MORGAN STANLEY
SPECTRUM SERIES

December 2007
Monthly Report

This Monthly Report supplements the Spectrum Funds' Prospectus dated November 9,
2007.

Issued: January 31, 2008

MORGAN STANLEY

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

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

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
FUND % % % % % % % % % % % % % % % % %
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Spectrum
Currency -- -- -- -- -- -- -- -- -- 11.7 11.1 12.2 12.4 (8.0) (18.3) (3.4) (13.5)
(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 0.2
(2 mos.)
- ----------------------------------------------------------------------------------------------------------------------------------
Spectrum
Select... 31.2 (14.4) 41.6 (5.1) 23.6 5.3 6.2 14.2 (7.6) 7.1 1.7 15.4 9.6 (4.7) (5.0) 5.9 7.5
(5 mos.)
- ----------------------------------------------------------------------------------------------------------------------------------
Spectrum
Strategic -- -- -- 0.1 10.5 (3.5) 0.4 7.8 37.2 (33.1) (0.6) 9.4 24.0 1.7 (2.6) 20.9 5.0
(2 mos.)
- ----------------------------------------------------------------------------------------------------------------------------------
Spectrum
Technical. -- -- -- (2.2) 17.6 18.3 7.5 10.2 (7.5) 7.8 (7.2) 23.3 23.0 4.4 (5.4) 5.4 (14.2)
(2 mos.)
- ----------------------------------------------------------------------------------------------------------------------------------

INCEPTION- COMPOUND
TO-DATE ANNUALIZED
RETURN RETURN
FUND % %
- --------------------------------

Spectrum
Currency .. (1.6) (0.2)

- --------------------------------
Spectrum
Global
Balanced .. 56.3 3.5

- --------------------------------
Spectrum
Select..... 212.4 7.2

- --------------------------------
Spectrum
Strategic . 80.1 4.6

- --------------------------------
Spectrum
Technical.. 102.2 5.5

- --------------------------------

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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
DECEMBER 2007

Dear Limited Partner:

The Net Asset Value per Unit for each of the five Morgan Stanley Spectrum
Funds as of December 31, 2007 was as follows:

FUND N.A.V. % CHANGE FOR MONTH
- --------------------------------------------------------------------------------
Spectrum Currency $9.84 -1.91%
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Spectrum Global Balanced $15.63 -1.21%
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Spectrum Select $31.24 -0.03%
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Spectrum Strategic $18.01 2.22%
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Spectrum Technical $20.22 -0.21%
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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 SEPTEMBER 1, 2007, CHESAPEAKE CAPITAL CORPORATION ("CHESAPEAKE" OR
THE "TRADING ADVISOR") 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. EFFECTIVE JANUARY 1, 2008, CHESAPEAKE, IN
CONSULTATION WITH THE GENERAL PARTNER, HAS AGREED TO A FURTHER TEMPORARY PARTIAL
WAIVER OF THE MANAGEMENT FEE IT RECEIVES FROM SPECTRUM TECHNICAL. THE GENERAL
PARTNER WILL NOTIFY YOU PRIOR TO THE END OF THIS MANAGEMENT FEE WAIVER. DUE TO
CHESAPEAKE'S PARTIAL WAIVER OF THE MANAGEMENT FEE, SPECTRUM TECHNICAL WILL PAY A
MONTHLY MANAGEMENT FEE EQUAL TO 1/6 OF 1% OF SPECTRUM TECHNICAL'S NET ASSETS AS
OF THE BEGINNING OF EACH MONTH (A 2% ANNUAL RATE). PRIOR TO THE MANAGEMENT FEE
WAIVER, SPECTRUM TECHNICAL PAID THE TRADING ADVISOR A MONTHLY MANAGEMENT FEE
EQUAL TO 1/4 OF 1% OF SPECTRUM TECHNICAL'S NET ASSETS AS OF THE BEGINNING OF
EACH MONTH (A 3% ANNUAL RATE).

EFFECTIVE DECEMBER 1, 2007, GAVIN FERRIS BECAME CHIEF INVESTMENT OFFICER OF
ASPECT CAPITAL LIMITED.

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DEMETER MANAGEMENT CORPORATION
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I WOULD ALSO LIKE TO TAKE THIS OPPORTUNITY TO INFORM YOU THAT WE ANTICIPATE
SCHEDULE K-1 (FORM 1065) TAX FORMS REPORTING EACH LIMITED PARTNER'S SHARE OF THE
PARTNERSHIP INCOME, LOSS AND DEDUCTIONS FOR CALENDAR YEAR 2007 WILL BE MAILED TO
HOLDERS OF NON-IRA ACCOUNTS DURING THE LAST WEEK OF FEBRUARY. SHOULD YOU HAVE AN
IRA ACCOUNT AND WISH TO RECEIVE A SCHEDULE K-1 TAX FORM, PLEASE CONTACT YOUR
MORGAN STANLEY FINANCIAL ADVISOR.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation, 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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[Data below represents bar chart in the printed piece]

Month ended YTD ended
December 31, 2007 December 31, 2007

Australian dollar -0.16 -0.32
British pound 0.49 -0.72
Euro -0.26 4.79
Japanese yen -1.06 -2.17
Swiss franc -0.24 -2.44
Minor Currencies -0.74 -9.27

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, and Russian ruble.

During the month, the Fund incurred losses from long positions in the Japanese
yen, euro, Swiss Franc, South African rand, and New Zealand dollar versus the
U.S. dollar, as well as both short and long positions in the Australian dollar
versus the U.S. dollar. These losses were partially offset by gains from short
positions in the British pound and Korean won versus the U.S. dollar, as well as
long positions in the Turkish lira versus the U.S. dollar.

Losses were incurred from long positions in the Japanese yen, euro, Swiss franc,
South African rand, and New Zealand dollar versus the U.S. dollar as the value
of the U.S. dollar moved higher against most of its major rivals following a
smaller-than-expected interest rate cut by the U.S. Federal Reserve.
Additionally, the value of the U.S. dollar continued to move higher after
better-than-expected U.S. economic data strengthened a growing view that the
U.S. economy may avoid a recession despite a persistent credit crunch.
Meanwhile, the value of the Japanese yen fell against the U.S. dollar after the
Bank of Japan meeting minutes showed board members voted 8-1 to keep monetary
policy steady while also downgrading its core economic assessment for the first
time since December 2004. Elsewhere, losses were recorded from both short and
long positions in the Australian dollar versus the U.S. dollar as the value of
the Australian dollar moved without consistent direction throughout the month.

Gains were recorded from short positions in the British pound versus the U.S.
dollar as the value of the British pound moved lower due to falling home prices
in the United Kingdom and expectations that the Bank of England will keep
cutting interest rates. Elsewhere, long positions in the Turkish lira versus the
U.S. dollar experienced gains as the value of the Turkish lira moved higher
towards the end of the month after the Central Bank of the Republic of Turkey
signaled it may slow the pace of interest rate reductions. Lastly, short
positions in the Korean won versus the U.S. dollar resulted in gains as the
value of the Korean won fell on concern that a weakening economy in the United
States would negatively affect South Korean exports.

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

Month ended YTD ended
December 31, 2007 December 31, 2007

Currencies -0.48 0.14
Interest Rates -1.01 4.07
Stock Indices -0.42 -5.83
Energies 0.26 1.21
Metals 0.09 1.25
Agriculturals 0.54 -0.1

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

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

Within the global interest rate sector, long positions in U.S. and European
fixed-income futures incurred losses as prices moved lower after the U.S.
Federal Reserve and European Central Bank announced plans for a joint effort
with three other central banks to boost liquidity in the global banking sector,
which has been constricted by the U.S. housing slump and heavy losses related to
sub-prime mortgage investments. Additionally, U.S. interest rate futures prices
moved lower after U.S. government reports showed retail sales and producer
prices increased more than forecast in November, while European fixed-income
futures prices declined amid expectations that inflation in the Euro-Zone may
exceed previous projections.

Within the currency sector, long positions in the Japanese yen versus the U.S.
dollar and Canadian dollar resulted in losses at the beginning of the month as
the value of the Japanese yen fell against these currencies after the Bank of
Japan meeting minutes showed board members voted 8-1 to keep monetary policy
steady while also downgrading its core economic assessment for the first time
since December 2004. Elsewhere, losses were incurred from both long and short
positions in the Australian dollar versus the Canadian dollar as the value of
the Australian dollar moved without consistent direction throughout the month.

Within the global stock index sector, long positions in Pacific Rim, U.S., and
European equity index futures recorded losses as prices fell on concerns that
accelerating global inflation and losses related to the collapse of the U.S.
sub-prime mortgage market may hurt corporate earnings.

Within the agricultural markets, long futures positions in the soybean complex
experienced gains as prices rose amid concerns that global supplies are
declining, while demand remains strong.

Within the energy markets, long futures positions in oil related products
resulted in gains as prices increased after a U.S. government report showed that
U.S. stockpiles dropped below the five-year average for the first time this
year. Furthermore, crude oil prices were buoyed by news that Turkish military
planes bombed suspected Kurdish sites in northern Iraq. Finally, prices
increased towards the end of the month after news of the assassination of former
Pakistani Prime Minister and opposition leader, Benazir Bhutto.

Within the metals markets, long positions in gold and platinum futures
experienced gains as prices moved higher amid speculative buying. In addition,
gold futures prices moved higher due to continued uncertainty regarding the
direction of the U.S. dollar.

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

Month ended YTD ended
December 31, 2007 December 31, 2007

Currencies -0.25 6.14
Interest Rates -0.89 5.67
Stock Indices -0.28 -3.25
Energies 0.67 4.69
Metals 0.51 -1.23
Agriculturals 0.69 0.88

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

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

Within the agricultural markets, long futures positions in the soybean complex
and corn experienced gains as prices rose amid concerns that global supplies are
declining, while demand remains strong.

Within the energy markets, long futures positions in crude oil and its related
products resulted in gains as prices increased after a U.S. government report
showed that U.S. stockpiles dropped below the five-year average for the first
time this year. Furthermore, crude oil prices were buoyed by news that Turkish
military planes bombed suspected Kurdish sites in northern Iraq. Finally, prices
increased towards the end of the month after news of the assassination of former
Pakistani Prime Minister and opposition leader, Benazir Bhutto.

Within the metals markets, long positions in gold futures experienced gains as
prices moved higher amid speculative buying. Elsewhere in the metals complex,
short positions in aluminum futures recorded gains as prices declined following
news that producers may increase output, while an economic slowdown threatens to
weaken demand from home builders.

Within the global interest rate sector, long positions in European and U.S.
fixed-income futures recorded losses as prices moved lower after the European
Central Bank and U.S. Federal Reserve announced plans for a joint effort with
three other central banks to boost liquidity in the global banking sector, which
has been constricted by the U.S. housing slump and heavy losses related to
sub-prime mortgage investments. Additionally, European fixed-income futures
prices declined amid expectations that inflation in the Euro-Zone may exceed
previous projections, while U.S. interest rate futures prices moved lower after
U.S. government reports showed retail sales and producer prices increased more
than forecast in November.

Within the global stock index sector, long positions in European and U.S. equity
index futures resulted in losses as prices fell on concerns that accelerating
global inflation and losses related to the collapse of the U.S. sub-prime
mortgage market may hurt corporate earnings.

Within the currency sector, long positions in the Swiss franc, Japanese yen, and
Mexican peso versus the U.S. dollar recorded losses as the value of the U.S.
dollar strengthened relative to most of its major rivals following a
smaller-than-expected interest rate cut by the U.S. Federal Reserve.
Additionally, the value of the U.S. dollar continued to move higher after
better-than-expected U.S. economic data strengthened a growing view that the
U.S. economy may avoid a recession despite a persistent credit crunch, while the
value of the Japanese yen declined against the U.S. dollar after the Bank of
Japan meeting minutes showed board members voted 8-1 to keep monetary policy
steady while also downgrading its core economic assessment for the first time
since December 2004.

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

Month ended YTD ended
December 31, 2007 December 31, 2007
Currencies -0.54 0.03
Interest Rates -0.15 1.49
Stock Indices 0.1 1.54
Energies 0.69 1.6
Metals -0.34 -2.84
Agriculturals 2.97 8.19

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

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

Within the agricultural markets, long futures positions in soybeans, soybean
meal, and corn experienced gains as prices increased amid sentiment that
persistently rising energy costs, such as crude oil, may boost demand for
alternative biofuels. In addition, prices of soybeans and soybean meal futures
moved higher following news that supplies in Brazil and Argentina are forecast
to decline. Similarly, gains were recorded from long positions in cocoa and
coffee futures as prices moved higher on concerns that global stockpiles
continue to decline at a time of heightened demand.

Within the energy markets, long futures positions in gasoline and oil related
products resulted in gains as prices increased after a U.S. government report
showed that U.S. stockpiles dropped below the five-year average for the first
time this year. Furthermore, crude oil prices were buoyed by news that Turkish
military planes bombed suspected Kurdish sites in northern Iraq. Finally, prices
increased towards the end of the month after news of the assassination of former
Pakistani Prime Minister and opposition leader, Benazir Bhutto.

Within the global stock index sector, long positions in German and Japanese
equity index futures recorded gains as prices moved higher at the beginning of
the month after the U.S. Federal Reserve said it would add cash to the banking
system to bolster short-term financing.

Within the currency sector, long positions in the Australian dollar, Japanese
yen, euro, and New Zealand dollar versus the U.S. dollar recorded losses as the
value of the U.S. dollar strengthened relative to most of its major rivals
following a smaller-than-expected interest rate cut by the U.S. Federal Reserve.
Additionally, the value of the U.S. dollar continued to move higher after
better-than-expected U.S. economic data strengthened a growing view that the
U.S. economy may avoid a recession despite a persistent credit crunch, while the
value of the Japanese yen declined against the U.S. dollar after the Bank of
Japan meeting minutes showed board members voted 8-1 to keep monetary policy
steady while also downgrading its core economic assessment for the first time
since December 2004.

Within the metals markets, long positions in zinc and copper futures resulted in
losses as prices moved lower amid continuing worries over the negative impact of
credit market turmoil on global demand.

Within the global interest rate sector, long positions in German fixed-income
futures recorded losses as prices moved lower after the European Central Bank
announced plans for a joint effort with four other central banks to boost
liquidity in the global banking sector, which has been constricted by the U.S.
housing slump and heavy losses related to sub-prime mortgage investments.
Additionally, prices declined amid expectations that inflation in the Euro-Zone
may exceed previous projections.

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

Month ended YTD ended
December 31, 2007 December 31, 2007

Currencies -0.97 -0.65
Interest Rates -0.69 2.26
Stock Indices -0.39 -3.4
Energies 0.74 0.24
Metals 0.62 -2.27
Agriculturals 0.94 -0.11

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

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

Within the currency sector, long positions in the British pound, euro, Swiss
franc, and New Zealand dollar versus the U.S. dollar incurred losses as the
value of the U.S. dollar moved higher against most of its major rivals following
a smaller-than-expected interest rate cut by the U.S. Federal Reserve.
Additionally, the value of the U.S. dollar continued to rise after
better-than-expected U.S. economic data strengthened a growing view that the
U.S. economy may avoid a recession despite a persistent credit crunch.

Within the global stock index sector, long positions in U.S., European, and
Pacific Rim equity index futures resulted in losses as prices fell on concerns
that accelerating global inflation and losses related to the collapse of the
U.S. sub-prime mortgage market may hurt corporate earnings.

Within the agricultural markets, long futures positions in the soybean complex
and corn experienced gains as prices rose amid concerns that global supplies are
declining, while demand remains strong. Elsewhere in the agricultural complex,
short positions in lean hog futures prices recorded gains as prices moved lower
leading up to and after the U.S. Department of Agriculture released data
indicating growing supplies.

Within the metals markets, long positions in gold futures experienced gains as
prices moved higher amid speculative buying. In addition, gold futures prices
moved higher due to continued uncertainty regarding the direction of the U.S.
dollar. Elsewhere in the metals complex, short positions in aluminum and zinc
futures recorded gains as prices declined following news that producers may
increase output, while an economic slowdown stalls demand from home builders.

MORGAN STANLEY SPECTRUM SERIES
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STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
FOR THE MONTH ENDED DECEMBER 31, 2007 (UNAUDITED)

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

INVESTMENT INCOME
Interest income (Note 2) 228,618 .20 90,969 .25
------------- ------- ------------ ------

EXPENSES
Brokerage fees (Note 2) 436,938 .38 136,898 .38
Management fees (Note 3) 189,974 .17 44,640 .12
------------- ------- ------------ ------
Total Expenses 626,912 .55 181,538 .50
------------- ------- ------------ ------

NET INVESTMENT LOSS (398,294) (.35) (90,569) (.25)
------------- ------- ------------ ------

TRADING RESULTS
Trading profit (loss):
Realized 6,129,762 5.38 (537,266) (1.50)
Net change in unrealized (7,909,561) (6.94) 194,180 .54
------------- ------- ------------ ------
Total Trading Results (1,779,799) (1.56) (343,086) (.96)
------------- ------- ------------ ------

NET LOSS (2,178,093) (1.91) (433,655) (1.21)
============= ======= ============ ======

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSET VALUE
- --------------------------------------------------------------------------------
FOR THE MONTH ENDED DECEMBER 31, 2007 (UNAUDITED)

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

Net Asset Value,
December 1, 2007 11,367,941.055 113,983,754 10.03 2,257,271.671 35,712,402 15.82
Net Loss -- (2,178,093) (.19) -- (433,655) (.19)
Redemptions (504,899.323) (4,968,209) 9.84 (26,570.850) (415,302) 15.63
Subscriptions 49,826.449 490,292 9.84 3,075.179 48,065 15.63
-------------- ------------ ------------- ----------
Net Asset Value,
December 31, 2007 10,912,868.181 107,327,744 9.84 2,233,776.000 34,911,510 15.63
============== =========== ============= ==========

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
DECEMBER 1, 2007 DECEMBER 1, 2007 DECEMBER 1, 2007
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
------------ ----------------- ----------- --------------- --------- ----------------

$ % $ % $ %
INVESTMENT INCOME
Interest income (Note 2) 1,063,195 .20 421,265 .20 1,201,347 .20
------------ ----- ----------- ----- ------------ -----

EXPENSES
Brokerage fees (Note 2) 2,636,617 .50 1,051,800 .50 2,938,635 .50
Management fees (Note 3) 1,049,154 .19 420,718 .19 955,055 .16
Incentive fees (Note 3) 16,603 -- 102,353 .05 261,283 .04
------------ ----- ----------- ----- ------------ -----
Total Expenses 3,702,374 .69 1,574,871 .74 4,154,973 .70
------------ ----- ----------- ----- ------------ -----

NET INVESTMENT LOSS (2,639,179) (.49) (1,153,606) (.54) (2,953,626) (.50)
------------ ----- ----------- ----- ------------ -----

TRADING RESULTS
Trading profit (loss):
Realized 5,079,623 .96 6,504,312 3.09 7,570,886 1.29
Net change in unrealized (2,615,861) (.50) (688,945) (.33) (5,879,527) (1.00)
------------ ----- ----------- ----- ------------ -----
Total Trading Results 2,463,762 .46 5,815,367 2.76 1,691,359 .29
------------ ----- ----------- ----- ------------ -----

NET INCOME (LOSS) (175,417) (.03) 4,661,761 2.22 (1,262,267) (.21)
============ ===== =========== ===== ============ =====

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,
December 1, 2007 16,871,554.474 527,323,465 31.26 11,941,319.783 210,359,903 17.62 28,998,157.197 587,726,902 20.27
Net Income (Loss) -- (175,417) (.02) -- 4,661,761 .39 -- (1,262,267) (.05)
Redemptions (225,060.029) (7,030,875) 31.24 (160,607.418) (2,892,540) 18.01 (510,744.003) (10,327,244) 20.22
Subscriptions 97,995.564 3,061,382 31.24 188,725.003 3,398,937 18.01 136,610.661 2,762,267 20.22
-------------- ----------- -------------- ----------- -------------- -----------
Net Asset Value,
December 31, 2007 16,744,490.009 523,178,555 31.24 11,969,437.368 215,528,061 18.01 28,624,023.855 578,899,658 20.22
============== =========== ============== =========== ============== ===========

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

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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.

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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,
effective December 1, 2007
DKR Fusion Management L.P.,
effective December 1, 2007
FX Concepts Trading Advisor, Inc.,
effective December 1, 2007
John W. Henry & Company, Inc.
Sunrise Capital Partners, LLC-

Morgan Stanley Spectrum Global Balanced L.P.
Altis Partners (Jersey) Limited ("Altis"),
effective December 1, 2007
Cornerstone Quantitative Investment Group, Inc.
("Cornerstone") effective December 1, 2007
C-View International Limited ("C-View"),
effective December 1, 2007
SSARIS Advisors, LLC ("SSARIS")

Morgan Stanley Spectrum Select L.P.
Altis Partners (Jersey) Limited,
effective December 1, 2007
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")
Cornerstone Quantitative Investment Group, Inc.,
effective December 1, 2007
Eclipse Capital Management, Inc. ("Eclipse")
FX Concepts Trading Advisor, Inc. ("FX Concepts")

Morgan Stanley Spectrum Technical L.P.
Aspect Capital Limited ("Aspect"),
effective December 1, 2007
Campbell & Company, Inc. ("Campbell")
Chesapeake Capital Corporation ("Chesapeake")
John W. Henry & Company, Inc. ("JWH")
Rotella Capital Management Inc. ("Rotella"),
effective December 1, 2007
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), 1/12 of 1% per month of
Net Assets allocated to Cornerstone on the first day of each month (a 1% annual
rate), and 1/12 of 2% 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 1/12 of 1%
per month of Net Assets allocated to Cornerstone on the first day of each month
(a 1% annual rate), 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, 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).

For the period of September 1, 2007 through December 31, 2007, Chesapeake
waived the management fee it receives from Spectrums Technical. Effective
January 1, 2008, Spectrum Technical will pay a monthly management fee equal to
1/6 of 1% of its Net Assets allocated to Chesapeake on the first day of each
month (a 2% annual rate). Prior to September 1, 2007, Spectrum Technical paid a
monthly management fee equal to 1/4 of 1% of its Net Assets allocated to
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 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, Cornerstone, 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 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 Cornerstone and 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 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

MORGAN STANLEY

ADDRESS SERVICE REQUESTED

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