MORGAN STANLEY
SPECTRUM SERIES

November 2007
Monthly Report

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

Issued: December 31, 2007

[MORGAN STANLEY LOGO]

MORGAN STANLEY SPECTRUM SERIES

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

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
FUND % % % % % % % % % % % % % % % % %
- ---------------------------------------------------------------------------------------------------------------------------------
Spectrum
Currency.. -- -- -- -- -- -- -- -- -- 11.7 11.1 12.2 12.4 (8.0) (18.3) (3.4) (11.9)
(6 mos.) (11 mos.)
- ---------------------------------------------------------------------------------------------------------------------------------
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
(2 mos.) (11 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 7.6
(5 mos.) (11 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 2.7
(2 mos.) (11 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 (14.0)
(2 mos.) (11 mos.)
- ---------------------------------------------------------------------------------------------------------------------------------

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

Spectrum
Currency.. 0.3 0.0
- -------------------------------------
Spectrum
Global
Balanced.. 58.2 3.6
- -------------------------------------
Spectrum
Select. 212.6 7.2
- -------------------------------------
Spectrum
Strategic 76.2 4.4
- -------------------------------------
Spectrum
Technical 102.7 5.6
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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
NOVEMBER 2007

Dear Limited Partner:

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

FUND N.A.V. % CHANGE FOR MONTH
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Spectrum Currency $10.03 -4.58%
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Spectrum Global Balanced $15.82 -1.12%
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Spectrum Select $31.26 -0.98%
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Spectrum Strategic $17.62 -1.99%
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Spectrum Technical $20.27 -3.95%
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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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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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[BAR CHART OMITTED]

MONTH ENDED YTD ENDED
NOVEMBER 30, 2007 NOVEMBER 30, 2007

Australian dollar -1.39 -0.16
British pound 0.05 -1.2
Euro 1.24 5.06
Japanese yen -0.93 -1.12
Swiss franc -0.34 -2.21
Minor Currencies -2.89 -8.59

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 experienced losses from long positions in the South
African rand, Australian dollar, and Chilean peso versus the U.S. dollar, as
well as short positions in the Japanese yen and Swiss franc versus the U.S.
dollar. These losses were partially offset by gains from long positions in the
euro, Czech koruna, and Russian ruble versus the U.S. dollar. Trading results in
the British pound versus the U.S. dollar were essentially flat and had no
material effect on overall performance during the month.

(CONTINUED)

Losses were incurred from long positions in the South African rand, Australian
dollar, and Chilean peso versus the U.S. dollar as the value of the U.S. dollar
reversed higher against these currencies towards the end of the month due to
substantially stronger demand for U.S. dollar-denominated government bonds amid
continuing credit market losses and a decline in global equity markets.
Furthermore, the value of the South African rand and Australian dollar, known
collectively as the "commodity currencies", declined on concerns that a possible
slowdown in the U.S. economy may negatively impact future demand for metals and
energy. Meanwhile, short positions in the Japanese yen versus the U.S. dollar
resulted in losses during the beginning of the month as the value of the
Japanese yen moved higher relative to the U.S. dollar after news that the
Japanese economy grew faster than economists forecast during the third quarter.
Lastly, short positions in the Swiss franc versus the U.S. dollar incurred
smaller losses during the beginning of the month as the value of the Swiss franc
strengthened against the U.S. dollar amid speculation that the Swiss National
Bank may raise interest rates.

Gains were recorded from long positions in the euro versus the U.S. dollar as
the value of the euro strengthened against the U.S. dollar after Gross Domestic
Product in the Euro-Zone came in higher than expected. As such, further gains
were experienced from long positions in the Czech koruna and Russian ruble
versus the U.S. dollar as the value of these currencies moved higher in tandem
with the euro.

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MORGAN STANLEY SPECTRUM GLOBAL BALANCED L.P.
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[BAR CHART OMITTED]

MONTH ENDED YTD ENDED
NOVEMBER 30, 2007 NOVEMBER 30, 2007

Currencies -0.02 0.62
Interest Rates 2.48 5.13
Stock Indices -3.56 -5.43
Energies -0.05 0.95
Metals 0.09 1.16
Agriculturals -0.02 -0.63

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

Within the global stock index sector, long positions in U.S., European, and
Australian equity index futures incurred losses as prices reversed lower on
concerns that the persistent U.S. housing slump may hinder consumer spending
after corporate earnings reports failed to meet analysts' expectations. These
concerns heightened after U.S. Federal Reserve Chairman Bernanke told a
congressional hearing on November 8th that policy makers expected growth to
"slow noticeably" in the current quarter and remain "sluggish" in the first half
of 2008. Finally, U.S. equity markets continued to decline towards the end of
the month after news that housing starts in the U.S. fell to a 14-year low in
October, ensuring the construction slump will persist in the near term.

(CONTINUED)

Within the global interest rate sector, gains were experienced from long
positions in U.S., European, and Japanese fixed-income futures as prices
increased following a sharp decline in global equity markets and continued
concerns that losses related to sub-prime mortgages may deepen, which spurred
investors to avoid riskier assets and seek the relative "safety" of government
debt.

Smaller gains were recorded in the metals markets from short positions in copper
futures as prices decreased on concerns that demand for base metals may continue
to slow after the U.S. Federal Reserve trimmed its economic growth forecast for
next year.

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MORGAN STANLEY SPECTRUM SELECT L.P.
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[BAR CHART OMITTED]

MONTH ENDED YTD ENDED
NOVEMBER 30, 2007 NOVEMBER 30, 2007

Currencies -0.92 6.41
Interest Rates 2.72 6.63
Stock Indices -1.83 -2.98
Energies -0.49 3.99
Metals -0.32 -1.72
Agriculturals 0.34 0.19

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

Within the global stock index sector, long positions in U.S., Pacific Rim, and
European equity index futures incurred losses as prices reversed lower on
renewed concerns that the recent credit market turmoil and continued U.S.
housing slump may erode corporate earnings and hinder global economic growth.
These concerns heightened after U.S. Federal Reserve Chairman Bernanke told a
congressional hearing on November 8th that policy makers expected growth to
"slow noticeably" in the current quarter and remain "sluggish" in the first half
of 2008. Finally, U.S. equity markets continued to decline towards the end of
the month after news that housing starts in the U.S. fell to a 14-year low in
October, ensuring the construction slump will persist in the near term.

Within the currency sector, long positions in the Mexican peso, South African
rand, Canadian dollar, Chilean peso, and Australian dollar versus the U.S.
dollar recorded losses as the value of the U.S. dollar reversed higher against
most of its major rivals due to substantially stronger demand for U.S.
dollar-denominated government bonds amid continuing credit market losses and a
decline in global equity markets. Furthermore, the value of the South African
rand, Canadian dollar, and Australian dollar, known collectively as the
"commodity currencies", declined on concerns that a possible slowdown in the
U.S. economy may negatively impact future demand for metals and energy.
Elsewhere in the currency markets, short positions in the Japanese yen versus
the U.S. dollar resulted in losses as the value of the Japanese yen moved higher
relative to the U.S. dollar after news that the Japanese economy grew faster
than economists forecast during the third quarter.

Within the energy markets, long futures positions in crude oil and its related
products incurred losses as prices moved lower towards the end of the month due
to increased oil production from OPEC members amid signs of an economic slowdown
in the United States, the world's largest energy consumer.

Within the metals markets, long positions in copper futures experienced losses
as prices decreased on concerns that global demand may weaken while inventories
continue to rise.

Within the global interest rate sector, long positions in U.S., Japanese, and
British fixed-income futures recorded gains as prices increased following a
sharp decline in global equity markets and forecasts of deeper mortgage-related
losses, which spurred demand for the "safe haven" of government debt. In
addition, U.S. interest rate futures prices moved higher amid speculation that
continued credit-market losses may lead the U.S. Federal Reserve to cut interest
rates in December, while prices of Japanese fixed-income futures moved higher on
expectations that the Bank of Japan may refrain from raising interest rates.
Lastly, prices of British interest rate futures moved higher following
disappointing housing market data out of England.

Within the agricultural markets, long futures positions in the soybean complex
resulted in gains as prices moved higher due to increased purchases from China,
higher energy prices, and dwindling U.S. supplies. Elsewhere, long positions in
wheat futures experienced additional gains as prices rose on signs that demand
for U.S. supplies may strengthen while global inventories may fall to a 30-year
low.

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MORGAN STANLEY SPECTRUM STRATEGIC L.P.
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[BAR CHART OMITTED]

MONTH ENDED YTD ENDED
NOVEMBER 30, 2007 NOVEMBER 30, 2007

Currencies -1.17 0.57
Interest Rates 1.38 1.64
Stock Indices -1.54 1.44
Energies -0.21 0.9
Metals -1 -2.51
Agriculturals 0.98 5.07

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

Within the global stock index sector, long positions in U.S., Pacific Rim, and
European equity index futures incurred losses as prices reversed lower on
renewed concerns that the recent credit market turmoil and continued U.S.
housing slump may erode corporate earnings and hinder global economic growth.
These concerns heightened after U.S. Federal Reserve Chairman Bernanke told a
congressional hearing on November 8th that policy makers expected growth to
"slow noticeably" in the current quarter and remain "sluggish" in the first half
of 2008. U.S. equity markets continued to decline towards the end of the month
after news that housing starts in the U.S. fell to a 14-year low in October,
ensuring the construction slump will persist in the near term.

Within the currency sector, long positions in the Australian dollar, Canadian
dollar, and Norwegian krone versus the U.S. dollar recorded losses as the value
of the U.S. dollar reversed higher against most of its major rivals due to
substantially stronger demand for U.S. dollar-denominated government bonds amid
continuing credit market losses and a decline in global equity markets.
Furthermore, the value of the Australian dollar and Canadian dollar, known
collectively as the "commodity currencies", declined on concerns that a possible
slowdown in the U.S. economy may negatively impact future demand for metals and
oil. Meanwhile, short positions in the Swiss franc versus the U.S. dollar
incurred losses as the value of the Swiss franc strengthened against the U.S.
dollar amid speculation that the Swiss National Bank may raise interest rates.
Elsewhere in the currency markets, short positions in the Japanese yen versus
the euro resulted in losses as the value of the Japanese yen moved higher
relative to the euro after news that the Japanese economy grew faster than
economists forecast during the third quarter.

Within the metals markets, long positions in zinc and copper futures experienced
losses as prices decreased on concerns that global demand may weaken while
inventories continue to rise.

Within the global interest rate sector, long positions in U.S. and Japanese
fixed-income futures recorded gains as prices increased following a sharp
decline in global equity markets and forecasts of deeper mortgage-related
losses, which spurred demand for the "safe haven" of government debt. In
addition, U.S. interest rate futures prices moved higher amid speculation that
continued credit-market losses may lead the U.S. Federal Reserve to cut interest
rates again in December, while prices of Japanese fixed-income futures moved
higher on expectations that the Bank of Japan may refrain from raising interest
rates.

Within the agricultural markets, long futures positions in the soybean complex
resulted in gains as prices moved higher due to increased purchases from China,
higher energy prices, and dwindling U.S. supplies. Elsewhere, long positions in
coffee futures experienced gains as prices moved higher during the beginning of
the month on anticipation that adverse weather in Vietnam would delay shipments
of the country's harvest.

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

[BAR CHART OMITTED]

MONTH ENDED YTD ENDED
NOVEMBER 30, 2007 NOVEMBER 30, 2007

Currencies -2.86 0.32
Interes Rates 2.56 2.97
Stock Indices -3.12 -3.02
Energies -0.13 -0.5
Metals -0.5 -2.87
Agriculturals 0.58 -1.03

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

Within the global stock index sector, long positions in U.S., European, and
Pacific Rim equity index futures incurred losses as prices reversed lower on
renewed concerns that the recent credit market turmoil and continued U.S.
housing slump may erode corporate earnings and hinder global economic growth.
These concerns heightened after U.S. Federal Reserve Chairman Bernanke told a
congressional hearing on November 8th that policy makers expected growth to
"slow noticeably" in the current quarter and remain "sluggish" in the first half
of 2008. U.S. equity markets continued to decline towards the end of the month
after news that housing starts in the U.S. fell to a 14-year low in October,
ensuring the construction slump will persist in the near term.

Within the currency sector, long positions in the Australian dollar, Canadian
dollar, Mexican peso, and British pound versus the U.S. dollar recorded losses
as the value of the U.S. dollar reversed higher against most of its major rivals
due to substantially stronger demand for U.S. dollar-denominated government
bonds amid continuing credit market losses and a decline in global equity
markets. Furthermore, the value of the Australian dollar and Canadian dollar,
known collectively as the "commodity currencies", declined on concerns that a
possible slowdown in the U.S. economy may negatively impact future demand for
metals and energy. Elsewhere in the currency markets, short positions in the
Japanese yen versus the U.S. dollar resulted in losses as the value of the
Japanese yen moved higher relative to the U.S. dollar after news that the
Japanese economy grew faster than economists forecast during the third quarter.

Within the metals markets, long positions in copper futures experienced losses
as prices decreased on concerns that global demand may weaken while inventories
continue to rise. Elsewhere in the metals complex, long positions in silver
futures resulted in losses as prices reversed lower amid strength in the U.S.
dollar.

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

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

INVESTMENT INCOME
Interest income (Note 2) 291,049 .24 115,875 .32
---------- ----- -------- -----

EXPENSES
Brokerage fees (Note 2) 472,056 .38 140,110 .38
Management fees (Note 3) 205,243 .17 38,073 .11
---------- ----- -------- -----
Total Expenses 677,299 .55 178,183 .49
---------- ----- -------- -----

NET INVESTMENT LOSS (386,250) (.31) (62,308) (.17)
---------- ----- -------- -----

TRADING RESULTS
Trading profit (loss):
Realized -- -- 356,479 .98
Net change in unrealized (5,253,422) (4.27) (703,777) (1.93)
---------- ----- -------- -----
Total Trading Results (5,253,422) (4.27) (347,298) (.95)
---------- ----- -------- -----

NET LOSS (5,639,672) (4.58) (409,606) (1.12)
========== ===== ======== =====

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

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

Net Asset Value,
November 1, 2007 11,719,048.988 123,145,038 10.51 2,284,359.024 36,550,530 16.00
Net Loss -- (5,639,672) (.48) -- (409,606) (.18)
Redemptions (373,534.634) (3,746,552) 10.03 (58,802.822) (930,261) 15.82
Subscriptions 22,426.701 224,940 10.03 31,715.469 501,739 15.82
-------------- ----------- ------------- ----------
Net Asset Value,
November 30, 2007 11,367,941.055 113,983,754 10.03 2,257,271.671 35,712,402 15.82
============== =========== ============= ==========

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

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

MORGAN STANLEY MORGAN STANLEY MORGAN STANLEY
SPECTRUM SELECT SPECTRUM STRATEGIC SPECTRUM TECHNICAL
--------------------------- --------------------------- ---------------------------
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
NOVEMBER 1, 2007 NOVEMBER 1, 2007 NOVEMBER 1, 2007
BEGINNING BEGINNING BEGINNING
AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE AMOUNT NET ASSET VALUE
------ --------------- ------ --------------- ------ ---------------
$ % $ % $ %

INVESTMENT INCOME
Interest income (Note 2) 1,356,297 .25 517,791 .24 1,554,590 .25
----------- ----- ---------- ----- ----------- -----

EXPENSES
Brokerage fees (Note 2) 2,679,909 .50 1,058,074 .50 3,116,554 .50
Management fees (Note 3) 1,173,084 .22 495,635 .23 953,650 .16
Incentive fees (Note 3) 325,638 .06 -- -- 873,907 .14
----------- ----- ---------- ----- ----------- -----
Total Expenses 4,178,631 .78 1,553,709 .73 4,944,111 .80
----------- ----- ---------- ----- ----------- -----
NET INVESTMENT LOSS (2,822,334) (.53) (1,035,918) (.49) (3,389,521) (.55)
----------- ----- ---------- ----- ----------- -----

TRADING RESULTS
Trading profit (loss):
Realized 43,514,942 8.12 2,028,085 .96 29,480,060 4.73
Net change in unrealized (45,934,742) (8.57) (5,201,676) (2.46) (50,700,274) (8.13)
----------- ----- ---------- ----- ----------- -----
Total Trading Results (2,419,800) (.45) (3,173,591) (1.50) (21,220,214) (3.40)
----------- ----- ---------- ----- ----------- -----

NET LOSS (5,242,134) (.98) (4,209,509) (1.99) (24,609,735) (3.95)
========== ==== ========== ===== =========== =====

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

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,
November 1, 2007 16,980,840.169 535,981,870 31.56 11,773,634.070 211,614,790 17.97 29,539,559.302 623,310,858 21.10
Net Loss -- (5,242,134) (.30) -- (4,209,509) (.35) -- (24,609,735) (.83)
Redemptions (313,413.381) (9,797,302) 31.26 (201,503.671) (3,550,495) 17.62 (679,909.075) (13,781,757) 20.27
Subscriptions 204,127.686 6,381,031 31.26 369,189.384 6,505,117 17.62 138,506.970 2,807,536 20.27
-------------- ----------- ----- -------------- ----------- ----- -------------- ----------- -----
Net Asset Value,
November 30, 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
============== =========== ============== =========== ============== ===========

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

MORGAN STANLEY SPECTRUM SERIES
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

The general partner of each Partnership is Demeter Management Corporation
("Demeter"). The commodity brokers for Spectrum Global Balanced, Spectrum
Select, Spectrum Strategic, and Spectrum Technical are Morgan Stanley & Co.
Incorporated ("MS&Co.") and Morgan Stanley & Co. International plc ("MSIP").
Spectrum Currency's commodity broker is MS&Co. MS&Co. acts as the counterparty
on all trading of foreign currency forward contracts. For Spectrum Strategic and
Spectrum Technical, Morgan Stanley Capital Group Inc. ("MSCG") acts as the
counterparty on all trading of options on foreign currency forward contracts.
Demeter, MS&Co., MSIP, and MSCG are wholly-owned subsidiaries of Morgan Stanley.

Demeter is required to maintain a 1% minimum interest in the equity of each
Partnership and income (losses) are shared by Demeter and the limited partners
based upon their proportional ownership interests.

USE OF ESTIMATES. The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported
amounts in the financial statements and related disclosures. Management believes
that the estimates utilized in the preparation of the financial statements are
prudent and reasonable. Actual results could differ from those estimates.

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

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.

MORGAN STANLEY SPECTRUM SERIES
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NOTES TO FINANCIAL STATEMENTS
(CONTINUED)

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.

MORGAN STANLEY SPECTRUM SERIES
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NOTES TO FINANCIAL STATEMENTS
(CONTINUED)

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

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

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

Morgan Stanley Spectrum Currency L.P.
John W. Henry & Company, Inc.
Sunrise Capital Partners, LLC
C-View International Limited ("C-View"), effective December 1, 2007
DKR Fusion Management L.P. ("DKR"), effective December 1, 2007
FX Concepts Trading Advisor, Inc. ("FX Concepts"), effective December 1, 2007

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

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")
Altis Partners (Jersey) Limited, effective December 1, 2007

MORGAN STANLEY SPECTRUM SERIES
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NOTES TO FINANCIAL STATEMENTS
(CONTINUED)

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")
Cornerstone Quantitative Investment Group, Inc., effective December 1, 2007

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")
Aspect Capital Limited ("Aspect"), effective December 1, 2007
Rotella Capital Management Inc. ("Rotella"), effective December 1, 2007

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 1/4 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), 1/6 of 1% per
month of Net Assets allocated to Graham on the first day of each month (a 2%
annual rate), and 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).

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), 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 1/12 of 1% per
month of Net

MORGAN STANLEY SPECTRUM SERIES
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NOTES TO FINANCIAL STATEMENTS
(CONTINUED)

Assets allocated to Cornerstone on the first day of each month (a 1% 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, Winton, and Rotella on the first day
of each month (a 2% annual rate), 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), and
1/12 of 2% per month of Net Assets allocated to Aspect on the first day of each
month (a 1% 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 Graham and Altis 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 20% of the trading
profits experienced with respect to the Net Assets allocated to each of
Campbell, JWH, Winton, and Rotella 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.

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

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

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

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

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

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