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. 0-19511
DEAN WITTER SPECTRUM SELECT 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
Dean Witter Select Futures Fund L.P.
(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 SPECTRUM SELECT 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)........ 7-13
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.14-19
Part II. OTHER INFORMATION
Item 1. Legal Proceedings................................20
Item 2. Changes in Securities and Use of Proceeds.....20-22
Item 6. Exhibits and Reports on Form 8-K.................23
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
DEAN WITTER SPECTRUM SELECT 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 151,884,281 158,178,925
Net unrealized gain on open contracts 5,659,096 9,627,161
Total Trading Equity 157,543,377 167,806,086
Subscriptions receivable 3,488,888 -
Interest receivable (DWR) 561,726 638,204
Due from DWR - 1,097,517
Total Assets 161,593,991 169,541,807
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 2,323,087 2,272,314
Accrued brokerage fees (DWR) 938,360 -
Accrued management fees 388,287 423,673
Accrued administrative expenses -
72,499
Total Liabilities 3,649,734 2,768,486
Partners' Capital
Limited Partners (7,522,614.016 and
7,867,474.900 Units, respectively) 155,198,757 163,999,307
General Partner (133,076.700
Units) 2,745,500 2,774,014
Total Partners' Capital 157,944,257 166,773,321
Total Liabilities and Partners' Capital 161,593,991 169,54
1,807
NET ASSET VALUE PER UNIT 20.63 20.85
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (5,464,460) (1,555,509)
Net change in unrealized 481,970 (8,238,137)
Total Trading Results (4,982,490) (9,793,646)
Interest Income (DWR) 1,658,741 1,924,693
Total Revenues (3,323,749) (7,868,953)
EXPENSES
Brokerage fees (DWR) 2,345,736 2,459,279
Management fees 1,173,394 1,300,665
Transaction fees and costs 219,256 276,600
Administrative expenses 25,000 27,000
Total Expenses 3,763,386 4,063,544
NET LOSS (7,087,135) (11,932,497)
NET LOSS ALLOCATION
Limited Partners (6,967,561)
(11,749,366)
General Partner
(119,574) (183,131)
NET LOSS PER UNIT
Limited Partners
(.90) (1.38)
General Partner
(.90) (1.38)
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 6,761,724 12,350,402
Net change in unrealized (3,968,065) (4,447,002)
Total Trading Results 2,793,659 7,903,400
Interest Income (DWR) 3,402,988 3,710,340
Total Revenues 6,196,647 11,613,740
EXPENSES
Brokerage fees (DWR) 4,707,505 5,014,886
Management fees 2,447,663 2,652,691
Transaction fees and costs 625,328 571,552
Administrative expenses 64,000 54,000
Incentive fees - 49,988
Total Expenses 7,844,496 8,343,117
NET INCOME (LOSS) (1,647,849) 3,270,623
NET INCOME (LOSS) ALLOCATION
Limited Partners (1,619,335)
3,213,297 General Partner
(28,514) 57,326
NET INCOME (LOSS) PER UNIT
Limited Partners
(.22) .43
General Partner
(.22) .43
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM SELECT 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 8,346,327.700 $161,174,820 $2,611,465
$163,786,285
Subscriptions 573,746.700 12,056,614 -
12,056,614
Net Income - 3,213,297 57,326
3,270,623
Redemptions (451,313.500) (9,276,487) -
(9,276,487)
Partners' Capital,
June 30, 1997 8,468,760.900 $167,168,244 $2,668,791
$169,837,035
Partners' Capital,
December 31, 1997 8,000,551.600 $163,999,307 $2,774,014
$166,773,321
Subscriptions 181,984.824 3,751,903 -
3,751,903
Net Loss - (1,619,335) (28,514)
(1,647,849)
Redemptions (526,845.708) (10,933,118) -
(10,933,118)
Partners' Capital,
June 30, 1998 7,655,690.716 $155,198,757 $2,745,500
$157,944,257
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM SELECT 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) (1,647,849) 3
,270,623
Noncash item included in net income (loss):
Net change in unrealized 3,968,065 4
,447,002
(Increase) decrease in operating assets:
Interest receivable (DWR) 76,478 (82,599)
Due from DWR 1,097,517 (
336,581)
Net option premiums - 18,205
Increase (decrease) in operating liabilities:
Accrued brokerage fees (DWR) 938,360 272,523
Accrued management fees (35,386) 25,735
Accrued administrative expenses (72,499) (17,017)
Accrued transaction fees and costs - (15,655)
Incentive fees payable - (
348,459)
Net cash provided by operating activities 4,324,686 7
,233,777
CASH FLOWS FROM FINANCING ACTIVITIES
(Increase) decrease in subscriptions receivable(3,488,888)
5,365,420
Offering of units 3,751,903 1
2,056,614
Increase (decrease) in redemptions payable50,773 (
799,646)
Redemptions of units (10,933,118) (
9,276,487)
Net cash provided by (used for) financing activities (1
0,619,330) 7,345,901
Net increase (decrease) in cash (6,294,644) 1
4,579,678
Balance at beginning of period 158,178,925 1
54,784,007
Balance at end of period 151,884,281 1
69,363,685
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER SPECTRUM SELECT 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 Spectrum
Select 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 Spectrum Select L.P., (formerly Dean Witter Select
Futures Fund) 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"). On May 11, 1998, the
Partnership became one of the Dean Witter Spectrum Series of
funds, comprised of Dean Witter Spectrum Global Balanced L.P.
(formerly, Dean Witter Spectrum Balanced L.P.), Dean Witter
Spectrum Strategic L.P., Dean Witter Spectrum Technical L.P. and
Dean Witter Spectrum Select L.P. On April 30, 1998, the
Partnership changed its name from Dean Witter Select Futures Fund
L.P. to Dean Witter Spectrum Select L.P. 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
<PAGE>
DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Witter & Co. ("MSDW"). Demeter has retained EMC Capital
Management, Inc., Rabar Market Research, Inc. and Sunrise Capital
Management, Inc. as the trading advisors for the Partnership.
2. Summary of Significant Accounting Policies
Effective June 1, 1998, the incentive fees payable to each
trading advisor was reduced to 15% of Trading profits, as defined
in the Prospectus, and are now payable on a monthly basis. In
addition, the Partnership's brokerage and transaction expenses,
formerly accrued on a transaction basis is now charged at a flat
monthly rate of 1/12 of 7.25% of Net Assets as of the first day
of each month. Such fees cover all brokerage commissions,
transaction fees and costs and ordinary administrative and
continuing offering expenses.
Effective with the April 30, 1998 monthly closing, each
outstanding Unit of Select Futures Fund was converted into 100
Units of Spectrum Select. The purpose of this conversion was to
value each Unit of the Partnership in a manner consistent with
the value of Units in each of the other three Spectrum
Partnerships for which Demeter also serves as the general
partner. Thus, the $2,008.20 Net Asset Value per Unit of Select
Futures Fund as of April 30, 1998 was converted to $20.08 per
Unit. Per Unit amounts and Units of Partnership interest for
periods prior to April 30, 1998 have been restated to reflect
this conversion.
<PAGE>
DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. Related Party Transactions
The Partnership's cash is on deposit with DWR and Carr 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.
4. 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 622,099,000 428,493,000
Commitments to Sell 174,284,000 173,316,000
Commodity Futures:
Commitments to Purchase 18,714,000 23,131,000
Commitments to Sell 56,704,000 135,389,000
Foreign Futures:
Commitments to Purchase 943,281,000 997,389,000
Commitments to Sell 1,074,148,000 315,676,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 82,376,000 96,671,000
Commitments to Sell 107,962,000 127,065,000
<PAGE>
DEAN WITTER SPECTRUM SELECT 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 $5,659,096 and
$9,627,161 at June 30, 1998 and December 31, 1997, respectively.
Of the $5,659,096 net unrealized gain on open contracts at June
30, 1998, $5,191,343 related to exchange-traded futures contracts
and $467,753 related to off-exchange-traded forward currency
contracts.
Of the $9,627,161 net unrealized gain on open contracts at
December 31, 1997, $10,514,844 related to exchange-traded futures
contracts and $(887,683) 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 June 1999 and
<PAGE>
DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 1998, respectively. Off-exchange-traded forward
currency contracts held at June 30, 1998 and December 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, is 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 contracts, which funds, in the
aggregate, totaled
<PAGE>
DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
$157,075,624 and $168,693,769 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 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 of 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 338,812,000
279,728,000
Options on Financial Futures 239,000 -
Commodity Futures 26,071,000
84,548,000
Foreign Futures 851,731,000
552,216,000
Off-Exchange-Traded Forward
Currency Contracts 130,014,000
152,391,000
<PAGE>
DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
December 31,1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 363,272,000
243,761,000
Options on Financial Futures 3,781,000 -
Commodity Futures 95,455,000
76,233,000
Options on Commodity Futures 2,484,000
1,789,000
Foreign Futures 360,391,000
382,135,000
Off-Exchange-Traded Forward
Currency Contracts 41,814,000
40,388,000
<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, exchanges and
sales of additional 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, exchanges or sales of additional Units.
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 loss net of interest income of $3,323,749 and
posted a decrease in Net Asset Value per Unit. The most
significant losses were recorded in the financial futures markets
from long positions in Australian interest rate futures as prices
in this market moved lower during April and June. Additional
losses were recorded from trading U.S. interest rate futures
during April as domestic bond prices moved in a choppy pattern.
In agricultural futures, losses were experienced during June from
short positions in soybean futures as prices moved higher.
Losses were also recorded from trading soybean oil futures
throughout the quarter.
<PAGE>
currencies, losses were experienced during April from short
positions in the Swiss franc and German mark as the value of
these currencies reversed higher relative to the U.S. dollar.
These losses were partially offset by gains from short positions
in the South African rand, Canadian dollar and Japanese yen as
the value of these currencies weakened relative to the U.S.
dollar and other currencies during May and June. Smaller losses
were recorded from trading copper futures during April and May.
A portion of the Partnership's overall losses for the quarter was
offset by gains recorded in the energy markets in June from short
positions in crude oil and unleaded gas futures as prices
declined due to increased supply early in the month. Smaller
gains were recorded in soft commodities during June from long
positions in cotton futures and short positions in coffee
futures. Total expenses for the three months ended June 30, 1998
were $3,763,386, resulting in a net loss of $7,087,135. The
value of an individual Unit in the Partnership decreased from
21.53 at March 31, 1998 to $20.63 at June 30, 1998.
For the six months ended June 30, 1998, the Partnership recorded
total trading revenues including interest income of $6,196,647
and after expenses posted a decrease in Net Asset Value per Unit.
The most significant net trading losses were recorded in metals
primarily from trendless price movement in copper futures during
a majority of the first half of the year. Additional losses were
recorded in precious metals from choppy price movement in silver
and gold futures during the first quarter. In currencies, losses
were recorded from transactions involving the British pound as
its
<PAGE>
value moved without consistent direction for the first six months
of the year. Additional currency losses were recorded during
April from short Swiss franc positions as its value moved higher
versus the U.S. dollar after moving lower previously. A portion
of these losses was offset by gains recorded during May and June
from short positions in the South African rand and Canadian
dollar as the value of these currencies weakened relative to the
U.S. dollar. In agricultural futures, losses recorded during
June from trading soybean and soybean oil futures more than
offset gains recorded from short soybean meal futures positions
during February and March. Smaller losses recorded in financial
futures from long Australian bond futures positions during April
and June offset gains recorded during January, February and March
from long positions in European interest rate futures and global
stock index futures as prices in these markets trended higher.
A portion of the Partnership's overall losses for the first half
of the year was offset by profits from short crude and heating
oil futures positions as oil prices moved lower during January,
February and June. Additional profits recorded from short sugar
futures positions, as prices declined during January and
February, contributed in offsetting a portion of the overall
Partnership losses for the first half of the year. Total
expenses for the six months ended June 30, 1998 were $7,844,496,
resulting in a net loss of $1,647,849. The value of an
individual Unit in the Partnership decreased from 20.85 at
December 31, 1997 to $20.63 at June 30, 1998.
<PAGE>
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 $7,868,953 and
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 three months ended June 30, 1997 were $4,063,544 resulting in
a net loss of $11,932,497. The value of an individual Unit in
the Partnership decreased from $21.43 at March 31, 1997 to $20.05
at June 30, 1997.
For the six months ended June 30, 1997, the Partnership recorded
total trading revenues including interest income of $11,613,740
and posted an increase in Net Asset Value per Unit. The most
<PAGE>
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 six months
ended June 30, 1997 were $8,343,117, resulting in net income of
$3,270,623. The value of an individual Unit in the Partnership
increased from $19.62 at December 31, 1996 to $20.05 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.
Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
The Partnership initially registered 60,000 Units (pre-
conversion) of Limited Partnership Interest ("Units") pursuant to
a Registration Statement on Form S-1, which became effective on
May 17, 1991 (SEC File Number 33-39667), and 10,000 Units at a
supplemental closing pursuant to a new Registration Statement on
Form S-1, which became effective on August 23, 1991 (SEC File No.
33-42380). The offering commenced on May 17, 1991 and terminated
as of August 31, 1991, with 60,853.334 Units sold. The aggregate
price of the offering amount registered was $69,380,300, based
upon the initial offering price of $1,000 per Unit and $938.03
per Unit at the supplemental closing (the initial closing and
supplemental closing, hereinafter, the "Initial Offering"). The
aggregate price of the Units sold during the Initial Offering was
$60,268,482.
The Partnership registered an additional 75,000 Units (pre-
conversion) pursuant to a new Registration Statement on Form S-1,
which became effective on August 31, 1993 (SEC File Number 33-
65072) (the "Second Offering"). The Second Offering commenced on
August 31, 1993 and terminated as of September 30, 1993, with
74,408.337 Units sold. The aggregate price of the Second
Offering
<PAGE>
amount registered was $102,744,000, based upon an offering price
of $1,369.92. The aggregate price of the Units sold during the
Second Offering was $116,617,866.
The Partnership registered an additional 60,000 Units (pre-
conversion) pursuant to another Registration Statement on Form
S-1, which became effective on October 17, 1996 (SEC File Number
333-1918), (the "Third Offering"). The Third Offering commenced
on October 17, 1996 and terminated as of March 3, 1997, with
10,878.000 Units sold. The aggregate price of the Third Offering
amount registered was $98,247,000, based upon an offering price
of $1,637.45. The aggregate price of the Units sold during the
Third Offering was $22,308,326.
The Partnership registered an additional 1,500,000 Units pursuant
to another Registration Statement on Form S-1, which became
effective on May 11, 1998 (SEC File Number 333-47829).
Commencing with the April 30, 1998 monthly closing, each
previously outstanding Unit was converted in to 100 Units.
Thereafter, commencing with the May 31, 1998 monthly closing,
Units are being sold at monthly closings (the "Continuing
Offering") as of the last day of each month at a price equal to
100% of the Net Asset Value of a Unit as of the date of such
monthly closing. As of June 30, 1998, 181,984.824 Units were
sold during the Continuing Offering, leaving 1,318,015.176 Units
unsold as of July 1, 1998. The aggregate price of the Units sold
from May 31, 1998 through June 30, 1998 is $3,751,903.
<PAGE>
Since DWR has paid all expenses of the Initial Offering, Second
Offering, Third Offering and Continuing Offerings, and no other
expenses are chargeable against proceeds, 100% of the proceeds of
the offering have been applied to the working capital of the
Partnership for use in accordance with the "Use of Proceeds"
section of the Prospectus included as part of each Registration
Statement.
<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 Spectrum Select
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 Spectrum Select L.P. and is qualified in its entirety by
reference to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<CASH> 151,884,281
<SECURITIES> 0
<RECEIVABLES> 4,050,614<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 161,593,991<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 161,593,991<F3>
<SALES> 0
<TOTAL-REVENUES> 6,196,647<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,844,496
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,647,849)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,647,849)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,647,849)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $561,726 and subscriptions
receivable of $3,488,888.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $5,659,096.
<F3>Liabilities include redemptions payable of $2,323,087, accrued brokerage
commissions of $938,360 and accrued management fees of $388,287.
<F4>Total revenue includes realized trading revenue of $6,761,724, net
change in unrealized of $(3,968,065) and interest income of $3,402,988.
</FN>
</TABLE>
