MORGAN STANLEY
SPECTRUM SERIES

September 2007
Monthly Report

This Monthly Report supplements the Spectrum Funds' Prospectus dated April 2,
2007.

Issued: October 31, 2007

[LOGO] Morgan Stanley

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
FUND % % % % % % % % % %
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Spectrum
Currency -- -- -- -- -- -- -- -- -- 11.7
(6 MOS.)
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Spectrum
Global
Balanced -- -- -- (1.7) 22.8 (3.6) 18.2 16.4 0.8 0.9
(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
(5 mos.)
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Spectrum
Strategic -- -- -- 0.1 10.5 (3.5) 0.4 7.8 37.2 (33.1)
(2 mos.)
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Spectrum
Technical -- -- -- (2.2) 17.6 18.3 7.5 10.2 (7.5) 7.8
(2 mos.)
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INCEPTION- COMPOUND
TO-DATE ANNUALIZED
2001 2002 2003 2004 2005 2006 2007 RETURN RETURN
FUND % % % % % % % % %
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Spectrum
Currency 11.1 12.2 12.4 (8.0) (18.3) (3.4) (13.3) (1.3) (0.2)
(9 mos.)
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Spectrum
Global
Balanced (0.3) (10.1) 6.2 (5.6) 4.2 2.4 1.2 57.9 3.6
(9 mos.)
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Spectrum
Select 1.7 15.4 9.6 (4.7) (5.0) 5.9 1.8 195.7 6.9
(9 mos.)
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Spectrum
Strategic (0.6) 9.4 24.0 1.7 (2.6) 20.9 4.2 78.7 4.6
(9 mos.)
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Spectrum
Technical (7.2) 23.3 23.0 4.4 (5.4) 5.4 (15.0) 100.3 5.5
(9 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
SEPTEMBER 2007

Dear Limited Partner:

The Net Asset Value per Unit for each of the five Morgan Stanley Spectrum
Funds as of September 30, 2007 was as follows:

FUND N.A.V. % CHANGE FOR MONTH
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Spectrum Currency $9.87 4.12%
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Spectrum Global Balanced $15.79 1.76%
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Spectrum Select $29.57 7.63%
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Spectrum Strategic $17.87 5.99%
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Spectrum Technical $20.03 5.44%
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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.

DEMETER MANAGEMENT CORPORATION ("DEMETER"), THE GENERAL PARTNER OF EACH OF
THE FUNDS, WILL ADD NEW TRADING ADVISOR(S) TO EACH OF THE FUNDS EFFECTIVE
DECEMBER 1, 2007.

SPECTRUM CURRENCY. DEMETER ENTERED INTO A MANAGEMENT AGREEMENT WITH EACH OF
C-VIEW INTERNATIONAL LIMITED ("C-VIEW"), DKR FUSION MANAGEMENT L.P. ("DKR"), AND
FX CONCEPTS (TRADING ADVISOR) INC. ("FX CONCEPTS"), PURSUANT TO WHICH EACH WILL
SERVE AS A TRADING ADVISOR FOR SPECTRUM CURRENCY. EACH TRADING ADVISOR WILL BE
PAID A MONTHLY MANAGEMENT FEE AT A 2% ANNUAL RATE (BASED ON NET ASSETS) AND A
MONTHLY INCENTIVE FEE EQUAL TO 20% OF ANY TRADING PROFITS. EACH TRADING ADVISOR
WILL TRADE ITS ALLOCATED PORTION OF SPECTRUM CURRENCY'S NET ASSETS PURSUANT TO
THE FOLLOWING TRADING PROGRAMS: C-VIEW'S LIMITED MANAGED ACCOUNT 3X PROGRAM AT
2X LEVERAGE, DKR'S STRATEGIC CURRENCY PROGRAM, AND FX CONCEPTS' GLOBAL CURRENCY
PROGRAM. EFFECTIVE DECEMBER 1, 2007, THE ESTIMATED PERCENTAGE OF NET ASSETS
ALLOCATED TO EACH TRADING ADVISOR OF SPECTRUM CURRENCY WILL BE AS FOLLOWS: JOHN
W. HENRY & COMPANY, INC. (20%) ("JWH"); SUNRISE CAPITAL PARTNERS, LLC (20%);
C-VIEW (20%); DKR (20%); AND FX CONCEPTS (20%).

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DEMETER MANAGEMENT CORPORATION
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SPECTRUM GLOBAL BALANCED. DEMETER ENTERED INTO A MANAGEMENT AGREEMENT WITH
EACH OF ALTIS PARTNERS (JERSEY) LIMITED ("ALTIS"), CORNERSTONE QUANTITATIVE
INVESTMENT GROUP, INC. ("CORNERSTONE"), AND C-VIEW, PURSUANT TO WHICH EACH WILL
SERVE AS A TRADING ADVISOR FOR SPECTRUM GLOBAL BALANCED. THE TRADING ADVISORS
WILL BE PAID A MONTHLY MANAGEMENT FEE AT THE FOLLOWING RATES (BASED ON NET
ASSETS): A 1.75% ANNUAL RATE TO ALTIS; A 1% ANNUAL RATE TO CORNERSTONE; AND A 2%
ANNUAL RATE TO C-VIEW. EACH TRADING ADVISOR WILL BE PAID A MONTHLY INCENTIVE FEE
EQUAL TO 20% OF ANY TRADING PROFITS. EACH TRADING ADVISOR WILL TRADE ITS
ALLOCATED PORTION OF SPECTRUM GLOBAL BALANCED'S NET ASSETS PURSUANT TO THE
FOLLOWING TRADING PROGRAMS: ALTIS' GLOBAL FUTURES PORTFOLIO, CORNERSTONE'S
INTERNATIONAL VALUE PROGRAM, AND C-VIEW'S LIMITED MANAGED ACCOUNT 3X PROGRAM AT
2X LEVERAGE. EFFECTIVE DECEMBER 1, 2007, THE ESTIMATED PERCENTAGE OF NET ASSETS
ALLOCATED TO EACH TRADING ADVISOR OF SPECTRUM GLOBAL BALANCED WILL BE AS
FOLLOWS: SSARIS ADVISORS, LLC (25%); ALTIS (25%); CORNERSTONE (25%); AND C-VIEW
(25%).

SPECTRUM SELECT. DEMETER ENTERED INTO A MANAGEMENT AGREEMENT WITH ALTIS TO
SERVE AS A TRADING ADVISOR FOR SPECTRUM SELECT. ALTIS WILL BE PAID A MONTHLY
MANAGEMENT FEE AT A 1.75% ANNUAL RATE (BASED ON NET ASSETS) AND A MONTHLY
INCENTIVE FEE EQUAL TO 20% OF ANY TRADING PROFITS. ALTIS WILL TRADE ITS
ALLOCATED PORTION OF SPECTRUM SELECT'S NET ASSETS PURSUANT TO ITS GLOBAL FUTURES
PORTFOLIO TRADING PROGRAM. EFFECTIVE DECEMBER 1, 2007, THE ESTIMATED PERCENTAGE
OF NET ASSETS ALLOCATED TO EACH TRADING ADVISOR OF SPECTRUM SELECT WILL BE AS
FOLLOWS: EMC CAPITAL MANAGEMENT, INC. (12.5%); NORTHFIELD TRADING L.P. (7.5%);
RABAR MARKET RESEARCH, INC. (20%); SUNRISE CAPITAL MANAGEMENT, INC. (20%);
GRAHAM CAPITAL MANAGEMENT, INC. (20%); AND ALTIS (20%).

SPECTRUM STRATEGIC. DEMETER ENTERED INTO A MANAGEMENT AGREEMENT WITH
CORNERSTONE TO SERVE AS A TRADING ADVISOR FOR SPECTRUM STRATEGIC. CORNERSTONE
WILL BE PAID A MONTHLY MANAGEMENT FEE AT A 1% ANNUAL RATE (BASED ON NET ASSETS)
AND A MONTHLY INCENTIVE FEE EQUAL TO 20% OF ANY TRADING PROFITS. CORNERSTONE
WILL TRADE ITS ALLOCATED PORTION OF SPECTRUM STRATEGIC'S NET ASSETS PURSUANT TO
ITS INTERNATIONAL VALUE PROGRAM. EFFECTIVE DECEMBER 1, 2007, THE ESTIMATED
PERCENTAGE OF NET ASSETS ALLOCATED TO EACH TRADING ADVISOR OF SPECTRUM STRATEGIC
WILL BE AS FOLLOWS: BLENHEIM CAPITAL MANAGEMENT, L.L.C. (40%); ECLIPSE CAPITAL
MANAGEMENT LIMITED (20%); FX CONCEPTS (20%); AND CORNERSTONE (20%).

SPECTRUM TECHNICAL. DEMETER ENTERED INTO A MANAGEMENT AGREEMENT WITH EACH OF
ASPECT CAPITAL LIMITED ("ASPECT") AND ROTELLA CAPITAL MANAGEMENT, INC.
("ROTELLA"), PURSUANT TO WHICH EACH WILL SERVE AS A TRADING ADVISOR FOR SPECTRUM
TECHNICAL. EACH TRADING ADVISOR WILL BE PAID A MONTHLY MANAGEMENT FEE AT A 2%
ANNUAL RATE (BASED ON NET ASSETS) AND A MONTHLY INCENTIVE FEE EQUAL TO 20% OF
ANY TRADING PROFITS. EACH TRADING ADVISOR WILL TRADE ITS ALLOCATED PORTION OF
SPECTRUM TECHNICAL'S NET ASSETS PURSUANT TO THE FOLLOWING TRADING PROGRAMS:
ASPECT'S DIVERSIFIED PROGRAM AND ROTELLA'S STANDARD LEVERAGE PROGRAM. EFFECTIVE
DECEMBER 1, 2007, THE ESTIMATED PERCENTAGE OF NET ASSETS ALLOCATED TO EACH
TRADING ADVISOR OF SPECTRUM TECHNICAL WILL BE AS FOLLOWS: CAMPBELL & COMPANY,
INC. (25%) ("CAMPBELL"); CHESAPEAKE CAPITAL CORPORATION (15%) ("CHESAPEAKE");
JWH (5%); WINTON CAPITAL MANAGEMENT LIMITED (25%); ASPECT (10%); AND ROTELLA
(20%).

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DEMETER MANAGEMENT CORPORATION
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THE PERCENTAGE OF NET ASSETS ALLOCATED TO EACH TRADING ADVISOR OF EACH FUND
AS OF DECEMBER 1, 2007, AS SET FORTH ABOVE, SUPPLEMENTS THE TABLE UNDER "USE OF
PROCEEDS" ON PAGE 30 OF THE PROSPECTUS.

LIMITED PARTNERS OF EACH FUND ARE REMINDED THAT YOU HAVE THE RIGHT TO REDEEM
YOUR UNITS ON A MONTHLY BASIS, AND THAT LIMITED PARTNERS OWNING MORE THAN 50% OF
THE OUTSTANDING UNITS OF EACH FUND MAY VOTE TO TAKE CERTAIN ACTIONS WITH RESPECT
TO SUCH FUND, AS MORE FULLY SET FORTH IN SECTION 15(c) OF THE LIMITED
PARTNERSHIP AGREEMENT ON PAGE A-21 OF THE PROSPECTUS.

AS PREVIOUSLY MENTIONED, EFFECTIVE AUGUST 16, 2007, CHESAPEAKE, IN
CONSULTATION WITH DEMETER, HAD AGREED TO TEMPORARILY REDUCE THE OVERALL LEVERAGE
OF SPECTRUM TECHNICAL ASSETS TRADED PURSUANT TO CHESAPEAKE'S DIVERSIFIED 2XL
PROGRAM (THE "PROGRAM") BY 50%. THIS REDUCTION IN LEVERAGE WAS IN RESPONSE TO
THE EXTREME MARKET EVENTS WITNESSED IN JULY AND AUGUST AND THE ADVERSE
PERFORMANCE EXPERIENCED BY CHESAPEAKE DURING THE LATTER PART OF JULY AND FIRST
HALF OF AUGUST 2007. SUBSEQUENTLY, EFFECTIVE OCTOBER 1, 2007, CHESAPEAKE, IN
CONSULTATION WITH DEMETER, DETERMINED THAT IT WAS APPROPRIATE TO INCREASE THE
OVERALL LEVERAGE OF SPECTRUM TECHNICAL ASSETS TRADED PURSUANT TO THE PROGRAM TO
62.5%. CHESAPEAKE, IN FURTHER CONSULTATION WITH DEMETER, AND FROM TIME-TO-TIME,
MAY FURTHER INCREASE THE OVERALL LEVERAGE OF THE FUND'S ASSETS TRADED PURSUANT
TO THE PROGRAM UP TO 100%.

IN ADDITION TO THE REDUCTION IN LEVERAGE, EFFECTIVE SEPTEMBER 1, 2007,
CHESAPEAKE HAS AGREED TO TEMPORARILY WAIVE THE MANAGEMENT FEE IT RECEIVES FROM
SPECTRUM TECHNICAL. THE WAIVER OF THE MANAGEMENT FEE WILL REMAIN IN EFFECT
THROUGH DECEMBER 31, 2007. PRIOR TO OR UPON SUCH DATE, DEMETER AND CHESAPEAKE
WILL DETERMINE WHETHER OR NOT THE WAIVER OF CHESAPEAKE'S MANAGEMENT FEE WILL BE
EXTENDED TO A FUTURE DATE.

EFFECTIVE APRIL 1, 2007, MARK H. MITCHELL CEASED TO BE ASSOCIATED IN ANY
CAPACITY WITH JWH, TRADING ADVISOR TO SPECTRUM CURRENCY AND SPECTRUM TECHNICAL,
UPON EXPIRATION OF HIS TEN YEAR EMPLOYMENT AGREEMENT WITH JWH ON MARCH 31, 2007.
MR. MITCHELL HAD FORMERLY SERVED AS VICE CHAIRMAN OF JWH AND AS COUNSEL TO THE
FIRM.

EFFECTIVE APRIL 3, 2007, CAMPBELL, TRADING ADVISOR TO SPECTRUM TECHNICAL,
ANNOUNCED THE APPOINTMENT OF MS. THERESA BECKS TO THE POSITION OF PRESIDENT &
CHIEF EXECUTIVE OFFICER, SUCCEEDING MR. BRUCE CLELAND, WHO WILL BECOME VICE
CHAIRMAN.

THERESA BECKS HAS BEEN WITH CAMPBELL AS ITS CHIEF FINANCIAL OFFICER FOR 16
YEARS, AND A MEMBER OF CAMPBELL'S BOARD OF DIRECTORS FOR 13 YEARS. MS. BECKS IS
ALSO A FORMER MEMBER OF THE BOARD OF DIRECTORS OF THE MANAGED FUNDS ASSOCIATION.
PRIOR TO JOINING CAMPBELL, SHE WAS VICE PRESIDENT & CHIEF FINANCIAL OFFICER OF
BANK MARYLAND CORP, A PUBLICLY HELD COMPANY. MS. BECKS STARTED HER PROFESSIONAL
CAREER WITH ERNST & YOUNG AS A CERTIFIED PUBLIC ACCOUNTANT.

BRUCE CLELAND, WHO HAS BEEN WITH CAMPBELL SINCE 1993, HAVING SERVED AS
PRESIDENT SINCE 1994, AND CHIEF EXECUTIVE OFFICER SINCE 1997, WILL BECOME VICE
CHAIRMAN OF THE FIRM AND ACT IN AN ADVISORY CAPACITY TO THE EXECUTIVE COMMITTEE.

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DEMETER MANAGEMENT CORPORATION
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KEVIN M. HEERDT, DIRECTOR OF RESEARCH & CHIEF OPERATING OFFICER, WILL
CONTINUE TO FOCUS HIS EFFORTS ON CAMPBELL'S RESEARCH AND TRADING ACTIVITIES. MR.
HEERDT JOINED CAMPBELL IN 2003 AS CO-HEAD OF RESEARCH, AND WAS APPOINTED CHIEF
OPERATING OFFICER IN 2005 AND HEAD OF RESEARCH IN JANUARY 2007. PRIOR TO JOINING
CAMPBELL, MR. HEERDT SPENT 12 YEARS WITH MOORE CAPITAL WHERE HE ACTED IN SEVERAL
CAPACITIES INCLUDING MANAGING DIRECTOR AND CHIEF INVESTMENTS OFFICER.

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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[The following table represents a bar chart in the printed piece.]

MONTH ENDED YTD ENDED
SEPTEMBER 30, 2007 SEPTEMBER 30, 2007

Australian dollar 0.17 -0.29
British pound -0.1 -0.76
Euro 1.21 -0.34
Japanese yen -0.05 0.43
Swiss franc 0.01 -1.38
Minor Currencies 0.51 -10.69

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, and Czech
koruna.

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

Gains were recorded from long positions in the euro, Swedish krona, Singapore
dollar, and Australian dollar versus the U.S. dollar as the value of the U.S.
dollar declined relative to most of its major rivals leading up to and after the
U.S. Federal Reserve's decision to cut interest rates at its September 18
meeting. In addition, the value of the U.S. dollar was pulled lower amid
speculation that the U.S. Federal Reserve may continue to reduce interest rates
in the near term in order to spur economic growth after the recent collapse of
the sub-prime mortgage market.

Losses were incurred from short positions in the British pound, Swiss franc,
Mexican peso, New Zealand dollar, and Korean won versus the U.S. dollar as the
value of the U.S. dollar moved lower against these currencies due to the
aforementioned reasons regarding the future of U.S. interest rate policy.

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MORGAN STANLEY SPECTRUM GLOBAL BALANCED L.P.
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[The following table represents a bar chart in the printed piece.]

MONTH ENDED YTD ENDED
SEPTEMBER 30, 2007 SEPTEMBER 30, 2007

Currencies 0.84 0.13
Interest Rates -0.19 3.52
Stock Indices 0.79 -2.94
Energies 0 0.73
Metals 0.02 1.15
Agriculturals 0.3 -1.23

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

During the month, the Fund experienced gains in the currency, global stock
index, and agricultural sectors. A portion of these gains was offset by losses
recorded in the global interest rate sector. Trading results in the energy and
metals sectors were essentially flat and had no material effect on overall Fund
performance during the month.

Within the currency sector, short positions in the U.S. Dollar Index, as well as
long positions in the euro versus the U.S. dollar experienced gains as the value
of the U.S. dollar moved lower relative to most of its major rivals leading up
to and after the U.S. Federal Reserve's decision to cut interest rates at its
September 18 meeting. In addition, the value of the U.S. dollar was pulled lower
amid speculation that the U.S. Federal Reserve may continue to reduce interest
rates in the near term in order to spur economic growth after the recent
collapse of the sub-prime mortgage market. Meanwhile, short positions in the
euro versus the Norwegian krone resulted in gains as the value of the Norwegian
krone moved higher in tandem with rising energy prices.

Within the global stock index sector, long positions in U.S. and Australian
equity index futures recorded gains as prices increased on optimism that the
worst of the turmoil in credit markets could be over. In addition, prices moved
higher leading up to and after the 50 basis point cut in interest rates by the
U.S. Federal Reserve, as well as on sentiment that the easing U.S. Fed policy
may continue in order to prevent the real estate slump from dragging down the
economy further. Lastly, Australian stock index prices increased amid rising
commodity prices.

Within the agricultural markets, long positions in soybean and soybean meal
futures experienced gains as prices moved higher on concern that hot, dry
weather in the U.S. South and flooding in the U.S. Midwest may have damaged
crops. Meanwhile, short positions in lean hog futures resulted in gains as
prices moved lower amid technically-based selling.

Within the global interest rate sector, short positions in short-term British
fixed-income futures resulted in losses at the beginning of the month as prices
increased following news that the European Central Bank kept interest rates
steady. Additional losses were incurred from long positions in German
fixed-income futures as prices reversed lower in the middle of the month
following a rebound in global equity prices, which reduced demand for the
relative "safety" of government debt.

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MORGAN STANLEY SPECTRUM SELECT L.P.
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[The following table represents a bar chart in the printed piece.]

MONTH ENDED YTD ENDED
SEPTEMBER 30, 2007 SEPTEMBER 30, 2007

Currencies 3.74 4.64
Interest Rates -0.14 3.86
Stock Indices 0.33 -1.26
Energies 1.35 -0.12
Metals 1.03 -1.99
Agriculturals 1.55 0.54

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

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

Within the currency sector, long positions in the euro, Canadian dollar, and
Turkish lira versus the U.S. dollar, as well as outright short positions in the
U.S. Dollar Index, experienced gains as the value of the U.S. dollar moved lower
relative to most of its major rivals leading up to and after the U.S. Federal
Reserve's decision to cut interest rates at its September 18 meeting. In
addition, the value of the U.S. dollar was pulled lower amid speculation that
the U.S. Federal Reserve may continue to reduce interest rates in the near term
in order to spur economic growth after the recent collapse of the sub-prime
mortgage market. Conversely, the value of the Canadian dollar moved higher in
tandem with rising energy prices. As a result, the Canadian dollar reached its
highest level against the U.S. dollar since 1976.

Within the agricultural markets, long positions in wheat futures recorded gains
as prices rose sharply to record highs amid persistently strong international
demand and fears of a shortage in supply after unfavorable weather in key
growing countries such as Ukraine and Australia. In addition, prices were pushed
higher after news of a smaller than expected harvest in the United States. Long
futures positions in the soybean complex resulted in additional gains as prices
moved higher on concern that hot, dry weather in the U.S. South and flooding in
the U.S. Midwest may have damaged crops.

Within the metals markets, long positions in gold and platinum futures recorded
gains as prices rose higher due to persistent weakness in the value of the U.S.
dollar. In addition, prices of gold futures rose on speculation that a strike in
Peru's largest gold mine may disrupt supplies, while prices of platinum futures
moved higher as data on the U.S. economy signaled metal demand by jewelers and
automakers may remain strong.

Within the global stock index sector, long positions in Hong Kong and U.S.
equity index futures recorded gains as prices increased on optimism that the
worst of the turmoil in the credit markets could be over. In addition, prices
moved higher leading up to and after the 50 basis point cut in interest rates by
the U.S. Federal Reserve, as well as on sentiment that the easing U.S. Fed
policy may continue. Hong Kong stock index futures prices also moved higher on
hopes that an easing of government restrictions on investments may promote the
growth of local equity markets.

Within the global interest rate sector, long positions in European and Japanese
fixed-income futures incurred losses as prices reversed lower in the middle of
the month following a rebound in global equities, which reduced demand for the
relative "safety" of government debt.

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MORGAN STANLEY SPECTRUM STRATEGIC L.P.
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[The following table represents a bar chart in the printed piece.]

MONTH ENDED YTD ENDED
SEPTEMBER 30, 2007 SEPTEMBER 30, 2007

Currencies 0.43 1.7
Interest Rates 0.01 0.15
Stock Indices 0.49 2.27
Energies 0.23 0.03
Metals 0.71 -1.06
Agriculturals 4.49 4.4

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

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

Within the agricultural markets, long positions in coffee futures experienced
gains as prices moved higher on concerns that a lack of rain in Brazil, the
world's biggest producer, may hurt the crop and reduce supplies. Meanwhile, long
futures positions in the soybean complex resulted in additional gains as prices
moved higher on concern that hot, dry weather in the U.S. South and flooding in
the U.S. Midwest may have damaged crops. Elsewhere, long positions in cocoa
futures recorded gains as prices increased on concern that supplies may tighten
as inventories dwindle in the Ivory Coast, the world's biggest producer. Lastly,
long positions in cotton futures experienced gains as prices rose on supply
worries after data from the U.S. Department of Agriculture revealed a possible
reduction in acreage.

Within the metals markets, long positions in copper futures recorded gains as
prices increased on expectations that global demand may be buoyed by China, the
world's largest consumer. Elsewhere in the metals markets, long positions in
gold futures resulted in gains as prices increased to a 27-year high due to
persistent weakness in the value of the U.S. dollar and speculation that a
strike in Peru's largest gold mine may disrupt supplies.

Within the global stock index sector, long positions in U.S., German, and Hong
Kong equity index futures experienced gains as prices increased on optimism that
the worst of the turmoil in the credit markets could be over. In addition,
prices moved higher leading up to and after the 50 basis point cut in interest
rates by the U.S. Federal Reserve, as well as on sentiment that the easing U.S.
Fed policy may continue. Hong Kong stock index futures prices also moved higher
on hopes that an easing of government restrictions on investments may promote
the growth of local equity markets.

Within the currency sector, long positions in the euro and Norwegian krone
versus the U.S. dollar experienced gains as the value of the U.S. dollar moved
lower relative to most of its major rivals leading up to and after the U.S.
Federal Reserve's decision to cut interest rates at its September 18 meeting. In
addition, the value of the U.S. dollar was pulled lower amid speculation that
the U.S. Federal Reserve may continue to reduce interest rates in the near term.
Conversely, the Norwegian krone moved higher in tandem with rising energy prices
on investor belief that surging oil prices and exports may expand the Norwegian
economy.

Within the energy markets, long futures positions in gasoline and heating oil
recorded gains as prices trended higher during the month due to continuous
hurricane activity in the Gulf of Mexico and data from the U.S. Department of
Energy indicating falling U.S. inventories.

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MORGAN STANLEY SPECTRUM TECHNICAL L.P.
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[The following table represents a bar chart in the printed piece.]

MONTH ENDED YTD ENDED
SEPTEMBER 30, 2007 SEPTEMBER 30, 2007

Currencies 2.93 -0.31
Interest
Rates -0.37 0.91
Stock
Indices 0.7 -1.13
Energies 0.66 -1.61
Metals 0.38 -2.77
Agriculturals 1.63 -1.54

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

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

Within the currency sector, long positions in the euro, Canadian dollar,
Australian dollar, and British pound versus the U.S. dollar experienced gains as
the value of the U.S. dollar moved lower relative to most of its major rivals
leading up to and after the U.S. Federal Reserve's decision to cut interest
rates at its September 18 meeting. In addition, the value of the U.S. dollar was
pulled lower amid speculation that the U.S. Federal Reserve may continue to
reduce interest rates in the near term. Conversely, the value of the Canadian
dollar and Australian dollar moved higher in tandem with rising energy prices as
these "commodity-currencies" increased sharply on investor belief that surging
oil prices and exports will expand these respective economies. As a result, the
Canadian dollar reached its highest level against the U.S. dollar since 1976.

Within the global stock index sector, long positions in Hong Kong and U.S.
equity index futures recorded gains as prices increased on optimism that the
worst of the turmoil in credit markets could be over. In addition, prices moved
higher leading up to and after the 50 basis point cut in interest rates by the
U.S. Federal Reserve, as well as on sentiment that the easing U.S. Fed policy
may continue. Hong Kong stock index futures prices also moved higher on hopes
that an easing of government restrictions on investments may promote the growth
of local equity markets.

Within the energy markets, long futures positions in crude oil and its related
products experienced gains as prices trended higher during the month due to
continuous hurricane activity in the Gulf of Mexico and data from the U.S.
Department of Energy indicating falling U.S. inventories. Consequently, crude
oil futures prices on the New York Mercantile Exchange touched the highest level
since the contract began trading in 1983.

Within the metals markets, long positions in gold futures recorded gains as
prices increased to a 27-year high due to persistent weakness in the value of
the U.S. dollar and speculation that a strike in Peru's largest gold mine may
disrupt supplies.

Within the global interest rate sector, long positions in European fixed-income
futures incurred losses as prices reversed lower in the middle of the month
following a rebound in global equities, which reduced demand for the relative
"safety" of government debt.

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
FOR THE MONTH ENDED SEPTEMBER 30, 2007 (UNAUDITED)

MORGAN STANLEY MORGAN STANLEY
SPECTRUM CURRENCY SPECTRUM GLOBAL BALANCED
--------------------------------- ---------------------------------
PERCENTAGE OF PERCENTAGE OF
SEPTEMBER 1, 2007 SEPTEMBER 1, 2007
BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
------------- ----------------- ------------ ------------------
$ % $ %

INVESTMENT INCOME
Interest income (Note 2) 311,436 .26 120,402 .33
------------- ------ ------------ ------

EXPENSES
Brokerage fees (Note 2) 453,209 .38 140,446 .38
Management fees (Note 3) 197,047 .17 38,165 .11
------------- ------ ------------ ------
Total Expenses 650,256 .55 178,611 .49
------------- ------ ------------ ------

NET INVESTMENT LOSS (338,820) (.29) (58,209) (.16)
------------- ------ ------------ ------

TRADING RESULTS
Trading profit (loss):
Realized (19,065,726) (16.13) (65,411) (.18)
Net change in unrealized 24,278,593 20.54 770,237 2.10
------------- ------ ------------ ------
Total Trading Results 5,212,867 4.41 704,826 1.92
------------- ------ ------------ ------

NET INCOME 4,874,047 4.12 646,617 1.76
============= ======= ============ ======

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSET VALUE
- --------------------------------------------------------------------------------
FOR THE MONTH ENDED SEPTEMBER 30, 2007 (UNAUDITED)

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

Net Asset Value,
September 1, 2007 12,473,486.329 118,228,387 9.48 2,361,352.030 36,638,117 15.52
Net Income -- 4,874,047 .39 -- 646,617 .27
Redemptions (364,574.366) (3,598,349) 9.87 (37,018.497) (584,522) 15.79
Subscriptions 28,001.413 276,374 9.87 4,363.835 68,905 15.79
----------------- ------------ ---------------- ----------
Net Asset Value,
September 30, 2007 12,136,913.376 119,780,459 9.87 2,328,697.368 36,769,117 15.79
================= ============ ================ ==========

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
SEPTEMBER 1, 2007 SEPTEMBER 1, 2007 SEPTEMBER 1, 2007
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
------------ ----------------- ----------- ----------------- ------------ ------------------
$ % $ % $ %

INVESTMENT INCOME
Interest income (Note 2) 1,307,468 .27 530,183 .26 1,566,335 .27
------------ ----- ----------- ----- ------------ -----

EXPENSES
Brokerage fees (Note 2) 2,427,950 .50 1,026,780 .50 2,922,292 .50
Management fees (Note 3) 1,060,546 .22 478,340 .23 914,906 .15
Incentive fees (Note 3) 445,292 .09 -- -- 31,579 .01
------------ ----- ----------- ----- ------------ -----
Total Expenses 3,933,788 .81 1,505,120 .73 3,868,777 .66
------------ ----- ----------- ----- ------------ -----
NET INVESTMENT LOSS (2,626,320) (.54) (974,937) (.47) (2,302,442) (.39)
------------ ----- ----------- ----- ------------ -----

TRADING RESULTS
Trading profit (loss):
Realized (7,867,232) (1.62) 881,257 .43 (22,903,163) (3.92)
Net change in unrealized 47,527,298 9.79 12,384,989 6.03 57,013,283 9.75
------------ ----- ----------- ----- ------------- ------
Total Trading Results 39,660,066 8.17 13,266,246 6.46 34,110,120 5.83
------------ ----- ----------- ----- ------------- ------

NET INCOME 37,033,746 7.63 12,291,309 5.99 31,807,678 5.44
============ ===== =========== ===== ============= ======

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,
September 1, 2007 17,673,109.272 485,589,928 27.48 12,182,076.782 205,356,091 16.86 30,765,402.532 584,458,357 19.00
Net Income -- 37,033,746 2.09 -- 12,291,309 1.01 -- 31,807,678 1.03
Redemptions (353,930.400) (10,465,722) 29.57 (274,263.470) (4,901,088) 17.87 (689,187.982) (13,804,436) 20.03
Subscriptions 67,518.320 1,996,517 29.57 89,882.750 1,606,205 17.87 155,749.280 3,119,658 20.03
-------------- ----------- -------------- ----------- -------------- -----------
Net Asset Value,
September 30, 2007 17,386,697.192 514,154,469 29.57 11,997,696.062 214,352,517 17.87 30,231,963.830 605,581,257 20.03
============== =========== ============== =========== ============== ===========

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

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

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION. Morgan Stanley Spectrum Currency L.P. ("Spectrum Currency"),
Morgan Stanley Spectrum Global Balanced L.P. ("Spectrum Global Balanced"),
Morgan Stanley Spectrum Select L.P. ("Spectrum Select"), Morgan Stanley Spectrum
Strategic L.P. ("Spectrum Strategic"), and Morgan Stanley Spectrum Technical
L.P. ("Spectrum Technical") (individually, a "Partnership", or collectively, the
"Partnerships"), are limited partnerships organized to engage primarily in the
speculative trading of futures contracts, options on futures and forward
contracts, and forward contracts on physical commodities and other commodity
interests, including, but not limited to, foreign currencies, financial
instruments, metals, energy, and agricultural products (collectively, "Futures
Interests").

The general partner of each Partnership is Demeter Management Corporation
("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 commodity broker is MS&Co. MS&Co. acts as the counterparty
on all trading of foreign currency forward contracts. For Spectrum Strategic and
Spectrum Technical, 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, they
transact business in currencies other than the U.S. dollar. Assets and
liabilities denominated in currencies other than the U.S. dollar are translated
into U.S. dollars at the rates in effect at the date of the Statements of
Changes in Net Asset Value. Income and expense items denominated in currencies
other than the U.S. dollar are translated into U.S. dollars at the rates in
effect during the period. Gains and losses resulting from the translation to
U.S. dollars are reported in income currently.

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

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

Brokerage fees for Spectrum Select, Spectrum Strategic, and Spectrum
Technical are accrued at a flat monthly rate of 1/12 of 6.0% (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
investment among the Partnerships (subject to certain restrictions outlined in
the Limited Partnership Agreements) without paying additional charges.

DISTRIBUTIONS. Distributions, other than redemptions of Units, are made on a
pro-rata basis at the sole discretion of Demeter. No distributions have been
made to date. Demeter does not intend to make any distributions of the
Partnerships' profits.

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

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

================================================================================
2. RELATED PARTY TRANSACTIONS
The Partnerships pay brokerage fees to 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.

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

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

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

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

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

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

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

MANAGEMENT FEE. The management fee for Spectrum Currency is accrued at a rate of
1/6 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 its sole trading advisor on the first
day of each month (a 1.25% annual rate).

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

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

The management fee for Spectrum Technical is accrued at a rate of 1/6 of 1%
per month of Net Assets allocated to JWH 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 and Chesapeake on the first day of each month (a 3% annual rate).

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

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

Spectrum Select pays a monthly incentive fee equal to 15% of the trading
profits experienced with respect to the Net Assets allocated to Northfield and
Sunrise as of the end of each calendar month, 17.5% of the trading profits
experienced with respect to the Net Assets allocated to EMC and Rabar as of the
end of each calendar month, and 20% of the trading profits experienced with
respect to the Net Assets allocated to Graham as of the end of each calendar
month.

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

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

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

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

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

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

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