MORGAN STANLEY
SPECTRUM SERIES

July 2007

Monthly Report

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

Issued: August 31, 2007

MORGAN STANLEY

MORGAN STANLEY SPECTRUM SERIES
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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.

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) (4.0) 9.2 1.3
(6 mos.) (7 mos.)
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Spectrum
Global
Balanced . -- -- -- (1.7) 22.8 (3.6) 18.2 16.4 0.8 0.9 (0.3)(10.1) 6.2 (5.6) 4.2 2.4 (2.4) 52.2 3.4
(2 mos.) (7 mos.)
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Spectrum
Select ... 31.2 (14.4) 41.6 (5.1) 23.6 5.3 6.2 14.2 (7.6) 7.1 1.7 15.4 9.6 (4.7) (5.0) 5.9 0.5 192.0 6.9
(5 mos.) (7 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 2.9 76.5 4.6
(2 mos.) (7 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 (3.5) 127.5 6.7
(2 mos.) (7 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
JULY 2007

Dear Limited Partner:

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

FUND N.A.V. % CHANGE FOR MONTH
- --------------------------------------------------------------------------------
Spectrum Currency $10.92 -4.43%
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Spectrum Global Balanced $15.22 -3.58%
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Spectrum Select $29.20 -4.97%
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Spectrum Strategic $17.65 -1.88%
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Spectrum Technical $22.75 -10.99%
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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.

AS SHOWN ABOVE, THE NET ASSET VALUE PER UNIT OF SPECTRUM TECHNICAL WAS DOWN
10.99% IN JULY AS A RESULT OF LOSSES BY EACH OF THE TRADING ADVISORS EMPLOYED
FOR SPECTRUM TECHNICAL. IN AUGUST, SIGNIFICANT ADDITIONAL LOSSES BY CHESAPEAKE
CAPITAL CORPORATION ("CHESAPEAKE") IN ITS DIVERSIFIED 2XL PROGRAM HAS FURTHER
SUBSTANTIALLY AFFECTED THE AGGREGATE PERFORMANCE OF SPECTRUM TECHNICAL. AS OF
AUGUST 27, 2007, THE NET ASSET VALUE PER UNIT OF SPECTRUM TECHNICAL WAS DOWN AN
ADDITIONAL APPROXIMATELY 17.1% (EST.) DURING AUGUST.

AS A RESULT OF THESE CIRCUMSTANCES, EFFECTIVE AUGUST 16, 2007, CHESAPEAKE, IN
CONSULTATION WITH DEMETER MANAGEMENT CORPORATION ("DEMETER"), THE GENERAL
PARTNER FOR THE FUNDS, HAS AGREED TO TEMPORARILY REDUCE THE OVERALL LEVERAGE OF
THE SPECTRUM TECHNICAL ASSETS TRADED PURSUANT TO CHESAPEAKE'S DIVERSIFIED 2XL
PROGRAM BY 50%. THIS REDUCTION IN LEVERAGE IS 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.
CHESAPEAKE, IN FURTHER CONSULTATION WITH DEMETER, WILL DETERMINE IF, AND AT WHAT
TIME, SUCH LEVERAGE WILL BE READJUSTED.

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DEMETER MANAGEMENT CORPORATION
- --------------------------------------------------------------------------------

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 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. 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.

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

MONTH ENDED JULY 31, 2007 YTD ENDED JULY 31, 2007
------------------------- -----------------------

Australian dollar 0.39 1.69
British pound 1.69 1.00
Euro -0.30 0.07
Japanese yen -3.91 1.6
Swiss franc -0.55 -1.00
Minor Currencies -1.52 -5.39

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 losses from short positions in the
Japanese yen, South African rand, Swiss franc, and Czech koruna versus the U.S.
dollar. Additional losses were incurred from both short and long positions in
the Singapore dollar and euro versus the U.S. dollar. These losses were
partially offset by gains from long positions in the British pound, Brazilian
real, Norwegian krone, Australian dollar, and New Zealand dollar versus the U.S.
dollar.

Losses were incurred from short positions in the Japanese yen and the Swiss
franc versus the U.S. dollar as the value of the Japanese yen and the Swiss
franc corrected higher against most of their major rivals when traders reduced
"carry-trade" positions after the sell-off in the global equity markets resulted
in investors trimming "riskier" assets funded by loans in Japan and Switzerland.
Also pushing the value of the Japanese yen higher were expectations that a
Japanese Ministry of Finance report would show Japan's trade surplus widened in
June. Additional losses were recorded from short positions in the South African
rand versus the U.S. dollar as the value of the South African rand increased on
expectations that the South African Reserve Bank may continue to raise interest
rates due to consistently strong economic growth. Elsewhere, losses were
experienced from both short and long positions in the Singapore dollar and the
euro versus the U.S. dollar as the value of these currencies moved without
consistent direction throughout the month as conflicting economic data led to
investors' uncertainty regarding the future interest rate policy of the European
Central Bank and the Monetary Authority of Singapore. Smaller losses were
recorded from short positions in the Czech koruna versus the U.S. dollar as the
value of the Czech koruna moved higher relative to the U.S. dollar after the
Czech National Bank increased its benchmark interest rate to 3.0%.

Gains were experienced from long positions in the British pound, Brazilian real,
Norwegian krone, Australian dollar, and New Zealand dollar versus the U.S.
dollar as the value of the U.S. dollar moved lower relative to these currencies
throughout a majority of the month amid continued concerns over the U.S. housing
market, as well as speculation that U.S. interest rates will remain steady in
the near term. Additionally, the British pound, Norwegian krone, Australian
dollar, and New Zealand dollar moved higher relative to the U.S. dollar after
the release of stronger than expected inflation data out of the United Kingdom,
Norway, Australia, and New Zealand. Lastly, the value of the Brazilian real
strengthened against the U.S. dollar after a report indicated that consumer
prices in Brazil unexpectedly rose during June.

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MORGAN STANLEY SPECTRUM GLOBAL BALANCED L.P.
- --------------------------------------------------------------------------------

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

MONTH ENDED JULY 31, 2007 YTD ENDED JULY 31, 2007
------------------------- -----------------------
Currencies -0.24 -0.87
Interest Rates -0.38 0.69
Stock Indices -3.31 -3.40
Energies 0.06 0.68
Metals 0.06 1.31
Agriculturals 0.19 -0.73

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

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

Within the global stock index sector, long positions in European, U.S., and
Pacific Rim equity index futures resulted in losses as prices reversed lower on
persistent concerns that a collapsing U.S. subprime mortgage market and
declining U.S. real estate market may pull the U.S. economy into a recession.
Furthermore, global equity prices fell after news that China and India increased
their bank reserve requirements added to worries about global cash liquidity
declining in the near future.

Additional losses were recorded in the global interest rate sector from short
positions in Australian, European, and Canadian fixed-income futures as prices
reversed sharply higher in a worldwide "flight-to-quality" after the significant
decline in the global equity markets resulted in substantially higher demand for
the "safe haven" of government bonds.

Smaller losses were incurred in the currency sector from short and long
positions in the euro versus the Australian dollar, Norwegian krone, and Swiss
franc as the value of the euro moved without consistent direction versus most of
its major rivals after conflicting economic data led to uncertainty regarding
the future interest rate policy of the European Central Bank. Elsewhere, losses
resulted from long positions in the New Zealand dollar versus the Australian
dollar as the value of the New Zealand dollar finished lower against the
Australian dollar.

Within the agricultural sector, gains were experienced from long positions in
sugar futures as prices moved higher due to speculative buying. Elsewhere, long
positions in lean hog futures resulted in further gains as prices moved higher
due to speculation of significantly higher Chinese demand.

Additional gains were recorded in the metals markets from short positions in
nickel futures as prices moved lower amid rising stockpiles. Meanwhile, long
positions in copper futures resulted in gains as prices increased after the
International Copper Study Group released a report that showed world copper
demand exceeded production during the first four months of 2007.

Smaller gains were experienced in the energy markets from short positions in
natural gas futures during the beginning of the month as prices decreased after
the U.S. Department of Energy stated that underground supplies were up more than
expected. Elsewhere, long futures positions in Brent crude oil resulted in gains
as prices moved higher amid worries that supplies of European North Sea oil may
be dwindling.

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MORGAN STANLEY SPECTRUM SELECT L.P.
- --------------------------------------------------------------------------------

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

MONTH ENDED JULY 31, 2007 YTD ENDED JULY 31, 2007
------------------------- -----------------------
Currencies -0.64 3.91
Interest Rates -1.74 3.41
Stock Indices -1.92 -0.27
Energies 0.29 0.01
Metals -0.20 -2.62
Agriculturals -0.48 -1.09

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

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

Within the global stock index sector, long positions in European, Pacific Rim,
and U.S. equity index futures resulted in losses as prices reversed lower on
persistent concerns that a collapsing U.S. subprime mortgage market and
decreasing U.S. real estate prices may pull the U.S. economy into a recession.
Furthermore, global equity prices fell after news that China and India increased
their bank reserve requirements added to worries about global cash liquidity
declining in the near future.

Within the global interest rate sector, short positions in European, U.S., and
Australian fixed-income futures incurred losses as prices reversed sharply
higher in a worldwide "flight-to-quality" after the significant decline in the
global equity markets resulted in substantially higher demand for the "safe
haven" of government bonds.

Within the currency sector, short positions in the Japanese yen versus the U.S.
dollar, euro, and the British pound resulted in losses as the value of the
Japanese yen corrected higher against most of its major rivals when traders
reduced "carry-trade" positions after the sell-off in the global equity markets
resulted in investors trimming "riskier" assets funded by loans in Japan. Also
pushing the value of the Japanese yen higher were expectations that a Japanese
Ministry of Finance report would show Japan's trade surplus widened in June.
Similarly, short positions in the Swiss franc versus the U.S. dollar recorded
losses as the value of the Swiss franc reversed higher.

Additional losses were experienced in the agricultural markets from long futures
positions in soybeans and soybean meal as prices declined on speculation that
higher prices may curb sales to China, the world's largest buyer of soybeans.
Prices were also pressured lower amid weather forecasts for rain across much of
the United States. Elsewhere, long positions in cotton and cocoa futures
resulted in losses as prices fell amid speculation that wet weather conditions
in growing regions may increase future supplies.

Smaller losses were incurred in the metals markets from long positions in
aluminum futures as prices fell after a slide in the global equity markets
fueled concern that economic growth may slow and therefore curb demand for base
metals. Elsewhere, long positions in prices of gold and silver futures recorded
losses towards the end of the month as prices were pressured lower amid heavy
speculative selling.

Within the energy markets, gains were experienced from long futures positions in
crude oil as prices moved higher amid worries that supplies of European North
Sea oil may be dwindling and persistent concerns regarding U.S. refinery
capacity. Elsewhere, short positions in natural gas futures resulted in gains as
prices decreased after the U.S. Department of Energy stated that underground
supplies were up more than expected.

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

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

MONTH ENDED JULY 31, 2007 YTD ENDED JULY 31, 2007
------------------------- -----------------------
Currencies -0.37 1.69
Interest Rates -0.95 0.52
Stock Indices -0.94 2.23
Energies -0.43 -0.47
Metals 1.39 0.32
Agriculturals -0.21 1.01

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

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

Within the global interest rate sector, short positions in European and U.S.
fixed-income futures incurred losses as prices reversed sharply higher in a
worldwide "flight-to-quality" after the significant decline in the global equity
markets towards the end of the month resulted in substantially higher demand for
the "safe haven" of government bonds.

Within the global stock index sector, long positions in European and Japanese
equity index futures resulted in losses as prices reversed lower on persistent
concerns that a collapsing U.S. subprime mortgage market and decreasing U.S.
real estate prices may pull the U.S. economy into a recession. Furthermore,
global equity prices fell after news that China and India increased their bank
reserve requirements added to worries about global cash liquidity declining in
the near future.

Within the energy markets, long positions in natural gas futures experienced
losses as prices decreased after the U.S. Department of Energy stated that
underground supplies were up more than expected. Elsewhere, short positions in
crude oil futures resulted in losses as prices climbed higher amid worries that
supplies of European North Sea oil may be dwindling and persistent concerns
regarding U.S. refinery capacity.

Additional losses were experienced in the currency sector from short positions
in the Japanese yen versus the U.S. dollar and euro as the value of the Japanese
yen corrected higher against most of its major rivals when traders reduced
"carry-trade" positions after the sell-off in the global equity markets resulted
in investors trimming "riskier" assets funded by loans in Japan. Also pushing
the value of the Japanese yen higher were expectations that a Japanese Ministry
of Finance report would show Japan's trade surplus widened in June. Lastly,
losses were incurred from short positions in the Canadian dollar versus the U.S.
dollar as the value of the Canadian dollar moved higher after a government
report showed that Canadian employers added twice the expected number of jobs in
June.

Smaller losses were recorded in the agricultural markets from long positions in
soybean meal and soybean futures as prices declined on speculation that higher
prices may curb sales to China. Elsewhere, long positions in cocoa futures
resulted in losses as prices declined amid speculation that wet weather
conditions in growing regions may increase future supplies. Lastly, long
positions in corn futures incurred losses as prices moved lower after the U.S.
Department of Agriculture reported a significant increase in domestic supplies.

Within the metals markets, gains were experienced from long positions in zinc
futures as prices were pushed higher amid speculation that Chinese demand for
base metals will increase after news that China's economy grew at the fastest
pace in twelve years during the second quarter. Additional gains were recorded
from long positions in copper futures as prices increased after the
International Copper Study Group released a report that showed world copper
demand exceeded production during the first four months of 2007.

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

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

MONTH ENDED JULY 31, 2007 YTD ENDED JULY 31, 2007
------------------------- -----------------------
Currencies -2.25 4.52
Interest Rates -3.64 1.92
Stock Indices -3.04 2.64
Energies -0.28 -1.14
Metals -0.05 -1.72
Agriculturals -1.48 -2.01

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

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

Within the global stock index sector, long positions in European, U.S., and
Pacific Rim equity index futures resulted in losses as prices reversed lower on
persistent concerns that a collapsing U.S. subprime mortgage market and
decreasing U.S. real estate prices may pull the U.S. economy into a recession.
Furthermore, global equity prices fell after news that China and India increased
their bank reserve requirements added to worries about global cash liquidity
declining in the near future.

Within the currency sector, short positions in the Japanese yen versus the U.S.
dollar and euro recorded losses as the value of the Japanese yen corrected
higher against most of its major rivals when traders reduced "carry-trade"
positions after the sell-off in the global equity markets resulted in investors
trimming "riskier" assets funded by loans in Japan. Also pushing the value of
the Japanese yen higher were expectations that a Japanese Ministry of Finance
report would show Japan's trade surplus widened in June. Elsewhere, long
positions in the euro versus the Czech koruna resulted in losses as the value of
the Czech koruna reversed higher relative to the euro after the Czech National
Bank increased its benchmark interest rate to 3.0%.

Within the agricultural markets, short positions in lean hog futures resulted in
losses as prices moved higher due to speculation of significantly higher Chinese
demand. Elsewhere, long positions in soybean meal and soybean futures resulted
in losses as prices declined on speculation that higher prices may curb sales to
China. Lastly, long positions in cocoa and cotton futures incurred losses as
prices declined amid speculation that wet weather conditions in growing regions
may increase future supplies.

Additional losses were experienced in the energy markets from short positions in
crude oil futures as prices climbed higher amid worries that supplies of
European North Sea oil may be dwindling and persistent concerns regarding U.S.
refinery capacity. Meanwhile, long futures positions in gasoline incurred losses
during the beginning of the month as prices fell on speculation that U.S.
stockpiles may increase amid the construction of new refinery facilities.

Smaller losses were recorded in the metals markets from long positions in nickel
and aluminum futures as prices fell after a slide in the global equity markets
fueled concern that economic growth may slow and therefore curb demand for base
metals. The accompanying notes are an integral part of these financial
statements.

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

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

INVESTMENT INCOME
Interest income (Note 2) 475,007 .32 155,851 .41
------------ ------ ---------- -----
EXPENSES
Brokerage fees (Note 2) 567,675 .38 146,356 .38
Management fees (Note 3) 246,815 .17 39,771 .11
------------ ------ ---------- -----
Total Expenses 814,490 .55 186,127 .49
------------ ------ ---------- -----
NET INVESTMENT LOSS (339,483) (.23) (30,276) (.08)
------------ ------ ---------- -----

TRADING RESULTS
Trading profit (loss):
Realized -- -- (315,857) (.83)
Net change in unrealized (6,219,995) (4.20) (1,019,243) (2.67)
------------ ------ ---------- -----
Total Trading Results (6,219,995) (4.20) (1,335,100) (3.50)
------------ ------ ---------- -----

NET LOSS (6,559,478) (4.43) (1,365,376) (3.58)
============ ====== ========== =====

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

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

Net Asset Value,
July 1, 2007 12,963,420.589 148,089,116 11.42 2,418,800.259 38,179,912 15.78
Net Loss -- (6,559,478) (.50) -- (1,365,376) (.56)
Redemptions (319,553.955) (3,489,529) 10.92 (36,707.962) (558,695) 15.22
Subscriptions 44,743.673 488,601 10.92 11,001.969 167,450 15.22
-------------- ----------- ------------- -----------
Net Asset Value,
July 31, 2007 12,688,610.307 138,528,710 10.92 2,393,094.266 36,423,291 15.22
============== =========== ============= ===========

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

INVESTMENT INCOME
Interest income (Note 2) 1,837,341 .33 701,031 .32 2,610,268 .33
----------- ----- ----------- ----- ------------ -----

EXPENSES
Brokerage fees (Note 2) 2,774,830 .50 1,107,072 .50 3,993,956 .50
Management fees (Note 3) 1,217,217 .22 517,342 .24 1,770,329 .23
Incentive fees (Note 3) 52,324 .01 -- -- -- --
----------- ----- ----------- ----- ------------ -----
Total Expenses 4,044,371 .73 1,624,414 .74 5,764,285 .73
----------- ----- ----------- ----- ------------ -----
NET INVESTMENT LOSS (2,207,030) (.40) (923,383) (.42) (3,154,017) (.40)
----------- ----- ----------- ----- ------------ -----

TRADING RESULTS
Trading profit (loss):
Realized (8,673,473) (1.56) (4,460,289) (2.01) (27,164,997) (3.40)
Net change in unrealized (16,725,763) (3.01) 1,224,929 .55 (57,455,170) (7.19)
----------- ----- ----------- ----- ------------ -----
Total Trading Results (25,399,236) (4.57) (3,235,360) (1.46) (84,620,167) (10.59)
----------- ----- ----------- ----- ------------ -----

NET LOSS (27,606,266) (4.97) (4,158,743) (1.88) (87,774,184) (10.99)
=========== ===== =========== ===== ============ =====

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,
July 1, 2007 18,059,425.841 554,966,003 30.73 12,310,379.699 221,414,320 17.99 31,256,309.028 798,791,174 25.56
Net Loss -- (27,606,266) (1.53) -- (4,158,743) (.34) -- (87,774,184) (2.81)
Redemptions (340,104.395) (9,931,048) 29.20 (236,714.183) (4,178,005) 17.65 (514,462.141) (11,704,014) 22.75
Subscriptions 138,018.112 4,030,128 29.20 170,945.156 3,017,182 17.65 279,111.480 6,349,787 22.75
-------------- ----------- -------------- ----------- -------------- -----------
Net Asset Value,
July 31, 2007 17,857,339.558 521,458,817 29.20 12,244,610.672 216,094,754 17.65 31,020,958.367 705,662,763 22.75
============== =========== ============== =========== ============== ===========

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)
================================================================================

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 trading of options on foreign currency forward contracts.
Demeter, MS&Co., MSIL, 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 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
1/6 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.

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

MORGAN STANLEY

ADDRESS SERVICE REQUESTED

[graphic Omitted]
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DWS 38221-09