-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TOLgqhD7ZqHFFIlA4yW4BOWvt1+PyDumXoHnk1cohX5PJDkZTAw8L94IDqD+YkZx S+9uRqgkpvxTb58DNsUzGw== 0000873799-97-000007.txt : 19970808 0000873799-97-000007.hdr.sgml : 19970808 ACCESSION NUMBER: 0000873799-97-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970807 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WITTER DEAN SELECT FUTURES FUND LP CENTRAL INDEX KEY: 0000873799 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 133619290 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19511 FILM NUMBER: 97652941 BUSINESS ADDRESS: STREET 1: TWO WORLD TRADE CNTR - 62ND FLR STREET 2: C/O DEMETER MANAGEMENT CORP CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 2123928899 MAIL ADDRESS: STREET 1: C/O DEMETER MANAGEMENT CORP STREET 2: TWO WORLD TRADE CENTER CITY: NEW YORK STATE: NY ZIP: 10048 10-Q 1 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 DEAN WITTER SELECT FUTURES FUND L.P. INDEX TO QUARTERLY REPORT ON FORM 10-Q June 30, 1997
PART I. FINANCIAL INFORMATION 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
DEAN WITTER SELECT FUTURES FUND L.P. STATEMENTS OF FINANCIAL CONDITION
June 30, December 31, 1997 1996 $ $ (Unaudited) ASSETS 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 The accompanying footnotes are an integral part of these financial statements.
DEAN WITTER SELECT FUTURES FUND L.P. STATEMENTS OF OPERATIONS (Unaudited)
For the Quarters Ended June 30, 1997 1996 $ $ 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 The accompanying footnotes are an integral part of these financial statements.
DEAN WITTER SELECT FUTURES FUND L.P. STATEMENTS OF OPERATIONS (Unaudited)
For the Six Months Ended June 30, 1997 1996 $ $ REVENUES 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) The accompanying footnotes are an integral part of these financial statements.
DEAN WITTER SELECT FUTURES FUND L.P. STATEMENTS OF CHANGES IN PARTNERS' CAPITAL For the Six Months Ended June 30, 1997 and 1996 (Unaudited)
Units of Partnership Limited General Interest Partners Partner Total 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 The accompanying footnotes are an integral part of these financial statements.
DEAN WITTER SELECT FUTURES FUND L.P. STATEMENTS OF CASH FLOWS (Unaudited)
For the Six Months Ended June 30, 1997 1996 $ $ CASH FLOWS FROM OPERATING ACTIVITIES 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 The accompanying footnotes are an integral part of these financial statements.
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. 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 - 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 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 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 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. 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 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 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 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 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 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. 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, 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. Item 6. Exhibits and Reports on Form 8-K (A) Exhibits - None. (B) Reports on Form 8-K. - None. 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. EX-27 2
5 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. 6-MOS JUN-30-1997 JUN-30-1997 169,363,685 0 1,361,566 0 0 0 0 0 172,756,243 0 0 0 0 0 0 172,756,243 0 11,613,740 0 0 8,343,117 0 0 3,270,623 0 3,270,623 0 0 0 3,270,623 0 0 Receivables include interest receivable of $615,659 and due from DWR of $745,907. In addition to cash and receivables, total assets include net unrealized gain on open contracts of $2,030,992. 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. 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.
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