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 March 31, 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. 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
March 31, 1998
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition March 31, 1998
(Unaudited) and December 31, 1997.....................2
Statements of Operations for the Quarters Ended
March 31, 1998 and 1997 (Unaudited)...................3
Statements of Changes in Partners' Capital for the
Quarters Ended March 31, 1998 and 1997 (Unaudited)....4
Statements of Cash Flows for the Quarters Ended
March 31, 1998 and 1997 (Unaudited)...................5
Notes to Financial Statements (Unaudited)..........6-11
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations..12-15
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................16-17
Item 2. Changes in Securities and Use of Proceeds......17-19
Item 5. Other Information................................ 19
Item 6. Exhibits and Reports on Form 8-K..................20
</TABLE>
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DEAN WITTER SPECTRUM TECHNICAL L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
March 31, December 31,
1998 1997
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 182,362,264 168,849,922
Net unrealized gain on open contracts 7,290,028 12,296,712
Total Trading Equity 189,652,292 181,146,634
Subscriptions receivable 6,740,208 2,965,621
Interest receivable (DWR) 618,978 657,562
Total Assets 197,011,478 184,769,817
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 1,808,181 1,009,230
Accrued brokerage fees (DWR) 1,184,845 1,097,194
Accrued management fees 619,526 573,696
Incentive fees payable 75,399 139,190
Total Liabilities 3,687,951 2,819,310
Partners' Capital
Limited Partners (13,005,690.608 and
12,308,185.227 Units, respectively) 191,361,258 180,099,271
General Partner (133,363.801 and
126,515.511 Units, respectively) 1,962,269 1,851,236
Total Partners' Capital 193,323,527 181,950,507
Total Liabilities and Partners' Capital 197,011,478184,769,817
NET ASSET VALUE PER UNIT 14.71 14.63
<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 March 31,
1998 1997
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 9,789,927 4,018,527
Net change in unrealized (5,006,684) 1,900,962
Total Trading Results 4,783,243 5,919,489
Interest Income (DWR) 1,860,527 1,189,432
Total Revenues 6,643,770 7,108,921
EXPENSES
Brokerage fees (DWR) 3,507,551 2,505,005
Management fees 1,834,013 1,214,548
Incentive fees 209,494 230,786
Total Expenses 5,551,058 3,950,339
NET INCOME 1,092,712 3,158,582
NET INCOME ALLOCATION
Limited Partners 1,081,679 3,126,767
General Partner 11,033 31,815
NET INCOME PER UNIT
Limited Partners
.08 .40
General Partner
.08 .40
<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 Quarters Ended March 31, 1998 and 1997
(Unaudited)
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C>
<C> <C>
Partners' Capital,
December 31, 1996 8,300,169.234 $111,852,280 $1,133,349
$112,985,629
Offering of Units 1,660,884.134 23,125,940 320,000
23,445,940
Net Income - 3,126,767 31,815
3,158,582
Redemptions (142,012.661) (2,008,928) -
(2,008,928)
Partners' Capital,
March 31, 1997 9,819,040.707 $136,096,059 $1,485,164
$137,581,223
Partners' Capital,
December 31, 199712,434,700.738 $180,099,271 $1,851,236
$181,950,507
Offering of Units 1,063,073.439 15,407,012 100,000
15,507,012
Net Income - 1,081,679 11,033
1,092,712
Redemptions (358,719.768) (5,226,704) -
(5,226,704)
Partners' Capital,
March 31, 199813,139,054.409 $191,361,258 $1,962,269
$193,323,527
<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 Quarters Ended March 31,
1998 1997
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income 1,092,712 3
,158,582
Noncash item included in net income
Net change in unrealized 5,006,684 (
1,900,962)
(Increase) decrease in operating assets:
Interest receivable (DWR) 38,584 (49,996)
Net option premiums - 295,211
Increase (decrease) in operating liabilities:
Accrued brokerage fees (DWR) 87,651 116,418
Accrued management fees 45,830 56,445
Incentive fees payable (63,791) -
Net cash provided by operating activities 6,207,670 1
,675,698
CASH FLOWS FROM FINANCING ACTIVITIES
Offering of Units 15,507,012 2
3,445,940
Increase in subscriptions receivable(3,774,587) (
5,415,061)
Increase (decrease) in redemptions payable798,951 (
215,345)
Redemptions of units (5,226,704) (
2,008,928)
Net cash provided by financing activities 7,304,672 1
5,806,606
Net increase in cash 13,512,342 1
7,482,304
Balance at beginning of period 168,849,922 1
06,460,248
Balance at end of period 182,362,264 1
23,942,552
<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 of Dean Witter Spectrum
Technical 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 Technical L.P. is a limited partnership
organized to engage in the speculative trading of futures,
forward and options contracts on commodities, foreign currencies,
financial instruments and other commodity interests. The
Partnership is one of the Dean Witter Spectrum Funds, comprised
of Dean Witter Spectrum Balanced L.P., Dean Witter Spectrum
Strategic L.P., and Dean Witter Spectrum Technical L.P. The
general partner for the Partnership is Demeter Management
Corporation ("Demeter"). The non-clearing commodity broker is
Dean Witter Reynolds Inc. ("DWR"), with an unaffiliated broker,
Carr Futures, Inc. ("Carr"), providing clearing and execution
services. Both Demeter and DWR are wholly-owned subsidiaries of
Morgan Stanley Dean Witter & Co. ("MSDW"). Demeter has retained
Campbell & Company, Inc., Chesapeake Capital Corporation and John
W. Henry & Company, Inc. ("JWH") as the trading advisors for the
Partnership.
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. 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.
3. Financial Instruments
The Partnership trades futures, options and forward contracts in
interest rates, stock indices, commodities and currencies.
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 March 31, 1998 and December 31, 1997 open
contracts were:
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Contract or Notional Amount
March 31, 1998 December 31, 1997
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 98,912,000 302,165,000
Commitments to Sell 263,853,000 80,696,000
Commodity Futures:
Commitments to Purchase 17,517,000 36,753,000
Commitments to Sell 70,492,000 84,557,000
Foreign Futures:
Commitments to Purchase 597,872,000 283,941,000
Commitments to Sell 230,319,000 379,781,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 133,760,000 116,349,000
Commitments to Sell 237,791,000 203,705,000
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 gain on open contracts is reported as a
component of "Equity in Commodity futures trading accounts" on
the Statements of Financial Condition and totaled $7,290,028 and
$12,296,712 at March 31, 1998 and December 31, 1997,
respectively.
Of the $7,290,028 net unrealized gain on open contracts at March
31, 1998, $3,404,716 was related to exchange-traded futures
contracts and $3,885,312 related to off-exchange-traded forward
currency contracts.
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Of the $12,296,712 net unrealized gain on open contracts at
December 31, 1997, $11,977,756 related to exchange-traded futures
contracts and $318,956 related to off-exchange-traded forward
currency contracts.
Exchange-traded futures contracts held by the Partnership at
March 31, 1998 and December 31, 1997, mature through March 1999
and December 1998, respectively. Off-exchange-traded forward
currency contracts held by the Partnership at March 31, 1998 and
December 31, 1997, mature through June 1998, and March 1998,
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 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
and Carr, as the futures commission merchants for all of the
Partnership's exchange-traded futures and options contracts, are
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
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 options
contracts including an amount equal to the net unrealized gain on
all open futures and options contracts, which funds totaled
$185,766,980 and $180,827,678 at March 31, 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 Carr's obligations to the Partnership.
For the quarter ended March 31, 1998 and the year ended December
31, 1997, the average fair value of financial instruments held
for trading purposes was as follows:
March 31, 1998
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 260,911,000 121,363,000
Commodity Futures 29,975,000 75,950,000
Foreign Futures 445,487,000 296,120,000
Off-Exchange-Traded Forward
Currency Contracts 227,564,000 321,194,000
<PAGE>
DEAN WITTER SPECTRUM TECHNICAL L.P.
NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)
December 31, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 233,922,000 153,604,000
Options on Financial Futures 6,705,000 347,000
Commodity Futures 58,233,000 60,140,000
Options on Commodity Futures 2,181,000 -
Foreign Futures 205,510,000 168,044,000
Options on Foreign Futures 4,070,000 -
Off-Exchange-Traded Forward
Currency Contracts 103,299,000 111,186,000
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in separate
commodity interest trading accounts with DWR and Carr, the
commodity brokers, and are used by the Partnership as margin to
engage in commodity futures, forward contracts and other
commodity 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 commodity futures contracts, forward contracts and
other commodity interests, it is expected that the Partnership
will continue to own such liquid assets for margin purposes.
The Partnership's investment in commodity futures contracts,
forward contracts and other commodity interests may be illiquid.
If the price for 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.
<PAGE>
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, exchanges and
sales of additional Units of Limited Partnership Interest in the
future will affect the amount of funds available for investments
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 Ended March 31, 1998
For the quarter ended March 31, 1998, the Partnership's total
trading revenues including interest income were $6,643,770.
During the first quarter, the Partnership recorded a gain in Net
Asset Value per Unit. The most significant gains were recorded
from long European interest rate futures positions, particularly
German and French interest rate futures, as prices in these
markets trended higher throughout a majority of the quarter.
Additional profits were recorded from long positions in European
and U.S. stock index futures as prices in these markets climbed
higher for
<PAGE>
the first three months of the year. In energies, gains were
recorded from short crude and heating oil futures positions as
oil prices declined during January and early February as tensions
eased in the Middle East. Short livestock futures positions
profited during February as prices in these markets also moved
lower. These gains were partially offset by losses recorded
during January from short positions in gold futures, as prices
reversed higher, and from long gold futures positions during
March as gold prices subsided. In currencies, losses were
experienced from short positions in the Japanese yen during
January and February as the value of the yen increased versus the
U.S. dollar after weakening previously. These losses were
partially offset by gains from short Swiss franc and German mark
positions as the value of the U.S. dollar strengthened versus
these currencies during March. Total expenses for the period
were $5,551,058, generating net income of $1,092,712. The value
of an individual Unit in the Partnership increased from $14.63 at
December 31, 1997 to $14.71 at March 31, 1998.
For the Quarter Ended March 31, 1997
For the quarter ended March 31, 1997, the Partnership's total
trading revenues including interest income were $7,108,921.
During the first quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant gains were
recorded in the currency markets during January and February.
These gains were recorded from short positions in the German mark
and Swiss franc as the value of the U.S. dollar strengthened
versus these currencies. Additional trading gains were recorded
from short
<PAGE>
gold futures positions as prices moved lower during January.
Gains were also recorded from long coffee futures positions, as
prices trended higher and from short positions in gas and oil
futures, as prices trended lower in February. Smaller gains were
recorded from long positions in agricultural futures as prices
trended higher during February and March. In financial futures
trading, gains recorded during January in global stock index
futures more than offset losses experienced as a result of short-
term volatile price movement in global interest rate futures
during February and March. A portion of the overall Fund gains
was offset by losses recorded in March from short positions in
the Swiss franc and the German mark as the value of these
currencies increased versus the U.S. dollar, after trending lower
previously. Losses were also recorded during March from short
positions in the energy markets as oil and gas prices reversed
higher, thus giving back a portion of February's profits. Total
expenses for the period were $3,950,339, generating net income of
$3,158,582. The value of an individual Unit in the Partnership
increased from $13.61 at December 31, 1996 to $14.01 at March 31,
1997.
<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., MSDW (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, alleging, among
other things, that the defendants committed fraud, deceit,
negligent misrepresentation, various violations of the California
Corporations Code, intentional and negligent breach of fiduciary
duty, fraudulent and unfair business practices, unjust
enrichment, and conversion in the sale and operation of the
various limited partnership commodity pools. 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. A consolidated and amended complaint in the
action pending in the Supreme Court of the State of New York was
filed on August 13, 1997, alleging that the defendants committed
fraud, breach of
<PAGE>
fiduciary duty, and negligent misrepresentation in the sale and
operation of the various limited partnership commodity pools. On
December 16, 1997, upon motion of the plaintiffs, the action
pending in the Superior Court of the State of Delaware was
voluntarily dismissed without prejudice. 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, 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:
<PAGE>
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 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 March 31, 1998, 14,973,894.350 Units were sold, leaving
3,026,105.650 Units unsold as of April 1, 1998. 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
<PAGE>
5,000,000 Units registered on April 30, 1996. The aggregate price
of the Units sold through March 31, 1998 is $185,101,902.
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 March 12, 1998, the Spectrum funds filed a registration
statement with the Securities and Exchange Commission registering
5,000,000 additional Units for sale (Registration No. 333-47831)
and to make certain changes. These changes include, among other
things, a reduction in the brokerage fees payable to DWR from
7.65% to 7.25% annually of the Partnership's Net Assets.
<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)
May 11, 1998 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> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 182,362,264
<SECURITIES> 0
<RECEIVABLES> 7,359,186<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 197,011,478<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 197,011,478<F3>
<SALES> 0
<TOTAL-REVENUES> 6,643,770<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,551,058
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,092,712
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,092,712
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,092,712
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include subscription receivable of $6,740,208 and interest
receivable of $618,978.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $7,290,028.
<F3>Liabilities include redemptions payable of $1,808,181, accrued brokerage
fees of $1,184,845, accrued management fees of $619,526 and
incentive fees payable of $75,399.
<F4>Total revenue includes realized trading revenue of $9,789,927, net
change in unrealized of $(5,006,684) and interest income of $1,860,527.
</FN>
</TABLE>
