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. 0-26340
DEAN WITTER SPECTRUM GLOBAL 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
Dean Witter Spectrum Balanced 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 GLOBAL BALANCED 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)..........7-12
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
Item 2. Changes in Securities and Use of Proceeds......19-20
Item 6. Exhibits and Reports on Form 8-K..................21
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
DEAN WITTER SPECTRUM GLOBAL BALANCED 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 31,670,567 24,954,956
Net unrealized gain on open contracts 27,496 681,559
Net option premiums - (458,150)
Total Trading Equity 31,698,063 25,178,365
Subscriptions receivable 2,841,187 625,710
Interest receivable (DWR) 135,817 118,949
Total Assets 34,675,067 25,923,024
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 161,145 114,576
Accrued brokerage fees (DWR) 121,407 99,762
Accrued management fee 32,991 25,450
Total Liabilities 315,543 239,788
Partners' Capital
Limited Partners (2,380,589.981 and
1,849,054.344 Units, respectively) 34,004,881 25,418,875
General Partner (24,827.602 and
19,230.497 Units, respectively) 354,643 264,361
Total Partners' Capital 34,359,524 25,683,236
Total Liabilities and Partners' Capital 34,675,067 25,923,024
NET ASSET VALUE PER UNIT 14.28 13.75
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 584,770 (165,173)
Net change in unrealized (1,116,700) 967,601
Total Trading Results (531,930) 802,428
Interest Income (DWR) 383,259 264,318
Total Revenues (148,671) 1,066,746
EXPENSES
Brokerage fees (DWR) 364,563 273,603
Management fee 95,020 62,183
Total Expenses 459,583 335,786
NET INCOME (LOSS) (608,254) 730,960
NET INCOME (LOSS) ALLOCATION
Limited Partners (601,986)
723,256 General Partner
(6,268) 7,704
NET INCOME (LOSS) PER UNIT
Limited Partners
(.31) .44
General Partner
(.31) .44
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 1,820,696 875,951
Net change in unrealized (654,063) 762,556
Total Trading Results 1,166,633 1,638,507
Interest Income (DWR) 727,142 513,461
Total Revenues 1,893,775 2,151,968
EXPENSES
Brokerage fees (DWR) 692,751 539,437
Management fee 178,742 122,599
Incentive fee 28,182 -
Total Expenses 899,675 662,036
NET INCOME 994,100 1,489,932
NET INCOME ALLOCATION
Limited Partners 983,818 1,473,897
General Partner
10,282 16,035
NET INCOME PER UNIT
Limited Partners
.53 .90
General Partner
.53 .90
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM GLOBAL BALANCED 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 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
Partners' Capital,
December 31, 1997 1,868,284.841 $25,418,875 $264,361
$25,683,236
Continuous Offering 654,854.619 9,286,567 80,000
9,366,567
Net Income - 983,818 10,282 994,100
Redemptions (117,721.877) (1,684,379) -
(1,684,379)
Partners' Capital,
June 30, 1998 2,405,417.583 $34,004,881 $354,643
$34,359,524
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM GLOBAL BALANCED 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 994,100 1
,489,932
Noncash item included in net income:
Net change in unrealized 654,063 (
762,556)
Decrease in operating assets:
Net option premiums (458,150) -
Interest receivable (DWR) (16,868) (5,638)
Increase in operating liabilities:
Accrued brokerage fees (DWR) 21,645 322
Accrued management fee 7,541
73
Net cash provided by operating activities 1,202,331
722,133
CASH FLOWS FROM FINANCING ACTIVITIES
Offering of units 9,366,567 2
,827,465
Increase in subscriptions receivable (2,215,477) (
423,746)
Increase (decrease) in redemptions payable46,569 (
410,123)
Redemptions of units (1,684,379) (
1,887,414)
Net cash provided by financing activities 5,513,280
106,182
Net increase in cash 6,715,611 828,315
Balance at beginning of period 24,954,956 1
9,127,125
Balance at end of period 31,670,567 1
9,955,440
<FN>
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER SPECTRUM GLOBAL 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 of Dean Witter Spectrum
Global Balanced 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 Global Balanced L.P., (formerly, Dean Witter
Spectrum Balanced L.P.) is a limited partnership organized to
engage in the speculative trading of futures, forward and option
contracts, and other commodity interests, including foreign
currencies, financial instruments and physical commodities
(collectively, "futures interests"). The Partnership is one of
the Dean Witter Spectrum Series of funds, comprised of the
Partnership, Dean Witter Spectrum Strategic L.P., Dean Witter
Spectrum Technical L.P. and 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.
<PAGE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Both Demeter and DWR are wholly-owned subsidiaries of Morgan
Stanley Dean Witter & Co. ("MSDW").Demeter has retained RXR, Inc.
as the trading advisor for the Partnership.
2. Summary of Significant Accounting Policies
Effective June 1, 1998, brokerage fees was reduced to 1/12 of
4.60% of the Net Assets as of the first day of the month.
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 current 13-week 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, options, 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:
<PAGE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Contract or Notional Amount
June 30, 1998 December 31, 1997
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 76,407,000 40,675,000
Commitments to Sell 4,750,000 6,721,000
Commodity Futures:
Commitments to Purchase 1,710,000 -
Commitments to Sell 2,208,000 5,168,000
Foreign Futures:
Commitments to Purchase 86,043,000 45,574,000
Commitments to Sell 152,047,000 26,176,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 8,703,000 2,436,000
Commitments to Sell 11,779,000 10,218,000
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 $27,496 and
$681,559 at June 30, 1998 and December 31, 1997, respectively.
Of the $27,496 net unrealized gain on open contracts at June 30,
1998, $480,435 related to exchange-traded forward currency
contracts and $(452,939) related to off-exchange-traded forward
currency contracts.
<PAGE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Of the $681,559 net unrealized gain on open contracts at December
31, 1997, $657,913 related to exchange-traded futures contracts
and $23,646 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 December 1998 and
March 1998, respectively. Off-exchange-traded forward currency
contracts held by the Partnership 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 counterparty, 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
<PAGE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DWR and Carr, as a futures commission merchant for the
Partnership's exchange-traded futures and futures styled
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
and futures styled options contracts, including an amount equal
to the net unrealized gain on all open futures contracts, which
funds, in the aggregate, totaled $32,151,002 and $25,612,869 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 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:
<PAGE>
DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
June 30, 1998
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 42,911,000 16,428,000
Options on Financial Futures - 1,713,000
Commodity Futures 1,217,000 3,582,000
Foreign Futures 64,765,000 46,866,000
Off-Exchange-Traded Forward
Currency Contracts 14,834,000 16,628,000
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 39,908,000 11,661,000
Options on Financial Futures 1,206,000 2,398,000
Commodity Futures 4,414,000 3,535,000
Foreign Futures 28,444,000 26,146,000
Off-Exchange-Traded Forward
Currency Contracts 12,716,000 16,655,000
<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 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 losses net of interest income of $148,671 and
posted a decrease in Net Asset Value per Unit. The most
significant losses were recorded in the global bond futures
component of the balanced portfolio from long positions in
Australian bond futures as prices moved lower during April and
June. In currencies, losses were recorded during April and June
from crossrate transactions involving the Japanese yen relative
to the Australian dollar as the value of Pacific Rim currencies
moved in a short-term volatile pattern in reaction to the
economic
<PAGE>
instability in that region. Additional currency losses were
recorded from short Singapore dollar positions as its value moved
higher relative to the U.S. dollar during June. These losses
were partially offset by gains from short nickel futures
positions as nickel prices declined during June. Additional
gains recorded during June from short positions in crude oil
futures and long positions in cotton futures helped to offset the
Partnership's overall losses. Trading in the stock index futures
component was relatively flat for the quarter as gains recorded
from long S&P 500 Index futures positions during April and June
offset losses recorded in this same market during May. Total
expenses for the three months ended June 30, 1998 were $459,583,
resulting in a net loss of $608,254. The value of an individual
Unit in the Partnership decreased from $14.59 at March 31, 1998
to $14.28 at June 30, 1998.
For the six months ended June 30, 1998, the Partnership recorded
total trading revenues including interest income of $1,893,775
and posted an increase in Net Asset Value per Unit. The most
significant gains were recorded from long S&P 500 Index futures
positions in the stock index portion of the balanced portfolio as
domestic stock prices climbed to record highs during the first
quarter. Additional gains were recorded in the managed futures
component from short crude oil futures positions during January
and February, as oil prices declined on news of a tentative
agreement between the U.N. and Iraq. Short crude oil futures
positions also proved profitable during June as oil prices
declined following a move up higher in March and April. Smaller
<PAGE>
gains were recorded from short nickel futures positions as nickel
prices moved lower during June and from trading livestock futures
during February. A portion of the Partnership's overall gains
for the first half of the year was offset by losses experienced
in the global bond futures component of the balanced portfolio
from long positions in Australian bond futures as prices moved
lower during April and June. Losses were also experienced in the
currency markets from crossrate transactions involving the
Japanese yen relative to the Australian dollar during April and
June. Smaller currency losses were recorded from short Singapore
dollar positions as its value moved higher relative to the U.S.
dollar during June. Total expenses for the six months ended June
30, 1998 were $899,675, resulting in net income of $994,100. The
value of an individual Unit in the Partnership increased from
$13.75 at December 31, 1997 to $14.28 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 revenues including interest income of $1,066,746
and 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
<PAGE>
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
three months ended June 30, 1997 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 recorded
total trading revenues including interest income of $2,151,968
and posted an increase in Net Asset Value per Unit. The most
significant gains were recorded in the managed futures portion of
the portfolio from 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
<PAGE>
in this market moved in a choppy pattern during the first half of
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 six months
ended June 30, 1997 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.
<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, Dean Witter Spectrum Strategic L.P. ("Spectrum
Strategic"), Dean Witter Spectrum Technical L.P. ("Spectrum
Technical" and, collectively with the Partnership and Spectrum
Strategic, the "Spectrum Series") collectively registered
10,000,000 Units of Limited Partnership Interest ("Units") pursuant
to a Registration Statement on Form S-1, which became effective on
September 15, 1994 (SEC File Number 33-80146). While such Units
were not allocated among the Spectrum Series at that time, they
were subsequently allocated for convenience purposes as follows:
Spectrum Strategic 4,000,000, Spectrum Technical 4,000,000 and the
Partnership 2,000,000. The Spectrum Series collectively registered
an additional 20,000,000 Units pursuant to a new Registration
Statement on Form S-1, which became effective on January 31, 1996
(SEC File Number 333-00494); such units were allocated among the
Spectrum Series as follows: Spectrum Strategic 6,000,000, Spectrum
Technical 9,000,000 and the Partnership 5,000,000. The Spectrum
Series collectively registered an additional 8,500,000 Units
pursuant to another Registration Statement on Form S-1, which
became effective on April 30, 1996 (SEC File Number 333-3222); such
Units were allocated among the Spectrum Funds as follows: Spectrum
Strategic 2,500,000, Spectrum Technical 5,000,000 and the
<PAGE>
Partnership 1,000,000. The managing underwriter for the Spectrum
Series is DWR.
Units are being sold at monthly closings 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.
Through June 30, 1998, 3,025,840.034 Units were sold, leaving
4,974,159.966 Units unsold as of July 1, 1998. The aggregate price
of the Units sold through June 30, 1998 is $36,339,989.
Since DWR has paid all expenses of the Initial 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 Global
Balanced L.P.
(Registrant)
By: Demeter Management Corporation
(General Partner)
August 13, 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 Global Balanced 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> 31,670,567
<SECURITIES> 0
<RECEIVABLES> 2,977,004<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 34,675,067<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 34,675,067<F3>
<SALES> 0
<TOTAL-REVENUES> 1,893,775<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 899,675
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 994,100
<INCOME-TAX> 0
<INCOME-CONTINUING> 994,100
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 994,100
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include subscriptions receivable of $2,841,187 and interest
receivable of $135,817.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $27,496.
<F3>Liabilities include redemptions payable of $161,145, accrued brokerage
fees of $121,407, and accrued management fees of $32,991.
<F4>Total revenue includes realized trading revenue of $1,820,696, net
change in unrealized of $(654,063) and interest income of $727,142.
</FN>
</TABLE>
