Exhibit 10.03

                      SECURITIES ACCOUNT CONTROL AGREEMENT

            SECURITIES ACCOUNT CONTROL AGREEMENT dated as of May 1, 2000 among
MORGAN STANLEY DEAN WITTER SPECTRUM GLOBAL BALANCED L.P. (the "Lien Grantor"),
MORGAN STANLEY & CO. INCORPORATED (the "Secured Party"), and DEAN WITTER
REYNOLDS INC. (the "Securities Intermediary"). All references herein to the
"UCC" refer to the Uniform Commercial Code as in effect from time to time in the
State of New York. Terms defined in the UCC have the same meanings when used
herein.

                              W I T N E S S E T H :

            WHEREAS, the Lien Grantor is the entitlement holder with respect to
the Account (as defined below);

            WHEREAS, the Lien Grantor pursuant to Section 6(f) of a Commodity
Futures Customer Agreement dated as of June 6, 2000 (the "Customer Agreement")
has granted to the Secured Party a continuing security interest (the "Security
Interest") in all right, title and interest of the Lien Grantor in, to and under
the Account, all financial assets credited thereto and all security entitlements
in respect thereof, whether now owned or existing or hereafter acquired or
arising; and

            WHEREAS, the parties hereto are entering into this Agreement in
order to perfect the Security Interest in the Account, all financial assets from
time to time credited thereto and all security entitlements in respect thereof;

            NOW, THEREFORE, the parties hereto agree as follows:

            Section 1. Establishment of Account. The Securities Intermediary
confirms that:

                  (i) the Securities Intermediary has established the account
            numbers listed on the attached Appendix A (which Appendix may be
            amended in writing by the parties from time to time) in the name of
            "Morgan Stanley Dean Witter Spectrum Global Balanced L.P." (such
            account and any successor account, the "Account"),

                  (ii) the Account is a "securities account" as defined in
            Section 8-501 of the UCC,

                  (iii) the Securities Intermediary is acting as a "securities
            intermediary" (as defined in Section 8-102 of the UCC) in respect of
            the Account,

                  (iv) the Securities Intermediary shall, subject to the terms
            of this Agreement, treat the Lien Grantor as entitled to exercise
            the rights that comprise all financial assets from time to time
            credited to the Account,

                  (v) all property delivered to the Securities Intermediary by
            or on behalf of the Lien Grantor for credit to the Account will be
            promptly credited to the Account, and

                  (vi) all financial assets (except cash) credited to the
            Account will be registered in the name of the Securities
            Intermediary, indorsed to the Securities Intermediary or in blank or
            credited to another securities account maintained in the name of the
            Securities Intermediary and in no case will any financial asset
            credited to the Account be registered in the name of the Lien
            Grantor, payable to the order of the Lien Grantor or specially
            indorsed to the Lien Grantor unless such financial asset has been
            further indorsed to the Securities Intermediary or in blank.

            Section 2. "Financial Assets" Election. The parties hereto agree
that each item of property (whether investment property, financial asset,
security, instrument, cash or other property) credited to the Account shall be
treated as a "financial asset" within the meaning of Sections 8-102(a)(9) and
8-103 of the UCC.

            Section 3. Entitlement Orders. The Securities Intermediary agrees to
comply with any "entitlement order" (as defined in Section 8-102 of the UCC)
originated by the Secured Party and relating to the Account or any financial
asset credited thereto without further consent by the Lien Grantor or any other
person. The Lien Grantor consents to the foregoing agreement by the Securities
Intermediary.

            Section 4. Choice of Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of New York. The State of
New York shall be deemed to be the securities intermediary's jurisdiction with
respect to the Account, all financial assets credited thereto and all security
entitlements in respect thereof for purposes of the UCC (including, without
limitation, Section 8-110 thereof).

            Section 5. Amendments. No amendment or modification of this
Agreement or waiver of any right hereunder shall be binding on any party hereto
unless it is in writing and is signed by all the parties hereto.

            Section 6. Notice of Adverse Claims. Except for the claims and
interests of the Secured Party and the Lien Grantor, and security interests in
favor of the Securities Intermediary, the Securities Intermediary does not know
of any claim to, or interest in, the Account, any financial asset credited
thereto or any security entitlement in respect thereof. If any person other than
the Lien Grantor, the Secured Party or the Securities Intermediary asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
attachment, execution or similar process) against the Account, any financial
asset credited thereto or any security entitlement in respect thereof, the
Securities Intermediary will promptly notify the Secured Party and the Lien
Grantor thereof.

            Section 7. Maintenance of Account. In addition to, and not in lieu
of, the obligation of the Securities Intermediary to honor entitlement orders as
agreed in Section 3 hereof, the Securities Intermediary agrees to maintain the
Account as follows:

            (i) Lien Grantor Entitlement Orders; Notice of Exclusive Control. So
      long as the Securities Intermediary has not received a Notice of Exclusive
      Control (as defined below), the Securities Intermediary may, subject to
      paragraph (ii) below, comply with entitlement orders of the Lien Grantor
      or any duly authorized agent of the Lien Grantor in respect of the Account
      and any or all financial assets credited thereto. After the Securities
      Intermediary receives a written notice from the Secured Party that it is
      exercising exclusive control over the Account (a "Notice of Exclusive
      Control"), the Securities Intermediary will cease complying with
      entitlement orders of the Lien Grantor and any of its agents.

            (ii) Limits on Free Deliveries From Account. Notwithstanding the
      provisions of paragraph (i) above, the Securities Intermediary shall not,
      without specific prior written consent of the Secured Party:

                  (a) accept or comply with any entitlement order from the Lien
                  Grantor, or any agent of the Lien Grantor, withdrawing from
                  the Account, or making a free delivery of, any financial asset
                  credited to the Account,

                  (b) deliver any such financial asset to the Lien Grantor or

                  (c) pay to the Lien Grantor any credit balance or other cash
                  amount credited to the Account.

      provided that, until the Securities Intermediary receives a Notice of
      Exclusive Control, the Securities Intermediary may pay to the Lien Grantor
      amounts sufficient to pay all fees and expenses of, and to fund all
      redemptions from, the Lien Grantor in the ordinary course of business.

            (iii) Voting Rights. Until the Securities Intermediary receives a
      Notice of Exclusive Control, the Lien Grantor shall be entitled to direct
      the Securities Intermediary with respect to the voting of any financial
      assets credited to the Account.

            (iv) Statements and Confirmations. The Securities Intermediary will
      promptly send copies of all statements, confirmations and other
      correspondence concerning the Account and/or any financial assets credited
      thereto simultaneously to each of the Lien Grantor and the Secured Party
      at their respective addresses specified in Section 12 hereof.

            (v) Tax Reporting. All items of income, gain, expense and loss
      recognized in the Account or in respect of any financial assets credited
      thereto shall be reported to the Internal Revenue Service and all state
      and local taxing authorities under the name and taxpayer identification
      number of the Lien Grantor.

            Section 8. Representations, Warranties and Covenants of the
Securities Intermediary. The Securities Intermediary makes the following
representations, warranties and covenants:

            (i) The Account has been established as set forth in Section 1 above
      and will be maintained in the manner set forth herein until this Agreement
      is terminated. The Securities Intermediary will not change the name or
      account number of the Account without the prior written consent of the
      Secured Party.

            (ii) No financial asset credited to the Account is or will be
      registered in the name of the Lien Grantor, payable to the order of the
      Lien Grantor, or specially indorsed to the Lien Grantor, unless such
      financial asset has been further indorsed by the Lien Grantor to the
      Securities Intermediary or in blank.

            (iii) This Agreement is a valid and binding agreement of the
      Securities Intermediary enforceable in accordance with its terms.

            (iv) The Securities Intermediary has not entered into, and until the
      termination of this Agreement will not enter into, any agreement with any
      person (other than the Secured Party) relating to the Account and/or any
      financial asset credited thereto pursuant to which it has agreed, or will
      agree, to comply with entitlement orders of such person. The Securities
      Intermediary has not entered into any other agreement with the Lien
      Grantor or the Secured Party purporting to limit or condition the
      obligation of the Securities Intermediary to comply with entitlement
      orders as agreed in Section 3 hereof.

            Section 9. Successors. This Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and assigns.

            Section 10. Notices. Each notice, request or other communication
given to any party hereunder shall be in writing (which term includes facsimile
or other electronic transmission) and shall be effective (i) when delivered to
such party at its address specified below, (ii) when sent to such party by
facsimile or other electronic transmission, addressed to it at its facsimile
number or electronic address specified below, and such party sends back an
electronic confirmation of receipt or (iii) ten days after being sent to such
party by certified or registered United States mail, addressed to it at its
address specified below, with first class or airmail postage prepaid:

      Lien Grantor: Morgan Stanley Dean Witter Spectrum Global Balanced L.P.

                  c/o Demeter Management Corporation, General Partner
                  2 World Trade Center, 62nd Floor
                  New York, NY 10048

      Secured Party:

                  Morgan Stanley & Co. Incorporated
                  1 Pierrepont Plaza, 8th Floor
                  Brooklyn, New York 11210
                  Attention: Commodity Operations Manager

      Securities Intermediary:

                  Dean Witter Reynolds Inc.
                  2 World Trade Center
                  New York, NY 10048
                  Attention: Managed Futures Department

Any party may change its address, facsimile number and/or e-mail address for
purposes of this Section by giving notice of such change to the other parties in
the manner specified above.

            Section 11. Termination. The rights and powers granted herein to the
Secured Party (i) have been granted in order to perfect the Security Interest,
(ii) are powers coupled with an interest and (iii) will not be affected by any
bankruptcy of the Lien Grantor or any lapse of time. The obligations of the
Securities Intermediary hereunder shall continue in effect until the Secured
Party has notified the Securities Intermediary in writing that the Transaction
Lien has been terminated pursuant to the terms of the Security Agreement.

                             MORGAN STANLEY DEAN WITTER SPECTRUM GLOBAL
                             BALANCED L.P.
                                 Demeter Management Corporation,
                                 General Partner

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



                             MORGAN STANLEY & CO. INCORPORATED


                             By:/s/ W. Thomas Clark
                                --------------------------------------------
                                Name:  W. Thomas Clark
                                Title:  Managing Director

                             DEAN WITTER REYNOLDS INC.


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

<PAGE>

                                                         Exhibit A

                          [Letterhead of Secured Party]


                                     [Date]

[Name and Address of Securities Intermediary]

Attention: ________________________


            Re:  Notice of Exclusive Control

Ladies and Gentlemen:

            As referenced in the Securities Account Control Agreement dated as
of June 30, 2000 among Morgan Stanley Dean Witter Spectrum Global Balanced L.P.
(the "Lien Grantor"), us and you (a copy of which is attached), we notify you
that we will hereafter exercise exclusive control over securities account number
__________ (the "Account"), all financial assets from time to time credited
thereto and all security entitlements in respect thereof. You are instructed not
to accept any directions, instructions or entitlement orders with respect to the
Account or the financial assets credited thereto from the Lien Grantor or any of
its agents unless otherwise ordered by a court of competent jurisdiction.

            You are instructed to deliver a copy of this notice by facsimile
transmission to Morgan Stanley Dean Witter Spectrum Global Balanced L.P.

                        Very truly yours,

                             MORGAN STANLEY & CO. INCORPORATED


                             By:______________________________
                                Title:


cc: Morgan Stanley Dean Witter Spectrum Global Balanced L.P.

<PAGE>

                                   Appendix A

Account numbers established by the Securities Intermediary for Morgan Stanley
Dean Witter Spectrum Global Balanced L.P.

1.    779-001042
2.    779-001092