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 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 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 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 TECHNICAL 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 TECHNICAL 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 137,054,130 106,460,248
Net unrealized gain on open contracts4,606,490 2,533,889
Net option premiums 88,093 328,955
Total Trading Equity 141,748,713 109,323,092
Subscriptions receivable 5,168,726 5,117,123
Interest receivable (DWR) 484,623 381,841
Total Assets 147,402,062 144,822,056
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 2,071,095 683,809
Accrued brokerage commissions (DWR) 961,658 776,253
Accrued management fees 466,258 376,365
Total Liabilities 3,499,011 1,836,427
Partners' Capital
Limited Partners (10,806,780.293 and
8,216,910.942 Units, respectively) 142,415,948111,8
52,280
General Partner (112,844.106 and
83,258.292 Units respectively) 1,487,103 1,133,349
Total Partners' Capital 143,903,051 112,985,629
Total Liabilities and Partners' Capital147,402,062114,822,056
NET ASSET VALUE PER UNIT 13.18 13.61
<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 Quarters Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (5,659,545) 4,640,201
Net change in unrealized 171,639 (17,986)
Total Trading Results (5,487,906) 4,622,215
Interest Income (DWR) 1,414,248 757,190
Total Revenues (4,073,658) 5,379,405
EXPENSES
Brokerage commissions (DWR) 2,866,677 1,658,141
Management fees 1,389,902 758,006
Total Expenses 4,256,579 2,416,147
NET INCOME (LOSS) (8,330,237) 2,963,258
NET INCOME (LOSS) ALLOCATION
Limited Partners (8,242,176)
2,933,044
General Partner
(88,061) 30,214
NET INCOME (LOSS) PER UNIT
Limited Partners
(.83) .46
General Partner
(.83) .46
<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 Six Months Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (1,641,018) 6,081,909
Net change in unrealized 2,072,601 (586,355)
Total Trading Results 431,583 5,495,554
Interest Income (DWR) 2,603,680 1,374,738
Total Revenues 3,035,263 6,870,292
EXPENSES
Brokerage commissions (DWR) 5,371,682 3,055,877
Management fees 2,604,450 1,396,972
Incentive fees 230,786 12,659
Total Expenses 8,206,918 4,465,508
NET INCOME (LOSS) (5,171,655) 2,404,784
NET INCOME (LOSS) ALLOCATION
Limited Partners
(5,115,409)
2,379,896
General Partner
(56,246)
24,888
NET INCOME (LOSS) PER UNIT
Limited Partners
(.43) .38
General Partner
(.43) .38
<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 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 5,157,457.408 $58,726,495 $599,884
$59,326,379
Continuous Offering2,257,056.773 26,109,899 240,000
26,349,899
Net Income - 2,379,896 24,888
2,404,784
Redemptions (178,764.479) (2,091,914) -
(2,091,914)
Partners' Capital
June 30, 1996 7,235,749.702 $85,124,376 $864,772
$85,989,148
Partners' Capital
December 31, 1996 8,300,169.234 $111,852,280 $1,133,349
$112,985,629
Continuous Offering 3,045,204.151 41,439,840 410,000
41,849,840
Net Loss (5,115,409) (56,246)
(5,171,655)
Redemptions (425,748.986) (5,760,763) -
(5,760,763)
Partners' Capital
June 30, 1997 10,919,624.399 $142,415,948 $1,487,103
$143,903,051
<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 Six Months Ended June 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) (5,171,655) 2
,404,784
Noncash item included in net income (loss):
Net change in unrealized (2,072,601) 586,355
(Increase) decrease in operating assets:
Net option premiums 240,862 -
Interest receivable (DWR) (102,782) (70,413)
Increase in operating liabilities:
Accrued brokerage commissions (DWR) 185,405 187,436
Accrued management fees 89,893
85,685
Net cash provided by (used for) operating activities(6,830,878)
3,193,847
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in subscriptions receivable (51,603) (2,079,017)
Continuous offering 41,849,840 26,349,899
Increase in redemptions payable 1,387,286 459,544
Redemptions of units (5,760,763)
(2,091,914)
Net cash provided by financing activities37,424,760
22,638,512
Net increase in cash 30,593,882 25,832,359
Balance at beginning of period 106,460,248
52,705,410
Balance at end of period 137,054,130
78,537,769
<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. Both Demeter and 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 TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. 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 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 517,863,000 113,494,000
Commitments to Sell 101,035,000 88,136,000
Options Written - 4,505,000
Commodity Futures:
Commitments to Purchase 20,400,000 21,658,000
Commitments to Sell 108,531,000 51,283,000
Foreign Futures:
Commitments to Purchase 328,094,000 112,745,000
Commitments to Sell 164,769,000 81,929,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 40,585,000 40,864,000
Commitments to Sell 64,530,000 24,397,000
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL 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 $4,606,490 and
$2,533,889 at June 30, 1997 and December 31, 1996, respectively.
Of the $4,606,490 net unrealized gain on open contracts at June
30, 1997, $4,721,004 was related to exchange-traded futures
contracts and $(114,514) 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 June
30, 1997 and December 31, 1996, mature through June 1998 and
December 31, 1997, respectively. Off-exchange-traded forward
currency contracts held by the Partnership at June 30, 1997 and
December 31, 1996, mature through September 1997 and March 1997,
respectively. The contract amounts in the above table represent
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Partnership's extent of involvement in the particular class
of financial instrument, but not the credit risk 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 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 $141,775,134 and
$109,262,851 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-
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
exchange-traded forward currency contracts, the Partnership is at
risk to the ability of DWR, the counterparty on all such
contracts, to perform.
For the six months 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 156,343,000 194,727,000
Options on Financial Futures 5,673,000 644,000
Commodity Futures 48,794,000 53,975,000
Options on Commodity Futures 2,831,000 -
Foreign Futures 189,618,000 102,347,000
Options on Foreign Futures 4,462,000 -
Off-Exchange-Traded Forward
Currency Contracts 30,089,000 34,284,000
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
4. Subsequent Event
On July 31, 1997, DWR closed the sale of its institutional
futures business and foreign currency trading operations to Carr
Futures
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)
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 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.
<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 losses net of interest income were $4,073,658. During
the second quarter, the Partnership posted a decrease in Net
Asset
<PAGE>
Value per Unit. Losses were recorded in the currency markets
during May from transactions involving the Japanese yen as its
value moved without consistent direction. Additional currency
losses were recorded from transactions involving the Swiss franc
as its value moved in a choppy pattern during June. In the
energy markets, losses were recorded as oil and gas prices moved
in a short-term volatile pattern during the quarter. Additional
losses were recorded during April from short U.S. interest rate
futures positions as U.S. bond prices moved higher, and from
trading Japanese and European bond futures as prices in these
markets moved in a choppy pattern. A portion of these losses was
offset by gains recorded from long positions in Australian bond
and global stock index futures as prices in these markets trended
higher during May and June. A portion of overall losses for the
quarter was offset by gains recorded from short gold futures
positions as prices moved sharply lower during June. In soft
commodities, gain were recorded from long coffee futures
positions as coffee prices trended higher during April and May.
Total expenses for the quarter were $4,256,579 resulting in a net
loss of $8,330,237. The value of an individual Unit in the
Partnership decreased from $14.01 at March 31, 1997 to $13.18 at
June 30, 1997.
For the six months ended June 30, 1997, the Partnership's total
trading revenues including interest income were $3,035,263.
During the first six months, the Partnership posted a decrease in
Net Asset Value per Unit. Trading gains during the period were
<PAGE>
offset by brokerage commissions resulting in net trading losses.
Losses were recorded in energy futures trading as oil and gas
prices moved in a choppy pattern throughout a majority of the
first six months of the year. Additional losses were recorded
from trendless price movement in global interest rate futures
during February, March and April. A portion of these losses was
offset by gains recorded from long positions in global stock
index and Australian bond futures as prices in these market moved
higher during May and June. Gains were recorded from long coffee
futures positions as prices moved in an upward trend during
February, April and May. In metals, gains were recorded from
short positions in gold futures as prices declined during
January, April and June. In currency trading, gains were
recorded from short positions in the German mark and Japanese yen
as the value of the U.S. dollar strengthened relative to these
currencies during January, February and April. Total expenses
for the period were $8,206,918 resulting in a net loss of
$5,171,655. The value of an individual Unit in the Partnership
decreased from $13.61 at December 31, 1996 to $13.18 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 $5,379,405.
During the second quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant gains for the
quarter were experienced in the currency markets during April
from short German mark and Swiss Franc positions as the value of
these
<PAGE>
currencies moved lower relative to the U.S. dollar and other
world currencies. Additional currency gains were recorded from
short Japanese yen positions as the value of the yen moved lower
relative to the U.S. dollar during mid-May through June. Gains
were also recorded in the energy markets during April and June
from long crude oil and natural gas futures positions and in the
metals markets during June from short copper futures positions as
prices moved lower on news of significant losses by Sumitomo
Corporation. Smaller gains were recorded for the Partnership
from agricultural futures trading particularly from long corn
futures positions as prices moved higher in April and early May.
A portion of overall gains for the second quarter was offset by
losses in global interest rate and global stock index futures as
prices moved in a short-term volatile pattern. Smaller losses
were recorded in soft commodities as losses in coffee futures
more than offset gains experienced in sugar futures. Total
expenses for the quarter were $2,416,147, resulting in net income
of $2,963,258. The value of an individual Unit in the
Partnership increased from $11.42 at March 31, 1996 to $11.88 at
June 30, 1996.
For the six months ended June 30, 1996, the Partnership's total
trading revenues including interest income were $6,870,292.
During the first half of the year, the Partnership posted an
increase in Net Asset Value per Unit. The most significant gains
were recorded in the currency markets from short Swiss franc and
German mark positions as the value of these currencies moved
lower
<PAGE>
relative to the U.S. dollar during January and April. Additional
currency gains were recorded from short Japanese yen positions as
the value of the yen moved lower relative to the U.S. dollar
during January and March. In the energy markets, trading gains
were recorded from long crude oil futures positions as prices
increased during March, April and, to a lesser extent during
June. Additional gains were recorded from long natural gas
futures positions as prices moved higher during June. In the
metals markets, gains recorded from short positions in copper,
gold and silver futures during June more than offset losses
recorded from trading other base metals futures during the first
half of the year. A portion of overall gains for the first half
of the year was offset by losses experienced in global interest
rate futures trading during February, as the previous upward
trend that was profitable in late 1995 and January 1996, reversed
sharply lower. Additional losses were recorded in non-U.S.
interest rate futures from March to June as trendless price
movement followed. Losses were also recorded in global stock
index futures as choppy price movement was experienced during
March, May and June. In soft commodities, losses recorded from
trading cotton and coffee futures more than offset gains in sugar
futures during the first half of the year. Total expenses for
the period were $4,465,508, resulting in net income of
$2,404,784. The value of an individual Unit in the Partnership
increased from $11.50 at December 31, 1995 to $11.88 at June 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 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
LP (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.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Dean
Witter Spectrum Technical 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-30-1997
<PERIOD-END> JUN-30-1997
<CASH> 137,054,130
<SECURITIES> 0
<RECEIVABLES> 5,664,090<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 147,412,803<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 147,412,803<F3>
<SALES> 0
<TOTAL-REVENUES> 3,035,263<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,206,918
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (5,171,655)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,171,655)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,171,655)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include subscriptions receivable of $5,179,467 and interest
receivable of $484,623.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $4,606,490 and net option premium of $88,093.
<F3>Liabilities include redemptions payable of $2,071,095, accrued brokerage
commissions of $961,658 and accrued management fees of $466,258.
<F4>Total revenue includes realized trading revenue of $(1,641,018), net
change in unrealized of $2,072,601 and interest income of $2,603,680.
</FN>
</TABLE>
