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Filed Pursuant to Rule 424(b)3
Registration No. 333-3222
July 17, 1997
DEAN WITTER SPECTRUM STRATEGIC L.P.
DEAN WITTER SPECTRUM TECHNICAL L.P.
DEAN WITTER SPECTRUM BALANCED L.P.
SUPPLEMENT TO PROSPECTUS DATED APRIL 25, 1997
In May 1997 DWR and certain affiliates entered into an asset purchase
agreement with Carr Futures, Inc. ("CFI") (formerly Indosuez Carr Futures, Inc.)
to transfer to CFI all of DWR's futures and futures options execution, clearing
and research business and its foreign currency and bullion dealer trading
operations. The transfer of business includes futures exchange and clearinghouse
memberships, computer, data processing, communications and office equipment,
customer agreements, intellectual property, files and records and relevant
personnel. Pursuant to its obligations under the asset purchase agreement, DWR
currently is negotiating to transfer to CFI the clearing of futures and options
trades and the execution of foreign currency forward trades for DWR's existing
public and private commodity pools, including the Partnerships.
The transfer of the Partnerships' futures and options clearing and foreign
exchange execution business to CFI will not take place, however, until the
General Partner believes that CFI will be able to provide the same level of
services to the Partnerships as currently provided by DWR and the General
Partner is satisfied with CFI's financial creditworthiness. The General Partner
believes that the arrangements being negotiated with CFI are fair and reasonable
and, assuming the negotiations are successfully concluded, does not anticipate
seeking other execution and clearing arrangements for the Partnerships. If the
negotiations are not successful, other clearing facilities would be arranged.
While the arrangements are still being negotiated and the results of the
negotiations are not certain, it is expected that within the next few weeks the
foreign currency forward trades for the Partnerships will be effected with CFI
as the counterparty in the same manner they are currently traded with DWR, and,
within the next few months, the futures and futures options trades for the
Partnerships will be cleared through CFI. The Partnerships will maintain
accounts with DWR, where most of the Partnerships' cash assets will be held, and
the Partnerships will maintain separate clearing accounts with CFI where the
Partnerships' futures, options and foreign currency forward positions and margin
funds related thereto will be held. The brokerage fees charged to the
Partnerships will remain the same as currently charged by DWR. Further, while
CFI's capital will be substantially less than DWR's capital, DWR is negotiating
to have CFI's ultimate parent, Caisse National de Credit Agricole, one of the
largest banks in the world, guarantee the payment and performance of all of
CFI's obligations to the Partnerships. While there can be no assurance that such
guarantee will be given, the Partnerships' business will not be transferred to
CFI until DWR and the General Partner are satisfied with CFI's creditworthiness.
In all other material respects, the offering of Units and the operation of the
Partnerships will remain unchanged (including the interest crediting
arrangements).
Because it is expected that CFI will act as a futures broker for the
Partnerships' accounts, CFTC rules require disclosure of all material legal
actions against CFI in the past five years. On July 31, 1992, a CFTC
Administrative Law Judge ("ALJ") ordered CFI to pay a former client of the firm
approximately $1.7 million in damages, plus interest and costs, based upon
certain alleged misrepresentations made by a former account executive. Al Baraka
Investment and Development Corp. vs. Indosuez Carr Futures, Inc. (CFTC Docket
No. 91-R-126). On May 3, 1993, the CFTC issued an Order of Summary Affirmance,
which affirmed the ALJ's decision, and the U.S. Court of Appeals for the Seventh
Circuit affirmed the CFTC order in June, 1994.
If the transfer to CFI of the Partnerships' futures and futures options
clearing and foreign currency forward trading occurs, the risks described in the
Prospectus regarding DWR as the counterparty on the Partnerships' foreign
currency forward contracts and as the commodity broker on the Partnerships'
futures and futures options positions would then be applicable in respect of
CFI.
