Exhibit 10.01

                      AMENDED AND RESTATED CUSTOMER AGREEMENT

            THIS CUSTOMER AGREEMENT (this "Agreement"), made as of the 16th day
of October, 2000, by and between MORGAN STANLEY DEAN WITTER SPECTRUM GLOBAL
BALANCED L.P., a Delaware limited partnership (the "Customer"), and DEAN WITTER
REYNOLDS INC., a Delaware corporation ("DWR");

                            W I T N E S S E T H :

            WHEREAS, the Customer was organized pursuant to a Certificate of
Limited Partnership filed in the office of the Secretary of State of the State
of Delaware on April 29, 1994, and a Limited Partnership Agreement dated as of
May 27, 1994, as amended, and as further amended and restated as of February 28,
2000, between Demeter Management Corporation, a Delaware corporation
("Demeter"), acting as general partner (in such capacity, the "General
Partner"), and the limited partners of the Customer ("Limited Partners"), to
trade, buy, sell, spread or otherwise acquire, hold, or dispose of commodities
(including, but not limited, to foreign currencies, mortgage-backed securities,
money market instruments, financial instruments, and any other securities or
items which are, or may become, the subject of futures contract trading),
domestic and foreign commodity futures contracts, commodity forward contracts,
foreign exchange commitments, options on physical commodities and on futures
contracts, spot (cash) commodities and currencies, and any rights pertaining
thereto (hereinafter referred to collectively as "futures interests") and
securities (such as United States Treasury bills) approved by the Commodity
Futures Trading Commission (the "CFTC") for investment of customer funds and
other securities on a limited basis, and to engage in all activities incident
thereto;

            WHEREAS, the Customer (which is a commodity pool) and the General
Partner (which is a registered commodity pool operator) have entered into
management agreements (the "Management Agreements") with certain trading
advisors (each, a "Trading Advisor" and collectively, the "Trading Advisors")
which provide that the Trading Advisors have the authority and responsibility,
except in certain limited situations, to direct the investment and reinvestment
of the assets of the Customer in futures interests under the terms set forth in
the Management Agreements;

            WHEREAS, the Customer and DWR entered into that certain Amended and
Restated Customer Agreement dated as of December 1, 1997 (the "Customer
Agreement"), whereby DWR agreed to perform non-clearing futures interests
brokerage and certain other services for the Customer; and

            WHEREAS, the Customer and DWR wish to amend and restate the Customer
Agreement to set forth the terms and conditions upon which DWR will continue to
perform non-clearing futures interests brokerage and certain other services for
the Customer;

            NOW, THEREFORE, the parties hereto hereby agree as follows:

1.          Definitions. All capitalized terms not defined herein shall have the
            meaning given to them in the Customer's most recent prospectus as
            filed with the Securities and Exchange Commission (the "Prospectus")
            relating to the offering of units of limited partnership interest of
            the Customer (the "Units") and in any amendment or supplement to the
            Prospectus.

2.          Duties of DWR. DWR agrees to act as a non-clearing commodity broker
            for the Customer and introduce the Customer's account to Morgan
            Stanley & Co. Incorporated ("MS&Co.") and Morgan Stanley & Co.
            International Limited ("MSIL") for execution and clearing of futures
            interests transactions on behalf of the Customer in accordance with
            instructions provided by the Trading Advisor, and the Customer
            agrees to retain DWR as a non-clearing commodity broker for the term
            of this Agreement.

            DWR agrees to furnish to the Customer as soon as practicable all of
the information from time to time in its possession which Demeter, as the
general partner of the Customer, is required to furnish to the Limited Partners
pursuant to the Limited Partnership Agreement as from time to time in effect and
as required by applicable law, rules, or regulations and to perform such other
services for the Customer as are set forth herein and in the Prospectus.

3.          Obligations and Expenses. Except as otherwise set forth herein and
            in the Prospectus, the Customer, and not DWR, shall be responsible
            for all taxes, management and incentive fees to the Trading
            Advisors, brokerage fees to DWR, and all extraordinary expenses
            incurred by it. DWR shall pay all of the offering and ordinary
            administrative expenses of the Customer (including, but not limited
            to, legal, accounting, and auditing fees, printing costs, filing
            fees, escrow fees, marketing costs and expenses and other related
            expenses) and all charges of MS&Co. and MSIL for executing and
            clearing the Customer's futures interests trades (as described in
            paragraph 5 below), and shall not be reimbursed therefor.

4.          Agreement Nonexclusive. DWR shall be free to render services of the
            nature to be rendered to the Customer hereunder to other persons or
            entities in addition to the Customer, and the parties acknowledge
            that DWR may render such services to additional entities similar in
            nature to the Customer, including other partnerships organized with
            Demeter as their general partner. It is expressly understood and
            agreed that this Agreement is nonexclusive and that the Customer has
            no obligation to execute any or all of its trades for futures
            interests through DWR. The parties acknowledge that the Customer may
            utilize such other broker or brokers as Demeter may direct from time
            to time. The Customer's utilization of an additional commodity
            broker shall neither terminate this Agreement nor modify in any
            regard the respective rights and obligations of the Customer and DWR
            hereunder. 5. Compensation of DWR. The Customer will pay brokerage
            fees to DWR at a monthly flat-rate. The Customer will pay to DWR a
            monthly flat-rate fee of 1/12 of 7.25% of the Customer's Net Assets
            (a 7.25% annual rate) as of the first day of each month. DWR will
            receive such brokerage fees irrespective of the number of trades
            executed on the Customer's behalf.

            DWR will pay or reimburse the Customer, from brokerage fees received
by it, all charges of MS&Co. and MSIL for executing and clearing trades for the
Customer, including floor brokerage fees, exchange fees, clearinghouse fees, NFA
fees, "give up" fees, any taxes (other than income taxes), any third party
clearing costs incurred by MS&Co. and MSIL, and costs associated with taking
delivery of futures interests. For purposes of clarity, DWR does not pay or
reimburse the Customer for the mark-up, spread, or other profit of MS&Co.
included as a part of the transaction price on each foreign currency forward
contract trade executed with MS&Co. pursuant to the Foreign Exchange and Options
Master Agreement between MS&Co. and the Customer.

            From time to time, DWR may increase or decrease brokerage fees to be
charged to the Customer; provided, however, that: (i) notice of such increase is
mailed to each Limited Partner at least five business days prior to the last
date on which a "Request for Redemption" must be received by the General Partner
with respect to the applicable Redemption Date; and (ii) such notice shall
describe the redemption and voting rights of Limited Partners.

            Notwithstanding the foregoing, the Customer's expenses are subject
to the following limits: (a) if the Customer were to pay roundturn brokerage
commissions, the brokerage commissions (excluding transaction fees and costs)
payable by the Customer to DWR shall not exceed 80% of DWR's published
non-member rates for speculative accounts and (b) the aggregate of (i) brokerage
commissions (or fees) payable to DWR, (ii) transaction fees and costs payable by
the Customer, and (iii) net excess interest and compensating balance benefits to
DWR (after crediting the Customer with interest as described in the Prospectus)
shall not exceed 14% annually of the Customer's average month-end Net Assets
during each calendar year.

6.          Investment Discretion. The parties recognize that DWR shall have no
            authority to direct the futures interests investments to be made for
            the Customer's account. However, the parties agree that DWR, and not
            the Trading Advisors, shall have the authority and responsibility
            with regard to the investment, maintenance, and management of the
            Customer's assets that are held in segregated or secured accounts,
            as provided in Section 7 hereof.

7.          Investment of Customer Funds. The Customer shall deposit its assets
            in accounts with DWR. The Customer's assets deposited with DWR will
            be segregated or secured in accordance with the Commodity Exchange
            Act and CFTC regulations. DWR will credit the Customer with interest
            income at month-end at the rate earned by DWR on its U.S. Treasury
            bill investments with customer segregated funds as if 80% of the
            Customer's average daily Net Assets for the month were invested in
            U.S. Treasury bills at that rate. All of such funds will be
            available for margin for the Customer's trading. For the purpose of
            such interest payments, Net Assets will not include monies due the
            Customer on or with respect to forward contracts and other futures
            interests but not actually received it from banks, brokers, dealers
            and other persons. The Customer understands that it will not receive
            any other interest income on its assets and that DWR will receive
            interest income from MS&Co. and MSIL, as agreed from time to time
            with MS&Co. and MSIL, on the Customer's assets deposited as margin
            with MS&Co. and MSIL. The Customer's funds will either be invested
            along with other customer segregated and secured funds of DWR or
            held in non-interest bearing bank accounts. The Customer's assets
            held by DWR may be used solely as margin for the Customer's trading.

            Ownership of the right to receive interest on the Customer's assets
pursuant to the preceding paragraph shall be reflected and maintained and may be
transferred only on the books and records of DWR. Any purported transfer of such
ownership shall not be effective or recognized until such transfer shall have
been recorded on the books and records of DWR.

8.          Standard of Liability and Indemnity. Subject to Section 2 hereof,
            DWR and its affiliates (as defined below) shall not be liable to the
            Customer, the General Partner or Limited Partners, or any of its or
            their respective successors or assigns, for any act, omission,
            conduct, or activity undertaken by or on behalf of the Customer
            pursuant to this Agreement which DWR determines, in good faith, to
            be in the best interests of the Customer, unless such act, omission,
            conduct, or activity by DWR or its affiliates constituted misconduct
            or negligence.

            The Customer shall indemnify, defend and hold harmless DWR and its
affiliates from and against any loss, liability, damage, cost or expense
(including attorneys' and accountants' fees and expenses incurred in the defense
of any demands, claims, or lawsuits) actually and reasonably incurred arising
from any act, omission, conduct or activity undertaken by DWR on behalf of the
Customer pursuant to this Agreement, including, without limitation, any demands,
claims or lawsuits initiated by a Limited Partner (or assignee thereof),
provided that (i) DWR has determined, in good faith, that the act, omission,
conduct, or activity giving rise to the claim for indemnification was in the
best interests of the Customer, and (ii) the act, omission, conduct, or activity
that was the basis for such loss, liability, damage, cost, or expense was not
the result of misconduct or negligence. Notwithstanding anything to the contrary
contained in the foregoing, neither DWR nor any of its affiliates shall be
indemnified by the Customer for any losses, liabilities, or expenses arising
from or out of an alleged violation of federal or state securities laws unless
(a) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee, or
(b) such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the particular indemnitee, or (c) a court of
competent jurisdiction approves a settlement of the claims against the
particular indemnitee and finds that indemnification of the settlement and
related costs should be made, provided, with regard to such court approval, the
indemnitee must apprise the court of the position of the SEC, and the positions
of the respective securities administrators of Massachusetts, Missouri,
Tennessee and/or those other states and jurisdictions in which the plaintiffs
claim they were offered or sold Units, with respect to indemnification for
securities laws violations before seeking court approval for indemnification.
Furthermore, in any action or proceeding brought by a Limited Partner in the
right of the Customer to which DWR or any affiliate thereof is a party
defendant, any such person shall be indemnified only to the extent and subject
to the conditions specified in the Delaware Revised Uniform Limited Partnership
Act, as amended, and this Section 8. The Customer shall make advances to DWR or
its affiliates hereunder only if: (i) the demand, claim, lawsuit, or legal
action relates to the performance of duties or services by such persons to the
Customer; (ii) such demand, claim, lawsuit, or legal action is not initiated by
a Limited Partner; and (iii) such advances are repaid, with interest at the
legal rate under Delaware law, if the person receiving such advance is
ultimately found not to be entitled to indemnification hereunder.

            DWR shall indemnify, defend and hold harmless the Customer and its
successors or assigns from and against any losses, liabilities, damages, costs,
or expenses (including in connection with the defense or settlement of claims;
provided DWR has approved such settlement) incurred as a result of the
activities of DWR or its affiliates, provided, further, that the act, omission,
conduct, or activity giving rise to the claim for indemnification was the result
of bad faith, misconduct or negligence.

            The indemnities provided in this Section 8 by the Customer to DWR
and its affiliates shall be inapplicable in the event of any losses,
liabilities, damages, costs, or expenses arising out of, or based upon, any
material breach of any warranty, covenant, or agreement of DWR contained in this
Agreement to the extent caused by such breach. Likewise, the indemnities
provided in this Section 8 by DWR to the Customer and any of its successors and
assigns shall be inapplicable in the event of any losses, liabilities, damages,
costs, or expenses arising out of, or based upon, any material breach of any
warranty, covenant, or agreement of the Customer contained in this Agreement to
the extent caused by such breach.

            As used in this Section 8, the term "affiliate" of DWR shall mean:
(i) any natural person, partnership, corporation, association, or other legal
entity directly or indirectly owning, controlling, or holding with power to vote
10% or more of the outstanding voting securities of DWR; (ii) any partnership,
corporation, association, or other legal entity 10% or more of whose outstanding
voting securities are directly or indirectly owned, controlled, or held with
power to vote by DWR; (iii) any natural person, partnership, corporation,
association, or other legal entity directly or indirectly controlling,
controlled by, or under common control with, DWR; or (iv) any officer or
director of DWR. Notwithstanding the foregoing, "affiliates" for purposes of
this Section 8 shall include only those persons acting on behalf of DWR and
performing services for Customer within the scope of the authority of DWR, as
set forth in this Agreement.

9.          Term. This Agreement shall continue in effect until terminated by
            either party giving not less than 60 days' prior written notice of
            termination to the other party. Any such termination by either party
            shall be without penalty.

10.         Complete Agreement. This Agreement constitutes the entire agreement
            between the parties with respect to the matters referred to herein,
            and no other agreement, verbal or otherwise, shall be binding as
            between the parties unless in writing and signed by the party
            against whom enforcement is sought.

11.         Assignment. This Agreement may not be assigned by either party
            without the express written consent of the other party.

12.         Amendment. This Agreement may not be amended except by the written
            consent of the parties and provided such amendment is consistent
            with the Prospectus.

13.         Notices. All notices required or desired to be delivered under this
            Agreement shall be in writing and shall be effective when delivered
            personally on the day delivered, or when given by registered or
            certified mail, postage prepaid, return receipt requested, on the
            day of receipt, addressed as follows (or to such other address as
            the party entitled to notice shall hereafter designate in accordance
            with the terms hereof):

            if to the Customer:

            MORGAN STANLEY DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
            c/o Demeter Management Corporation
            Two World Trade Center, 62nd Floor
            New York, New York  10048
            Attn: Robert E. Murray
                  President and Chairman

            if to DWR:

            DEAN WITTER REYNOLDS INC.
            Two World Trade Center, 62nd Floor
            New York, New York  10048
            Attn: Robert E. Murray
                  Senior Vice President

14.         Survival. The provisions of this Agreement shall survive the
            termination of this Agreement with respect to any matter arising
            while this Agreement was in effect.

15.         Headings. Headings of Sections herein are for the convenience of the
            parties only and are not intended to be a part of or to affect the
            meaning or interpretation of this Agreement.

16.         Incorporation by Reference. The Futures Customer Agreement annexed
            hereto is hereby incorporated by reference herein and made a part
            hereof to the same extent as if such document were set forth in full
            herein. If any provision of this Agreement is or at any time becomes
            inconsistent with the annexed document, the terms of this Agreement
            shall control.

            IN WITNESS WHEREOF, this Agreement has been executed for and on
behalf of the undersigned as of the day and year first above written.

                                    MORGAN STANLEY DEAN WITTER SPECTRUM
                                    GLOBAL BALANCED L.P.

                                    By:  Demeter Management Corporation,
                                          General Partner


                                    By: /s/ Robert E. Murray
                                       ---------------------------------
                                       Robert E. Murray
                                       President and Chairman

                                    DEAN WITTER REYNOLDS INC.


                                    By: /s/ Robert E. Murray
                                       ---------------------------------
                                       Robert E. Murray
                                       Senior Vice President

<PAGE>

FUTURES CUSTOMER AGREEMENT

In consideration of the acceptance by Dean Witter Reynolds Inc. ("DWR") of one
or more accounts of the undersigned ("Customer") (if more than one account is
carried by DWR, all are covered by this Agreement and are referred to
collectively as the "Account") and DWR's agreement to act as Customer's broker
for the execution, clearance and/or carrying of transactions for the purchase
and sale of commodity interests, including commodities, commodity futures
contracts and commodity options, Customer agrees as follows:

1.          APPLICABLE RULES AND REGULATIONS - The Account and each transaction
            therein shall be subject to the terms of this Agreement and to (a)
            all applicable laws and the regulations, rules and orders
            (collectively "regulations") of all regulatory and self-regulatory
            organizations having jurisdiction and (b) the constitution, by-laws,
            rules, regulations, orders, resolutions, interpretations and customs
            and usages (collectively "rules") of the market and any associated
            clearing organization (each an "exchange") on or subject to the
            rules of which such transaction is executed and/or cleared. The
            reference in the preceding sentence to exchange rules is solely for
            DWR's protection and DWR's failure to comply therewith shall not
            constitute a breach of this Agreement or relieve Customer of any
            obligation or responsibility under this Agreement. DWR shall not be
            liable to Customer as a result of any action by DWR, its officers,
            directors, employees or agents to comply with any rule or
            regulation.

2.          PAYMENTS TO DWR - Customer agrees to pay to DWR immediately on
            request (a) commissions, fees and service charges as are in effect
            from time to time together with all applicable regulatory and
            self-regulatory organization and exchange fees, charges and taxes;
            (b) the amount of any debit balance or any other liability that may
            result from transactions executed for the account; and (c) interest
            on such debit balance or liability at the prevailing rate charged by
            DWR at the time such debit balance or liability arises and service
            charges on any such debit balance or liability together with any
            reasonable costs and attorney's fees incurred in collecting any such
            debit balance or liability. Customer acknowledges that DWR may
            charge commissions at other rates to other customers.

3.          CUSTOMER'S DUTY TO MAINTAIN ADEQUATE MARGIN - Customer shall at all
            times and without prior notice or demand from DWR maintain adequate
            margins in the account so as continually to meet the original and
            maintenance margin requirements established by DWR for Customer. DWR
            may change such requirements from time to time at DWR's discretion.
            Such margin requirements may exceed the margin requirements set by
            any exchange or other regulatory authority and may vary from DWR's
            requirements for other customers. Customer agrees, when so
            requested, immediately to wire transfer margin funds and to furnish
            DWR with names of bank officers for immediate verification of such
            transfers. Customer acknowledges and agrees that DWR may receive and
            retain as its own any interest, increment, profit, gain or benefit
            directly or indirectly, accruing from any of the funds DWR receives
            from Customer.

4.          DELIVERY; OPTION EXERCISE

            (a)   Customer acknowledges that the making or accepting of delivery
                  pursuant to a futures contract may involve a much higher
                  degree of risk than liquidating a position by offset. DWR has
                  no control over and makes no warranty with respect to grade,
                  quality or tolerances of any commodity delivered in
                  fulfillment of a contract.

            (b)   Customer agrees to give DWR timely notice and immediately on
                  request to inform DWR if Customer intends to make or take
                  delivery under a futures contract or to exercise an option
                  contract. If so requested, Customer shall provide DWR with
                  satisfactory assurances that Customer can fulfill Customer's
                  obligation to make or take delivery under any contract.
                  Customer shall furnish DWR with property deliverable by it
                  under any contract in accordance with DWR's instructions.

            (c)   DWR shall not have any obligation to exercise any long option
                  contract unless Customer has furnished DWR with timely
                  exercise instructions and sufficient initial margin with
                  respect to each underlying futures contract.

5.          FOREIGN CURRENCY - If DWR enters into any transaction for Customer
            effected in a currency other than U.S. dollars: (a) any profit or
            loss caused by changes in the rate of exchange for such currency
            shall be for Customer's account and risk and (b) unless another
            currency is designated in DWR's confirmation of such transaction,
            all margin for such transaction and the profit or loss on the
            liquidation of such transaction shall be in U.S. dollars at a rate
            of exchange determined by DWR in its discretion on the basis of then
            prevailing market rates of exchange for such foreign currency.

6.          DWR MAY LIMIT POSITIONS HELD - Customer agrees that DWR, at its
            discretion, may limit the number of open positions (net or gross)
            which Customer may execute, clear and/or carry with or acquire
            through it. Customer agrees (a) not to make any trade which would
            have the effect of exceeding such limits, (b) that DWR may require
            Customer to reduce open positions carried with DWR and (c) that DWR
            may refuse to accept orders to establish new positions. DWR may
            impose and enforce such limits, reduction or refusal whether or not
            they are required by applicable law, regulations or rules. Customer
            shall comply with all position limits established by any regulatory
            or self-regulatory organization or any exchange. In addition,
            Customer agrees to notify DWR promptly if customer is required to
            file position reports with any regulatory or self-regulatory
            organization or with any exchange.

7.          NO WARRANTY AS TO INFORMATION OR RECOMMENDATION - Customer
            acknowledges that:

            (a)   Any market recommendations and information DWR may communicate
                  to Customer, although based upon information obtained from
                  sources believed by DWR to be reliable, may be incomplete and
                  not subject to verification;

            (b)   DWR makes no representation, warranty or guarantee as to, and
                  shall not be responsible for, the accuracy or completeness of
                  any information or trading recommendation furnished to
                  Customer;

            (c)   recommendations to Customer as to any particular transaction
                  at any given time may differ among DWR's personnel due to
                  diversity in analysis of fundamental and technical factors and
                  may vary from any standard recommendation made by DWR in its
                  market letters or otherwise; and

            (d)   DWR has no obligation or responsibility to update any market
                  recommendations or information it communicates to Customer.

            Customer understands that DWR and its officers, directors,
affiliates, stockholders, representatives or associated persons may have
positions in and may intend to buy or sell commodity interests which are the
subject of market recommendations furnished to Customer, and that the market
positions of DWR or any such officer, director, affiliate, stockholder,
representative or associated person may or may not be consistent with the
recommendations furnished to Customer by DWR.

8.          LIMITS ON DWR DUTIES; LIABILITY - Customer agrees:

            (a)   that DWR has no duty to apprise Customer of news or of the
                  value of any commodity interests or collateral pledged or in
                  any way to advise Customer with respect to the market;

            (b)   that the commissions which DWR receives are consideration
                  solely for the execution, reporting and carrying of Customer's
                  trades;

            (c)   that if Customer has authorized any third party or parties to
                  place orders or effect transactions on behalf of Customer in
                  any Account, each such party has been selected by Customer
                  based on its own evaluation and assessment of such party and
                  that such party is solely the agent of Customer, and if any
                  such party allocates commodity interests among its customers,
                  Customer has reviewed each such party's commodity interest
                  allocation system, has satisfied itself that such allocation
                  system is fair and will seek recovery solely from such party
                  to recover any damages sustained by Customer as the result of
                  any allocation made by such party; and

            (d)   to waive any and all claims, rights or causes of action which
                  Customer has or may have against DWR or its officers,
                  employees and agents (i) arising in whole or in part, directly
                  or indirectly, out of any act or omission of any person,
                  whether or not legally deemed an agent of DWR, who refers or
                  introduces Customer to DWR or places orders for Customer and
                  (ii) for any punitive damages and to limit any claims arising
                  out of this Agreement or the Account to Customer's direct
                  out-of-pocket damages.

9.          EXTRAORDINARY EVENTS - Customer shall have no claim against DWR for
            any loss, damage, liability, cost, charge, expense, penalty, fine or
            tax caused directly or indirectly by (a) governmental, court,
            exchange, regulatory or self-regulatory organization restrictions,
            regulations, rules, decisions or orders, (b) suspension or
            termination of trading, (c) war or civil or labor disturbance, (d)
            delay or inaccuracy in the transmission or reporting of orders due
            to a breakdown or failure of computer services, transmission or
            communication facilities, (e) the failure or delay by any exchange
            to enforce its rules or to pay to DWR any margin due in respect of
            Customer's Account, (f) the failure or delay by any bank, trust
            company, clearing organization or other person which, pursuant to
            applicable exchange rules, is holding Customer funds, securities or
            other property to pay or deliver the same to DWR or (g) any other
            cause or causes beyond DWR's control.

10.         INDEMNIFICATION OF DWR - Customer agrees to indemnify, defend and
            hold harmless DWR and its officers, employees and agents from and
            against any loss, cost, claim, damage (including any consequential
            cost, loss or damage), liability or expense (including reasonable
            attorneys' fees) and any fine, sanction or penalty made or imposed
            by any regulatory or self-regulatory authority or any exchange as
            the result, directly or indirectly, of:

            (a)   Customer's failure or refusal to comply with any provision of
                  this Agreement or perform any obligation on its part to be
                  performed pursuant to this Agreement; and

            (b)   Customer's failure to timely deliver any security, commodity
                  or other property previously sold by DWR on Customer's behalf.

11.         NOTICES; TRANSMITTALS - DWR shall transmit all communications to
            Customer at Customer's address, telefax or telephone number set
            forth in the accompanying Futures Account Application or to such
            other address as Customer may hereafter direct in writing. Customer
            shall transmit all communications to DWR (except routine inquiries
            concerning the Account) to 130 Liberty Street, New York, NY 10006,
            Attention: Futures Compliance Officer. All payments and deliveries
            to DWR shall be made as instructed by DWR from time to time and
            shall be deemed received only when actually received by DWR.

12.         CONFIRMATION CONCLUSIVE - Confirmation of trades and any other
            notices sent to Customer shall be conclusive and binding on Customer
            unless Customer or Customer's agent notifies DWR to the contrary (a)
            in the case of an oral report, orally at the time received by
            Customer or its agent or (b) in the case of a written report or
            notice, in writing prior to opening of trading on the business day
            next following receipt of the report. In addition, if Customer has
            not received a written confirmation that a commodity interest
            transaction has been executed within three business days after
            Customer has placed an order with DWR to effect such transaction,
            and has been informed or believes that such order has been or should
            have been executed, then Customer immediately shall notify DWR
            thereof. Absent such notice, Customer conclusively shall be deemed
            estopped to object and to have waived any such objection to the
            failure to execute or cause to be executed such transaction.
            Anything in this Section 12 withstanding, neither Customer nor DWR
            shall be bound by any transaction or price reported in error.

13.         SECURITY INTEREST - All money and property ("collateral") now or at
            any future time held in Customer's Account, or otherwise held by DWR
            for Customer, is subject to a security interest in DWR's favor to
            secure any indebtedness at any time owing to it by Customer. DWR, in
            its discretion, may liquidate any collateral to satisfy any margin
            or Account deficiencies or to transfer the collateral to the general
            ledger account of DWR.

14.         TRANSFER OF FUNDS - At any time and from time to time and without
            prior notice to Customer, DWR may transfer from one account to
            another account in which Customer has any interest, such excess
            funds, equities, securities or other property as in DWR's judgment
            may be required for margin, or to reduce any debit balance or to
            reduce or satisfy any deficits in such other accounts except that no
            such transfer may be made from a segregated account subject to the
            Commodity Exchange Act to another account maintained by Customer
            unless either Customer has authorized such transfer in writing or
            DWR is effecting such transfer to enforce DWR's security interest
            pursuant to Section 13. DWR promptly shall confirm all transfers of
            funds made pursuant hereto to Customer in writing.

15.         DWR'S RIGHT TO LIQUIDATE CUSTOMER POSITIONS - In addition to all
            other rights of DWR set forth in this Agreement:

            (a)   when directed or required by a regulatory or self-regulatory
                  organization or exchange having jurisdiction over DWR or the
                  Account;

            (b)   whenever, in its discretion, DWR considers it necessary for
                  its protection because of margin requirements or otherwise;

            (c)   if Customer or any affiliate of Customer repudiates, violates,
                  breaches or fails to perform on a timely basis any term,
                  covenant or condition on its part to be performed under this
                  Agreement or another agreement with DWR;

            (d)   if a case in bankruptcy is commenced or if a proceeding under
                  any insolvency or other law for the protection of creditors or
                  for the appointment of a receiver, liquidator, trustee,
                  conservator, custodian or similar officer is filed by or
                  against Customer or any affiliate of Customer, or if Customer
                  or any affiliate of Customer makes or proposes to make any
                  arrangement or composition for the benefit of its creditors,
                  or if Customer (or any such affiliate) or any or all of its
                  property is subject to any agreement, order, judgment or
                  decree providing for Customer's dissolution, winding-up,
                  liquidation, merger, consolidation, reorganization or for the
                  appointment of a receiver, liquidator, trustee, conservator,
                  custodian or similar officer of Customer, such affiliate or
                  such property;

            (e)   DWR is informed of Customer's death or mental incapacity; or

            (f)   if an attachment or similar order is levied against the
                  Account or any other account maintained by Customer or any
                  affiliate of Customer with DWR;

            DWR shall have the right to (i) satisfy any obligations due DWR out
            of any Customer's property in DWR's custody or control, (ii)
            liquidate any or all of Customer's commodity interest positions,
            (iii) cancel any or all of Customer's outstanding orders, (iv) treat
            any or all of Customer's obligations due DWR as immediately due and
            payable, (v) sell any or all of Customer's property in DWR's custody
            or control in such manner as DWR determines to be commercially
            reasonable, and/or (vi) terminate any or all of DWR's obligations
            for future performance to Customer, all without any notice to or
            demand on Customer. Any sale hereunder may be made in any
            commercially reasonable manner. Customer agrees that a prior demand,
            call or notice shall not be considered a waiver of DWR's right to
            act without demand or notice as herein provided, that Customer shall
            at all times be liable for the payment of any debit balance owing in
            each account upon demand whether occurring upon a liquidation as
            provided under this Section 15 or otherwise under this Agreement,
            and that in all cases Customer shall be liable for any deficiency
            remaining in each Account in the event of liquidation thereof in
            whole or in part together with interest thereon and all costs
            relating to liquidation and collection (including reasonable
            attorneys' fees).

16.         CUSTOMER REPRESENTATIONS, WARRANTIES AND AGREEMENTS - Customer
            represents and warrants to and agrees with DWR that:

            (a)   Customer has full power and authority to enter into this
                  Agreement and to engage in the transactions and perform its
                  obligations hereunder and contemplated hereby and (i) if a
                  corporation or a limited liability company, is duly organized
                  under the laws of the jurisdiction set forth in the
                  accompanying Futures Account Application, or (ii) if a
                  partnership, is duly organized pursuant to a written
                  partnership agreement and the general partner executing this
                  Agreement is duly authorized to do so under the partnership
                  agreement;

            (b)   Neither Customer nor any partner, director, officer, member,
                  manager or employee of Customer nor any affiliate of Customer
                  is a partner, director, officer, member, manager or employee
                  of a futures commission merchant introducing broker, exchange
                  or self-regulatory organization or an employee or commissioner
                  of the Commodity Futures Trading Commission (the "CFTC"),
                  except as previously disclosed in writing to DWR;

            (c)   The accompanying Futures Account Application and Personal
                  Financial Statements, if applicable, (including any financial
                  statements furnished in connection therewith) are true,
                  correct and complete. Except as disclosed on the accompanying
                  Futures Account Application or otherwise provided in writing,
                  (i) Customer is not a commodity pool or is exempt from
                  registration under the rules of the Commission, and (ii)
                  Customer is acting solely as principal and no one other than
                  Customer has any interest in any Account of Customer. Customer
                  hereby authorizes DWR to contact such banks, financial
                  institutions and credit agencies as DWR shall deem appropriate
                  for verification of the information contained herein.

            (d)   Customer has determined that trading in commodity interests is
                  appropriate for Customer, is prudent in all respects and does
                  not and will not violate Customer's charter or by-laws (or
                  other comparable governing document) or any law, rule,
                  regulation, judgment, decree, order or agreement to which
                  Customer or its property is subject or bound;

            (e)   As required by CFTC regulations, Customer shall create, retain
                  and produce upon request of the applicable contract market,
                  the CFTC or the United States Department of Justice documents
                  (such as contracts, confirmations, telex printouts, invoices
                  and documents of title) with respect to cash transactions
                  underlying exchanges of futures for cash commodities or
                  exchange of futures in connection with cash commodity
                  transactions;

            (f)   Customer consents to the electronic recording, at DWR's
                  discretion, of any or all telephone conversations with DWR
                  (without automatic tone warning device), the use of same as
                  evidence by either party in any action or proceeding arising
                  out of the Agreement and in DWR's erasure, at its discretion,
                  of any recording as part of its regular procedure for handling
                  of recordings;

            (g)   Absent a separate written agreement between Customer and DWR
                  with respect to give-ups, DWR, in its discretion, may, but
                  shall have no obligation to, accept from other brokers
                  commodity interest transactions executed by such brokers on an
                  exchange for Customer and proposed to be "given-up" to DWR for
                  clearance and/or carrying in the Account;

            (h)   DWR, for and on behalf of Customer, is authorized and
                  empowered to place orders for commodity interest transactions
                  through one or more electronic or automated trading systems
                  maintained or operated by or under the auspices of an
                  exchange, that DWR shall not be liable or obligated to
                  Customer for any loss, damage, liability, cost or expense
                  (including but not limited to loss of profits, loss of use,
                  incidental or consequential damages) incurred or sustained by
                  Customer and arising in whole or in part, directly or
                  indirectly, from any fault, delay, omission, inaccuracy or
                  termination of a system or DWR's inability to enter, cancel or
                  modify an order on behalf of Customer on or through a system.
                  The provisions of this Section 16(h) shall apply regardless of
                  whether any customer claim arises in contract, negligence,
                  tort, strict liability, breach of fiduciary obligations or
                  otherwise; and

            (i)   If Customer is subject to the Financial Institution Reform,
                  Recovery and Enforcement Act of 1989, the certified
                  resolutions set forth following this Agreement have been
                  caused to be reflected in the minutes of Customer's Board of
                  Directors (or other comparable governing body) and this
                  Agreement is and shall be, continuously from the date hereof,
                  an official record of Customer.

            Customer agrees to promptly notify DWR in writing if any of the
            warranties and representations contained in this Section 16 becomes
            inaccurate or in any way ceases to be true, complete and correct.

17.         SUCCESSORS AND ASSIGNS - This Agreement shall inure to the benefit
            of DWR, its successors and assigns, and shall be binding upon
            Customer and Customer's executors, trustees, administrators,
            successors and assigns, provided, however, that this Agreement is
            not assignable by Customer without the prior written consent of DWR.

18.         MODIFICATION OF AGREEMENT BY DWR; NON-WAIVER PROVISION - This
            Agreement may only be altered, modified or amended by mutual written
            consent of the parties, except that if DWR notifies Customer of a
            change in this Agreement and Customer thereafter effects a commodity
            interest transaction in an account, Customer agrees that such action
            by Customer will constitute consent by Customer to such change. No
            employee of DWR other than DWR's General Counsel or his or her
            designee, has any authority to alter, modify, amend or waive in any
            respect any of the terms of this Agreement. The rights and remedies
            conferred upon DWR shall be cumulative, and its forbearance to take
            any remedial action available to it under this Agreement shall not
            waive its right at any time or from time to time thereafter to take
            such action.

19.         SEVERABILITY - If any term or provision hereof or the application
            thereof to any persons or circumstances shall to any extent be
            contrary to any exchange, government or self-regulatory regulation
            or contrary to any federal, state or local law or otherwise be
            invalid or unenforceable, the remainder of this Agreement or the
            application of such term or provision to persons or circumstances
            other than those as to which it is contrary, invalid or
            unenforceable, shall not be affected thereby.

20.         CAPTIONS - All captions used herein are for convenience only, are
            not a part of this Agreement, and are not to be used in construing
            or interpreting any aspect of this Agreement.

21.         TERMINATION - This Agreement shall continue in force until written
            notice of termination is given by Customer or DWR. Termination shall
            not relieve either party of any liability or obligation incurred
            prior to such notice. Upon giving or receiving notice of
            termination, Customer will promptly take all action necessary to
            transfer all open positions in each account to another futures
            commission merchant.

22.         ENTIRE AGREEMENT - This Agreement constitutes the entire agreement
            between Customer and DWR with respect to the subject matter hereof
            and supersedes any prior agreements between the parties with respect
            to such subject matter.

23.         GOVERNING LAW; CONSENT TO JURISDICTION -

            (a)   In case of a dispute between Customer and DWR arising out of
                  or relating to the making or performance of this Agreement or
                  any transaction pursuant to this Agreement (i) this Agreement
                  and its enforcement shall be governed by the laws of the State
                  of New York without regard to principles of conflicts of laws,
                  and (ii) Customer will bring any legal proceeding against DWR
                  in, and Customer hereby consents in any legal proceeding by
                  DWR to the jurisdiction of, any state or federal court located
                  within the State and City of New York in connection with all
                  legal proceedings arising directly, indirectly or otherwise in
                  connection with, out of, related to or from Customer's
                  Account, transactions contemplated by this Agreement or the
                  breach thereof. Customer hereby waives all objections
                  Customer, at any time, may have as to the propriety of the
                  court in which any such legal proceedings may be commenced.
                  Customer also agrees that any service of process mailed to
                  Customer at any address specified to DWR shall be deemed a
                  proper service of process on the undersigned.

            (b)   Notwithstanding the provisions of Section 23 (a)(ii), Customer
                  may elect at this time to have all disputes described in this
                  Section resolved by arbitration. To make such election,
                  Customer must sign the Arbitration Agreement set forth in
                  Section 24. Notwithstanding such election, any question
                  relating to whether Customer or DWR has commenced an
                  arbitration proceeding in a timely manner, whether a dispute
                  is within the scope of the Arbitration Agreement or whether a
                  party (other than Customer or DWR) has consented to
                  arbitration and all proceedings to compel arbitration shall be
                  determined by a court as specified in Section 23 (a)(ii).

24.         ARBITRATION AGREEMENT (OPTIONAL) - Every dispute between Customer
            and DWR arising out of or relating to the making or performance of
            this Agreement or any transaction pursuant to this Agreement, shall
            be settled by arbitration in accordance with the rules, then in
            effect, of the National Futures Association, the contract market
            upon which the transaction giving rise to the claim was executed, or
            the National Association of Securities Dealers as Customer may
            elect. If Customer does not make such election by registered mail
            addressed to DWR at 130 Liberty Street, 29th Floor, New York, NY
            10006; Attention: Deputy General Counsel, within 45 days after
            demand by DWR that the Customer make such election, then DWR may
            make such election. DWR agrees to pay any incremental fees which may
            be assessed by a qualified forum for making available a "mixed
            panel" of arbitrators, unless the arbitrators determine that
            Customer has acted in bad faith in initiating or conducting the
            proceedings. Judgment upon any award rendered by the arbitrators may
            be entered in any court having jurisdiction thereof.

            IN ADDITION TO FOREIGN FORUMS, THREE FORUMS EXIST FOR THE RESOLUTION
            OF COMMODITY DISPUTES: CIVIL COURT LITIGATION, REPARATIONS AT THE
            COMMODITY FUTURES TRADING COMMISSION ("CFTC") AND ARBITRATION
            CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

            THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY
            ARBITRATION MAY IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS,
            INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION
            OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES,
            HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS
            OF ARBITRATION AND THAT YOUR CONSENT TO THIS ARBITRATION AGREEMENT
            BE VOLUNTARY.

            BY SIGNING THIS AGREEMENT, YOU (1) MAY BE WAIVING YOUR RIGHT TO SUE
            IN A COURT OF LAW AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF
            ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR DWR MAY SUBMIT TO
            ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR
            RIGHT TO ELECT INSTEAD TO PETITION THE CFTC TO INSTITUTE REPARATIONS
            PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY EXCHANGE ACT WITH
            RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS
            AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF
            DWR INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A
            VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU
            PREFER TO REQUEST A SECTION 14 "REPARATIONS" PROCEEDINGS BEFORE THE
            CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO
            MAKE THAT ELECTION.

            YOU NEED NOT AGREE TO THIS ARBITRATION AGREEMENT TO OPEN AN ACCOUNT
            WITH DWR. See 17 CFR 180.1-180.5. ACCEPTANCE OF THIS ARBITRATION
            AGREEMENT REQUIRES A SEPARATE SIGNATURE ON PAGE 8.

25.         CONSENT TO TAKE THE OTHER SIDE OF ORDERS (OPTIONAL) - Without its
            prior notice, Customer agrees that when DWR executes sell or buy
            orders on Customer's behalf, DWR, its directors, officers,
            employees, agents, affiliates, and any floor broker may take the
            other side of Customer's transaction through any account of such
            person subject to its being executed at prevailing prices in
            accordance with and subject to the limitations and conditions, if
            any, contained in applicable rules and regulations.

26.         AUTHORIZATION TO TRANSFER FUNDS (OPTIONAL) - Without limiting other
            provisions herein, DWR is authorized to transfer from any segregated
            account subject to the Commodity Exchange Act carried by DWR for the
            Customer to any other account carried by DWR for the Customer such
            amount of excess funds as in DWR's judgment may be necessary at any
            time to avoid a margin call or to reduce a debit balance in said
            account. It is understood that DWR will confirm in writing each such
            transfer of funds made pursuant to this authorization within a
            reasonable time after such transfer.

27.         SUBORDINATION AGREEMENT (Applies only to Accounts with funds held in
            foreign countries) - Funds of customers trading on United States
            contract markets may be held in accounts denominated in a foreign
            currency with depositories located outside the United States or its
            territories if the customer is domiciled in a foreign country or if
            the funds are held in connection with contracts priced and settled
            in a foreign currency. Such accounts are subject to the risk that
            events could occur which hinder or prevent the availability of these
            funds for distribution to customers. Such accounts also may be
            subject to foreign currency exchange rate risks.

            If authorized below, Customer authorizes the deposit of funds into
            such foreign depositories. For customers domiciled in the United
            States, this authorization permits the holding of funds in regulated
            accounts offshore only if such funds are used to margin, guarantee,
            or secure positions in such contracts or accrue as a result of such
            positions. In order to avoid the possible dilution of other customer
            funds, a customer who has funds held outside the United States
            agrees by accepting this subordination agreement that his claims
            based on such funds will be subordinated as described below in the
            unlikely event both of the following conditions are met: (1) DWR is
            placed in receivership or bankruptcy, and (2) there are insufficient
            funds available for distribution denominated in the foreign currency
            as to which the customer has a claim to satisfy all claims against
            those funds.

            By initialing the Subordination Agreement below, Customer agrees
            that if both of the conditions listed above occur, its claim against
            DWR's assets attributable to funds held overseas in a particular
            foreign currency may be satisfied out of segregated customer funds
            held in accounts denominated in dollars or other foreign currencies
            only after each customer whose funds are held in dollars or in such
            other foreign currencies receives its pro-rata portion of such
            funds. It is further agreed that in no event may a customer whose
            funds are held overseas receive more than its pro-rata share of the
            aggregate pool consisting of funds held in dollars, funds held in
            the particular foreign currency, and non-segregated assets of DWR.

<PAGE>

OPTIONAL ELECTIONS

The following provisions, which are set forth in this agreement, need not be
entered into to open the Account. Customer agrees that its optional elections
are as follows:

                                                 Signature required for
                                                     each election
ARBITRATION AGREEMENT:
(Agreement Paragraph 24)
                                                  ------------------------------

CONSENT TO TAKE THE OTHER SIDE OF ORDERS:
(Agreement Paragraph 25)                          X    /s/ Robert E. Murray
                                                  ------------------------------

AUTHORIZATION TO TRANSFER FUNDS:
(Agreement Paragraph 26)                          X    /s/ Robert E. Murray
                                                  ------------------------------

ACKNOWLEDGEMENT TO SUBORDINATION AGREEMENT
(Agreement Paragraph 27)                          X     /s/ Robert E. Murray
                                                  ------------------------------
                                                  (Required for accounts holding
                                                  non-U.S. currency)

--------------------------------------------------------------------------------

HEDGE ELECTION

            Customer confirms that all transactions in                  [ ]
            the Account will represent bona fide hedging
            transactions, as defined by the Commodity
            Futures Trading Commission, unless DWR is
            notified otherwise not later than the time
            an order is placed for the Account [check
            box if applicable]:

       Pursuant to CFTC Regulation 190.06(d), Customer specifies and    [ ]
       agrees, with respect to hedging transactions in the Account,
       that in the unlikely event of DWR's bankruptcy, it prefers that
       the bankruptcy trustee [check appropriate box]:

            A.    Liquidate all open contracts without first seeking
                  instructions either from or on behalf of Customer.

            B.    Attempt to obtain instructions with respect to the disposition
                  of all open contracts.
        (If neither box is checked, Customer shall be deemed to elect A)

-------------------------------------------------------------------------------

ACKNOWLEDGEMENT OF RECEIPT OF RISK DISCLOSURE STATEMENTS

The undersigned each hereby acknowledges its separate receipt from DWR, and its
understanding of each of the following documents prior to the opening of the
account:
o    Risk Disclosure Statement for Futures      o Project ATM Customer
     and Options (in the form prescribed by       Information Statement
     CFTC Regulation 1.55(c))

o    LME Risk Warning Notice                    o Questions & Answers on
                                                  Flexible Options Trading at
                                                  the CBOT

o    Dean Witter Order Presumption for After    o CME Average Pricing System
     Hours Electronic Markets                     Disclosure Statement

o    NYMEX ACCESSSM Risk Disclosure Statement   o Special Notice to Foreign
                                                  Brokers and Foreign Traders
o    Globex(R) Customer Information and Risk
     Disclosure Statement

-------------------------------------------------------------------------------

REQUIRED SIGNATURES

The undersigned has received, read, understands and agrees to all the provisions
of this Agreement and the separate risk disclosure statements enumerated above
and agrees to promptly notify DWR in writing if any of the warranties and
representations contained herein become inaccurate or in any way cease to be
true, complete and correct.

MORGAN STANLEY DEAN WITTER SPECTRUM GLOBAL BALANCED L.P.
-------------------------------------------------------------------------------
CUSTOMER NAME(S)
By:   DEMETER MANAGEMENT CORPORATION

By:  /s/ Robert E. Murray                      October 16, 2000
-----------------------------                  -----------------------------
AUTHORIZED SIGNATURE(S)                            DATE

Robert E. Murray, President and Chairman
-------------------------------------------------------------------------------
(If applicable, print name and title of signatory)