UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-K

[X]   Annual  report  pursuant to Section  13  or  15(d)  of  the
Securities Exchange Act of 1934 [No Fee Required]
For the fiscal year ended December 31, 1997 or

[  ]   Transition report pursuant to Section 13 or 15 (d) of  the
Securities Exchange Act of 1934 [No Fee Required]
For          the          transition         period          from
________________to___________________
Commission File Number 33-65072

              DEAN WITTER SELECT FUTURES FUND L.P.

(Exact name of registrant as specified in its Limited Partnership
                           Agreement)

          DELAWARE                                     13-3619290
(State          or         other         jurisdiction          of
(I.R.S. Employer
             incorporation            of            organization)
Identification No.)

c/o Demeter Management Corporation
Two   World   Trade   Center,  New  York,  N.Y.   -   62nd   Flr.
10048            (Address   of   principal   executive   offices)
(Zip Code)
Registrant's    telephone    number,    including    area    code
(212) 392-5454

Securities registered pursuant to Section 12(b) of the Act:

                                                   Name  of  each
exchange
Title                 of                each                class
on which registered
          None                                         None

Securities registered pursuant to Section 12(g) of the Act:

             Units of Limited Partnership Interest

                        (Title of Class)


                        (Title of Class)

      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

      Indicate  by check mark if disclosure of delinquent  filers
pursuant to Item 405 of Regulation S-K (section 229.405  of  this
chapter)  is not contained herein, and will not be contained,  to
the  best  of  registrant's knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part  III  of
this Form 10-K or any amendment of this Form 10K. [X ]

State  the  aggregate  market  value  of  the  Units  of  Limited
Partnership  Interest held by non-affiliates of  the  registrant.
The  aggregate market value shall be computed by reference to the
price  at  which units were sold, or the average  bid  and  asked
prices of such units, as of a specified date within 60 days prior
to the date of filing: $165,429,394.72 at January 31, 1998.

              DOCUMENTS INCORPORATED BY REFERENCE
                          (See Page 1)

<PAGE>
<TABLE>
            DEAN WITTER SELECT FUTURES FUND L.P.
            INDEX TO ANNUAL REPORT ON FORM 10-K
                     DECEMBER 31, 1997
 <CAPTION>

Page No.
<S>                                                     <C>
DOCUMENTS INCORPORATED BY REFERENCE. . . . . . . . . . . . .
 . . . .  1
Part I .

   Item 1. Business. . . . . . . . . . . . . . . . . . . . .
 . . 2-5

   Item 2. Properties. . . . . . . . . . . . . . . . . . . .
 . .    5

  Item 3. Legal Proceedings. . . . . . . . . . . . . . . . .
 .  5-7

   Item  4.  Submission of Matters to  a  Vote  of  Security
Holders . . .7

Part II.

  Item 5. Market for the Registrant's Partnership Units and
           Related Security Holder Matters . . . . . . . . .
 . . . .8

   Item 6. Selected Financial Data . . . . . . . . . . . . .
 . . . .9

  Item 7. Management's Discussion and Analysis of Financial
          Condition and Results of Operations. . . . . . . .
 . 10-17

  Item 8. Financial Statements and Supplementary Data. . . .
 .    17

  Item 9. Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure. . . . . . . .
 . . .17
Part III.

  Item10. Directors, Executive Officers, Promoters and
           Control Persons of the Registrant . . . . . . . .
18-23

  Item11. Executive Compensation . . . . . . . . . . . . . .
 . .  23

  Item12. Security Ownership of Certain Beneficial Owners
          and Management . . . . . . . . . . . . . . . . . .
 .    23

  Item13. Certain Relationships and Related Transactions . .
 . 23-24

Part IV.

  Item14. Exhibits, Financial Statement Schedules, and
           Reports on Form 8-K . . . . . . . . . . . . . . .
 . .   25
</TABLE>
<PAGE>
<TABLE>

            DOCUMENTS INCORPORATED BY REFERENCE


Portions  of  the  following documents are  incorporated  by
reference as follows:

<CAPTION>

          Documents Incorporated                        Part
of Form 10-K
<S>                                               <C>
     Partnership Registration Statement
     on Form S-1 File No. 33-39667                     I

     Partnership's Registration Statement
     on Form S-1, File No. 33-65072                I and IV

     Partnership's Registration Statement
     on Form S-1, File No. 333-42380               I and IV

     Partnership's Registration Statement
     on Form S-1, File No. 33-1918                  I and IV

     December 31, 1997 Annual Report
      for the Dean Witter Select Futures             II  and
IV
     Fund L.P.











</TABLE>






<PAGE>
                           PART I

Item 1.  BUSINESS

     (a) General Development of Business. Dean Witter Select

Futures  Fund L.P. (the "Partnership") is a Delaware limited

partnership formed to engage in the speculative  trading  of

commodity  futures contracts and other commodity  interests,

including, but not limited to, forward contracts on  foreign

currencies  and  options on futures contracts  and  physical

commodities (collectively "futures interests").

        Units  of limited partnership interest ("Units")  in

the Partnership were registered pursuant to two Registration

Statements  on  Form S-l (File Nos. 33-39667  and  33-42380)

which  became  effective  on May 17  and  August  23,  1991,

respectively.  The offering of Units was underwritten  on  a

best  efforts"  basis by Dean Witter Reynolds Inc.  ("DWR").

The  Partnership's  General Partner  is  Demeter  Management

Corporation  ("Demeter"). DWR and Demeter  are  wholly-owned

subsidiaries of Morgan Stanley, Dean Witter, Discover &  Co.

("MSDWD").   The Partnership commenced operations on  August

1,  1991.   75,000 additional Units were registered pursuant

to a Registration Statement on Form S-1 (File No. 33-65072),

which   became   effective  on  August  31,  1993.    60,000

additional  Units were registered persuant to a Registration

Statement  on  Form  S-1  (file No. 333-1918)  which  became

effective on August 13, 1996.

                              

                              

<PAGE>

      Through  July 31, 1997, the sole commodity broker  for

the  Partnership's transactions was DWR.  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  clearing  commodity

broker  for  the  Partnership's futures and futures  options

trades  and  the  counterparty on the Partnership's  foreign

currency  trades.  DWR serves as the non-clearing  commodity

broker for the Partnerships with Carr providing all clearing

services for the Partnership's transactions.

      The  Partnership's net asset value  per  Unit,  as  of

December 31, 1997 was $2,084.52, representing an increase of

6.22  percent from the net asset value per Unit of $1,962.38

at  December  31, 1996.  For a more detailed description  of

the Partnership's business, see subparagraph (c).

     (b) Financial Information about Industry Segments.  The

Partnership's  business  comprises  only  one  segment   for

financial   reporting  purposes,  speculative   trading   of

commodity  futures contracts and other commodity  interests.

The relevant financial information is presented in

Items 6 and 8.

     (c) Narrative Description of Business.  The Partnership

is  in  the  business  of  speculative  trading  in  futures

interests, pursuant to trading instructions provided by  EMC

Capital Management, Inc., Rabar Market

<PAGE>

Research,  Inc.  and Sunrise Capital Management,  Inc.,  the

Partnership's  independent trading  advisors  (the  "Trading

Advisor(s)").   For a detailed description of the  different

facets of the Partnership's business, see those portions  of

the  Partnership's Prospectus, dated October 17, 1996, filed

as  part of the Registration Statement on Form S-l, File No.

333-1919 (see "Documents Incorporated by Reference" Page l),

set forth below.

  Facets of Business

      1.   Summary                    1.   "Summary  of  the
Prospectus"
                                      (Pages 1-12).

     2.  Commodity Markets         2.  "Futures, Options and
Forwards                                            Markets"
(Pages 48-53).

     3.  Partnership's Commodity   3.  "Investment  Program,
Use of
        Trading  Arrangements and              Proceeds  and
Trading                                             Policies
Policies                      -                      Trading
Policies" (Pages
                                      43-44). "The Trading
                                       Advisors" (Pages  55-
62).

       4.   Management  of  the Part-  4.   "The  Management
       Agree-
                            nership       ments" (Page  65).
       "The
                                          General   Partner"
(Pages
                                         45-47)   and   "The
Commodity
                                        Broker"  (Page  63).
"The                                                 Limited
Partnership
Agreement" (Pages 67-
                                       71).

     5.  Taxation  of  the Partner-  5.   "Material  Federal
Income
        ship's  Limited  Partners        Tax Considerations"
and                                       "State  and  Local
Income    Tax                                       Aspects"
(Pages 76-84).



                              
<PAGE>
     (d)   Financial Information About Foreign and  Domestic
Operations and
         Export Sales.
                              
        The Partnership has not engaged in any operations in

foreign  countries;  however, the Partnership  (through  the

commodity brokers) enters into forward contract transactions

where foreign banks are the contracting party and trades  in

futures interests on foreign exchanges.

Item 2.  PROPERTIES
      The  executive and administrative offices are  located

within the offices of DWR.  The DWR offices utilized by  the

Partnership  are  located at Two World  Trade  Center,  62nd

Floor, New York, NY 10048.

Item 3.  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., ("DWFCM"), MSDWD (all such parties referred

to   hereafter   as   the  "Dean  Witter   Parties").    The

Partnership,  certain  other limited  partnership  commodity

pools  of which Demeter is the general partner, and  certain

trading  advisors  to those pools.  On June  16,  1997,  the

plaintiffs in the above actions filed a consolidated amended

complaint, alleging, among other things, that the defendants

committed   fraud,   deceit,  negligent   misrepresentation,

various violations of the

<PAGE>

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  partnerships  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 on

behalf of   all   purchasers  of  interests  in   various   limited

partnership commodity pools including the Partnership 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

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  and

the  Partnership  have strong defenses  to,  and  they  will

vigorously contest,

<PAGE>

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  or  the

Partnership.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     None.

                              

                              

                              

                              

                              

                              

                              

                              

                              

                              

                              

                              

                              

                              

                              

<PAGE>


                          PART II

Item  5.  MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS  AND
RELATED
         SECURITY HOLDER MATTERS

      There is no established public trading market for  the

Units  of  Limited Partnership Interest in the  Partnership.

The  number  of holders of Units at December  31,  1997  was

approximately 10,557.  No distributions have  been  made  by

the  Partnership  since it commenced trading  operations  on

August  1, 1991. Demeter has sole discretion to decide  what

distributions,  if any, shall be made to  investors  in  the

Partnership.   No  determination has yet  been  made  as  to

future distributions.

























<PAGE>

                              
<TABLE>


     Item 6.    SELECTED FINANCIAL DATA (in dollars)




       <CAPTION>

                                              For the Years Ended December 31,

                               1997           1996         1995            1994
1993

        <S>                 <C>           <C>         <C>            <C>
<C>
     Total Revenues
     (including
     interest)26,495,529    22,046,523   69,299,562     17,420,402   42,931,325

     Net Income
       (Loss)                    9,943,717      5,414,041     39,054,115
(9,802,907)   26,392,212

     Net Income
     (Loss) Per
     Unit (Limited
     & General
      Partners)                  122.14      98.17356.14         (81.46)
467.14

      Total  Assets           169,541,807   167,588,012      179,342,999
171,613,080  202,681,945

     Total Limited
     Partners'
       Capital                163,999,307    161,174,820     173,965,425
166,182,436   197,140,885

     Net Asset Value
     Per Unit of
     Limited Partner-
       ship  Interest             2,084.52       1,962.38       1,864.21
1,508.07      1,589.53





</TABLE>





<PAGE>
Item  7.   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  at  either  designated  depositories  or   in

securities   approved  by  the  Commodity  Futures   Trading

Commission  ("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 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.

     Market  Risk.  The Partnership trades futures,  options

and  forward  contracts  in interest rates,  stock  indices,

commodities   and  currencies.   In  entering   into   these

contracts  there  exists a risk to the  Partnership  (market

risk) that such contracts may be significantly influenced by

market   conditions,  such  as  interest  rate   volatility,

resulting  in  such contracts being less valuable.   If  the

markets  should  move  against all of the  futures  interest

positions held by the Partnership at the same time,  and  if

the  Trading Advisors were unable to offset futures interest

positions of the Partnership, the Partnership could lose all

of  its assets and the Limited Partners would realize a 100%

loss.   The  Partnership has established  Trading  Policies,

which  include  standards for liquidity and  leverage  which

help  control  market risk.  Both the Trading  Advisors  and

Demeter  monitor the Partnership's trading activities  on  a

daily  basis to ensure compliance with the Trading Policies.

Demeter may

                              

<PAGE>

(under  terms  of  the Management Agreements)  override  the

trading  instructions  of a Trading Advisor  to  the  extent

necessary to comply with the Partnership's Trading Policies.

      Credit Risk.   In addition to market risk, in entering

into  futures,  options and forward  contracts  there  is  a

credit  risk to the Partnership that the counterparty  on  a

contract  will  not be able to meet its obligations  to  the

Partnership.   The ultimate counterparty of the  Partnership

for  futures contracts traded in the United States and  most

foreign  exchanges on which the Partnership  trades  is  the

clearinghouse associated with such exchange.  In general,  a

clearinghouse  is backed by the membership of  the  exchange

and  will act in the event of non-performance by one of  its

members  or  one of its member's customers,  and,  as  such,

should  significantly reduce this credit risk.  For example,

a  clearinghouse may cover a default by (i) drawing  upon  a

defaulting  member's  mandatory  contributions  and/or  non-

defaulting   members'  contributions  to   a   clearinghouse

guarantee fund, established lines or letters of credit  with

banks, and/or the clearinghouse's surplus capital and  other

available assets of the exchange and clearinghouse, or  (ii)

assessing  its  members.   In cases  where  the  Partnership

trades on a foreign exchange where the clearinghouse is  not

funded or guaranteed by the membership or where the exchange

is  a  "principals'  market" in  which  performance  is  the

responsibility of the exchange member and not the

<PAGE>

exchange or a clearinghouse, or when the Ppartnership  enters

into  off-exchange contracts with a counterparty,  the  sole

recourse  of the Partnership will be the clearinghouse,  the

exchange  member or the off-exchange contract  counterparty,

as the case may be.

      There  can  be  no  assurance  that  a  clearinghouse,

exchange  or other exchange member will meet its obligations

to  the  Partnership, and the Partnership is not indemnified

against  a default by such parties from Demeter or MSDWD  or

DWR.   Further, the law is unclear as to whether a commodity

broker has any obligation to protect its customers from loss

in the event of an exchange, clearinghouse or other exchange

member   default  on  trades  effected  for   the   broker's

customers;  any such obligation on the part  of  the  broker

appears even less clear where the default occurs in a non-US

jurisdiction.

       Demeter   deals  with  the  credit   risks   of   all

partnership's  for  which it serves as  General  Partner  in

several ways.  First, it monitors each partnership's  credit

exposure to each exchange on a daily basis, calculating  not

only  the  amount  of margin required for it  but  also  the

amount  of  its unrealized gains at each exchange,  if  any.

The  Commodity Brokers inform each partnership, as with  all

their customers, of its net margin requirements for all  its

existing  open positions, but do not break that  net  figure

down, exchange by exchange.  Demeter, however, has installed

a system which permits it to monitor each partnership's

<PAGE>

potential  margin liability, exchange by exchange.   Demeter

is   then  able  to  monitor  the  individual  partnership's

potential net credit exposure to each exchange by adding the

unrealized  trading gains on that exchange, if any,  to  the

partnership's margin liability thereon.

       Second,  as  discussed  earlier,  each  partnership's

trading policies limit the amount of partnership Net  Assets

that can be committed at any given time to futures contracts

and  require,  in  addition,  a certain  minimum  amount  of

diversification in the partnership's trading,  usually  over

several different products.  One of the aims of such trading

policies  has  been  to reduce the credit  exposure  of  any

partnership  to any single exchange and, historically,  such

partnership exposure has typically amounted to only a  small

percentage of its total Net Assets.  On those relatively few

occasions where a partnership's credit exposure has  climbed

above that level, Demeter has dealt with the situations on a

case by case basis, carefully weighing whether the increased

level  of  credit  exposure remained  appropriate.   Demeter

expects  to  continue  to deal with  such  situations  in  a

similar manner in the future.

     Third, Demeter has secured, with respect to Carr acting

as  the clearing broker for the partnerships, a guarantee by

Credit  Agricole Indosuez, Carr's parent, of the payment  of

the  "net  liquidating value" of the transactions  (futures,

options and forward contracts) in each

                              

<PAGE>

partnership's  account.   As of December  31,  1997,  Credit

Agricole Indosuez' total capital was over $3.25 billion  and

it is currently rated AA2 by Moody's.

       With   respect  to  forward  contract  trading,   the

partnerships  trade  with  only those  counterparties  which

Demeter,   together  with  DWR,  have   determined   to   be

creditworthy.    At   the  date  of  this filing,   the

partnerships  deal only with Carr as their  counterparty  on

forward   contracts.   The  guarantee  by   Carr's   parent,

discussed above, covers these forward contracts.

      See  "Financial Instruments" under Notes to  Financial

Statements  in  the  Partnership's  1997  Annual  Report  to

Partners, incorporated by reference in this Form 10-K.

     Capital Resources.  The Partnership does not have,  nor

does it expect to have, any capital assets.  Redemptions  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.  As of December 31,  1997,  the

Partnership's total capital was $166,773,321, an increase of

$2,987,036   from   the  Partnership's  total   capital   of

$163,786,285,  at  December 31, 1996.  For  the  year  ended

December 31, 1997, the Partnership generated net income of

<PAGE>

$9,943,717,  total subscriptions aggregated $12,056,614  and

total redemptions aggregated $19,013,295.

     For the year ended December 31, 1997, the Partnership's

total  trading  revenues  including  interest  income   were

$26,495,529.  The Partnership's total expenses for the  year

were  $16,551,812,  resulting in net income  of  $9,943,717.

The value of an individual unit in the Partnership increased

from $1,962.38 at December 31, 1996 to $2,084.52 at December

31, 1997.

    As of December 31, 1996, the Partnership's total capital

was   $163,786,285,  a  decrease  of  $12,659,975  from  the

Partnership's total capital of $176,446,260 at December  31,

1995.  For the year ended December 31, 1995, the Partnership

generated  net  income  of $5,414,041,  total  subscriptions

aggregated  $10,251,712  and  total  redemptions  aggregated

$28,325,728.

     For the year ended December 31, 1996, the Partnership's

total  trading  revenues  including  interest  income   were

$22,046,523.  The Partnership's expenses for the  year  were

$16,632,482,  resulting in net income  of  $5,414,041.   The

value  of  an  individual unit in the Partnership  increased

from $1,864.21 at December 31, 1995 to $1,962.38 at December

31, 1996.

    As of December 31, 1995, the Partnership's total capital

was   $176,446,260,  an  increase  of  $8,256,932  from  the

Partnership's total

<PAGE>

capital of $168,189,328 at December 31, 1994.  For the  year

ended  December  31,  1995,  the Partnership  generated  net

income  of  $39,054,115  and  total  redemptions  aggregated

$30,797,183.

     For the year ended December 31, 1995, the Partnership's

total  trading  revenues  including  interest  income   were

$69,299,562.  The Partnership's total expenses for the  year

were  $30,245,447, resulting in net income  of  $39,054,115.

The value of an individual unit in the Partnership increased

from $1,508.07 at December 31, 1994 to $1,864.21 at December

31, 1995.

     The Partnership's overall performance record represents

varied  results  of trading in different commodity  markets.

For  a further description of trading results, refer to  the

letter  to  the  Limited Partners in the  accompanying  1997

Annual Report to Partners, incorporated by reference in this

Form 10-K.  The Partnership's gains and losses are allocated

among its Limited Partners for income tax purposes.


Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The  information required by this Item appears  in  the

attached  1997 Annual Report to Partners and is incorporated

by reference in this Annual Report on Form 10-K.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING AND FINANCIAL DISCLOSURE

    None.


<PAGE>
                          PART III
Item  10.   DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS  AND
CONTROL
          PERSONS OF THE REGISTRANT
General Partner

     Demeter,  a Delaware corporation, was formed on  August

18,  1977  to  act  as  a  commodity pool  operator  and  is

registered  with the CFTC as a commodity pool  operator  and

currently  is  a member of the National Futures  Association

("NFA") in such capacity.  Demeter is wholly-owned by  MSDWD

and is an affiliate of DWR.  MSDWD, DWR and Demeter may each

be  deemed  to  be  "promoters" and/or  a  "parent"  of  the

Partnership  within  the meaning of the  federal  securities

laws.

     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.

Dean Witter Reynolds Inc.

     DWR  is a financial services company which provides  to

its individual, corporate and institutional clients services

as  a broker in securities and commodity interest contracts,

a  dealer in corporate, municipal and government securities,

an  investment  adviser and an agent in  the  sale  of  life

insurance and various other products and services.  DWR is a

member  firm  of the New York Stock Exchange,  the  American

Stock  Exchange,  the  Chicago Board Options  Exchange,  and

other major securities exchanges.

<PAGE>

     DWR is registered with the CFTC as a futures commission

merchant and is a member of the NFA in such capacity.  As of

December  31, 1997, DWR is servicing its clients  through  a

network   of   approximately   401   branch   offices   with

approximately 10,155 account executives servicing individual

and institutional client accounts.

Directors and Officers of the General Partner

    The directors and officers of Demeter as of December 31,

1997 are as follows:

      Richard M. DeMartini, age 45, is the Chairman  of  the

Board  and  a  Director of Demeter.  Mr. DeMartini  is  also

Chairman of the Board and a Director of Dean Witter  Futures

&  Currency  Management Inc. ("DWFCM").   Mr.  DeMartini  is

president  and chief operating officer of MSDWD's Individual

Asset  Management Group.  He was named to this  position  in

May of 1997 and is responsible for Dean Witter InterCapital,

Van  Kampen  American Capital, insurance  services,  managed

futures,  unit  trust, investment consulting services,  Dean

Witter   Realty,  and  NOVUS  Financial  Corporation.    Mr.

DeMartini  is a member of the MSDWD management committee,  a

director of the InterCapital funds, a trustee of the  TCW/DW

funds  and a trustee of the Van Kampen American Capital  and

Morgan  Stanley retail funds.  Mr. DeMartini has  been  with

Dean  Witter his entire career, joining the firm in 1975  as

an  account  executive.   He served  as  a  branch  manager,

regional director and national sales

<PAGE>

director,   before  being  appointed  president  and   chief

operating  officer of the Dean Witter Consumer Markets.   In

1988  he was named president and chief operating officer  of

Sears'  Consumer  Banking Division and in  January  1989  he

became  president and chief operating officer of Dean Witter

Capital.  Mr. DeMartini has served as chairman of the  board

of  the  Nasdaq Stock Market, Inc. and vice chairman of  the

board  of  the  National Association of Securities  Dealers,

Inc.   A  native  of  San Francisco, Mr. DeMartini  holds  a

bachelor's   degree  in  marketing  from  San  Diego   State

University.

      Mark J. Hawley, age 54, is President and a Director of

Demeter.   Mr.  Hawley is also President and a  Director  of

DWFCM.   Mr.  Hawley joined DWR in February 1989  as  Senior

Vice President and is currently the Executive Vice President

and Director of DWR's Managed Futures Department.  From 1978

to  1989,  Mr. Hawley was a member of the senior  management

team  at  Heinold Asset Management, Inc.,  a  CPO,  and  was

responsible  for  a  variety of projects in  public  futures

funds.   From 1972 to 1978, Mr. Hawley was a Vice  President

in charge of institutional block trading for the Mid-West at

Kuhn Loeb & Company.

      Lawrence  Volpe, age 50, is a Director of Demeter  and

DWFCM.  Mr. Volpe joined DWR as a Senior Vice President  and

Controller  in  September 1983, and  currently  holds  those

positions.   From  July  1979  to  September  1983,  he  was

associated with E.F. Hutton & Company Inc. and prior to his

<PAGE>

departure,  held the positions of First Vice  President  and

Assistant  Controller.   From 1970  to  July  1979,  he  was

associated  with  Arthur Anderson & Co.  and  prior  to  his

departure served as audit manager in the financial  services

division.

      Joseph  G.  Siniscalchi, age  52,  is  a  Director  of

Demeter.  Mr. Siniscalchi joined DWR in July 1984 as a First

Vice President, Director of General Accounting and served as

a  Senior Vice President and Controller for DWR's Securities

division  through  1997.   He is  currently  Executive  Vice

President  and Director of the Operations Division  of  DWR.

From  February  1980  to  July  1984,  Mr.  Siniscalchi  was

Director  of  Internal Audit at Lehman Brothers  Kuhn  Loeb,

Inc.

      Edward  C.  Oelsner, III, age 55,  is  a  Director  of

Demeter.   Mr.  Oelsner  is  currently  an  Executive   Vice

President and head of the Product Development Group at  Dean

Witter  InterCapital Inc., an affiliate of DWR. Mr.  Oelsner

joined  DWR  in  1981  as  a  Managing  Director  in   DWR's

Investment  Banking Department specializing in  coverage  of

regulated  industries and, subsequently, served as  head  of

the  DWR  Retail Products Group.  Prior to joining DWR,  Mr.

Oelsner held positions at The First Boston Corporation as  a

member  of  the Research and Investment Banking  Departments

from 1967 to 1981.  Mr. Oelsner received his M.B.A. in





<PAGE>

Finance  from  the  Columbia University Graduate  School  of

Business  in  1966  and an A.B. in Politics  from  Princeton

University in 1964.

      Robert  E.  Murray, age 37, is a Director of  Demeter.

Mr.  Murray  is  also a Director of DWFCM.   Mr.  Murray  is

currently  a Senior Vice President of DWR's Managed  Futures

Department  and  is  the  Senior Administrative  Officer  of

DWFCM.   Mr. Murray began his career at DWR in 1984  and  is

currently  the  Director  of  Product  Development  for  the

Managed  Futures  Department.  He  is  responsible  for  the

development   and   maintenance  of  the  proprietary   Fund

Management   System  utilized  by  DWFCM  and   Demeter   in

organizing  information and producing reports for monitoring

clients'  accounts.   Mr.  Murray  currently  serves  as   a

Director  of  the  Managed  Funds Association.   Mr.  Murray

graduated from Geneseo State University in May 1983  with  a

B.A. degree in Finance.

      Patti  L. Behnke, age 37, is Vice President and  Chief

Financial  Officer  of Demeter.  Ms. Behnke  joined  DWR  in

April   1991  as  Assistant  Vice  President  of   Financial

Reporting  and  is  currently a  First  Vice  President  and

Director   of   Financial  Reporting  and  Managed   Futures

Accounting in the Individual Asset Management Group.   Prior

to  joining  DWR,  Ms. Behnke held positions  of  increasing

responsibility at L.F. Rothschild & Co. and Carteret Savings

Bank.  Ms. Behnke began her career at Arthur Anderson & Co.,

where she was employed in the audit division



<PAGE>

from  1982-1986.  She is a member of the AICPA and  the  New

York State Society of Certified Public Accountants.

Item 11.  EXECUTIVE COMPENSATION

    The Partnership has no directors and executive officers.

As a limited partnership, the business of the Partnership is

managed   by   Demeter   which  is   responsible   for   the

administration  of the business affairs of  the  Partnership

but receives no compensation for such services.

Item  12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL  OWNERS

AND   MANAGEMENT      (a)   Security  Ownership  of  Certain

Beneficial Owners - As of December 31, 1997, there  were  no

persons known to be beneficial owners of more than 5 percent

of   the  Units  of  Limited  Partnership  Interest  in  the

Partnership.

     (b)  Security Ownership of Management - At December 31,

1997,  Demeter owned 1,330.767 Units of General  Partnership

Interest  representing  a  1.66  percent  interest  in   the

Partnership.

    (c)  Changes in Control - None



Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

    Refer to Note 2 - "Related Party Transactions" of "Notes

to  Financial Statements", in the accompanying  1997  Annual

Report  to Partners, incorporated by reference in this  Form

10-K.  In its capacity

<PAGE>

as  the  Partnership's retail commodity broker, DWR received

commodity  brokerage commissions (paid and  accrued  by  the

Partnership)  of $9,777,851 for the year ended December  31,

1997.








































<PAGE>
                           PART IV

Item  14.  EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES,   AND

REPORTS ON FORM 8-K

(a) 1. Listing of Financial Statements

     The  following  financial  statements  and  reports  of

independent  public  accountants,  all  appearing   in   the

accompanying   1997   Annual   Report   to   Partners,   are

incorporated by reference in this Form 10-K:

         -    Report  of  Deloitte & Touche LLP, independent
         auditors,  for the years ended December  31,  1997,
         1996 and 1995.

         -     Statements  of  Financial  Condition  as   of
         December 31, 1997 and 1996.

         -    Statements of Operations, Changes in Partners'
         Capital,  and  Cash  Flows  for  the  years   ended
         December 31, 1997, 1996 and 1995.

         -   Notes to Financial Statements.
         
    With the exception of the aforementioned information and

the  information incorporated in Items 7, 8 and 13, the 1997

Annual  Report  to Partners is not deemed to be  filed  with

this report.

    2.  Listing of Financial Statement Schedules

     No  financial  statement schedules are required  to  be

filed with this report.

(b) Reports on Form 8-K

      No  reports  on  Form  8-K  have  been  filed  by  the

Partnership during the last quarter of the period covered by

this report.

(c) Exhibits

    Refer to Exhibit Index on Page E-1.

<PAGE>
                           SIGNATURES

      Pursuant to the requirement of Sections 13 or 15(d) 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 SELECT
                         FUTURES FUND L.P.

(Registrant)

                                                 BY:      Demeter
                         Management Corporation,
                                                          General
                              Partner

March 23, 1998           BY: /s/ Mark J. Hawley
                                 Mark J. Hawley, Director and
                                President

      Pursuant to the requirements of the Securities Exchange Act
of  1934,  this  report has been signed below  by  the  following
persons on behalf of the registrant and in the capacities and  on
the dates indicated.

Demeter Management Corporation.

BY:  /s/  Mark J. Hawley                                March 23,
1998
        Mark J. Hawley, Director and
          President

     /s/  Richard M. DeMartini                          March 23,
1998
        Richard M. DeMartini, Director
          and Chairman of the Board

     /s/  Lawrence Volpe                                March 23,
1998
        Lawrence Volpe, Director


     /s/  Joseph G. Siniscalchi                         March 23,
1998
        Joseph G. Siniscalchi, Director


     /s/  Edward C. Oelsner III                         March 23,
1998
        Edward C. Oelsner III, Director


     /s/  Robert E. Murray,                             March 23,
1998
        Robert E. Murray, Director


     /s/  Patti L. Behnke                               March 23,
1998
        Patti L. Behnke, Chief Financial
          Officer and Principal Accounting
          Officer
                        EXHIBIT INDEX

                                                             ITEM
METHOD OF FILING
 -3.                                                  Amended and
Restated Limited
     Partnership Agreement of the
     Partnership, dated as of
     August 13, 1996.                                 (1)
-10.                                                    Form   of
Management Agreement among
     the Partnership, Demeter and EMC Capital         (2)
     Management, Inc., Rabar Market
     Research and Sunrise Commodities
     dated as of May 17, 1991 ("the
     Management Agreements").
-10.                                                    Form   of
Amendement No. 1 to each of
     the Management Agreements dated
     July 22, 1991.                                   (3)

-10.                                                    Form   of
Amendment No. 2 to each of
     the Management Agreements dated
     October 1, 1993.                                 (4)

-10.                                                    Form   of
Amendment No. 3 to each of
     the Management Agreements dated                  (5)
     November 29, 1996.

-10.                                                    Form   of
Amended and Restated Customer
     Agreement between the Partnership and
                                                      Dean Witter
Reynolds Inc., dated as of                            (6)
     September 1, 1996.

-13.                                                     December
31, 1997 Annual Report to Limited Partners.           (7)

(1)
     Incorporated  by  reference  to  Exhibit  3.01(b)   of   the
     Partnership's Registration Statement on Form S-1  (File  No.
     333-1918).

(2)
     Incorporated   by  reference  to  Exhibit   10.02   of   the
     Partnership's Registration Statement on Form S-1  (File  No.
     33-65072).

(3)
Incorporated   by   reference  to   Exhibit   10.02(a)   of   the
Partnership's
     Registration Statement on Form S-1 (File No. 33-42380).

(4)       Incorporated  by reference to Exhibit 10.02(b)  of  the
          Partnership's
     Registration Statement on Form S-1 (File No. 33-42380).

(5)       Incorporated  by reference to Exhibit 10.02(c)  of  the
          Partnership's
     Registration Statement on Form S-1 (File No. 333-1918).

(6)       Incorporated  by reference to Exhibit 10.01(c)  of  the
          Partnership's
     Registration Statement on Form S-1 (File No. 333-1918).

(7)       Filed herewith.


<PAGE>
 
 
 
Select 
Futures 
Fund




December 31, 1997 
Annual Report





                                             [LOGO OF DEAN WITTER APPEARS HERE]
<PAGE>
 
DEAN WITTER
Two World Trade Center
62nd Floor
New York, NY 10048
Telephone (212) 392-8899
 
DEAN WITTER SELECT FUTURES FUND L.P.
ANNUAL REPORT
1997
 
Dear Limited Partner:
 
This marks the seventh annual report for the Dean Witter Select Futures Fund
L.P. (the "Fund"). The Fund began 1997 trading at a Net Asset Value per Unit of
$1,962.38 and increased to a Net Asset Value per Unit of $2,084.52 at December
31, 1997, a net gain of 6.2% for the year. Since its inception in 1991, the
Fund has increased by 108.5% (a compound annualized return of 12.1%).
 
In January, gains were recorded as a result of a strengthening in the value of
the U.S. dollar versus the Japanese yen and most major world currencies. Gains
were also recorded from short gold futures positions as prices declined to
their lowest levels in over three years. During February, gains were recorded
as the value of the U.S. dollar continued to strengthen relative to most major
world currencies. Additional gains were recorded from long coffee futures
positions as prices moved higher during the month. Small losses were recorded
during March from trend reversals in the currency markets, as the value of most
European currencies reversed higher relative to the U.S. dollar, and in
energies, from short positions in gas and oil futures.
 
In April, losses were recorded in the financial futures markets as domestic
bond prices rallied higher late in the month after showing signs of trending
lower previously. Inconsistent price movement in global stock index futures
resulted in smaller losses within this market complex. During May, losses were
experienced from short Canadian dollar positions as its value finished the
month higher relative to most major currencies. Continued short-term volatility
in oil and gas
<PAGE>
 
prices resulted in additional losses for the Fund. The Fund recorded relatively
flat performance during June as losses experienced from long coffee futures
positions, as coffee prices reversed dramatically lower, offset gains from
short positions in soybean and corn futures, as well as from long positions in
global stock index futures.
 
During July, profits were recorded from long positions in global interest rate
and stock index futures as prices in these markets trended higher. Additional
gains were recorded from short European currency positions as the U.S. dollar
again strengthened relative to the German mark. In August, a sharp trend
reversal in global interest rate and stock index futures resulted in a give-
back of a portion of July's profits. Additional losses were recorded in the
currency markets as the value of most European currencies increased relative to
the U.S. dollar after moving lower previously. A strong upward move in global
bond futures prices during September resulted in gains for the Fund's long
positions. Smaller gains were recorded from long silver and short copper
futures positions.
 
The Fund recorded losses during October due to sharp trend reversals in global
bond futures early in the month and short-term price volatility in U.S. bond
and stock index futures in the month's final week. Additional losses were
experienced from trendless price movement in the energy and metals complexes.
In November, the Fund experienced gains in currencies from short positions in
the Canadian dollar as its value weakened relative to the U.S. dollar.
Additional gains were recorded from trading precious and base metal futures. A
majority of the Fund's gains were offset by losses in the financial futures
markets from long positions in Japanese government bond futures as prices moved
lower. During December, the Fund recorded gains from short positions in crude
and heating oil
<PAGE>
 
futures as prices moved lower. Additional gains were recorded in metals from
trading copper and silver futures. Smaller gains were recorded from short
positions in the Japanese yen and Australian dollar when these currencies
declined as the economic crisis in the Pacific Rim escalated.
 
The Fund recorded net profits during 1997 primarily as a result of a
strengthening in the value of the U.S. dollar versus the Japanese yen and most
major world currencies throughout the year. Additional gains were recorded from
long global interest rate futures positions as U.S., Australian and European
interest rate futures trended higher in July. A portion of these gains was
offset by losses experienced from sharp trend reversals and short-term volatile
price movement in global bond futures during April and August. Overall, the
Fund's ability to capture profits in the currency and financial futures
complexes more than offset smaller losses incurred from trendless price
movement in most traditional commodities.
 
Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation at Two World Trade Center, 62nd Floor,
New York, NY 10048, or your Dean Witter Account Executive.
 
I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is not a
guarantee of future results.
 
    Sincerely,
 
    /s/ Mark J. Hawley


    Mark J. Hawley
    President
    Demeter Management Corporation
    General Partner
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
INDEPENDENT AUDITORS' REPORT
 
The Limited Partners and the General Partner:
 
We have audited the accompanying statements of financial condition of Dean
Witter Select Futures Fund L.P. (the "Partnership") as of December 31, 1997 and
1996 and the related statements of operations, changes in partners' capital,
and cash flows for each of the three years in the period ended December 31,
1997. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
 
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
 
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Dean Witter Select Futures Fund L.P. as of
December 31, 1997 and 1996 and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 1997 in conformity
with generally accepted accounting principles.
 

Deloitte & Touche LLP

February 17, 1998
March 11, 1998 as to Note 6
New York, New York
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
STATEMENTS OF FINANCIAL CONDITION
 
<TABLE>
<CAPTION>
                                                         DECEMBER 31,
                                                    -----------------------
                                                       1997        1996
                                                    ----------- -----------
                                                         $           $
<S>                                                 <C>         <C>
                                  ASSETS
Equity in Commodity futures trading
 accounts:
 Cash                                               158,178,925 154,784,007
 Net unrealized gain on open contracts                9,627,161   6,477,994
 Net option premiums                                        --       18,205
                                                    ----------- -----------
 Total Trading Equity                               167,806,086 161,280,206
Due from DWR                                          1,097,517     409,326
Interest receivable (DWR)                               638,204     533,060
Subscriptions receivable                                    --    5,365,420
                                                    ----------- -----------
 Total Assets                                       169,541,807 167,588,012
                                                    =========== ===========
                     LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
 Redemptions payable                                  2,272,314   2,370,157
 Accrued management fees                                423,673     403,858
 Accrued administrative expenses                         72,499     123,343
 Accrued brokerage commissions (DWR)                        --      491,315
 Incentive fees payable                                     --      348,459
 Accrued transaction fees and costs                         --       64,595
                                                    ----------- -----------
 Total Liabilities                                    2,768,486   3,801,727
                                                    ----------- -----------
PARTNERS' CAPITAL
 Limited Partners (78,674.749 and 82,132.510 Units,
   respectively)                                    163,999,307 161,174,820
 General Partner (1,330.767 Units)                    2,774,014   2,611,465
                                                    ----------- -----------
 Total Partners' Capital                            166,773,321 163,786,285
                                                    ----------- -----------
 Total Liabilities and Partners' Capital            169,541,807 167,588,012
                                                    =========== ===========
NET ASSET VALUE PER UNIT                               2,084.52    1,962.38
                                                    =========== ===========
</TABLE>
 
 
   The accompanying notes are an integral part of these financial statements.
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
STATEMENTS OF OPERATIONS
 
<TABLE>
<CAPTION>
                                                   FOR THE YEARS
                                                       ENDED
                                                   DECEMBER 31,
                                          ----------------------------------
                                             1997       1996         1995
                                          ---------- -----------  ----------
                                              $           $           $
<S>                                       <C>        <C>          <C>
REVENUES
Trading Profit (Loss):
 Realized                                 15,940,851  26,876,393  65,987,157
 Net change in unrealized                  3,149,167 (10,950,217) (4,657,344)
                                          ---------- -----------  ----------
  Total Trading Results                   19,090,018  15,926,176  61,329,813
Interest income (DWR)                      7,405,511   6,120,347   7,969,749
                                          ---------- -----------  ----------
  Total Revenues                          26,495,529  22,046,523  69,299,562
                                          ---------- -----------  ----------
EXPENSES
Brokerage commissions (DWR)                9,777,851  10,641,478  14,173,695
Management fees                            5,239,533   4,583,197   5,626,908
Transaction fees and costs                 1,370,439   1,104,011   1,589,795
Administrative expenses                      114,000     128,000     148,000
Incentive fees                                49,989     175,796   8,707,049
                                          ---------- -----------  ----------
  Total Expenses                          16,551,812  16,632,482  30,245,447
                                          ---------- -----------  ----------
NET INCOME                                 9,943,717   5,414,041  39,054,115
                                          ========== ===========  ==========
NET INCOME ALLOCATION:
Limited Partners                           9,781,168   5,283,411  38,580,172
General Partner                              162,549     130,630     473,943
NET INCOME PER UNIT:
Limited Partners                              122.14       98.17      356.14
General Partner                               122.14       98.17      356.14
</TABLE>
 
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
 
<TABLE>
<CAPTION>
                              UNITS OF
                             PARTNERSHIP    LIMITED     GENERAL
                              INTEREST     PARTNERS     PARTNER     TOTAL
                             -----------  -----------  --------- -----------
                                               $           $          $
<S>                          <C>          <C>          <C>       <C>
Partners' Capital,
December 31, 1994            111,526.087  166,182,436  2,006,892 168,189,328
Net Income                           --    38,580,172    473,943  39,054,115
Redemptions                  (16,876.953) (30,797,183)       --  (30,797,183)
                             -----------  -----------  --------- -----------
Partners' Capital, December
31, 1995                      94,649.134  173,965,425  2,480,835 176,446,260
Offering of Units              5,140.575   10,251,712        --   10,251,712
Net Income                           --     5,283,411    130,630   5,414,041
Redemptions                  (16,326.432) (28,325,728)       --  (28,325,728)
                             -----------  -----------  --------- -----------
Partners' Capital,
December 31, 1996             83,463.277  161,174,820  2,611,465 163,786,285
Offering of Units              5,737.467   12,056,614        --   12,056,614
Net Income                           --     9,781,168    162,549   9,943,717
Redemptions                   (9,195.228) (19,013,295)       --  (19,013,295)
                             -----------  -----------  --------- -----------
Partners' Capital,
December 31, 1997             80,005.516  163,999,307  2,774,014 166,773,321
                             ===========  ===========  ========= ===========
</TABLE>
 
   The accompanying notes are an integral part of these financial statements.
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
STATEMENTS OF CASH FLOWS
 
<TABLE>
<CAPTION>
                                                   FOR THE YEARS
                                                       ENDED
                                                   DECEMBER 31,
                                        -------------------------------------
                                           1997         1996         1995
                                        -----------  -----------  -----------
                                             $            $            $
CASH FLOWS FROM
 OPERATING ACTIVITIES
<S>                                     <C>          <C>          <C>
Net income                                9,943,717    5,414,041   39,054,115
Noncash item included in net income:
 Net change in unrealized                (3,149,167)  10,950,217    4,657,344
(Increase) decrease in operating
  assets:
 Net option premiums                         18,205       (1,185)     368,130
 Due from DWR                              (688,191)    (236,577)   1,181,051
 Interest receivable (DWR)                 (105,144)      59,297       69,088
Increase (decrease) in operating
  liabilities:
 Accrued management fees                     19,815      (42,247)      18,914
 Accrued administrative expenses            (50,844)     (40,924)      61,142
 Accrued brokerage commissions (DWR)       (491,315)    (173,003)      23,278
 Incentive fees payable                    (348,459)     348,459          --
 Accrued transaction fees and costs         (64,595)      (6,097)      29,778
                                        -----------  -----------  -----------
Net cash provided by operating
  activities                              5,084,022   16,271,981   45,462,840
                                        -----------  -----------  -----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
(Increase) decrease in subscriptions
  receivable                              5,365,420   (5,365,420)         --
Offering of units                        12,056,614   10,251,712          --
Increase (decrease) in redemptions
  payable                                   (97,843)     818,800     (660,125)
Redemptions of units                    (19,013,295) (28,325,728) (30,797,183)
                                        -----------  -----------  -----------
Net cash used for financing activities   (1,689,104) (22,620,636) (31,457,308)
                                        -----------  -----------  -----------
Net increase (decrease)
  in cash                                 3,394,918   (6,348,655)  14,005,532
Balance at beginning of
  period                                154,784,007  161,132,662  147,127,130
                                        -----------  -----------  -----------
Balance at end of period                158,178,925  154,784,007  161,132,662
                                        ===========  ===========  ===========
</TABLE>
 
   The accompanying notes are an integral part of these financial statements.
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS
 
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
ORGANIZATION--Dean Witter Select Futures Fund L.P. (the "Partnership") is a
limited partnership organized to engage in the speculative trading of commodity
futures contracts, commodity options contracts and forward contracts on foreign
currencies. The general partner for the Partnership is Demeter Management
Corporation ("Demeter"). Demeter is a wholly-owned subsidiary of Morgan
Stanley, Dean Witter, Discover & Co. ("MSDWD").
 
On May 31, 1997, Morgan Stanley Group Inc. was merged with and into Dean
Witter, Discover & Co. ("DWD"). At that time DWD changed its corporate name to
Morgan Stanley, Dean Witter, Discover & Co.
 
Demeter has retained EMC Capital Management, Inc. ("EMC"), Rabar Market
Research, Inc. ("Rabar") and Sunrise Capital Management, Inc. ("Sunrise") as
the trading advisors of the Partnership.
 
Through July 31, 1997, the sole commodity broker for the Partnership's
transactions was Dean Witter Reynolds Inc. ("DWR"), also a subsidiary of MSDWD.
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 clearing
commodity broker for the Partnership's futures and futures options trades and
the counterparty on the Partnership's foreign currency trades. DWR will
continue to serve as the non-clearing commodity broker for the Partnership with
Carr providing all clearing services for Partnership transactions.
 
Demeter is required to maintain a 1% minimum interest in the equity of the
Partnership and income (losses) are shared by the General and Limited Partners
based upon their proportional ownership interests.
 
OFFERING OF UNITS--During the period from October 17, 1996 through February 28,
1997 additional Units were offered to the public at a price equal to 100% of
the Net Asset Value as of the close of business on the last day of each month
prior to the March 1, 1997 closing date of the offering.
 
BASIS OF ACCOUNTING--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts in the financial statements.
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
 
 
REVENUE RECOGNITION--Commodity futures contracts, commodity options and forward
contracts on foreign currencies are open commitments until settlement date.
They are valued at market and the resulting unrealized gains and losses are
reflected in income. Monthly, DWR pays the Partnership interest income based
upon 80% of the average daily Net Assets for the month at a rate equal to a
prevailing rate on U.S. Treasury Bills issued during such month. For purposes
of such interest payments, Net Assets do not include monies due the Partnership
on forward contracts and other commodity interests, but not actually received.
 
NET INCOME (LOSS) PER UNIT--Net income (loss) per Unit is computed using the
weighted average number of units outstanding during the period.
 
EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS--The Partnership's asset "Equity
in Commodity futures trading accounts" consists of cash on deposit at DWR and
Carr to be used as margin for trading and the net asset or liability related to
unrealized gains or losses on open contracts and the net option premiums paid
and/or received. The asset or liability related to the unrealized gains or
losses on forward contracts is presented as a net amount in each period due to
master netting agreements.
 
BROKERAGE COMMISSIONS AND RELATED TRANSACTION FEES AND COSTS--The Partnership
accrues brokerage commissions on a half-turn basis at 80% of DWR's published
non-member rates. Transaction fees and costs are accrued on a half-turn basis.
Prior to September 1, 1996, brokerage commissions were capped at 3/4 of 1% per
month of the Net Assets allocated to each trading advisor as defined in the
Limited Partnership Agreement (a 9% annual rate). Transaction fees and costs,
exclusive of "give-up" fees, were capped at 1/12 of 1% per month of the Net
Assets allocated to each trading advisor (a 1% annual rate).
 
Effective September 1, 1996, brokerage commissions and transaction fees
chargeable to the Partnership have been capped at 13/20 of 1% per month of the
Partnership's month-end Net Assets (as defined in the Limited Partnership
Agreement) allocated to each such Trading Advisor (a 7.8% annual rate).
 
OPERATING EXPENSES--The Partnership bears all operating expenses related to its
trading activities, to a maximum of 1/4 of 1% annually of the Partnership's
average month-end Net Assets. These include filing fees, clerical,
administrative, auditing, accounting, legal, mailing, printing, and other
incidental operating expenses as permitted by the Limited Partnership
Agreement. In addition, the Partnership incurs a
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
 
monthly management fee and may incur an incentive fee. Demeter bears all other
operating expenses.
 
REDEMPTIONS--Limited Partners may redeem some or all of their Units at 100% of
the Net Asset Value per Unit as of the end of the last day of any month that is
at least six months after the closing at which an investor becomes a limited
partner, upon five business days advance notice by redemption form to Demeter.
Thereafter, Units may be redeemed as of the end, of any month upon five
business days advance notice by redemption form to Demeter. However, any Units
redeemed at or prior to the end of the twelfth, eighteenth, or twenty- fourth
full months following the closing at which such person first became a limited
partner, may be assessed a redemption charge equal to 3%, 2% or 1%,
respectively, of the Net Asset Value per Unit on the date of such redemption.
Limited Partners who obtained their units via an exchange from another DWR
sponsored commodity pool are not subject to the six month holding period or the
redemption charges.
 
DISTRIBUTIONS--Distributions, other than on redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date.
 
INCOME TAXES--No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible for reporting
income or loss based upon their respective share of the Partnership's revenues
and expenses for income tax purposes.
 
DISSOLUTION OF THE PARTNERSHIP--The Partnership will terminate on December 31,
2025 or at an earlier date if certain conditions set forth in the Limited
Partnership Agreement occur.
 
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 as described in Note 1. Under its Customer Agreement with DWR, the
Partnership pays DWR brokerage commissions as described in Note 1.
 
3. TRADING ADVISORS
 
Compensation to EMC, Rabar and Sunrise consists of a management fee and an
incentive fee as follows:
 
MANAGEMENT FEE--The Partnership pays a monthly management fee equal to 1/4 of
1% per month of the Net Assets (a 3% annual rate) allocated to each Trading
Advisor, as of the last day of each month.
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
 
 
INCENTIVE FEE--The Partnership pays a quarterly incentive fee to each trading
advisor equal to 17.5% of the Trading Profits, experienced with respect to each
Trading Advisor's allocated Net Assets as of the end of each calendar quarter.
If a Trading Advisor has experienced "Trading Losses" with respect to its
allocated Net Assets at the time of a supplemental closing, the trading advisor
must earn back such losses plus a pro rata amount related to the funds
allocated to the trading advisor at a supplemental closing before the trading
advisor is eligible for an incentive fee. Such incentive fee is accrued in each
month in which "Trading Profits" occurs. In those months in which "Trading
Profits" are negative, previous accruals, if any, during the incentive period
will be reduced. In those instances in which a Limited Partner redeems an
investment, the incentive fee (if earned through a redemption date) is to be
paid to such advisor on those redemptions in the month of such redemptions.
 
4. FINANCIAL INSTRUMENTS
 
The Partnership trades futures, options and forward contracts in interest
rates, stock indices, commodities, currencies, petroleum, and precious metals.
Futures and forwards represent contracts for delayed delivery of an instrument
at a specified date and price. Risk arises from changes in the value of these
contracts and the potential inability of counterparties to perform under the
terms of the contracts. There are numerous factors which may significantly
influence the market value of these contracts, including interest rate
volatility. At December 31, 1997 and 1996, open contracts were:
 
<TABLE>
<CAPTION>
                         CONTRACT OR NOTIONAL AMOUNT
                         ---------------------------
                             1997          1996
                         ------------- -------------
                               $             $
<S>                      <C>           <C>
EXCHANGE-TRADED CONTRACTS
Financial Futures:
 Commitments to Purchase   428,493,000   295,593,000
 Commitments to Sell       173,316,000   224,416,000
Commodity Futures:
 Commitments to Purchase    23,131,000    28,171,000
 Commitments to Sell       135,389,000   106,936,000
 Options Written                   --      1,299,000
Foreign Futures:
 Commitments to Purchase   997,389,000   395,250,000
 Commitments to Sell       315,676,000    73,489,000
OFF-EXCHANGE-TRADED FORWARD
  CURRENCY CONTRACTS
 Commitments to Purchase    96,671,000       212,000
 Commitments to Sell       127,065,000           --
</TABLE>
 
A portion of the amounts indicated as off-balance-sheet risk in forward
currency contracts is due to offsetting
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
 
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 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 $9,627,161 and $6,477,994 at December 31, 1997 and 1996,
respectively.
 
Of the $9,627,161 net unrealized gain on open contracts at December 31, 1997,
$10,514,844 related to exchange-traded futures contracts and $(887,683) related
to off-exchange-traded forward currency contracts.
 
Of the $6,477,994 net unrealized gain on open contracts at December 31, 1996,
$6,477,946 related to exchange-traded futures contracts and $48 related to off-
exchange-traded forward currency contracts.
 
Exchange-traded futures contracts held by the Partnership at December 31, 1997
and 1996 mature through December 1998 and December 1997, respectively. Off-
exchange-traded forward currency contracts held by the Partnership at December
31, 1997 and 1996 mature through March 1998 and January 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 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 the Partnership's
exchange-traded futures and options contracts, are required pursuant to
regulations of the Commodity Futures Trading Commission 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
option contracts, which funds totaled, $168,693,769 and $161,261,953, at
December 31, 1997 and 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
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
 
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 of such contracts, to perform. Carr's parent, Credit
Agricole Indosuez, has guaranteed Carr's obligations to the Partnership.
 
For the year ended December 31, 1997 and 1996, the average fair value of
financial instruments held for trading purposes was as follows:
 
<TABLE>
<CAPTION>
                                        1997
                               -----------------------
                                 ASSETS    LIABILITIES
                               ----------- -----------
                                    $           $
<S>                            <C>         <C>
EXCHANGE-TRADED CONTRACTS:
 Financial Futures             363,272,000 243,761,000
 Options on Financial Futures    3,781,000         --
 Commodity Futures              95,455,000  76,233,000
 Options on Commodity Futures    2,484,000   1,789,000
 Foreign Futures               360,391,000 382,135,000
OFF-EXCHANGE-TRADED FORWARD
  CURRENCY CONTRACTS            41,814,000  40,388,000
<CAPTION>
                                        1996
                               -----------------------
                                 ASSETS    LIABILITIES
                               ----------- -----------
                                    $           $
<S>                            <C>         <C>
EXCHANGE-TRADED CONTRACTS:
 Financial Futures             352,972,000 262,469,000
 Commodity Futures              90,720,000  60,672,000
 Options on Commodity Futures    2,341,000     308,000
 Foreign Futures               458,659,000 117,896,000
OFF-EXCHANGE-TRADED FORWARD
  CURRENCY CONTRACTS             9,226,000  20,258,000
</TABLE>
 
5. LEGAL MATTERS:
 
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"), the Partnership, certain
other limited partnership commodity pools of which Demeter is the general
partner, and certain trading advisors to those pools. On June 16, 1997, the
plaintiffs in the above actions filed a consolidated amended complaint,
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 partnerships commodity pools. Similar purported class
actions were also filed on
<PAGE>
 
DEAN WITTER SELECT FUTURES FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONCLUDED)
 
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 on behalf of all purchasers of interests in various limited
partnership commodity pools including the Partnership 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 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 and the Partnership 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 or the Partnership.
 
6. SUBSEQUENT EVENT
 
On March 11, 1998, Select Fund filed a registration statement (the "Offering")
with the Securities and Exchange Commission to register 1,500,000 Units for
sale and to include the Partnership as part of an open-ended series of funds,
the Spectrum Series, for which Demeter also serves as general partner. The
Partnership will change its name to Dean Witter Spectrum Select L.P. Effective
with the first monthly closing of the Offering, each outstanding Unit of the
Partnership will be converted into 100 Units. In addition, at this time the
incentive fee payable to each Trading Advisor will be reduced to 15% of
"Trading Profits," as defined in the Prospectus, and will be payable on a
monthly basis. Brokerage fees will be charged to the Partnership at a monthly
rate of 1/12 of 7.25% of Net Assets as of the first day of each month. Such
fees will cover all brokerage commissions, transaction fees and costs and
ordinary administrative and continuing offering expenses.
<PAGE>
 
DEAN WITTER REYNOLDS INC.
Two World Trade Center
62nd Floor
New York, NY 10048
                                FIRST-CLASS MAIL
                                ZIP + 4 PRESORT
                               U.S. POSTAGE PAID
                                  BROOKLYN, NY
                                 PERMIT NO. 148