<DOCUMENT>
<TYPE>424B3
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<DESCRIPTION>MORGAN STANLEY DEAN WITTER SPECTRUM CURRENCY LP
<TEXT>

Morgan Stanley Dean Witter Spectrum Series
Monthly Report
May 2001

Dear Limited Partner:

The Net Asset Value per Unit for each of the six Morgan
Stanley Dean Witter Spectrum Funds as
of May 31, 2001 was as follows:

Funds N.A.V. % change for month
Spectrum Commodity $ 6.71 -3.74%
Spectrum Currency $11.70 1.91%
Spectrum Global Balanced $16.25 0.28%
Spectrum Select $24.18 -0.53%
Spectrum Strategic $10.48 -0.09%
Spectrum Technical $16.04 -0.37%

Spectrum Commodity

Spectrum Commodity decreased in value during May primarily
due to losses recorded in the soft
commodities markets from long cotton futures positions
as prices declined following a
disappointing report on U.S. cotton consumption and as
textile companies close down due to
softening demand, the strong U.S. dollar and
steep spikes in energy costs. In the energy markets,
losses were experienced from long natural gas
futures positions as prices moved lower on
continued concerns about rising U.S. natural gas
inventories and mild weather across the United
States. In the agricultural markets, losses were
incurred from long positions in corn and wheat
futures as prices decreased on forecasts for wet,
cool weather conditions in the U.S. Midwest and
on reports of declining demand. In the metals
markets, losses were recorded later in the month
from long positions in aluminum and copper
futures as prices declined as fears were rekindled
about the current state of the U.S. economy.
A portion of these losses was offset by gains recorded
in the livestock markets from long cattle futures
positions as prices moved higher amid an increase
in demand.

Spectrum Currency

Spectrum Currency increased in value during
May primarily due to gains recorded later in the
month from short positions in the euro and
Swiss franc as the value of these European currencies
weakened relative to the U.S. dollar following reports
of weak European economic data. The euro
weakened further after comments by European
Central Bank officials were seen as playing down
the prospect of intervention and signs that the
European economy was slowing while inflation was
rising. A portion of these gains was offset by
losses recorded from short positions in the Japanese
yen as the value of the yen reversed its previous
downward trend and strengthened versus the U.S.
dollar as Japanese investors sold euros for yen,
which subsequently weighed heavily on the U.S.
dollar.

Spectrum Global Balanced

Spectrum Global Balanced increased in value during
May primarily due to gains recorded later in
the month from short positions in the euro and
Swiss franc as the value of these European
currencies weakened relative to the U.S. dollar
following reports of weak European economic data.
In the agricultural markets, gains were recorded
from short positions in corn futures as prices
decreased on forecasts for wet, cool weather
conditions in the U.S. Midwest and on reports of
declining demand. In the energy markets, gains
were recorded from short positions in natural gas
futures as gas prices declined on continued
concerns about rising U.S. natural gas inventories and
mild weather across the United States. A portion
of these gains was offset by losses recorded in
<PAGE>
the global stock index futures markets as prices
generally moved in an erratic, directionless
pattern.

State Street Global Alliance, LLC, a jointly-owned
subsidiary of State Street Global Advisors
("SSgA"), the investment management arm of State
Street Corp. (NYSE: STT), and the Dutch
pension fund ABP, one of the world's top three
largest pension funds, recently formed a new
investment advisory firm, SSARIS Advisors, LLC
("SSARIS"). Effective June 1, 2001, SSARIS,
which will be based in Stamford, CT, has
acquired the assets of RXR, Inc. ("RXR"), the
investment manager of Morgan Stanley Dean
Witter Spectrum Global Balanced Fund. State Street
Global Alliance, LLC has taken a majority ownership
stake of 60% in SSARIS, while the former
management team of RXR owns the remaining
interest of 40% and will manage the day-to-day
business and operations of SSARIS. It is anticipated
that SSARIS will begin acting as the
substitute investment manager of Morgan Stanley
Dean Witter Spectrum Global Balanced Fund as
soon as practicable. SSARIS has acquired RXR's
trading program, and there is no change of
strategy contemplated. Given that the former principals
of RXR will continue to oversee the day-
to-day operations of SSARIS, and that SSARIS will
continue to use RXR's trading program,
Demeter does not expect the change of ownership to
impact the fund's trading in any significant
way.

Spectrum Select

Spectrum Select decreased in value during May
primarily due to losses recorded in the global
stock index futures markets as prices generally
moved in an erratic, directionless pattern on
conflicting economic information and investor
sentiment. In the metals markets, losses were
experienced late in the month from newly
established long gold futures positions as gold prices
sharply reversed lower, after spiking higher earlier
in the month, following the return of more
bearish sentiment regarding the outlook for
the U.S. economy. A portion of these losses was offset
by gains recorded in the currency markets from
short positions in the euro and Swiss franc as the
value of these European currencies weakened
relative to the U.S. dollar following reports of weak
European economic data. In the global interest
rate futures markets, profits were recorded from
long positions in Japanese interest rate futures
as prices rose due to strength caused by the
Japanese government's pledge for fiscal reform.
In the energy markets, gains were recorded from
short positions in natural gas futures as gas
prices declined on continued concerns about rising
U.S. natural gas inventories and mild weather
across the United States.

Spectrum Strategic

Spectrum Strategic decreased in value during
May primarily due to losses recorded late in the
month in the metals markets from newly
established long gold futures positions as gold prices
sharply reversed lower, after spiking higher
earlier in the month, following the return of more
bearish sentiment regarding the outlook for
the U.S. economy. In the agricultural markets, losses
were experienced from long wheat futures
positions as prices declined amid weak global demand.
In the energy markets, losses were incurred late
in the month from long positions in crude oil
futures as prices were weighed down by a climb in
inventories. A portion of these losses was
offset by gains recorded in the global interest rate
futures markets from long positions in short-
term U.S. interest rate futures as prices increased
after a host of economic data kept alive hopes for
a deeper U.S. Federal Reserve interest-rate cut.
In soft commodities, gains were recorded from
long positions in lumber futures as prices increased
as Canadian mills continued to slow their
shipments of wood into the U.S. In the currency
markets, profits were recorded from short
positions in the euro and Swiss franc as the value
of these European currencies weakened relative
to the U.S. dollar following reports of weak
European economic data.

<PAGE>

Spectrum Technical

Spectrum Technical decreased in value during
May primarily due to losses recorded late in the
month in the metals markets from newly
established long gold futures positions as gold prices
sharply reversed lower, after spiking higher
earlier in the month, following the return of more
bearish sentiment regarding the outlook for
the U.S. economy. In the global stock index futures
markets, losses were experienced as prices
generally moved in an erratic, directionless pattern on
conflicting economic information and investor
sentiment. A portion of these losses was offset by
gains recorded in the global interest rate
futures markets from long positions in Japanese interest
rate futures as prices rose due to strength
caused by the Japanese government's pledge for fiscal
reform. Additional gains were recorded from
short positions in German interest rate futures as
bond prices declined following a sharp
downturn in the euro and early indications of spiking
inflation rates in Germany. In the energy markets,
profits were recorded from short positions in
natural gas futures as gas prices declined
on continued concerns about rising U.S. natural gas
inventories and mild weather across the United
States. In the currency markets, gains were
recorded from short positions in the euro and
Swiss franc as the value of these European
currencies weakened relative to the U.S. dollar
following reports of weak European economic data.
Offsetting currency losses were recorded from
short positions in the Japanese yen as the value of
the yen reversed its previous downward trend
and strengthened versus the U.S. dollar as Japanese
investors sold euros for yen, which subsequently
weighed heavily on the U.S. dollar.

Should you have any questions concerning
this report, please feel free to contact Demeter
Management Corporation at Two World Trade
Center, 62nd Floor, New York, NY 10048, or your
Morgan Stanley 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,

Robert E. Murray
Chairman
Demeter Management Corporation
General Partner

<PAGE>
<TABLE>
Historical Fund Performance

Presented below is the percentage change in Net Asset
Value per Unit from the start of each calendar each the Fund has traded. Also
provided is the inception-to-date return and the annualized return since inception
for each Fund. PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS.
<CAPTION>
Funds Year Return
<S> <C> <C>
Spectrum Commodity
1998 -34.3%
1998 15.8%
2000 3.2%
2001 (5 months) -14.5%

Inception-to-Date Return: -32.9%
Annualized Return: -11.0%
_____________________________________________________________________________________
Spectrum Currency 2000 (6 months) 11.7%
2001 (5 months) 4.7%

Inception-to-Date Return: 17.0%

______________________________________________________________________________________
Spectrum Global Balanced
1994 (2 months) -1.7%
1995 22.8%
1996 -3.6%
1997 18.2%
1999 16.4%
1999 0.7%
2000 0.9%
2001 (5 months) -0.1%

Inception-to-Date Return: 62.5%
Annualized Return: 7.7%
_____________________________________________________________________________________
Spectrum Select
1991 (5 months) 31.2%
1992 -14.4%
1993 41.6%
1994 -5.1%
1995 23.6%
1996 5.3%
1997 6.2%
1998 14.2%
1999 -7.6%
2000 7.1%
2001 (5 months) 2.6%

Inception-to-Date Return: 141.8%
Annualized Return 9.4%
_____________________________________________________________________________________

</TABLE>

<CAPTION>
Spectrum Strategic
<S> <C> <C>
1994 (2 months) 0.1%
1995 10.5%
1996 -3.5%
1997 0.4%
1998 7.8%
1999 37.2%
2000 -33.1%
2001 (5 months) -1.2%

Inception-to-Date Return: 4.8%
Annualized Return: 0.7%
___________________________________________________________________________________________________________

Spectrum Technical
1994 (2 months) -2.2%
1995 17.6%
1996 18.3%
1997 7.5%
1998 10.2%
1999 -7.5%
2000 7.8%
2001 (5 months) -0.2%

Inception-to-Date Return: 60.4%
Annualized Return: 7.5%
</TABLE>

<PAGE>
<TABLE>
Morgan Stanley Dean Witter Spectrum Series
Statements of Operations
For the Month Ended May 31, 2001
(Unaudited)
<CAPTION>
Morgan Stanley Dean Witter Morgan Stanley Dean Witter Morgan Stanley Dean Witter
Spectrum Commodity Spectrum Currency _ Spectrum Global Balanced
Percentage of Percentage of Percentage of
May 1, 2001 May 1, 2001 May 1, 2001
Beginning Beginning Beginning
Amount Net Asset Value Amount Net Asset Value Amount Net Asset Value
$ % $ % $ %
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Trading profit (loss):
Realized (99,395) (0.59) - - (169,543) (0.30)
Net change in unrealized (479,916) (2.85) 531,067 2.19 398,817 0.70

Total Trading Results (579,311) (3.44) 531,067 2.19 229,274 0.40
Interest Income (Note 2) 50,015 0.29 65,832 0.27 207,945 0.37

Total Revenues (529,296) (3.15) 596,899 2.46 437,219 0.77

EXPENSES
Brokerage fees (Note 2) 64,467 0.38 93,165 0.38 217,919 0.38
Management fees (Notes 2 & 3) 35,036 0.21 40,506 0.17 59,218 0.11

Total Expenses 99,503 0.59 133,671 0.55 277,137 0.49

NET INCOME (LOSS) (628,799) (3.74) 463,228 1.91 160,082 0.28

Morgan Stanley Dean Witter Spectrum Series
Statements of Changes in Net Asset Value
For the Month Ended May 31, 2001
(Unaudited)
Morgan Stanley Dean Witter Morgan Stanley Dean Witter Morgan Stanley Dean Witter
Spectrum Commodity Spectrum Currency Spectrum Global Balanced .
Units Amount Per Unit Units Amount Per Unit Units Amount Per Unit
$ $ $ $ $ $
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
May 1, 2001 2,411,916.222 16,817,385 6.97 2,117,022.139 24,303,747 11.48 3,507,189.296 56,849,128 16.21
Net Income (Loss) - (628,799) (0.26) - 463,228 0.22 - 160,082 0.04
Redemptions (38,179.510) (256,185) 6.71 (6,211.036) (72,669) 11.70 (39,354.458) (639,510) 16.25
Subscriptions 19,126.342 128,338 6.71 327,235.437 3,828,655 11.70 72,026.642 1,170,433 16.25

Net Asset Value,
May 31, 2001 2,392,863.054 16,060,739 6.71 2,438,046.540 28,522,961 11.70 3,539,861.480 57,540,133 16.25

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

<PAGE>
<TABLE>
Morgan Stanley Dean Witter Spectrum Series
Statements of Operations
For the Month Ended May 31, 2001
(Unaudited)
<CAPTION>

Morgan Stanley Dean Witter Morgan Stanley Dean Witter Morgan Stanley Dean Witter
Spectrum Select Spectrum Strategic _ Spectrum Technical
Percentage of Percentage of Percentage of
May 1, 2001 May 1, 2001 May 1, 2001
Beginning Beginning Beginning
Amount Net Asset Value Amount Net Asset Value Amount Net Asset Value
$ % $ % $ %
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Trading profit (loss):
Realized (8,030,325) (3.47) 956,648 1.33 (5,114,784) (1.90)
Net change in unrealized 8,116,822 3.51 (622,170) (0.87) 5,595,227 2.08
Total Trading Results 86,497 0.04 334,478 0.46 480,443 0.18
Interest Income (Note 2) 668,153 0.29 212,452 0.30 781,203 0.29
Total Revenues 754,650 0.33 546,930 0.76 1,261,646 0.47

EXPENSES
Brokerage fees (Note 2) 1,398,305 0.61 433,417 0.60 1,625,023 0.61
Management fees (Notes 2 & 3) 578,608 0.25 179,345 0.25 621,959 0.23

Total Expenses 1,976,913 0.86 612,762 0.85 2,246,982 0.84

NET LOSS (1,222,263) (0.53) (65,832) (0.09) (985,336) (0.37)

Morgan Stanley Dean Witter Spectrum Series
Statements of Changes in Net Asset Value
For the Month Ended May 31, 2001
(Unaudited)
Morgan Stanley Dean Witter Morgan Stanley Dean Witter Morgan Stanley Dean Witter
Spectrum Select Spectrum Strategic Spectrum Technical .
Units Amount Per Unit Units Amount Per Unit Units Amount Per Unit
$ $ $ $ $ $
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
May 1, 2001 9,521,870.999 231,443,446 24.31 6,840,241.929 71,737,911 10.49 16,704,816.742 268,969,300 16.10
Net Loss - (1,222,263) (0.13) - (65,832) (0.01) - (985,336) (0.06)
Redemptions (68,136.857) (1,647,549) 24.18 (89,871.324) (941,851) 10.48 (131,621.895) (2,111,215) 16.04
Subscriptions 120,329.905 2,909,578 24.18 83,796.134 878,183 10.48 231,723.264 3,716,842 16.04

Net Asset Value,
May 31, 2001 9,574,064.047 231,483,212 24.18 6,834,166.739 71,608,411 10.48 16,804,918.111 269,589,591 16.04

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

<PAGE>
Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements
(Unaudited)

1. Summary of Significant Accounting Policies

Organization - Morgan Stanley Dean Witter Spectrum Commodity L.P. ("Spectrum
Commodity", Morgan Stanley Dean Witter Spectrum Currency L.P. ("Spectrum
Currency"), Morgan Stanley Dean Witter Spectrum Global Balanced L.P.
("Spectrum Global Balanced"), Morgan Stanley Dean Witter Spectrum Select L.P.
("Spectrum Select"), Morgan Stanley Dean Witter Spectrum Strategic L.P.
("Spectrum Strategic") and Morgan Stanley Dean Witter Spectrum Technical L.P.
("Spectrum Technical"), (individually, a "Partnership" or collectively, the
"Partnerships"), are limited partnerships organized to engage primarily in
the speculative trading of futures, forward, and options contracts on
physical commodities and other commodity interests, including, but not
limited to foreign currencies, financial instruments, metals, energy and
agricultural products (collectively, "futures interests").

The general partner for each Partnership is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker for the Partnerships is
Morgan Stanley DW Inc. ("Morgan Stanley DW"). The clearing commodity brokers
for the Partnerships are Morgan Stanley & Co. Incorporated ("MS & Co.") and
Morgan Stanley & Co. International ("MSIL"). Morgan Stanley Dean Witter
Commodities Management, Inc. ("MSCM") is the trading advisor to Spectrum
Commodity. Demeter, Morgan Stanley DW, MS & Co., MSCM and MSIL are wholly-
owned subsidiaries of Morgan Stanley Dean Witter & Co.

Effective May 1, 2001 Spectrum Select entered into a management agreement
with Northfield Trading L.P., ("Northfield") adding Northfield as its fourth
trading advisor to the Partnership.

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
accounting principles generally accepted in the United States of America,
which require management to make estimates and assumptions that affect the
reported amounts in the financial statements and related disclosures.
Management believes that the estimates 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 changes in
unrealized profits (losses) on open contracts from one period to the next in
the statements of operations. Monthly, Morgan Stanley DW pays each
Partnership interest income on 80% of its average daily "Net Assets" (as
defined in the limited partnership agreements) for the month in the case of
Spectrum Commodity, Spectrum Currency, 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
Partnerships on futures interests, but not actually received.

Net Income (Loss) per Unit - Net income (loss) per unit of limited
partnership interest ("Unit(s)") is computed using the weighted average
number of Units outstanding during the period.

<PAGE>
Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements
(Continued)

Brokerage and Related Transaction Fees and Costs - The brokerage fees for
Spectrum Commodity, Spectrum Currency, and Spectrum Global Balanced are
accrued at a flat monthly rate of 1/12 of 4.6% (a 4.6% annual rate) of Net
Assets as of the first day of each month.

Brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical
are accrued at a flat monthly rate of 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 Morgan Stanley DW through the brokerage fees paid by
each Partnership.

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.

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 are paid by the Limited Partners or the
Partnership. Morgan Stanley DW pays 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 first 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 redemptions
charges are paid to Morgan Stanley DW. Redemptions 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
Partnerships, and at the end of each month thereafter, Limited Partners may
exchange their investment among the Partnerships (subject to certain

<PAGE>
Morgan Stanley Dean Witter Spectrum Series
Notes to Financial Statements
(Continued)

restrictions outlined in the Limited Partnership Agreements) without paying
additional charges.

Dissolution of the Partnership - Spectrum Commodity will terminate on
December 31, 2027. Spectrum Currency, 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

The Partnerships pay brokerage fees to Morgan Stanley DW was described in
Note 1. Spectrum Commodity pays management fees and incentive fees (if
applicable) to MSCM. Each Partnership's cash is on deposit with Morgan
Stanley DW, MS & Co. and MSIL in futures interests trading accounts to meet
margin requirements as needed. Morgan Stanley DW pays interest on these
funds as described in Note 1.

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 Commodity L.P.
Morgan Stanley Dean Witter Commodities Management Inc.

Morgan Stanley Dean Witter Spectrum Currency L.P.
John W. Henry & Company, Inc. ("JWH")
Sunrise Capital Partners, LLC

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.
Northfield Trading L.P.

Morgan Stanley Dean Witter Spectrum Strategic L.P.
Allied Irish Capital Management, Ltd.
Blenheim Investments, Inc.
Eclipse Capital Management, Inc.

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

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

Management Fee - The management fee for Spectrum Commodity is accrued at a
rate of 5/24 of 1% of Net Assets on the first day of each month (a 2.5%
annual rate).

<PAGE>

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

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

The management fee for Spectrum Currency is accrued at a rate of 1/12 of 2%
of Net Assets on the first day of each month (a 2% annual rate).

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

The management fee for Spectrum Strategic is accrued at a rate of 1/12 of 3%
per month of Net Assets on the first day of each month (a 3% annual rate).

The management fee for Spectrum Technical is accrued at a rate of 1/12 of 2%
of Net Assets allocated to JWH on the first day of each month, 1/12 of 3% of
Net Assets allocated to Campbell on the first day of each month, and 1/12 of
4% of Net Assets allocated to Chesapeake on the first day of each month
(annual rates of 2%, 3% and 4% respectively).

Incentive Fee - Spectrum Commodity pays an annual incentive fee equal to
17.5% of Partnership's trading profits, as determined from the end of the
last period in which an incentive fee was earned.

Spectrum Currency pays a monthly incentive fee equal to 20% of the trading
profits experienced with respect to each trading advisor's allocated Net
Assets as of the end of each month.

Spectrum Global Balanced, Spectrum Select and Spectrum Strategic each pay a
monthly incentive fee equal to 15% of the trading profits experienced with
respect to each trading advisor's allocated Net Assets as of the end of each
calendar month.

Spectrum Technical pays a monthly incentive fee equal to 20% 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 for the Partnerships represent the amount by which profits
from futures, forward and options trading exceed losses after brokerage and
management fees are deducted.

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

</TEXT>
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