UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549

	FORM 10-Q


[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 2007 or

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from               to__________________

Commission File Number 0-31563

	MORGAN STANLEY SPECTRUM CURRENCY L.P.

	(Exact name of registrant as specified in its charter)


		Delaware						     13-4084211
(State or other jurisdiction of		   		  (I.R.S. Employer
incorporation or organization)			       Identification No.)

Demeter Management Corporation
522 Fifth Avenue, 13th Floor
New York, NY		    					 	   10036
(Address of principal executive offices)	  	      (Zip Code)

Registrant?s telephone number, including area code    (212) 296-1999






(Former name, former address, and former fiscal year, if changed since last
report)

Indicate by check mark whether the
registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the
 Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes    X       	No___________


Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer.  See definition of ?accelerated
filer and large accelerated filer? in Rule 12b-2 of the Exchange Act.  (Check
one):

Large accelerated filer___Accelerated filer___Non-accelerated filer X

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).  Yes___  No X




	<page> <table> MORGAN STANLEY SPECTRUM CURRENCY L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	June 30, 2007

<caption>


PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

		Statements of Financial Condition as of June 30, 2007
		(Unaudited) and December 31, 2006	2

		Statements of Operations for the Three and Six Months
		Ended June 30, 2007 and 2006 (Unaudited)	3

		Statements of Changes in Partners? Capital for the Six
		Months Ended June 30, 2007 and 2006 (Unaudited)	4

		Statements of Cash Flows for the Six Months Ended
		June 30, 2007 and 2006 (Unaudited)	5

		Notes to Financial Statements (Unaudited)	6-12

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations	13-26

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk	27-36

Item 4.	Controls and Procedures	36-37

Item 4T.	Controls and Procedures	37


PART II. OTHER INFORMATION

Item 1A.Risk Factors 	38

Item 2.	Unregistered Sales of Equity Securities and Use of
			Proceeds.	.38-39

Item 6.	Exhibits 	39
</table>


<page> <table> PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

	MORGAN STANLEY SPECTRUM CURRENCY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
	June 30,	December 31,
	       2007      	              2006
	 $	$
	(Unaudited)
ASSETS

	<c>	<c>

Equity in futures interests trading accounts:
	Unrestricted cash	147,289,255	162,737,117
	Restricted cash                                                                                  224,627		         ?

	     Total cash	147,513,882	162,737,117

	Net unrealized gain on open contracts (MS&Co.)	     3,364,834	     4,534,033

		Total Trading Equity	150,878,716	167,271,150

Subscriptions receivable	668,169	759,216
Interest receivable (MS&Co.)	        420,929   	         560,751

	     Total Assets	  151,967,814        	     168,591,117

LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	3,074,472	4,643,347
Accrued brokerage fees (MS&Co.)	560,521	626,181
Accrued management fees	         243,705	       272,253

	     Total Liabilities	      3,878,698	    5,541,781

Partners? Capital

Limited Partners (12,819,290.246 and
   14,173,942.826 Units, respectively)	146,442,627	161,303,764
General Partner (144,130.343 and
   153,385.343 Units, respectively)	       1,646,489	    1,745,572

	     Total Partners? Capital	   148,089,116	 163,049,336

	     Total Liabilities and Partners? Capital	   151,967,814    	   168,591,117
NET ASSET VALUE PER UNIT	            11.42                      	           11.38
<fn>

The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> MORGAN STANLEY SPECTRUM CURRENCY L.P.
	STATEMENTS OF OPERATIONS
(Unaudited)

<caption>

           For the Three Months	                            For the Six Months
                Ended June 30,                                    Ended June 30,


                          2007   	        2006    	    2007   	    2006
                                  $	               $	     $	 $

	<c>		<c>		<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)	    1,331,501		 1,670,661		   2,862,102	               3,288,384

EXPENSES
	Brokerage fees (MS&Co.)	1,676,998	2,045,125	3,490,649		4,353,899
	Management fees	            729,128	      889,186	    1,517,673		     1,893,001

		   Total Expenses 	   2,406,126	    2,934,311	   5,008,322 		    6,246,900

NET INVESTMENT LOSS 	   (1,074,625)	   (1,263,650)	   (2,146,220)		  (2,958,516)

TRADING RESULTS
Trading profit (loss):
	Realized	15,441,299	(4,187,649) 	3,332,040		(9,630,687)
	Net change in unrealized	    1,240,311	    6,666,422	   (1,169,199)		   (6,282,570)

		   Total Trading Results	   16,681,610	    2,478,773	    2,162,841		  (15,913,257)

NET INCOME (LOSS)                                          15,606,985		     1,215,123     	       16,621		  (18,871,773)

NET INCOME (LOSS) ALLOCATION

	Limited Partners	15,433,218	1,199,613	                  12,418 	          (18,668,529)
		General Partner 	173,767	15,510	     4,203 		(203,244)


NET INCOME (LOSS) PER UNIT

	Limited Partners                                            	1.15   	   0.06 	   0.04               	(1.10)
	General Partner  	                                           1.15	       0.06	   0.04               	(1.10)



<fn>




	The accompanying notes are an integral part
	of these financial statements.
</table>
<page> <table> MORGAN STANLEY SPECTRUM CURRENCY L.P.
STATEMENTS OF CHANGES IN PARTNERS? CAPITAL
For the Six Months Ended June 30, 2007 and 2006
(Unaudited)


<caption>


	Units of
	Partnership	Limited	  General
	   Interest   	Partners	   Partner  	     Total
		$	$	$


	<c>	<c>	<c>	<c>
Partners? Capital,
   December 31, 2005	17,703,228.857	206,199,270	2,287,487	208,486,757

Offering of Units	942,726.950	10,338,757	? 	10,338,757

Net Loss                                                                    ? 	  	(18,668,529)	(203,244)
	(18,871,773)

Redemptions	   (2,556,531.314)	   (27,822,022)	   (231,367)	 (28,053,389)

Partners? Capital,
   June 30, 2006	  16,089,424.493	 170,047,476	     1,852,876	 171,900,352




Partners? Capital,
   December 31, 2006	14,327,328.169	161,303,764	1,745,572	163,049,336

Offering of Units	400,160.647	4,381,206	? 	4,381,206

Net Income                                                                ? 	  	12,418	4,203	16,621

Redemptions	   (1,764,068.227)	   (19,254,761)	   (103,286)	 (19,358,047)

Partners? Capital,
   June 30, 2007	  12,963,420.589	 146,442,627	     1,646,489	 148,089,116






<fn>



The accompanying notes are an integral part
	of these financial statements.
</table>

<page> <table>	MORGAN STANLEY SPECTRUM CURRENCY L.P.
	STATEMENTS OF CASH FLOWS
(Unaudited)


<caption>



	    For the Six Months Ended June 30,

	      2007     	      2006
	      $	      $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income (loss) 	16,621	(18,871,773)
Noncash item included in net income (loss):
       Net change in unrealized	1,169,199	6,282,570

(Increase) decrease in operating assets:
       Restricted cash	(224,627)	(86,977)
       Interest receivable (MS&Co.)	139,822	11,302

Decrease in operating liabilities:
       Accrued brokerage fees (MS&Co.)	(65,660)	(176,342)
       Accrued management fees	       (28,548)	          (76,671)

Net cash provided by (used for) operating activities	      1,006,807	   (12,917,891)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	4,472,253	9,997,274
Cash paid for redemptions of Units	  (20,926,922)	     (31,529,500)

Net cash used for financing activities	   (16,454,669)	   (21,532,226)

Net decrease in unrestricted cash	(15,447,862)	(34,450,117)

Unrestricted cash at beginning of period	   162,737,117	   207,952,625

Unrestricted cash at end of period	   147,289,255	   173,502,508



<fn>



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

</table>


<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS

June 30, 2007

(Unaudited)


The unaudited financial statements contained herein include, in
the opinion of management, all adjustments necessary for a fair
presentation of the results of operations and financial condition
of Morgan Stanley Spectrum Currency L.P. (the ?Partnership?).
The financial statements and condensed notes herein should be
read in conjunction with the Partnership?s December 31, 2006,
Annual Report on Form 10-K.

1.  Organization
Morgan Stanley Spectrum Currency L.P. is a Delaware limited
partnership organized in 1999 to engage primarily in the
speculative trading of futures contracts, options on futures
contracts, and forward contracts in global currency markets.  The
Partnership is one of the Morgan Stanley Spectrum Series of
funds, comprised of the Partnership, Morgan Stanley Spectrum
Global Balanced L.P., Morgan Stanley Spectrum Select L.P., Morgan
Stanley Spectrum Strategic L.P., and Morgan Stanley Spectrum
Technical L.P.

The Partnership?s general partner is Demeter Management
Corporation (?Demeter?).  Morgan Stanley & Co. Incorporated

<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(?MS&Co.?) is the Partnership?s principal commodity broker-dealer
and also acts as the counterparty on all trading of foreign
currency forward contracts.  Demeter and MS&Co. are wholly-owned
subsidiaries of Morgan Stanley.  The trading advisors to the
Partnership are John W. Henry & Company, Inc. (?JWH?) and
Sunrise Capital Partners, LLC (?Sunrise?) (individually, a
?Trading Advisor?, or collectively, the ?Trading Advisors?).

Effective May 1, 2007, the Partnership?s assets were reallocated
as follows: 60% to Sunrise, and are traded pursuant to the
Currency Program; 40% to JWH, and are traded pursuant to the
International Foreign Exchange Program.

2.  Related Party Transactions
The Partnership?s cash is on deposit with MS&Co. in futures,
forward, and options trading accounts to meet margin requirements
as needed.  MS&Co. pays the Partnership at each month end
interest income on 80% of the funds on deposit with the
commodity broker at a rate equal to the monthly average of the 4-
week U.S. Treasury bill discount rate during such month.  The
Partnership pays brokerage fees to MS&Co.



<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

3.  Financial Instruments
The Partnership trades futures contracts, options on futures
contracts, and forward contracts in global currency markets.
Futures and forwards represent contracts for delayed delivery of
an instrument at a specified date and price.  Risk arises from
changes in the value of these contracts and the potential
inability of counterparties to perform under the terms of the
contracts.  There are numerous factors which may significantly
influence the market value of these contracts, including interest
rate volatility.

The market value of exchange-traded contracts is based on the
settlement price quoted by the exchange on the day with respect
to which market value is being determined.  If an exchange-traded
contract could not have been liquidated on such day due to the
operation of daily limits or other rules of the exchange, the
settlement price shall be the settlement price on the first
subsequent day on which the contract could be liquidated.  The
market value of off-exchange-traded contracts is based on the
fair market value quoted by the counterparty.

The Partnership?s contracts are accounted for on a trade-date
basis and marked to market on a daily basis.  The Partnership

<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

accounts for its derivative investments in accordance with the
provisions of Statement of Financial Accounting Standards No.
133, ?Accounting for Derivative Instruments and Hedging
Activities? (?SFAS No. 133?).  SFAS No. 133 defines a
derivative as a financial instrument or other contract that has
all three of the following characteristics:

1)	One or more underlying notional amounts or payment
provisions;
2)	Requires no initial net investment or a smaller initial net
investment than would be required relative to changes in
market factors;
3)	Terms require or permit net settlement.

Generally, derivatives include futures, forward, swap or options
contracts, and other financial instruments with similar
characteristics such as caps, floors, and collars.

The net unrealized gains on open contracts, reported as a component
of ?Equity in futures interests trading accounts? on the
Statements of Financial Condition, and their longest contract
maturities were as follows:






<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)


                      Net Unrealized Gains
                        on Open Contracts                Longest Maturities

                 Exchange-  Off-Exchange-             Exchange-  Off-Exchange-
Date              Traded      Traded       Total       Traded       Traded
                     $          $            $

Jun. 30, 2007        -		3,364,834	3,364,834	-	Sep. 2007
Dec. 31, 2006	- 	4,534,033	4,534,033	-	Mar. 2007

The Partnership has credit risk associated with counterparty non-
performance.  As of the date of the financial statements, the
credit risk associated with the instruments in which the
Partnership trades is limited to the amounts reflected in the
Partnership?s Statements of Financial Condition.

The Partnership also has credit risk because MS&Co. acts as the
futures commission merchant or the counterparty, with respect to
most of the Partnership?s assets. Exchange-traded futures,
exchange-traded forward, and exchange-traded futures-styled
options contracts are marked to market on a daily basis, with
variations in value settled on a daily basis.  MS&Co., as a
futures commission merchant for the Partnership?s exchange-traded
futures, exchange-traded forward, and exchange-traded futures-
styled options contracts, is required, pursuant to regulations of
the Commodity Futures Trading Commission (?CFTC?), to segregate
from its own assets, and for the sole benefit of its commodity

<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

customers, all funds held by it with respect to exchange-traded
futures, exchange-traded forward, and exchange-traded futures-
styled options contracts, including an amount equal to the net
unrealized gains (losses) on all open exchange-traded futures,
exchange-traded forward, and exchange-traded futures-styled
options contracts.  With respect to the Partnership?s off-
exchange-traded forward currency contracts, there are no daily
settlements of variation in value, nor is there any requirement
that an amount equal to the net unrealized gains (losses) on such
contracts be segregated.  However, the Partnership is required to
meet margin requirements equal to the net unrealized loss on open
forward currency contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.  With respect to
those off-exchange-traded forward currency contracts, the
Partnership is at risk to the ability of MS&Co., the sole
counterparty on all such contracts, to perform. The Partnership
has a netting agreement with MS&Co.  This agreement, which seeks
to reduce both the Partnership?s and MS&Co.?s exposure on off-
exchange-traded forward currency contracts, should materially
decrease the Partnership?s credit risk in the event of MS&Co.?s
bankruptcy or insolvency.

<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)


4.  New Accounting Developments
In July 2006, the Financial Accounting Standards Board (?FASB?)
issued interpretation No. 48, ?Accounting for Uncertainty in
Income Taxes ? an interpretation of FASB Statement 109? (?FIN
48?).  FIN 48 clarifies the accounting for income taxes by
prescribing the minimum recognition threshold a tax position must
meet before being recognized in the financial statements.  FIN 48
was effective for the Partnership as of January 1, 2007.  Based
on its analysis, management believes that the adoption of FIN 48
has no impact on the Partnership?s Financial Statements.

In September 2006, the FASB issued SFAS No. 157, ?Fair Value
Measurements? (?SFAS No. 157?).  SFAS No. 157 defines fair
value, establishes a framework for measuring fair value, and
expands disclosures about fair value measurements.  SFAS No. 157 is
effective for the Partnership as of January 1, 2008.  The impact to
the Partnership?s Financial Statements, if any, is currently being
assessed.

<page> Item 2. MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS


Liquidity.  The Partnership deposits its assets with MS&Co. as
commodity broker in separate futures, forward, and options trading
accounts established for each Trading Advisor.  Such assets are
used as margin to engage in trading and may be used as margin
solely for the Partnership?s trading. The assets are held in either
non-interest bearing bank accounts or in securities and instruments
permitted by the CFTC for investment of customer segregated or
secured funds.  Since the Partnership?s sole purpose is to trade in
futures, forwards, and options, it is expected that the Partnership
will continue to own such liquid assets for margin purposes.

The Partnership?s investment in futures, forwards, and options may,
from time to time, be illiquid.  Most U.S. futures exchanges limit
fluctuations in prices during a single day by regulations referred
to as ?daily price fluctuations limits? or ?daily limits?.
Trades may not be executed at prices beyond the daily limit.  If
the price for a particular futures or options contract has
increased or decreased by an amount equal to the daily limit,
positions in that futures or options contract can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading.
These market conditions could prevent the Partnership from   <page>
promptly liquidating its futures or options contracts and result in
restrictions on redemptions.

There is no limitation on daily price moves in trading forward
contracts on foreign currencies.  The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets, subjecting it to
substantial losses.  Either of these market conditions could
result in restrictions on redemptions.  For the periods covered
by this report, illiquidity has not materially affected the
Partnership?s assets.

There are no known material trends, demands, commitments, events,
or uncertainties at the present time that are reasonably likely
to result in the Partnership?s liquidity increasing or decreasing
in any material way.

Capital Resources.  The Partnership does not have, nor does it
expect to have, any capital assets.  Redemptions, exchanges, and
sales of units of limited partnership interest (?Unit(s)?) in the
future will affect the amount of funds available for investments in
futures, forwards, and options in subsequent periods. It is not
<page> possible to estimate the amount, and therefore the impact,
of future inflows and outflows of Units.

There are no known material trends, favorable or unfavorable,
that would affect, nor any expected material changes to, the
Partnership?s capital resource arrangements at the present time.

Off-Balance Sheet Arrangements and Contractual Obligations.  The
Partnership does not have any off-balance sheet arrangements, nor
does it have contractual obligations or commercial commitments to
make future payments that would affect its liquidity or capital
resources.

Results of Operations
General.  The Partnership?s results depend on the Trading
Advisors and the ability of each Trading Advisor?s trading
program to take advantage of price movements in the futures,
forward, and options markets.  The following presents a summary
of the Partnership?s operations for the three and six month
periods ended June 30, 2007, and 2006, and a general discussion
of its trading activities during each period. It is important to
note, however, that the Trading Advisors trade in various markets
at different times and that prior activity in a particular market
does not mean that such market will be actively traded by the
Trading Advisors or will be profitable in the future.
Consequently, the results of operations of the Partnership are
<page> difficult to discuss other than in the context of the
Trading Advisors? trading activities on behalf of the Partnership
during the period in question. Past performance is no guarantee of
future results.

The Partnership?s results of operations set forth in the
financial statements on pages 2 through 12 of this report are
prepared in accordance with accounting principles generally
accepted in the United States of America, which require the use
of certain accounting policies that affect the amounts reported
in these financial statements, including the following: The
contracts the Partnership trades are accounted for on a trade-
date basis and marked to market on a daily basis.  The difference
between their cost and market value is recorded on the Statements
of Operations as ?Net change in unrealized trading profit
(loss)? for open (unrealized) contracts, and recorded as
?Realized trading profit (loss)? when open positions are closed
out.  The sum of these amounts constitutes the Partnership?s
trading results. The market value of a futures contract is the
settlement price on the exchange on which that futures contract
is traded on a particular day.  The value of a foreign currency
forward contract is based on the spot rate as of the close of
business. Interest income, as well as management fees, incentive
fees, and brokerage fees expenses of the Partnership are recorded
on an accrual basis.

<page> Demeter believes that, based on the nature of the
operations of the Partnership, no assumptions relating to the
application of critical accounting policies other than those
presently used could reasonably affect reported amounts.

For the Three and Six Months Ended June 30, 2007
The Partnership recorded total trading results including interest
income totaling $18,013,111 and expenses totaling $2,406,126,
resulting in net income of $15,606,985 for the three months ended
June 30, 2007.  The Partnership?s net asset value per Unit
increased from $10.27 at March 31, 2007, to $11.42 at June 30,
2007.

The most significant trading gains of approximately 6.6% were
experienced during April, May, and June from short positions in
the Japanese yen versus the U.S. dollar as the value of the yen
weakened relative to the U.S. dollar in a continuation of the
carry-trade after news that the Tankan survey was weaker than
expected and a decline in Japanese industrial production
increased speculation that Japanese economic growth was not
sufficient to warrant an increase in interest rates by the Bank
of Japan.  Further gains of approximately 2.2%, 1.8%, 1.8%, and
1.5%, respectively, were experienced throughout the quarter from
long positions in the Australian dollar, Brazilian real, New
Zealand dollar, and British pound versus the U.S. dollar as the
value of the U.S. dollar weakened against its major rivals.
<page> During April and June, the value of the U.S. dollar moved
lower relative to the Australian dollar, New Zealand dollar, and
British pound leading up to and after the U.S. Federal Reserve?s
decision to leave interest rates unchanged.  Furthermore, strong
economic data out of the Australia, New Zealand, and the United
Kingdom 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.  A portion of the Partnership?s
gains in the second quarter was offset by losses of approximately
1.7% and 0.3%, respectively, from short positions in the South
African rand and Swiss franc versus the U.S. dollar as the value
of the U.S. dollar moved lower against these currencies during
April amid speculation that the U.S. Federal Reserve would cut
interest rates.  During May, newly established long positions in
the South African rand versus the U.S. dollar resulted in losses
as the value of the U.S. dollar reversed higher after stronger
than expected U.S. economic data regarding services industries
and worker productivity eased concerns of a slowdown in the U.S.
economy.  Additional losses were recorded from both short and
long positions in the South African rand versus the U.S. dollar
during June as the value of the rand moved in a trendless pattern
due to investor uncertainty regarding the status of the South
African economy.  Meanwhile, short positions in the Swiss franc
versus the U.S. dollar experienced losses as the value of the
franc moved higher during the second half of June after the Swiss
<page> National Bank indicated that it might take action to
prevent inflation from accelerating in Switzerland.  Elsewhere,
long positions in the Singapore dollar versus the U.S. dollar
resulted in losses of approximately 0.3% primarily during April
as the value of the Singapore dollar fell on news that the
Monetary Authority of Singapore might curb appreciation of its
currency after it reached a nine-year high in April.  Lastly,
losses of approximately 0.2% were incurred from both short and
long positions in the Norwegian krone versus the U.S. dollar as
the value of the krone moved without consistent direction
throughout a majority of the quarter amid uncertainty regarding
the direction of the Norwegian economy.

The Partnership recorded total trading results including interest
income totaling $5,024,943 and expenses totaling $5,008,322,
resulting in net income of $16,621 for the six months ended June
30, 2007.  The Partnership?s net asset value per Unit increased
from $11.38 at December 31, 2006, to $11.42 at June 30, 2007.


The most significant trading gains of approximately 5.7% were
experienced from short positions in the Japanese yen versus the
U.S. dollar during January, April, May, and June as the value of
the yen weakened amid speculation that the Bank of Japan would
not raise interest rates.  Additional gains of approximately 3.1%
were recorded during February, March, and May from long positions
in the Brazilian real versus the U.S. dollar as the value of the
<page> Brazilian real moved higher amid speculation that the
Central Bank of Brazil would continue raising interest rates.
During February, April, and June, long positions in the
Australian dollar and New Zealand dollar versus the U.S. dollar
resulted in gains of approximately 1.3% and 0.7%, respectively,
as the value of these currencies moved higher in tandem with
rising commodity prices.  Additionally, strong economic data out
of Australia and New Zealand added to growing investor sentiment
that the Reserve Bank of Australia and the Reserve Bank of New
Zealand would raise interest rates in order to combat rising
inflation in the near future.  Lastly, gains of approximately
0.4% were recorded from long positions in the euro versus the
U.S. dollar during March and April as the value of the euro moved
higher against the U.S. dollar amid indications from European
Central Bank member Klaus Liebscher that interest rates in the
Euro-Zone might increase further.  A portion of the Partnership?s
gains in the first six months of the year was offset by losses of
approximately 5.4% recorded from both short and long positions in
the South African rand versus the U.S. dollar as the value of the
rand moved without consistent direction throughout a majority of
January.  Further losses were incurred from short positions in
the South African rand versus the U.S. dollar during March and
April as the value of the rand strengthened relative to the U.S.
dollar on expectations that increased demand for South Africa?s
exports would significantly improve the South African economy.
During May and June, further losses were recorded from both short
<page> and long positions in the South African rand versus the
U.S. dollar as the value of the rand moved in a trendless pattern
due to investor uncertainty regarding the status of the South
African economy.  Additional losses of approximately 1.0% were
recorded from short positions in the Mexican peso versus the U.S.
dollar as the value of the Mexican peso moved higher during March
and April on increased speculation of an interest rate hike by
the Bank of Mexico.  Further losses were incurred during June
from long positions in the Mexican peso versus the U.S. dollar as
the value of the Mexican peso reversed lower after the Bank of
Mexico?s decision to hold interest rates steady at 7.25%.
Additional losses of approximately 0.7% were experienced during
February, March, and May from long positions in the British pound
versus the U.S. dollar as the value of the pound weakened after a
report showing that U.K. services growth had slowed in January,
as well as political uncertainty in the United Kingdom after
British Prime Minister Tony Blair announced he would step down in
June 2007.  Elsewhere, short positions in the Norwegian krone
versus the U.S. dollar resulted in losses of approximately 0.6%
during January as the value of the krone strengthened relative to
the U.S. dollar after strong economic data was reported out of
Norway.  Newly established long positions in the Norwegian krone
versus the U.S. dollar incurred additional losses as the value of
the U.S. dollar reversed higher during May after stronger than
expected U.S. economic data eased concerns of a slowdown in the
economy of the United States.  During June, losses were recorded
<page> from both short and long positions in the Norwegian krone
versus the U.S. dollar as the value of the krone moved without
consistent direction due to uncertainty regarding the status of
the Norwegian economy.  Lastly, short positions in the Swiss
franc versus the U.S. dollar incurred losses of approximately
0.5% during February, April, and June as the value of the Swiss
franc reversed higher against the U.S. dollar due to accelerating
fears of inflation in Switzerland.

For the Three and Six Months Ended June 30, 2006
The Partnership recorded total trading results including interest
income totaling $4,149,434 and expenses totaling $2,934,311,
resulting in net income of $1,215,123 for the three months ended
June 30, 2006.  The Partnership?s net asset value per Unit
increased from $10.62 at March 31, 2006, to $10.68 at June 30,
2006.

The most significant trading gains of approximately 4.4%, 0.8%,
0.7%, 0.4%, and 0.3%, respectively, were experienced during April
and May from long positions in the euro, Norwegian krone, British
pound, Singapore dollar, and Czech koruna versus the U.S. dollar
as the U.S. dollar weakened against its major rivals. In April,
the U.S. dollar trended lower on news that foreign central banks
were diversifying their currency reserves away from the U.S.
dollar. Also contributing to the U.S. dollar?s decline was
increased speculation that the U.S. Federal Reserve might pause
its interest rate tightening campaign. During May, the U.S.
<page> dollar continued to be pressured lower versus the euro and
British pound as benign inflation data and weaker than expected
housing starts data boosted speculation that the U.S. Federal
Reserve was nearing the end of its interest rate tightening
policy. In addition, the value of the U.S. dollar was negatively
affected by the persistent tensions between the U.S. and Iran
over Iran?s uranium enrichment program. Conversely, strong
manufacturing data out of the United Kingdom supported the
British pound, while the euro strengthened after Dutch Finance
Minister Gerritt Zalm said that the European Central Bank would
not intervene to halt the appreciation of the euro, as well as on
increased expectations of an interest rate hike in the near
future by the European Central Bank. Additional gains of
approximately 2.8% experienced in May and June resulted from
short positions in the South African rand versus the U.S. dollar
as the rand fell in tandem with falling commodities prices, news
that South Africa?s Current-Account deficit widened to a 24-year
high, and expectations that the country?s Gross Domestic Product
growth would be weaker than expected. Additional gains of
approximately 0.6% were experienced from short positions in the
Mexican peso versus the U.S. dollar as the value of the peso
declined against the U.S. dollar, primarily during April, amid
continuing political uncertainty in the country. A portion of the
Partnership?s gains in the second quarter was offset by losses of
approximately 3.9%, 1.8%, 1.1%, and 0.8%, primarily incurred in
April, from short positions in the Japanese yen, Australian
<page> dollar, Swiss franc, and New Zealand dollar versus the
U.S. dollar as the value of the U.S. dollar moved lower due to
the aforementioned reasons. In addition to the U.S. dollar
weakening, the Japanese yen strengthened on speculation of a
possible Bank of Japan interest rate hike, while the Swiss franc
moved higher on political tensions in the Middle East, which
increased the demand for the safe-haven currency. The Australian
dollar also moved higher on an unexpected interest rate hike by
the Reserve Bank of Australia in May. Smaller losses of
approximately 0.9% were incurred from long positions in the
Brazilian real versus the U.S. dollar as the value of the
Brazilian real fell in May amid weakness in the emerging markets.
Further losses were experienced from newly established short
positions in the Brazilian real as it strengthened against the
U.S. dollar in June on speculation that the U.S. Federal Reserve
might be near the end of its interest rate tightening campaign.

The Partnership recorded total trading results including interest
income totaling $(12,624,873) and expenses totaling $6,246,900,
resulting in a net loss of $18,871,773 for the six months ended
June 30, 2006.  The Partnership?s net asset value per Unit
decreased from $11.78 at December 31, 2005, to $10.68 at June 30,
2006.

The most significant trading losses of approximately 8.1%, 3.8%,
1.9%, and 0.5%, respectively, resulted from short positions in
<page> the Japanese yen, Swiss franc, Australian dollar, and
Norwegian krone versus the U.S. dollar. During April and May, the
U.S. dollar moved lower on news that foreign central banks were
beginning to diversify their currency reserves away from U.S.
dollar-denominated assets, as well as uncertainty regarding the
future of the U.S. Federal Reserve?s interest rate tightening
campaign. The Japanese yen, Swiss franc, and Norwegian krone
moved higher against the U.S. dollar during January and February
as strong economic data out of the two regions increased
speculation that the Bank of Japan and European Central Bank
might raise interest rates. During April, the Japanese yen
strengthened on speculation of a possible Bank of Japan interest
rate hike, while the Swiss franc moved higher on political
tensions in the Middle East. The Australian dollar also moved
higher on an unexpected interest rate hike by the Reserve Bank of
Australia in May. Additional losses of approximately 1.0% were
incurred from long positions in the Brazilian real versus the
U.S. dollar as the value of the Brazilian real fell in May amid
weakness in the emerging markets. Newly established short
positions in the Brazilian real incurred further losses as it
strengthened against the U.S. dollar in June on speculation that
the U.S. Federal Reserve might be near the end of its interest
rate tightening campaign. Smaller losses of approximately 0.9%
were recorded, primarily during March, from both long and short
positions in the Polish zloty against the U.S. dollar as the
value of the zloty moved without consistent direction amid <page>
conflicting economic data out of Poland. A portion of the
Partnership?s losses in the first six months of the year was
offset by gains of approximately 2.7% and 2.7%, respectively,
recorded from short positions in the South African rand versus
the U.S. dollar and long positions in the euro against the U.S.
dollar.  The South African rand weakened against the U.S. dollar
during June as the ?commodity-currency? fell in tandem with
falling gold prices. Meanwhile, the euro strengthened relative to
the U.S. dollar after Dutch Finance Minister Gerritt Zalm said
that the European Central Bank would not intervene to halt the
appreciation of the euro, as well as on increased expectations of
an interest rate hike in the near future by the European Central
Bank. Smaller gains of approximately 1.6% were recorded from long
positions in the Singapore dollar as it benefited from the
declining U.S. dollar. Additional gains of approximately 1.0%
were experienced, primarily during March, from short positions in
the New Zealand dollar versus the U.S. dollar as the value of the
New Zealand dollar trended lower on expectations for an economic
slowdown in New Zealand. Further gains of 0.5% were recorded from
short positions in the Mexican peso versus the U.S. dollar as the
value of the peso declined against the U.S. dollar, primarily
during April, amid continuing political uncertainty in that
country.



<page>
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Introduction
The Partnership is a commodity pool engaged primarily in the
speculative trading of futures, forwards, and options.  The
market-sensitive instruments held by the Partnership are acquired
for speculative trading purposes only and, as a result, all or
substantially all of the Partnership?s assets are at risk of
trading loss.  Unlike an operating company, the risk of market-
sensitive instruments is inherent to the primary business
activity of the Partnership.

The futures, forwards, and options traded by the Partnership
involve varying degrees of related market risk.  Market risk is
often dependent upon changes in the level or volatility of
interest rates, exchange rates, and prices of financial
instruments and commodities, factors that result in frequent
changes in the fair value of the Partnership?s open positions,
and consequently in its earnings, whether realized or unrealized,
and cash flow.  Gains and losses on open positions of exchange-
traded futures, exchange-traded forward, and exchange-traded
futures-styled options contracts are settled daily through
variation margin.  Gains and losses on off-exchange-traded
forward currency contracts are settled upon termination of the
contract.  However, the Partnership is required to meet margin
requirements equal to the net unrealized loss on open forward
<page> currency contracts in the Partnership accounts with the
counterparty, which is accomplished by daily maintenance of the
cash balance in a custody account held at MS&Co.

The Partnership?s total market risk may increase or decrease as
it is influenced by a wide variety of factors, including, but not
limited to, the diversification among the Partnership?s open
positions, the volatility present within the markets, and the
liquidity of the markets.

The face value of the market sector instruments held by the
Partnership is typically many times the applicable margin
requirements.  Margin requirements generally range between 2% and
15% of contract face value.  Additionally, the use of leverage
causes the face value of the market sector instruments held by
the Partnership to typically be many times the total
capitalization of the Partnership.

The Partnership?s past performance is no guarantee of its future
results.  Any attempt to numerically quantify the Partnership?s
market risk is limited by the uncertainty of its speculative
trading.  The Partnership?s speculative trading and use of
leverage may cause future losses and volatility (i.e., ?risk of
ruin?) that far exceed the Partnership?s experience to date
under the ?Partnership?s Value at Risk in Different Market
Sectors? <page> section and significantly exceed the Value at
Risk (?VAR?) tables disclosed.
Limited partners will not be liable for losses exceeding the
current net asset value of their investment.

Quantifying the Partnership?s Trading Value at Risk
The following quantitative disclosures regarding the Partner-
ship?s market risk exposures contain ?forward-looking
statements? within the meaning of the safe harbor from civil
liability provided for such statements by the Private Securities
Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934).  All quantitative disclosures in this section are
deemed to be forward-looking statements for purposes of the safe
harbor, except for statements of historical fact.

The Partnership accounts for open positions on the basis of mark
to market accounting principles.  Any loss in the market value of
the Partnership?s open positions is directly reflected in the
Partnership?s earnings and cash flow.

The Partnership?s risk exposure in the market sectors traded by
the Trading Advisors is estimated below in terms of VaR.  The
Partnership estimates VaR using a model based upon historical
simulation (with a confidence level of 99%) which involves
constructing a distribution of hypothetical daily changes in the
<page> value of a trading portfolio.  The VaR model takes into
account linear exposures to risk including equity and commodity
prices, interest rates, foreign exchange rates, and correlation
among these variables. The hypothetical changes in portfolio
value are based on daily percentage changes observed in key
market indices or other market factors (?market risk factors?)
to which the portfolio is sensitive. The one-day 99% confidence
level of the Partnership?s VaR corresponds to the negative change
in portfolio value that, based on observed market risk factors,
would have been exceeded once in 100 trading days, or one day in
100. VaR typically does not represent the worst case outcome.
Demeter uses approximately four years of daily market data (1,000
observations) and re-values its portfolio (using delta-gamma
approximations) for each of the historical market moves that
occurred over this time period.  This generates a probability
distribution of daily ?simulated profit and loss? outcomes.
The VaR is the appropriate percentile of this distribution.  For
example, the 99% one-day VaR would represent the 10th worst
outcome from Demeter?s simulated profit and loss series.

The Partnership?s VaR computations are based on the risk
representation of the underlying benchmark for each instrument or
contract and do not distinguish between exchange and non-exchange
dealer-based instruments.  They are also not based on exchange
and/or dealer-based maintenance margin requirements.

<page> VaR models, including the Partnership?s, are continually
evolving as trading portfolios become more diverse and modeling
techniques and systems capabilities improve.  Please note that
the VaR model is used to numerically quantify market risk for
historic reporting purposes only and is not utilized by either
Demeter or the Trading Advisors in their daily risk management
activities.  Please further note that VaR as described above may
not be comparable to similarly-titled measures used by other
entities.

The Partnership?s Value at Risk in Different Market Sectors
The following table indicates the VaR associated with the
Partnership?s open positions as a percentage of total Net Assets
by primary market risk category at June 30, 2007, and 2006.  At
June 30, 2007, and 2006, the Partnership?s total capitalization
was approximately $148 million and $172 million, respectively.

Primary Market		   June 30, 2007	     June 30, 2006
Risk Category		   Value at Risk		Value at Risk
Currency				  (2.78)%			    (1.80)%

The VaR for a market category represents the one-day downside
risk for the aggregate exposures associated with this market
category.  Because the business of the Partnership is the
speculative trading of futures, forwards, and options, the
composition of its trading portfolio can change significantly
over any given time period, or even within a single trading day.
<page> Such change could positively or negatively materially
impact market risk as measured by VaR.

The table below supplements the quarter-end VaR set forth above
by presenting the Partnership?s high, low, and average VaR, as a
percentage of total Net Assets for the four quarter-end reporting
periods from July 1, 2006, through June 30, 2007.

Primary Market Risk Category        High      Low      Average
Currency   					(3.92)%	(2.78)%	(3.34)%

Limitations on Value at Risk as an Assessment of Market Risk
VaR models permit estimation of a portfolio?s aggregate market
risk exposure, incorporating a range of varied market risks,
reflect risk reduction due to portfolio diversification or
hedging activities, and can cover a wide range of portfolio
assets.  However, VaR risk measures should be viewed in light of
the methodology?s limitations, which include, but may not be
limited to the following:
*	past changes in market risk factors will not always result in
accurate predictions of the distributions and correlations of
future market movements;
*	changes in portfolio value caused by market movements may
differ from those of the VaR model;


<page>
*	VaR results reflect past market fluctuations applied to
current trading positions while future risk depends on future
positions;
*	VaR using a one-day time horizon does not fully capture the
market risk of positions that cannot be liquidated or hedged
within one day; and
*	the historical market risk factor data used for VaR estimation
may provide only limited insight into losses that could be
incurred under certain unusual market movements.

In addition, the VaR tables above, as well as the past performance
of the Partnership, give no indication of the Partnership?s
potential ?risk of ruin?.

The VaR tables provided present the results of the Partnership?s
VaR for its market risk exposure at June 30, 2006, and for the
four quarter-end reporting periods from July 1, 2006, through
June 30, 2007.  VaR is not necessarily representative of the
Partnership?s historic risk, nor should it be used to predict the
Partnership?s future financial performance or its ability to
manage or monitor risk.  There can be no assurance that the
Partnership?s actual losses on a particular day will not exceed
the VaR amounts indicated above or that such losses will not
occur more than once in 100 trading days.

<page> Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances.  The Partnership did not have any foreign currency
balances at June 30, 2007.
The Partnership also maintains a substantial portion of its
available assets in cash at MS&Co.; as of June 30, 2007, such
amount is equal to approximately 100% of the Partnership?s net
asset value.  A decline in short-term interest rates would result
in a decline in the Partnership?s cash management income. This
cash flow risk is not considered to be material.

Materiality, as used throughout this section, is based on an
assessment of reasonably possible market movements and any
associated potential losses, taking into account the leverage,
optionality, and multiplier features of the Partnership?s market-
sensitive instruments, in relation to the Partnership?s Net
Assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership?s
market risk exposures ? except for (A) those disclosures that
are statements of historical fact and (B) the descriptions of how
the Partnership manages its primary market risk exposures ?
constitute forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act.  The Partnership?s primary market risk
<page> exposures, as well as the strategies used and to be used
by Demeter and the Trading Advisors for managing such exposures,
are subject to numerous uncertainties, contingencies and risks,
any one of which could cause the actual results of the
Partnership?s risk controls to differ materially from the
objectives of such strategies.  Government interventions,
defaults and expropriations, illiquid markets, the emergence of
dominant fundamental factors, political upheavals, changes in
historical price relationships, an influx of new market
participants, increased regulation, and many other factors could
result in material losses, as well as in material changes to the
risk exposures and the risk management strategies of the
Partnership.  Investors must be prepared to lose all or
substantially all of their investment in the Partnership.

The following was the only trading risk exposure of the
Partnership at June 30, 2007.  It may be anticipated, however,
that market exposure will vary materially over time.

Currency.  The Partnership?s currency market exposure at June 30,
2007, was to exchange rate fluctuations, primarily fluctuations
which disrupt the historical pricing relationships between
different currencies and currency pairs.  Interest rate changes,
as well as political and general economic conditions influence
these fluctuations.  At June 30, 2007, the Partnership?s exposure
was to outright U.S. dollar positions.  Outright positions <page>
consist of the U.S. dollar vs. other currencies.  These other
currencies include major and minor currencies.  Demeter does not
anticipate that the risk associated with the Partnership?s
currency trades will change significantly in the future.

Qualitative Disclosures Regarding Non-Trading Risk Exposure
At June 30, 2007, there was no non-trading risk exposure because
the Partnership did not have any foreign currency balances.

Qualitative Disclosures Regarding Means of Managing Risk Exposure
The Partnership and the Trading Advisors, separately, attempt to
manage the risk of the Partnership?s open positions in
essentially the same manner in all market categories traded.
Demeter attempts to manage market exposure by diversifying the
Partnership?s assets among different Trading Advisors in a multi-
advisor Partnership, each of whose strategies focus on different
trading approaches, and by monitoring the performance of the
Trading Advisors daily.  In addition, the Trading Advisors
establish diversification guidelines, often set in terms of the
maximum margin to be committed to positions in any one market
sector or market-sensitive instrument.

Demeter monitors and controls the risk of the Partnership?s non-
trading instrument, cash.  Cash is the only Partnership
investment directed by Demeter, rather than the Trading Advisors.

<page> Item 4.	CONTROLS AND PROCEDURES
(a)	As of the end of the period covered by this quarterly
report, the President and Chief Financial Officer of
Demeter, the general partner of the Partnership, have
evaluated the effectiveness of the Partnership?s disclosure
controls and procedures (as defined in Rules 13a?15(e) and
15d?15(e) of the Exchange Act), and have judged such
controls and procedures to be effective.

(b)	There have been no material changes during the period
covered by this quarterly report in the Partnership?s
internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) of the Exchange Act) or in
other factors that could significantly affect these controls
subsequent to the date of their evaluation.

Item 4T.	CONTROLS AND PROCEDURES
Not applicable.
<page> PART II.  OTHER INFORMATION
Item 1A. RISK FACTORS
There have been no material changes from the risk factors
previously referenced in the Partnership?s Report on Form 10-K for
the fiscal year ended December 31, 2006, and the Partnership?s
Report on Form 10Q for the quarter ended March 31, 2007.
 <table>
Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
	    PROCEEDS
<caption>					 SEC
Registration Statement on Form S-1  Units Registered   Effective Date
File Number


	<c>		<c>	<c>
Initial Registration            12,000,000.000		 March 6, 2000	333-90485
Additional Registration          1,000,000.000	 	April 30, 2002	333-84654
Additional Registration         14,000,000.000 	   April 28, 2003     333-
104004
Additional Registration         25,000,000.000	    April 28, 2004	333-113398
 Total Units Registered         52,000,000.000

Units sold through 6/30/07	      27,538,594.372

Units unsold through 6/30/07    24,461,405.628

</table>
The managing underwriter for the Partnership is MS&Co.

Units are continuously sold at monthly closings at a purchase
price equal to 100% of the net asset value per Unit as of the
close of business on the last day of each month.

The aggregate price of the Units sold through June 30, 2007, was
$358,264,786.

<page> Since no expenses are chargeable against proceeds, 100% of
the proceeds of the offering have been applied to the working
capital of the Partnership for use in accordance with the ?Use of
Proceeds? section of the prospectus included as part of the above
referenced Registration Statements.

Item 6.  EXHIBITS
31.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
32.01	Certification of President of Demeter Management
Corporation, the general partner of the Partnership,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
32.02	Certification of Chief Financial Officer of Demeter
Management Corporation, the general partner of the
Partnership, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.







<page>



SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.



                        Morgan Stanley Spectrum Currency L.P.
                        (Registrant)

                        By:   Demeter Management Corporation
                              (General Partner)

August 14, 2007         By:/s/ Lee Horwitz
                               Lee Horwitz
                               Chief Financial Officer





The General Partner which signed the above is the only party
authorized to act for the Registrant.  The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.











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