MORGAN STANLEY
SPECTRUM SERIES

June 2008
Monthly Report

This Monthly Report supplements the Spectrum Funds' Prospectus dated May 1,
2008.

Issued: July 31, 2008

MORGAN STANLEY

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

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Fund % % % % % % % % % % % % % % % %
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Spectrum
Currency -- -- -- -- -- -- -- -- -- 11.7 11.1 12.2 12.4 (8.0) (18.3) (3.4)
(6 mos.)
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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 2.4
(2 mos.)
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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) 5.9
(5 mos.)
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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) 20.9
(2 mos.)
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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) 5.4
(2 mos.)
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Inception- Compound
to-Date Annualized
2007 2008 Return Return
Fund % % % %
- -------------------------------------------------

Spectrum
Currency (13.5) 5.6 3.9 0.5
(6 mos.)
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Spectrum
Global
Balanced 0.2 0.2 56.6 3.3
(6 mos.)
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Spectrum
Select 7.5 23.7 286.3 8.3
(6 mos.)
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Spectrum
Strategic 5.0 5.4 89.9 4.8
(6 mos.)
- -------------------------------------------------
Spectrum
Technical (14.2) 15.7 133.9 6.4
(6 mos.)
- -------------------------------------------------

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DEMETER MANAGEMENT CORPORATION
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522 Fifth Avenue, 13th Floor
New York, NY 10036
Telephone (212) 296-1999

MORGAN STANLEY SPECTRUM SERIES
MONTHLY REPORT
JUNE 2008

Dear Limited Partner:

The Net Asset Value per Unit for each of the five Morgan Stanley Spectrum
Funds as of June 30, 2008 was as follows:

FUND N.A.V. % CHANGE FOR MONTH
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Spectrum Currency $10.39 1.00%
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Spectrum Global Balanced $15.66 2.74%
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Spectrum Select $38.63 6.00%
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Spectrum Strategic $18.99 4.42%
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Spectrum Technical $23.39 6.89%
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Detailed performance information for each Fund is located in the body of the
financial report. (Note: all returns are net of all fees). 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.

EFFECTIVE MAY 8, 2008, MICHAEL ADAM IS NO LONGER A PRINCIPAL OF ASPECT
CAPITAL LIMITED, A TRADING ADVISOR OF MORGAN STANLEY SPECTRUM TECHNICAL L.P.

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DEMETER MANAGEMENT CORPORATION
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DEMETER MANAGEMENT CORPORATION, THE GENERAL PARTNER OF SPECTRUM FUNDS, AND
ALTIS PARTNERS (JERSEY) LIMITED ("ALTIS"), A TRADING ADVISOR OF SPECTRUM SELECT
AND SPECTRUM GLOBAL BALANCED, HAVE AGREED TO REDUCE THE MONTHLY MANAGEMENT FEES
PAYABLE TO ALTIS WITH RESPECT TO ITS TRADING OF THE ALLOCATED PORTION OF THE NET
ASSETS OF EACH OF THE AFOREMENTIONED FUNDS. COMMENCING AUGUST 1, 2008, THE
FOLLOWING CHANGES WILL BE MADE:

THE MANAGEMENT FEE PAID BY SPECTRUM SELECT TO ALTIS WILL BE REDUCED FROM A
1.75% ANNUAL RATE TO A 1.25% ANNUAL RATE.

THE MANAGEMENT FEE PAID BY SPECTRUM GLOBAL BALANCED TO ALTIS WILL BE REDUCED
FROM A 1.75% ANNUAL RATE TO A 1.25% ANNUAL RATE.

LIMITED PARTNERS ARE REMINDED THAT, SUBJECT TO CERTAIN RESTRICTIONS, THEY
HAVE THE RIGHT TO REDEEM THEIR UNITS ON A MONTHLY BASIS, AND THEY MAY VOTE TO
TAKE CERTAIN ACTIONS WITH RESPECT TO EACH FUND'S OPERATIONS, AS MORE FULLY SET
FORTH IN SECTION 15 OF EACH FUND'S LIMITED PARTNERSHIP AGREEMENT.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 522 Fifth Avenue, 13th Floor, New York,
NY 10036, 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 of
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.

[This page intentionally left blank]

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MORGAN STANLEY SPECTRUM CURRENCY L.P.
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[Table below represents bar chart in the printed piece]

Month ended June 30, 2008 YTD ended June 30, 2008

Australian dollar 0.09 1.85
British pound -0.23 -0.5
Euro 0.75 3.49
Japanese yen 0.16 -0.96
Swiss franc 0.22 1.14
Minor Currencies 0.64 5.08

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, Swedish
krona, Czech koruna, Chilean peso, Russian ruble, and Taiwan dollar.

During the month, the Fund experienced gains from long positions in the euro,
Brazilian real, Swiss franc, and Australian dollar, as well as from short
positions in the Chilean peso and Japanese yen versus the U.S. dollar. A portion
of these gains was offset by losses recorded from positions in the South African
rand, British pound, and New Zealand dollar versus the U.S. dollar.

Gains were achieved from long positions in the euro, Brazilian real, Swiss
franc, and Australian dollar versus the U.S. dollar as the value of the U.S.
dollar weakened against these currencies after U.S. industry reports showed the
largest jump in unemployment in twenty years, consumer confidence at a 15-year
low, and housing prices in 20 U.S. metropolitan areas at their lowest levels
since records began in 2001. Additionally, the value of the U.S. dollar moved
lower after the U.S. Federal Reserve held interest rates steady at 2.0% despite
rising inflation. Elsewhere, short positions in the Chilean peso and Japanese
yen versus the U.S. dollar resulted in gains as the value of the Chilean peso
moved lower on weaker-than-expected economic data out of Chile, while the value
of the Japanese yen declined after the Bank of Japan downgraded its assessment
of the Japanese economy and decided to leave interest rates steady at 0.5%.

Losses were incurred from short positions in the South African rand and British
pound versus the U.S. dollar as the value of the U.S. dollar moved lower against
these currencies due to the aforementioned weak U.S. economic data. Additional
losses were recorded from both short and long positions in the New Zealand
dollar versus the U.S. dollar as the value of the New Zealand dollar moved
without consistent direction throughout the month.

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MORGAN STANLEY SPECTRUM GLOBAL BALANCED L.P.
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[Table below represents bar chart in the printed piece]

Month ended June 30, 2008 YTD ended June 30, 2008

Currencies 0.46 0.15
Global Interest Rates 0.13 -2.06
Global Stock Indices -2.1
Energies 1.71 3.18
Metals 0.45 1.41
Agriculturals 0.67 3.77

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

During the month, the Fund experienced gains across the energy, agricultural,
currency, metals, and global interest rate sectors. Trading results in the
global stock index sector were essentially flat and had no material effect on
overall Fund performance during the month.

Within the energy markets, long futures positions in crude oil and its related
products experienced gains as prices moved higher on concerns of a U.S. supply
shortage, forecasts of rising Asian fuel consumption, and news that Israel
threatened to attack Iranian nuclear facilities. In addition, prices jumped
above $140 per barrel after Libya threatened to cut output and OPEC President,
Chakib Khelil, said that prices may reach $170 per barrel by the end of the
summer. Meanwhile, long positions in natural gas futures resulted in gains as
prices increased due to forecasts for warmer weather throughout the United
States.

Additional gains were recorded in the agricultural markets from long futures
positions in the soybean complex and corn as prices moved higher on supply
concerns after severe floods in the U.S. Midwest damaged crops. Elsewhere, long
positions in cocoa futures resulted in gains as prices rose to the highest level
since 1986 due to speculative buying.

Within the currency sector, short positions in the euro versus the Hungarian
forint resulted in gains as the value of the Hungarian forint strengthened
relative to the euro on speculation that interest rates in Hungary will increase
more than previously anticipated. Elsewhere, gains were recorded from short
positions in the Canadian dollar versus the U.S. dollar as the value of the
Canadian dollar moved lower against most of its major rivals amid continued weak
economic data out of Canada. Lastly, long positions in the Brazilian real versus
the U.S. dollar experienced gains as the value of the U.S. dollar weakened
against the Brazilian real after U.S. industry reports showed the largest jump
in unemployment in twenty years, consumer confidence at a 15-year low, and
housing prices in 20 U.S. metropolitan areas at their lowest levels since
records began in 2001.

Smaller gains were recorded within the metals markets from long positions in
copper and tin futures as prices increased on reports of declining global
stockpiles and strong demand. Short positions in lead futures experienced gains
as prices declined amid speculative-based selling.

Lastly, within the global interest rate sector, short positions in European
fixed-income futures recorded gains as prices decreased after the European
Central Bank left its benchmark interest rate unchanged at 4% and signaled it
may raise borrowing costs in July in order to combat accelerating inflation in
the Euro-Zone.

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MORGAN STANLEY SPECTRUM SELECT L.P.
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[Table below represents bar chart in the printed piece]

Month ended June 30, 2008 YTD ended June 30, 2008

Currencies -0.01 3.07
Global Interest Rates 0.8 3.88
Global Stock Indices 2.25 2.54
Energies 2.77 10.55
Metals 0.52 1.91
Agriculturals 0.73 5.67

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

During the month, the Fund experienced gains across the energy, global stock
index, global interest rate, agricultural, and metals sectors. Trading results
in the currency sector were essentially flat and had no material effect on
overall Fund performance during the month.

Additional gains were recorded within the global stock index sector from short
positions in global equity index futures as prices declined sharply on concerns
that record commodity prices and additional subprime-related writedowns may
erode corporate earnings and continue to slow global economic growth. In
addition, prices were pressured lower after government reports revealed
weaker-than-expected U.S. employment data, an unexpected drop in Germany's
consumer confidence, and a continued housing slump in the United Kingdom.

Within the global interest rate sector, short positions in European fixed-income
futures resulted in gains as prices decreased after the European Central Bank
left its benchmark interest rate unchanged at 4% and signaled it may raise
borrowing costs in July in order to combat accelerating inflation in the
Euro-Zone.

Smaller gains were experienced in the agricultural markets from long futures
positions in the soybean complex and corn as prices moved higher on supply
concerns after severe floods in the U.S. Midwest damaged crops. Elsewhere, long
positions in cocoa futures resulted in gains as prices rose to the highest level
since 1986.

Lastly, within the metals markets, long positions in copper and aluminum futures
experienced gains as prices increased on reports of declining global stockpiles
and strong demand.

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MORGAN STANLEY SPECTRUM STRATEGIC L.P.
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[Table below represents bar chart in the printed piece]

Month ended June 30, 2008 YTD ended June 30, 2008

Currencies -0.97 -2.44
Global Interest Rates -0.52 -1.07
Gobal Stock Indices 0.82 -2.36
Energies 0.69 2.13
Metals 0.75 1.05
Agriculturals 4.36 13.05

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

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

Within the agricultural markets, long futures positions in the soybean complex
and corn experienced gains as prices moved higher on supply concerns after
severe floods in the U.S. Midwest damaged crops. Elsewhere, long positions in
cocoa futures resulted in gains as prices rose to the highest level since 1986.
Lastly, long positions in sugar futures recorded gains as prices increased on
speculation that rising energy costs may boost demand for alternative fuels made
from crops.

Additional gains were recorded within the global stock index sector from short
positions in European and U.S. equity index futures as prices declined sharply
on concerns that record commodity prices and additional subprime-related
writedowns may erode corporate earnings and continue to slow global economic
growth. In addition, prices of European and U.S. stock index futures were
pressured lower after government reports revealed weaker-than-expected U.S.
employment data, an unexpected drop in Germany's consumer confidence, and a
continued housing slump in the United Kingdom.

Smaller gains were recorded in the metals markets from long positions in
aluminum and copper futures as prices increased on reports of declining global
stockpiles and strong demand. Meanwhile, long positions in gold futures
experienced gains as prices strengthened amid weakness in the value of the U.S.
dollar and rising crude oil prices.

Lastly, within the energy markets, long futures positions in crude oil and its
related products experienced gains as prices moved higher on concerns of a U.S.
supply shortage, forecasts of rising Asian fuel consumption, and news that
Israel threatened to attack Iranian nuclear facilities. In addition, prices
jumped above $140 per barrel after Libya threatened to cut output and OPEC
President, Chakib Khelil, said that prices may reach $170 per barrel by the end
of the summer. Meanwhile, long positions in natural gas futures resulted in
gains as prices increased due to forecasts for warmer weather throughout the
United States.

Within the currency sector, long positions in the Canadian dollar versus the
U.S. dollar incurred losses as the value of the Canadian dollar weakened against
the U.S. dollar amid continued weak economic data out of Canada. Losses were
also recorded from both short and long positions in the New Zealand dollar
versus the U.S. dollar as the value of the New Zealand dollar moved without
consistent direction throughout the month. Elsewhere, short positions in the
Norwegian krone versus the U.S. dollar resulted in losses during the second half
of the month as the value of the U.S. dollar weakened against the Norwegian
krone after U.S. industry reports showed the largest jump in unemployment in
twenty years, consumer confidence at a 15-year low, and housing prices in 20
U.S. metropolitan areas at their lowest levels since records began in 2001.

Smaller losses were recorded within the global interest rate sector from both
short and long positions in European and U.S. fixed-income futures as prices
moved without consistent direction throughout the month amid uncertainty
regarding inflation and central bank policy.

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MORGAN STANLEY SPECTRUM TECHNICAL L.P.
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[Table below represents bar chart in the printed piece]

Month ended June 30, 2008 YTD ended June 30, 2008

Currencies 0.25 3.29
Global Interest Rates 0.22 0.53
Global Stock Indices 3.04 2.41
Energies 1.54 8.74
Metals 0.24 0.89
Agriculturals 2.52 4.62

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

During the month, the Fund experienced gains across the global stock index,
agricultural, energy, currency, metals, and global interest rate sectors.

Within the global stock index sector, short positions in European and U.S.
equity index futures experienced gains as prices declined sharply on concerns
that record commodity prices and additional subprime-related writedowns may
erode corporate earnings and continue to slow global economic growth. In
addition, prices of European and U.S. stock index futures were pressured lower
after government reports revealed weaker-than-expected U.S. employment data, an
unexpected drop in Germany's consumer confidence, and a continued housing slump
in the United Kingdom.

Gains were also recorded within the energy markets from long futures positions
in crude oil and its related products as prices moved higher on concerns of a
U.S. supply shortage, forecasts of rising Asian fuel consumption, and news that
Israel threatened to attack Iranian nuclear facilities. In addition, prices
jumped above $140 per barrel after Libya threatened to cut output and OPEC
President, Chakib Khelil, said that prices may reach $170 per barrel by the end
of the summer. Meanwhile, long positions in natural gas futures resulted in
gains as prices increased due to forecasts for warmer weather throughout the
United States.

Smaller gains were recorded within the currency sector from long positions in
the euro versus the U.S. dollar as the value of the U.S. dollar weakened against
the euro after U.S. industry reports showed the largest jump in unemployment in
twenty years, consumer confidence at a 15-year low, and housing prices in 20
U.S. metropolitan areas at their lowest levels since records began in 2001.
Additionally, the value of the U.S. dollar moved lower against these currencies
after the U.S. Federal Reserve held interest rates steady at 2.0% despite rising
inflation.

Within the metals markets, long positions in gold futures experienced gains as
prices strengthened amid weakness in the value of the U.S. dollar and rising
crude oil prices. Meanwhile, long positions in copper and aluminum futures
resulted in gains as prices increased on reports of declining global stockpiles
and strong demand.

Lastly, gains were recorded within the global interest rate sector from short
positions in European fixed-income futures as prices decreased after the
European Central Bank left its benchmark interest rate unchanged at 4% and
signaled it may raise borrowing costs in July in order to combat accelerating
inflation in the Euro-Zone.

MORGAN STANLEY SPECTRUM SERIES
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STATEMENTS OF OPERATIONS
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FOR THE MONTH ENDED JUNE 30, 2008 (UNAUDITED)

MORGAN STANLEY MORGAN STANLEY
SPECTRUM CURRENCY SPECTRUM GLOBAL BALANCED
--------------------------- ------------------------
PERCENTAGE OF PERCENTAGE OF
JUNE 1, 2008 JUNE 1, 2008
BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
---------- --------------- ------ ---------------
$ % $ %

INVESTMENT INCOME
Interest income (Note 2) 122,652 .12 49,140 .16
---------- ---- ---------- ----

EXPENSES
Brokerage fees (Note 2) 380,582 .38 120,782 .38
Management fees (Note 3) 165,471 .17 43,855 .14
Incentive fees (Note 3) 2,848 -- 83,717 .27
---------- ---- ---------- ----
Total Expenses 548,901 .55 248,354 .79
---------- ---- ---------- ----
NET INVESTMENT LOSS (426,249) (.43) (199,214) (.63)
---------- ---- ---------- ----

TRADING RESULTS
Trading profit (loss):
Realized 77,530 .08 388,386 1.23
Net change in unrealized 1,342,243 1.35 674,760 2.14
---------- ---- ---------- ----
Total Trading Results 1,419,773 1.43 1,063,146 3.37
---------- ---- ---------- ----
NET INCOME 993,524 1.00 863,932 2.74
========== ==== ========== ====

MORGAN STANLEY SPECTRUM SERIES
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STATEMENTS OF CHANGES IN NET ASSET VALUE
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FOR THE MONTH ENDED JUNE 30, 2008 (UNAUDITED)

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

Net Asset Value,
June 1, 2008 9,648,540.617 99,282,222 10.29 2,067,643.343 31,508,347 15.24
Net Income -- 993,524 .10 -- 863,932 .42
Redemptions (207,664.225) (2,157,631) 10.39 (47,673.365) (746,565) 15.66
Subscriptions 22,372.790 232,453 10.39 13,755.270 215,408 15.66
------------- ---------- ------------- -----------
Net Asset Value,
June 30, 2008 9,463,249.182 98,350,568 10.39 2,033,725.24 831,841,122 15.66
============= ========== ============ ===========

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

MORGAN STANLEY MORGAN STANLEY MORGAN STANLEY
SPECTRUM SELECT SPECTRUM STRATEGIC SPECTRUM TECHNICAL
-------------------------- ---------------------------- -----------------------------
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
JUNE 1, 2008 JUNE 1, 2008 JUNE 1, 2008
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
--------- --------------- ---------- --------------- ---------- ---------------
$ % $ % $ %
INVESTMENT INCOME

Interest income (Note 2) 733,209 .13 259,698 .12 749,555 .13
---------- ---- --------- ---- ---------- ----

EXPENSES
Incentive fees (Note 3) 4,303,386 .75 318,524 .15 2,621,377 .45
Brokerage fees (Note 2) 2,868,669 .50 1,063,958 .50 2,897,281 .50
Management fees (Note 3) 1,148,279 .20 495,015 .23 1,076,752 .20
---------- ---- --------- ---- ---------- ----
Total Expenses 8,320,334 1.45 1,877,497 .88 6,595,410 1.15
---------- ---- --------- ---- ---------- ----
NET INVESTMENT LOSS (7,587,125) (1.32) (1,617,799) (.76) (5,845,855) (1.02)
---------- ---- --------- ---- ---------- ----

TRADING RESULTS
Trading profit (loss):
Realized 29,252,008 5.10 44,346 .02 23,095,635 3.99
Net change in unrealized 12,734,559 2.22 10,984,328 5.16 22,699,436 3.92
---------- ---- --------- ---- ---------- ----
Total Trading Results 41,986,567 7.32 11,028,674 5.18 45,795,071 7.91
---------- ---- --------- ---- ---------- ----
NET INCOME 34,399,442 6.00 9,410,875 4.42 39,949,216 6.89
========== ==== ========== ==== ========== ====

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,
June 1, 2008 15,740,800.325 573,733,726 36.45 11,702,245.754 212,791,688 18.18 26,482,266.643 579,456,098 21.88
Net Income -- 34,399,442 2.18 -- 9,410,875 .81 -- 39,949,216 1.51
Redemptions (334,952.346) (12,939,209) 38.63 (239,978.474) (4,557,191) 18.99 (727,259.131) (17,010,591) 23.39
Subscriptions 153,331.224 5,923,186 38.63 172,658.252 3,278,780 18.99 161,354.684 3,774,086 23.39
-------------- ----------- ---- -------------- ----------- ----- -------------- ----------- ------
Net Asset Value,
June 30, 2008 15,559,179.203 601,117,145 38.63 11,634,925.532 220,924,152 18.99 25,916,362.196 606,168,809 23.39
============== =========== ===== ============== =========== ===== ============== =========== =====

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

MORGAN STANLEY SPECTRUM SERIES
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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").

On January 1, 2008, the portion of the Partnership's assets which are managed
by Blenheim Capital Management, L.L.C. ("Blenheim") were initially invested as
capital in Morgan Stanley Managed Futures BHM I, LLC ("BHM I, LLC"). BHM I, LLC
was formed in order to permit commodity pools operated by Demeter Management
Corporation ("Demeter") and managed by Blenheim to invest together in one
trading vehicle and promote efficiency and economy in the trading process.
Demeter is the trading manager of BHM I, LLC. The Partnership's allocation to
Blenheim is effected by investing substantially all of the capital that is
allocated to Blenheim in the Trading Company. There is no change to the
investors as a result of the investment in BHM I, LLC as all the fees are all
calculated at the Partnership level.

The general partner of each Partnership is Demeter. The 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 plc ("MSIP"). Spectrum Currency's sole commodity broker is
MS&Co. MS&Co. acts as the counterparty on all trading of foreign currency
forward contracts. Morgan Stanley Capital Group Inc. ("MSCG") acts as the
counterparty on all trading of options on foreign currency forward contracts.

Demeter, MS&Co., MSIP, 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, MS&Co. pays each
Partnership interest income at a rate equal to the monthly average of the 4-week
U.S. Treasury bill discount rate during such month on 80% of the funds on
deposit with the commodity brokers at each month-end in the case of Spectrum
Currency, Spectrum Select, Spectrum Strategic, and Spectrum Technical, and on
100% in the case of Spectrum Global Balanced. 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, the
Partnerships may 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 6.0% (a 6.0% 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 MS&Co. 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. MS&Co.
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 MS&Co.

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 Units
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.

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2. RELATED PARTY TRANSACTIONS

The Partnerships pay brokerage fees to MS&Co. as described in Note 1. Spectrum
Global Balanced, Spectrum Select, Spectrum Strategic, and Spectrum Technical's
cash is on deposit with MS&Co. and MSIP, and Spectrum Currency's cash is on
deposit with MS&Co., in futures interests trading accounts to meet margin
requirements as needed. MS&Co. pays interest on these funds as described in
Note 1.

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

Morgan Stanley Spectrum Currency L.P.
C-View International Limited
DKR Fusion Management L.P.
FX Concepts Trading Advisor, Inc.
John W. Henry & Company, Inc.
Sunrise Capital Partners, LLC-

Morgan Stanley Spectrum Global Balanced L.P.
Altis Partners (Jersey) Limited ("Altis")
C-View International Limited ("C-View")
SSARIS Advisors, LLC ("SSARIS")

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

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.
Aspect Capital Limited ("Aspect")
Campbell & Company, Inc. ("Campbell")
Chesapeake Capital Corporation ("Chesapeake")
John W. Henry & Company, Inc. ("JWH")
Rotella Capital Management Inc. ("Rotella")
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
1/6 of 1% 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 SSARIS on the first day of each month
(a 1.25% annual rate), 1/12 of 1.75% per month of Net Assets allocated to Altis
on the first day of each month (a 1.75% annual rate), and 1/6 of 1% per month of
Net Assets allocated to C-View on the first day of each month (a 2% annual
rate).

The management fee for Spectrum Select is accrued at a rate of 1/12 of 1.75%
per month of Net Assets allocated to Altis on the first day of each month (a
1.75% annual rate), 1/6 of 1% per month of Net Assets allocated to Graham on the
first day of each month (a 2% annual rate), 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 1/4 of 1% per month of Net Assets allocated to Northfield and Sunrise on the
first day of each month (a 3% annual rate).

The management fee for Spectrum Strategic is accrued at a rate of 1/6 of 1%
per month of Net Assets allocated to FX Concepts on the first day of each month
(a 2% annual rate), and 1/4 of 1% per month of Net Assets allocated to Blenheim
and Eclipse on the first day of each month (a 3% annual rate).

The management fee for Spectrum Technical is accrued at a rate of 1/6 of 1%
per month of Net Assets allocated to Aspect, Chesapeake, JWH, Rotella, and
Winton on the first day of each month (a 2% annual rate), and 1/4 of 1% per
month of Net Assets allocated to Campbell 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 the Net Assets allocated to SSARIS
as of the end of each calendar month, and 20% of the trading profits experienced
with respect to the Net Assets allocated to Altis and C-View 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 Altis and 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 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 19% of the trading
profits experienced with respect to the Net Assets allocated to Chesapeake as of
the end of each calendar month, and 20% of the trading profits experienced with
respect to the Net Assets allocated to each of Aspect, Campbell, JWH, Rotella,
and Winton 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 trading advisors 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.

THIS REPORT IS BASED ON INFORMATION FROM MULTIPLE SOURCES AND MORGAN STANLEY
MAKES NO REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF INFORMATION FROM
SOURCES OUTSIDE OF MORGAN STANLEY.

Demeter Management Corporation
522 Fifth Avenue, 13th Floor
New York, NY 10036

MORGAN STANLEY

ADDRESS SERVICE REQUESTED