MORGAN STANLEY
SPECTRUM SERIES

November 2006
Monthly Report

This Monthly Report supplements the Spectrum Funds' Prospectus
dated May 1, 2006.

Issued: December 29, 2006

[MORGAN STANLEY LOGO]

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.

INCEPTION- COMPOUND
TO-DATE ANNUALIZED
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 RETURN RETURN
FUND % % % % % % % % % % % % % % % % % %
- ------------------------------------------------------------------------------------------------------------------------------------

Spectrum
Currency -- -- -- -- -- -- -- -- -- 11.7 11.1 12.2 12.4 (8.0) (18.3) (5.4) 11.4 1.7
(6 mos.) (11 mos.)
- ------------------------------------------------------------------------------------------------------------------------------------
Spectrum
Global
Balanced -- -- -- (1.7) 22.8 (3.6) 18.2 16.4 0.8 0.9 (0.3) (10.1) 6.2 (5.6) 4.2 3.3 57.4 3.8
(2 mos.) (11 mos.)
- ------------------------------------------------------------------------------------------------------------------------------------
Spectrum
Select 31.2 (14.4) 41.6 (5.1) 23.6 5.3 6.2 14.2 (7.6) 7.1 1.7 15.4 9.6 (4.7) (5.0) 5.6 190.0 7.2
(5 mos.) (11 mos.)
- ------------------------------------------------------------------------------------------------------------------------------------
Spectrum
Strategic -- -- -- 0.1 10.5 (3.5) 0.4 7.8 37.2 (33.1) (0.6) 9.4 24.0 1.7 (2.6) 18.0 67.3 4.4
(2 mos.) (11 mos.)
- ------------------------------------------------------------------------------------------------------------------------------------
Spectrum
Technical -- -- -- (2.2) 17.6 18.3 7.5 10.2 (7.5) 7.8 (7.2) 23.3 23.0 4.4 (5.4) 2.2 128.6 7.1
(2 mos.) (11 mos.)
- ------------------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
DEMETER MANAGEMENT CORPORATION
- --------------------------------------------------------------------------------
330 Madison Avenue, 8th Floor
New York, NY 10017
Telephone (212) 905-2700

MORGAN STANLEY SPECTRUM SERIES
MONTHLY REPORT
NOVEMBER 2006
Dear Limited Partner:

The Net Asset Value per Unit for each of the five Morgan Stanley Spectrum
Funds as of November 30, 2006 was as follows:

FUND N.A.V. % CHANGE FOR MONTH
- --------------------------------------------------------------------------------
Spectrum Currency $11.14 5.63%
- --------------------------------------------------------------------------------
Spectrum Global Balanced $15.74 1.02%
- --------------------------------------------------------------------------------
Spectrum Select $29.00 2.66%
- --------------------------------------------------------------------------------
Spectrum Strategic $16.73 5.12%
- --------------------------------------------------------------------------------
Spectrum Technical $22.86 4.06%
- --------------------------------------------------------------------------------

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.

LIMITED PARTNERS OF MORGAN STANLEY SPECTRUM SELECT L.P. ("SPECTRUM SELECT")
ARE REMINDED THAT EFFECTIVE NOVEMBER 1, 2006, THE MONTHLY MANAGEMENT FEE PAYABLE
TO RABAR MARKET RESEARCH, INC. ("RABAR") AND EMC CAPITAL MANAGEMENT, INC.
("EMC") WAS REDUCED FROM 1/4 OF 1% (A 3% ANNUAL RATE) TO 5/24 OF 1% (A 2.5%
ANNUAL RATE). ALSO, EFFECTIVE NOVEMBER 1, 2006, THE MONTHLY INCENTIVE FEE
PAYABLE TO RABAR AND EMC WAS INCREASED FROM 15% TO 17.5% OF THE TRADING PROFITS
EXPERIENCED WITH RESPECT TO THE NET ASSETS ALLOCATED TO RABAR AND EMC AS OF THE
END OF EACH CALENDAR MONTH.

LIMITED PARTNERS OF SPECTRUM SELECT ARE REMINDED THAT, SUBJECT TO CERTAIN
RESTRICTIONS, THEY HAVE THE RIGHT TO REDEEM THEIR UNITS OF LIMITED PARTNERSHIP
INTERESTS (THE "UNITS") ON A MONTHLY BASIS, AND THAT LIMITED PARTNERS OWNING
MORE THAN 50% OF THE OUTSTANDING UNITS OF SPECTRUM SELECT MAY VOTE TO TAKE
CERTAIN ACTIONS WITH RESPECT TO THE PARTNERSHIP, AS MORE FULLY SET FORTH IN
SECTION 15(C) OF THE LIMITED PARTNERSHIP AGREEMENT ON PAGE A-21 OF THE SPECTRUM
SERIES PROSPECTUS.

EFFECTIVE NOVEMBER 6, 2006, KEVIN PERRY WILL NO LONGER SERVE AS CHIEF
FINANCIAL OFFICER OF DEMETER.

EFFECTIVE NOVEMBER 6, 2006, LEE HORWITZ WILL SERVE AS CHIEF FINANCIAL OFFICER
OF DEMETER, AND WILL BE A PRINCIPAL OF DEMETER, SUBJECT TO APPROVAL BY AND
REGISTRATION WITH THE NATIONAL FUTURES ASSOCIATION.

LEE HORWITZ, AGE 55, CURRENTLY SERVES AS AN EXECUTIVE DIRECTOR AND CONTROLLER
WITHIN THE GLOBAL WEALTH MANAGEMENT GROUP AT MORGAN STANLEY. MR. HORWITZ JOINED
MORGAN STANLEY IN MARCH 1984 AND HAS HELD A VARIETY OF POSITIONS THROUGHOUT
MORGAN STANLEY'S ORGANIZATION DURING HIS TENURE. MR. HORWITZ RECEIVED A B.A.
DEGREE FROM QUEENS COLLEGE AND AN MBA FROM RUTGERS UNIVERSITY. MR. HORWITZ IS A
CERTIFIED PUBLICACCOUNTANT.

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/ Walter J. Davis

Walter J. Davis
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.

- --------------------------------------------------------------------------------
MORGAN STANLEY SPECTRUM CURRENCY L.P.
- --------------------------------------------------------------------------------

[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED NOVEMBER 30, 2006 YTD ENDED NOVEMBER 30, 2006

Australian dollar 1.01 0.07
British pound 3.87 6.75
Euro 1.33 1.26
Japanese yen -1.1 -4.99
Swiss franc -1.05 -5.58
Minor Currencies 1.78 -0.05

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, Polish zloty, Brazilian real, Norwegian krone, and Czech
koruna.

During the month, the Fund experienced gains from long positions in the British
pound, euro, Australian dollar, Polish zloty, and Singapore dollar versus the
U.S. dollar. These gains were partially offset by losses from short positions in
the Japanese yen and Swiss franc versus the U.S. dollar, as well as long
positions in the Mexican peso versus the U.S. dollar.

Long positions in the British pound, euro, Australian dollar, Polish zloty, and
Singapore dollar versus the U.S. dollar resulted in profits as the value of the
U.S. dollar moved lower against most of its rivals on news that China, the
world's largest holder of foreign-exchange reserves, will begin to more
aggressively diversify its reserves away from the U.S. currency. The value of
the U.S. dollar continued to move lower towards the latter half of the month on
concerns of a slowing U.S. economy after reports showed an increase in jobless
claims, while consumer sentiment unexpectedly weakened. At the end of the month,
the U.S. dollar hit a 14-year low against the British pound and 20-month low
against the euro due to expectations that the European Central Bank will
continue to raise interest rates, rising home prices and merger and acquisition
activity in the United Kingdom, and a marginal decline in unemployment within
Germany and France. Also contributing to a significantly weaker U.S. dollar was
investor sentiment that the U.S. Federal Reserve will hold, or eventually cut
interest rates. Meanwhile, the Australian dollar moved higher amid strength in
commodity prices, while the Polish zloty advanced on expectations that economic
growth is steady and inflation will remain low in Poland.

Losses were incurred from short positions in the Japanese yen and Swiss franc
versus the U.S. dollar as the value of the U.S. dollar weakened against these
currencies due to the aforementioned reasons. In addition, the yen strengthened
after renewed speculation the Bank of Japan would raise interest rates again
this year. Similarly, the Swiss franc gained against the U.S. dollar on
indication that the Swiss National Bank will raise interest rates in the
near-term. Meanwhile, the Mexican peso declined against the U.S. dollar on
concerns that a deceleration in U.S. economic growth will sap demand for Mexican
exports.

- --------------------------------------------------------------------------------
MORGAN STANLEY SPECTRUM GLOBAL BALANCED L.P.
- --------------------------------------------------------------------------------

[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED NOVEMBER 30, 2006 YTD ENDED NOVEMBER 30, 2006

Currencies 0.77 0.39
Interest Rates 0.08 -1.91
Stock Indices -0.09 4.4
Energies -0.32 -0.67
Metals -0.04 1
Agriculturals 0.58 -0.12

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

During the month, the Fund experienced gains in the currency, agricultural, and
global interest rate sectors. These gains were partially offset by losses
recorded in the energy, global stock index, and metals sectors.

Within the currency sector, gains were experienced from long positions in the
euro and the British pound versus the U.S. dollar, as well as outright short
positions in the U.S. Dollar Index, as the value of the U.S. dollar weakened
against most of its major rivals on news that China, the world's largest holder
of foreign-exchange reserves, will begin to more aggressively diversify its
reserves away from the U.S. currency. The value of the U.S. dollar continued to
move lower towards the latter half of the month on concerns of a slowing U.S.
economy after reports showed an increase in jobless claims, while consumer
sentiment unexpectedly weakened. At the end of the month, the U.S. dollar hit a
20-month low against the euro and 14-year low against the British pound due to
expectations that the European Central Bank will continue to raise interest
rates, rising home prices and merger and acquisition activity in the United
Kingdom, and a marginal decline in unemployment within Germany and France. Also
contributing to a significantly weaker U.S. dollar was investor sentiment that
the U.S. Federal Reserve will hold, or eventually cut interest rates.

Additional gains were experienced in the agricultural markets from long
positions in corn futures as prices rose to their highest level in a decade
after forecasts that the crop in the United States would be
smaller-than-expected because of dry weather conditions. Corn prices continued
to move higher after news that Argentina, one of the world's major corn
producers, will suspend new export orders. Elsewhere, long positions in soybean
futures recorded additional gains as prices increased on technically-based
buying. Smaller gains were recorded in the global interest rate sector from long
positions in U.S. fixed-income futures as prices rallied higher, following data
showing tamer-than-expected October producer prices. Prices continued to
increase amid the aforementioned data showing unexpected weakness in the labor
market and consumer sentiment.

A portion of these gains was offset by losses incurred within the energy markets
from short positions in crude oil futures and its related products as prices
rose on supply concerns after a major Nigerian facility ceased production
following a hostage situation, as well as a pipeline delay at BP's Prudhoe Bay,
Alaska facility. Prices continued to move higher amid concerns over OPEC's
production cut after the U.S. Department of Energy reported a sharp fall in
domestic inventories of distillate products.

Additional losses were experienced in the global stock index sector from long
positions in Japanese equity index futures during the beginning of the month as
prices fell as weak third quarter U.S. Gross Domestic Product data weighed on
major Japanese exporters. Elsewhere, long positions in British and French stock
index futures recorded losses as prices closed lower on weakness in the
automobile and mining sectors. Prices continued to fall after European Central
Bank President Jean-Claude Trichet signaled a sixth interest rate hike before
year-end to curb inflation across the Euro-Zone.

Smaller losses were recorded in the metals markets from short positions in
copper futures as prices increased during mid-month on speculation that the
metal may attract investors amid increased demand from China. Additional losses
were experienced from long positions in nickel futures as prices were pressured
lower by news of slower-than-expected economic growth in France.

- --------------------------------------------------------------------------------
MORGAN STANLEY SPECTRUM SELECT L.P.
- --------------------------------------------------------------------------------

[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED NOVEMBER 30, 2006 YTD ENDED NOVEMBER 30, 2006

Currencies 3.06 -0.04
Interest Rates 0.21 2.9
Stock Indices 0.64 3.66
Energies -1.07 -1.88
Metals -0.12 6.44
Agriculturals 0.25 -1.37

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

During the month, the Fund experienced gains in the currency, global stock
index, agricultural, and global interest rate sectors. A portion of these gains
was offset by losses recorded in the energy and metals sectors.

Within the currency markets, gains were experienced from long positions in the
British pound, euro, and Australian dollar versus the U.S. dollar as the value
of the U.S. dollar weakened against most of its major rivals on news that China,
the world's largest holder of foreign-exchange reserves, will begin to more
aggressively diversify its reserves away from the U.S. currency. The value of
the U.S. dollar continued to move lower towards the latter half of the month on
concerns of a slowing U.S. economy after reports showed an increase in jobless
claims, while consumer sentiment unexpectedly weakened. In addition, the pound
and euro moved higher due to expectations that the European Central Bank will
continue to raise interest rates, rising home prices and merger and acquisition
activity in the United Kingdom, and a marginal decline in unemployment within
Germany and France.

Within the global stock index sector, long positions in U.S. and Hong Kong
equity index futures experienced gains as prices advanced on signs of slowing
inflation and solid corporate earnings. Additionally, consumer prices in the
U.S. fell more-than-expected last month easing concerns that inflation is
climbing in the U.S. Hong Kong stock index futures prices reached record highs
amid strength in the technology and banking sectors.

Within the agricultural markets, gains were experienced from long positions in
corn futures as prices rose to their highest level in a decade after forecasts
that the crop in the United States would be smaller-than-expected because of dry
weather conditions. Corn prices continued to move higher after news that
Argentina, one of the world's major corn producers, will suspend new export
orders. Elsewhere in the agricultural complex, long positions in soybean and
soybean oil futures recorded additional gains as prices increased on
technically-based buying.

Smaller gains were recorded in the global interest rate sector from long
positions in U.S. fixed-income futures as prices moved higher, following the
previously mentioned economic data regarding unexpected weakness in the labor
market and consumer sentiment. Meanwhile, long positions in Japanese
fixed-income futures experienced gains as prices increased after a government
report showed inflation unexpectedly eased to the slowest in five months.

Within the metals markets, losses were incurred from long positions in aluminum
futures as prices were pressured lower after weaker-than-expected U.S. housing
starts data added to fears of an economic slowdown. Elsewhere in the metals
markets, short positions in gold futures resulted in losses as prices moved
higher due to weakness in the U.S. dollar.

- --------------------------------------------------------------------------------
MORGAN STANLEY SPECTRUM STRATEGIC L.P.
- --------------------------------------------------------------------------------

[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED NOVEMBER 30, 2006 YTD ENDED NOVEMBER 30, 2006

Currencies 1.56 -1.88
Interest Rates 0.14 2.95
Stock Indices 0.36 3.1
Energies 0.55 -0.17
Metals 1.07 23.31
Agriculturals 2.26 0.48

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

During the month, the Fund experienced gains across the agricultural, currency,
metals, energy, global stock index, and global interest rate sectors. Gains were
experienced within the agricultural markets from long positions in corn futures
as prices rose to their highest level in a decade after forecasts that the crop
in the United States would be smaller-than-expected because of dry weather
conditions. Corn prices continued to move higher after news that Argentina, one
of the world's major corn producers, will suspend new export orders. Elsewhere
in the agricultural complex, long positions in coffee and sugar futures resulted
in gains as prices moved higher on speculation that inventories may be
insufficient to satisfy growing demand.

Within the currency sector, long positions in the euro, British pound,
Australian dollar, and New Zealand dollar versus the U.S. dollar experienced
gains as the value of the U.S. dollar moved lower against most of its rivals on
news that China, the world's largest holder of foreign-exchange reserves, will
begin to more aggressively diversify its reserves away from the U.S. currency.
The value of the U.S. dollar continued to move lower towards the latter half of
the month on concerns of a slowing U.S. economy after reports showed an increase
in jobless claims, while consumer sentiment unexpectedly weakened. At the end of
the month, the U.S. dollar hit a 20-month low against the euro and 14-year low
against the British pound due to expectations that the European Central Bank
will continue to raise interest rates, rising home prices and merger and
acquisition activity in the United Kingdom, and a marginal decline in
unemployment within Germany and France. Also contributing to a significantly
weaker U.S. dollar was investor sentiment that the U.S. Federal Reserve will
hold, or eventually cut interest rates. Additionally, long positions in the euro
versus the Japanese yen resulted in gains as the value of the euro strengthened
against most of its major rivals due to the aforementioned reasons. Meanwhile,
short positions in the Canadian dollar versus the U.S. dollar resulted in gains
as the Canadian dollar declined after a reduction in exports and
weaker-than-expected Gross Domestic Product.

Within the metals markets, gains were experienced from long positions in gold
and silver futures as prices trended higher due to weakness in the U.S. dollar,
as well as increased "safe-haven" demand for the precious metals following
growing geopolitical tensions. Smaller gains were recorded from long positions
in zinc as prices moved higher due to news of weak inventories. Meanwhile,
within the energy markets, long positions in gasoline futures experienced gains
as prices rose due to a decline in fuel inventories in the U.S.

Within the global stock index sector, long positions in Hong Kong stock index
futures experienced gains as prices reached record highs amid strength in the
technology and banking sectors. Additional gains were recorded from long
positions in U.S. equity index futures as prices advanced after consumer prices
in the U.S. fell more-than-expected last month, easing concerns that inflation
is climbing in the U.S. Elsewhere, long positions in German equity index futures
resulted in gains as prices climbed sharply higher, boosted by earnings from
airline and automotive companies, as well as ongoing merger and acquisition
activity in Europe.

Smaller gains were recorded in the global interest rate markets from long
positions in Japanese interest rate futures as prices increased after a
government report showed inflation unexpectedly eased to the slowest in five
months. Elsewhere, long positions in German fixed-income futures resulted in
gains as prices rose after the release of data indicating that economic
expansion in the Euro-Zone may have peaked during the first half of the year.

- --------------------------------------------------------------------------------
MORGAN STANLEY SPECTRUM TECHNICAL L.P.
- --------------------------------------------------------------------------------

[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED NOVEMBER 30, 2006 YTD ENDED NOVEMBER 30, 2006

Currencies 3.46 -2.74
Interest Rates -0.37 0.6
Stock Indices 1.13 6.95
Energies -0.19 -3.33
Metals 0.02 8.66
Agriculturals 0.35 -2.35

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

During the month, the Fund experienced gains across the currency, global stock
index, and agricultural sectors. These gains were partially offset by losses
recorded in the global interest rate and energy sectors.

Within the currency markets, long positions in the euro, British pound, Swedish
krona, and Australian dollar versus the U.S. dollar experienced gains as the
value of the U.S. dollar moved lower against most of its rivals on news that
China, the world's largest holder of foreign-exchange reserves, will begin to
more aggressively diversify its reserves away from the U.S. currency. The value
of the U.S. dollar continued to move lower towards the latter half of the month
on concerns of a slowing U.S. economy after reports showed an increase in
jobless claims, while consumer sentiment unexpectedly weakened. At the end of
the month, the U.S. dollar hit a 20-month low against the euro and 14-year low
against the British pound due to expectations that the European Central Bank
will continue to raise interest rates, rising home prices and merger and
acquisition activity in the United Kingdom, and a marginal decline in
unemployment within Germany and France. Also contributing to a significantly
weaker U.S. dollar was investor sentiment that the U.S. Federal Reserve will
hold, or eventually cut interest rates. Meanwhile, long positions in the euro
versus the Japanese yen resulted in gains as the value of the euro strengthened
due to the aforementioned reasons. Elsewhere, long positions in the Australian
dollar versus the Canadian dollar recorded gains as the value of the Australian
dollar moved higher amid strength in commodity prices.

Within the global stock index sector, long positions in Hong Kong, U.S.,
Taiwanese, Canadian, and Australian equity index futures recorded gains as
prices moved higher after consumer prices in the U.S. fell more-than-expected
last month, easing concerns that inflation is climbing in the U.S. Additionally,
Hong Kong and Taiwanese stock index futures were boosted on strength in the
technology and banking sectors, as well as news that the Japanese economy was
stronger-than-expected. Elsewhere, Canadian and Australian equity prices were
supported by metals and energy stocks as commodity prices rebounded during
November.

Within the agricultural markets, long positions in corn futures experienced
gains as prices rose to their highest level in a decade after forecasts that the
crop in the United States would be smaller-than-expected because of dry weather
conditions. Prices of corn continued to move higher after news that Argentina,
one of the world's major corn producers, will suspend new export orders.
Elsewhere in the agricultural complex, long positions in soybean oil futures
resulted in gains as prices increased on technically-based buying. Finally, long
positions in wheat futures experienced gains as prices moved higher in tandem
with corn prices.

A portion of these gains was offset by losses incurred within the global
interest rate markets from short positions in European and Australian
fixed-income futures as prices moved higher after the previously mentioned U.S.
economic reports showed an increase in jobless claims and a drop in consumer
confidence. In addition, European fixed-income futures prices rose after reports
showed a weaker-than-expected French Gross Domestic Product and a decrease in
national exports in the third quarter. In addition, data indicating the
Euro-Zone economic expansion may have peaked during the first half of the year
contributed to higher European fixed-income prices. Meanwhile, Australian
fixed-income futures prices climbed higher after a weak October jobs report
bolstered expectations that the Reserve Bank of Australia has finished its
interest rate tightening campaign.

Within the energy markets, short positions in crude oil futures and its related
products incurred losses as prices rose on supply concerns after a major
Nigerian facility ceased production following a hostage situation, as well as a
pipeline delay at BP's Prudhoe Bay, Alaska facility. Prices continued to move
higher amid concerns over OPEC's production cut after the U.S. Department of
Energy reported a sharp fall in domestic inventories of distillate products.
Additionally, short positions in natural gas futures resulted in losses as
prices reversed higher on colder temperatures forecasted in the U.S. and
expectations of a decline in domestic inventories.

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
FOR THE MONTH ENDED NOVEMBER 30, 2006 (UNAUDITED)

MORGAN STANLEY MORGAN STANLEY
SPECTRUM CURRENCY SPECTRUM GLOBAL BALANCED
------------------------------ -------------------------------
PERCENTAGE OF PERCENTAGE OF
NOVEMBER 1, 2006 NOVEMBER 1, 2006
BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
---------- ----------------- ---------- -----------------
$ % $ %

INVESTMENT INCOME
Interest income (Note 2) 543,054 .34 179,250 .43
---------- ---- ---------- ----

EXPENSES
Brokerage fees (Note 2) 607,201 .38 159,622 .38
Management fees (Note 3) 264,000 .17 43,377 .12
---------- ---- ---------- ----
Total Expenses 871,201 .55 202,999 .50
---------- ---- ---------- ----
NET INVESTMENT LOSS (328,147) (.21) (23,749) (.07)
---------- ---- ---------- ----

TRADING RESULTS
Trading profit (loss):
Realized -- -- 206,250 .50
Net change in unrealized 9,247,697 5.84 243,805 .59
---------- ---- ---------- ----
Total Trading Results 9,247,697 5.84 450,055 1.09
---------- ---- ---------- ----
NET INCOME 8,919,550 5.63 426,306 1.02
========== ==== ========== ====

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSET VALUE
- --------------------------------------------------------------------------------
FOR THE MONTH ENDED NOVEMBER 30, 2006 (UNAUDITED)

MORGAN STANLEY MORGAN STANLEY
SPECTRUM CURRENCY SPECTRUM GLOBAL BALANCED
--------------------------------------- ---------------------------------------
PER PER
UNITS AMOUNT UNIT UNITS AMOUNT UNIT
-------------- ----------- ----- ------------- ----------- -----
$ $ $ $

Net Asset Value,
November 1, 2006 15,024,859.993 158,400,218 10.54 2,673,426.331 41,640,607 15.58
Net Income -- 8,919,550 .60 -- 426,306 .16
Redemptions (422,239.007) (4,703,743) 11.14 (51,788.337) (815,148) 15.74
Subscriptions 66,019.310 735,455 11.14 9,865.762 155,287 15.74
-------------- ----------- ----- ------------- ---------- -----
Net Asset Value,
November 30, 2006 14,668,640.296 163,351,480 11.14 2,631,503.756 41,407,052 15.74
============== =========== ===== ============= ========== =====

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

MORGAN STANLEY SPECTRUM SERIES
STATEMENTS OF OPERATIONS
FOR THE MONTH ENDED NOVEMBER 30, 2006 (UNAUDITED)

MORGAN STANLEY MORGAN STANLEY MORGAN STANLEY
SPECTRUM SELECT SPECTRUM STRATEGIC SPECTRUM TECHNICAL
--------------------------- --------------------------- ---------------------------
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
NOVEMBER 1, 2006 NOVEMBER 1, 2006 NOVEMBER 1, 2006
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
---------- ---------------- ---------- ---------------- ---------- ----------------
$ % $ % $ %

INVESTMENT INCOME
Interest income (Note 2) 1,814,278 .34 638,788 .33 2,427,368 .34
---------- ---- ---------- ---- ---------- ----

EXPENSES
Brokerage fees (Note 2) 2,669,287 .50 970,824 .50 3,553,912 .50
Management fees (Note 3) 1,171,413 .21 453,488 .23 1,547,772 .21
Incentive fees (Note 3) -- -- 224,824 .12 -- --
---------- ---- ---------- ---- ---------- ----
Total Expenses 3,840,700 .71 1,649,136 .85 5,101,684 .71
---------- ---- ---------- ---- ---------- ----
NET INVESTMENT LOSS (2,026,422) (.37) (1,010,348) (.52) (2,674,316) (.37)
---------- ---- ---------- ---- ---------- ----

TRADING RESULTS
Trading profit (loss):
Realized 2,356,192 .44 2,758,709 1.42 11,392,940 1.60
Net change in unrealized 13,852,431 2.59 8,195,971 4.22 20,106,568 2.83
---------- ---- ---------- ---- ---------- ----
Total Trading Results 16,208,623 3.03 10,954,680 5.64 31,499,508 4.43
---------- ---- ---------- ---- ---------- ----
NET INCOME 14,182,201 2.66 9,944,332 5.12 28,825,192 4.06
========== ==== ========== ==== ========== ====

MORGAN STANLEY MORGAN STANLEY MORGAN STANLEY
SPECTRUM SELECT SPECTRUM STRATEGIC SPECTRUM TECHNICAL
----------------------------------- ---------------------------------- -----------------------------------
PER PER PER
UNITS AMOUNT UNIT UNITS AMOUNT UNIT UNITS AMOUNT UNIT
-------------- ----------- ----- -------------- ----------- ----- -------------- ----------- -----
$ $ $ $ $ $

Net Asset Value,
November 1, 2006 18,900,287.233 533,857,388 28.25 12,200,548.266 194,164,887 15.91 32,357,270.111 710,782,305 21.97
Net Income -- 14,182,201 .75 -- 9,944,332 .82 -- 28,825,192 .89
Redemptions (302,670.068 (8,777,432) 29.00 (164,228.388) 16.73 (485,716.088 (11,103,470) 22.86
Subscriptions 217,524.900 6,308,222 29.00 211,063.935 3,531,100 16.73 444,564.063 10,162,734 22.86
-------------- ----------- -------------- ----------- -------------- -----------
Net Asset Value,
Novemberr 30, 2006 18,815,142.065 545,570,379 29.00 12,247,383.813 204,892,778 16.73 32,316,118.086 738,666,761 22.86
============== =========== ============== =========== ============== ===========

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

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 and forward
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 general partner for each Partnership 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, Spectrum Strategic, and Spectrum Technical are Morgan
Stanley & Co. Incorporated ("MS & Co.") and Morgan Stanley & Co. International
Limited ("MSIL"). Spectrum Currency's clearing commodity broker is MS & Co. For
Spectrum Strategic and Spectrum Technical, Morgan Stanley Capital Group Inc.
("MSCG") acts as the counterparty on all of the options on foreign currency
forward contracts. 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, at which time they are realized. 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 pays each Partnership interest income
equal to 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.

The Partnerships' functional currency is the U.S. dollar; however, they transact
business in currencies other than the U.S. dollar. Assets and liabilities
denominated in currencies other than the U.S. dollar are translated into U.S.
dollars at the rates in effect at the date of the Statements of Changes in Net
Asset Value. Income and expense items denominated in currencies other than the
U.S. dollar are translated into U.S. dollars at the rates in effect during the
period. Gains and losses resulting from the translation to U.S. dollars are
reported in income currently.

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 6.00% (a 6.00% annual
rate) of Net Assets as of the first day of each month.

Such brokerage fees currently cover all brokerage fees, 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.

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 partners 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 first becomes a limited
partner. The Request for Redemption must be delivered to a limited partner's
local Morgan Stanley Branch Office in time for it to be forwarded and received
by Demeter no later than 3:00 p.m., New York City time, on the last day of the
month in which the redemption is to be effective. Redemptions must be made in
whole Units, in a minimum amount of 50 Units required for each redemption,
unless a limited partner is redeeming his entire interest in a Partnership.
Units redeemed on or prior to the last day of the twelfth month from the date of
purchase will be subject to a redemption charge equal to 2% of the Net Asset
Value of a Unit on the Redemption Date.

Units redeemed after the last day of the twelfth month and on or prior to the
last day of the twenty-fourth month from the date of purchase will be subject to
a redemption charge equal to 1% of the Net Asset Value of a Unit on the
Redemption Date. Units redeemed after the last day of the twenty-fourth month
from the date of purchase will not be subject to a redemption charge. The
foregoing redemption charges are paid to Morgan Stanley DW.

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.

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. Demeter does not intend to make any distributions of the
Partnerships' profits.

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.

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.

- --------------------------------------------------------------------------------
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 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.

- --------------------------------------------------------------------------------
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.
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 (Trading Advisor), Inc. ("FX Concepts")

Morgan Stanley Spectrum Technical L.P.
Campbell & Company, Inc. ("Campbell")
Chesapeake Capital Corporation ("Chesapeake")
John W. Henry & Company, Inc. ("JWH")
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 Northfield and Sunrise on the first day of each
month (a 3% annual rate), and 5/24 of 1% per month of Net Assets allocated to
EMC and Rabar on the first day of each month (a 2.5% 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 its sole trading advisor's allocated
Net Assets 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 Northfield and
Sunrise as of the end of each calendar month, 17.5% of the trading profits
experienced with respect to the Net Assets allocated to EMC and Rabar 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 Strategic pays a monthly incentive fee equal to 15% of the trading
profits experienced with respect to the Net Assets allocated to each of 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 Technical pays a monthly incentive fee equal to 20% of the trading
profits experienced with respect to the Net Assets allocated to each of
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.

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.

MANAGED FUTURES INVESTMENTS ARE SPECULATIVE, INVOLVE A HIGH DEGREE OF RISK, USE
SIGNIFICANT LEVERAGE, ARE GENERALLY ILLIQUID, HAVE SUBSTANTIAL CHARGES, ARE
SUBJECT TO CONFLICTS OF INTEREST, AND ARE SUITABLE ONLY FOR THE RISK CAPITAL
PORTION OF AN INVESTOR'S PORTFOLIO. BEFORE INVESTING IN ANY MANAGED FUTURES
INVESTMENT, QUALIFIED INVESTORS SHOULD READ THE PROSPECTUS OR OFFERING DOCUMENTS
CAREFULLY FOR ADDITIONAL INFORMATION WITH RESPECT TO CHARGES, EXPENSES, AND
RISKS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

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

[MORGAN STANLEY LOGO]

ADDRESS SERVICE REQUESTED

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