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

FORM 10-Q

[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2001 or

[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ________________to_____________

Commission File Number 0-19511

MORGAN STANLEY SPECTRUM SELECT L.P.

(Exact name of registrant as specified in its charter)

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

Demeter Management Corporation
c/o Morgan Stanley Trust Company
Attention: Managed Futures, 7th Fl.,
Harborside Financial Center Plaza Two
Jersey City, NJ 07311-3977
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (201) 876-4647

Morgan Stanley Dean Witter Spectrum Select L.P.
Two World Trade Center, 62nd Fl., New York, NY 10048

(Former name, former address, and former fiscal year, if changed
since last report)

Indicate by check-mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes X No

<page>
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MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

September 30, 2001

<caption>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
<s> <c>
Statements of Financial Condition as of
September 30, 2001 (Unaudited) and December 31, 2000.....2

Statements of Operations for the Quarters Ended
September 30, 2001 and 2000 (Unaudited)..................3

Statements of Operations for the Nine Months Ended
September 30, 2001 and 2000 (Unaudited)................. 4

Statements of Changes in Partners' Capital for the
Nine Months Ended September 30, 2001 and 2000
(Unaudited)............................................. 5

Statements of Cash Flows for the Nine Months Ended
September 30, 2001 and 2000 (Unaudited)..................6

Notes to Financial Statements (Unaudited).............7-12

Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.....13-22

Item 3. Quantitative and Qualitative Disclosures about
Market Risk.......................................22-35

Part II. OTHER INFORMATION

Item 1. Legal Proceedings....................................36

Item 2. Changes in Securities and Use of Proceeds........ 36-38

Item 6. Exhibits and Reports on Form 8-K..................39-41

</table>

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF FINANCIAL CONDITION
<caption>
September 30, December 31,
2001 2000
$ $
(Unaudited)

ASSETS
<s> <c> <c>
Equity in futures interests trading accounts:
Cash 232,798,306 196,555,362

Net unrealized gain on open contracts (MS & Co.) 18,247,704 26,063,382
Net unrealized gain (loss) on open contracts (MSIL) 3,561,006 (511,085)

Total net unrealized gain on open contracts 21,808,710 25,552,297

Total Trading Equity 254,607,016 222,107,659

Subscriptions receivable 2,425,459 1,583,941
Interest receivable (Morgan Stanley DW) 518,978 889,954

Total Assets 257,551,453 224,581,554

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

Redemptions payable 1,704,911 2,110,529
Accrued brokerage fees (Morgan Stanley DW) 1,429,151 1,231,479
Accrued incentive fees 729,435 -
Accrued management fees 591,373 509,577

Total Liabilities 4,454,870 3,851,585

Partners' Capital

Limited Partners (9,646,550.050 and
9,255,010.627 Units, respectively) 250,292,394 218,182,118
General Partner (108,076.600 Units) 2,804,189 2,547,851

Total Partners' Capital 253,096,583 220,729,969
Total Liabilities and Partners' Capital 257,551,453 224,581,554
NET ASSET VALUE PER UNIT 25.95 23.57
<fn>

The accompanying notes are an integral part
of these financial statements.
</table>
<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF OPERATIONS
(Unaudited)

For the Quarters Ended September 30,

2001 2000
$ $
REVENUES
<s> <c> <c>
Trading profit (loss):
Realized 12,195,344 4,510,744
Net change in unrealized 14,199,540 (1,437,816)

Total Trading Results 26,394,884 3,072,928

Interest income (Morgan Stanley DW) 1,627,348 2,389,882

Total 28,022,232 5,462,810

EXPENSES

Brokerage fees (Morgan Stanley DW) 4,200,339 3,501,652
Management fees 1,738,070 1,448,958
Incentive fees 729,435 -

Total 6,667,844 4,950,610

NET INCOME 21,354,388 512,200

NET INCOME ALLOCATION

Limited Partners 21,116,838 506,560
General Partner 237,550 5,640

NET INCOME PER UNIT

Limited Partners 2.20 0.06
General Partner 2.20 0.06

<fn>

The accompanying notes are an integral part
of these financial statements.
</table>
<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF OPERATIONS
(Unaudited)

For the Nine Months Ended September 30,

2001 2000
$ $
REVENUES
<s> <c> <c>
Trading profit (loss):
Realized 39,633,323 1,133,230
Net change in unrealized (3,743,587) (8,830,498)

Total Trading Results 35,889,736 (7,697,268)

Interest income (Morgan Stanley DW) 6,120,690 7,045,029

Total 42,010,426 (652,239)

EXPENSES

Brokerage fees (Morgan Stanley DW) 12,579,812 11,155,768
Management fees 5,205,437 4,616,177
Incentive fees 1,435,897 -

Total 19,221,146 15,771,945

NET INCOME (LOSS) 22,789,280 (16,424,184)

NET INCOME (LOSS) ALLOCATION

Limited Partners 22,532,942 (16,196,964)
General Partner 256,338 (227,220)

NET INCOME (LOSS) PER UNIT

Limited Partners 2.38 (1.69)
General Partner 2.38 (1.69)

<fn>

The accompanying notes are an integral part
of these financial statements.
</table>
<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 2001 and 2000
(Unaudited)

Units of
Partnership Limited General
Interest Partners Partner Total
$ $ $

<s> <c> <c> <c> <c>
Partners' Capital,
December 31, 1999 9,716,887.432 210,877,519 2,928,155 213,805,674

Offering of Units 1,125,231.664 23,885,643 - 23,885,643

Net loss - (16,196,964) (227,220) (16,424,184)

Redemptions (1,392,287.180) (28,865,465) (506,250) (29,371,715)

Partners' Capital,
September 30, 2000 9,449,831.916 189,700,733 2,194,685 191,895,418

Partners' Capital,
December 31, 2000 9,363,087.227 218,182,118 2,547,851 220,729,969

Offering of Units 1,096,471.583 26,846,569 - 26,846,569

Net income - 22,532,942 256,338 22,789,280

Redemptions (704,932.160) (17,269,235) - (17,269,235)

Partners' Capital,
September 30, 2001 9,754,626.650 250,292,394 2,804,189 253,096,583

<fn>

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

<page>
<table>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)

For the Nine Months Ended September 30,

2001 2000
$ $

CASH FLOWS FROM OPERATING ACTIVITIES
<s> <c> <c>
Net income (loss) 22,789,280 (16,424,184)
Noncash item included in net income (loss):
Net change in unrealized 3,743,587 8,830,498

(Increase) decrease in operating assets:
Interest receivable (Morgan Stanley DW) 370,976 (89,854)
Net option premiums - 776,380

Increase (decrease) in operating liabilities:
Accrued brokerage fees (Morgan Stanley DW) 197,672 (81,396)
Accrued incentive fees 729,435 -
Accrued management fees 81,796 (33,682)

Net cash provided by (used for) operating activities 27,912,746 (7,022,238)

CASH FLOWS FROM FINANCING ACTIVITIES

Offering of Units 26,846,569 23,885,643
(Increase) decrease in subscriptions receivable (841,518) 2,182,000
Decrease in redemptions payable (405,618) (866,994)
Redemptions of Units (17,269,235) (29,371,715)

Net cash provided by (used for) financing activities 8,330,198 (4,171,066)

Net increase (decrease) in cash 36,242,944 (11,193,304)

Balance at beginning of period 196,555,362 207,251,012

Balance at end of period 232,798,306 196,057,708

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

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS

September 30, 2001

(UNAUDITED)

The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Dean Witter Spectrum Select L.P. (the
"Partnership"). The financial statements and condensed notes
herein should be read in conjunction with the Partnership's
December 31, 2000 Annual Report on Form 10-K.

1. Organization
Morgan Stanley Dean Witter Spectrum Select L.P. is a Delaware
limited partnership organized to engage primarily in the
speculative trading of futures contracts, options on futures
contracts, and forward contracts on physical commodities and other
commodity interests, including, but not limited to, foreign
currencies, financial instruments, metals, energy and agricultural
products. The Partnership is one of the Morgan Stanley Dean Witter
Spectrum Series of funds, comprised of the Partnership, Morgan
Stanley Dean Witter Spectrum Commodity L.P., Morgan Stanley Dean
Witter Spectrum Currency L.P., Morgan Stanley Dean Witter Spectrum
Global Balanced L.P., Morgan Stanley Dean Witter Spectrum
Strategic L.P. and Morgan Stanley Dean Witter Spectrum Technical
L.P.
<page>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The general partner for the Partnership is Demeter Management
Corporation ("Demeter"). The non-clearing commodity broker is
Morgan Stanley DW Inc. ("Morgan Stanley DW"). The clearing
commodity brokers are Morgan Stanley & Co., Inc. ("MS & Co.") and
Morgan Stanley & Co. International Limited ("MSIL"). Demeter,
Morgan Stanley DW, MS & Co. and MSIL are wholly-owned subsidiaries
of Morgan Stanley Dean Witter & Co. The trading advisors to the
Partnership are EMC Capital Management, Inc., Rabar Market
Research, Inc., Sunrise Capital Management, Inc., and Northfield
Trading L.P. (collectively, the "Trading Advisors").

2. Related Party Transactions
The Partnership's cash is on deposit with Morgan Stanley DW, MS &
Co. and MSIL in futures, forwards and options trading accounts to
meet margin requirements as needed. Morgan Stanley DW pays
interest on these funds based on a prevailing rate on U.S.
Treasury bills. The Partnership pays brokerage fees to Morgan
Stanley DW.

3. Financial Instruments
The Partnership trades futures contracts, options on futures
contracts, and forward contracts on physical commodities and
other commodity interests, including but not limited to foreign

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

currencies, financial instruments, metals, energy and
agricultural products. Futures and forwards represent contracts
for delayed delivery of an instrument at a specified date and
price. Risk arises from changes in the value of these contracts
and the potential inability of counterparties to perform under
the terms of the contracts. There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility.

The Partnership accounts for its derivative investments in
accordance with the provisions of Statement of Financial
Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133"). SFAS No.
133 defines a derivative as a financial instrument or other
contract that has all three of the following characteristics:

1) One or more underlying notional amounts or payment
provisions;
2) Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3) Terms require or permit net settlement.

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Generally derivatives include futures, forward, swaps or option
contracts and other financial instruments with similar
characteristics such as caps, floors and collars.

The net unrealized gains (losses) on open contracts, reported as a
component of "Equity in futures interests trading accounts" on the
statements of financial condition, and their longest contract
maturities were as follows:

Net Unrealized Gains (Losses)
on Open Contracts Longest Maturities

Exchange- Off-Exchange- Exchange- Off-Exchange-
Traded Traded Total Traded Traded
Date Contracts Contracts Contracts Contracts Contracts
$ $ $

Sept. 30, 2001 22,587,897 (779,187) 21,808,710 Sept. 2002 Dec. 2001

Dec. 31, 2000 23,901,575 1,650,722 25,552,297 Dec. 2001 March 2001

The Partnership has credit risk associated with counterparty non-
performance. The credit risk associated with the instruments in
which the Partnership is involved is limited to the amounts
reflected in the Partnership's statements of financial condition.

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Partnership also has credit risk because Morgan Stanley DW,
MS & Co. and MSIL act as the futures commission merchants or the
counterparties with respect to most of the Partnership's assets.
Exchange-traded futures and futures-styled options contracts are
marked to market on a daily basis, with variations in value
settled on a daily basis. Each of Morgan Stanley DW, MS & Co. and
MSIL, as a futures commission merchant for the Partnership's
exchange-traded futures and futures-styled options contracts, are
required, pursuant to regulations of the Commodity Futures Trading
Commission ("CFTC"), to segregate from their own assets, and for
the sole benefit of their commodity customers, all funds held by
them with respect to exchange-traded futures and futures-styled
options contracts, including an amount equal to the net unrealized
gains (losses) on all open futures and futures-styled options
contracts, which funds, in the aggregate, totaled $255,386,203 and
$220,456,937 at September 30, 2001 and December 31, 2000,
respectively. With respect to the Partnership's off-exchange-
traded forward currency contracts, there are no daily settlements
of variations in value nor is there any requirement that an amount
equal to the net unrealized gains (losses) on open forward
contracts be segregated. With respect to those off-exchange-
traded forward currency contracts, the Partnership is at risk to
the ability of MS & Co., the sole counterparty on all of such

<page>
MORGAN STANLEY DEAN WITTER SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

contracts, to perform. The Partnership has a netting agreement
with MS & Co. This agreement, which seeks to reduce both the
Partnership's and MS & Co.'s exposure on off-exchange-traded
forward currency contracts, should materially decrease the
Partnership's credit risk in the event of MS & Co.'s bankruptcy or
insolvency.

<page>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Liquidity - The Partnership deposits its assets with Morgan
Stanley DW as non-clearing broker and MS & Co. and MSIL as
clearing brokers in separate futures, forwards and options
accounts established for each Trading Advisor, which assets are
used as margin to engage in trading. The assets are held in
either non-interest-bearing bank accounts or in securities and
instruments permitted by the CFTC for investment of customer
segregated or secured funds. The Partnership's assets held by the
commodity brokers may be used as margin solely for the
Partnership's trading. Since the Partnership's sole purpose is to
trade in futures, forwards and options, it is expected that the
Partnership will continue to own such liquid assets for margin
purposes.
The Partnership's investment in futures, forwards and options may,
from time to time, be illiquid. Most U.S. futures exchanges limit
fluctuations in prices during a single day by regulations referred
to as "daily price fluctuations limits" or "daily limits". Trades
may not be executed at prices beyond the daily limit. If the
price for a particular futures or options contract has increased
or decreased by an amount equal to the daily limit, positions in
that futures or options contract can neither be taken nor
liquidated unless traders are willing to effect trades at or
within the limit. Futures prices have occasionally moved the

<page>
daily limit for several consecutive days with little or no
trading. These market conditions could prevent the Partnership
from promptly liquidating its futures or options contracts and
result in restrictions on redemptions.

There is no limitation on daily price moves in trading forward
contracts on foreign currencies. The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets, subjecting it to
substantial losses. Either of these market conditions could
result in restrictions on redemptions.

The Partnership has never had illiquidity affect a material
portion of its assets.

Capital Resources - The Partnership does not have, or expect to
have, any capital assets. Redemptions, exchanges and sales of
additional units of limited partnership interest ("Unit(s)") in
the future will affect the amount of funds available for
investment in futures, forwards and options in subsequent periods.
It is not possible to estimate the amount and therefore the impact
of future redemptions of Units.

<page>
Results of Operations
General. The Partnership's results depend on its Trading Advisors
and the ability of each Trading Advisor's trading programs to take
advantage of price movements or other profit opportunities in the
futures, forwards and options markets. The following presents a
summary of the Partnership's operations for the three and nine
month periods ended September 30, 2001 and 2000, and a general
discussion of its trading activities during each period. It is
important to note, however, that the Trading Advisors trade in
various markets at different times and that prior activity in a
particular market does not mean that such market will be actively
traded by the Trading Advisors or will be profitable in the
future. Consequently, the results of operations of the
Partnership are difficult to discuss other than in the context of
its Trading Advisors' trading activities on behalf of the
Partnership as a whole and how the Partnership has performed in
the past.

For the Quarter and Nine Months Ended September 30, 2001
For the quarter ended September 30, 2001, the Partnership
recorded total trading revenues, including interest income, of
$28,022,232 and posted an increase in net asset value per Unit.
The most significant gains of approximately 6.5% were recorded
throughout the majority of the quarter in the global stock index
futures markets from short positions in DAX, Hang Seng, Nikkei
and S&P 500 Index futures as the trend in equity prices continued
<page>
sharply lower amid worries regarding global economic uncertainty.
In the global interest rate futures markets, profits of
approximately 6.2% were recorded throughout the majority of the
quarter from long positions in U.S. and European interest rate
futures as prices continued trending higher amid continued
concerns for the sluggish global economy, interest rate cuts by
the U.S. and European Central Banks and as investors sought a
safe haven from declining stock prices. In the metals markets,
gains of approximately 2.8% were recorded primarily during July
and September from short positions in copper and aluminum futures
as prices declined due to higher inventories and weak demand.
These gains were partially offset by losses of approximately 2.9%
recorded primarily during August in the currency markets from
short positions in the Japanese yen as the value of the yen
strengthened versus the U.S. dollar due to U.S. economic
weakness. During late September, losses were recorded from long
positions in the Japanese yen as its value weakened and the U.S.
dollar strengthened amid newly released optimistic economic data
and the Bank of Japan's surprise interventions. In the energy
markets, losses of approximately 1.2% were experienced primarily
during August from short positions in crude oil futures as prices
rose amid declining inventories and growing tensions in the
Middle East. During September, losses were recorded from long
futures positions in crude oil and its refined products as the
previous upward trend in oil prices reversed lower due to near-
term concerns over the effects of a global economic slowdown on
<page>
oil demand. Total expenses for the three months ended September
30, 2001 were $6,667,844, resulting in net income of $21,354,388.
The net asset value of a Unit increased from $23.75 at June 30,
2001 to $25.95 at September 30, 2001.

For the nine months ended September 30, 2001, the Partnership
recorded total trading revenues, including interest income, of
$42,010,426 and posted an increase in net asset value per Unit.
The most significant gains of approximately 10.1% were recorded
in the global interest rate futures markets primarily during
August and September from long positions in short and
intermediate term U.S. interest rate futures as prices continued
trending higher following interest rate cuts by the U.S. and
European central banks and as investors sought a safe haven from
the decline in stock prices. Additional gains were recorded
throughout the majority of the first quarter from long positions
in Japanese government bond futures as prices moved higher on
concerns regarding that country's economy. In the global stock
index futures markets, profits of approximately 6.2% were
recorded throughout a majority of the third quarter from short
positions in DAX, Hang Seng, Nikkei and S&P 500 Index futures as
the trend in equity prices continued sharply lower amid worries
regarding global economic uncertainty. In the metals markets,
gains of approximately 3.5% were recorded primarily during July
and September from short positions in copper and aluminum futures
as prices declined due to higher inventories and weak demand.
<page>
These gains were partially offset by losses of approximately 2.3%
recorded throughout the first nine months of the year from
volatile price movements in crude oil futures and its related
products as a result of a continually changing outlook for
supply, production and demand. In the currency markets, losses
of approximately 1.0% were recorded throughout the first nine
months of the year from transactions involving the British pound,
New Zealand and Australian dollar. Total expenses for the nine
months ended September 30, 2001 were $19,221,146, resulting in
net income of $22,789,280. The net asset value of a Unit
increased from $23.57 at December 31, 2000 to $25.95 at September
30, 2001.
For the Quarter and Nine Months Ended September 30, 2000
For the quarter ended September 30, 2000, the Partnership
recorded total trading revenues, including interest income, of
$5,462,810 and posted an increase in net asset value per Unit.
The most significant gains of approximately 4.6% were recorded in
the currency markets primarily during August and September from
short positions in the New Zealand dollar as its value continued
to fall to a historic low versus the U.S. dollar. Additional
gains were recorded during August from short positions in the
Swiss franc as its value weakened versus the U.S. dollar after
the European Central Bank raised its key interest rates by 25
basis points, as expected. In the metals markets, gains of
approximately 0.7% were recorded primarily during mid September

<page>
from long positions in copper futures as prices rose higher due
to a rise in COMEX copper stocks. Additional profits were
recorded during July from short gold futures positions as gold
prices fell after the Bank of England announced the results of
its gold auction, which had concluded at a lower price than most
dealers expected. In the agricultural markets, gains of
approximately 0.2% were recorded primarily during late August
from long positions in soybean meal futures as prices surged on
expectations that the searing heat in the U.S. Delta will trim
this year's production. These gains were partially offset by
losses of approximately 1.8% recorded in the global stock index
futures markets primarily during the first half of September from
long positions in U.S. stock index futures as prices declined due
to jitters in the technology sector and a worrisome spike in oil
prices. In the energy markets, losses of approximately 1.5% were
incurred primarily during July and September from long futures
positions in crude oil as prices decreased amid growing
conviction that Saudi Arabia will follow through with a pledge to
boost production and after President Clinton ordered the release
of 30 million barrels of oil in the U.S.'s emergency Strategic
Petroleum Reserve. In the global interest rate futures markets,
losses of approximately 0.8% were experienced primarily during
August from long positions in Japanese government bond futures as
prices were weighed down by growing hopes for higher interest
rates and economic expansion in Japan. Additional downward price
pressure occurred following the Bank of Japan's decision to raise
<page>
interest rates, thus ending their zero-interest rate policy.
During September, additional losses were recorded from short
positions in Japanese government bond futures positions as prices
surged and long-term interest rates dropped as investors sought
refuge from falls in U.S. and Japanese stock prices. Offsetting
gains were recorded during September from long positions in
short-term U.S. interest rate futures as prices in these markets
increased. In soft commodities, small losses of approximately
0.1% were recorded primarily during July from short positions in
cotton futures as prices increased. Offsetting gains were
recorded during July from long sugar futures positions as prices
increased on forecasts that the world would shrink with smaller
crops in 2000-2001. Total expenses for the three months ended
September 30, 2000 were $4,950,610, resulting in net income of
$512,200. The net asset value of a Unit increased from $20.25 at
June 30, 2000 to $20.31 at September 30, 2000.
For the nine months ended September 30, 2000, the Partnership
recorded total trading losses, net of interest income, of
$652,239 and posted a decrease in net asset value per Unit. The
most significant losses of approximately 5.4% were recorded in
the global interest rate futures markets primarily during late
April and late September from long positions in U.S. interest
rate futures as prices declined amid fears of higher interest
rates and increasing oil prices. In the global stock index
futures markets, losses of approximately 5.2% were incurred

<page>
primarily during mid April from long positions in U.S. stock
indices as domestic equity prices declined following the release
of an unexpected jump in the Consumer Price Index. During the
first half of September, additional losses were recorded from
long positions in U.S. stock index futures as prices declined due
to jitters in the technology sector and a worrisome spike in oil
prices. In the metals markets, losses of approximately 2.3% were
recorded primarily during June from short silver futures
positions as prices increased on the heels of the increase in
gold prices, in reaction to the U.S. dollar's weakness and the
Federal Open Market Committee's decision to leave interest rates
unchanged. In the agricultural markets, losses of approximately
0.9% were recorded primarily during April and May from long corn
and soybean futures positions as prices moved lower due to
forecasts for heavy rain in the U.S. growing regions. These
losses were partially offset by gains of approximately 5.6%
recorded in the currency markets primarily during January, March,
April and August from short positions in the euro and the Swiss
franc as the values of these currencies weakened versus the U.S.
dollar due to skepticism about Europe's economic outlook and due
to the European Central Bank's passive stance towards its
currency and increasing concern that the European Central Bank
should be more aggressive in combating inflation. In the energy
markets, gains of approximately 3.9% were recorded primarily
during May, August and September from long positions in natural

<page>
gas futures as prices trended upward, amid supply and storage
concerns. Additional gains were recorded primarily during
January, February and August from long futures positions in crude
oil and its refined products as oil prices increased on concerns
about future output levels from the world's leading producer
countries amid dwindling stockpiles and increasing demand. In
the soft commodities markets, gains of approximately 0.2% were
recorded primarily throughout the second quarter and during July
from long positions in sugar futures as sugar prices trended
higher due to strong demand and declining production from Brazil.
Total expenses for the nine months ended September 30, 2000 were
$15,771,945, resulting in a net loss of $16,424,184. The net
asset value of a Unit decreased from $22.00 at December 31, 1999
to $20.31 at September 30, 2000.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK

Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards and options. The market-
sensitive instruments held by the Partnership are acquired for
speculative trading purposes only and, as a result, all or
substantially all of the Partnership's assets are at risk of
trading loss. Unlike an operating company, the risk of market-
sensitive instruments is central, not incidental, to the
Partnership's main business activities.
<page>
The futures, forwards and options traded by the Partnership
involve varying degrees of related market risk. Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities. Fluctuations in market risk based
upon these factors result in frequent changes in the fair value
of the Partnership's open positions, and, consequently, in its
earnings and cash flow.

The Partnership's total market risk is influenced by a wide
variety of factors, including the diversification among the
Partnership's open positions, the volatility present within the
markets, and the liquidity of the markets. At different times,
each of these factors may act to increase or decrease the market
risk associated with the Partnership.

The Partnership's past performance is not necessarily indicative
of its future results. Any attempt to numerically quantify the
Partnership's market risk is limited by the uncertainty of its
speculative trading. The Partnership's speculative trading may
cause future losses and volatility (i.e. "risk of ruin") that far
exceed the Partnership's experience to date or any reasonable
expectations based upon historical changes in market value.

<page>
Quantifying the Partnership's Trading Value at Risk
The following quantitative disclosures regarding the Partnership's
market risk exposures contain "forward-looking statements" within
the meaning of the safe harbor from civil liability provided for
such statements by the Private Securities Litigation Reform Act of
1995 (set forth in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). All
quantitative disclosures in this section are deemed to be forward-
looking statements for purposes of the safe harbor, except for
statements of historical fact.

The Partnership accounts for open positions using mark-to-market
accounting principles. Any loss in the market value of the
Partnership's open positions is directly reflected in the
Partnership's earnings, whether realized or unrealized, and its
cash flow. Profits and losses on open positions of exchange-
traded futures, forwards and options are settled daily through
variation margin.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of Value at Risk
("VaR"). The VaR model used by the Partnership includes many
variables that could change the market value of the Partnership's

<page>
trading portfolio. The Partnership estimates VaR using a model
based upon historical simulation with a confidence level of 99%.
Historical simulation involves constructing a distribution of
hypothetical daily changes in the value of a trading portfolio.
The VaR model takes into account linear exposures to price and
interest rate risk. Market risks that are incorporated in the
VaR model include equity and commodity prices, interest rates,
foreign exchange rates, and correlation among these variables.
The hypothetical changes in portfolio value are based on daily
percentage changes observed in key market indices or other market
factors ("market risk factors") to which the portfolio is
sensitive. The historical observation period of the Partnership's
VaR is approximately four years. The one-day 99% confidence
level of the Partnership's VaR corresponds to the negative change
in portfolio value that, based on observed market risk factors,
would have been exceeded once in 100 trading days.

VaR models, including the Partnership's, are continuously
evolving as trading portfolios become more diverse and modeling
techniques and systems capabilities improve. Please note that
the VaR model is used to numerically quantify market risk for
historic reporting purposes only and is not utilized by either
Demeter or the Trading Advisors in their daily risk management
activities.

<page>
The Partnership's Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership's open positions as a percentage of total net assets
by primary market risk category at September 30, 2001 and 2000.
At September 30, 2001 and 2000, the Partnership's total
capitalization was approximately $253 million and $192 million,
respectively.

Primary Market September 30, 2001 September 30, 2000
Risk Category Value at Risk Value at Risk

Interest Rate (1.46)% (1.18)%
Currency (0.54) (1.16)
Equity (0.32) (0.24)
Commodity (0.65) (1.35)
Aggregate Value at Risk (1.65)% (2.03)%

Aggregate Value at Risk represents the aggregate VaR of all the
Partnership's open positions and not the sum of the VaR of the
individual market categories listed above. Aggregate VaR will be
lower as it takes into account correlation among different
positions and categories.

The table above represents the VaR of the Partnership's open
positions at September 30, 2001 and 2000 only and is not
necessarily representative of either the historic or future risk
of an investment in the Partnership. Because the Partnership's
only business is the speculative trading of futures, forwards and
<page>
options, the composition of its trading portfolio can change
significantly over any given time period, or even within a single
trading day. Any changes in open positions could positively or
negatively materially impact market risk as measured by VaR.

The table below supplements the quarter-end VaR by presenting the
Partnership's high, low and average VaR, as a percentage of total
net assets for the four quarterly reporting periods from October
1, 2000 through September 30, 2001.

Primary Market Risk Category High Low Average
Interest Rate (2.33)% (0.76)% (1.50)%
Currency (1.98) (0.54) (0.94)
Equity (0.55) (0.32) (0.42)
Commodity (0.73) (0.59) (0.66)
Aggregate Value at Risk (2.65)% (1.65)% (2.07)%

Limitations on Value at Risk as an Assessment of Market Risk
The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements. Margin requirements generally range between 2% and
15% of contract face value. Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership. The value of the
Partnership's open positions thus creates a "risk of ruin" not
<page>
typically found in other investments. The relative size of the
positions held may cause the Partnership to incur losses greatly
in excess of VaR within a short period of time, given the effects
of the leverage employed and market volatility. The VaR tables
above, as well as the past performance of the Partnership, give
no indication of such "risk of ruin". In addition, VaR risk
measures should be viewed in light of the methodology's
limitations, which include the following:
? past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
? changes in portfolio value caused by market movements may
differ from those of the VaR model;
? VaR results reflect past trading positions while future risk
depends on future positions;
? VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
? the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

The VaR tables above present the results of the Partnership's VaR
for each of the Partnership's market risk exposures and on an
aggregate basis at September 30, 2001 and for the end of the four
<page>
quarterly reporting periods from October 1, 2000 through
September 30, 2001. Since VaR is based on historical data, VaR
should not be viewed as predictive of the Partnership's future
financial performance or its ability to manage or monitor risk.
There can be no assurance that the Partnership's actual losses on
a particular day will not exceed the VaR amounts indicated above
or that such losses will not occur more than once in 100 trading
days.

Non-Trading Risk

The Partnership has non-trading market risk on its foreign cash
balances not needed for margin. These balances and any market
risk they may represent are immaterial.

At September 30, 2001, the Partnership's cash balance at Morgan
Stanley DW was approximately 91% of its total net asset value. A
decline in short-term interest rates will result in a decline in
the Partnership's cash management income. This cash flow risk is
not considered material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses, taking into account the leverage,
optionality and multiplier features of the Partnership's market-
sensitive instruments, in relation to the Partnership's net
assets.
<page>
Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership's
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures -
constitute forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. The Partnership's primary market risk
exposures as well as the strategies used and to be used by
Demeter and the Trading Advisors for managing such exposures are
subject to numerous uncertainties, contingencies and risks, any
one of which could cause the actual results of the Partnership's
risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expro-
priations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in historical
price relationships, an influx of new market participants,
increased regulation and many other factors could result in
material losses as well as in material changes to the risk
exposures and the risk management strategies of the Partnership.
Investors must be prepared to lose all or substantially all of
their investment in the Partnership.

The following were the primary trading risk exposures of the
Partnership at September 30, 2001, by market sector. It may be

<page>
anticipated, however, that these market exposures will vary
materially over time.

Interest Rate. The primary market exposure of the Partnership at
September 30, 2001 was to the global interest rate complex. The
Partnership's exposure in the interest rate market complex was
primarily spread across the U.S., European, Japanese and
Australian interest rate sectors. Interest rate movements
directly affect the price of the sovereign bond futures positions
held by the Partnership and indirectly affect the value of its
stock index and currency positions. Interest rate movements in
one country as well as relative interest rate movements between
countries materially impact the Partnership's profitability. The
Partnership's primary interest rate exposure is generally to
interest rate fluctuations in the United States and the other G-7
countries. The G-7 countries consist of France, U.S., Britain,
Germany, Japan, Italy and Canada. However, the Partnership also
takes futures positions in the government debt of smaller nations
- - e.g. Australia. Demeter anticipates that G-7 and Australian
interest rates will remain the primary interest rate exposure of
the Partnership for the foreseeable future. The speculative
futures positions held by the Partnership may range from short to
long-term instruments. Consequently, changes in short, medium or
long-term interest rates may have an effect on the Partnership.

<page>
Currency. The second largest market exposure at September 30,
2001 was to the currency sector. The Partnership's currency
exposure is to exchange rate fluctuations, primarily fluctuations
which disrupt the historical pricing relationships between
different currencies and currency pairs. Interest rate changes
as well as political and general economic conditions influence
these fluctuations. The Partnership trades in a large number of
currencies, including cross-rates - i.e., positions between two
currencies other than the U.S. dollar. At September 30, 2001,
the Partnership's major exposures were to Japanese yen currency
crosses and outright U.S. dollar positions. Outright positions
consist of the U.S. dollar vs. other currencies. These other
currencies include major and minor currencies. Demeter does not
anticipate that the risk profile of the Partnership's currency
sector will change significantly in the future. The currency
trading VaR figure includes foreign margin amounts converted into
U.S. dollars with an incremental adjustment to reflect the
exchange rate risk inherent to the dollar-based Partnership in
expressing VaR in a functional currency other than dollars.
Equity. The primary equity exposure at September 30, 2001 was
to equity price risk in the G-7 countries. The stock index
futures traded by the Partnership are by law limited to futures
on broadly-based indices. At September 30, 2001, the
Partnership's primary exposures were to the S&P 500 (U.S.),
Nikkei (Japan), Hang Seng (China) and DAX (Germany) stock

<page>
indices. The Partnership is primarily exposed to the risk of
adverse price trends or static markets in the U.S., European and
Japanese indices. Static markets would not cause major market
changes but would make it difficult for the Partnership to avoid
being "whipsawed" into numerous small losses.

Commodity.
Metals. The Partnership's metals exposure at September 30,
2001 was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as aluminum,
copper, nickel, zinc and tin. Economic forces, supply and
demand inequalities, geopolitical factors and market
expectations influence price movement in these markets. The
Trading Advisors have, from time to time, taken positions
when market opportunities develop. Demeter anticipates that
the Partnership will continue to be exposed to the precious
and base metals markets.

Energy. At September 30, 2001, the Partnership's energy
exposure was shared primarily by futures contracts in crude
oil and its related products, and natural gas. Price
movements in these markets result from political
developments in the Middle East, weather patterns and other
economic fundamentals. It is possible that volatility will
remain high. Significant profits and losses, which have

<page>
been experienced in the past, are expected to continue to be
experienced in these markets. Natural gas has exhibited
volatility in prices resulting from weather patterns and
supply and demand factors and may continue in this choppy
pattern.

Soft Commodities and Agriculturals. At September 30, 2001,
the Partnership had exposure to the markets that comprise
these sectors. Most of the exposure was to sugar, coffee,
cocoa and cotton markets. Supply and demand inequalities,
severe weather disruption and market expectations affect
price movements in these markets.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
The following was the only non-trading risk exposure of the
Partnership at September 30, 2001:

Foreign Currency Balances. The Partnership's primary
foreign currency balances at September 30, 2001 were in Hong
Kong dollars, euros, Australian dollars and Swiss francs.
The Partnership controls the non-trading risk of these
balances by regularly converting them back into U.S. dollars
upon liquidation of their respective positions.

<page>
Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisors, separately, attempt to
manage the risk of the Partnership's open positions in
essentially the same manner in all market categories traded.
Demeter attempts to manage market exposure by diversifying the
Partnership's assets among different Trading Advisors, each of
whose strategies focus on different market sectors and trading
approaches, and monitoring the performance of the Trading
Advisors daily. In addition, the Trading Advisors establish
diversification guidelines, often set in terms of the maximum
margin to be committed to positions in any one market sector or
market-sensitive instrument.

Demeter monitors and controls the risk of the Partnership's non-
trading instrument, cash. Cash is the only Partnership
investment directed by Demeter, rather than the Trading Advisors.

<page>
PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS
Please refer to Legal Proceedings previously disclosed in the
Partnership's Form 10-Q for the quarter ended June 30, 2001.

Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
The Partnership initially registered 60,000 Units (prior to the
100 for one Unit conversion on April 30, 1998) pursuant to a
Registration Statement on Form S-1, which became effective on May
17, 1991 (SEC File Number 33-39667), and 10,000 (pre-conversion)
Units at a supplemental closing pursuant to a new Registration
Statement on Form S-1, which became effective on August 23, 1991
(SEC File No. 33-42380). The offering commenced on May 17, 1991
and terminated as of August 31, 1991, with 60,853.334 Units sold.
The aggregate price of the offering amount registered was
$69,380,300, based upon the initial offering price of $1,000 per
Unit and $938.03 per Unit at the supplemental closing (the
initial closing and supplemental closing, hereinafter, the
"Initial Offering"). The aggregate offering price of the Units
sold during the Initial Offering was $60,268,482.

<page>
The Partnership registered an additional 75,000 Units (pre-
conversion) pursuant to a new Registration Statement of Form S-1,
which became effective on August 31, 1993 (SEC File Number 33-
65072) (the "Second Offering"). The Second Offering commenced on
August 31, 1993 and terminated as of September 30, 1993, with
74,408.337 Units sold. The aggregate price of the Second
Offering amount registered was $102,744,000, based upon an
initial offering price of $1,369.92. The aggregate price of the
Units sold during the Second Offering was $116,617,866.

The Partnership registered an additional 60,000 Units (pre-con-
version) pursuant to another Registration Statement on Form S-1,
which became effective on October 17, 1996 (SEC File Number 333-
1918), (the "Third Offering"). The Third Offering commenced on
October 17, 1996 and terminated as of March 3, 1997, with
10,878.000 Units sold. The aggregate price of the Third Offering
amount registered was $98,247,000, based upon an initial offering
price of $1,637.45. The aggregate price of the Units sold during
the Third Offering was $22,308,326.

The Partnership registered an additional 1,500,000 Units pursuant
to another Registration Statement on Form S-1, which became
effective on May 11, 1998 (SEC File Number 333-47829).

Commencing with the April 30, 1998 monthly closing, each
previously outstanding Unit was converted into 100 Units.
<page>
The Partnership registered an additional 5,000,000 Units pursuant
to another Registration Statement on Form S-1, which became
effective on January 21, 1999 (File No. 333-68773).

The Partnership registered an additional 4,500,000 Units pursuant
to another Registration Statement on Form S-1, which became
effective on February 28, 2000 (SEC File Number 333-90467).

The managing underwriter for the Partnership is Morgan Stanley
DW.

Units are being sold at monthly closings at a price equal to 100%
of the net asset value of a Unit as of the last day of each
month.

Through September 30, 2001, 20,598,858.315 Units of the
Partnership were sold, leaving 5,015,108.785 Units unsold. The
aggregate price of the Units sold through September 30, 2001 is
$336,509,603.

Since no expenses are chargeable against proceeds, 100% of the
proceeds of the offering have been applied to the working capital
of the Partnership for use in accordance with the "Use of
Proceeds" section of the Prospectus.

<page>
Item 6. EXHIBITS AND REPORTS ON FORM 8-K

(A) Exhibits
3.01 Form of Amended and Restated Limited Partnership Agreement
of the Partnership, is incorporated by reference to
Exhibit A of the Partnership's Prospectus, dated March 23,
2001, filed with the Securities and Exchange Commission
pursuant to Rule 424(b)(3) under the Securities Act of
1933.
3.02 Certificate of Limited Partnership, dated March 21, 1991,
is incorporated by reference to Exhibit 3.02 of the
Partnership's Registration Statement on Form S-1 (File No.
333-47829) filed with the Securities and Exchange
Commission on March 12, 1998.
3.03 Amended Certificate of Limited Partnership, dated April
28, 1998, is incorporated by reference to Exhibit 3.03 of
the Partnership's Registration Statement on Form S-1 (File
No. 333-68773) filed with the Securities and Exchange
Commission on April 12, 1999.
3.04 Certificate of Amendment of Certificate of Limited
Partnership, dated November 1, 2001, (changing its name
from Morgan Stanley Dean Witter Spectrum Select L.P.) is
incorporated by reference to the Partnership's Form 8-K
(File No. 0-19511) filed with the Securities and Exchange
Commission on November 1, 2001.
10.01 Amended and Restated Management Agreement, dated as of
June 1, 1998, among the Partnership, Demeter, and Rabar
Market Research, Inc. is incorporated by reference to
Exhibit 10.01 of the Partnership's Form 10-K (File No. 0-
19511) for fiscal year ended December 31, 1998.
10.02 Amended and Restated Management Agreement, dated as of
June 1, 1998, among the Partnership, Demeter, and EMC
Capital Management, Inc. is incorporated by reference to
Exhibit 10.02 of the Partnership's Form 10-K (File No. 0-
19511) for fiscal year ended December 31, 1998.
10.03 Amended and Restated Management Agreement, dated as of
June 1, 1998, among the Partnership, Demeter, and Sunrise
Capital Management, Inc. is incorporated by reference to
Exhibit 10.03 of the Partnership's Form 10-K (File No. 0-
19511) for fiscal year ended December 31, 1998.
10.04 Management Agreement, dated as of May 1, 2001, among the
Partnership, Demeter, and Northfield Trading L.P., is
incorporated by reference to Exhibit 10.01 of the
Partnership's Form 8-K (File No. 0-19511) filed with the
Securities and Exchange Commission on May 5, 2001.
<page>
10.07 Subscription and Exchange Agreement and Power of Attorney
to be executed by each purchaser of Units is incorporated
by reference to Exhibit B of the Partnership's Prospectus,
dated March 23, 2001, filed with the Securities and
Exchange Commission pursuant to Rule 424(b)(3) under the
Securities Act of 1933.
10.10 Amended and Restated Escrow Agreement among the
Partnership, Morgan Stanley Spectrum Strategic L.P.,
Morgan Stanley Spectrum Global Balanced L.P., Morgan
Stanley Spectrum Technical L.P., Morgan Stanley Spectrum
Currency L.P., Morgan Stanley Spectrum Commodity L.P.,
Demeter, Morgan Stanley DW Inc., and Chemical Bank is
incorporated by reference to Exhibit 10.10 of the
Partnership's Registration Statement on Form S-1 (File No.
333-90467) filed with the Securities and Exchange
Commission on November 2, 2001.
10.11 Form of Subscription Agreement Update Form to be executed
by purchasers of Units is incorporated by reference to
Exhibit C of the Partnership's Prospectus, dated March 23,
2001, filed with the Securities and Exchange Commission
pursuant to Rule 424(b)(3) under the Securities Act of
1933.
10.12 Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW Inc., dated as of
October 16, 2000 is incorporated by reference to Exhibit
10.01 of the Partnership's Form 8-K (File No. 0-19511)
filed with the Securities and Exchange Commission on
November 1, 2001.
10.13 Commodity Futures Customer Agreement between Morgan
Stanley & Co. Incorporated and the Partnership, and
acknowledged and agreed to by Morgan Stanley DW Inc.,
dated as of June 6, 2000, is incorporated by reference to
Exhibit 10.02 of the Partnership's Form 8-K (File No. 0-
19511) filed with the Securities and Exchange Commission
on November 1, 2001.
10.14 Customer Agreement between the Partnership and Morgan
Stanley & Co. International Limited, dated as of June 6,
2000, is incorporated by reference to Exhibit 10.04 of the
Partnership's Form 8-K (File No. 0-19511) filed with the
Securities and Exchange Commission on November 1, 2001.
10.15 Foreign Exchange and Options Master Agreement between
Morgan Stanley & Co. Incorporated and the Partnership,
dated as of April 30, 1999, is incorporated by reference
to Exhibit 10.05 of the Partnership's Form 8-K (File No.
0-19511) filed with the Securities and Exchange Commission
on November 1, 2001.

<page>
10.16 Management Agreement, dated June 1, 2001, among the
Partnership, Demeter, and Northfield Trading L.P., is
incorporated by reference to Exhibit 10.01 of the
Partnership's Form 8-K (File No. 0-19511) filed with the
Securities and Exchange Commission on November 1, 2001.
10.17 Securities Account Control Agreement among the
Partnership, Morgan Stanley & Co. Incorporated, and Morgan
Stanley DW Inc., dated as of May 1, 2000, is incorporated
by reference to Exhibit 10.03 of the Partnership's Form
8-K (File No. 0-19511) filed with the Securities and
Exchange Commission on November 1, 2001.

(B) Reports on Form 8-K. - None.

<page>

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Spectrum Select
L.P. (Registrant)

By: Demeter Management Corporation
(General Partner)

November 14, 2001 By: /s/ Raymond E. Koch
Raymond E. Koch
Chief Financial Officer

The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.