UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
AMENDMENT
[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. 33-80146
DEAN WITTER SPECTRUM BALANCED L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3782232
(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>
DEAN WITTER SPECTRUM BALANCED L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
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
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM BALANCED L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
June 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 19,955,440 19,127,125
Net unrealized gain on open contracts 979,149 216,593
Total Trading Equity 20,934,589 19,343,718
Subscriptions receivable 615,315 191,569
Interest receivable (DWR) 91,121 85,483
Total Assets 21,641,025 19,620,770
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 391,302 801,425
Accrued brokerage commissions (DWR) 92,469 92,147
Accrued management fee 21,016 20,943
Total Liabilities 504,787 914,515
Partners' Capital
Limited Partners (1,669,299.138 and
1,591,356.003 Units, respectively) 20,913,821 18,499,873
General Partner (17,752.928 Units) 222,417 206,382
Total Partners' Capital 21,136,238 18,706,255
Total Liabilities and Partners' Capital21,641,025 19,620,770
NET ASSET VALUE PER UNIT 12.53 11.63
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM BALANCED L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (165,173) (217,926)
Net change in unrealized 967,601 50,264
Total Trading Results 802,428 (167,662)
Interest Income (DWR) 264,318 216,373
Total Revenues 1,066,746 48,711
EXPENSES
Brokerage commissions (DWR) 273,603 264,288
Management fee 62,183 55,060
Total Expenses 335,786 319,348
NET INCOME (LOSS) 730,960 (270,637)
NET INCOME (LOSS) ALLOCATION
Limited Partners 723,256
(267,826)
General Partner
7,704 (2,811)
NET INCOME (LOSS) PER UNIT
Limited Partners
.44 (.16)
General Partner
.44 (.16)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM BALANCED L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 875,951 (1,190,031)
Net change in unrealized 762,556 (226,960)
Total Trading Results 1,638,507 (1,416,991)
Interest Income (DWR) 513,461 401,024
Total Revenues 2,151,968 (1,015,967)
EXPENSES
Brokerage commissions (DWR) 539,437 494,446
Management fee 122,599 103,010
Total Expenses 662,036 597,456
NET INCOME (LOSS) 1,489,932 (1,613,423)
NET INCOME (LOSS) ALLOCATION
Limited Partners 1,473,897
(1,596,720)
General Partner 16,035 (16,703)
NET INCOME (LOSS) PER UNIT
Limited Partners
.90 (1.19)
General Partner
.90 (1.19)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM BALANCED L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Six Months Ended June 30, 1997 and 1996
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C>
<C> <C>
Partners' Capital,
December 31, 1995 1,222,168.050 $14,604,689 $149,811
$14,754,500
Continuous Offering 520,786.541 5,763,236 60,000
5,823,236
Net Loss - (1,596,720) (16,703)
(1,613,423)
Redemptions (51,619.517) (566,711) -
(566,711)
Partners' Capital,
June 30, 1996 1,691,335.074 $18,204,494 $193,108
$18,397,602
Partners' Capital,
December 31, 1996 1,609,108.931 $18,499,873 $206,382
$18,706,255
Continuous Offering 232,087.600 2,827,465 - 2,827,465
Net Income - 1,473,897
16,035 1,489,932
Redemptions (154,144.465) (1,887,414) -
(1,887,414)
Partners' Capital,
June 30, 1997 1,687,052.066 $20,913,821 $222,417
21,136,238
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM BALANCED L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) 1,489,932
(1,613,423)
Noncash item included in net income (loss):
Net change in unrealized (762,556) 226,960
(Increase) decrease in operating assets:
Interest receivable (DWR) (5,638) (14,005)
Net option premiums - 120,200
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) 322 23,745
Accrued management fee 73 4,947
Incentive fee payable -
(49,873)
Net cash provided by (used for) operating activities 722,133
(1,301,449)
CASH FLOWS FROM FINANCING ACTIVITIES
Offering of units 2,827,465 5
,823,236
Increase (decrease) in subscriptions receivable(423,746)
481,602
Increase in redemptions payable (410,123) 308,049
Redemptions of units (1,887,414)
(566,711)
Net cash provided by financing activities 106,182 6
,046,176
Net increase in cash 828,315 4
,744,727
Balance at beginning of period 19,127,125
13,409,068
Balance at end of period 19,955,440 1
8,153,795
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER SPECTRUM BALANCED 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 Spectrum Balanced L.P. (the "Partnership") is a
limited partnership organized to engage in the speculative
trading of futures and forward contracts, options on future
contracts and on physical commodities, and other commodity
interests (collectively, "futures interests"), including foreign
curren-cies, financial instruments, precious and industrial
metals, energy products and agriculturals. The general partner
for the Partnership, Demeter Management Corporation ("Demeter")
has retained RXR, Inc. as the trading manager of the Partnership.
Both Demeter and the commodity broker, Dean Witter Reynolds Inc.
("DWR") are wholly owned subsidiaries of Morgan Stanley, Dean
Witter, Discover & Co. ("MSDWD").
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.
<PAGE>
DEAN WITTER SPECTRUM BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. Financial Instruments
The Partnership trades futures, options, forward contracts on
futures and related instruments 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 66,328,000 18,417,000
Commitments to Sell 4,085,000 13,206,000
Commodity Futures:
Commitments to Purchase 2,502,000 4,064,000
Commitments to Sell 7,356,000 4,337,000
Foreign Futures:
Commitments to Purchase 45,922,000 61,568,000
Commitments to Sell 22,417,000 4,802,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 9,523,000 8,070,000
Commitments to Sell 11,110,000 17,843,000
<PAGE>
DEAN WITTER SPECTRUM BALANCED 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 $979,149 and
$216,593 at June 30, 1997 and December 31, 1996, respectively.
Of the $979,149 net unrealized gain on open contracts at June 30,
1997, $982,471 related to exchange-traded forward currency
contracts and $(3,322) related to off-exchange-traded forward
currency contracts. Of the $216,593 net unrealized gain on open
contracts at December 31, 1996, $292,886 related to exchange-
traded futures contracts and $(76,293) 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 September 1997 and
June 1997, respectively. Off-exchange-traded forward currency
con-tracts held by the Partnership at June 30, 1997 and December
31, 1996 mature through September 1997 and January 1997,
respectively. The contract amounts in the above table represent
the Partnership's extent of involvement in the particular class
of
<PAGE>
DEAN WITTER SPECTRUM BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 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, which funds totaled $20,937,911 and
$19,420,011 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 unrealized gain on open forward contracts be segregated.
With respect to those off-exchange-traded forward currency
contracts, the Partnership is at
<PAGE>
DEAN WITTER SPECTRUM BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
risk to the ability of DWR, the counterparty on all of such
contracts, to perform.
For the quarter 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 31,873,000 17,181,000
Options on Financial Futures 2,239,000 2,818,000
Commodity Futures 5,128,000 3,732,000
Foreign Futures 38,207,000 20,406,000
Off-Exchange-Traded Forward
Currency Contracts 10,852,000 18,480,000
December 31, 1996
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 24,615,000 8,611,000
Options on Financial Futures 375,000 2,717,000
Commodity Futures 3,317,000 2,528,000
Foreign Futures 31,242,000 11,045,000
Off-Exchange-Traded Forward
Currency Contracts 18,038,000 16,158,000
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.
<PAGE>
DEAN WITTER SPECTRUM BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)
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.
Effective August 1, 1997, the flat-rate brokerage fee will be
reduced from 5.50% per annum to 4.90% per annum.
<PAGE>
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 interest
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
<PAGE>
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 revenues including interest income were $1,066,746.
<PAGE>
During the second quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant gains were
recorded in the stock and bond portion of the balanced portfolio,
as domestic stock and bond prices moved higher during the
quarter. Additional gains were recorded in the managed futures
portion of the portfolio from long Australian bond futures
positions as prices moved higher during May and June. A portion
of the Partnership's overall gains was offset by losses in the
managed futures portion of the balanced portfolio from trading
crude oil and natural gas futures, as oil and gas prices moved in
a short-term volatile pattern during May and June. Losses were
also recorded in the currency markets from transactions involving
the Italian lira, Swiss franc and French franc. A portion of
these losses was offset by gains experienced from transactions
involving the German mark relative to the Japanese yen during May
and June. Trading gains from short corn and soybean oil futures
positions were more than offset by losses recorded from trading
livestock futures during the quarter. Total expenses for the
quarter were $335,786, resulting in net income of $730,960. The
value of an individual Unit in the Partnership increased from
$12.09 at March 31, 1997 to $12.53 at June 30, 1997.
For the six months ended June 30, 1997, the Partnership's total
trading revenues including interest income were $2,151,968.
During the first six months, the Partnership posted an increase
in Net Asset Value per Unit. The most significant gains were
recorded in the managed futures portion of the portfolio from
<PAGE>
short positions in most European currencies due to a
strengthening in value of the U.S. dollar during January and
February. Additional gains were recorded in the stock portion of
the balanced portfolio from long S&P 500 Index futures positions
as domestic stock prices moved higher throughout most of the
first half of the year. Gains were also recorded in the managed
futures portion of the portfolio from long Australian bond
futures positions as prices moved higher during May and June. A
portion of the Partnership's overall gains was offset by losses
recorded in the managed futures portion of the portfolio from
trading livestock futures, as well as from trading soybean oil as
prices in this market moved in a choppy pattern during the first
half the year. Additional losses were recorded in the energy
markets, as oil and gas prices moved in a short-term volatile
pattern during the second quarter. Total expenses for the period
were $662,036 resulting, in net income of $1,489,932. The value
of an individual Unit in the Partnership increased from $11.63 at
December 31, 1996 to $12.53 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 $48,711. During
the second 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 the managed futures
portion of the balanced portfolio as a result of trendless
movement in global
<PAGE>
interest rate futures prices during May and June. Additional
losses were recorded in the bond portion of the balanced
portfolio as U.S. Treasury bond futures prices moved lower during
April and May. Losses were also recorded in the managed futures
portion of the portfolio from trading in the currency markets as
the value of the Japanese yen traded in a narrow range during
May. Smaller losses were recorded as sugar, coffee and base
metals futures prices moved without consistent direction during
the quarter. Trading gains recorded in the agricultural markets
from long corn futures positions, as prices increased in April
and early May, offset a portion of overall losses within the
managed futures portion of the portfolio. Gains recorded during
April from short German mark and Swiss franc positions, as the
value of these currencies decreased relative to other world
currencies, also helped to mitigate losses during the quarter.
Total expenses for the quarter were $319,348, resulting in a net
loss of $270,637. The value of an individual Unit in the
Partnership decreased from $11.04 at March 31, 1996 to $10.88 at
June 30, 1996.
For the six months ended June 30, 1996, the Partnership's total
trading losses net of interest income were $1,015,967. During
the first half of the year, the Partnership posted a decrease in
Net Asset Value per Unit. The most significant losses were
recorded in the bond portion of the balanced portfolio from long
positions in U.S. Treasury bond futures as prices moved
dramatically lower during February and into March. Smaller
losses were recorded in the bond portion of the balanced
portfolio during the second
<PAGE>
quarter. Additional losses were recorded in the managed futures
portion of the balanced portfolio as global interest rate futures
reversed their upward trend in February and later moved in a
trendless pattern. Trading losses were also experienced in the
managed futures portion of the portfolio in the currency markets
during February as a sudden upward move occurred in the value of
most European currencies relative to the U.S. dollar. Additional
currency losses were recorded during May from transactions
involving the Japanese yen. Smaller losses were recorded in the
managed futures portion of the portfolio from trading soft
commodities and base metals futures due to trendless price
movement during the first six months of the year. A portion of
the overall losses was offset by gains in agricultural futures as
long corn futures positions profited during April and early May.
In the stock portion of the balanced portfolio, gains were
recorded as S&P 500 Index futures prices moved higher. Total
expenses for the period were $597,456, resulting in a net loss of
$1,613,423. The value of an individual Unit in the Partnership
decreased from $12.07 at December 31, 1995 to $10.88 at June 30,
1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
On September 6, 10, and 20, 1996, and on March 19, 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"), 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 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 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,
<PAGE>
in the course of these actions, other parties could be added as
defendants. The Dean Witter Parties believe that they 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.
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.
<PAGE>
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.
Dean Witter Spectrum Balanced L.P.
(Registrant)
By: Demeter Management Corporation
(General Partner)
August 13, 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.
