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 year ended December 31, 1999 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 0-19511

        MORGAN STANLEY DEAN WITTER SPECTRUM SELECT 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          or           organization)
Identification No.)

c/o Demeter Management Corporation
Two   World   Trade  Center,  -  62nd  Flr.,   New   York,   N.Y.
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)


      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 10-K. [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 as of a specified date within  60
days  prior  to the date of filing: $216,881,637 at  January  31,
2000.

              DOCUMENTS INCORPORATED BY REFERENCE
                          (See Page 1)



<PAGE>
<TABLE>


         MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
               INDEX TO ANNUAL REPORT ON FORM 10-K
                        DECEMBER 31, 1999
<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. . . . . . . . . . . . . . . . . . .
 . . . . . ..                              . 6-7

   Item 4.  Submission of Matters to a Vote of Security Holders .
 . . . . . . .                            . . 8

Part II.

  Item 5.  Market for the Registrant's Partnership Units
           and Related Security Holders . . . . . . . . . . . . .
 . . . . . . . . 9-10

   Item 6.  Selected Financial Data . . . . . . . . . . . . . . .
 . . . . . . . . . 11

  Item 7.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations. . . . . . . . . .
 . . .. . .                                12-24

  Item 7A. Quantitative and Qualitative Disclosures About
            Market Risk . . . . . . . . . . . . . . . . . . . . .
 . . . . . . .                             24-37

   Item 8.   Financial Statements and Supplementary Data. . . . .
 . . . . . . .                             . .37

  Item 9.  Changes in and Disagreements with Accountants on
           Accounting and Financial Disclosure. . . . . . . . . .
 . . . . . .                               . .37
Part III.

  Item 10. Directors and Executive Officers of the Registrant . .
 . . .. . . .38-42

   Item 11. Executive Compensation . . . . . . . . . . . . .  . .
 . . . .. . . . . 42

  Item 12. Security Ownership of Certain Beneficial Owners
            and Management . . . . . . . . . . . . . . . .  . . .
 . . . . . . . . .42

  Item 13. Certain Relationships and Related Transactions   . . .
 . . . . . . .                                43
Part IV.
  Item 14. Exhibits, Financial Statement Schedules, and
              Reports on Form 8-K . . . . . . . . . .  .  .  .  .
 . . . . . . . . . .   44
</TABLE>


<PAGE>

            DOCUMENTS INCORPORATED BY REFERENCE


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



          Documents Incorporated                        Part
of Form 10-K

     Partnership's Prospectus dated
     January 21, 1999                                I

     Partnership's Supplement to the
     Prospectus dated April 30, 1999                 I

     Annual Report to Morgan Stanley
     Dean Witter Spectrum Series
     Limited Partners for the
      year ended December 31, 1999              II, III  and
IV
























<PAGE>

                             PART I

Item 1.  BUSINESS

(a) General Development of Business. Morgan Stanley Dean Witter

Spectrum Select L.P. (formerly, Dean Witter Spectrum Select L.P.)

(the "Partnership") is a Delaware limited partnership organized

to engage primarily in the speculative trading of futures and

forward  contracts,  options on futures contracts,  physical

commodities and other commodity interests, including, but not

limited to foreign currencies, financial instruments, metals,

energy  and  agricultural  products (collectively,  "futures

interests").  The Partnership is one of the Morgan Stanley Dean

Witter  Spectrum Series of funds, which is comprised of  the

Partnership, Morgan Stanley Dean Witter Spectrum Global Balanced

L.P., Morgan Stanley Dean Witter Spectrum Strategic L.P. and

Morgan Stanley Dean Witter Spectrum Technical L.P.



The   general  partner  is  Demeter  Management  Corporation

("Demeter").  The non-clearing commodity broker is Dean Witter

Reynolds, Inc. ("DWR") and an unaffiliated clearing commodity

broker,  Carr  Futures Inc. ("Carr"), provides clearing  and

execution  services.  Both Demeter and DWR are  wholly-owned

subsidiaries of Morgan Stanley Dean Witter & Co. ("MSDW").  The

trading advisors to the Partnership are EMC Capital Management,

Inc., Rabar Market Research, Inc. and Sunrise Capital Management,

Inc. (collectively, the "Trading Advisors").



<PAGE>

The Partnership became one of the Spectrum Series of funds on

June  1,  1998. Each outstanding unit of limited partnership

interest ("Unit(s)") in the Partnership was converted into 100

Units and its name changed from Dean Witter Select Futures Fund

L.P.  The number of Units outstanding, Net Income (Loss) per Unit

and  Net  Asset Value per Unit in the accompanying financial

statements  have been adjusted for all reporting periods  to

reflect this conversion.



The Partnership registered 5,000,000 additional Units pursuant to

a Registration Statement on Form S-1 (SEC File No. 333-68773),

which became effective January 21, 1999.  Units are offered at

monthly closings at a price equal to 100% of the Net Asset Value

per Unit at the close of business on the last day of each month.

The managing underwriter for the Spectrum Series is DWR.



The Partnership's Net Asset Value per Unit at December 31, 1999

was $22.00, representing a decrease of 7.56 percent from the Net

Asset Value per Unit of $23.80 at December 31, 1998.  For a more

detailed  description  of  the Partnership's  business,  see

subparagraph (c).



(b) Financial Information about Industry Segments.  For financial

information reporting purposes, the Partnership is deemed to

engage  in one industry segment, the speculative trading  of

futures  interests.  The relevant financial  information  is

presented in Items 6 and 8.

<PAGE>

(c) Narrative Description of Business.  The Partnership is in the

business of speculative trading of futures interests, pursuant to

trading instructions provided by the Trading Advisors. For a

detailed description of the different facets of the Partnership's

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

dated January 21, 1999 (the "Prospectus") and the Partnership's

Supplement  to  the  Prospectus dated April  30,  1999  (the

"Supplement"), incorporated by reference in this Form 10-K, set

forth below.

  Facets of Business

    1. Summary                   1.  "Summary of the Prospectus"
                                     (Pages   1-6   of   the
                                     Prospectus and Pages S-1 to
                                      S-2 of the Supplement).

       2.     Futures, Options and  2. "The Futures, Options and
       Forward    Markets                 Forward   Markets"
       (Pages 83-87 of the
                                      Prospectus).

    3. Partnership's Trading     3.  "Investment Programs, Use
       Arrangements and               of Proceeds and Trading
      Policies                              Policies" (Pages 20-
      25
      of the Prospectus and Page
                                      S-4 of the Supplement).
                                     "The Trading Advisors"
                                      (Pages 49-79 of the
                                      Prospectus and Pages S-21
                                      to S-32 of the Supplement).










<PAGE>

       4.  Management of the Part-  4.  "The Trading Advisors -
                           nership       The Management Agree-
                                         ments" (Page 49 of the
                                         Prospectus).  "The
                                         General Partner"
                                         (Pages 47-48 of the
                                         Prospectus and Page S-
       20
                                         of the Supplement),
       "The
                                         Commodity Brokers"
                                        (Page 82 of the
                Prospectus) and "The                    Limited
               Partnership                     Agreements" (Pages
               87-
                                       91 of the Prospectus).

    5. Taxation of the Partner-  5.  "Material Federal Income
       ship's Limited Partners        Tax Considerations" and
                                      "State and Local Income
                                      Tax Aspects" (Pages 96-
                                      102 of the Prospectus).

(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.





<PAGE>

Item 3.  LEGAL PROCEEDINGS

The class actions first filed in 1996 in California and in New

York State courts were each dismissed in 1999.  However, in the

New  York State class action, plaintiffs appealed the  trial

court's dismissal of their case on March 3, 2000.



On  September  6, 10, and 20, 1996, and on March  13,  1997,

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"),  MSDW,  the

Partnership (under its original name, "Dean Witter Select Futures

Fund L.P."), certain limited partnership commodity pools of which

Demeter is the general partner (all such parties referred to

hereafter  as the "Morgan Stanley Dean Witter Parties")  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 partnership commodity pools.

The  complaints seek unspecified amounts of compensatory and

punitive damages and other



<PAGE>

relief.  The court entered an order denying class certification

on August 24, 1999.  On September 24, 1999, the court entered an

order dismissing the case without prejudice on consent. 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 Morgan Stanley

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. The complaints seek

unspecified amounts of compensatory and punitive damages and

other relief.  The New York Supreme Court dismissed the New York

action in November 1998, but granted plaintiffs leave to file an

amended complaint, which they did in early December 1998.  The

defendants filed a motion to dismiss the amended complaint with

prejudice on February 1, 1999.  By decision dated December 21,

1999,  the  New York Supreme Court dismissed the  case  with

prejudice.



In addition, 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.

<PAGE>

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

(a) Market Information

There is no established public trading market for Units of the

Partnership.

(b) Holders

The  number  of holders of Units at December  31,  1999  was

approximately 16,182.

(c) Distributions

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.  Demeter currently does not intend

to make any distribution of Partnership profits.



(d) Use of Proceeds

Units are sold at monthly closings as of the last day of each

month at a price equal to 100% of the Net Asset Value per Unit as

of the date of such monthly closing.    Through December 31,

1999, 18,162,414.573 Units were sold, leaving 2,951,552.527 Units

unsold as of December 31, 1999.  The aggregate price of the Units

sold through December 31, 1999 was $281,081,631.



Since no 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



<PAGE>

accordance with the "Investment Programs, Use of Proceeds and

Trading Policies" section of the Prospectus and Supplement.














































<PAGE>
<TABLE>

     Item 6.    SELECTED FINANCIAL DATA (in dollars)

         <CAPTION>




                                                For the Years Ended December 31,

                               1999            1998            1997           1996            1995
      <S>                     <C>              <C>           <C>           <C>
<C>
     Total Revenues
     (including
       interest)                   4,778,950      41,778,732       26,495,529
22,046,523      69,299,562


     Net Income
     (Loss)                  (16,694,414)    22,695,060      9,943,717     5,414,041
39,054,115


     Net Income
     (Loss) Per
     Unit (Limited
     & General
     Partners)                     (1.80)         2.95           1.22        .98
3.56


     Total Assets            219,366,812   202,668,038    169,541,807    167,588,012
179,342,999


     Total Limited
     Partners'
     Capital                 210,877,519   196,915,644     163,999,307161,174,820
173,965,425


     Net Asset Value
     Per Unit                      22.00    23.80          20.85          19.62
18.64









       Note:  Net Income (Loss) per Unit and Net Asset Value per Unit have been
restated
           for all periods to reflect the 1998 one to 100 Unit conversion.

</TABLE>

<PAGE>
Item  7.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
CONDITION AND                RESULTS OF OPERATIONS

Liquidity - The Partnership deposits its assets with DWR as  non-

clearing  broker and Carr as clearing broker in separate  futures

trading  accounts  established for each  Trading  Advisor,  which

assets  are  used as margin to engage in trading. The assets  are

held   in  either  non-interest-bearing  bank  accounts   or   in

securities  and  instruments permitted by the  Commodity  Futures

Trading Commission ("CFTC") for investment of customer segregated

or secured funds.  The Partnership's assets held by the commodity

brokers  may  be  used  as margin solely  for  the  Partnership's

trading.   Since the Partnership's sole purpose is  to  trade  in

futures,   forwards,  and  options,  it  is  expected  that   the

Partnership  will continue to own such liquid assets  for  margin

purposes.



The  Partnership's investment in futures, forwards,  and  options

may, from time to time, be illiquid.  Most U.S. futures exchanges

limit  fluctuations in prices during a single day by  regulations

referred  to  as  "daily price fluctuations  limits"   or  "daily

limits".   Trades may not be executed at prices beyond the  daily

limit.  If the price for a particular futures or options contract

has increased or decreased by an amount equal to the daily limit,

positions  in  that futures or options contract  can  neither  be

taken  nor liquidated unless traders are willing to effect trades

at  or  within the limit.  Futures prices have occasionally moved

the daily limit for several consecutive days with little or





<PAGE>

no   trading.    These  market  conditions  could   prevent   the

Partnership  from  promptly liquidating its  futures  or  options

contracts and result in restrictions on redemptions.



There  is  no limitation on daily price moves in trading  forward

contracts  on  foreign currencies.  The markets  for  some  world

currencies  have low trading volume and are illiquid,  which  may

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.



The  Partnership  has  never had illiquidity  affect  a  material

portion of its assets.



Capital  Resources.  The Partnership does not have, or expect  to

have,  any capital assets.  Redemptions, exchanges and  sales  of

additional  Units in the future will affect the amount  of  funds

available  for  investments in futures  interests  in  subsequent

periods.   It  is  not  possible  to  estimate  the  amount   and

therefore, the impact of future redemptions.







<PAGE>

Results of Operations.

General.   The  Partnership's  results  depend  on  its   Trading

Advisors  and  the  ability  of each  Trading  Advisors'  trading

programs  to  take advantage of price movements or  other  profit

opportunities in the futures, forwards, and options markets.  The

following presents a summary of the Partnership's operations  for

the  three years ended December 31, 1999 and a general discussion

of its trading activities during each period.  It is important to

note, however, that the Trading Advisors trade in various markets

at different times and that prior activity in a particular market

does  not  mean that such market will be actively traded  by  the

Trading   Advisors  or  will  be  profitable   in   the   future.

Consequently,  the results of operations of the  Partnership  are

difficult  to  discuss other than in the context of  its  Trading

Advisors'  trading activities on behalf of the Partnership  as  a

whole and how the Partnership has performed in the past.




At  December  31,  1999,  the  Partnership's  total  capital  was

$213,805,674,  an increase of $13,723,158 from the  Partnership's

total capital of $200,082,516 at December 31, 1998.  For the year

ended December 31, 1999, the Partnership generated a net loss  of

$16,694,414, total subscriptions aggregated $51,589,367 and total

redemptions aggregated $21,171,795.





<PAGE>

For  the  year ended December 31, 1999, the Partnership  recorded

total  trading revenues, including interest income, of $4,778,950

and   posted  a  decrease  in  Net  Asset  Value  per  Unit.  The

Partnership  recorded  a  net loss during  1999  with  losses  of

approximately  3.27% being experienced primarily  in  the  global

interest rate futures markets, particularly from short-term price

volatility  in  U.S. and European interest rate futures.   Losses

were recorded during September from short positions in Australian

bond  futures as prices spiked higher on technically based buying

and  short  covering.  Losses of approximately  2.07%  were  also

recorded  from  Japanese government bond futures  primarily  from

short  positions  early  in the first quarter  as  prices  surged

higher  in  response to the Bank of Japan's aggressive easing  of

monetary policy.  Additional losses were experienced later in the

first  quarter  from newly established long positions  as  prices

retreated  following  comments by Bank of Japan  Governor  Hayami

that  he expected interest rates in Japan to rise over time.   In

the   metals   markets,  losses  of  approximately   1.33%   were

experienced,  particularly during the month of  March  from  long

silver  futures  positions  as prices  declined  after  Berkshire

Hathaway's annual report failed to provide any new information on

the  company's  silver  positions.   During  October,  additional

losses were recorded from long silver futures positions as prices

decreased  following a reversal lower in gold prices.  Offsetting

gains  were recorded from long positions in gold futures as  gold

prices  soared during September following the Bank  of  England's

second  gold  auction  and an announcement  by  several  European

central banks stating that they were to

<PAGE>

restrict  the  sales of gold reserves for five years.   Gains  of

approximately  3.11%  recorded in the energy  markets  helped  to

mitigate  overall Partnership losses for the year.  Long  futures

positions in crude oil and its refined products proved profitable

as  oil prices trended significantly higher largely attributed to

the  news  that both OPEC and non-OPEC countries had reached  and

adhered to an agreement to cut total output.  Total expenses  for

the   year  were  $21,473,364,  resulting  in  a  net   loss   of

$16,694,414.   The  value  of a Unit  decreased  from  $23.80  at

December 31, 1998 to $22.00 at December 31, 1999.



At  December  31,  1998,  the  Partnership's  total  capital  was

$200,082,516,  an increase of $33,309,195 from the  Partnership's

total capital of $166,773,321 at December 31, 1997.  For the year

ended December 31, 1998, the Partnership generated net income  of

$22,695,060, total subscriptions aggregated $30,297,590 and total

redemptions aggregated $19,683,455.



For  the  year ended December 31, 1998, the Partnership  recorded

total trading revenues, including interest income, of $41,778,732

and  posted an increase in Net Asset Value per Unit.  1998 was  a

profitable  year  for the Partnership with the  majority  of  the

gains  of  approximately  18.62% being  recorded  in  the  global

interest  rate futures markets primarily from long  positions  in

European, particularly German and French, U.S. and Japanese  bond

futures.   Bond  prices rallied in late August  as  global  stock

prices  plunged,  especially  after  Russia's  decision  to  halt

trading in foreign currencies paralyzed that

<PAGE>

country's  banking system and set off a flight  into  the  safest

investments.  Substantial gains in the financial futures  markets

carried further throughout September as volatility in the  global

financial  markets and worldwide economic deterioration continued

to  drive  investors to these "safe havens".  Total expenses  for

the   year   were  $19,083,672,  resulting  in  net   income   of

$22,695,060.  The  value  of  a Unit  increased  from  $20.85  at

December 31, 1997 to $23.80 at December 31, 1998.



At  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 $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  recorded

total  trading revenues including interest income of  $26,495,529

and  posted  an  increase  in  Net Asset  Value  per  Unit.   The

Partnership   recorded  net  profits  during  1997.    Gains   of

approximately  5.11%  were  recorded  in  the  currency   markets

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  of  approximately  4.12%

experienced primarily from

<PAGE>

sharp  trend reversals and short-term volatile price movement  in

global  bond  futures  during April  and  August.   Overall,  the

Partnership'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, particularly energy, approximately 2.19%, livestock,

approximately   0.36%  and  agricultural  markets,  approximately

0.06%.   Total expenses for the year were $16,551,812,  resulting

in  net income of $9,943,717. The value of a Unit increased  from

$19.62 at December 31, 1996 to $20.85 at December 31, 1997.



Note:   All  periods prior to May 31, 1998 have been restated  to

reflect the one to 100 Unit conversion.



The  Partnership's  overall performance record represents  varied

results of trading in different futures interests markets.  For a

further description of 1999 trading results, refer to the  letter

to  the  Limited  Partners in the accompanying Annual  Report  to

Limited  Partners for the year ended December 31, 1999, which  is

incorporated  by  reference to Exhibit 13.01 of this  Form  10-K.

The  Partnership's  gains  and losses  are  allocated  among  its

partners for income tax purposes.



Credit Risk.

Financial  Instruments.  The Partnership is a party to  financial

instruments



<PAGE>

with  elements of off-balance sheet market and credit risk.   The

Partnership  may  trade  futures,  forwards,  and  options  in  a

portfolio  of agricultural commodities, energy products,  foreign

currencies, interest rates, precious and

base  metals,  soft commodities, and stock indices.  In  entering

into  these  contracts, the Partnership is subject to the  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 positions held by the Partnership at the  same

time, and if the Trading Advisors were unable to offset positions

of  the Partnership, the Partnership could lose all of its assets

and investors would realize a 100% loss.



In  addition  to  the  Trading Advisors' internal  controls,  the

Trading  Advisors must comply with the trading  policies  of  the

Partnership.   These  trading  policies  include  standards   for

liquidity  and leverage with which the Partnership  must  comply.

The  Trading  Advisors  and  Demeter  monitor  the  Partnership's

trading   activities  to  ensure  compliance  with  the   trading

policies.   Demeter  may require the Trading Advisors  to  modify

positions of the Partnership if Demeter believes they violate the

Partnership's trading policies.



In  addition to market risk, in entering into futures,  forwards,

and  options  contracts there is a credit risk to the Partnership

that the counterparty on a

<PAGE>

contract  will  not  be  able  to meet  its  obligations  to  the

Partnership.  The  ultimate  counterparty  or  guarantor  of  the

Partnership for futures contracts traded in the United States and

the  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, which should significantly reduce

this  credit  risk.   For example, a clearinghouse  may  cover  a

default   by   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

assessing its members.  In cases where the Partnership trades off-

exchange forward contracts with a counterparty, the sole recourse

of the Partnership will be the forward contracts counterparty.



There is no assurance that a clearinghouse or exchange will  meet

its obligations to the Partnership, and Demeter and the commodity

brokers  will not indemnify the Partnership against a default  by

such  parties.  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 or clearinghouse defaulting  on

trades  effected for the broker's customers.  Any such obligation

on the part of a broker appears even less clear where the default

occurs in a non-U.S. jurisdiction.

<PAGE>

Demeter  deals  with  these credit risks of  the  Partnership  in

several  ways.   First,  it  monitors  the  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  the 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  the

Partnership's potential margin liability, exchange  by  exchange.

As  a  result,  Demeter  is  able to  monitor  the  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,  the Partnership's trading policies limit the  amount  of

its Net Assets that can be committed at any given time to futures

contracts   and  require,  in  addition,  a  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   the

Partnership   to   a  single  exchange  and,  historically,   the

Partnership's exposure to any one exchange has typically amounted

to  only  a small percentage of its total Net Assets.   On  those

relatively few occasions where the Partnership's credit  exposure

may climb above such level, Demeter deals with the situation on a

case  by  case  basis, carefully weighing whether  the  increased

level of credit exposure

<PAGE>

remains  appropriate.  Material changes to the  trading  policies

may  be  made only with the prior written approval of the limited

partners owning more than 50% of Units then outstanding.



Third,  Demeter has secured, with respect to Carr acting  as  the

clearing  broker  for  the Partnership,  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 the Partnership's account.



With  respect to forward contract trading, the Partnership trades

with  only those counterparties which Demeter, together with DWR,

have  determined to be creditworthy.  At the date of this filing,

the  Partnership  deals  only with Carr as  its  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 Annual Report to Limited Partners for  the

year  ended December 31, 1999, which is incorporated by reference

to Exhibit 13.01 of this Form

10-K.



Year   2000.   Commodity  pools,  like  financial  and   business

organizations  and individuals around the world,  depend  on  the

smooth  functioning  of computer systems.  The  Year  2000  issue

arose since many of the world's computer systems

<PAGE>

(including   those   in   non-information   technology   systems)

traditionally  recorded  years in a  two-digit  format.   If  not

addressed, such computer systems may have been unable to properly

interpret  dates  beyond the year 1999, which  may  have  led  to

business  disruptions  in  the U.S.  and  internationally.   Such

disruptions  could  have  adversely  affected  the  handling   or

determination of futures trades and prices and other services for

the Partnership.  Accordingly, Demeter has fully participated  in

a  firmwide  initiative  established by MSDW  to  address  issues

associated with the Year 2000.  As part of this initiative,  MSDW

reviewed  its  global  software and hardware  infrastructure  for

mainframe, server and desktop computing environments and  engaged

in  extensive remediation and testing.  The Year 2000  initiative

also  encompassed the review of agencies, vendors and  facilities

for Year 2000 compliance.



Since  1995,  MSDW prepared actively for the Year 2000  issue  to

ensure  that it would have the ability to respond to any critical

business  process failure, to prevent the loss of  workspace  and

technology,  and  to  mitigate any potential  financial  loss  or

damage  to  its  global franchise.  Where necessary,  contingency

plans  were expanded or developed to address specific  Year  2000

risk  scenarios,  supplementing existing  business  policies  and

practices.  In  conjunction with MSDW's Year  2000  preparations,

Demeter  monitored the progress of Carr and each Trading  Advisor

throughout  1999  in  their  Year  2000  compliance  and,   where

applicable,  tested its external interfaces, with  Carr  and  the

Trading  Advisors.  In addition, Demeter, the commodity  brokers,

the Trading

<PAGE>

Advisors  and  all  U.S.  futures  exchanges  were  subjected  to

monitoring by the CFTC of their Year 2000 preparedness,  and  the

major foreign futures exchanges engaged in market-wide testing of

their Year 2000 compliance during 1999.



MSDW  and  Demeter  consider the transition into  the  Year  2000

successful  from  the perspective of their internal  systems  and

global  external  interactions.  Over the  millennial  changeover

period,  no  material issues were encountered, and MSDW,  Demeter

and the Partnership conducted business as usual.



Risks  Associated  With  the Euro.  On January  1,  1999,  eleven

countries  in  the  European Union established  fixed  conversion

rates on their existing sovereign currencies and converted  to  a

common   single  currency  (the  euro).   During   a   three-year

transition  period,  the sovereign currencies  will  continue  to

exist  but  only as a fixed denomination of the euro.  Conversion

to  the  euro  prevents the Trading Advisors from  trading  those

sovereign  currencies and thereby limits their  ability  to  take

advantage  of potential market opportunities that might otherwise

have  existed  had separate currencies been available  to  trade.

This  could  adversely  affect the  performance  results  of  the

Partnership.


Item  7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT  MARKET
RISK

Introduction

The  Partnership is a commodity pool involved in the  speculative

trading  of  futures interests.  The market-sensitive instruments

held by the Partnership

<PAGE>

are  acquired  for speculative trading purposes only  and,  as  a

result, all or substantially all of the Partnership's assets  are

at  risk of trading loss.  Unlike an operating company, the  risk

of  market-sensitive instruments is central, not  incidental,  to

the Partnership's main business activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  market  risk.  Market risk is often  dependent  upon

changes  in  the level or volatility of interest rates,  exchange

rates,  and  prices  of  financial instruments  and  commodities.

Fluctuations  in market risk based upon these factors  result  in

frequent  changes  in  the fair value of the  Partnership's  open

positions, and, consequently, in its earnings and cash flow.



The  Partnership's  total market risk is  influenced  by  a  wide

variety  of  factors,  including the  diversification  among  the

Partnership's open positions, the volatility present  within  the

markets,  and the liquidity of the markets.  At different  times,

each  of these factors may act to increase or decrease the market

risk associated with the Partnership.



The  Partnership's past performance is not necessarily indicative

of  its future results.  Any attempt to numerically quantify  the

Partnership's  market risk is limited by the uncertainty  of  its

speculative  trading.  The Partnership's speculative trading  may

cause future losses and volatility (i.e. "risk of



<PAGE>

ruin")  that far exceed the Partnership's experiences to date  or

any  reasonable  expectations based upon  historical  changes  in

market value.



Quantifying the Partnership's Trading Value at Risk

The    following    quantitative   disclosures   regarding    the

Partnership's  market  risk  exposures  contain  "forward-looking

statements"  within  the meaning of the safe  harbor  from  civil

liability  provided for such statements by the Private Securities

Litigation  Reform Act of 1995 (set forth in Section 27A  of  the

Securities Act of 1933 and Section 21E of the Securities Exchange

Act  of  1934). All quantitative disclosures in this section  are

deemed to be forward-looking statements for purposes of the  safe

harbor, except for statements of historical fact.



The  Partnership accounts for open positions using mark-to-market

accounting  principles.   Any loss in the  market  value  of  the

Partnership's  open  positions  is  directly  reflected  in   the

Partnership's earnings, whether realized or unrealized, and  cash

flow.   Profits and losses on open positions of exchange  traded-

futures interests are settled daily through variation margin.



The  Partnership's risk exposure in the market sectors traded  by

the Trading Advisors is estimated below in terms of Value at Risk

("VaR").  The  VaR  model used by the Partnership  includes  many

variables that could change the market value of the Partnership's

trading portfolio.  The Partnership estimates VaR

<PAGE>

using  a model based upon historical simulation with a confidence

level  of  99%.  Historical simulation  involves  constructing  a

distribution  of hypothetical daily changes in  the  value  of  a

trading  portfolio.   The  VaR model takes  into  account  linear

exposures to price and interest rate risk.  Market risks that are

incorporated  in  the  VaR  model include  equity  and  commodity

prices,  interest rates, foreign exchange rates, and  correlation

among  these  variables. The hypothetical  changes  in  portfolio

value  are  based  on daily percentage changes  observed  in  key

market indices or other market factors ("market risk factors") to

which  the  portfolio  is sensitive.  The historical  observation

period of the Partnership's VaR is approximately four years.  The

one-day 99% confidence level of the Partnership's VaR corresponds

to the negative change in portfolio value that, based on observed

market risk factors, would have been exceeded once in 100 trading

days.



VaR   models,   including  the  Partnership's,  are  continuously

evolving  as trading portfolios become more diverse and  modeling

techniques  and systems capabilities improve.  Please  note  that

the  VaR  model is used to numerically quantify market  risk  for

historic  reporting purposes only and is not utilized  by  either

Demeter  or  the Trading Advisors in their daily risk  management

activities.



The Partnership's Value at Risk in Different Market Sectors

The  following  tables  indicates the  VaR  associated  with  the

Partnership's open

<PAGE>

positions  as a percentage of total Net Assets by primary  market

risk  category  at December 31, 1999 and 1998.  At  December  31,

1999  and  1998,  the  Partnership's  total  capitalization   was

approximately $214 million and $200 million, respectively.

        Primary    Market                  December   31,    1999
December 31, 1998
     Risk Category              Value at Risk            Value at
Risk

     Interest  Rate                  (.27)%               (1.06)%

Currency                        (.37)                       (.51)

Equity                        (.48)                     (.37)

     Commodity                                              (.40)

(.91)

     Aggregate     Value    at    Risk                     (.85)%
(1.28)%


Aggregate Value at Risk represents the aggregate VaR of  all  the

Partnership's open positions and not the sum of the  VaR  of  the

individual Market Categories listed above.  Aggregate VaR will be

lower  as  it  takes  into  account correlation  among  different

positions and categories.


The  table  above  represents the VaR of the  Partnership's  open

positions  at  December  31,  1999  and  1998  only  and  is  not

necessarily representative of either the historic or future  risk

of  an  investment in the Partnership. Because the  Partnership's

only  business  is the speculative trading of futures  interests,

the composition of its trading portfolio can change significantly

over  any given time period, or even within a single trading day.

Any changes



<PAGE>

in  open  positions  could  positively or  negatively  materially

impact market risk as measured by VaR.



The  table  below supplements the year end VaR by presenting  the

Partnership's high, low and average VaR, as a percentage of total

Net  Assets for the four quarterly reporting periods from January

1, 1999 through December 31, 1999.

Primary Market Risk Category        High        Low

Average

Interest Rate                      (1.61)%   (.27)%     (.71)%

Currency                            (1.52)   (.37)

(1.04)

Equity                               (.82)   (.31)

(.54)

Commodity                               (1.48)    (.40)

(.88)

Aggregate Value at Risk                 (2.83)%   (.85)%
(1.80)%



Limitations on Value at Risk as an Assessment of Market Risk

The  face  value  of the market sector instruments  held  by  the

Partnership  is  typically  many  times  the  applicable   margin

requirements.  Margin requirements generally range between 2% and

15%  of  contract face value. Additionally, the use  of  leverage

causes  the face value of the market sector instruments  held  by

the   Partnership   to  typically  be  many   times   the   total

capitalization   of   the  Partnership.    The   value   of   the

Partnership's open positions thus creates a "risk  of  ruin"  not

typically found in other investments.  The relative size  of  the

positions held may cause the Partnership to incur losses  greatly

in excess



<PAGE>

of  VaR  within a short period of time, given the effects of  the

leverage  employed and market volatility.  The VaR tables  above,

as  well  as  the past performance of the Partnership,  gives  no

indication of such "risk of ruin". In addition, VaR risk measures

should be viewed in light of the methodology's limitations, which

include the following:

     past  changes in market risk factors will not always result

  in accurate predictions of the distributions and correlations of

  future market movements;

     changes  in portfolio value in response to market movements

  may differ from those of the VaR model;

    VaR results reflect past trading positions while future risk

  depends on future positions;

     VaR using a one-day time horizon does not fully capture the

  market  risk of positions that cannot be liquidated  or  hedged

  within one day; and

     the  historical  market  risk  factor  data  used  for  VaR

  estimation  may provide only limited insight into  losses  that

  could be incurred under certain unusual market movements.



The VaR tables above present the results of the Partnership's VaR

for  each  of the Partnership's market risk exposures and  on  an

aggregate basis at December 31, 1999 and for the end of the  four

quarterly reporting periods during calendar year 1999.  Since VaR

is based on historical data, VaR should not be



<PAGE>

viewed  as  predictive  of  the  Partnership's  future  financial

performance or its ability to manage or monitor risk.  There  can

be  no  assurance  that  the Partnership's  actual  losses  on  a

particular day will not exceed the VaR amounts indicated above or

that such losses will not occur more than 1 in 100 trading days.



Non-Trading Risk

The  Partnership has non-trading market risk on its foreign  cash

balances  not needed for margin.  These balances and  any  market

risk  they  may  represent are immaterial. The  Partnership  also

maintains  a  substantial  portion  (approximately  92%)  of  its

available  assets  in  cash  at DWR.   A  decline  in  short-term

interest rates will result in a decline in the Partnership's cash

management   income.  This  cash  flow  risk  is  not  considered

material.



Materiality,  as used throughout this section,  is  based  on  an

assessment  of  reasonably  possible  market  movements  and  any

associated  potential losses, taking into account  the  leverage,

optionality  and multiplier features of the Partnership's  market

sensitive instruments.



Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

market risk exposures - except for (A) those disclosures that are

statements of historical fact and (B) the descriptions of how the

Partnership manages its primary

<PAGE>

market  risk  exposures  - constitute forward-looking  statements

within  the  meaning  of Section 27A of the  Securities  Act  and

Section  21E  of the Securities Exchange Act.  The  Partnership's

primary market risk exposures as well as the strategies used  and

to  be used by Demeter and the Trading Advisors for managing such

exposures  are  subject to numerous uncertainties,  contingencies

and risks, any one of which could cause the actual results of the

Partnership's  risk  controls  to  differ  materially  from   the

objectives   of   such  strategies.   Government   interventions,

defaults  and expropriations, illiquid markets, the emergence  of

dominant  fundamental  factors, political upheavals,  changes  in

historical   price  relationships,  an  influx  of   new   market

participants,  increased regulation and many other factors  could

result  in material losses as well as in material changes to  the

risk  exposures  and  the  risk  management  strategies  of   the

Partnership.   Investors  must  be  prepared  to  lose   all   or

substantially all of their investment in the Partnership.



The  following  were the primary trading risk  exposures  of  the

Partnership at December 31, 1999, by market sector.   It  may  be

anticipated  however,  that  these  market  exposures  will  vary

materially over time.



Interest  Rate.  The Partnership's exposure in the interest  rate

market  complex was spread across the U.S., European,  Australian

and  Japanese  interest  rate sectors.  Interest  rate  movements

directly affect the price of the sovereign



<PAGE>

bond  futures  positions held by the Partnership  and  indirectly

affect  the  value  of  its stock index and  currency  positions.

Interest  rate  movements  in one country  as  well  as  relative

interest  rate movements between countries materially impact  the

Partnership's profitability.  The Partnership's primary  interest

rate  exposure is generally to interest rate fluctuations in  the

United  States  and  the other G-7 countries. The  G-7  countries

consists  of  France, U.S., Britain, Germany,  Japan,  Italy  and

Canada.  However, the Partnership also takes futures positions in

the government debt of smaller nations - e.g. Australia.  Demeter

anticipates  that G-7 and Australian interest rates  will  remain

the  primary  interest rate exposure of the Partnership  for  the

foreseeable  future.  The changes in interest rates,  which  have

the most effect on the Partnership, are changes in long-term,  as

opposed  to  short-term, rates. Most of the  speculative  futures

positions  held  by  the Partnership are in  medium-to  long-term

instruments.  Consequently, even a material change in  short-term

rates  would  have  little effect on the  Partnership,  were  the

medium-to long-term rates to remain steady.



Equity.   The primary equity exposure is to equity price risk  in

the  G-7  countries.   The  stock index  futures  traded  by  the

Partnership  are  by  law  limited to futures  on  broadly  based

indices.   At  December  31,  1999,  the  Partnership's   primary

exposures  were in the NASDAQ 100 (U.S.), Hang Seng  (China)  and

DAX (German) stock indices.  The Partnership is primarily exposed

to  the  risk  of adverse price trends or static markets  in  the

U.S., European

<PAGE>

and  Japanese  indices.  (Static markets would  not  cause  major

market changes but would make it difficult for the Partnership to

avoid being "whipsawed" into numerous small losses).



Currency.  The primary market exposure in the Partnership  is  in

the  currency sector.  The Partnership's currency exposure is  to

exchange rate fluctuations, primarily fluctuations which  disrupt

the historical pricing relationships between different currencies

and  currency pairs.  Interest rate changes as well as  political

and  general  economic conditions influence  these  fluctuations.

The Partnership trades in a large number of currencies, including

cross-rates - i.e., positions between two currencies  other  than

the   U.S.   dollar.   For  the  fourth  quarter  of  1999,   the

Partnership's  major exposures were in the euro currency  crosses

and  outright U.S. dollar positions.  (Outright positions consist

of  the U.S. dollar vs. other currencies.  These other currencies

include  the  major  and  minor currencies).   Demeter  does  not

anticipate  that  the risk profile of the Partnership's  currency

sector  will  change significantly in the future.   The  currency

trading VaR figure includes foreign margin amounts converted into

U.S.  dollars  with  an  incremental adjustment  to  reflect  the

exchange  rate  risk inherent to the dollar-based Partnership  in

expressing VaR in a functional currency other than dollars.





<PAGE>

Commodity.

Metals.  The Partnership's primary metals market exposure  is  to

fluctuations  in the price of gold and silver.  Although  certain

Trading Advisors will, from time to time, trade base metals  such

as  copper, aluminum, zinc, nickel and lead, the principal market

exposures  of the Partnership have consistently been in  precious

metals,  gold  and silver.  A reasonable amount of  exposure  was

evident in the gold market as the price of gold retreated  during

the  fourth  quarter.  Silver prices have remained volatile  over

this  period  and the Trading Advisors from time  to  time,  took

substantial   positions   as   perceived   market   opportunities

developed.  Demeter anticipates that gold and silver will  remain

the primary metals market exposures for the Partnership.



Soft  Commodities and Agriculturals.  On December 31,  1999,  the

Partnership  had a reasonable amount of exposure in  the  markets

that comprise these sectors.  Most of the exposure, however,  was

in  the  soybeans,  corn and cotton markets.  Supply  and  demand

inequalities,  severe weather disruption and market  expectations

affect price movements in these markets.



Energy.   On December 31, 1999, the Partnership's energy exposure

was  shared  by  futures contracts in the  oil  and  natural  gas

markets.   Price movements in these markets result from political

developments  in  the  Middle East, weather patterns,  and  other

economic    fundamentals.    As   oil   prices   have   increased

approximately  100% this year, and, given that the  agreement  by

OPEC to cut

<PAGE>

production  is  approaching  expiration  in  March  2000,  it  is

possible   that   volatility  will  remain  on  the   high   end.

Significant  profits  and losses have been and  are  expected  to

continue to be experienced in this market.  Natural gas,  also  a

primary  energy  market exposure, exhibited more volatility  than

the  oil  markets on an intra-day and daily basis and is expected

to continue in this choppy pattern.



Qualitative Disclosures Regarding Non-Trading Risk Exposure

The  following  was  the only non-trading risk  exposure  of  the

Partnership as of December 31, 1999:



Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency  balances  are  in euros and  Hong  Kong  dollars.   The

Partnership  controls the non-trading risk of these  balances  by

regularly  converting  these  balances  back  into  dollars  upon

liquidation of the respective position.



Qualitative Disclosures Regarding Means of Managing Risk Exposure

The Partnership and the Trading Advisors, separately, attempt  to

manage   the   risk  of  the  Partnership's  open  positions   in

essentially  the  same  manner in all market  categories  traded.

Demeter  attempts  to manage market exposure by diversifying  the

Partnership's  assets among different Trading Advisors,  each  of

whose  strategies focus on different market sectors  and  trading

approaches,  and  monitoring  the  performance  of  the   Trading

Advisors daily.  In addition,

<PAGE>

the  Trading Advisors establish diversification guidelines, often

set  in  terms of the maximum margin to be committed to positions

in any one market sector or market-sensitive instrument.



Demeter monitors and controls the risk of the Partnership's  non-

trading   instrument,  cash.   Cash  is  the   only   Partnership

investment directed by Demeter, rather than the Trading Advisors.



Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The  Financial  Statements are incorporated by reference  to  the

Partnership's  Annual  Report, which is filed  as  Exhibit  13.01

hereto.



Supplementary  data  specified by  Item  302  of  Regulation  S-K

(selected quarterly financial data) is not applicable.


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

None.








<PAGE>

                            PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

There  are no directors or executive officers of the Partnership.

The Partnership is managed by Demeter.


Directors and Officers of the General Partner

The directors and officers of Demeter are as follows:



Robert E. Murray, age 39, is Chairman of the Board, President and

a Director of Demeter.  Mr. Murray is also Chairman of the Board,

President and a Director of DWFCM.  Effective as of the close  of

business  on January 31, 2000, Mr. Murray replaced Mr. Hawley  as

Chairman  of  the  Board  of Demeter and  DWFCM.  Mr.  Murray  is

currently  a  Senior  Vice  President of  DWR's  Managed  Futures

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

currently the Director of the Managed Futures Department. In this

capacity, Mr. Murray is responsible for overseeing all aspects of

the  firm's  Managed  Futures Department.  Mr.  Murray  currently

serves  as  Vice  Chairman and a Director of  the  Managed  Funds

Association, an industry association for investment professionals

in  futures,  hedge funds and other alternative investments.  Mr.

Murray graduated from Geneseo State University in May 1983 with a

B.A. degree in Finance.





<PAGE>

Mitchell  M. Merin, age 46, is a Director of Demeter.  Mr.  Merin

is  also a Director of DWFCM.  Mr. Merin was appointed the  Chief

Operating  Officer  of Individual Asset Management  for  MSDW  in

December  1998 and the President and Chief Executive  Officer  of

Morgan  Stanley Dean Witter Advisors in February  1998.   He  has

been  an Executive Vice President of DWR since 1990, during which

time  he  has  been  director of DWR's Taxable Fixed  Income  and

Futures  divisions,  Managing Director in Corporate  Finance  and

Corporate  Treasurer.  Mr. Merin received his  Bachelor's  degree

from  Trinity  College in Connecticut and his  M.B.A.  degree  in

finance  and  accounting  from the  Kellogg  Graduate  School  of

Management of Northwestern University in 1977.



Joseph  G.  Siniscalchi, age 54, 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 57, is a Director of Demeter.   Mr.

Oelsner is currently an Executive Vice President and head of  the

Product Development Group at Morgan Stanley Dean Witter Advisors,

an affiliate of DWR. Mr. Oelsner



<PAGE>

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  Finance from the  Columbia  University

Graduate School of Business in 1966 and an A.B. in Politics  from

Princeton University in 1964.



Lewis A. Raibley, III, age 37, is Vice President, Chief Financial

Officer  and  a  Director of Demeter.   Mr.  Raibley  is  also  a

Director  of  DWFCM.   Mr.  Raibley  is  currently  Senior   Vice

President and Controller in the Individual Asset Management Group

of  MSDW.   From  July 1997 to May 1998, Mr.  Raibley  served  as

Senior  Vice  President  and Director in the  Internal  Reporting

Department  of  MSDW and prior to that, from  1992  to  1997,  he

served  as  Senior Vice President and Director in  the  Financial

Reporting and Policy Division of Dean Witter Discover &  Co.   He

has been with MSDW and its affiliates since June 1986.



Richard  A. Beech, age 48, is a Director of Demeter.   Mr.  Beech

has  been associated with the futures industry for over 23 years.

He  has  been  at  DWR since August 1984, where he  is  presently

Senior  Vice  President and head of Branch  Futures.   Mr.  Beech

began  his  career at the Chicago Mercantile Exchange,  where  he

became the Chief Agricultural Economist doing market



<PAGE>

analysis,  marketing and compliance.  Prior to joining  DWR,  Mr.

Beech  also  had  worked  at  two  investment  banking  firms  in

operations, research, managed futures and sales management.



Ray  Harris,  age 43, is a Director of Demeter.   Mr.  Harris  is

currently  Executive Vice President, Planning and  Administration

for Morgan Stanley Dean Witter Asset Management and has worked at

DWR  or its affiliates since July 1982, serving in both financial

and administrative capacities.  From August 1994 to January 1999,

he  worked  in  two  separate DWR affiliates, Discover  Financial

Services  and Novus Financial Corp., culminating as  Senior  Vice

President.   Mr.  Harris  received his B.A.  degree  from  Boston

College and his M.B.A. in finance from the University of Chicago.



Mark  J.  Hawley, age 56, served as Chairman of the Board  and  a

Director of Demeter and DWFCM throughout 1999.  Mr. Hawley joined

DWR  in  February  1989 as Senior Vice President  and  served  as

Executive Vice President and Director of DWR's Product Management

for   Individual  Asset  Management  throughout  1999.   In  this

capacity, Mr. Hawley was responsible for directing the activities

of  the  firm's  Managed Futures, Insurance, and Unit  Investment

Trust  Business.  From 1978 to 1989, Mr. Hawley was a  member  of

the  senior management team at Heinold Asset Management, Inc.,  a

commodity pool operator, and was responsible for a



<PAGE>

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.  Mr.  Hawley

resigned effective January 31, 2000.



All the foregoing directors have indefinite terms.



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, 1999, there were no persons known to be  beneficial

owners of more than 5 percent of the Units.



(b)  Security  Ownership of Management - At  December  31,  1999,

Demeter  owned 133,076.700 Units of General Partnership  Interest

representing a 1.37 percent interest in the Partnership.



(c) Changes in Control - None





<PAGE>

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

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

Financial  Statements",  in  the accompanying  Annual  Report  to

Limited  Partners for the year ended December 31, 1999, which  is

incorporated by reference to Exhibit 13.01 of this Form 10-K.  In

its  capacity as the Partnership's retail commodity  broker,  DWR

received  commodity brokerage fees of $15,188,479  for  the  year

ended December 31, 1999.





































                           <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

auditors,  all  appearing  in  the accompanying  Annual  Report  to

Limited  Partners  for  the  year  ended  December  31,  1999   are

incorporated by reference to Exhibit 13.01 of this Form 10-K:

-   Report of Deloitte & Touche LLP, independent auditors, for  the

years ended     December 31, 1999, 1998 and 1997.

-   Statements of Financial Condition as of December 31,  1999  and
1998.

-   Statements  of  Operations, Changes in Partners'  Capital,  and
Cash  Flows  for      the years ended December 31, 1999,  1998  and
1997.

-  Notes to Financial Statements.


With  the  exception  of  the aforementioned  information  and  the

information  incorporated in Items 7, 8, and 13, the Annual  Report

to  Limited  Partners for the year ended December 31, 1999  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 requirements 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.

                                               MORGAN   STANLEY   DEAN
                         WITTER SPECTRUM SELECT L.P.
                                                       (Registrant)

                                              BY:   Demeter Management
                         Corporation,
                                                       General Partner

March 30, 2000           BY: /s/ Robert E. Murray
                                 Robert E. Murray, Director,
                                Chairman of the Board 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/   Robert E. Murray                   _________ March 29, 2000
          Robert E. Murray, Director,
         Chairman of the Board and
          President

    /s/  Joseph G. Siniscalchi              __________ March 29, 2000
         Joseph G. Siniscalchi, Director

    /s/  Edward C. Oelsner III              __________ March 29, 2000
         Edward C. Oelsner III, Director

    /s/   Mitchell M. Merin        _______   March 29, 2000
          Mitchell M. Merin, Director

    /s/   Richard A. Beech         _______   March 29, 2000
          Richard A. Beech, Director

    /s/   Ray Harris                            ______ March 29, 2000
          Ray Harris, Director

    /s/  Lewis A. Raibley, III              __________ March 29, 2000
         Lewis A. Raibley, III, Director, Chief
          Financial Officer and Principal Accounting
          Officer


<PAGE>
                          EXHIBIT INDEX

       ITEM

3.01  Form of Amended and Restated Limited Partnership Agreement
      of   the  Partnership,  dated  as  of  May  31,  1998,  is
      incorporated   by   reference  to   Exhibit   A   of   the
      Partnership's  Prospectus, dated January 21,  1999,  filed
      with  the  Securities and Exchange Commission pursuant  to
      Rule  424(b)(3)  under  the Securities  Act  of  1933,  as
      amended, on January 26, 1999.

3.02  Certificate of Limited Partnership, dated March  21,  1991,
      is  incorporated  by  reference  to  Exhibit  3.02  of  the
      Partnership's Registration Statement on Form S-1 (File  No.
      33-39667)   filed   with   the  Securities   and   Exchange
      Commission on March 27, 1991.

3.03  Amended  Certificate  of Limited Partnership,  dated  April
      28,  1998, is incorporated by reference to Exhibit 3.03  of
      the  Partnership's Form 10-K (File No. 0-19511) for  fiscal
      year ended December 31, 1998.

10.01 Amended  and  Restated Management Agreement,  dated  as  of
      June  1,  1998,  among the Partnership, Demeter  Management
      Corporation,   and   Rabar   Market   Research,   Inc.   is
      incorporated   by  reference  to  Exhibit  10.01   of   the
      Partnership's Form 10-K (File No. 0-19511) for fiscal  year
      ended December 31, 1998.

10.02 Amended  and  Restated Management Agreement,  dated  as  of
      June  1,  1998,  among the Partnership, Demeter  Management
      Corporation,   and   EMC  Capital   Management,   Inc.   is
      incorporated   by  reference  to  Exhibit  10.02   of   the
      Partnership's Form 10-K (File No. 0-19511) for fiscal  year
      ended December 31, 1998.

10.03 Amended  and  Restated Management Agreement,  dated  as  of
      June  1,  1998,  among the Partnership, Demeter  Management
      Corporation,  and  Sunrise  Capital  Management,  Inc.   is
      incorporated   by  reference  to  Exhibit  10.03   of   the
      Partnership's Form 10-K (File No. 0-19511) for fiscal  year
      ended December 31, 1998.

10.04      Amended and Restated Customer Agreement, dated  as  of
      December  1, 1997, between the Partnership and Dean  Witter
      Reynolds Inc. is incorporated by reference to Exhibit 10.04 of
      the Partnership's Form 10-K (File No. 0-19511) for fiscal year
      ended December 31, 1998.





<PAGE>

10.05 Customer  Agreement, dated as of December  1,  1997,  among
      the  Partnership,  Carr  Futures,  Inc.,  and  Dean  Witter
      Reynolds  Inc.  is  incorporated by  reference  to  Exhibit
      10.05  of  the  Partnership's Form 10-K (File No.  0-19511)
      for fiscal year ended December 31, 1998.

10.06 International Foreign Exchange Master Agreement,  dated  as
      of  August  1,  1997,  between  the  Partnership  and  Carr
      Futures,  Inc.  is  incorporated by  reference  to  Exhibit
      10.06  of  the  Partnership's Form 10-K (File No.  0-19511)
      for fiscal year ended December 31, 1998.

10.07 Subscription and Exchange Agreement and Power  of  Attorney
      to  be  executed by each purchaser of Units is incorporated
      by  reference to Exhibit B of the Partnership's Prospectus,
      dated  January  21,  1999, filed with  the  Securities  and
      Exchange  Commission pursuant to Rule 424(b)(3)  under  the
      Securities Act of 1933, as amended, on January 26, 1999.

10.08 Escrow  Agreement,  dated September 30,  1994,  among  Dean
      Witter   Spectrum  Strategic  L.P.,  Dean  Witter  Spectrum
      Global Balanced L.P., Dean Witter Spectrum Technical  L.P.,
      Demeter Management Corporation, Dean Witter Reynolds  Inc.,
      and  Chemical Bank is incorporated by reference to  Exhibit
      10.08  of  the  Partnership's Form 10-K (File No.  0-19511)
      for fiscal year ended December 31, 1998.

10.09 Amendment  to  the Escrow Agreement, dated  May  11,  1998,
      among  the  Partnership,  Demeter  Management  Corporation,
      Dean   Witter   Reynolds  Inc.,  and   Chemical   Bank   is
      incorporated   by  reference  to  Exhibit  10.09   of   the
      Partnership's Form 10-K (File No. 0-19511) for fiscal  year
      ended December 31, 1998.

13.01      December 31, 1999 Annual Report to Limited Partners is
      filed herewith.



<PAGE>


               Morgan Stanley Dean Witter
                     Spectrum Series





[GRAPHIC]

   December 31, 1999
   Annual Report









   MORGAN STANLEY DEAN WITTER
<PAGE>

Demeter Management Corporation
Two World Trade Center
62nd Floor
New York, NY 10048
Telephone (212) 392-8899

Morgan Stanley Dean Witter Spectrum Series
Annual Report
1999

Dear Limited Partner:

This marks the sixth annual report for Morgan Stanley Dean Witter Spectrum
Global Balanced, Spectrum Strategic and Spectrum Technical and the ninth an-
nual report for Morgan Stanley Dean Witter Spectrum Select. The Net Asset
Value per Unit for each of the four Morgan Stanley Dean Witter Spectrum Funds
as of December 31, 1999 were as follows:

<TABLE>
<CAPTION>
         Funds            N.A.V. % change for year
         -----            ------ -----------------
<S>                       <C>    <C>
Spectrum Global Balanced  $16.12        0.7%
Spectrum Select           $22.00       -7.6%
Spectrum Strategic        $15.85       37.2%
Spectrum Technical        $14.91       -7.5%
</TABLE>

Since their inception in November 1994, Spectrum Global Balanced has increased
by 61.2% (a compound annualized return of 9.7%), Spectrum Strategic has in-
creased by 58.5% (a compound annualized return of 9.3%) and Spectrum Technical
has increased by 49.1% (a compound annualized return of 8.0%). Since its in-
ception in August 1991, Spectrum Select has increased by 120.0% (a compound
annualized return of 9.8%).

Overall, Spectrum Global Balanced produced small gains during 1999 primarily
from long positions in the global stock index futures component, particularly
long German stock index futures. Additional gains were recorded in the energy
markets from long positions in crude and gas oil futures as oil prices surged
higher on reports and adherence to OPEC production cuts. Both Spectrum Select
and Spectrum Technical recorded a net loss during 1999 with losses being expe-
rienced primarily in the global interest rate futures markets, particularly
from short-term price volatility in U.S. and European interest rate futures.
Gains recorded in the
<PAGE>

energy markets help to mitigate losses for both Spectrum Select and Spectrum
Technical. Long futures positions in crude oil and its refined products proved
profitable as oil prices trended significantly higher largely attributed to
the news that both OPEC and non-OPEC countries had reached and adhered to an
agreement to cut total output. Spectrum Strategic, whose managers use funda-
mental analyses in an attempt to forecast future price moves, produced perfor-
mance results substantially different than the other Spectrum funds based on
three primary themes: energy prices would rise from their low levels of Janu-
ary; gold would substantially increase in value late in the third quarter; and
global stock indices would appreciate during the fourth quarter. Based on
these themes, the managers in Spectrum Strategic emphasized exposure to long
energy, gold and stock index futures positions appropriately throughout 1999.
Not all forecasts for Spectrum Strategic managers came to fruition last year.
For example, losses were generated in the Japanese yen and partially offset
gains produced in the market segments mentioned previously.

While we are disappointed that both Spectrum Select and Spectrum Technical had
a difficult year in 1999, we remind investors that managed futures funds such
as the Spectrum Series are designed to provide diversification and non-corre-
lation, that is, the ability to perform independently, of global equities and
bonds. Managed futures have historically performed independently of tradi-
tional investments, such as stocks and bonds. This is referred to as non-cor-
relation, or the potential for managed futures to perform when traditional
markets such as stocks and bonds may experience difficulty performing. Of
course, managed futures funds will not automatically be profitable during un-
favorable periods for these traditional investments and vice versa. The degree
of non-correlation of any given managed futures fund will vary, particularly
as a result of market conditions, and some funds will have significantly
lesser degrees of non-correlation (i.e., greater correlation) with stocks and
bonds than others. 1999 proved to be another strong year for equities, due in
large part to continued growth and stability in most major world economies ac-
companied by low inflation. This environment,
<PAGE>

while strong for equities, provided few major sustained price trends in the
world's futures and currency markets, and as such, proved to be a difficult
trading environment for money managers in Spectrum Select and Spectrum Techni-
cal whose trading strategies rely on the existence of longer-term price trends
for trading opportunities. Nevertheless, we remain confident in the role that
managed futures investments play in the overall investment portfolio, and we
believe this confidence is well-founded based on the longer-term diversified
non-correlated returns of this alternative investment. Demeter Management Cor-
poration, as General Partner to the funds, has been and continues to be an ac-
tive investor with more than $18 million invested among the 24 managed futures
funds to which we act as General Partner.

Effective May 1, 1999, Spectrum Strategic added Allied Irish Capital Manage-
ment, Ltd. ("AICM") as a Trading Advisor, and allocated to AICM the assets
previously managed by Stonebrook Capital Management, Inc. ("Stonebrook"), ap-
proximately $6.8 million. AICM is paid the same management and incentive fees
as Stonebrook.

Should you have any questions concerning this report, please feel free to con-
tact Demeter Management Corporation at Two World Trade Center, 62nd Floor, New
York, N.Y. 10048 or your Morgan Stanley Dean Witter Financial Advisor.

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/ Robert E. Murray

    Robert E. Murray
    Chairman
    Demeter Management Corporation
    General Partner
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Independent Auditors' Report

To the Limited Partners and the General Partner of
Morgan Stanley Dean Witter Spectrum Global Balanced L.P.
Morgan Stanley Dean Witter Spectrum Select L.P.
Morgan Stanley Dean Witter Spectrum Strategic L.P.
Morgan Stanley Dean Witter Spectrum Technical L.P.:

We have audited the accompanying statements of financial condition of Morgan
Stanley Dean Witter Spectrum Global Balanced L.P., Morgan Stanley Dean Witter
Spectrum Select L.P., Morgan Stanley Dean Witter Spectrum Strategic L.P. and
Morgan Stanley Dean Witter Spectrum Technical L.P., (collectively, the
"Partnerships"), as of December 31, 1999 and 1998 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, 1999. These financial statements
are the responsibility of the Partnerships' 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 Morgan Stanley Dean Witter Spectrum Global
Balanced L.P., Morgan Stanley Dean Witter Spectrum Select L.P., Morgan Stanley
Dean Witter Spectrum Strategic L.P. and Morgan Stanley Dean Witter Spectrum
Technical L.P. at December 31, 1999 and 1998 and the results of their
operations and their cash flows for each of the three years in the period
ended December 31, 1999 in conformity with generally accepted accounting
principles.


/s/ Deloitte & Touche LLP

February 7, 2000
(March 3, 2000 as to Note 6)
New York, New York
<PAGE>

Morgan Stanley Dean Witter Spectrum Global Balanced L.P.

Statements of Financial Condition

<TABLE>
<CAPTION>
                                                               December 31,
                                                           ---------------------
                                                              1999       1998
                                                           ---------- ----------
                                                               $          $
 <S>                                                       <C>        <C>
 ASSETS
 Equity in futures interests trading accounts:
  Cash                                                     56,904,921 43,020,361
  Net unrealized gain on open contracts                       810,114  1,967,187
                                                           ---------- ----------
  Total Trading Equity                                     57,715,035 44,987,548
 Subscriptions receivable                                     847,954  1,163,097
 Interest receivable (DWR)                                    244,599    167,141
                                                           ---------- ----------
  Total Assets                                             58,807,588 46,317,786
                                                           ========== ==========
 LIABILITIES AND PARTNERS' CAPITAL
 LIABILITIES
 Redemptions payable                                          667,741    118,190
 Accrued brokerage fees (DWR)                                 216,895    169,841
 Accrued management fee                                        58,940     46,153
 Incentive fee payable                                         --         69,730
                                                           ---------- ----------
  Total Liabilities                                           943,576    403,914
                                                           ---------- ----------
 PARTNERS' CAPITAL
 Limited Partners (3,549,239.387 and 2,836,946.985 Units,
   respectively)                                           57,209,838 45,399,750
 General Partner (40,584.304 and 32,126.520 Units,
   respectively)                                              654,174    514,122
                                                           ---------- ----------
  Total Partners' Capital                                  57,864,012 45,913,872
                                                           ---------- ----------
  Total Liabilities and
    Partners' Capital                                      58,807,588 46,317,786
                                                           ========== ==========
 NET ASSET VALUE PER UNIT                                       16.12      16.00
                                                           ========== ==========
</TABLE>


Statements of Operations
<TABLE>
<CAPTION>
                               For the Years Ended
                                   December 31,
                          -------------------------------
                             1999       1998      1997
                          ----------  --------- ---------
                              $           $         $
<S>                       <C>         <C>       <C>
REVENUES
Trading profit (loss):
 Realized                  2,425,585  5,113,920 3,683,460
 Net change in unrealized (1,157,073) 1,285,628   464,966
                          ----------  --------- ---------
 Total Trading Results     1,268,512  6,399,548 4,148,426

Interest income (DWR)      2,385,751  1,642,542 1,145,033
                          ----------  --------- ---------
 Total Revenues            3,654,263  8,042,090 5,293,459
                          ----------  --------- ---------
EXPENSES
Brokerage fees (DWR)       2,387,515  1,591,467 1,124,531
Management fee               648,787    422,960   269,162
Incentive fees               215,651    449,775   300,250
                          ----------  --------- ---------
 Total Expenses            3,251,953  2,464,202 1,693,943
                          ----------  --------- ---------
NET INCOME                   402,310  5,577,888 3,599,516
                          ==========  ========= =========
Net Income Allocation:
Limited Partners             397,258  5,518,127 3,561,537
General Partner                5,052     59,761    37,979
Net Income per Unit:
Limited Partners                 .12       2.25      2.12
General Partner                  .12       2.25      2.12
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Select L.P.
Statements of Financial Condition

<TABLE>
<CAPTION>
                                                        December 31,
                                                   -----------------------
                                                      1999        1998
                                                   ----------- -----------
                                                        $           $
<S>                                                <C>         <C>
ASSETS
Equity in futures interests trading accounts:
 Cash                                              207,251,012 187,619,419
 Net unrealized gain on open contracts               6,887,064   8,435,054
 Net option premiums                                   776,380     --
                                                   ----------- -----------
 Total Trading Equity                              214,914,456 196,054,473
Subscriptions receivable                             3,730,051   6,021,707
Interest receivable (DWR)                              722,305     591,858
                                                   ----------- -----------
 Total Assets                                      219,366,812 202,668,038
                                                   =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable                                  3,764,242     939,381
Accrued brokerage fees (DWR)                         1,270,975   1,164,344
Accrued management fees                                525,921     481,797
                                                   ----------- -----------
 Total Liabilities                                   5,561,138   2,585,522
                                                   ----------- -----------
PARTNERS' CAPITAL
Limited Partners (9,583,810.732 and 8,274,690.051
  Units, respectively)                             210,877,519 196,915,644
General Partner (133,076.700 Units)                  2,928,155   3,166,872
                                                   ----------- -----------
 Total Partners' Capital                           213,805,674 200,082,516
                                                   ----------- -----------
 Total Liabilities and Partners' Capital           219,366,812 202,668,038
                                                   =========== ===========
NET ASSET VALUE PER UNIT                                 22.00       23.80
                                                   =========== ===========
</TABLE>

Statements of Operations
<TABLE>
<CAPTION>
                                      For the Years Ended December 31,
                                      -----------------------------------
                                         1999         1998        1997
                                      -----------  ----------  ----------
                                           $           $           $
<S>                                   <C>          <C>         <C>
REVENUES
Trading profit (loss):
 Realized                              (1,351,849) 36,087,729  15,940,851
 Net change in unrealized              (1,547,990) (1,192,107)  3,149,167
                                      -----------  ----------  ----------
 Total Trading Results                 (2,899,839) 34,895,622  19,090,018
Interest income (DWR)                   7,678,789   6,883,110   7,405,511
                                      -----------  ----------  ----------
 Total Revenues                         4,778,950  41,778,732  26,495,529
                                      -----------  ----------  ----------
EXPENSES
Brokerage fees (DWR)                   15,188,479  11,360,166   9,777,851
Management fees                         6,284,885   5,202,158   5,239,533
Incentive fees                            --        1,832,021      49,989
Transaction fees and costs                --          625,327   1,370,439
Administrative expenses                   --           64,000     114,000
                                      -----------  ----------  ----------
 Total Expenses                        21,473,364  19,083,672  16,551,812
                                      -----------  ----------  ----------
NET INCOME (LOSS)                     (16,694,414) 22,695,060   9,943,717
                                      ===========  ==========  ==========
Net Income (Loss) Allocation:
Limited Partners                      (16,455,697) 22,302,202   9,781,168
General Partner                          (238,717)    392,858     162,549
Net Income (Loss) per Unit (Note 1):
Limited Partners                            (1.80)       2.95        1.22
General Partner                             (1.80)       2.95        1.22
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Strategic L.P.
Statements of Financial Condition

<TABLE>
<CAPTION>
                                                        December 31,
                                                   -----------------------
                                                      1999         1998
                                                   -----------  ----------
                                                        $           $
<S>                                                <C>          <C>
ASSETS
Equity in futures interests trading accounts:
 Cash                                               97,808,328  63,919,054
 Net unrealized gain on open contracts               9,563,813   5,299,335
 Net option premiums                                   (11,653)    225,646
                                                   -----------  ----------
 Total Trading Equity                              107,360,488  69,444,035
Subscriptions receivable                             1,743,958   1,796,051
Interest receivable (DWR)                              339,582     205,247
                                                   -----------  ----------
 Total Assets                                      109,444,028  71,445,333
                                                   ===========  ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable                                    847,860     398,976
Accrued brokerage fees (DWR)                           590,001     405,606
Accrued management fees                                313,646     218,976
                                                   -----------  ----------
 Total Liabilities                                   1,751,507   1,023,558
                                                   -----------  ----------
PARTNERS' CAPITAL
Limited Partners (6,723,390.378 and 6,031,262.407
  Units, respectively)                             106,542,362  69,671,636
General Partner (72,581.141 and 64,937.294 Units,
  respectively)                                      1,150,159     750,139
                                                   -----------  ----------
 Total Partners' Capital                           107,692,521  70,421,775
                                                   -----------  ----------
 Total Liabilities and
   Partners' Capital                               109,444,028  71,445,333
                                                   ===========  ==========
NET ASSET VALUE PER UNIT                                 15.85       11.55
                                                   ===========  ==========
</TABLE>

Statements of Operations
<TABLE>
<CAPTION>
                                     For the Years Ended
                                         December 31,
                               --------------------------------
                                  1999       1998       1997
                               ---------- ---------- ----------
<S>                            <C>        <C>        <C>
                                   $          $          $
REVENUES
Trading profit:
 Realized                      32,274,037  7,945,575  1,297,824
 Net change in unrealized       4,264,478  2,771,722  2,387,258
                               ---------- ---------- ----------
 Total Trading Results         36,538,515 10,717,297  3,685,082
Interest income (DWR)           3,017,103  2,379,478  2,304,248
                               ---------- ---------- ----------
 Total Revenues                39,555,618 13,096,775  5,989,330
                               ---------- ---------- ----------
EXPENSES
Brokerage fees (DWR)            5,837,887  4,402,540  4,414,327
Management fees                 3,137,509  2,342,447  2,212,788
Incentive fees                  2,451,152  1,336,693    427,094
                               ---------- ---------- ----------
 Total Expenses                11,426,548  8,081,680  7,054,209
                               ---------- ---------- ----------
NET INCOME (LOSS)              28,129,070  5,015,095 (1,064,879)
                               ========== ========== ==========
Net Income (Loss) Allocation:
Limited Partners               27,829,050  4,958,188 (1,054,657)
General Partner                   300,020     56,907    (10,222)
Net Income (Loss) per Unit:
Limited Partners                     4.30        .84        .04
General Partner                      4.30        .84        .04
</TABLE>

  The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Technical L.P.
Statements of Financial Condition

<TABLE>
<CAPTION>
                                                          December 31,
                                                     ------------------------
                                                        1999         1998
                                                     -----------  -----------
                                                          $            $
<S>                                                  <C>          <C>
ASSETS
Equity in futures interests trading accounts:
 Cash                                                251,443,755  235,044,325
 Net unrealized gain on open contracts                18,036,296   18,909,268
 Net option premiums                                     (74,725)     --
                                                     -----------  -----------
 Total Trading Equity                                269,405,326  253,953,593
Subscriptions receivable                               3,926,914    4,002,633
Interest receivable (DWR)                                900,955      717,685
                                                     -----------  -----------
 Total Assets                                        274,233,195  258,673,911
                                                     ===========  ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable                                    3,057,593    1,339,311
Accrued brokerage fees (DWR)                           1,559,481    1,439,151
Accrued management fees                                  860,403      794,015
                                                     -----------  -----------
 Total Liabilities                                     5,477,477    3,572,477
                                                     -----------  -----------
PARTNERS' CAPITAL
Limited Partners (17,836,873.576 and 15,660,041.764
  Units, respectively)                               265,907,998  252,455,045
General Partner (191,022.517 and
  164,158.204 Units, respectively)                     2,847,720    2,646,389
                                                     -----------  -----------
 Total Partners' Capital                             268,755,718  255,101,434
                                                     -----------  -----------
 Total Liabilities and Partners' Capital             274,233,195  258,673,911
                                                     ===========  ===========
NET ASSET VALUE PER UNIT                                   14.91        16.12
                                                     ===========  ===========

</TABLE>

Statements of Operations
<TABLE>
<CAPTION>
                                      For the Years Ended
                                         December 31,
                               ----------------------------------
                                  1999         1998       1997
                               -----------  ---------- ----------
<S>                            <C>          <C>        <C>
                                    $           $          $
REVENUES
Trading profit (loss):
 Realized                          726,179  35,224,194 13,777,460
 Net change in unrealized         (872,972)  6,612,556  9,762,823
                               -----------  ---------- ----------
 Total Trading Results            (146,793) 41,836,750 23,540,283
Interest income (DWR)            9,593,178   8,103,423  5,987,304
                               -----------  ---------- ----------
 Total Revenues                  9,446,385  49,940,173 29,527,587
                               -----------  ---------- ----------
EXPENSES
Brokerage fees (DWR)            19,176,380  15,543,787 11,617,770
Management fees                 10,580,071   8,403,764  5,832,758
Incentive fees                     430,097   3,191,252    369,975
                               -----------  ---------- ----------
 Total Expenses                 30,186,548  27,138,803 17,820,503
                               -----------  ---------- ----------
NET INCOME (LOSS)              (20,740,163) 22,801,370 11,707,084
                               ===========  ========== ==========
Net Income (Loss) Allocation:
Limited Partners               (20,531,494) 22,571,217 11,589,197
General Partner                   (208,669)    230,153    117,887
Net Income (Loss) per Unit:
Limited Partners                     (1.21)       1.49       1.02
General Partner                      (1.21)       1.49       1.02
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series

Statements of Changes in Partners' Capital
For the Years Ended December 31, 1999, 1998 and 1997

<TABLE>
<CAPTION>
                      Units of
                     Partnership     Limited     General
                      Interest      Partners     Partner      Total
                    -------------  -----------  ---------  -----------
                                        $           $           $
<S>                 <C>            <C>          <C>        <C>
Morgan Stanley Dean Witter Spectrum Global Balanced L.P.
Partners' Capital,
December 31, 1996   1,609,108.931   18,499,873    206,382   18,706,255
Offering of Units     505,325.179    6,507,261     20,000    6,527,261
Net income               --          3,561,537     37,979    3,599,516
Redemptions          (246,149.269)  (3,149,796)    --       (3,149,796)
                    -------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1997   1,868,284.841   25,418,875    264,361   25,683,236
Offering of Units   1,205,176.553   17,447,965    190,000   17,637,965
Net income               --          5,518,127     59,761    5,577,888
Redemptions          (204,387.889)  (2,985,217)    --       (2,985,217)
                    -------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1998   2,869,073.505   45,399,750    514,122   45,913,872
Offering of Units   1,019,759.235   16,184,278    135,000   16,319,278
Net income               --            397,258      5,052      402,310
Redemptions          (299,009.049) (4,771,448)     --       (4,771,448)
                    -------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1999   3,589,823.691   57,209,838    654,174   57,864,012
                    =============  ===========  =========  ===========

<CAPTION>
                      Units of
                     Partnership     Limited     General
                      Interest      Partners     Partner      Total
                    -------------  -----------  ---------  -----------
                      (Note 1)          $           $           $
<S>                 <C>            <C>          <C>        <C>
Morgan Stanley Dean Witter Spectrum Select L.P.
Partners' Capital,
December 31, 1996   8,346,327.700  161,174,820  2,611,465  163,786,285
Offering of Units     573,746.700   12,056,614     --       12,056,614
Net income               --          9,781,168    162,549    9,943,717
Redemptions          (919,522.800) (19,013,295)    --      (19,013,295)
                    -------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1997   8,000,551.600  163,999,307  2,774,014  166,773,321
Offering of Units   1,310,353.729   30,297,590     --       30,297,590
Net income               --         22,302,202    392,858   22,695,060
Redemptions          (903,138.578) (19,683,455)    --      (19,683,455)
                    -------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1998   8,407,766.751  196,915,644  3,166,872  200,082,516
Offering of Units   2,238,093.744   51,589,367     --       51,589,367
Net loss                 --        (16,455,697)  (238,717) (16,694,414)
Redemptions          (928,973.063) (21,171,795)    --      (21,171,795)
                    -------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1999   9,716,887.432  210,877,519  2,928,155  213,805,674
                    =============  ===========  =========  ===========

</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series

Statements of Changes in Partners' Capital
For the Years Ended December 31, 1999, 1998 and 1997

<TABLE>
<CAPTION>
                              Units of
                            Partnership      Limited     General
                              Interest      Partners     Partner      Total
                           --------------  -----------  ---------  -----------
                                                $           $           $
<S>                        <C>             <C>          <C>        <C>
Morgan Stanley Dean Witter Spectrum Strategic L.P.
Partners' Capital,
December 31, 1996           4,229,101.851   44,645,423    473,454   45,118,877
Offering of Units           1,956,789.313   22,377,135    150,000   22,527,135
Net loss                         --         (1,054,657)   (10,222)  (1,064,879)
Redemptions                  (668,003.709)  (7,485,552)    --       (7,485,552)
                           --------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1997           5,517,887.455   58,482,349    613,232   59,095,581
Offering of Units           1,610,245.841   16,662,471     80,000   16,742,471
Net income                       --          4,958,188     56,907    5,015,095
Redemptions                (1,031,933.595) (10,431,372)    --      (10,431,372)
                           --------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1998           6,096,199.701   69,671,636    750,139   70,421,775
Offering of Units           1,300,877.987   16,846,544    100,000   16,946,544
Net income                       --         27,829,050    300,020   28,129,070
Redemptions                  (601,106.169)  (7,804,868)    --       (7,804,868)
                           --------------  -----------  ---------  -----------
Partners' Capital, Decem-
ber 31, 1999                6,795,971.519  106,542,362  1,150,159  107,692,521
                           ==============  ===========  =========  ===========

<CAPTION>
                              Units of
                            Partnership      Limited     General
                              Interest      Partners     Partner      Total
                           --------------  -----------  ---------  -----------
                                                $           $           $
<S>                        <C>             <C>          <C>        <C>
Morgan Stanley Dean Witter Spectrum Technical L.P.
Partners' Capital,
December 31, 1996           8,300,169.234  111,852,280  1,133,349  112,985,629
Offering of Units           5,034,287.188   69,082,458    600,000   69,682,458
Net income                       --         11,589,197    117,887   11,707,084
Redemptions                  (899,755.684) (12,424,664)    --      (12,424,664)
                           --------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1997          12,434,700.738  180,099,271  1,851,236  181,950,507
Offering of Units           4,731,996.876   69,886,681    565,000   70,451,681
Net income                       --         22,571,217    230,153   22,801,370
Redemptions                (1,342,497.646) (20,102,124)    --      (20,102,124)
                           --------------  -----------  ---------  -----------
Partners' Capital,
December 31, 1998          15,824,199.968  252,455,045  2,646,389  255,101,434
Offering of Units           3,976,153.731   61,073,132    410,000   61,483,132
Net loss                         --        (20,531,494)  (208,669) (20,740,163)
Redemptions                (1,772,457.606) (27,088,685)    --      (27,088,685)
                           --------------  -----------  ---------  -----------
Partners' Capital, Decem-
ber 31, 1999               18,027,896.093  265,907,998  2,847,720  268,755,718
                           ==============  ===========  =========  ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Global
Balanced L.P.
Statements of Cash Flows

<TABLE>
<CAPTION>
                                                     For the Years Ended
                                                         December 31,
                                               ----------------------------------
                                                  1999        1998        1997
                                               ----------  ----------  ----------
                                                   $           $           $
<S>                                            <C>         <C>         <C>
CASH FLOWS FROM
  OPERATING ACTIVITIES
Net income                                        402,310   5,577,888   3,599,516
Noncash item included
  in net income:
 Net change in unrealized                       1,157,073  (1,285,628)   (464,966)
(Increase) decrease in operating assets:
 Interest receivable (DWR)                        (77,458)    (48,192)    (33,466)
 Net option premiums                               --        (458,150)    458,150
Increase (decrease) in operating liabilities:
 Accrued brokerage
   fees (DWR)                                      47,054      70,079       7,615
 Accrued management
   fee                                             12,787      20,703       4,507
 Incentive fee payable                            (69,730)     69,730      --
                                               ----------  ----------  ----------
Net cash provided by
  operating activities                          1,472,036   3,946,430   3,571,356
                                               ----------  ----------  ----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
Offering of Units                              16,319,278  17,637,965   6,527,261
(Increase) decrease in subscriptions
  receivable                                      315,143    (537,387)   (434,141)
Increase (decrease) in redemptions
  payable                                         549,551       3,614    (686,849)
Redemptions of Units                           (4,771,448) (2,985,217) (3,149,796)
                                               ----------  ----------  ----------
Net cash provided by financing activities      12,412,524  14,118,975   2,256,475
                                               ----------  ----------  ----------
Net increase in cash                           13,884,560  18,065,405   5,827,831
Balance at beginning of
  period                                       43,020,361  24,954,956  19,127,125
                                               ----------  ----------  ----------
Balance at end of period                       56,904,921  43,020,361  24,954,956
                                               ==========  ==========  ==========
</TABLE>
   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Select L.P.
Statements of Cash Flows

<TABLE>
<CAPTION>
                                              For the Years Ended
                                                 December 31,
                                      -------------------------------------
                                         1999         1998         1997
                                      -----------  -----------  -----------
                                           $            $            $
<S>                                   <C>          <C>          <C>
CASH FLOWS FROM
  OPERATING ACTIVITIES
Net income (loss)                     (16,694,414)  22,695,060    9,943,717
Noncash item included
  in net income (loss):
 Net change in unrealized               1,547,990    1,192,107   (3,149,167)
(Increase) decrease in
  operating assets:
 Net option premiums                     (776,380)     --            18,205
 Interest receivable (DWR)               (130,447)      46,346     (105,144)
 Due from DWR                             --         1,097,517     (688,191)
Increase (decrease) in
  operating liabilities:
 Accrued brokerage
   fees (DWR)                             106,631    1,164,344     (491,315)
 Accrued management
   fees                                    44,124       58,124       19,815
 Accrued administrative expenses          --           (72,499)     (50,844)
 Incentive fees payable                   --           --          (348,459)
 Accrued transaction fees and costs       --           --           (64,595)
                                      -----------  -----------  -----------
Net cash provided by (used for)
  operating activities                (15,902,496)  26,180,999    5,084,022
                                      -----------  -----------  -----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
Offering of Units                      51,589,367   30,297,590   12,056,614
(Increase) decrease in subscriptions
  receivable                            2,291,656   (6,021,707)   5,365,420
Increase (decrease) in
  redemptions payable                   2,824,861   (1,332,933)     (97,843)
Redemptions of Units                  (21,171,795) (19,683,455) (19,013,295)
                                      -----------  -----------  -----------
Net cash provided by (used
  for) financing activities            35,534,089    3,259,495   (1,689,104)
                                      -----------  -----------  -----------
Net increase in cash                   19,631,593   29,440,494    3,394,918
Balance at beginning of
  period                              187,619,419  158,178,925  154,784,007
                                      -----------  -----------  -----------
Balance at end of period              207,251,012  187,619,419  158,178,925
                                      ===========  ===========  ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Strategic L.P.
Statements of Cash Flows

<TABLE>
<CAPTION>
                                                 For the Years Ended
                                                    December 31,
                                          -----------------------------------
                                             1999        1998         1997
                                          ----------  -----------  ----------
                                              $            $           $
<S>                                       <C>         <C>          <C>
CASH FLOWS FROM
  OPERATING ACTIVITIES
Net income (loss)                         28,129,070    5,015,095  (1,064,879)
Noncash item included in net income
  (loss):
 Net change in unrealized                 (4,264,478)  (2,771,722) (2,387,258)
(Increase) decrease in operating assets:
 Net option premiums                         237,299       96,477    (367,448)
 Interest receivable (DWR)                  (134,335)      17,798     (59,402)
Increase in operating liabilities:
 Accrued brokerage fees (DWR)                184,395       45,565      36,599
 Accrued management
   fees                                       94,670       30,719      31,436
                                          ----------  -----------  ----------
Net cash provided by (used
  for) operating activities               24,246,621    2,433,932  (3,810,952)
                                          ----------  -----------  ----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
Offering of Units                         16,946,544   16,742,471  22,527,135
(Increase) decrease in subscriptions
  receivable                                  52,093     (962,792)       (168)
Increase (decrease) in redemptions
  payable                                    448,884     (967,188)   (124,372)
Redemptions of Units                      (7,804,868) (10,431,372) (7,485,552)
                                          ----------  -----------  ----------
Net cash provided by
  financing activities                     9,642,653    4,381,119  14,917,043
                                          ----------  -----------  ----------
Net increase in cash                      33,889,274    6,815,051  11,106,091
Balance at beginning of period            63,919,054   57,104,003  45,997,912
                                          ----------  -----------  ----------
Balance at end of period                  97,808,328   63,919,054  57,104,003
                                          ==========  ===========  ==========
</TABLE>
  The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Technical L.P.
Statements of Cash Flows

<TABLE>
<CAPTION>
                                                         For the Years Ended
                                                            December 31,
                                                 -------------------------------------
                                                    1999         1998         1997
                                                 -----------  -----------  -----------
                                                      $            $            $
<S>                                              <C>          <C>          <C>
CASH FLOWS FROM
  OPERATING ACTIVITIES
Net income (loss)                                (20,740,163)  22,801,370   11,707,084
Noncash item included
  in net income (loss):
 Net change in unrealized                            872,972   (6,612,556)  (9,762,823)
(Increase) decrease in operating
  assets:
 Net option premiums                                  74,725          --       328,955
 Interest receivable (DWR)                          (183,270)     (60,123)    (275,721)
Increase (decrease) in operating
  liabilities:
 Accrued brokerage fees (DWR)                        120,330      341,957      320,941
 Accrued management fees                              66,388      220,319      197,331
 Incentive fees payable                                  --      (139,190)     139,190
                                                 -----------  -----------  -----------
Net cash provided by (used for)
  operating activities                           (19,789,018)  16,551,777    2,654,957
                                                 -----------  -----------  -----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
Offering of Units                                 61,483,132   70,451,681   69,682,458
(Increase) decrease in subscriptions receivable       75,719   (1,037,012)   2,151,502
Increase in redemptions payable                    1,718,282      330,081      325,421
Redemptions of Units                             (27,088,685) (20,102,124) (12,424,664)
                                                 -----------  -----------  -----------
Net cash provided by financing
  activities                                      36,188,448   49,642,626   59,734,717
                                                 -----------  -----------  -----------
Net increase in cash                              16,399,430   66,194,403   62,389,674
Balance at beginning of period                   235,044,325  168,849,922  106,460,248
                                                 -----------  -----------  -----------
Balance at end of period                         251,443,755  235,044,325  168,849,922
                                                 ===========  ===========  ===========
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements

1. Summary of Significant Accounting Policies

Organization--Morgan Stanley Dean Witter Spectrum Global Balanced L.P. (for-
merly known as Dean Witter Spectrum Global Balanced L.P.) ("Spectrum Global
Balanced"), Morgan Stanley Dean Witter Spectrum Select L.P. (formerly known as
Dean Witter Spectrum Select L.P.) ("Spectrum Select"), Morgan Stanley Dean
Witter Spectrum Strategic L.P. (formerly known as Dean Witter Spectrum Strate-
gic L.P.) ("Spectrum Strategic") and Morgan Stanley Dean Witter Spectrum Tech-
nical L.P. (formerly known as Dean Witter Spectrum Technical L.P.) ("Spectrum
Technical"), (individually, a "Partnership," or collectively, the "Partner-
ships"), are limited partnerships organized to engage in the speculative trad-
ing of futures and forward contracts, options on futures contracts, physical
commodities and other commodity interests, including, but not limited to for-
eign currencies, financial instruments, metals, energy and agricultural prod-
ucts (collectively, "futures interests").

The general partner for each Partnership is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Dean Witter Reynolds Inc.
("DWR") and an unaffiliated clearing commodity broker, Carr Futures Inc.
("Carr"), provides clearing and execution services. Both Demeter and DWR are
wholly-owned subsidiaries of Morgan Stanley Dean Witter & Co. ("MSDW").

Spectrum Select became one of the Spectrum Series of funds effective June 1,
1998. Each outstanding unit of limited partnership interest ("Unit(s)") in
Dean Witter Select Futures Fund L.P. was converted into 100 Units of Spectrum
Select. The number of Units outstanding, net income or loss per Unit and Net
Asset Value per Unit have been adjusted for all reporting periods to reflect
this conversion.

On May 31, 1997, Morgan Stanley Group Inc. was merged with and into Dean Wit-
ter, Discover & Co. ("DWD"). At that time, DWD changed its corporate name to
Morgan Stanley, Dean Witter, Discover & Co. ("MSDWD"). Effective February 19,
1998, MSDWD changed its corporate name to Morgan Stanley Dean Witter & Co.

Demeter is required to maintain a 1% minimum interest in the equity of each
Partnership and income (losses) are shared by Demeter and the Limited Partners
based upon their proportional ownership interests.

Use of Estimates--The financial statements are prepared in accordance with
generally accepted accounting principles, which require management to make es-
timates and assumptions that affect the reported amounts in the
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)

financial statements and related disclosures. Management believes that the es-
timates utilized in the preparation of the financial statements are prudent
and reasonable. Actual results could differ from those estimates.

Revenue Recognition--Futures interests are open commitments until settlement
date. They are valued at market on a daily basis and the resulting net change
in unrealized gains and losses is reflected in the change in unrealized profit
(loss) on open contracts from one period to the next in the statements of
operations. Monthly, DWR pays each Partnership interest income based upon 80%
of its average daily "Net Assets" (as defined in the limited partnership
agreements) for the month in the case of Spectrum Select, Spectrum Strategic
and Spectrum Technical, and 100% in the case of Spectrum Global Balanced. The
interest rate is equal to a prevailing rate on U.S. Treasury bills. For
purposes of such interest payments, Net Assets do not include monies due the
Partnership on futures 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 Futures Interests Trading Accounts--The Partnerships' asset "Equity
in futures interests trading accounts," reflected in the statements of
financial condition consists of (A) cash on deposit with DWR and Carr to be
used as margin for trading; (B) net unrealized gains or losses on open
contracts, which are valued at market and calculated as the difference between
original contract value and market value, and (C) net option premiums, which
represent the net of all monies paid and/or received for such option premiums.

The Partnerships, in their normal course of business, enter into various
contracts with Carr acting as their commodity broker. Pursuant to brokerage
agreements with Carr, to the extent that such trading results in unrealized
gains or losses, these amounts are offset and reported on a net basis on the
Partnerships' statements of financial condition.

The Partnerships have offset the fair value amounts recognized for forward
contracts executed with the same counterparty as allowable under terms of the
master netting agreements with Carr, the sole counterparty on such contracts.
The Partnerships have consistently applied their right to offset.

Brokerage and Related Transaction Fees and Costs-- Prior to July 31, 1997,
brokerage fees for Spectrum Global Balanced were accrued at a monthly rate of
11/24 of 1% of Net Assets (a 5.5% annual rate) as of the first day of each
month. From August 1, 1997 to May 31, 1998, brokerage fees were accrued at
49/120 of 1% of Net Assets (a 4.9% annual rate) as of the first day of each
month.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)

Effective June 1, 1998, brokerage fees were reduced to 1/12 of 4.60% of Net
Assets (a 4.60% annual rate) as of the first day of each month.

Prior to June 1, 1998, brokerage commissions for Spectrum Select were accrued
on a half-turn basis at 80% of DWR's published non-member rates and
transaction fees and costs were accrued on a half-turn basis. Brokerage
commissions and transaction fees and costs combined were capped at 13/20 of 1%
per month (a 7.8% maximum annual rate) of Spectrum Select's month-end Net
Assets. Effective June 1, 1998 brokerage fees for Spectrum Select were reduced
to a monthly rate of 1/12 of 7.25% (a 7.25% annual rate) of Net Assets as of
the first day of each month.

Prior to July 31, 1997, brokerage fees for Spectrum Strategic and Spectrum
Technical were accrued at a monthly rate of 33/48 of 1% of Net Assets (an
8.25% annual rate) as of the first day of each month. From August 1, 1997 to
May 31, 1998, brokerage fees were accrued at 51/80 of 1% of the Net Assets (a
7.65% annual rate) as of the first day of each month. Effective June 1, 1998,
brokerage fees for Spectrum Strategic and Spectrum Technical were reduced to
1/12 of 7.25% (a 7.25% annual rate) of Net Assets as of the first day of each
month.

Such brokerage fees currently cover all brokerage commissions, transaction
fees and costs and ordinary administrative and continuing offering expenses.

Operating Expenses--The Partnerships incur monthly management fees and may
incur incentive fees. All common administrative and continuing offering
expenses including legal, auditing, accounting, filing fees and other related
expenses are borne by DWR through the brokerage fees paid by the Partnerships
(effective June 1, 1998 for Spectrum Select with its change to a flat rate
brokerage fee).

Prior to June 1, 1998, Spectrum Select was charged all operating expenses
related to its trading activities to a maximum of 1/4 of 1% annually of
Spectrum Select's average month end Net Assets. Demeter was responsible for
operating expenses in excess of the cap.

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 each Partnership's
revenues and expenses for income tax purposes.

Distributions--Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)


Continuing Offering--Units of each Partnership are offered at a price equal to
100% of the Net Asset Value per Unit as of the close of business on the last
day of the month. No selling commissions or charges related to the continuing
offering of Units will be paid by the Limited Partners or the Partnership. DWR
will pay all such costs.

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 a person becomes a Limited
Partner, upon five business days advance notice by redemption form to Demeter.
Thereafter, Units redeemed on or prior to the last day of the twelfth month
after such Units were purchased will be subject to a redemption charge equal
to 2% of the Net Asset Value of a Unit on the date of such redemption. Units
redeemed after the last day of the twelfth month and on or prior to the last
day of the twenty-fourth month after which such Units were purchased will be
subject to a redemption charge equal to 1% of the Net Asset Value of a Unit on
the date of such redemption. Units redeemed after the last day of the twenty-
fourth month after which such Units were purchased will not be subject to a
redemption charge. The foregoing redemption charges will be paid to DWR. Re-
demptions must be made in whole Units, in a minimum amount of 50 Units, unless
a Limited Partner is redeeming his entire interest in a Partnership.

Exchanges--On the last day of the first month which occurs more than six
months after a person first becomes a Limited Partner in any of the Partner-
ships, and the end of each month thereafter, Limited Partners may exchange
their investment among the Partnerships (subject to certain restrictions out-
lined in the Limited Partnership Agreement) without paying additional charges.

Dissolution of the Partnership--Spectrum Global Balanced, Spectrum Strategic
and Spectrum Technical will terminate on December 31, 2035 and Spectrum Select
will terminate on December 31, 2025 regardless of financial condition at such
time, or at an earlier date if certain conditions occur as defined in each
Partnership's Limited Partnership Agreement.

2. Related Party Transactions

Each Partnership pays brokerage fees to DWR as described in Note 1. Each Part-
nership's cash is on deposit with DWR and Carr in futures interests trading
accounts to meet margin requirements as needed. DWR pays interest on these
funds as described in Note 1.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)


3. Trading Advisors

Demeter, on behalf of each Partnership, retains certain commodity trading
advisors to make all trading decisions for the Partnerships. The trading
advisors for each Partnership are as follows:

Morgan Stanley Dean Witter Spectrum Global Balanced L.P.
 RXR, Inc.

Morgan Stanley Dean Witter Spectrum Select L.P.
 EMC Capital Management, Inc.
 Rabar Market Research, Inc.
 Sunrise Capital Management, Inc.

Morgan Stanley Dean Witter Spectrum Strategic L.P.
 Blenheim Investments, Inc. ("Blenheim")
 Allied Irish Capital Management, Ltd. ("AICM")
 Willowbridge Associates Inc. ("Willowbridge")

  Effective April 30, 1998, A. Gary Shilling & Co., Inc. ("Shilling") was ter-
  minated as an advisor to the Partnership. The assets of the Partnership pre-
  viously allocated to Shilling were allocated to Stonebrook Capital Manage-
  ment Inc., ("Stonebrook"), effective June 1, 1998.

  Effective March 4, 1999, Stonebrook was terminated as an advisor to the
  Partnership. The assets of the Partnership previously allocated to
  Stonebrook were allocated to AICM, effective June 1, 1999.

Morgan Stanley Dean Witter Spectrum Technical L.P.
 Campbell & Company, Inc. ("Campbell")
 Chesapeake Capital Corporation ("Chesapeake")
 John W. Henry & Company, Inc. ("JWH")

Compensation to the trading advisors by the Partnerships consists of a
management fee and an incentive fee as follows:

Management Fee--The management fee is accrued at the rate of 5/48 of 1% per
month of Net Assets on the first day of each month (a 1.25% annual rate) for
Spectrum Global Balanced.

The management fee is accrued at the rate of 1/4 of 1% per month of Net Assets
allocated to each trading advisor on the first day of each month (a 3% annual
rate) for Spectrum Select. Prior to June 1, 1998, the management fee was
accrued at the rate of 1/4 of 1% of the Partnership's adjusted Net Assets, as
defined in its limited partnership agreements, as of the last day of each
month (a 3% annual rate).

The management fee is accrued at the rate of 1/12 of 4% per month of Net
Assets allocated to each of Blenheim
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)

and Willowbridge on the first day of each month, and 1/12 of 3% per month of
Net Assets allocated to AICM on the first day of each month for Spectrum Stra-
tegic (annual rates of 4% and 3%, respectively). Prior to June 1, 1998, the
management fee was accrued at the rate of 1/3 of 1% of Net Assets allocated to
each trading advisor on the first day of each month (a 4% annual rate).

The management fee is accrued at the rate of 1/3 of 1% per month of Net Assets
allocated to each trading advisor on the first day of each month (a 4% annual
rate) for Spectrum Technical.

Incentive Fee--Spectrum Global Balanced, Spectrum Select and Spectrum Strate-
gic each pay a monthly incentive fee equal to 15% of the trading profits expe-
rienced with respect to each trading advisor's allocated Net Assets as of the
end of each calendar month. Trading profits represent the amount by which
profits from futures, forwards and options trading exceed losses after broker-
age and management fees are deducted. Prior to June 1, 1998, trading profits
for Spectrum Select represented the amount by which profits from futures, for-
wards and options trading exceed losses, after brokerage commissions, manage-
ment fees, administrative expenses and transaction fees and costs were paid.
Prior to June 1, 1998, Spectrum Select paid a quarterly incentive fee to each
trading advisor equal to 17.5% of the trading profits.

Spectrum Technical pays a monthly incentive fee equal to 15% of the trading
profits experienced with respect to the Net Assets allocated to Campbell and
JWH and 19% of the Trading profits experienced with respect to the Net Assets
allocated to Chesapeake as of the end of each calendar month. Trading profits
represent the amount by which profits from futures, forwards and options trad-
ing exceed losses after brokerage and management fees are deducted. Prior to
June 1, 1998, Spectrum Technical paid an incentive fee equal to 15% of trading
profits to all trading advisors.

For all Partnerships when trading losses are incurred, no incentive fee will
be paid in subsequent months until all such losses are recovered. Cumulative
trading losses are adjusted on a pro-rata basis for the net amount of each
months subscriptions and redemptions.

4. Financial Instruments

The Partnerships trade futures and forward contracts and options on futures
contracts and on physical commodities, in interest rates, stock indicies, com-
modities, currencies, precious and industrial metals and energy products.
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
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)

perform under the terms of the contracts. There are numerous factors which may
significantly influence the market value of these contracts, including inter-
est rate volatility.

In June 1998, the Financial Accounting Standards Board ("FASB") issued State-
ment of Financial Accounting Standard ("SFAS") No. 133, "Accounting for Deriv-
ative Instruments and Hedging Activities" effective for fiscal years beginning
after June 15, 1999. In June 1999, the FASB issued SFAS No. 137, "Accounting
for Derivative Instruments and Hedging Activities--Deferral of the Effective
Date of SFAS No. 133," which defers the required implementation of SFAS No.
133 until fiscal years beginning after June 15, 2000. However, the Partnership
had previously elected to adopt the provisions of SFAS No. 133 beginning with
the fiscal year ended December 31, 1998. SFAS No. 133 superscedes SFAS No. 119
and No. 105, which required the disclosure of average aggregate fair values
and contract/notional values, respectively, of derivative financial instru-
ments for an entity which carries its assets at fair value. The application of
SFAS No. 133 does not have a significant effect on the Partnerships' financial
statements.

The net unrealized gains on open contracts are reported as a component of "Eq-
uity in futures interests trading accounts" on the statements of financial
condition and totaled at December 31, 1999 and 1998, respectively, $810,114
and $1,967,187 for Spectrum Global Balanced, $6,887,064 and $8,435,054 for
Spectrum Select, $9,563,813 and $5,299,335 for Spectrum Strategic, and
$18,036,296 and $18,909,268 for Spectrum Technical.

For Spectrum Global Balanced, of the $810,114 net unrealized gain on open con-
tracts at December 31, 1999, $669,640 related to exchange-traded futures con-
tracts and $140,474 related to off-exchange-traded forward currency contracts.
Of the $1,967,187 net unrealized gain on open contracts at December 31, 1998,
$2,044,752 related to exchange-traded futures contracts and $(77,565) related
to off-exchange-traded forward currency contracts.

For Spectrum Select, of the $6,887,064 net unrealized gain on open contracts
at December 31, 1999, $6,935,040 related to exchange-traded futures and
futures-styled options contracts and $(47,976) related to off-exchange-traded
forward currency contracts. Of the $8,435,054 net unrealized gain on open con-
tracts at December 31, 1998, $8,982,276 related to exchange-traded futures
contracts and $(547,222) related to off-exchange-traded forward currency con-
tracts.

For Spectrum Strategic, the $9,563,813 net unrealized gain on open contracts
at December 31, 1999 and the $5,299,335 net unrealized gain on open contracts
at December 31, 1998 all related to exchange-traded futures and futures-styled
options contracts.
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)


For Spectrum Technical, of the $18,036,296 net unrealized gain on open
contracts at December 31, 1999, $17,006,044 related to exchange-traded futures
and future-styled options contracts and $1,030,252 related to off-exchange-
traded forward currency contracts. Of the $18,909,268 net unrealized gain on
open contracts at December 31, 1998, $19,606,697 related to exchange-traded
futures contracts and $(697,429) related to off-exchange-traded forward
currency contracts.

Exchange-traded contracts and off-exchange-traded forward currency contracts
held by the Partnerships at December 1999 and 1998 mature as follows:

<TABLE>
<CAPTION>
                                                      1999          1998
                                                  ------------- -------------
 <S>                                              <C>           <C>
 Spectrum Global Balanced
 Exchange-Traded Contracts                        June 2000     March 1999
 Off-Exchange-Traded Forward Currency Contracts   March 2000    March 1999
 Spectrum Select
 Exchange-Traded Contracts                        December 2000 December 1999
 Off-Exchange-Traded Forward Currency Contracts   March 2000    March 1999
 Spectrum Strategic
 Exchange-Traded Contracts                        December 2001 March 2000
 Spectrum Technical
 Exchange-Traded Contracts                        December 2000 December 1999
 Off-Exchange-Traded Forward Currency Contracts   March 2000    March 1999
</TABLE>

The Partnerships have credit risk associated with counterparty nonperformance.
The credit risk associated with the instruments in which the Partnerships are
involved is limited to the amounts reflected in the Partnerships' statements
of financial condition.

The Partnerships also have credit risk because DWR and Carr act as the futures
commission merchants or the counterparties, with respect to most of the Part-
nerships' assets. Exchange-traded futures and futures-styled options contracts
are marked to market on a daily basis, with variations in value settled on a
daily basis. Each of DWR and Carr, as a futures commission merchant for each
Partnership's exchange-traded futures and futures-styled options contracts,
are required, pursuant to regulations of the Commodity Futures Trading Commis-
sion to segregate from their own assets, and for the sole benefit of their
commodity customers, all funds held by them with respect to exchange-traded
futures and futures-styled options contracts, including an amount equal to the
net unrealized gain on all open futures and futures-styled options contracts,
which funds, in the aggregate, totaled at December 31, 1999 and 1998 respec-
tively, $57,574,561 and $45,065,113 for Spectrum Global Balanced, $214,186,052
and $196,601,695 for Spectrum Se-
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Continued)

lect, $107,372,141 and $69,218,389 for Spectrum Strategic and $268,449,799 and
$254,651,022 for Spectrum Technical. With respect to the Partnerships' off-ex-
change-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 Partnerships are at
risk to the ability of Carr, the sole counterparty on all of such contracts,
to perform. Each Partnership has a netting agreement with Carr. These agree-
ments, which seek to reduce both the Partnerships' and Carr's exposure on off-
exchange-traded forward currency contracts, should materially decrease the
Partnerships' credit risk in the event of Carr's bankruptcy or insolvency.
Carr's parent, Credit Agricole Indosuez, has guaranteed to the Partnerships
payment of the net liquidating value of the transactions in the Partnerships'
accounts with Carr (including foreign currency contracts).

5. Legal Matters

The class actions first filed in 1996 in California and in New York State
courts were each dismissed in 1999. On September 6, 10, and 20, 1996, and on
March 13, 1997, 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,
Spectrum Select (under its original name, "Dean Witter Select Futures Fund
L.P.") and certain other limited partnership commodity pools of which Demeter
is the general partner (all such parties referred to hereafter as the "Morgan
Stanley Dean Witter Parties") 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 Califor-
nia 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. The
complaints seek unspecified amounts of compensatory and punitive damages and
other relief. The court entered an order denying class certification on August
24, 1999. On September 24, 1999, the court entered an order dismissing the
case without prejudice on consent. 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
<PAGE>

Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements--(Concluded)

Morgan Stanley Dean Witter Parties and certain trading advisors on behalf of
all purchasers of interests in various limited partnership commodity pools,
including Spectrum Select, 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. The complaints seek unspeci-
fied amounts of compensatory and punitive damages and other relief. The New
York Supreme Court dismissed the New York action in November 1998, but granted
plaintiffs leave to file an amended complaint, which they did in early Decem-
ber 1998. The defendants filed a motion to dismiss the amended complaint with
prejudice on February 1, 1999. By decision dated December 21, 1999, the New
York Supreme Court dismissed the case with prejudice.

In addition, 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.

6. Subsequent Event

On March 3, 2000, the plaintiffs in the New York action referred to in Note 5
filed an appeal of the order dismissing the consolidated complaint.
<PAGE>

MORGAN STANLEY DEAN WITTER & CO.
Two World Trade Center
62nd Floor
New York, NY 10048

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