<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>spec.txt
<DESCRIPTION>SPECTRUM CURRENCY
<TEXT>

MORGAN STANLEY
SPECTRUM SERIES

November 2004
Monthly Report

This Monthly Report supplements the Spectrum Funds' Prospectus dated April 28,
2004 and the Prospectus Supplement dated October 19, 2004.

Issued: December 31, 2004

[MORGAN STANLEY LOGO OMITTED]

<PAGE>

MORGAN STANLEY SPECTRUM SERIES
--------------------------------------------------------------------------------
HISTORICAL FUND PERFORMANCE
--------------------------------------------------------------------------------

Presented below is the percentage change in Net Asset Value per Unit from the
start of every calendar year each Fund has traded. Also provided is the
inception-to-date return and the compound annualized return since inception for
each Fund. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1991 1992 1993 1994 1995 1996 1997 1998 1999
FUND % % % % % % % % %
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Spectrum Currency ............. -- -- -- -- -- -- -- -- --

------------------------------------------------------------------------------------------------------------------------------------
Spectrum Global Balanced ...... -- -- -- (1.7) 22.8 (3.6) 18.2 16.4 0.8
(2 mos.)
------------------------------------------------------------------------------------------------------------------------------------
Spectrum Select ............... 31.2 (14.4) 41.6 (5.1) 23.6 5.3 6.2 14.2 (7.6)
(5 mos.)
------------------------------------------------------------------------------------------------------------------------------------
Spectrum Strategic ........... -- -- -- 0.1 10.5 (3.5) 0.4 7.8 37.2
(2 mos.)
------------------------------------------------------------------------------------------------------------------------------------
Spectrum Technical ............ -- -- -- (2.2) 17.6 18.3 7.5 10.2 (7.5)
(2 mos.)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INCEPTION- COMPOUND
TO-DATE ANNUALIZED
2000 2001 2002 2003 2004 RETURN RETURN
FUND % % % % % % %
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Spectrum Currency ............. 11.7 11.1 12.2 12.4 (10.0) 40.9 8.1
(6 mos.) (11 mos.)
----------------------------------------------------------------------------------------------------------------------
Spectrum Global Balanced ...... 0.9 (0.3) (10.1) 6.2 (6.3) 44.9 3.8
(11 mos.)
----------------------------------------------------------------------------------------------------------------------
Spectrum Select ............... 7.1 1.7 15.4 9.6 (5.4) 186.8 8.2
(11 mos.)
----------------------------------------------------------------------------------------------------------------------
Spectrum Strategic ........... (33.1) (0.6) 9.4 24.0 1.2 44.8 3.7
(11 mos.)
----------------------------------------------------------------------------------------------------------------------
Spectrum Technical ............ 7.8 (7.2) 23.3 23.0 4.1 135.7 8.9
(11 mos.)
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
DEMETER MANAGEMENT CORPORATION
--------------------------------------------------------------------------------
330 Madison Avenue, 8th Floor
New York, NY 10017
Telephone (212) 905-2700
MORGAN STANLEY SPECTRUM SERIES
MONTHLY REPORT
NOVEMBER 2004

Dear Limited Partner:

The Net Asset Value per Unit for each of the five Morgan Stanley Spectrum
Funds as of November 30, 2004 was as follows:

FUND N.A.V. % CHANGE FOR MONTH
--------------------------------------------------------------------------------
Spectrum Currency $14.09 13.02%
--------------------------------------------------------------------------------
Spectrum Global Balanced $14.49 1.06%
--------------------------------------------------------------------------------
Spectrum Select $28.68 8.40%
--------------------------------------------------------------------------------
Spectrum Strategic $14.48 1.36%
--------------------------------------------------------------------------------
Spectrum Technical $23.57 12.51%
--------------------------------------------------------------------------------

Detailed performance information for each Fund is located in the body of the
financial report. For each Fund, we provide a trading results by sector chart
that portrays trading gains and trading losses for the previous month and
year-to-date in each sector in which the Fund participates. In the case of
Spectrum Currency, we provide the trading gains and trading losses for the five
major currencies in which the Fund participates, and composite information for
all other "minor" currencies traded within the Fund.

The trading results by sector charts indicate the monthly and year-to-date
composite percentage returns generated by the specific assets dedicated to
trading within each market sector in which each Fund participates. Please note
that there is not an equal amount of assets in each market sector, and the
specific allocations of assets by a Fund to each sector will vary over time
within a predetermined range. Below each chart is a description of the factors
that influenced trading gains and trading losses within each Fund during the
previous month.

I WOULD ALSO LIKE TO TAKE THIS OPPORTUNITY TO INFORM YOU THAT WE ANTICIPATE
SCHEDULE K-1 (FORM 1065) TAX FORMS REPORTING EACH LIMITED PARTNER'S SHARE OF THE
PARTNERSHIP INCOME, LOSS AND DEDUCTIONS FOR CALENDAR YEAR 2004 WILL BE MAILED TO
HOLDERS OF NON-IRA ACCOUNTS DURING THE LAST WEEK OF FEBRUARY. SHOULD YOU HAVE AN
IRA ACCOUNT AND WISH TO RECEIVE A SCHEDULE K-1 TAX FORM, PLEASE CONTACT YOUR
MORGAN STANLEY FINANCIAL ADVISOR.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 330 Madison Avenue, 8th Floor, New York,
NY 10017 or your Morgan Stanley Financial Advisor.

I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is no
guarantee of future results.

Sincerely,

/s/ Jeffrey A. Rothman
Chairman of the Board of Directors and President
Demeter Management Corporation
General Partner for
Morgan Stanley Spectrum Currency L.P.
Morgan Stanley Spectrum Global Balanced L.P.
Morgan Stanley Spectrum Select L.P.
Morgan Stanley Spectrum Strategic L.P.
Morgan Stanley Spectrum Technical L.P.

<PAGE>

--------------------------------------------------------------------------------
SPECTRUM CURRENCY
--------------------------------------------------------------------------------

[The following data represents a bar graph in the printed document]

MONTH ENDED NOVEMBER 30, 2004 YTD ENDED NOVEMBER 30, 2004

Australian dollar 1.02 0.22
British pound -1.68 -3.25
Euro 4.86 5.7
Japanese yen -0.07 -7.81
Swiss franc 2.45 2.87
Minor currencies 6.89 -1.4

Note: Reflects trading results only and does not include fees or
interest income. Minor currencies may include, but are not limited
to, the South African rand, Thai baht, Singapore dollar, Mexican
peso, New Zealand dollar, and Norwegian krone.

FACTORS INFLUENCING MONTHLY TRADING GAINS:

> Trading within the currency markets resulted in gains as long positions in a
variety of European currencies, particularly the euro and Swiss franc, versus
the U.S. dollar profited during the month from a declining U.S. dollar trend.
Following the victory of President Bush in the U.S. Presidential Election,
the value of the U.S. dollar declined as investors concluded that the
Republican Administration was unlikely to strengthen the U.S. dollar through
currency market interventions. The U.S. dollar weakened further as the market
digested details concerning the staggering U.S. trade and budget deficits,
which gave rise to doubts about the strength and sustainability of U.S.
economic expansion. Towards the end of the month, the U.S. dollar's value
fell to new lows against rival currencies as global central banks,
specifically the Bank of Japan and the European Central Bank, implied they
would not intervene to support the U.S. dollar by selling foreign currency
holdings and purchasing U.S. Treasuries with U.S. dollars.

> Long positions in "Commodity Currencies" (Australian and New Zealand dollars,
and South African rand) versus the U.S. dollar provided additional Fund
profits as they also benefited from the U.S. dollar's weakness, as well as an
increase in gold prices.

FACTORS INFLUENCING MONTHLY TRADING LOSSES:

> Fund losses for the month occurred in short British pound positions versus
the U.S. dollar as the pound's value reversed higher against the U.S. dollar
due to the weakening of the U.S. currency for the above-mentioned factors.

<PAGE>

--------------------------------------------------------------------------------
SPECTRUM GLOBAL BALANCED
--------------------------------------------------------------------------------

[The following data represents a bar graph in the printed document]

MONTH ENDED NOVEMBER 30, 2004 YTD ENDED NOVEMBER 30, 2004

Currencies 1.37 -2.35
Interest Rates -0.1 0.93
Stock Indices 1.16 0.44
Energies -1.18 0.31
Metals 0.33 -0.97
Agriculturals -0.33 -1.01

Note: Reflects trading results only and does not include fees or
interest income.

FACTORS INFLUENCING MONTHLY TRADING GAINS:

> Trading within the currency markets resulted in gains as long positions in a
variety of foreign currencies versus the U.S. dollar profited from a
declining U.S. dollar trend. Following the victory of President Bush in the
U.S. Presidential Election, the value of the U.S. dollar declined as
investors concluded that the Republican Administration was unlikely to
strengthen the U.S. dollar through currency market interventions. The U.S.
dollar weakened further as the market digested details concerning the U.S.
trade and budget deficits. Towards the end of the month, the U.S. dollar's
value fell to new lows against rival currencies as global central banks,
specifically the Bank of Japan and the European Central Bank, implied they
would not intervene to support the U.S. dollar by selling foreign currency
holdings and purchasing U.S. Treasuries with U.S. dollars.

> Within the global equity index sector, gains resulted from long positions in
European and U.S. stock index futures as equity prices finished the month
higher. Early in the month, market prices rallied following a victory by
President Bush in the U.S. Presidential Election. Prices continued to advance
in response to a decline in oil prices, an increase in the University of
Michigan's U.S. consumer sentiment index, positive corporate earnings and
speculation that the weak value of the U.S. dollar would attract foreign
buyers to U.S. exports.

> Additional Fund gains resulted in the metals markets from long futures
positions in precious and base metals. The steep drop in the value of the
U.S. dollar contributed to a significant rise in gold and silver prices as
demand for "safe haven" assets increased. Additional gains were recorded from
long futures positions in base metals, as prices strengthened due to weakness
in the U.S. dollar.

FACTORS INFLUENCING MONTHLY TRADING LOSSES:

> The majority of Fund losses for the month originated in the energy sector
primarily from long futures positions in crude oil and its related products
as prices finished lower amid news of rising oil inventories and an increase
in supply as production in the Gulf of Mexico, Norway, and Nigeria returned
to normal. Additional sector losses resulted from long futures positions in
natural gas as prices reversed sharply lower in response to growing reserves
and seasonally moderate temperatures.
> Losses also occurred in the agricultural markets from short futures positions
in sugar as prices advanced, boosted by technically-based buying.

<PAGE>

--------------------------------------------------------------------------------
SPECTRUM SELECT
--------------------------------------------------------------------------------

[The following data represents a bar graph in the printed document]

MONTH ENDED NOVEMBER 30, 2004 YTD ENDED NOVEMBER 30, 2004

Currencies 7.24 1.35
Interest Rates -0.54 -2.75
Stock Indices 1.15 -2.41
Energies -0.7 4.64
Metals 1.07 2.1
Agriculturals 0.65 1.58

Note: Reflects trading results only and does not include fees or
interest income.

FACTORS INFLUENCING MONTHLY TRADING GAINS:

> Within the global equity index sector, gains resulted from long positions in
U.S. and Asian stock index futures as prices finished the month higher
following a victory by President Bush in the U.S. Presidential Election.
Prices continued to advance in response to a decline in oil prices, an
increase in consumer sentiment and positive corporate earnings.

> Additional gains resulted in the metals markets from long futures positions
in precious and base metals. The steep drop in the value of the U.S. dollar
contributed to the significant rise in gold and silver prices as demand for
"safe haven" assets increased. Additional gains were recorded from long
futures positions in base metals as prices strengthened due to weakness in
the U.S. dollar.

> Gains in the agricultural markets stemmed from long futures positions in
coffee, which benefited as prices strengthened due to technically-based
buying and news of reduced exports from Brazil.

FACTORS INFLUENCING MONTHLY TRADING LOSSES:

> Fund losses for the month were incurred in the energy sector primarily from
long futures positions in natural gas as prices reversed sharply lower in
response to growing reserves and seasonally moderate temperatures. Additional
losses resulted from long futures positions in crude oil and its related
products as prices finished lower amid news of an increase in supply.

> Smaller losses occurred in the global interest rate sector from long
positions in U.S. interest rate futures primarily during the first week of
the month as bond prices retreated sharply following a
better-than-anticipated U.S. government report on job.

<PAGE>

--------------------------------------------------------------------------------
SPECTRUM STRATEGIC
--------------------------------------------------------------------------------

[The following data represents a bar graph in the printed document]

MONTH ENDED NOVEMBER 30, 2004 YTD ENDED NOVEMBER 30, 2004

Currencies 1.18 0.24
Interest Rates 0.17 0.66
Stock Indices 0.15 -2.54
Energies -1.55 -0.58
Metals 1.35 3.88
Agriculturals 0.43 8.36

Note: Reflects trading results only and does not include fees or
interest income.

FACTORS INFLUENCING MONTHLY TRADING GAINS:

> Gains achieved in the metals markets resulted from long futures positions in
precious and base metals. The steep drop in the value of the U.S. dollar
contributed to the significant rise in gold and silver prices as demand for
"safe haven" assets increased. Additional gains were recorded from long
futures positions in base metals as prices strengthened due to weakness in
the U.S. dollar.

> Trading within the currency markets also generated gains as long positions in
a variety of foreign currencies versus the U.S. dollar profited from a
declining U.S. dollar trend. Following the victory of President Bush in the
U.S. Presidential Election, the value of the U.S. dollar declined as
investors concluded that the Republican Administration was unlikely to
strengthen the U.S. dollar through currency market interventions. The U.S.
dollar weakened further as the market digested details concerning the U.S.
trade and budget deficits.

> Gains in the agricultural markets stemmed from long futures positions in
coffee and sugar as prices for both commodities strengthened due to
technically-based buying. News of reduced coffee exports from Brazil provided
an additional boost to coffee prices.

> In the global interest rate markets, long positions in European interest rate
futures generated gains as prices strengthened amid heightened economic
concerns prompted by weak economic data out of France and Germany. Another
contributing factor was the advancing euro caused by growing demand for euro
denominated investments. Additional gains were recorded from long positions
in Australian interest rate futures as prices increased in response to the
stronger Australian dollar.

> Within the global equity index sector, gains resulted from long positions in
U.S. stock index futures as prices finished the month higher following a
victory by President Bush in the U.S. Presidential Election. Prices continued
to advance in response to a decline in oil prices, an increase in consumer
sentiment, positive corporate earnings and the weak value of the U.S. dollar.

FACTORS INFLUENCING MONTHLY TRADING LOSSES:

> Fund losses for the month were incurred in the energy sector primarily from
long positions in crude oil and its related products as prices finished lower
amid news of an increase in supply. Additional sector losses resulted from
long positions in natural gas as prices reversed sharply lower in response to
growing reserves and seasonally moderate temperatures.

<PAGE>

--------------------------------------------------------------------------------
SPECTRUM TECHNICAL
--------------------------------------------------------------------------------

[The following data represents a bar graph in the printed document]

MONTH ENDED NOVEMBER 30, 2004 YTD ENDED NOVEMBER 30, 2004

Currencies 7.62 -0.05
Interest Rates 2.16 8.58
Stock Indices 1.83 -3.48
Energies -1.16 12.16
Metals 1.58 0.71
Agriculturals 1.2 -1.73

Note: Reflects trading results only and does not include fees or
interest income.

FACTORS INFLUENCING MONTHLY TRADING GAINS:

> In the global interest rate markets, long positions in European interest rate
futures generated gains as prices strengthened amid heightened economic
concerns prompted by weak economic data out of France and Germany. Another
contributing factor was the advancing euro caused by growing demand for euro
denominated investments. Additional gains were recorded from long positions
in Japanese and Australian interest rate futures as prices in these markets
also increased amid intense demand for local-currency denominated
investments.

> Within the global equity index sector, gains resulted from long positions in
U.S. and European stock index futures as prices finished the month higher
following a victory by President Bush in the U.S. Presidential Election.
Prices continued to advance in response to a decline in oil prices, an
increase in consumer sentiment and positive corporate earnings. Smaller
profits were recorded from long positions in Australian equity index futures
as prices trended higher on strong economic data out of Australia.

> Additional gains resulted in the metals markets from long futures positions
in precious and base metals. The steep drop in the value of the U.S. dollar
contributed to the significant rise in gold and silver prices as demand for
"safe haven" assets increased. Long futures positions in base metals recorded
gains as prices strengthened due to weakness in the U.S. dollar.

> Finally, gains were recorded in the agricultural markets from long positions
in lean hogs futures as prices moved higher amid increased export demand.
Long futures positions in coffee and sugar also supplied profits as prices
strengthened due to technically-based buying. News of reduced coffee exports
from Brazil provided an additional boost to coffee prices. Gains were also
experienced from short futures positions in wheat and corn as prices
continued to trend lower.

FACTORS INFLUENCING MONTHLY TRADING LOSSES:

> Losses for the month were incurred in the energy sector primarily from long
positions in natural gas as prices reversed sharply lower in response to
growing reserves and seasonally moderate temperatures. Additional sector
losses resulted from long futures positions in crude oil and its related
products as prices finished lower amid news of an increase in supply.

<PAGE>

[This page intentionally left blank]

<PAGE>

MORGAN STANLEY SPECTRUM SERIES
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
FOR THE MONTH ENDED NOVEMBER 30, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
MORGAN STANLEY MORGAN STANLEY
SPECTRUM CURRENCY SPECTRUM GLOBAL BALANCED
--------------------------------- --------------------------------
PERCENTAGE OF PERCENTAGE OF
NOVEMBER 1, 2004 NOVEMBER 1, 2004
BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
--------------------------------- --------------------------------
$ % $ %
<S> <C> <C> <C> <C>
REVENUES
Trading profit (loss):
Realized -- -- (956,263) (1.97)
Net change in unrealized 30,864,406 13.46 1,636,411 3.37
---------- ----- --------- -----
Total Trading Results 30,864,406 13.46 680,148 1.40
Interest income (Note 2) 248,617 .11 72,281 .15
---------- ----- --------- -----
Total Revenues 31,113,023 13.57 752,429 1.55
---------- ----- --------- -----

EXPENSES
Brokerage fees (Note 2) 878,993 .38 186,046 .38
Management fees (Note 3) 382,170 .17 50,555 .11
---------- ----- --------- -----
Total Expenses 1,261,163 .55 236,601 .49
---------- ----- --------- -----
NET INCOME 29,851,860 13.02 515,828 1.06
========== ===== ========= =====
</TABLE>

MORGAN STANLEY SPECTRUM SERIES
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSET VALUE
--------------------------------------------------------------------------------

FOR THE MONTH ENDED NOVEMBER 30, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
MORGAN STANLEY MORGAN STANLEY
SPECTRUM CURRENCY SPECTRUM GLOBAL BALANCED
------------------------------------------ -----------------------------------------
PER PER
UNITS AMOUNT UNIT UNITS AMOUNT UNIT
-------------- ----------- ----- ------------- ---------- -----
$ $ $ $
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
November 1, 2004 18,393,694.367 229,302,531 12.47 3,385,461.128 48,534,061 14.34
Net Income -- 29,851,860 1.62 -- 515,828 .15
Redemptions (182,653.769) (2,573,592) 14.09 (33,846.666) (490,438) 14.49
Subscriptions 452,491.373 6,375,603 14.09 41,280.521 598,155 14.49
-------------- ----------- ------------- ----------
Net Asset Value,
November 30, 2004 18,663,531.971 262,956,402 14.09 3,392,894.983 49,157,606 14.49
============== =========== ===== ============= ========== =====
</TABLE>

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

<PAGE>

<TABLE>
<CAPTION>
MORGAN STANLEY MORGAN STANLEY MORGAN STANLEY
SPECTRUM SELECT SPECTRUM STRATEGIC SPECTRUM TECHNICAL
------------------------------- ------------------------------ ----------------------------
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
NOVEMBER 1, 2004 NOVEMBER 1, 2004 NOVEMBER 1, 2004
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
------------------------------- ------------------------------- ----------------------------
$ % $ % $ %
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Trading profit (loss):
Realized 6,296,719 1.21 (119,715) (.07) 47,008,942 6.99
Net change in unrealized 41,266,536 7.91 4,028,882 2.32 42,070,796 6.25
---------- ---- --------- ---- ---------- -----
Total Trading Results 47,563,255 9.12 3,909,167 2.25 89,079,738 13.24
Interest income (Note 2) 621,329 .12 199,062 .11 794,221 .12
---------- ---- --------- ---- ---------- -----
Total Revenues 48,184,584 9.24 4,108,229 2.36 89,873,959 13.36
---------- ---- --------- ---- ---------- -----

EXPENSES
Brokerage fees (Note 2) 3,150,548 .60 1,051,204 .60 4,064,695 .60
Management fees (Note 3) 1,232,076 .24 398,714 .23 1,433,688 .22
Incentive fees (Note 3) -- -- 298,604 .17 228,683 .03
---------- ---- --------- ---- ---------- -----
Total Expenses 4,382,624 .84 1,748,522 1.00 5,727,066 .85
---------- ---- --------- ---- ---------- -----
NET INCOME 43,801,960 8.40 2,359,707 1.36 84,146,893 12.51
========== ==== ========= ==== ========== =====
</TABLE>

<TABLE>
<CAPTION>
MORGAN STANLEY MORGAN STANLEY
SPECTRUM SELECT SPECTRUM STRATEGIC
------------------------------------------ -------------------------------------------
PER PER
UNITS AMOUNT UNIT UNITS AMOUNT UNIT
-------------- ----------- ----- -------------- ----------- -----
$ $ $ $
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
November 1, 2004 19,710,740.274 521,470,036 26.46 12,179,148.336 173,992,414 14.29
Net Income -- 43,801,960 2.22 -- 2,359,707 .19
Redemptions (149,987.856) (4,301,652) 28.68 (103,017.004) (1,491,686) 14.48
Subscriptions 459,143.122 13,168,219 28.68 278,409.739 4,031,372 14.48
-------------- ----------- -------------- -----------
Net Asset Value,
November 30, 2004 20,019,895.540 574,138,563 28.68 12,354,541.071 178,891,807 14.48
============== =========== ===== ============== =========== =====
</TABLE>

<TABLE>
<CAPTION>
MORGAN STANLEY
SPECTRUM TECHNICAL
--------------------------------------------
PER
UNITS AMOUNT UNIT
-------------- ------------ -----
$ $
<S> <C> <C> <C>
Net Asset Value,
November 1, 2004 32,110,134.556 672,777,074 20.95
Net Income -- 84,146,893 2.62
Redemptions (295,454.101) (6,963,853) 23.57
Subscriptions 695,064.304 16,382,666 23.57
-------------- ------------
Net Asset Value,
November 30, 2004 32,509,744.759 766,342,780 23.57
============== =========== =====
</TABLE>

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

<PAGE>

MORGAN STANLEY SPECTRUM SERIES
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
(UNAUDITED)
--------------------------------------------------------------------------------

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION. Morgan Stanley Spectrum Currency L.P. ("Spectrum Currency"),
Morgan Stanley Spectrum Global Balanced L.P. ("Spectrum Global Balanced"),
Morgan Stanley Spectrum Select L.P. ("Spectrum Select"), Morgan Stanley Spectrum
Strategic L.P. ("Spectrum Strategic"), and Morgan Stanley Spectrum Technical
L.P. ("Spectrum Technical") (individually, a "Partnership" or collectively, the
"Partnerships"), are limited partnerships organized to engage primarily in the
speculative trading of futures 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 (collectively, "futures interests").

The Partnerships' general partner is Demeter Management Corporation
("Demeter"). The non-clearing commodity broker is Morgan Stanley DW Inc.
("Morgan Stanley DW"). The clearing commodity brokers for Spectrum Global
Balanced, Spectrum Select, and Spectrum Technical are Morgan Stanley & Co.
Incorporated ("MS & Co.") and Morgan Stanley & Co. International Limited
("MSIL"). Spectrum Strategic's clearing commodity brokers are MS & Co., MSIL,
and Morgan Stanley Capital Group Inc. ("MSCG"). Spectrum Currency's clearing
commodity broker is MS & Co. Demeter, Morgan Stanley DW, MS & Co., MSIL, and
MSCG are wholly-owned subsidiaries of Morgan Stanley.

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

USE OF ESTIMATES. The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management believes
that the estimates utilized in the preparation of the financial statements are
prudent and reasonable. Actual results could differ from those estimates.

REVENUE RECOGNITION. Futures interests are open commitments until settlement
date. They are valued at market on a daily basis and the resulting net change in
unrealized gains and losses is reflected in the change in unrealized trading
profit (loss) on open contracts from one period to the next on the Statements of
Operations. Monthly, Morgan Stanley DW

<PAGE>

pays each Partnership interest income based upon 80% of the month's average
daily "Net Assets" (as defined in the Limited Partnership Agreements) in the
case of Spectrum Currency, Spectrum Select, Spectrum Strategic, and Spectrum
Technical, and on 100% in the case of Spectrum Global Balanced. The interest
rate is equal to a prevailing rate on U.S. Treasury bills. For purposes of such
interest payments, Net Assets do not include monies owed to the Partnerships on
futures interests.

NET INCOME (LOSS) PER UNIT. Net income (loss) per unit of limited partnership
interest ("Unit(s)") is computed using the weighted average number of Units
outstanding during the period.

BROKERAGE AND RELATED TRANSACTION FEES AND COSTS. The brokerage fees for
Spectrum Currency and Spectrum Global Balanced are accrued at a flat monthly
rate of 1/12 of 4.6% (a 4.6% annual rate) of Net Assets as of the first day of
each month.

Brokerage fees for Spectrum Select, Spectrum Strategic, and Spectrum
Technical are accrued at a flat monthly rate of 1/12 of 7.25% (a 7.25% annual
rate) of Net Assets as of the first day of each month.

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

OPERATING EXPENSES. The Partnerships incur monthly management fees and may incur
incentive fees. All common administrative and continuing offering expenses
including legal, auditing, accounting, filing fees, and other related expenses
are borne by Morgan Stanley DW through the brokerage fees paid by the
Partnerships.

INCOME TAXES. No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible for reporting
income or loss based upon their respective share of each Partnership's revenues
and expenses for income tax purposes.

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

CONTINUING OFFERING. Units of each Partnership are offered at a price equal to
100% of the Net Asset Value per Unit as of the close of business on the last day
of each month. No selling commissions or charges related to the continuing
offering of Units are paid by the limited part-

<PAGE>

ners or the Partnerships. Morgan Stanley DW pays all such costs.

REDEMPTIONS. Limited partners may redeem some or all of their Units at 100% of
the Net Asset Value per Unit as of the end of the last day of any month that is
at least six months after the closing at which a person becomes a limited
partner, upon five business days advance notice by redemption form to Demeter.
Thereafter, Units redeemed on or prior to the last day of the twelfth month
after such Units were purchased will be subject to a redemption charge equal to
2% of the Net Asset Value of a Unit on the date of such redemption. Units
redeemed after the last day of the twelfth month and on or prior to the last day
of the twenty-fourth month after which such Units were purchased will be subject
to a redemption charge equal to 1% of the Net Asset Value of a Unit on the date
of such redemption. Units redeemed after the last day of the twenty-fourth month
after which such Units were purchased will not be subject to a redemption
charge. The foregoing redemption charges are paid to Morgan Stanley DW.
Redemptions must be made in whole Units, in a minimum amount of 50 Units, unless
a limited partner is redeeming his entire interest in a Partnership.

EXCHANGES. On the last day of the first month which occurs more than six months
after a person first becomes a limited partner in any of the Partnerships, and
at the end of each month thereafter, limited partners may exchange their
investment among the Partnerships (subject to certain restrictions outlined in
the Limited Partnership Agreements) without paying additional charges.

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

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2. RELATED PARTY TRANSACTIONS
The Partnerships pay brokerage fees to Morgan Stanley DW as described in Note 1.
Spectrum Global Balanced, Spectrum Select, Spectrum Strategic, and Spectrum
Technical's cash is on deposit with Morgan Stanley DW, MS & Co., and MSIL, and
Spectrum Currency's cash is on

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deposit with Morgan Stanley DW and MS & Co., in futures interests trading
accounts to meet margin requirements as needed. Morgan Stanley DW pays interest
on these funds as described in Note 1.

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

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

Morgan Stanley Spectrum Global Balanced L.P.
SSARIS Advisors, LLC

Morgan Stanley Spectrum Select L.P.
EMC Capital Management, Inc. ("EMC")
Northfield Trading L.P. ("Northfield")
Rabar Market Research, Inc. ("Rabar")
Sunrise Capital Management, Inc. ("Sunrise")
Graham Capital Management, L.P. ("Graham")

Morgan Stanley Spectrum Strategic L.P.
Blenheim Capital Management, L.L.C. ("Blenheim")
Eclipse Capital Management, Inc. ("Eclipse")
FX Concepts ("FX Concepts")

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

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

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

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

The management fee for Spectrum Select is accrued at a rate of 1/4 of 1% per
month of Net Assets allocated to

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EMC, Northfield, Rabar, and Sunrise on the first day of each month (a 3% annual
rate) and 1/12 of 2% per month of Net Assets allocated to Graham on the first
day of each month (a 2% annual rate).

The management fee for Spectrum Strategic is accrued at a rate of 1/12 of 3%
per month of Net Assets allocated to Blenheim and Eclipse on the first day of
each month (a 3% annual rate) and 1/12 of 2% per month of Net Assets allocated
to FX Concepts on the first day of each month (a 2% annual rate).

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

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

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

Spectrum Strategic pays a monthly incentive fee equal to 15% of the trading
profits experienced with respect to the Net Assets allocated to Blenheim and
Eclipse as of the end of each calendar month and 20% of the trading profits
experienced with respect to the Net Assets allocated to FX Concepts as of the
end of each calendar month.

Spectrum Select pays a monthly incentive fee equal to 15% of the trading
profits experienced with respect to the Net Assets allocated to EMC, Northfield,
Rabar, and Sunrise as of the end of each calendar month and 20% of the trading
profits experienced with respect to the Net Assets allocated to Graham as of the
end of each calendar month.

Spectrum Technical pays a monthly incentive fee equal to 20% of the trading
profits experienced with respect to the Net Assets allocated to Campbell, JWH,
and Winton as of the end of each calendar month and 19% of the trading profits
experienced with respect to the Net Assets allocated to Chesapeake as of the end
of each calendar month.

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Trading profits represent the amount by which profits from futures, forwards,
and options trading exceed losses after brokerage and management fees are
deducted.

For all Partnerships with trading losses, no incentive fee is paid in
subsequent months until all such losses are recovered. Cumulative trading losses
are adjusted on a pro-rata basis for the net amount of each month's
subscriptions and redemptions.

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Demeter Management Corporation
330 Madison Avenue, 8th Floor
New York, NY 10017

[MORGAN STANLEY LOGO OMITTED]

ADDRESS SERVICE REQUESTED

[RECYCLE LOGO] printed on recycled paper
DWS 38221-09

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