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 September 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 TECHNICAL L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3782231
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification
No.)
c/o Demeter Management Corp.
Two World Trade Center, New York, NY 62 Fl. 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
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<TABLE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition September 30, 1997
(Unaudited) and December 31, 1996.....................2
Statements of Operations for the Quarters Ended
September 30, 1997 and 1996 (Unaudited)...............3
Statements of Operations for the Nine Months Ended
September 30, 1997 and 1996 (Unaudited)...............4
Statements of Changes in Partners' Capital for the
Nine Months ended September 30, 1997 and 1996
(Unaudited)...........................................5
Statements of Cash Flows for the Nine Months Ended
September 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 2. Changes in Securities and Use of Proceeds......20-22
Item 5. Other Information.................................22
Item 6. Exhibits and Reports on Form 8-K..................23
</TABLE>
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<TABLE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 153,703,713 106,460,248
Net unrealized gain on open contracts 7,259,777 2,533,889
Net option premiums 141,680 328,955
Total Trading Equity 161,105,170 109,323,092
Subscriptions receivable 5,430,238 5,117,123
Interest receivable (DWR) 538,153 381,841
Total Assets 167,073,561 114,822,056
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 1,136,658 683,809
Accrued brokerage commissions (DWR) 1,002,196 776,253
Accrued management fees 524,024 376,365
Total Liabilities 2,662,878 1,836,427
Partners' Capital
Limited Partners (11,792,717.453 and
8,216,910.942 Units, respectively) 162,752,617 111,852,280
General Partner (120,140.026 and
83,258.292 Units respectively) 1,658,066 1,133,349
Total Partners' Capital 164,410,683 112,985,629
Total Liabilities and Partners' Capital 167,073,561 114,822,056
NET ASSET VALUE PER UNIT 13.80 13.61
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
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<TABLE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 6,987,098 (3,535,256)
Net change in unrealized 2,653,287 5,659,492
Total Trading Results 9,640,385 2,124,236
Interest Income (DWR) 1,616,004 846,485
Total Revenues 11,256,389 2,970,721
EXPENSES
Brokerage commissions (DWR) 3,025,230 1,835,381
Management fees 1,544,198 855,453
Total Expenses 4,569,428 2,690,834
NET INCOME 6,686,961 279,887
NET INCOME ALLOCATION
Limited Partners 6,646,000 276,652
General Partner 40,961 3,235
NET INCOME PER UNIT
Limited Partners .62 .01
General Partner .62 .01
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit:
Realized 5,346,080 2,546,653
Net change in unrealized 4,725,888 5,073,137
Total Trading Results 10,071,968 7,619,790
Interest Income (DWR) 4,219,684 2,221,223
Total Revenues 14,291,652 9,841,013
EXPENSES
Brokerage commissions (DWR) 8,396,911 4,891,258
Management fees 4,148,649 2,252,425
Incentive fees 230,786 12,659
Total Expenses 12,776,346 7,156,342
NET INCOME 1,515,306 2,684,671
NET INCOME (LOSS ) ALLOCATION
Limited Partners 1,500,589 2,656,548
General Partner 14,717 28,123
NET INCOME PER UNIT
Limited Partners .19 .39
General Partner .19 .39
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 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 5,157,457.408 $58,726,495 $599,884 $59,326,379
Offering of Units 2,814,749.534 32,381,339 295,000 32,676,339
Net Income - 2,656,548 28,123 2,684,671
Redemptions (342,164.957) (3,976,125) - (3,976,125)
Partners' Capital
September 30, 1996 7,630,041.985 $89,788,257 $923,007 $90,711,264
Partners' Capital
December 31, 1996 8,300,169.234 $111,852,280 $1,133,349 $112,985,629
Offering of Units 4,275,849.472 58,483,471 510,000 58,993,471
Net Income (Loss) - 1,500,589 14,717 1,515,306
Redemptions (663,161.227) (9,083,723) - (9,083,723)
Partners' Capital
September 30, 1997 11,912,857.479 $162,752,617 $1,658,066 $164,410,683
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Nine Months Ended September 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income 1,515,306 2,684,671
Noncash item included in net income :
Net change in unrealized (4,725,888) (5,073,137)
Increase (decrease) in operating assets:
Net option premiums 187,275 (365,981)
Interest receivable (DWR) (156,312) (91,056)
Increase in operating liabilities:
Accrued brokerage commissions (DWR) 225,943 204,908
Accrued management fees 147,659 110,095
Net cash used for operating activities (2,806,017) (2,530,500)
CASH FLOWS FROM FINANCING ACTIVITIES
(Increase) decrease in subscriptions receivable (313,115) 2,517,257
Continuous offering 58,993,471 32,676,339
Increase in redemptions payable 452,849 591,918
Redemptions of units (9,083,723) (3,976,125)
Net cash provided by financing activities 50,049,482 31,809,389
Net increase in cash 47,243,465 29,278,889
Balance at beginning of period 106,460,248 52,705,410
Balance at end of period 153,703,713 81,984,299
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL 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 Technical 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, including foreign currencies, financial instruments,
precious and industrial metals, energy products and agriculturals
(collectively, "futures interests"). The general partner of the
Partnership, Demeter Management Corporation ("Demeter"), has
retained Campbell & Company, Inc., Chesapeake Capital Corporation
and John W. Henry & Company, Inc. ("JWH") as the trading advisors
of the Partnership. The commodity broker for most of the
Partnership's transactions is Dean Witter Reynolds, Inc. ("DWR").
Both Demeter and DWR are wholly owned subsidiaries of Morgan
Stanley, Dean Witter, Discover & Co. ("MSDWD").
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 four 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 non-clearing commodity broker for the
Partnership with Carr providing all clearing services for
Partnership transactions.
2. Summary of Significant Accounting Policies
Effective August 1, 1997, the flat-rate brokerage fee was reduced
from 8.25% per annum to 7.65% per annum.
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.
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. Financial Instruments
The Partnership trades futures, options and forward contracts and
related instruments in interest rates, stock indices,
commodities, currencies, petroleum and precious metals. 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 September 30, 1997 and December 31, 1996
open contracts were:
Contract or Notional Amount
September 30, 1997 December 31, 1996
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 279,361,000 113,494,000
Commitments to Sell 109,703,000 88,136,000
Options Written - 4,505,000
Commodity Futures:
Commitments to Purchase 76,934,000 21,658,000
Commitments to Sell 39,931,000 51,283,000
Foreign Futures:
Commitments to Purchase 226,352,000 112,745,000
Commitments to Sell 117,629,000 81,929,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 117,857,000 40,864,000
Commitments to Sell 123,675,000 24,397,000
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
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 $7,259,777 and
$2,533,889 at September 30, 1997 and December 31, 1996,
respectively. Of the $7,259,777 net unrealized gain on open
contracts at September 30, 1997, $7,149,479 was related to
exchange-traded futures contracts and $110,298 related to off-
exchange-traded forward currency contracts. Of the $2,533,889
net unrealized gain on open contracts at December 31, 1996,
$2,802,603 related to exchange-traded futures contracts and
$(268,714) related to off-exchange-traded forward currency
contracts.
Exchange-traded futures contracts held by the Partnership at
September 30, 1997 and December 31, 1996, mature through
September 1998 and December 31, 1997, respectively. Off-exchange-
traded forward currency contracts held by the Partnership at
September 30, 1997 and December 31, 1996, mature through December
1997 and March 1997, respectively. The contract amounts in the
above table represent the Partnership's extent of involvement in
the particular class of financial instrument, but not the credit
risk
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
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 either DWR or Carr
acts as the futures commission merchant or the 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 $160,446,687 and
$109,262,851 at September 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 risk to the ability of
Carr, the sole counterparty on all such contracts, to perform.
Carr's parent,
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)
Credit Agricole Indosuez, has guaranteed Carr's obligations to
the Partnership.
For the nine months ended September 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
September 30, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 204,232,000 176,112,000
Options on Financial Futures 8,716,000 451,000
Commodity Futures 52,332,000 57,085,000
Options on Commodity Futures 2,672,000 -
Foreign Futures 205,837,000 124,883,000
Options on Foreign Futures 4,902,000 -
Off-Exchange-Traded Forward
Currency Contracts 64,704,000 79,811,000
December 31, 1996
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 131,914,000 117,625,000
Options on Financial Futures 5,437,000 375,000
Commodity Futures 40,606,000 45,449,000
Options on Commodity Futures 5,157,000 -
Foreign Futures 144,435,000 60,257,000
Options on Foreign Futures 7,143,000 -
Off-Exchange-Traded Forward
Currency Contracts 35,572,000 39,498,000
<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 Carr, and are used by the
Partnership as margin to engage in futures interest trading. DWR
and Carr hold 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 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, 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 Nine Months Ended September 30, 1997
For the quarter ended September 30, 1997, the Partnership's total
trading revenues including interest income were $11,256,389.
During the third quarter, the Partnership posted an increase in
<PAGE>
Net Asset Value per Unit. The most significant gains were
recorded in global interest rate futures during July and
September as long positions in Australian, Japanese and most
European interest rate futures profited from an upward price
trend. In global stock index futures, gains were recorded from
long positions in European and U.S. stock index futures as prices
in these markets also increased during July and September.
Additional gains were recorded from short Nikkei Index futures
positions as Japanese equity prices declined during August and
September. These gains were partially offset by losses recorded
from trendless price movement in soft commodities and
agricultural futures throughout a majority of the quarter.
Smaller losses experienced in currencies as a result of
inconsistent movement in the value of the British pound relative
to the U.S. dollar also offset a portion of overall Partnership
gains for the quarter. Total expenses for the quarter were
$4,569,428 resulting in net income of $6,686,961. The value of
an individual Unit in the Partnership increased from $13.18 at
June 30, 1997 to $13.80 at September 30, 1997.
For the nine months ended September 30, 1997, the Partnership's
total trading revenues including interest income were
$14,291,652. During the first nine months of the year, the
Partnership posted an increase in Net Asset Value per Unit. The
most significant gains were recorded in financial futures as long
positions in global interest rate and stock index futures
profited from an upward price move during July and September.
Additional gains
<PAGE>
were recorded in metals from short gold futures positions as gold
prices declined during January, April, June and July. Smaller
profits were recorded in soft commodities as long positions in
coffee futures profited from a strong upward trend during
February, April and May. These gains were partially offset by
losses experienced in energy futures as oil prices moved in a
choppy pattern throughout a majority of the first nine months of
the year. Smaller losses recorded from trendless movement in
agricultural futures prices during the third quarter, as well as
in the value of the British pound throughout the year, also
offset a portion of the Partnership's overall gains for the first
three quarters of 1997. Total expenses for the period were
$12,776,346 resulting in net income of $1,515,306. The value of
an individual Unit in the Partnership increased from $13.61 at
December 31, 1996 to $13.80 at September 30, 1997.
For the Quarter and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $2,970,721.
During the third quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant gains were
recorded in the energy markets from long positions in crude,
heating and gas oil futures as prices in these markets trended
higher throughout the quarter. Additional gains were recorded in
the financial futures markets from long Australian, European and
Japanese bond futures positions as global interest rate futures
prices moved steadily between July and September. Gains were
<PAGE>
also recorded in metals as a downward move in gold and aluminum
futures prices during September resulted in gains for the
Partnership's short positions. A portion of the overall gains
for the quarter was offset by losses experienced in the currency,
soft commodities and agricultural markets. In the currency
markets, losses were recorded during August from short Australian
dollar positions as the Australian dollar value reversed higher
relative to the U.S. dollar and other world currencies, and from
long Swiss franc positions as its value decreased during late
August. Additional losses were recorded in the agricultural
markets as soybean and corn futures prices moved in an
inconsistent pattern during a majority of the quarter. In soft
commodities, losses were recorded as a result of trendless
movement in coffee, cotton and sugar prices throughout most of
the quarter. Total expenses for the quarter were $2,690,834,
resulting in net income of $279,887. The value of an individual
Unit in the Partnership increased from $11.88 at June 30, 1996 to
$11.89 at September 30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading revenues including interest income were $9,841,013.
During the first nine months of the year, the Partnership posted
an increase in Net Asset Value per Unit. The most significant
gains were recorded in the energy markets from long crude oil
futures positions as prices trended higher during a majority of
the second and third quarters. In the currency markets, gains
were recorded from short Japanese yen positions as the value of
<PAGE>
the yen moved lower relative to the U.S. dollar. Additional
currency gains were recorded from short Swiss franc and German
mark positions as the value of these currencies moved lower
relative to the U.S. dollar and other world currencies during
January and April. Gains were also recorded in the metals
markets during June and September from short gold futures
positions as prices moved lower. In financial futures trading,
gains experienced during the third quarter from a steady upward
move in global interest rate futures prices more than offset
losses recorded during the first half of the year, as well as
losses experienced from global stock index futures trading
throughout the first nine months of the year. A portion of the
Partnership's overall gains was offset by losses in soft
commodities as a result of choppy price movement in coffee and
cotton futures during a majority of the first nine months of the
year. Total expenses for the period were $7,156,342, resulting
in net income of $2,684,671. The value of an individual Unit in
the Partnership increased from $11.50 at December 31, 1995 to
$11.89 at September 30, 1996.
<PAGE>
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"), certain
limited partnership commodity pools of which Demeter is the
general partner, and certain trading advisors (including JWH) 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 (including JWH) 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
<PAGE>
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 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 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Dean Witter Spectrum Strategic L.P. ("Spectrum Strategic"); Dean
Witter Spectrum Technical L.P. ("Spectrum Technical"); and Dean
Witter Spectrum Balanced L.P. ("Spectrum Balanced" and,
collectively with Spectrum Strategic and Spectrum Technical, the
"Partnerships") 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 (the "Registration Statement") (SEC File Number 33-80146).
While such Units were not allocated among the Partnerships at
that time, they were subsequently allocated for convenience
purposes as follows: Spectrum Strategic 4,000,000, Spectrum
Technical 4,000,000 and Spectrum Balanced 2,000,000. The
Partnerships 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 Partnerships as follows: Spectrum
Strategic 6,000,000, Spectrum Technical 9,000,000 and Spectrum
Balanced
<PAGE>
5,000,000. The Partnerships registered an additional 8,500,000
Units pursuant to another Registration Statement on Form S-1,
which become effective on April 30, 1996 (SEC File Number 333-
3222); such Units were allocated among the Partnerships as
follows: Spectrum Strategic 2,500,000, Spectrum Technical
5,000,000 and Spectrum Balanced 1,000,000. The managing
underwriter for the Partnerships is DWR.
The "Initial Offering" by the Partnerships, when Units were sold
for $10 each, commenced on September 15, 1994 and closed on
November 2, 1994; a "Continuing Offering" began thereafter,
during which 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 September 30, 1997, 13,164,792.023 Units were sold,
leaving 4,835,207.977 Units unsold as of October 1, 1997. The
aggregate offering amount registered was $201,920,000, based upon
the offering prices of $10 per Unit for the 4,000,000 Units
registered on September 15, 1994; $11.73 per Unit for the
9,000,000 Units registered on January 31, 1996; and $11.27 per
Unit for the 5,000,000 Units registered on April 30, 1996. The
aggregate price of the Units sold through September 30, 1997 is
$159,155,163.
<PAGE>
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.
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 Technical
L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
November 12, 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.
