
For the six months ended June 30, 1997, the Partnership recorded
total trading revenues including interest income of $3,405,104
and posted an increase in Net Asset Value per Unit. The most
significant trading gains were recorded in the currency markets
as a result of a strengthening in the value of the U.S. dollar
during the period January through April. Smaller currency gains
were recorded during January and February from short positions in
the Spanish peseta, Swedish krona and Danish krone. A portion of
these gains was offset by losses from transactions involving the
British pound and Canadian dollar during February, March and May.
Gains were also recorded in soft commodities from long coffee
futures positions as coffee prices trended steadily higher during
January and February and again during April and May. A majority
of the Partnership's overall gains for the first half of the year
were offset by losses in global interest rate futures as prices
in these markets moved in a short-term volatile range during the
period January to April. Losses were also recorded from trading
energy futures during the second quarter as oil and gas prices
moved without consistent direction. Smaller losses were recorded
in metals as base metals futures prices traded in a narrow range
during the second quarter. One exception was zinc futures
prices, which increased during the first half of the year, thus
resulting in gains from long positions. Total expenses for the
six months ended June 30, 1997 were $2,485,280, resulting in net
income of $919,824. The value of an individual Unit in the
Partnership increased from $1,174.35 at December 31, 1996 to
$1,195.58 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.
DWFCM International Access Fund
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
DWFCM International Access Fund 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> 40,179,924
<SECURITIES> 0
<RECEIVABLES> 138,587<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 43,925,346<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 43,925,346<F3>
<SALES> 0
<TOTAL-REVENUES> (329,221)<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,016,017
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,345,238)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,345,238)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,345,238)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $138,587.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $3,606,835.
<F3>Liabilities include redemptions payable of $197,176, accrued management
fee of $109,505, and accrued administrative expenses of $123,345.
<F4>Total revenue includes realized trading revenue of $861,015, net
change in unrealized of $(2,082,753) and interest income of $892,517.
</FN>
</TABLE>
