MORGAN STANLEY SPECTRUM SELECT LP - 10-Q Quarterly Report

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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, 2004 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
330 Madison Avenue, 8th Floor
New York, NY 10017
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (212) 905-2700

825 Third Avenue, 9th Floor, New York, NY 10022

(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___________

Indicate by check-mark whether the registrant is an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act.)

Yes No X

MORGAN STANLEY SPECTRUM SELECT L.P.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

September 30, 2004

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

MORGAN STANLEY SPECTRUM SELECT L.P.
STATEMENTS OF FINANCIAL CONDITION

MORGAN STANLEY SPECTRUM SELECT L.P.
STATEMENTS OF OPERATIONS
(Unaudited)

MORGAN STANLEY SPECTRUM SELECT L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Nine Months Ended September 30, 2004 and 2003
(Unaudited)

MORGAN STANLEY SPECTRUM SELECT L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)

MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS

September 30, 2004

(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 Spectrum Select L.P. (the "Partnership"). The
financial statements and condensed notes herein should be read in
conjunction with the Partnership's December 31, 2003 Annual Report
on Form 10-K.

1. Organization
Morgan Stanley 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 Spectrum series of
funds, comprised of the Partnership, Morgan Stanley Spectrum
Currency L.P., Morgan Stanley Spectrum Global Balanced L.P.,
Morgan Stanley Spectrum Strategic L.P., and Morgan Stanley
Spectrum Technical L.P.

MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The Partnership's general partner 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. Incorporated ("MS &
Co.") and Morgan Stanley & Co. International Limited ("MSIL").
Demeter, Morgan Stanley DW, MS & Co., and MSIL are wholly-owned
subsidiaries of Morgan Stanley. The trading advisors to the
Partnership are EMC Capital Management, Inc., Northfield Trading
L.P., Rabar Market Research, Inc., Sunrise Capital Management,
Inc., and Graham Capital Management, L.P. (individually, a
"Trading Advisor", or collectively, the "Trading Advisors").

On February 27, 2002, the Partnership received notification of a
preliminary entitlement to payment from the Sumitomo Copper
Litigation Settlement Administrator, and the Partnership has
received settlement award payments in the amount of $4,636,156 as
of August 30, 2002 and $45,665 as of July 30, 2004. Any amounts
received are accounted for in the period received, for the benefit
of the limited partners at the date of receipt.

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. Monthly, Morgan Stanley DW
MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

pays the Partnership interest income equal to 80% of its average
daily Net Assets for the month at 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
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 market value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which market value is being determined. If an exchange-traded
contract could not have been liquidated on such day due to the
operation of daily limits or other rules of the exchange, the
settlement price shall be the settlement price on the first
MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

subsequent day on which the contract could be liquidated. The
market value of off-exchange-traded contracts is based on the
fair market value quoted by the counterparty.

The Partnership's contracts are accounted for on a trade-date
basis and marked to market on a daily basis. The Partnership
accounts for its derivative investments in accordance with the
provisions of Statement of Financial Accounting Standards 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.

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

MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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-
Date Traded Traded Total Traded Traded
$ $ $
Sep. 30, 2004 17,634,948 (1,466,551) 16,168,397 Mar. 2006 Dec. 2004
Dec. 31, 2003 31,690,225 5,091,740 36,781,965 Mar. 2005 Mar. 2004

The Partnership has credit risk associated with counterparty non-
performance. The credit risk associated with the instruments in
which the Partnership trades is limited to the amounts reflected
in the Partnership's Statements of Financial Condition.

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, forward, and futures-styled options
contracts are marked to market on a daily basis, with variations
in value settled on a daily basis. Morgan Stanley DW, MS & Co.,
and MSIL, each as a futures commission merchant for the
Partnership's exchange-traded futures, forward, and futures-styled
options contracts, are required, pursuant to regulations of the
MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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, forward, and futures-styled options contracts, including
an amount equal to the net unrealized gains (losses) on all open
futures, forward, and futures-styled options contracts, which
funds, in the aggregate, totaled $491,722,987 and $430,286,177 at
September 30, 2004 and December 31, 2003, respectively. With
respect to the Partnership's off-exchange-traded forward currency
contracts, there are no daily exchange-required settlements of
variation in value nor is there any requirement that an amount
equal to the net unrealized gains (losses) on open forward
contracts be segregated. However, the Partnership is required to
meet margin requirements equal to the net unrealized loss on open
contracts in the Partnership accounts with the counterparty,
which is accomplished by daily maintenance of the cash balance in
a custody account held at Morgan Stanley DW for the benefit of MS
& Co. 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 such 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

MORGAN STANLEY SPECTRUM SELECT L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

materially decrease the Partnership's credit risk in the event of
MS & Co.'s bankruptcy or insolvency.

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
trading accounts established for each Trading Advisor, which
assets are used as margin to engage in trading and may be used as
margin solely for the Partnership's 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. 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
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. For the periods covered by
this report, illiquidity has not materially affected the
Partnership's assets.

There are no known material trends, demands, commitments, events
or uncertainties at the present time that are reasonably likely to
result in, the Partnership's liquidity increasing or decreasing in
any material way.

Capital Resources. The Partnership does not have, nor expects to
have, any capital assets. Redemptions, exchanges, and sales of
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.

There are no known material trends, favorable or unfavorable,
that would affect, nor any expected material changes to, the
Partnership's capital resource arrangements at the present time.

Off-Balance Sheet Arrangements and Contractual Obligations. The
Partnership does not have any off-balance sheet arrangements, nor
does it have contractual obligations or commercial commitments to
make future payments that would affect its liquidity or capital
resources.

Results of Operations
General. The Partnership's results depend on the Trading
Advisors and the ability of each Trading Advisor's trading
program(s) to take advantage of price movements 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, 2004 and 2003, 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
the Trading Advisors' trading activities on behalf of the
Partnership during the period in question. Past performance is
no guarantee of future results.

The Partnership's results of operations set forth in the
financial statements on pages 2 through 11 of this report were
prepared in accordance with accounting principles generally
accepted in the United States of America, which require the use
of certain accounting policies that affect the amounts reported
in these financial statements, including the following: The
contracts the Partnership trades are accounted for on a trade-
date basis and marked to market on a daily basis. The difference
between their cost and market value is recorded on the Statements
of Operations as "Net change in unrealized trading profit (loss)"
for open (unrealized) contracts, and recorded as "Realized
trading profit (loss)" when open positions are closed out. The
sum of these amounts, along with the "Proceeds from Litigation
Settlement", constitutes the Partnership's trading results. The
market value of a futures contract is the settlement price on the
exchange on which that futures contract is traded on a particular
day. The value of foreign currency forward contracts is based on
the spot rate as of the close of business, New York City time, on
a given day. Interest income revenue, as well as management
fees, incentive fees, and brokerage fees expenses of the
Partnership are recorded on an accrual basis.

Demeter believes that, based on the nature of the operations of
the Partnership, no assumptions relating to the application of
critical accounting policies other than those presently used could
reasonably affect reported amounts.

For the Three and Nine Months Ended September 30, 2004
The Partnership recorded losses net of interest income totaling
$17,696,888 and expenses totaling $12,413,529, resulting in a net
loss of $30,110,417 for the three months ended September 30, 2004.
The Partnership's net asset value per Unit decreased from $27.14
at June 30, 2004 to $25.51 at September 30, 2004.

The most significant trading losses of approximately 4.2% were
recorded in the currency markets, primarily during July and
August, from positions in European currencies and the Japanese
yen, both versus the U.S. dollar. During July, long positions in
the Swiss franc, British pound, and euro versus the U.S. dollar
resulted in losses as the dollar advanced amid upbeat market
sentiment, an optimistic assessment of the U.S. economy by the
U.S. Federal Reserve Chairman Alan Greenspan and a jump in July
consumer confidence data. During August, long and short positions
in the euro relative to the U.S. dollar, British pound, and
Japanese yen proved unprofitable as the euro experienced short-
term volatility due to conflicting economic data and
surging energy prices. Additional losses resulted from short
positions in the Japanese yen versus the U.S. dollar as the
dollar's value decreased in response to concerns for the rate of
U.S. economic growth sparked by the release of soft economic data.
Losses of approximately 1.8% in the global stock index markets
resulted throughout the quarter from both long and short positions
in European, U.S., and Japanese stock index futures. During July,
long positions experienced losses as prices reversed lower due to
the release of disappointing U.S. employment data, surging energy
prices and new warnings concerning potential terrorist attacks.
During August, short European and U.S. positions were unprofitable
as prices reversed higher in response to falling energy prices and
better-than-expected U.S. economic data. During September, long
European, U.S., and Japanese positions recorded losses following a
decline in global equity prices caused by rising energy prices and
the release of weak corporate data. Losses of approximately 0.8%
were incurred in the global interest rate markets, primarily
during July and September, from both long and short U.S. interest
rate futures positions and short positions in Japanese interest
rate futures. During July, short positions recorded losses as
prices moved higher after the release of disappointing U.S.
unemployment data. Additional losses were incurred from newly
established long positions after prices moved lower following the
U.S. Federal Reserve Chairman Alan Greenspan's upbeat assessment
of the U.S. economy. During August, short positions in Japanese
interest rate futures incurred losses as prices trended
higher amid a surge in oil prices, a drop in global equity prices,
and a conflicted Japanese and U.S. economic picture. During
September, long positions in U.S. interest rate futures resulted
in losses as prices declined due to expectations for rising
interest rates prompted by the release of positive U.S. economic
data. A portion of the Partnership's overall losses for the
quarter was offset by gains of approximately 2.2% in the energy
markets from long futures positions in crude oil and its related
products as crude oil prices trended higher reaching historical
highs amid heavy market demand and concerns for supply.
Additional gains of approximately 0.4% in the agricultural markets
were recorded, primarily during July, from short futures positions
in corn as prices trended lower due to ideal weather conditions in
the growing region of the U.S. midwest, reports of increased
inventories by the U.S. Department of Agriculture, and weak export
demand. Smaller gains of approximately 0.2% in the metals markets
stemmed from long futures positions in base metals as prices moved
higher during September in response to continued demand from China
and reports of lower-than-expected inventories.

The Partnership recorded losses net of interest income totaling
$45,690,460 and expenses totaling $43,876,276, resulting in a net
loss of $89,566,736 for the nine months ended September 30, 2004.
The Partnership's net asset value per Unit decreased from $30.31
at December 31, 2003 to $25.51 at September 30, 2004.
The most significant trading losses of approximately 8.2%
were incurred in the currency markets. During March, short
positions in the Japanese yen and Singapore dollar versus the U.S.
dollar resulted in losses as the yen reversed higher due to
speculation that the Bank of Japan was relaxing its efforts of
intervention to weaken the yen. During April, long Asian currency
positions versus the U.S. dollar experienced losses as the
dollar's value surged following the release of stronger-than-
expected U.S. jobs data. The yen also came under pressure
following efforts by the Japanese government to weaken the yen by
intervening in the currency markets. Short positions in most
major currencies versus the U.S. dollar produced losses during May
as the U.S. dollar's value declined in response to fears of
potential terrorist attacks, expanding energy prices, and the
release of weaker-than-expected economic data. During July, long
positions in the Swiss franc, British pound, and euro, versus the
U.S. dollar resulted in losses as dollar advanced amid upbeat
market sentiment, an optimistic assessment of the U.S. economy by
the U.S. Federal Reserve Chairman Alan Greenspan and a jump in
July consumer confidence data. During August, long and short
positions in the euro relative to the U.S. dollar, British pound,
and Japanese yen proved unprofitable as the euro experienced
short-term volatility due to conflicting economic data and surging
energy prices. Additional losses resulted from short positions in
the Japanese yen versus the U.S. dollar as the dollar's value
decreased in response to concerns for the rate of U.S. economic
growth sparked by the release of soft economic data.
Additional losses of approximately 4.4% were experienced in the
global interest rate markets, primarily during the second and
third quarters, from positions in the U.S., Australian, and
Japanese interest rate futures. During January, long positions in
U.S. interest rate futures experienced losses as prices declined
following comments from the U.S. Federal Reserve concerning a
shift in the Board's interest rate policy. Short positions in
Australian interest rate futures deepened sector losses as prices
reversed higher during the final week of the month. During April,
long U.S. interest rate futures positions incurred losses as
prices tumbled following the release of stronger-than-expected
U.S. jobs data. During May, short positions in global bond
futures experienced losses as prices moved higher during the
latter half of the month due to uncertainty in global equity
prices, weaker-than-expected economic data, stronger energy prices
and geopolitical concerns. During June, short positions
experienced losses as global bond prices rallied on weaker-than-
expected economic reports and expectations that the U.S. Federal
Reserve would not aggressively tighten U.S. interest rates as
originally expected. Smaller losses stemmed from short positions
in Japanese interest rate futures during June as prices increased
sharply after the Bank of Japan voted to maintain interest rates
close to zero. During July, short positions in U.S. interest rate
futures recorded losses as prices moved higher after the release
of disappointing U.S. unemployment data. Additional losses were
incurred from newly established long positions after prices
moved lower following the U.S. Federal Reserve Chairman Alan
Greenspan's upbeat assessment of the U.S. economy. During August,
short positions in Japanese interest rate futures prices trended
higher amid a surge in oil prices, a drop in global equity prices,
and a conflicted Japanese and U.S. economic picture. During
September, long positions in U.S. interest rate futures resulted
in losses as prices declined due to expectations for rising
interest rates prompted by the release of positive U.S. economic
data. Additional losses of approximately 3.6% were recorded in
the global stock index markets, primarily during the second and
third quarters of the year. Long positions in European and U.S.
equity index futures were unprofitable during the second quarter
as prices declined due to geopolitical concerns and expanding
energy prices. Newly established short positions in those same
markets experienced additional losses as prices rebounded later in
the second quarter due to a slight pullback in oil prices and
strong earnings from technology companies. During July, long
positions experienced losses as prices reversed lower due to the
release of disappointing U.S. employment data, surging energy
prices and new warnings concerning potential terrorist attacks.
During August, short European and U.S. positions were unprofitable
as prices reversed higher in response to falling energy prices and
better-than-expected U.S. economic data. During September, long
European and U.S. positions recorded losses following a decline in
global equity prices caused by rising energy prices and the
release of weak corporate data. A portion of the Partnership's
overall losses during the first nine months of the year was offset
by gains of approximately 4.3% recorded in the energy markets from
long futures positions in crude oil and its related products.
During February, long positions benefited as prices increased amid
low market supply, falling inventory levels and an output
reduction announcement from OPEC. Long positions profited during
April as prices trended higher on fears of potential terrorist
activity in the Middle East and news of problems with U.S.
refineries. During May, long positions recorded gains as crude
oil prices surged higher, amid fears of terrorist attacks on
Middle Eastern oil facilities and disruptions in Iraqi oil
production. During the third quarter, long positions profited as
prices trended higher reaching historical highs amid heavy market
demand and concerns for supply. Additional gains of approximately
2.5% in the metals markets resulted primarily during the first
quarter from long futures positions in base metals as prices moved
higher in response to increased demand from China coupled with a
weaker U.S. dollar. Finally, gains of approximately 1.4% achieved
in the agricultural markets, primarily during the first quarter,
resulted from long futures positions in soybeans and its related
products, and corn as prices for these commodities finished higher
amid increased demand from Asia.

For the Three and Nine Months Ended September 30, 2003
The Partnership recorded losses net of interest income totaling
$7,076,850 and expenses totaling $9,505,567, resulting in a net
loss of $16,582,417 for the three months ended September 30, 2003.
The Partnership's net asset value per Unit decreased from $29.32
at June 30, 2003 to $28.03 at September 30, 2003.

The most significant trading losses of approximately 1.6% were
recorded in the energy markets during September from short
positions in crude oil futures as prices unexpectedly reversed
higher after OPEC announced that it would reduce output and curb
production in an effort to stem declining oil prices. Additional
losses of approximately 0.8% were experienced in the currency
markets from short positions in the Swiss franc, New Zealand
dollar, euro, and Mexican peso versus the U.S. dollar during
September as the value of the dollar reversed sharply lower after
the release of weak U.S. economic reports. During July,
additional losses in the currency sector stemmed from long
positions in the euro versus the U.S. dollar as the value of the
dollar strengthened amid better-than-expected U.S. earnings data,
increased optimism regarding the future of the U.S. economy and a
rally in U.S. equity prices. Other losses of approximately 0.8%
were incurred in the global interest rate markets during
September from short positions in European and U.S. interest rate
futures as prices reversed higher amid falling global equity
prices and investor demand for "safe haven" investments.
In the metals sector, losses of approximately 0.7% were incurred
largely during August from long futures positions in aluminum and
zinc as base metal prices were weighed down by heavy technically-
based selling and expectations for increased output during 2004.
A portion of the Partnership's overall losses for the third
quarter was offset by gains of approximately 1.0% in the
agricultural markets from long futures positions in soybeans and
its related products as prices reacted positively during
September in response to robust U.S. export sales data and
smaller U.S. crop assessments. In the global stock index
markets, smaller gains of approximately 0.6% were established
from long positions in Asian stock index futures as Asian equity
prices drew strength from robust Japanese economic data and
rising prices in the U.S. equity markets.

The Partnership recorded revenues including interest income
totaling $29,374,416 and expenses totaling $27,439,925, resulting
in net income of $1,934,491 for the nine months ended September
30, 2003. The Partnership's net asset value per Unit increased
from $27.65 at December 31, 2002 to $28.03 at September 30, 2003.

The most significant trading gains of approximately 5.6% were
recorded in the currency markets during January from long
positions in the euro versus the U.S. dollar as the value of the
European currency strengthened against the U.S. dollar amid
renewed fears of a military conflict with Iraq, increased
tensions with North Korea, and weak U.S. economic data. During
May, gains were supplied by long positions in the euro versus the
U.S. dollar as the value of the euro strengthened to an all-time
high amid uncertainty regarding the Bush Administration's
economic policy, renewed fears of potential terrorist attacks
against American interests, and investor preference for non-U.S.
dollar assets. Additional currency gains were recorded from long
positions in the Australian dollar versus the U.S. dollar as the
value of the Australian currency strengthened in response to
continued weakness in the U.S. currency, rising gold prices and
relatively high interest rates in Australia. In the global
interest rate markets, gains of approximately 3.1% resulted from
short positions in Japanese interest rate futures as prices
trended lower amid an improved economic outlook for Japan and a
sell-off in Japanese fixed income markets during August as
investors repositioned capital into Japanese equities. During
May, long positions in European and U.S. interest rate futures
provided gains as prices continued to trend higher amid
speculation of an interest rate cut by the U.S. Federal Reserve
and lingering doubts concerning a global economic recovery.
Gains in the energy sector of approximately 1.9% were supplied
during February by long positions in natural gas futures as
prices jumped sharply higher amid fears that extremely cold
weather in the U.S. northeast and midwest could further deplete
already diminished supplies. Additional gains were
recorded from long futures positions in crude oil and its related
products as prices trended higher amid the increasing likelihood
of military action against Iraq. Smaller gains of approximately
0.4% in the global stock index markets were supplied from long
positions in Asian stock index futures during August as Asian
equity prices drew strength from robust Japanese economic data
and rising prices in the U.S. equity markets. A portion of the
Partnership's overall gains for the first nine months of the year
was offset by losses of approximately 2.2% in the metals markets
from long positions in aluminum and copper futures as prices fell
during March and August amid muted industrial demand, heavy
technically-based selling and expectations for increased output
during 2004.

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 inherent to the primary business activity
of the Partnership.

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, factors that result in frequent
changes in the fair value of the Partnership's open positions,
and consequently in its earnings, whether realized or unrealized,
and cash flow. Gains and losses on open positions of exchange-
traded futures, forwards, and options are settled daily through
variation margin. Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract, however, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open contracts
in Partnership accounts with the counterparty, which is
accomplished by daily maintenance of the cash balance in a
custody account held at Morgan Stanley DW for the benefit of MS &
Co.

The Partnership's total market risk may increase or decrease as
it is influenced by a wide variety of factors, including, but not
limited to, the diversification among the Partnership's open
positions, the volatility present within the markets, and the
liquidity of the markets.

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 Partnership's past performance is no guarantee 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 and use of
leverage may cause future losses and volatility (i.e., "risk of
ruin") that far exceed the Partnership's experience to date under
the "Partnership's Value at Risk in Different Market Sectors"
section and significantly exceed the Value at Risk ("VaR")
tables disclosed.

Limited partners will not be liable for losses exceeding the
current net asset value of their investment.

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 on the basis of 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 and cash flow.

The Partnership's risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of VaR. The
Partnership estimates VaR using a model based upon historical
simulation (with a confidence level of 99%) which involves
constructing a distribution of hypothetical daily changes in the
value of a trading portfolio. The VaR model takes into account
linear exposures to risk including 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 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, or one day in 100. VaR
typically does not represent the worst case outcome. Demeter
uses approximately four years of daily market data (1,000
observations) and revalues its portfolio (using delta-gamma
approximations) for each of the historical market moves that
occurred over the time period. This generates a probability
distribution of daily "simulated profit and loss" outcomes. The
VaR is the appropriate percentile of this distribution. For
example, the 99% one-day VaR would represent the 10th worst
outcome from Demeter's simulated profit and loss series.

The Partnership's VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and do not distinguish between exchange and non-exchange
dealer-based instruments. They are also not based on
exchange and/or dealer-based maintenance margin requirements.

VaR models, including the Partnership's, are continually 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.
Please further note that VaR as described above may not be
comparable to similarly titled measures used by other entities.

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, 2004 and 2003.
At September 30, 2004 and 2003, the Partnership's total
capitalization was approximately $494 million and $377 million,
respectively.

Primary Market September 30, 2004 September 30, 2003
Risk Category Value at Risk Value at Risk

Interest Rate (2.90)% (0.58)%

Equity (0.73) (0.56)

Currency (0.67) (1.32)

Commodity (1.16) (0.99)

Aggregate Value at Risk (3.15)% (2.02)%

The VaR for a market category represents the one-day
downside risk for the aggregate exposures associated with this
market category. The Aggregate Value at Risk listed above
represents the VaR of the Partnership's open positions across all
the market categories, and is less than the sum of the VaRs for
all such market categories due to the diversification benefit
across asset classes.

Because the business of the Partnership is the speculative
trading of futures, forwards, and options, the composition of its
trading portfolio can change significantly over any given time
period, or even within a single trading day, which could
positively or negatively materially impact market risk as
measured by VaR.

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership's high, low, and average VaR, as a
percentage of total net assets for the four quarter-end reporting
periods from October 1, 2003 through September 30, 2004.

Primary Market Risk Category High Low Average
Interest Rate (2.90)% (0.48)% (1.54)%
Equity (1.75) (0.66) (1.03)
Currency (1.19) (0.37) (0.66)
Commodity (1.40) (0.39) (1.07)
Aggregate Value at Risk (3.15)% (1.44)% (2.42)%

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio's aggregate market
risk exposure, incorporating a range of varied market risks;
reflect risk reduction due to portfolio diversification or hedging
activities; and can cover a wide range of portfolio assets.
However, VaR risk measures should be viewed in light of the
methodology's limitations, which include, but may not be limited
to, 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 market fluctuations applied to current
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.

In addition, the VaR tables above, as well as the past
performance of the Partnership, give no indication of the
Partnership's potential "risk of ruin".

The VaR tables provided 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, 2004 and 2003, and for the four
quarter-end reporting periods from October 1, 2003 through
September 30, 2004. VaR is not necessarily representative of the
Partnership's historic risk, nor should it be used to predict 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. These balances and any market risk they may represent
are immaterial.

The Partnership also maintains a substantial portion
(approximately 90% as of September 30, 2004) of its available
assets in cash at Morgan Stanley DW. A decline in short-term
interest rates would result in a decline in the Partnership's cash
management income. This cash flow risk is not considered to
be 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.

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 expropriations, 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, 2004, by market sector. It may be
anticipated, however, that these market exposures will vary
materially over time.

Interest Rate. The primary market exposure of the Partnership at
September 30, 2004 was to the global interest rate sector.
Exposure was primarily spread across the European, U.S.,
Australian, Canadian, and Japanese 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
interest rate exposure is generally to interest rate fluctuations
in the U.S. and the other G-7 countries. The G-7 countries
consist of France, the U.S., Britain, Germany, Japan, Italy, and
Canada. However, the Partnership also takes futures positions in
the government debt of smaller countries - e.g., Australia.
Demeter anticipates that the G-7 countries 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.

Equity. The second largest market exposure of the Partnership
at September 30, 2004 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, 2004, the Partnership's primary exposures were to FTSE
(Britain), Hang Seng (China), DAX (Germany), and All Ordinaries
Share Price (Australia) stock indices. The Partnership is
exposed to the risk of adverse price trends or static markets in
the European, U.S., Japanese, and Australian stock indices.
Static markets would not cause major market changes, but would
make it difficult for the Partnership to avoid trendless price
movements, resulting in numerous small losses.

Currency. The third largest market exposure of the Partnership
at September 30, 2004 was to the currency sector. The
Partnership's currency market exposure was 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 a large number of currencies, including cross-
rates - i.e., positions between two currencies other than the
U.S. dollar. At September 30, 2004, the Partnership's major
exposures were to the euro, British pound, Australian dollar,
Japanese yen, Swiss franc, and Canadian dollar currency crosses,
as well as to 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 associated with the Partnership's
currency trades will change significantly in the future.
Commodity.
Metals. The Partnership's metals exposure at September 30,
2004 was to fluctuations in the price of precious metals,
such as gold and silver, and base metals, such as copper,
aluminum, lead, nickel, and tin. Economic forces, supply
and demand inequalities, geopolitical factors, and market
expectations influence price movements in these markets.
The Trading Advisors utilize the trading system(s) to take
positions when market opportunities develop, and Demeter
anticipates that the Partnership will continue to do so.

Energy. The Partnership's energy exposure at September 30,
2004, was shared primarily by futures contracts in crude oil
and its related products, and natural gas. Price movements
in these markets result from geopolitical developments,
particularly in the Middle East, as well as weather patterns
and other economic fundamentals. Significant profits
and losses, which have been experienced in the past, are
expected to continue to be experienced in the future.
Natural gas has exhibited volatility in prices resulting
from weather patterns and supply and demand factors and will
likely continue in this choppy pattern.

Soft Commodities and Agriculturals. At September 30, 2004,
the Partnership had exposure to the markets that comprise
these sectors. Most of the exposure was to the coffee,
sugar, and corn markets. Supply and demand inequalities,
severe weather disruptions 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, 2004:

Foreign Currency Balances. The Partnership's primary foreign
currency balances at September 30, 2004 were in Japanese
yen, euros, Hong Kong dollars, and British pounds. The
Partnership controls the non-trading risk of foreign
currency balances by regularly converting them back into
U.S. dollars upon liquidation of their respective positions.

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 by
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.

Item 4. CONTROLS AND PROCEDURES
(a) As of the end of the period covered by this quarterly
report, the President and Chief Financial Officer of
Demeter, the general partner of the Partnership, have
evaluated the effectiveness of the Partnership's
disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) of the Exchange Act), and have
judged such controls and procedures to be effective.

(b) There have been no significant changes during the period
covered by this quarterly report in the Partnership's
internal controls or in other factors that could
significantly affect these controls subsequent to the
date of their evaluation.

PART II. OTHER INFORMATION

Item 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
Registration Statement on Form S-1 Units Registered
Effective Date File Number

Initial Registration 60,000.000 May 17, 1991 33-39667
Supplemental Closing 10,000.000 August 23, 1991 33-42380
Additional Registration 75,000.000 August 31, 1993 33-65072
Additional Registration 60,000.000 October 27, 1997 333-1918
Pre-conversion 205,000.000

Units sold through 10/17/97 146,139.671
Units unsold through 10/17/97 58,860.329
(Ultimately de-registered)

Commencing with April 30, 1998 monthly closing and with becoming a
member of the Spectrum Series of funds, each previously
outstanding Unit of the Partnership was converted into 100 Units,
totaling 14,613,967.100 (pre-conversion).

Additional Registration 1,500,000.000 May 11,1998 333-47829
Additional Registration 5,000,000.000 January 21, 1999 333-68773
Additional Registration 4,500,000.000 February 28, 2000 333-90467
Additional Registration 1,000,000.000 April 30, 2002 333-84656
Additional Registration 7,000,000.000 April 28, 2003 333-104005
Additional Registration 23,000,000.000 April 28, 2004 333-113393
Total Units Registered 42,000,000.000

Units sold post conversion 19,693,602.341
Units unsold through 9/30/04 22,306,397.659

Total Units sold
through 9/30/04 34,307,569.441
(pre and post conversion)

The managing underwriter for the Partnership is Morgan Stanley DW.
Units are continuously sold at monthly closings at a
purchase price equal to 100% of the net asset value per Unit as of
the close of business on the last day of each month.

The aggregate price of the Units sold through September 30, 2004
was $724,723,280.

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 and the supplement included
as part of the above referenced Registration Statements.

Item 5. OTHER INFORMATION
Management. The following changes have been made to the Board
of Directors and Officers of Demeter:

Mr. Kevin Perry, Chief Financial Officer of Demeter, was confirmed
as a principal of Demeter by the National Futures Association on
September 3, 2004.

Mr. William D. Seugling, Director of Demeter, was confirmed as a
principal of Demeter by the National Futures Association on
October 11, 2004.

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 April 28, 2004, filed with the Securities and
Exchange Commission pursuant to Rule 424(b)(3) under the
Securities Act of 1933, on May 4, 2004.
3.02 Certificate of Limited Partnership, dated March 19, 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 Certificate of Amendment of Certificate of Limited
Partnership, dated April 6, 1999 (changing its name from
Dean Witter Spectrum Select L.P.), 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 Exhibit 3.01 of 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 filed with
the Securities and Exchange Commission on June 30, 1999.
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 filed with
the Securities and Exchange Commission on June 30, 1999.
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
filed with the Securities and Exchange Commission on June
30, 1999.
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 April 25, 2001.
10.07 Form of Subscription and Exchange Agreement and Power of
Attorney to be executed by purchasers of Units is
incorporated by reference to Exhibit B of the
Partnership's Prospectus, dated April 28, 2004, filed
with the Securities and Exchange Commission pursuant to
Rule 424(b)(3) under the Securities Act of 1933 on May 4,
2004.
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.,
Morgan Stanley DW, and The Chase Manhattan Bank, as
escrow agent, dated March 10, 2000, 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 April
28, 2004, filed with the Securities and Exchange
Commission pursuant to Rule 424(b)(3) under the
Securities Act of 1933 on May 4, 2004.
10.12 Amended and Restated Customer Agreement between the
Partnership and Morgan Stanley DW, 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 MS & Co. and
the Partnership, and acknowledged and agreed to by Morgan
Stanley DW, 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 MSIL,
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 MS
& Co. and the Partnership, dated as of April 30, 2000, 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.
10.16 Securities Account Control Agreement among the
Partnership, MS & Co., and Morgan Stanley DW, 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.
31.01 Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to rules 13a-15(e) and 15d-15(e), as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
31.02 Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to rules 13a-15(e) and 15d-15(e),
as adopted pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
32.01 Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.
32.02 Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
(B) Reports on Form 8-K - None.

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 15, 2004 By:/s/ Kevin Perry
Kevin Perry
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.