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 September 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

	September 30, 2007

<caption>


PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

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

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

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

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

		Schedules of Investments as of September 30, 2007
	  (Unaudited) and December 31, 2006	6

		Notes to Financial Statements (Unaudited)	7-14

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations	15-27

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk	28-37

Item 4.	Controls and Procedures	38

Item 4T.	Controls and Procedures	38


PART II. OTHER INFORMATION

Item 1A.Risk Factors 	39

Item 2.	Unregistered Sales of Equity Securities and Use of
			Proceeds.	.39-40

Item 5.	Other Information	.40

Item 6.	Exhibits 	40
</table>


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

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

	<c>	<c>

Equity in futures interests trading accounts:
	Unrestricted cash	119,946,254	162,737,117
	Restricted cash	             ?      	             ?

	     Total cash	119,946,254	162,737,117

	Net unrealized gain on open contracts (MS&Co.)	       3,495,000	       4,534,033

		Total Trading Equity	123,441,254	167,271,150

Interest receivable (MS&Co.)	        311,436   	         560,751
Subscriptions receivable	         276,374	         759,216

	     Total Assets	  124,029,064        	     168,591,117

LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	3,598,349	4,643,347
Accrued brokerage fees (MS&Co.)	453,209	626,181
Accrued management fees	       197,047	       272,253

	     Total Liabilities	    4,248,605	    5,541,781

Partners? Capital

Limited Partners (12,001,041.033 and
   14,173,942.826 Units, respectively)	118,439,521	161,303,764
General Partner (135,872.343 and
   153,385.343 Units, respectively)	     1,340,938	    1,745,572

	     Total Partners? Capital	  119,780,459	 163,049,336

	     Total Liabilities and Partners? Capital	  124,029,064    	   168,591,117

NET ASSET VALUE PER UNIT	             9.87                       	           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 Nine Months
  	                       Ended September 30,                       Ended September 30,

                                 2007   	        2006    	    2007   	    2006
                                                                                      $	               $		     $	 	 $

	<c>	<c>			<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)	     1,215,836		    1,705,588		   4,077,938	               4,993,972

EXPENSES
	Brokerage fees (MS&Co.)	1,551,910	1,936,660	5,042,559		6,290,559
	Management fees	      674,745      	       842,025	     2,192,418		     2,735,026

		   Total Expenses 	   2,226,655	    2,778,685	    7,234,977		    9,025,585

NET INVESTMENT LOSS 	  (1,010,819)	   (1,073,097)	   (3,157,039)		   (4,031,613)

TRADING RESULTS
Trading profit (loss):
	Realized	(19,065,726)	(69,123) 	(15,733,686)		(9,699,810)
	Net change in unrealized	       130,166	       498,270	    (1,039,033)		    (5,784,300)

		   Total Trading Results	  (18,935,560)	       429,147	   (16,772,719)		  (15,484,110)

NET LOSS                       (19,946,379)	      (643,950)     	   (19,929,758)		  (19,515,723)

NET LOSS ALLOCATION

	Limited Partners	(19,731,005)	(636,993)	          (19,718,587)         (19,305,522)
	General Partner 	(215,374)	(6,957)	(211,171)              (210,201)


NET LOSS PER UNIT

	Limited Partners                                              	(1.55)  	    (0.04)                  (1.51)           	(1.14)
	General Partner                                               	(1.55)  	    (0.04)                  (1.51)           	(1.14)


			                                                               Units	Units   	  Units       	     Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                     12,565,607.650	  15,773,219.694  13,309,972.250	  	16,476,973.767

<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 Nine Months Ended September 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	1,313,459.877	14,258,583	?  	14,258,583

Net Loss                                                                   ? 	  	(19,305,522)	(210,201)	(19,515,723)

Redemptions	  (3,632,394.562)	   (39,248,614)	    (231,367)	 (39,479,981)

Partners? Capital,
   September 30, 2006	    15,384,294.172	 161,903,717	    1,845,919	  163,749,636






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

Offering of Units	512,176.177	5,518,465	?  	5,518,465

Net Loss                                                                   ? 	  	(19,718,587)	(211,171)	(19,929,758)

Redemptions	  (2,702,590.970)	   (28,664,121)	    (193,463)	 (28,857,584)

Partners? Capital,
   September 30, 2007	    12,136,913.376	 118,439,521	    1,340,938	  119,780,459



<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 Nine Months Ended September 30,

	      2007     	      2006
	      $	      $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net loss 	(19,929,758)	(19,515,723)
Noncash item included in net loss:
       Net change in unrealized	1,039,033	5,784,300

Decrease in operating assets:
       Interest receivable (MS&Co.)	249,315	2,495

Decrease in operating liabilities:
       Accrued brokerage fees (MS&Co.)	(172,972)	(208,912)
       Accrued management fees	         (75,206)	          (90,831)

Net cash used for operating activities	   (18,889,588)  	   (14,028,671)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	6,001,307	14,548,899
Cash paid for redemptions of Units	    (29,902,582)	     (41,724,870)

Net cash used for financing activities	   (23,901,275)	   (27,175,971)

Net decrease in unrestricted cash	(42,790,863)	(41,204,642)

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

Unrestricted cash at end of period	   119,946,254	   166,747,983





<fn>
The accompanying notes are an integral part
of these financial statements.
</table>
<page> <table> MORGAN STANLEY SPECTRUM CURRENCY L.P.
SCHEDULES OF INVESTMENTS
September 30, 2007 (Unaudited) and December 31, 2006


					<caption>





Futures and Forward Contracts
     Long
Unrealized
    Gain/(Loss)

Percentage of
  Net Assets
    Short
Unrealized
Gain/(Loss)

Percentage of
   Net Assets
      Net
 Unrealized
 Gain/(Loss)

  $
%
$
%
$

 September 30, 2007, Partnership Net Assets: $119,780,459





<c>
<c>
<c>
<c>
<c>
Foreign currency
 4,826,535
         4.03
 (1,331,535)
        (1.11)
  3,495,000






     Grand Total:
 4,826,535
         4.03
 (1,331,535)
        (1.11)
3,495,000

     Unrealized Currency Gain/(Loss)





         ?

     Total Net Unrealized Gain per Statement of Financial Condition



  3,495,000



 December 31, 2006, Partnership Net Assets: $163,049,336









Foreign currency
 1,858,967
         1.14
  2,675,066
        1.64
  4,534,033






     Grand Total:
 1,858,967
         1.14
  2,675,066
        1.64
 4,534,033

     Unrealized Currency Gain/(Loss)





         ?

     Total Net Unrealized Gain per Statement of Financial Condition



  4,534,033







<fn>


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

</table>


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

September 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. and Sunrise Capital
Partners, LLC (individually, a ?Trading Advisor?, or
collectively, the ?Trading Advisors?).

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.

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


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


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
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


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

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:
                      Net Unrealized Gains
                        on Open Contracts                Longest Maturities

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

Sep. 30, 2007 	-	3,495,000	3,495,000	-	Dec. 2007
Dec. 31, 2006	- 	4,534,033	4,534,033	-	Mar. 2007


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



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
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,


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

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 (CONTINUED)


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.

5.  Restricted and Unrestricted Cash
As reflected on the Partnership?s Statements of Financial
Condition, restricted cash represents cash on deposit to satisfy
margin requirements for trading.  Cash that is not on deposit to

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



satisfy margin requirements for trading is reflected as
unrestricted cash.  The Partnership?s current trading strategy is
limited to foreign currency forward contracts traded on the
interbank market.  Since the Partnership is only required to post
cash for net unrealized losses by trading account on its interbank
foreign currency forward contracts and both trading accounts of
the Partnership at December 31, 2006, and September 30, 2007, had
net unrealized profits, there was no cash that needed to be posted
as margin and all cash was unrestricted.
<page>
<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 nine month
periods ended September 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
<page> are 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 14 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 Nine Months Ended September 30, 2007
The Partnership recorded total trading results including interest
income totaling $(17,719,724) and expenses totaling $2,226,655,
resulting in a net loss of $19,946,379 for the three months ended
September 30, 2007.  The Partnership?s net asset value per Unit
decreased from $11.42 at June 30, 2007, to $9.87 at September 30,
2007.

The most significant trading losses of approximately 5.0% were
experienced during July and August from short positions in the
Japanese yen versus the U.S. dollar as the value of the Japanese
yen corrected higher against most of its major rivals when
traders reduced ?carry-trade? positions.  Also pushing the value
of the Japanese yen higher were expectations that a Japanese
Ministry of Finance report would show Japan?s trade surplus
widened in June.  Additional losses of approximately 2.0% were
recorded during July and August from both short and long
positions in the South African rand versus the U.S. dollar as the
value of the South African rand moved without consistent
direction throughout a majority of the quarter.  Further losses
of approximately 1.7%, 1.4%, and 0.7%, respectively, were <page>
incurred primarily during August from long positions in the New
Zealand dollar, Australian dollar, and British pound versus the
U.S. dollar as the value of the U.S. dollar reversed higher
against most of its major rivals as extreme volatility in the
global equity markets and widening credit losses tied to U.S.
sub-prime loans resulted in substantially stronger demand for
U.S. dollar-denominated government bonds.  Elsewhere, losses of
approximately 1.3% were recorded throughout the quarter from both
short and long positions in the Swiss franc versus the U.S.
dollar as the value of the Swiss franc moved inconsistently due
to investors? uncertainty regarding the future interest rate
policy of the Swiss National Bank.  A portion of the
Partnership?s losses in the third quarter was offset by gains of
approximately 1.8%, 0.8%, and 0.7%, respectively, experienced
primarily during September from long positions in the euro,
Norwegian krone, and Swedish krona versus the U.S. dollar as the
value of the U.S. dollar declined relative to most of its major
rivals leading up to and after the U.S. Federal Reserve?s
decision to cut interest rates at its September 18 meeting.  In
addition, the value of the U.S. dollar was pulled lower amid
speculation that the U.S. Federal Reserve would continue to
reduce interest rates in the near term, while the value of the
Norwegian krone increased in tandem with rising energy prices.


<page> The Partnership recorded total trading results including
interest income totaling $(12,694,781) and expenses totaling
$7,234,977, resulting in a net loss of $19,929,758 for the nine
months ended September 30, 2007.  The Partnership?s net asset
value per Unit decreased from $11.38 at December 31, 2006, to
$9.87 at September 30, 2007.


The most significant trading losses of approximately 7.3% were
experienced throughout a majority of the year from both short 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.  Meanwhile, short positions in the Swiss franc versus
the U.S. dollar incurred losses of approximately 1.8% primarily
during February, March, July, and August as the value of the
Swiss franc reversed higher against the U.S. dollar due to
accelerating fears of inflation in Switzerland.  Losses of
approximately 1.7% 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, July, and August from long positions
in the Mexican peso versus the U.S. dollar as the value of the
Mexican peso drifted lower leading up to and after the Bank of
Mexico?s decision to hold interest rates steady at 7.25%.
Additional losses of approximately 1.4% were experienced during
<page> 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 showed U.K. services growth had slowed
and amid political uncertainty in the United Kingdom after
British Prime Minister Tony Blair announced he would step down in
June 2007.  During August, long positions in the British pound
versus the U.S. dollar recorded further losses as the value of
the U.S. dollar reversed higher against the British pound amid
stronger demand for U.S. dollar-denominated government bonds
resulting from extreme volatility in the global equity markets
and widening credit losses tied to U.S. sub-prime loans.  Losses
continued during September from newly established short positions
in the British pound versus the U.S. dollar as the value of the
U.S. dollar moved lower relative to the British pound leading up
to and after the U.S. Federal Reserve?s decision to cut interest
rates at its September 18 meeting.  Smaller losses of
approximately 1.0% and 0.5%, respectively, were recorded
primarily during August from long positions in the New Zealand
dollar and Indian rupee versus the U.S. dollar as the value of
the U.S. dollar reversed higher against most of its major rivals
due to the aforementioned reasons regarding U.S. sub-prime
mortgage losses.   A portion of the Partnership?s losses in the
first nine months of the year was offset by gains of
approximately 2.6% recorded throughout a majority of the year
from long positions in the Brazilian real versus the U.S. dollar
as the value of the Brazilian real trended higher as consistently
<page> strong economic data out of Brazil led to investor
sentiment that the Central Bank of Brazil would continue raising
interest rates. Elsewhere, gains of approximately 2.2% were
experienced primarily during March and April from long positions
in the euro versus the U.S. dollar 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 would increase further.  Gains continued during
September from long positions in the euro versus the U.S. dollar
as the value of the U.S. dollar was pulled lower amid speculation
that the U.S. Federal Reserve would continue to reduce interest
rates in the near term.  Smaller gains of approximately 0.7% were
recorded during April, June, July, and September from long
positions in the Swedish krona versus the U.S. dollar as the
value of the Swedish krona moved higher amid consistently strong
economic data out of Sweden.  Finally, gains of approximately
0.4% resulted 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 relative to the U.S. dollar in a continuation of
the carry-trade and increased speculation that the Bank of Japan
would not raise interest rates.

For the Three and Nine Months Ended September 30, 2006
The Partnership recorded total trading results including interest
income totaling $2,134,735 and expenses totaling $2,778,685,
resulting in a net loss of $643,950 for the three months ended
<page> September 30, 2006.  The Partnership?s net asset value per
Unit decreased from $10.68 at June 30, 2006, to $10.64 at
September 30, 2006.

The most significant trading losses of approximately 1.7%
resulted from long positions in the euro versus the U.S. dollar,
primarily during July, as the value of the euro moved lower after
the European Central Bank decided to keep its key interest rate
unchanged.  Elsewhere, losses of approximately 1.2% were incurred
during July from short positions in the South African rand versus
the U.S. dollar as the value of the rand moved higher in tandem
with increasing commodity prices.  Additional losses were
incurred from newly established long positions in the South
African rand versus the U.S. dollar during August as the value of
the rand weakened against the U.S. dollar after the release of
data showing South Africa?s trade deficit widened more than
expected.  During September, losses of approximately 0.8%, 0.7%,
and 0.3%, respectively, were recorded from long positions in the
Singapore dollar, Mexican peso, and Australian dollar against the
U.S. dollar as the value of the U.S. dollar increased against
these currencies after government reports showed U.S. consumer
confidence rebounded in September.  In addition, the value of the
Mexican peso declined after investors expressed concern that a
military coup in Thailand would have a ?ripple-effect? on other
emerging-market currencies.  Finally, smaller losses of
approximately 0.3% resulted from both long and short positions in
the U.S. dollar relative to the Czech koruna and the Polish zloty
<page> as the value of these currencies moved without consistent
direction throughout a majority of the quarter.  A portion of the
Partnership?s overall losses for the quarter was offset by gains
of approximately 5.7% and 0.5%, respectively, from positions in
the U.S. dollar relative to the Japanese yen and British pound.
During August, gains were recorded from short positions in the
Japanese yen versus the U.S. dollar as the value of the yen
weakened against most of its major rivals after the Japanese
Consumer Price Index for July came in lower than expected,
diminishing expectations of another interest rate hike by the
Bank of Japan this year.  The value of the yen continued to trend
lower in September after a report showed Japanese consumer
confidence fell in August, resulting in further gains from short
positions against the U.S. dollar.  During July, gains were also
experienced from long positions in the British pound versus the
U.S. dollar as the value of the pound increased on solid housing
and consumer price data out of the United Kingdom.  In addition,
the value of the British pound was pressured higher after the
Bank of England unexpectedly lifted its key interest rate in
August.

The Partnership recorded total trading results including interest
income totaling $(10,490,138) and expenses totaling $9,025,585,
resulting in a net loss of $19,515,723 for the nine months ended
September 30, 2006.  The Partnership?s net asset value per Unit
<page> decreased from $11.78 at December 31, 2005, to $10.64 at
September 30, 2006.

The most significant trading losses of approximately 3.9%, 2.9%,
and 2.1%, respectively, resulted from short positions in the
Swiss franc, Japanese yen, and Australian dollar versus the U.S.
dollar during the first six months of the year.  The Swiss franc
and Japanese yen moved higher against the U.S. dollar during
January and February as strong economic data out of Switzerland
and Japan increased speculation that the Swiss National Bank and
Bank of Japan might raise interest rates.  In addition, the
Japanese yen strengthened during April on speculation of a
possible Bank of Japan interest rate hike, while the Swiss franc
moved higher on geopolitical tensions in the Middle East.
Meanwhile, the Australian dollar also moved higher on an
unexpected interest rate hike by the Reserve Bank of Australia in
May.  Finally, the U.S. dollar moved lower during April and May
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.  Further losses of
approximately 1.2% were experienced primarily during May and June
from long positions in the Brazilian real, as well as both long
and short positions in the Polish zloty, as the value of the
Brazilian real moved lower on political concerns, while the value
of the Polish zloty moved without consistent direction.  A <page>
portion of the Partnership?s overall losses in the first nine
months of the year was offset by gains of approximately 1.5%,
1.0%, and 0.7%, respectively, recorded from positions in the
South African rand, euro, and British pound versus the U.S.
dollar.  The South African rand weakened against the U.S. dollar
during June as the value of this ?commodity-currency? fell in
tandem with falling gold prices.  Meanwhile, the euro
strengthened relative to the U.S. dollar during April and May
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.  During
July, gains were achieved from long positions in the British
pound versus the U.S. dollar as the value of the pound increased
on solid housing and consumer price data out of the United
Kingdom.  In addition, the value of the British pound was
pressured higher after the Bank of England unexpectedly lifted
its key interest rate in August.  Finally, smaller gains of
approximately 0.8% resulted from long positions in the Singapore
dollar relative to the U.S. dollar as the value of the Singapore
dollar benefited from U.S. dollar?s weakness during April and
May, while short positions in the New Zealand dollar versus the
U.S. dollar experienced gains during March as the value of the
New Zealand dollar continued to trend lower on expectations for
an economic slow-down in New Zealand.


<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 <page>
constructing a distribution of hypothetical daily changes in the
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 September 30, 2007, and 2006.
At September 30, 2007, and 2006, the Partnership?s total
capitalization was approximately $120 million and $164 million,
respectively.

Primary Market		 September 30, 2007	   September 30, 2006
Risk Category		   Value at Risk		Value at Risk
Currency				  (3.21)%			    (2.93)%

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
<page> over any given time period, or even within a single
trading day. 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 October 1, 2006, through September 30, 2007.

Primary Market Risk Category        High      Low      Average
Currency   					(3.92)%	(2.78)%	(3.41)%

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 September 30, 2006, and for
the four quarter-end reporting periods from October 1, 2006,
through September 30, 2007.  VaR is not necessarily represent-
tative 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 September 30, 2007.

The Partnership also maintains a substantial portion of its
available assets in cash at MS&Co.; as of September 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
<page> Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act.  The Partnership?s primary market risk
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 expropria-
tions, 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 September 30, 2007.  It may be anticipated,
however, that market exposure will vary materially over time.

Currency.  The Partnership?s currency market exposure at
September 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
<page> influence these fluctuations.  At September 30, 2007, the
Partnership?s exposure was to outright U.S. dollar positions.
Outright positions 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 September 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.

<page> 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.

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 quarters ended March 31, 2007, and June
30, 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 9/30/07	      27,650,609.902
Units unsold through 9/30/07    24,349,390.098

</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 September 30, 2007,
was $359,402,045.

<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 5.  OTHER INFORMATION
Effective December 1, 2007, C-View International Limited, DKR
Fusion Management L.P., and FX Concept Trading Advisor, Inc. will
be added as trading advisors to the Partnership.

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)

November 13, 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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