MORGAN STANLEY
SPECTRUM SERIES

April 2007
Monthly Report

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

Issued: May 31, 2007

[MORGAN STANLEY LOGO]

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
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.

Inception- Compound
to-Date Annualized
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Return Return
Fund % % % % % % % % % % % % % % % % % % %
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Spectrum
Currency -- -- -- -- -- -- -- -- -- 11.7 11.1 12.2 12.4 (8.0) (18.3) (3.4) (1.9) 11.6 1.6
(6 mos.) (4 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 (1.4) 53.8 3.5
(2 mos.) (4 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 (3.5) 180.4 6.8
(5 mos.) (4 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 (0.3) 71.0 4.4
(2 mos.) (4 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 (2.6) 129.5 6.9
(2 mos.) (4 mos.)
- ------------------------------------------------------------------------------------------------------------------------------------

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

MORGAN STANLEY SPECTRUM SERIES
MONTHLY REPORT
APRIL 2007

Dear Limited Partner:

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

FUND N.A.V. % CHANGE FOR MONTH
- --------------------------------------------------------------------------------
Spectrum Currency $11.16 8.60%
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Spectrum Global Balanced $15.38 2.76%
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Spectrum Select $28.04 5.86%
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Spectrum Strategic $17.10 -0.86%
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Spectrum Technical $22.95 6.51%
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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). 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 APRIL 1, 2007, MARK H. MITCHELL CEASED TO BE ASSOCIATED IN ANY
CAPACITY WITH JOHN W. HENRY & COMPANY, INC. ("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 & COMPANY ("CAMPBELL"), TRADING ADVISOR TO
SPECTRUM TECHNICAL, ANNOUNCED THE APPOINTMENT OF MS. TERESA BECKS TO THE
POSITION OF PRESIDENT & CHIEF EXECUTIVE OFFICER, SUCCEEDING MR. BRUCE CLELAND,
WHO WILL BECOME VICE CHAIRMAN.

TERESA 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.

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, 330 Madison Avenue, 8th Floor, New York,
NY 10017, or your Morgan Stanley Financial Advisor.

I hereby affirm, that to the best of my knowledge and belief, the information
contained in this report is accurate and complete. Past performance is no
guarantee of future results.

Sincerely,

/s/ Walter J. Davis

Walter J. Davis
Chairman of the Board of Directors and President
Demeter Management Corporation,
General Partner 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.

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MORGAN STANLEY SPECTRUM CURRENCY L.P.
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[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED APRIL 30, 2007 YTD ENDED APRIL 30, 2007
-------------------------- ------------------------
AUSTRALIAN DOLLAR 1.51 0.57
BRITISH POUND 0.98 -1.16
EURO 2.88 3.25
JAPANESE YEN 1.26 0.41
SWISS FRANC -0.06 -0.23
MINOR CURRENCIES 2.25 -3.42

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

Minor currencies may include, but are not limited to, the South
African rand, Thai baht, Singapore dollar, Mexican peso, New Zealand
dollar, Polish zloty, Brazilian real, Norwegian krone, and Czech
koruna.

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

Gains were experienced from long positions in the euro, Australian dollar, New
Zealand dollar, British pound, Polish zloty, and Norwegian krone versus the U.S.
dollar as the value of the U.S. dollar moved lower relative to these currencies
after news that the U.S. Institute of Supply Management's index of manufacturing
dropped during March. Furthermore, the value of the U.S. dollar was pulled lower
due to speculation that the U.S. Federal Reserve may cut interest rates after
news that foreign investment in U.S. securities fell more than expected in
February and industrial production declined in March. Conversely, strong
economic data out of the European Union, Australia, New Zealand, the United
Kingdom, Poland, and Norway added to growing investor sentiment that these
respective Central Banks would raise interest rates in order to combat
inflation, thus pushing the value of those currencies higher relative to the
U.S. dollar. Elsewhere in the currency markets, short positions in the Japanese
yen versus the U.S. dollar resulted in gains as the value of the Japanese yen
moved lower amid expectations that strengthening global equity markets may give
investors more confidence to buy higher-yielding assets financed with money
borrowed in Japan, thereby continuing the carry-trade. Additionally, the value
of the Japanese yen was pulled lower after news that the Tankan survey was
weaker than expected.

Losses were incurred from short positions in the South African rand, Mexican
peso, and Swiss franc versus the U.S. dollar as the value of the U.S. dollar
declined due to the aforementioned reasons suggesting a possible slowdown in the
U.S. economy. In addition, the South African rand moved higher amid continuing
optimism about the long term health of the South African economy. Meanwhile,
long positions in the Singapore dollar versus the U.S. dollar resulted in losses
as the value of the Singapore dollar fell on speculation that the Monetary
Authority of Singapore may curb appreciation in the currency after it reached a
nine-year high in April.

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MORGAN STANLEY SPECTRUM GLOBAL BALANCED L.P.
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[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED APRIL 30, 2007 YTD ENDED APRIL 30, 2007
-------------------------- ------------------------
CURRENCIES 0.75 0.01
INTEREST RATES -0.4 -2.07
STOCK INDICES 1.41 -0.72
ENERGIES 0.18 0.64
METALS 0.46 1.08
AGRICULTURALS 0.4 -0.27

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

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

Within the global stock index sector, gains were experienced from long positions
in European, U.S., and Australian equity index futures as prices moved higher on
continued strong corporate earnings and increased merger and acquisition
activity. In addition, prices were pressured higher amid strong U.S. retail
sales data and on optimism that global trade imbalances will be reduced in the
long-term. Lastly, Australian stock prices strengthened amid rising commodity
prices.

Within the currency sector, long positions in the euro and British pound versus
the U.S. dollar, as well as short positions in the U.S. dollar Index, resulted
in gains as the value of the U.S. dollar weakened against its major rivals on
speculation that the U.S. Federal Reserve may cut interest rates after news that
foreign investment in U.S. securities fell more than expected in February and
U.S. industrial production declined in March. Additionally, the value of the
euro moved higher after the Ifo Institute stated that German business sentiment
climbed to the second highest on record in April, while the value of the British
pound moved higher on news of an increase in consumer confidence out of the
United Kingdom.

Within the metals markets, long positions in copper and nickel futures recorded
gains as prices increased after the International Monetary Fund's strong global
growth forecasts bolstered sentiment that global demand for base metals may
increase this year. Additionally, copper prices increased on concern that a
labor dispute at the Grasberg mine in Indonesia, the world's third-largest
copper mine, may curb production. Elsewhere in the metals complex, smaller gains
were experienced from long positions in silver futures as prices moved higher
due to weakness in the U.S. dollar.

Within the agricultural markets, short positions in sugar futures experienced
gains as prices fell on speculation that higher output in Brazil, the world's
largest producer, will expand a global supply surplus. Meanwhile, short
positions in soybean meal and cotton futures resulted in gains as prices
declined amid speculation on an increase in U.S. domestic supply.

Within the energy markets, long futures positions in gasoline experienced gains
as prices moved higher amid concerns of supply shortages going into the U.S.
summer driving season.

Within the global interest rate sector, losses were incurred from both short and
long positions in U.S. fixed-income futures as prices moved without consistent
direction throughout a majority of the month. Elsewhere in the global interest
rate markets, long positions in Japanese interest rate futures resulted in
losses as prices fell amid weakened global demand for Japanese yen denominated
assets. Finally, short positions in Australian interest rate futures recorded
losses as prices increased after news that consumer prices gained less than
expected.

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MORGAN STANLEY SPECTRUM SELECT L.P.
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[THE FOLLOWING DATA POINTS REPRESENT A BAR CHART IN THE PRINTED DOCUMENT.]

MONTH ENDED APRIL 30, 2007 YTD ENDED APRIL 30, 2007
-------------------------- ------------------------
CURRENCIES 4.47 2.46
INTEREST RATES -0.39 -1.51
STOCK INDICES 1.35 -1.26
ENERGIES 0.31 0.23
METALS 0.52 -0.91
AGRICULTURALS -0.1 -0.93

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

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

Within the currency sector, gains were recorded from long positions in the euro,
British pound, Australian dollar, New Zealand dollar, Indian rupee, and Canadian
dollar versus the U.S. dollar as the value of the U.S. dollar weakened against
these currencies on speculation that the U.S. Federal Reserve may cut interest
rates after news that foreign investment in U.S. securities fell more than
expected in February and U.S. industrial production declined in March.
Additionally, the value of the euro moved higher after the Ifo Institute stated
that German business sentiment climbed to the second highest on record in April,
while the value of the British pound moved higher on news of an increase in
consumer confidence out of the United Kingdom. Elsewhere in the currency
markets, the Australian dollar and New Zealand dollar moved higher in tandem
with rising commodity prices. Finally, short positions in the Japanese yen
versus the U.S. dollar resulted in gains as the value of the Japanese yen moved
lower amid expectations that strengthening global equity markets may give
investors more confidence to buy higher-yielding assets financed with money
borrowed in Japan, thereby continuing the carry-trade. In addition, the value of
the Japanese yen was pulled lower after news that the Tankan survey was weaker
than expected.

Within the global stock index sector, gains were experienced from long positions
in European and U.S. equity index futures as prices moved higher on continued
strong corporate earnings and increased merger and acquisition activity. In
addition, prices were pressured higher amid strong U.S. retail sales data and on
optimism that global trade imbalances will be reduced in the long-term.

Within the metals markets, gains were experienced from long positions in gold
futures as prices moved higher due to weakness in the U.S. dollar. Elsewhere in
the metals complex, long positions in copper and nickel futures recorded gains
as prices increased after the International Monetary Fund's strong global growth
forecasts bolstered sentiment that global demand for base metals may increase
this year. Additionally, copper prices increased on concern that a labor dispute
at the Grasberg mine in Indonesia, the world's third-largest copper mine, may
curb production.

Within the energy markets, long futures positions in gasoline experienced gains
as prices moved higher amid concerns of supply shortages going into the U.S.
summer driving season.

Within the global interest rate sector, losses were incurred from both short and
long positions in U.S. fixed-income futures as prices moved without consistent
direction throughout a majority of the month. Elsewhere in the global interest
rate markets, short positions in Australian interest rate futures recorded
losses as prices increased after news that consumer prices gained less than
previously expected. Finally, long positions in Japanese interest rate futures
resulted in losses as prices fell amid weakened global demand for Japanese yen
denominated assets.

Within the agricultural markets, long futures positions in soybeans and live
cattle resulted in losses as prices moved lower on technically-based selling.
Elsewhere in the agricultural complex, losses were recorded from long positions
in cocoa futures as prices moved lower on news that political tensions in the
Ivory Coast are subsiding.

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

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

MONTH ENDED APRIL 30, 2007 YTD ENDED APRIL 30, 2007
-------------------------- ------------------------
CURRENCIES 0.96 -0.26
INTEREST RATES 0.08 0.65
STOCK INDICES 1.24 1.22
ENERGIES -0.25 0.37
METALS 1.39 0.96
AGRICULTURALS -4.07 -1.94

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

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

Within the agricultural markets, long positions in sugar futures incurred losses
as prices fell on speculation that higher output by Brazil, the world's largest
producer, will expand a global surplus. Meanwhile, long positions in cocoa
futures recorded additional losses as prices moved lower on news that political
tensions in the Ivory Coast are subsiding. Elsewhere in the agricultural
complex, long positions in cotton futures resulted in losses as prices dropped
after the USDA projected an increase in U.S. domestic supply. Losses were also
incurred from long positions in coffee and corn futures as prices fell amid
technically-based selling. Finally, losses were experienced from long futures
positions in the soybean complex as prices moved lower for a majority of the
month on speculation that healthy growing conditions may increase supplies this
summer.

Within the energy markets, long positions in crude oil futures resulted in
losses as prices moved lower on expectations of a rise in global stockpiles.

Within the metals markets, long positions in zinc, copper, and aluminum futures
recorded gains as prices increased after the International Monetary Fund's
strong global growth forecasts bolstered sentiment that global demand for base
metals may increase this year. Additionally, copper prices increased on concern
that a labor dispute at the Grasberg mine in Indonesia, the world's
third-largest copper mine, may curb production. Elsewhere in the metals complex,
gains were experienced from long positions in gold futures as prices moved
higher due to weakness in the U.S. dollar.

Within the global stock index sector, gains were experienced from long positions
in U.S. and German equity index futures as prices moved higher on continued
strong corporate earnings and increased merger and acquisition activity. In
addition, prices were pressured higher amid strong U.S. retail sales data and on
optimism that global trade imbalances will be reduced in the long-term.

Within the currency sector, gains were recorded from long positions in the
Australian dollar, euro, British pound, and Norwegian krone versus the U.S.
dollar as the value of the U.S. dollar weakened against these currencies on
speculation that the U.S. Federal Reserve may cut interest rates after news that
foreign investment in U.S. securities fell more than expected in February and
U.S. industrial production declined in March. In addition, strong economic data
out of Australia, the European Union, United Kingdom, and Norway added to
growing investor sentiment that the respective Central Banks of these countries
would raise interest rates in order to combat inflation, thereby pushing the
value of these currencies higher relative to the U.S. dollar. Finally, short
positions in the Japanese yen versus the euro and U.S. dollar resulted in gains
as the value of the Japanese yen moved lower against most of its major rivals
amid expectations that strengthening global equity markets may give investors
more confidence to buy higher-yielding assets financed with money borrowed in
Japan, thereby continuing the carry-trade. In addition, the value of the
Japanese yen was pulled lower after news that the Tankan survey was weaker than
expected.

Within the global interest rate sector, smaller gains were experienced from
short positions in European interest rate futures as prices moved lower amid
continued strength in the equity markets. In addition, European fixed-income
prices weakened after the U.K. consumer confidence index showed an unexpected
increase in April and the Ifo Institute stated that German business sentiment
climbed to the second-highest on record in April.

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

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

MONTH ENDED APRIL 30, 2007 YTD ENDED APRIL 30, 2007
-------------------------- ------------------------
CURRENCIES 3.32 4.49
INTEREST RATES 0.28 -1.45
STOCK INDICES 3.19 1.58
ENERGIES 0.29 -0.66
METALS 1.03 1
AGRICULTURALS -1.33 -1.88

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, metals, energy, and global interest rate sectors. These gains were
partially offset by losses recorded in the agricultural sector.

Within the currency sector, gains were recorded from long positions in the euro,
British pound, New Zealand dollar, and Australian dollar versus the U.S. dollar
as the value of the U.S. dollar weakened against these currencies on speculation
that the U.S. Federal Reserve may cut interest rates after news that foreign
investment in U.S. securities fell more than expected in February and U.S.
industrial production declined in March. In addition, strong economic data out
of the European Union, United Kingdom, New Zealand, and Australia added to
growing investor sentiment that the respective Central Banks of these countries
would raise interest rates in order to combat inflation, thereby pushing the
value of these currencies higher relative to the U.S. dollar. Finally, short
positions in the Japanese yen versus the U.S. dollar, euro, Australian dollar,
British pound, and Canadian dollar resulted in gains as the value of the
Japanese yen moved lower against most of its major rivals amid expectations that
strengthening global equity markets may give investors more confidence to buy
higher-yielding assets financed with money borrowed in Japan, thereby continuing
the carry-trade. In addition, the value of the Japanese yen was pulled lower
after news that the Tankan survey was weaker than expected.

Within the global stock index sector, gains were experienced from long positions
in European, U.S., Australian, and Canadian equity index futures as prices moved
higher on continued strong corporate earnings and increased merger and
acquisition activity. In addition, prices were pressured higher amid strong U.S.
retail sales data and on optimism that global trade imbalances will be reduced
in the long-term. Lastly, Australian and Canadian stock prices strengthened amid
rising commodity prices.

Within the metals markets, long positions in nickel, copper, and aluminum
futures recorded gains as prices increased after the International Monetary
Fund's strong global growth forecasts bolstered sentiment that global demand for
base metals may increase this year. Additionally, copper prices increased on
concern that a labor dispute at the Grasberg mine in Indonesia, the world's
third-largest copper mine, may curb production. Elsewhere in the metals complex,
gains were experienced from long positions in gold futures as prices moved
higher due to weakness in the U.S. dollar.

Within the energy markets, short positions in crude oil futures resulted in
gains as prices moved lower on expectations of a rise in global stockpiles.
Within the global interest rate sector, smaller gains were experienced from
short positions in European interest rate futures as prices moved lower amid
continued strength in the equity markets. In addition, European fixed-income
prices weakened after the U.K. consumer confidence index showed an unexpected
increase in April and the Ifo Institute stated that German business sentiment
climbed to the second-highest on record in April.

Within the agricultural markets, long positions in cocoa futures resulted in
losses as prices moved lower on news that political tensions in the Ivory Coast
are subsiding. Additional losses were incurred from long positions in soybean
meal, soybean, and corn futures as prices moved lower on technically-based
selling. Elsewhere in the agricultural complex, short positions in wheat futures
recorded losses as prices reversed higher due to freezing temperatures in the
northern edge of the U.S. growing regions and strong demand from Asia.

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

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

INVESTMENT INCOME
Interest income (Note 2) 460,894 .33 155,837 .42
---------- ----- --------- -----

EXPENSES
Brokerage fees (Note 2) 540,720 .38 142,156 .38
Management fees (Note 3) 235,094 .17 38,628 .11
---------- ----- --------- -----
Total Expenses 775,814 .55 180,784 .49
---------- ----- --------- -----
NET INVESTMENT LOSS (314,920) (.22) (24,947) (.07)
---------- ----- --------- -----

TRADING RESULTS
Trading profit (loss):
Realized (29,141) (.08)
Net change in unrealized 12,440,615 8.82 1,078,658 2.91
---------- ----- --------- -----
Total Trading Results 12,440,615 8.82 1,049,517 2.83
---------- ----- --------- -----
NET INCOME 12,125,695 8.60 1,024,570 2.76
========== ===== ========= =====

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

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

Net Asset Value,
April 1, 2007 13,728,446.295 141,057,397 10.27 2,478,581.784 37,084,167 4.96
Net Income -- 12,125,695 .89 -- 1,024,570 .42
Redemptions (308,566.027) (3,443,597) 11.16 (38,702.511) (595,245) 15.38
Subscriptions 41,024.685 457,835 11.16 24,489.368 376,646 15.38
-------------- ----------- ------------- ----------
Net Asset Value,
April 30, 2007 13,460,904.953 150,197,330 11.16 2,464,368.641 37,890,138 15.38
============== =========== ============= ==========

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

INVESTMENT INCOME
Interest income (Note 2) 1,637,783 .33 665,197 .31 2,324,701 .34
---------- ----- ---------- ----- ---------- -----

EXPENSES
Brokerage fees (Note 2) 2,453,298 .50 1,073,625 .50 3,449,375 .50
Management fees (Note 3) 1,078,676 .22 502,892 .23 1,524,684 .22
---------- ----- ---------- ----- ---------- -----
Total Expenses 3,531,974 .72 1,576,517 .73 4,974,059 .72
---------- ----- ---------- ----- ---------- -----
NET INVESTMENT LOSS (1,894,191) (.39) (911,320) (.42) (2,649,358) (.38)
---------- ----- ---------- ----- ---------- -----

TRADING RESULTS
Trading profit (loss):
Realized 46,915 .01 2,602,367 1.21 (3,914,810) (.57)
Net change in unrealized 30,623,578 6.24 (3,534,008) (1.65) 51,489,269 7.46
---------- ----- ----------- ----- ---------- -----
Total Trading Results 30,670,493 6.25 (931,641) (.44) 47,574,459 6.89
---------- ----- ----------- ----- ---------- -----
NET INCOME (LOSS) 28,776,302 5.86 (1,842,96) (.86) 44,925,101 6.51
========== ===== ============ ===== ========== =====

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,
April 1, 2007 18,526,353.621 490,659,607 26.48 12,451,801.201 214,724,988 17.24 32,015,892.954 689,874,985 21.55
Net Income (Loss) -- 28,776,302 1.56 -- (1,842,961) (.14) -- 44,925,101 1.40
Redemptions (277,349.387) (7,776,877) 28.04 (194,869.954) (3,332,276) 17.10 (516,696.001) (11,858,173) 22.95
Subscriptions 136,126.966 3,817,000 28.04 152,180.990 2,602,295 17.10 240,207.249 5,512,756 22.95
-------------- ----------- -------------- ----------- -------------- -----------
Net Asset Value,
April 30, 2007 18,385,131.200 515,476,032 28.04 12,409,112.237 212,152,046 17.10 31,739,404.202 728,454,669 22.95
============== =========== ============== =========== ============== ===========

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

MORGAN STANLEY SPECTRUM SERIES
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NOTES TO FINANCIAL STATEMENTS
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(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 ("MSIL").
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 tading of options on foreign currency forward contracts.
Demeter, MS&Co., MSIL, and MSCG are wholly-owned subsidiaries of Morgan Stanley.

Effective April 13, 2007, Morgan Stanley & Co. International Limited was
renamed to Morgan Stanley & Co. International plc.

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 bills discount rate during such month on 80% of the funds on
deposit with the commodity brokers at 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 6.00% (a 6.00% annual
rate) of Net Assets as of the first day of each month.

Such brokerage fees currently cover all brokerage fees, transaction fees and
costs, and ordinary administrative and continuing offering expenses.

OPERATING EXPENSES. The Partnerships incur monthly management fees and may incur
incentive fees. All common administrative and continuing offering expenses
including legal, auditing, accounting, filing fees, and other related expenses
are borne by 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 MSIL, 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.
John W. Henry & Company, Inc.
Sunrise Capital Partners, LLC

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

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

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

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

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

MANAGEMENT FEE. The management fee for Spectrum Currency is accrued at a rate of
1/12 of 2% per month of Net Assets allocated to each trading advisor on the
first day of each month (a 2% annual rate).

The management fee for Spectrum Global Balanced is accrued at a rate of 5/48
of 1% per month of Net Assets allocated to its sole trading advisor on the first
day of each month (a 1.25% annual rate).

The management fee for Spectrum Select is accrued at a rate of 1/4 of 1% per
month of Net Assets allocated to Northfield and Sunrise on the first day of each
month (a 3% annual rate), 5/24 of 1% per month of Net Assets allocated to EMC
and Rabar on the first day of each month (a 2.5% annual rate), and 1/12 of 2%
per month of Net Assets allocated to Graham on the first day of each month (a 2%
annual rate).

The management fee for Spectrum Strategic is accrued at a rate of 1/12 of 3%
per month of Net Assets allocated to Blenheim and Eclipse on the first day of
each month (a 3% annual rate) and 1/12 of 2% per month of Net Assets allocated
to FX Concepts on the first day of each month (a 2% annual rate).

The management fee for Spectrum Technical is accrued at a rate of 1/12 of 2%
per month of Net Assets allocated to JWH and Winton on the first day of each
month (a 2% annual rate) and 1/12 of 3% per month of Net Assets allocated to
Campbell and Chesapeake on the first day of each month (a 3% annual rate).

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

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

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

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

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

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

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

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

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
330 Madison Avenue, 8th Floor
New York, NY 10017

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