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, 2008 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, a non-accelerated filer, or a smaller
reporting company.  See the definitions of ?large accelerated filer?,
?accelerated filer? and ?smaller reporting company? in Rule 12b-2 of the
Exchange Act.

Large accelerated filer_______ 		Accelerated filer_______
Non-accelerated filer   X   		Smaller reporting company_______

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, 2008

<caption>


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

				<c>
		Statements of Financial Condition as of June 30, 2008
		(Unaudited) and December 31, 2007	2

		Statements of Operations for the Three and Six Months
		Ended June 30, 2008 and 2007 (Unaudited)	3

		Statements of Changes in Partners? Capital for the
		Six Months Ended June 30, 2008 and 2007 (Unaudited)	4

		Statements of Cash Flows for the Six Months Ended
		June 30, 2008 and 2007 (Unaudited)	5

		Condensed Schedules of Investments as of June 30, 2008
	  (Unaudited) and December 31, 2007	6

		Notes to Financial Statements (Unaudited)	7-16

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations	17-29

Item 3.	Quantitative and Qualitative Disclosures About
			Market Risk	29-40

Item 4.	Controls and Procedures	40

Item 4T.	Controls and Procedures	41


PART II. OTHER INFORMATION

Item 1A.Risk Factors 	42

Item 2.	Unregistered Sales of Equity Securities
			and Use of Proceeds.	.42-43

Item 5.	Other Information	43

Item 6.	Exhibits 	43
</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,
	       2008      	              2007
	 $	$
	(Unaudited)
ASSETS

	<c>	<c>
Trading Equity:
	Unrestricted cash	98,778,325	110,971,546
	Restricted  cash	         ?     	        2,985,523

	     Total cash	98,778,325	113,957,069

	Net unrealized gain (loss) on open contracts (MS&Co.)	2,042,084	      (1,397,223)

	Options purchased (proceeds paid $5,839
       and $29,116, respectively)	             5,512	            14,874

		Total Trading Equity	100,825,921	112,574,720

Subscriptions receivable 	232,453           	         490,292
Interest receivable (MS&Co.)	          122,652	          228,618

	     Total Assets	   101,181,026        	      113,293,630

LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	2,157,631	4,968,209
Accrued brokerage fees (MS&Co.)	380,582	436,938
Accrued management fees	165,470	       189,973
Options written (premiums received $172,390
  and $217,974, respectively)	123,927	370,766
Accrued incentive fee	            2,848	             ?

	     Total Liabilities	    2,830,458	    5,965,886

Partners? Capital

Limited Partners (9,359,830.839 and
   10,795,995.838 Units, respectively)	97,275,752	106,178,308
General Partner (103,418.343 and
   116,872.343 Units, respectively)	     1,074,816	    1,149,436

	     Total Partners? Capital	   98,350,568	 107,327,744

	     Total Liabilities and Partners? Capital	 101,181,026     	   113,293,630
NET ASSET VALUE PER UNIT	            10.39                       	            9.84
<fn>
The accompanying notes are an integral part
of these financial statements.  </table>
- 2 -


<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,


                             2008   	        2007    	    2008   	    2007
                                    $	               $	     $	 	 $

	<c>	<c>			<c>			<c>
INVESTMENT INCOME
	Interest income (MS&Co.)           319,981	    1,331,501	          789,972              2,862,102

EXPENSES
	Brokerage fees (MS&Co.)	1,177,430	1,676,998	2,388,113		3,490,649
	Management fees	   511,926	         729,128	1,038,310		    1,517,673
	Incentive fees	       193,832	         ?     	        281,110 		        ?

		   Total Expenses 	    1,883,188	   2,406,126	    3,707,533		   5,008,322

NET INVESTMENT LOSS 	    (1,563,207)	   (1,074,625)	    (2,917,561)		   (2,146,220)

TRADING RESULTS
Trading profit (loss):
         5,071,953 	3,332,040
     Net change in unrealized	    1,240,311	    6,666,422	   (1,169,199)	   (6,282,570)
	Net change in unrealized	    (1,439,020)	     1,240,311	    3,654,477		    (1,169,199)

		   Total Trading Results	       (324,639)	   16,681,610	    8,726,430		    2,162,841

NET INCOME (LOSS)                                           (1,887,846)		   15,606,985	   5,808,869	      	       16,621

NET INCOME (LOSS) ALLOCATION

	Limited Partners	(1,867,168)	15,433,218	5,746,194	                  12,418
	General Partner	(20,678) 	173,767	62,675	    	4,203


NET INCOME (LOSS) PER UNIT

	Limited Partners                                            	(0.18)	1.15   	    0.55	                      0.04
  	General Partner  	                                           (0.18)	   1.15	    0.55 	                     0.04


			                                                                  Units     	Units	Units	    	     Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                       9,779,483.672	13,331,725.483	10,127,567.679	13,685,816.070
<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, 2008 and 2007
(Unaudited)

<caption>


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


	<c>	<c>	<c>	<c>
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





Partners? Capital,
   December 31, 2007	10,912,868.181       	106,178,308	1,149,436	107,327,744

Offering of Units	170,582.780	1,752,068	? 	1,752,068

Net Income                                                                ? 	  	5,746,194	62,675	     5,808,869

Redemptions	   (1,620,201.779)	 (16,400,818)	   (137,295)	 (16,538,113)

Partners? Capital,
   June 30, 2008	   9,463,249.182	 97,275,752	    1,074,816	  98,350,568


<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,

	      2008     	               2007
	      $	               $


CASH FLOWS FROM OPERATING ACTIVITIES

			<c>	<c>
Net income  	5,808,869	16,621
Noncash item included in net income:
       Net change in unrealized	(3,654,477)	1,169,199

(Increase) decrease in operating assets:
       Restricted cash	2,985,523	(224,627)
       Proceeds paid for options purchased	23,277	?
       Interest receivable (MS&Co.)	105,966	139,822

Increase (decrease) in operating liabilities:
      Accrued brokerage fees (MS&Co.)	(56,356)	(65,660)
      Accrued management fees	(24,503)	          (28,548)
      Premiums received for options written                                             (45,584)	 	    	     ?
      Accrued incentive fee                                                                        2,848 		    	     ?

Net cash provided by operating activities	    5,145,563  	      1,006,807


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	2,009,907	4,472,253
Cash paid for redemptions of Units	   (19,348,691)	   (20,926,922)

Net cash used for financing activities	  (17,338,784)	    (16,454,669)

Net decrease in unrestricted cash	(12,193,221)	(15,447,862)

Unrestricted cash at beginning of period	   110,971,546	   162,737,117

Unrestricted cash at end of period	    98,778,325	   147,289,255


<fn>
The accompanying notes are an integral part
of these financial statements.
</table>
<page> <table> MORGAN STANLEY SPECTRUM CURRENCY L.P.
CONDENSED SCHEDULES OF INVESTMENTS
June 30, 2008 (Unaudited) and December 31, 2007

				<caption>





Futures and Forward Contracts
     Long
Unrealized
    Gain/(Loss)

Percentage of
  Net Assets
    Short
Unrealized
     Loss

Percentage of
   Net Assets
      Net
 Unrealized
 Gain/(Loss)

  $
%
$
%
$

June 30, 2008, Partnership Net Assets: $98,350,568





<c>
<c>
,c>
<c>
<c>
Foreign currency
  2,626,296
     2.67
(653,038)
 (0.66)
  1,973,258






     Grand Total:
  2,626,296
     2.67
(653,038)
 (0.66)
  1,973,258

     Unrealized Currency Gain





      68,826

     Total Net Unrealized Gain



  Fair Value
             $
Percentage of
   Net Assets
          %



Options purchased on Futures Contracts
?
 ?



Options purchased on Forward Contracts
5,512
0.01



Options written on Futures Contracts
?
?



Options written on Forward Contracts
     (123,927)
       (0.13)






  2,042,084


 December 31, 2007, Partnership Net Assets: $107,327,744









Foreign currency
(1,197,591)
        (1.12)
   (216,587)
       (0.20)
(1,414,178)






     Grand Total:
(1,197,591)
        (1.12)
   (216,587)
       (0.20)
(1,414,178)

     Unrealized Currency Gain





     16,955

     Total Net Unrealized Loss


 Fair Value
     $
Percentage of
   Net Assets
          %



Options purchased on Futures Contracts
      ?
          ?



Options purchased on Forward Contracts
   14,874
   0.01



Options written on Futures Contracts
      ?
          ?



Options written on Forward Contracts
       (370,766)
         (0.35)







 (1,397,223)

<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, 2008

(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, 2007,
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
(collectively, ?Futures Interests?).  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. (collectively,
the ?Spectrum Series?).



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

The Partnership may buy or write put and call options through
listed exchanges and the over-the-counter market.  The buyer has
the right to purchase (in the case of a call option) or sell (in
the case of a put option) a specified quantity of a specific
Futures Interest or underlying asset at a specified price prior to
or on a specified expiration date.  The writer of an option is
exposed to the risk of loss if the market price of the underlying
asset declines (in the case of a put option) or increases (in the
case of a call option).  The writer of an option can never profit
by more than the premium paid by the buyer but can lose an
unlimited amount.

Premiums received/proceeds paid from writing/purchasing options
are recorded as liabilities/assets on the Statements of Financial
Condition and are subsequently adjusted to current values.  The
difference between the current value of an option and the premium
received/paid is treated as an unrealized gain or loss.

The Partnership?s general partner is Demeter Management
Corporation (?Demeter?).  The commodity broker is Morgan Stanley
& Co. Incorporated (?MS&Co.?).  MS&Co. also acts as the
counterparty on all trading of foreign currency forward
contracts.  Morgan Stanley Capital Group Inc. (?MSCG?) acts as

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

the counterparty on all trading of options on foreign currency
forward contracts.  Demeter, MS&Co., and MSCG are wholly-owned
subsidiaries of Morgan Stanley.  The trading advisors to the
Partnership are John W. Henry & Company, Inc., Sunrise Capital
Partners, LLC, C-View International Limited, DKR Fusion
Management L.P., and FX Concepts Trading Advisor, Inc. (each
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.  Income Taxes
No provision for income taxes has been made in the accompanying
financial statements, as partners are individually responsible
for reporting income or loss based upon their respective share of
the Partnership?s revenues or expenses for income tax purposes.

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

The Partnership files U.S. federal and state tax returns.  The
2004 through 2007 tax years generally remain subject to
examination by U.S. federal and most state tax authorities.


4.  Financial Instruments
The Partnership trades Futures Interests.  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.


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


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
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 (losses) on open contracts, reported as a
component of ?Trading Equity? 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)
<table>   <caption>
                   Unrealized Gains/(Losses)
                        on Open Contracts                Longest Maturities

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

                 <c>         <c>         <c>            <c>       <c>
Jun. 30, 2008	-	2,042,084	     2,042,084       -	Sep. 2008
Dec. 31, 2007	   - 	      (1,397,223)   (1,397,223)	-	Mar. 2008
</table>
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. and/or MSCG
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
commodity broker 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 and forward currency
options 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. With respect to these off-exchange-traded
forward currency options contracts, the Partnership is at risk to
the ability of MSCG, the sole counterparty on all such contracts,
to perform.  The Partnership has a netting agreement with each


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



counterparty.  These agreements, which seek to reduce both the
Partnership?s and the counterparties? exposure on off-exchange-
traded forward currency contracts, including options on such
contracts, should materially decrease the Partnership?s credit
risk in the event of MS&Co.?s or MSCG?s bankruptcy or insolvency.



5.  New Accounting Developments
In September 2006, the Financial Accounting Standards Board
(?FASB?) issued Statement of Financial Accounting Standards No.
157 (?SFAS 157?), ?Fair Value Measurements?.  SFAS 157 requires
use of a fair value hierarchy that prioritizes the inputs to
valuation techniques used to measure fair value into three
levels: Level 1 - quoted market prices in active markets for
identical assets and liabilities; Level 2 - inputs other than
quoted market prices that are observable for the asset or
liability, either directly or indirectly (including quoted prices
for similar investments, interest rates, credit risk); and Level
3 - unobservable inputs for the asset or liability (including the
Partnership?s own assumptions used in determining the fair value
of investments).

Demeter evaluated the impact of adopting SFAS 157 on the
Partnership?s financial statements.  The Partnership adopted SFAS
<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

157 as of January 1, 2008.  Based on its analysis, the effect of
applying SFAS 157 to the investments included in the financial
statements does not have a material impact on the Partnership?s
financial statements.

The following table summarizes the valuation of the Partnership?s
investments by the above SFAS 157 fair value hierarchy as of June
30, 2008:  <table>  <caption>



Assets
 Quoted Prices in
Active Markets for
  Identical Assets
        (Level 1)
  Significant Other
   Observable
       Inputs
     (Level 2)
Significant
  Unobservable
   Inputs
 (Level 3)




      Total


 <c>
<c>
 <c>

<c>
Unrealized gain on open contracts
     n/a
$ 2,042,084
    n/a

$   2,042,084
Options purchased
      n/a
$        5,512
    n/a

$          5,512






Liabilities





Options written
      n/a
$    123,927
    n/a

$     123,927






</table>
In March 2008, the FASB issued SFAS No. 161, Disclosures about
Derivative Instruments and Hedging Activities ("SFAS 161").  SFAS
161 is intended to improve financial reporting about derivative
instruments and hedging activities by requiring enhanced
disclosures to enable investors to better understand how those
instruments and activities are accounted for; how and why they are
used; and their effects on a Partnership?s financial position,
financial performance, and cash flows.  SFAS 161 is effective for


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

financial statements issued for fiscal years beginning after
November 15, 2008, and interim periods within those fiscal years.
The Partnership is currently evaluating the impact that the
adoption of SFAS No. 161 will have on its financial statement
disclosures.

6.  Restricted and Unrestricted Cash
As reflected on the Partnership?s Statements of Financial
Condition, restricted cash equals the cash portion of assets on
deposit to meet margin requirements plus the cash required to
offset unrealized losses on foreign currency forwards and options
and offset losses on offset London Metal Exchange positions.  All
of these amounts are maintained separately.  Cash that is not
classified as restricted cash is therefore classified as
unrestricted cash.


7.  Reclassifications
Certain prior year amounts relating to options on the Statements
of Cash Flows and Condensed Schedules of Investments for December
31, 2007 were reclassified to conform to 2008 presentation.  Such
reclassifications have no impact on the Partnership?s reported net
income (loss).

<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 its
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, 2008 and 2007, 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 16 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 gain (loss)?
for open (unrealized) contracts, and recorded as ?Realized
trading gain (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, 2008
The Partnership recorded total trading results including interest
income totaling $(4,658) and expenses totaling $1,883,188,
resulting in a net loss of $1,887,846 for the three months ended
June 30, 2008.  The Partnership?s net asset value per Unit
decreased from $10.57 at March 31, 2008, to $10.39 at June 30,
2008.

The most significant trading losses of approximately 0.9% were
experienced primarily during April from short positions in the
South African rand versus the U.S. dollar as the value of the
South African rand increased amid stronger-than-expected economic
data out of South Africa.  Losses of approximately 0.6% and 0.6%,
respectively, were incurred primarily during April and May from
long positions in the Japanese yen and Swiss franc versus the
U.S. dollar as the value of the U.S. dollar moved higher against
these currencies after the U.S. Institute for Supply Management?s
manufacturing index unexpectedly moved higher and a U.S. economic
report showed private sector jobs unexpectedly increased in
March.  Meanwhile, losses of approximately 0.6% were recorded
throughout the quarter from both long and short positions in the
<page> New Zealand dollar against the U.S. dollar as the value of
the New Zealand dollar moved without consistent direction amid
conflicting economic data out of New Zealand.  Finally, losses of
approximately 0.3% were recorded primarily during April and June
from short positions in the British pound versus the U.S. dollar
as the value of the British pound increased amid speculation that
the Bank of England would slow the pace of interest rate cuts
amid concerns of accelerating global inflation.  A portion of the
Partnership?s losses in the second quarter was offset by gains of
approximately 0.9%, 0.8%, 0.7%, 0.5%, respectively, from long
positions in the Brazilian real, Australian dollar, Mexican peso,
and euro versus the U.S. dollar as the value of the U.S. dollar
moved lower against these currencies during June after U.S.
industry reports showed the largest jump in unemployment in 20
years, consumer confidence at a 15-year low, and housing prices
in 20 U.S. metropolitan areas at their lowest levels since
records began in 2001.  Additional gains of approximately 0.4%
were achieved during May from short positions in the Korean won
versus the U.S. dollar as the value of the Korean won fell amid
concerns of a rising Current-Account deficit out of Korea.
Elsewhere gains of approximately 0.2% were experienced from short
positions in the Chilean peso versus the U.S. dollar primarily
during June as the value of the Chilean peso weakened against the
U.S. dollar on weaker-than-expected economic data out of Chile.


<page> The Partnership recorded total trading results including
interest income totaling $9,516,402 and expenses totaling
$3,707,533, resulting in net income of $5,808,869 for the six
months ended June 30, 2008.  The Partnership?s net asset value
per Unit increased from $9.84 at December 31, 2007, to $10.39 at
June 30, 2008.

The most significant trading gains of approximately 3.5%, 1.8%,
1.1%, and 1.1%, respectively, were experienced primarily during
January, February, March, and June, from long positions in the
euro, Australian dollar, Swiss franc, and Chilean peso versus the
U.S. dollar as the value of the U.S. dollar weakened against most
of its major rivals after U.S. government reports showed a rise
in unemployment, weaker-than-expected U.S. retail sales, and U.S.
consumer confidence at a 16-year low.  The value of the U.S.
dollar continued to fall after the U.S. Federal Reserve held
interest rates steady at 2.0% despite rising inflation.
Additional gains of approximately 1.3% were achieved primarily
during January, March, April, and May, from short positions in
the Korean won versus the U.S. dollar as the value of the Korean
won fell amid concerns of a rising Current-Account deficit out of
Korea.  A portion of the Partnership?s gains in the first six
months of the year was offset by losses of approximately 1.0%,
recorded from short positions in the Japanese yen versus the U.S.
dollar as the value of the Japanese yen strengthened during
January after a decline in global equity markets and weaker-than-
<page> expected U.S. economic data caused investors to reduce
existing carry trade positions.  Further losses were incurred
from newly established long positions in the Japanese yen versus
the U.S. dollar during February and April as the value of the
Japanese yen reversed lower following comments from the Bank of
Japan that the Japanese economy might be slowing.  Losses of
approximately 0.6% were incurred from both short and long
positions in the New Zealand dollar versus the U.S. dollar as the
value of the New Zealand dollar moved without consistent
direction throughout the first six months of the year due to
conflicting economic data out of New Zealand.  Finally, losses of
approximately 0.5% were experienced from short positions in the
British pound versus the U.S. dollar as the value of the British
pound strengthened against the U.S. dollar during January,
February, March, and April after retail sales in the United
Kingdom unexpectedly increased and minutes from the Bank of
England indicated the central bank had significant concerns about
rising inflation in the United Kingdom.

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.
<page> 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.
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
<page> 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 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.

<page> 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
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
<page> 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
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
<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 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 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.



<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 on such contracts 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 and forward currency options contracts
are settled upon termination of the contract.  However, the
Partnership is required to meet margin requirements equal to the
<page> 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.

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 June 30, 2008, and 2007. At
June 30, 2008, and 2007, the Partnership?s total capitalization
was approximately $98 million and $148 million, respectively.


Primary Market		   June 30, 2008	    June 30, 2007
Risk Category		   Value at Risk		Value at Risk
Currency				  (1.12)%			    (2.78)%

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 on such
contracts, the composition of its trading portfolio can change
significantly over any given time period, or even within a single
<page> 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 July 1, 2007, through June 30, 2008.

Primary Market Risk Category        High      Low      Average
Currency 						(3.21)%	(0.78)%	(1.57)%

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, 2008 and 2007, and
for the four quarter-end reporting periods from July 1, 2007,
through June 30, 2008.  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.  These balances and any market risk they may represent
are immaterial.

The Partnership also maintains a substantial portion of its
available assets in cash at MS&Co.; as of June 30, 2008, such
amount was equal to approximately 99% 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 <page>
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 June 30, 2008.  It may be anticipated, however,
that market exposure will vary materially over time.

Currency.  The Partnership?s currency market exposure at June 30,
2008, 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, 2008, the Partnership?s major
<page> exposures were to the Swiss franc, euro, British pound,
Japanese yen, Hungarian forint, Mexican peso, Australian dollar,
Canadian dollar, New Zealand dollar, Polish zloty, Norwegian
krone, and Czech koruna currency crosses, as well as 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
The following was the only non-trading risk exposure of the
Partnership at June 30, 2008:

Foreign Currency Balances.  The Partnership?s primary
foreign currency balances at June 30, 2008, were in
Hungarian forint, Swiss francs, Canadian dollars, euros,
Polish zloty, Swedish kronor, Czech koruna, Japanese yen,
Mexican pesos, Israeli shekels, Slovakian koruna, Australian
dollars, New Zealand dollars, South African rand, Turkish
lira, Hong Kong dollars, Singapore dollars, British pounds,
and Norwegian kroner.  The Partnership controls the non-
trading risk of foreign currency balances by regularly
converting them back into U.S. dollars upon liquidation of
their respective positions.

<page> 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, each of
whose strategies focus on different trading approaches, in a
multi-advisor Partnership, 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.

Item 4.	CONTROLS AND PROCEDURES
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.

<page> Changes In Internal Control Over Financial Reporting
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, 2007 and the Partnership?s
Report on Form 10-Q for the quarter ended March 31, 2008.
 <table> <caption>
Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
	    PROCEEDS
					 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 6/30/08	      27,921,299.776
Units unsold through 6/30/08    24,078,700.224

</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, 2008, was
$362,162,090.

<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


Mr. Michael Durbin became listed as a principal of Demeter by the
National Futures Association on June 5, 2008.

Mr. Jose Morales became listed as a principal of Demeter by the
National Futures Association on June 23, 2008.

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 13, 2008         By:/s/ Christian Angstadt
                               Christian Angstadt
                               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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