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, 2005 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
330 Madison Avenue, 8th Floor
New York, NY		    					 	   10017
(Address of principal executive offices)	  	      (Zip Code)

Registrant?s telephone number, including area code  (212) 905-2700






(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 an accelerated
filer (as defined in Rule 12b-2 of the Exchange Act).

Yes             No     X




<page>	MORGAN STANLEY SPECTRUM CURRENCY L.P.

	INDEX TO QUARTERLY REPORT ON FORM 10-Q

	June 30, 2005

<table>


PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

		Statements of Financial Condition as of June 30, 2005
		(Unaudited) and December 31, 2004	2

		Statements of Operations for the Three and Six Months
		Ended June 30, 2005 and 2004 (Unaudited)	3

		Statements of Changes in Partners? Capital for the
		Six Months Ended June 30, 2005 and 2004 (Unaudited)	4

		Statements of Cash Flows for the Six Months
		Ended June 30, 2005 and 2004 (Unaudited)	5

		Notes to Financial Statements (Unaudited)	6-11

Item 2.	Management?s Discussion and Analysis of
			Financial Condition and Results of Operations	12-24

Item 3.	Quantitative and Qualitative Disclosures about
			Market Risk	25-34

Item 4.	Controls and Procedures	35


PART II. OTHER INFORMATION

Item 2.	Unregistered Sales of Equity Securities and Use of
			Proceeds.	.36

Item 5.	Other Information	37

Item 6.	Exhibits 	37-39
</table>


<page> <table> PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

	MORGAN STANLEY SPECTRUM CURRENCY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>
	June 30,	December 31,
	       2005      	              2004
	 $	$
	(Unaudited)
ASSETS

	<c>	<c>
Equity in futures interests trading accounts:

	Cash	237,334,801	253,392,247
	Net unrealized gain on open contracts	   13,860,896	   16,647,953

		Total Trading Equity	251,195,697	270,040,200

Subscriptions receivable	2,247,857	6,690,404
Interest receivable (Morgan Stanley DW)	       431,015   	        315,539

	     Total Assets	 253,874,569        	     277,046,143

LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	4,025,795	2,499,153
Accrued brokerage fees (Morgan Stanley DW)	919,692	1,007,999
Accrued management fees	      399,866	       438,261

	     Total Liabilities	   5,345,353	  3,945,413

Partners? Capital

Limited Partners (19,290,892.275 and
   18,755,238.476 Units, respectively)	245,822,083	270,231,305
General Partner (212,442.343 and
   199,150.709 Units, respectively)	      2,707,133	    2,869,425

	     Total Partners? Capital	   248,529,216	 273,100,730

	     Total Liabilities and Partners? Capital	   253,874,569  	   277,046,143


NET ASSET VALUE PER UNIT	             12.74	          14.41

<fn>

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

<caption>



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


                                                     2005   	        2004    	    2005   	    2004
                                                                                       $	               $		     $	 	 $

	<c>	<c>		<c>	<c>
INVESTMENT INCOME
	Interest income (Morgan Stanley DW)	   1,249,338		    388,460 		  2,291,226		          727,435

EXPENSES
	Brokerage fees (Morgan Stanley DW)	2,666,395	2,510,188	5,583,105		4,846,290
	Management fees	1,159,302      	    1,091,387	2,427,436 		   2,107,084
	Incentive fee	           ?         	            ?            	          ?        		       177,763

		   Total Expenses 	    3,825,697	      3,601,575	   8,010,541		     7,131,137

NET INVESTMENT LOSS 	  (2,576,359)	    (3,213,115)	  (5,719,315)		  (6,403,702)

TRADING RESULTS
Trading profit (loss):
	Realized	 (1,153,271)	(24,771,703)	(22,811,306)		(26,511,966)
	Net change in unrealized	  25,105,316	      4,853,902 	   (2,787,057)		        (7,368,821)

		   Total Trading Results	 23,952,045	   (19,917,801)	  (25,598,363)		  (33,880,787)

NET INCOME (LOSS)	  21,375,686        	  (23,130,916)	  (31,317,678)		 (40,284,489)

NET INCOME (LOSS) ALLOCATION

	Limited Partners	21,145,041	   (22,877,603)	(30,985,386)		(39,842,680)
	General Partner 	230,645	(253,313)	               (332,292)	(441,809)


NET INCOME (LOSS) PER UNIT

	Limited Partners                                             	       1.08                    (1.48)	 (1.67) 	(2.73)
	General Partner                                              	       1.08                    (1.48)	 (1.67) 	(2.73)

<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, 2005 and 2004
	(Unaudited)


<caption>


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


	<c>	<c>	<c>	<c>
Partners? Capital,
   December 31, 2003	12,139,408.225	188,042,673	2,013,247	190,055,920

Offering of Units	5,526,127.804	78,373,608	870,000	79,243,608

Net Loss                                                                   ? 	  	(39,842,680)	(441,809)	(40,284,489)

Redemptions	   (561,041.370)	   (7,816,858)	         ?     	 (7,816,858)

Partners? Capital,
   June 30, 2004	  17,104,494.659	 218,756,743	     2,441,438	 221,198,181





Partners? Capital,
   December 31, 2004	18,954,389.185	270,231,305	2,869,425	273,100,730

Offering of Units	2,368,207.836	28,587,348	170,000	28,757,348

Net Loss                                                                   ? 	  	(30,985,386)	(332,292)	(31,317,678)

Redemptions	  (1,819,262.403)	  (22,011,184)	         ?     	 (22,011,184)

Partners? Capital,
   June 30, 2005	  19,503,334.618	 245,822,083	     2,707,133	 248,529,216




<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,

	      2005     	      2004
	      $	      $

	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss 	(31,317,678)	(40,284,489)
Noncash item included in net loss:
       Net change in unrealized	2,787,057	7,368,821

Increase in operating assets:
       Interest receivable (Morgan Stanley DW)	(115,476)	(33,279)

Increase (decrease) in operating liabilities:
       Accrued brokerage fees (Morgan Stanley DW)	(88,307)	177,215
       Accrued management fees	(38,395)	77,051
       Accrued incentive fee	            ?     	     (399,035)

Net cash used for operating activities	   (28,772,799)	  (33,093,716)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	33,199,895	79,702,756
Cash paid from redemptions of Units	   (20,484,542)	   (7,160,499)

Net cash provided by financing activities	    12,715,353	  72,542,257

Net increase (decrease) in cash	(16,057,446)   	39,448,541

Balance at beginning of period	   253,392,247	 178,774,244

Balance at end of period	   237,334,801	  218,222,785




<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, 2005

(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, 2004
Annual Report on Form 10-K.  Certain reclassifications have been
made to the prior year?s financial statements to conform to the
current year presentation.  Such reclassifications have no impact
on the Partnership?s reported net income (loss).

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.


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

The Partnership?s general partner is Demeter Management
Corporation (?Demeter?).  The non-clearing commodity broker is
Morgan Stanley DW Inc. (?Morgan Stanley DW?). The clearing
commodity broker is Morgan Stanley & Co. Incorporated (?MS &
Co.?).  Demeter, Morgan Stanley DW, 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 Morgan Stanley DW and
MS & Co. in futures, forwards, and options trading accounts to
meet margin requirements as needed.  Monthly, Morgan Stanley DW
pays the Partnership interest income equal to 80% of the month?s
average daily Net Assets at a rate equal to a prevailing rate on
U.S. Treasury bills.  The Partnership pays brokerage fees to
Morgan Stanley DW.

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 as a financial instrument or other contract that has
all three of the following characteristics:

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

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, swaps 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
                     $            $          $

Jun. 30, 2005	-	13,860,896	13,860,896	-	Sep. 2005
Dec. 31, 2004	         ?     16,647,953    16,647,953	-	Mar. 2005

The Partnership has credit risk associated with counterparty non-
performance.  The credit risk associated with the instruments in
<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 Morgan Stanley DW
and MS & Co. act as the futures commission merchants or the
counterparties, with respect to most of the Partnership?s assets.
Exchange-traded futures, forward, and futures-styled options
contracts are marked to market on a daily basis, with variations
in value settled on a daily basis.  Morgan Stanley DW and MS &
Co., each as a futures commission merchant for the Partnership?s
exchange-traded futures, forward, and futures-styled options
contracts, are required, pursuant to regulations of the Commodity


Futures Trading Commission (?CFTC?), to segregate from their
own assets, and for the sole benefit of their commodity
customers, all funds held by them with respect to exchange-traded
futures, forward, and futures-styled options contracts, including
an amount equal to the net unrealized gains (losses) on all open
futures, forward, and futures-styled options contracts.  With
respect to the Partnership?s off-exchange-traded forward currency
contracts, there are no daily exchange-required settlements of
variation in value, nor is there any requirement that an amount
equal to the net unrealized gains (losses) on open forward
contracts be segregated.  However, the Partnership is required to
meet margin requirements equal to the net unrealized loss on open
<page> MORGAN STANLEY SPECTRUM CURRENCY L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

contracts in the Partnership accounts with the counterparty which
is accomplished by daily maintenance of the cash balance in a
custody account held at Morgan Stanley DW for the benefit of 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> Item 2. MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS


Liquidity.  The Partnership deposits its assets with Morgan Stanley
DW as non-clearing broker, and MS & Co. as clearing broker in
separate futures, forwards, 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.
<page> These market conditions could prevent the Partnership from
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 expects 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,
forwards, and options markets.  The following presents a summary
of the Partnership?s operations for the three and six month
periods ended June 30, 2005 and 2004, 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 11 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 foreign currency
forward contracts 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, 2005
The Partnership recorded total trading results including interest
income totaling $25,201,383 and expenses totaling $3,825,697,
resulting in net income of $21,375,686 for the three months ended
June 30, 2005.  The Partnership?s net asset value per Unit
increased from $11.66 at March 31, 2005 to $12.74 at June 30,
2005.

The most significant trading gains of approximately 6.9% and
3.0%, respectively, resulted during May and June from short
positions in the euro and Swiss franc versus the U.S. dollar.
During May, the U.S. dollar increased after China downplayed
rumors of a move toward a flexible exchange rate, while the value
of the euro and Swiss franc moved lower on weaker-than-expected
French economic data, the rejection of a proposed European Union
constitution by French voters, and speculation that future
European Constitutional referendums would result in similar
outcomes.  During June, short euro and Swiss franc positions
continued to profit as European currency values declined amid
market pessimism for future European integration, the release of
weak European economic data, and greater-than-expected capital
<page> outflows into U.S. markets.  The U.S. dollar also
increased against other currencies in June following the ninth
consecutive quarter-point increase in U.S. interest rates.
Additional Partnership gains of approximately 2.1% and 1.1%,
respectively, were recorded primarily during May and June from
long positions in the Mexican peso and Brazilian real versus the
U.S. dollar as the value of these currencies moved higher after
Mexico?s central bank representatives elected not to change
Mexico?s monetary policy and Brazil?s Minister of Finance
reported increased foreign investment in Brazil.  During June,
the peso?s value moved higher amid comments from Mexico?s Finance
Minister, Francisco Gil Diaz, that the Mexican economy was on
track to meet the government's growth estimates for the year.
Further Partnership gains of approximately 2.1% were experienced
from short positions in the Japanese yen versus the U.S. dollar
as the yen?s value declined during May and June in response to
weak Japanese economic data.  A portion of the Partnership?s
gains was offset by losses of approximately 4.1% recorded from
long positions in the British pound versus the U.S. dollar as the
pound?s value declined during May after British Prime Minister
Tony Blair's Labour Party re-election with a reduced government
majority, and then moved lower during June on growing speculation
that the interest rate differential between the U.S. and the U.K.
would tighten.  Smaller Partnership losses of approximately 0.8%
stemmed from long positions in the Australian dollar versus the
<page> U.S. dollar as the Australian dollar declined amid falling
gold prices, primarily during May.

The Partnership recorded total trading results including interest
income totaling $(23,307,137) and expenses totaling $8,010,541,
resulting in a net loss of $31,317,678 for the six months ended
June 30, 2005.  The Partnership?s net asset value per Unit
decreased from $14.41 at December 31, 2004 to $12.74 at June 30,
2005.

The most significant trading losses of approximately 5.7%, 1.2%,
and 1.0%, respectively, resulted from positions in the South
African rand, New Zealand dollar, and Australian dollar
(collectively the ?Commodity Currencies?) versus the U.S.
dollar. During the first quarter, losses resulted as the values
of the Commodity Currencies traded counter to the U.S. dollar due
to a variety of macroeconomic stimuli that caused the U.S.
dollar?s value to advance.  During the second quarter, the values
of the Commodity Currencies were impacted by speculation for
higher interest rates and falling gold prices.  Additional
Partnership losses of approximately 4.1% were incurred from long
positions in the British pound versus the U.S. dollar as the
pound?s value declined during May after British Prime Minister
Tony Blair's Labour Party re-election with a reduced government
majority, and then moved lower during June on growing speculation
that the interest rate differential between the U.S. and the U.K.
would <page> tighten.  Further losses of approximately 1.8% were
incurred from positions in the Singapore dollar versus the U.S.
dollar, primarily during February and March.  During February,
long Singapore dollar positions incurred losses as the U.S.
dollar?s value benefited from positive economic sentiment.  Newly
established short Singapore dollar positions also incurred losses
after the U.S. dollar weakened due to a larger-than-expected drop
in January leading economic indicators and news that South
Korea?s Central Bank planned to reduce its U.S. dollar currency
reserves.  During March, long Singapore dollar positions resulted
in losses as the U.S. dollar reversed sharply higher amid an
increase in U.S. interest rates and U.S. consumer prices.
Smaller Partnership losses of approximately 0.7% were experienced
from positions in the euro versus the U.S. dollar primarily
during the first quarter after the U.S. dollar?s value moved
higher during January amid improvements in the U.S. Current-
Account, speculation for higher U.S. interest rates, and news
that the Chinese government postponed its revaluation of the
Chinese yuan.  During February, losses were incurred from short
euro positions as the U.S. dollar?s value weakened due to concern
for the U.S. Current-Account deficit as expressed by U.S. Federal
Reserve Chairman Alan Greenspan.  During early March, short euro
positions continued to experience losses as its value
strengthened amid a sharp rise in German industrial production.
A portion of the Partnership?s losses for the first six months of
the year was offset by gains of approximately 2.6% experienced
<page> from short positions in the Japanese yen versus the U.S.
dollar as the yen?s value declined during May and June in
response to weak Japanese economic data. Smaller Partnership
gains of approximately 1.1% were recorded from short positions in
the Swiss franc versus the U.S. dollar after the U.S. dollar
increased during May as China downplayed rumors of a move toward
a flexible exchange rate and the franc moved lower on weaker-
than-expected French economic data, the rejection of a proposed
European Union constitution by French voters, and speculation
that future European Union constitution referendums would result
in similar outcomes.  During June, short Swiss franc positions
continued to profit as European currency values declined amid
market pessimism for future European integration, the release of
weak European economic data, and greater-than-expected capital
outflows into U.S. markets.

For the Three and Six Months Ended June 30, 2004
The Partnership recorded total trading results including interest
income totaling $(19,529,341) and expenses totaling $3,601,575,
resulting in a net loss of $23,130,916 for the three months ended
June 30, 2004.  The Partnership?s net asset value per Unit
decreased from $14.41 at March 31, 2004 to $12.93 at June 30,
2004.

The most significant trading losses of approximately 3.9% and
0.9%, respectively, resulted from positions in the Japanese yen
<page> and Singapore dollar versus the U.S. dollar.  Long
positions in both Asian currencies versus the U.S. dollar
generated losses during April as the U.S. dollar surged following
the release of stronger-than-expected U.S. jobs data.  The yen
also weakened due to Japanese government currency market
intervention.  Newly established short Asian currency positions
incurred losses during May as the U.S. dollar?s value declined in
response to fears of potential terrorist attacks, expanding
energy prices, and the release of weaker-than-expected economic
data.  During June, short Asian currency positions experienced
losses due to the yen?s rise prompted by better-than-anticipated
improvements in the Japanese economy.  The yen continued its rise
later in the  month in response to speculation that the Bank of
Japan would move to raise interest rates amid further
confirmation that Japan?s economic recovery was on track.  Long
positions in the South African rand versus the U.S. dollar
contributed losses of approximately 1.7% as the U.S. dollar
reversed higher in response to rising U.S. interest rates and an
improving U.S. economy.  Additional Partnership losses of
approximately 1.4% and 1.3%, respectively, stemmed from long
positions in the British pound during April and long positions in
the Norwegian krone during June, both versus the U.S. dollar, as
the U.S. dollar benefited from expectations for rising U.S.
interest rates and the perception that the U.S. economy was
experiencing a sustainable recovery.  A portion of the
Partnership?s overall losses was offset by gains of approximately
<page> 0.4% achieved from short positions in the Australian
dollar versus the U.S. dollar as the Australian currency declined
after statistics revealed that Australian economic growth slowed
to its lowest point in more than a year.  Further pressure
stemmed from market speculation for a narrowing of interest rate
differentials between Australian and the U.S., as well as lower
gold prices during the first half of June.  Additional gains of
approximately 0.3% were established form long positions in the
Swiss franc versus the U.S. dollar as the U.S. dollar?s value
declined in May in response to surging energy prices and weaker-
than-expected U.S. economic data.  Smaller gains of approximately
0.2% were recorded from short positions in the euro versus the
U.S. dollar during April as the U.S. dollar?s value benefited
from the U.S. Federal Reserve Chairman?s Alan Greenspan comments
concerning U.S. inflation, stronger U.S. economic activity, and
the potential for higher U.S. interest rates.

The Partnership recorded total trading results including interest
income totaling $(33,153,352) and expenses totaling $7,131,137,
resulting in a net loss of $40,284,489 for the six months ended
June 30, 2004.  The Partnership?s net asset value per Unit
decreased from $15.66 at December 31, 2003 to $12.93 at June 30,
2004.

The most significant trading losses of approximately 5.9% and
1.8%, respectively, were recorded from positions in the Japanese
<page> yen and Singapore dollar versus the U.S. dollar.  Short
Asian currency positions against the U.S. dollar during March
recorded losses as the yen reversed higher due to speculation
that the Bank of Japan was relaxing its efforts to weaken the
yen.  After reversing to long positions in the Asian currencies
versus the U.S. dollar during April, the U.S. dollar surged
upwards following the release of stronger-than-expected U.S. jobs
data, thereby, causing losses.  The yen also came under pressure
following efforts by the Japanese government to weaken the yen by
intervening in the currency markets.  Short Asian currency
positions incurred losses again during May as the U.S. dollar?s
value declined in response to fears of potential terrorist
attacks, expanding energy prices, and the release of weaker-than-
expected economic data.  During June, short Asian currency
positions experienced losses due to the yen?s rise prompted by
better-than-anticipated improvements in Japanese economic data.
The yen continued its rise later in the month in response to
speculation that the Bank of Japan would move to raise interest
rates amid further confirmation that Japan?s economic recovery
was on track. Additional Partnership losses of approximately 4.3%
stemmed from long positions in the South African rand versus the
U.S. dollar during January and February amid expectations for a
decline in gold prices due to an anticipated improvement in the
global macro-economic environment during 2004.  During April,
long South African rand positions versus the U.S. dollar
experienced losses as the U.S. dollar?s value moved higher.
<page> During May, short South African rand positions incurred
losses as the commodity-linked currency reversed higher in
response to rising gold prices.  Losses of approximately 2.3%
occurred from long positions in the Norwegian krone versus the
U.S. dollar during January and June amid a strengthening of the
U.S. dollar caused by a perceived shift in U.S. Federal Reserve
interest rate policy.  Losses in the peso were spurred by
encouraging signs of a recovery in the Mexican economy.  Finally,
smaller losses of approximately 1.4% were experienced from short
positions in the Mexican peso versus the U.S. dollar.  A portion
of the Partnership?s overall losses during the first half of the
year was offset by gains of approximately 0.7% from short
positions in the Swiss franc versus the U.S. dollar during
January as the U.S. dollar?s value moved higher amid the
prospects for future increases in U.S. interest rates.
Additional gains of approximately 0.6% were provided from long
positions in the British pound versus the U.S. dollar during
January and February as the U.S. dollar sold off versus the pound
due to interest rate differentials between the U.S. and the U.K.,
while the pound?s value increased amid an increase in U.K.
interest rates.
<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, forwards, and options 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 contracts
in the Partnership accounts with the counterparty, which is
<page> accomplished by daily maintenance of the cash balance in a
custody account held at Morgan Stanley DW for the benefit of 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 revalues 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, 2005 and 2004.  At
June 30, 2005 and 2004, the Partnership?s total capitalization
was approximately $249 million and $221 million, respectively.

Primary Market		   June 30, 2005	     June 30, 2004
Risk Category		   Value at Risk		Value at Risk
Currency				 (3.97)%			    (0.88)%

The VaR for a market category represents the one-day downside
risk for the aggregate exposures associated with this market
category.  Because the business of the Partnership is the
speculative trading of futures, forwards, and options, the
composition of its trading portfolio can change significantly
over any given time period, or even within a single trading day,
<page> which 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, 2004 through June 30, 2005.

Primary Market Risk Category        High      Low      Average
Currency   					(3.97)%	(1.55)%	 (3.10)%

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;
*	VaR results reflect past market fluctuations applied to current
trading positions while future risk depends on future positions;
<page>
*	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, 2005, and for the
four quarter-end reporting periods from July 1, 2004 through June
30, 2005.  VaR is not necessarily representative of the
Partnership?s historic risk, nor should it be used to predict the
Partnership?s future financial performance or its ability to
manage or monitor risk.  There can be no assurance that the
Partnership?s actual losses on a particular day will not exceed
the VaR amounts indicated above or that such losses will not
occur more than once in 100 trading days.




<page>
Non-Trading Risk
The Partnership has non-trading market risk on its foreign cash
balances.  The Partnership did not have any foreign currency
balances at June 30, 2005.
The Partnership also maintains a substantial portion
(approximately 97% as of June 30, 2005) of its available assets
in cash at Morgan Stanley DW.  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, 2005.  It may be anticipated, however,
that market exposure will vary materially over time.

Currency.  At June 30, 2005, the Partnership had market exposure
in the currency sector.  The Partnership?s currency exposure 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
<page> fluctuations.  At June 30, 2005, 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 June 30, 2005, 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.
<page> PART II.  OTHER INFORMATION

Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
	    PROCEEDS
					 SEC
Registration Statement on Form S-1  Units Registered   Effective Date
File Number

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 6/30/05	      24,652,215.091
Units unsold through 6/30/05    27,347,784.909


The managing underwriter for the Partnership is Morgan Stanley
DW.

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, 2005 was
$325,664,583.

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.

<page>
Item 5.  OTHER INFORMATION
Management.  The following changes have been made to the Board of
Directors and Officers of Demeter:

Mr. Harry Handler and Ms. Shelley Hanan were approved as Directors
of Demeter by the National Futures Association as of May 12, 2005
and June 30, 2005, respectively.

Item 6.  EXHIBITS
3.01	Form of Amended and Restated Limited Partnership Agreement
of the Partnership, is incorporated by reference to
Exhibit A of the Partnership?s Prospectus, dated April 25,
2005, filed with the Securities and Exchange Commission
pursuant to Rule 424(b)(3) under the Securities Act of
1933 on April 29, 2005.
3.02	Certificate of Limited Partnership, dated October 20,
1999, is incorporated by reference to Exhibit 3.02 of the
Partnership?s Registration Statement on Form S-1 (File No.
333-90485) filed with the Securities and Exchange
Commission on November 5, 1999.
3.03	Certificate of Amendment of Certificate of Limited
Partnership, dated November 1, 2001 (changing its name
from Morgan Stanley Dean Witter Spectrum Currency L.P.),
is incorporated by reference to Exhibit 3.01 of the
Partnership?s Form 8-K (File No. 0-31563) filed with the
Securities and Exchange Commission on November 1, 2001.
10.01	Management Agreement among the Partnership, Demeter and
John W. Henry & Company, Inc., dated as of March 6, 2000,
is incorporated by reference to Exhibit 10.01 of the
Partnership?s Quarterly Report on Form 10-Q (File No.
0-31563) filed with the Securities and Exchange Commission
on November 14, 2000.
10.01(a)	Amendment to Management Agreement, dated as of November
30, 2000, among the Partnership, John W. Henry & Company,
Inc., and Demeter is incorporated by reference to Exhibit
10.01 of the Partnership?s Form 8-K (File No. 0-31563),
<page> filed with the Securities and Exchange Commission
on January 3, 2001.
10.02	Management Agreement among the Partnership, Demeter and
Sunrise Capital Partners, LLC, dated as of March 6, 2000,
is incorporated by reference to Exhibit 10.02 of the
Partnership?s Quarterly Report on Form 10-Q (File No.
0-31563) filed with the Securities and Exchange Commission
on November 14, 2000.
10.02(a)	Amendment to Management Agreement, dated as of November
30, 2000, among the Partnership, Sunrise Capital Partners,
LLC, and Demeter is incorporated by reference to Exhibit
10.02 of the Partnership?s Form 8-K (File No. 0-31563),
filed with the Securities and Exchange Commission on
January 3, 2001.
10.05	Amended and Restated Escrow Agreement among the
Partnership, Morgan Stanley Spectrum Select L.P., Morgan
Stanley Spectrum Technical L.P., Morgan Stanley Spectrum
Strategic L.P., Morgan Stanley Spectrum Global Balanced
L.P., Morgan Stanley Spectrum Commodity L.P., Morgan
Stanley DW, and The Chase Manhattan Bank, the escrow
agent, dated as of March 10, 2000, is incorporated by
reference to Exhibit 10.05 of the Partnership?s
Registration Statement on Form S-1 (File No. 333-90485)
filed with the Securities and Exchange Commission on
November 2, 2001.
10.06	Form of Subscription and Exchange Agreement and Power of
Attorney to be executed by each purchaser of Units is
incorporated by reference to Exhibit B of the
Partnership?s Prospectus dated April 25, 2005, filed with
the Securities and Exchange Commission pursuant to Rule
424(b)(3) under the Securities Act of 1933 on April 29,
2005.
10.08	Form of Subscription Agreement Update Form to be executed
by each purchaser of Units is incorporated by reference to
Exhibit C of the Partnership?s Prospectus, dated April 25,
2005, filed with the Securities and Exchange Commission
pursuant to Rule 424(b)(3) under the Securities Act of
1933 on April 29, 2005.
10.09	Customer Agreement between the Partnership and Morgan
Stanley DW Inc., dated as of June 30, 2000, is
incorporated by reference to Exhibit 10.01 of the
Partnership?s Form 8-K (File No. 0-31563) filed with the
Securities and Exchange Commission on November 1, 2001.

<page>
10.09(a)	Amendment No. 1 to the Customer Agreement between the
Partnership and Morgan Stanley DW Inc., dated July 1,
2005, is filed herewith.
10.10	Commodity Futures Customer Agreement between MS & Co. and
the Partnership, and acknowledged and agreed to by Morgan
Stanley DW, dated as of June 6, 2000, is incorporated by
reference to Exhibit 10.02 of the Partnership?s Form 8-K
(File No. 0-31563) filed with the Securities and Exchange
Commission on November 1, 2001.
10.11	Foreign Exchange and Options Master Agreement between MS &
Co. and the Partnership, dated as of June 30, 2000, is
incorporated by reference to Exhibit 10.04 of the
Partnership?s Form 8-K (File No. 0-31563) filed with the
Securities and Exchange Commission on November 1, 2001.
10.12	Securities Account Control Agreement among the
Partnership, MS & Co., and Morgan Stanley DW, dated as of
June 6, 2000, is incorporated by reference to Exhibit
10.03 of the Partnership?s Form 8-K (File No. 0-31563)
filed with the Securities and Exchange Commission on
November 1, 2001.
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 15, 2005         By:/s/ Kevin Perry
                               Kevin Perry
                               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.
















<page>									EXHIBIT 31.01
CERTIFICATIONS

I, Jeffrey A. Rothman, President of Demeter Management Corporation
(?Demeter?), the general partner of the registrant, Morgan Stanley
Spectrum Currency L.P., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of the
registrant;

2.	Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in
all material respects the financial condition, results of
operations, and cash flows of the registrant as of, and for, the
periods presented in this report;

4.	The registrant?s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-
15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

a)	Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under
our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this
report is being prepared;

b)	Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;


<page>
c)	Evaluated the effectiveness of the registrant?s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this
report based on such evaluation; and

   d)Disclosed in this report any change in the registrant?s
internal control over financial reporting that occurred
during the registrant?s most recent fiscal quarter (the
registrant?s fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably
likely to materially affect, the registrant?s internal
control over financial reporting; and

5.	The registrant?s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over
financial reporting, to the registrant?s auditors and the audit
committee of Demeter?s board of directors (or persons
performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the
design or operation of internal control over financial
reporting which are reasonably likely to adversely affect
the registrant?s ability to record, process, summarize, and
report financial information; and

b)	Any fraud, whether or not material, that involves
management or other employees who have a significant role
in the registrant?s internal control over financial
reporting.




Date:   August 15, 2005     /s/	Jeffrey A. Rothman
	Jeffrey A. Rothman
						 President,
                               Demeter Management Corporation,
						 general partner of the registrant













						<page>		EXHIBIT 31.02
CERTIFICATIONS

I, Kevin Perry, Chief Financial Officer of Demeter Management
Corporation (?Demeter?), the general partner of the registrant,
Morgan Stanley Spectrum Currency L.P., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of the
registrant;

2.	Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in
all material respects the financial condition, results of
operations, and cash flows of the registrant as of, and for, the
periods presented in this report;

4.	The registrant?s other certifying officer and I are responsible
for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-
15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

   a)Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed   under
our supervision, to ensure that material information
relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those
entities, particularly during the period in which this  report
is being prepared;

   b)Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;


   c)Evaluated the effectiveness of the registrant?s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this
report based on such evaluation; and
<page>

   d)Disclosed in this report any change in the registrant?s
internal control over financial reporting that occurred during
the registrant?s most recent fiscal quarter (the registrant?s
fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably  likely to
materially affect, the registrant?s internal control over
financial reporting; and

5.	The registrant?s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over
financial reporting, to the registrant?s auditors and the audit
committee of Demeter?s board of directors (or persons performing
the equivalent functions):

   a)	All significant deficiencies and material weaknesses in the
design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the
registrant?s ability to record, process, summarize, and report
financial information; and

   b)	Any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant?s internal controls over financial reporting.






Date:   August 15, 2005       /s/ Kevin Perry
                                  Kevin Perry
                                  Chief Financial Officer,
                                  Demeter Management Corporation,
                                  general partner of the registrant




<page> EXHIBIT 32.01



CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002




In connection with the Quarterly Report of Morgan Stanley Spectrum
Currency L.P. (the ?Partnership?) on Form 10-Q for the period
ended June 30, 2005 as filed with the Securities and Exchange
Commission on the date hereof (the ?Report?), I, Jeffrey A.
Rothman, President, Demeter Management Corporation, the general
partner of the Partnership, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that, to the best of my knowledge:
(1)	The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in
all material respects, the financial condition and results
of operations of the Partnership.









By:    /s/Jeffrey A. Rothman

Name:		Jeffrey A. Rothman
Title:	President

Date:		August 15, 2005
<page> EXHIBIT 32.02



CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002




In connection with the Quarterly Report of Morgan Stanley Spectrum
Currency L.P. (the ?Partnership?) on Form 10-Q for the period
ended June 30, 2005 as filed with the Securities and Exchange
Commission on the date hereof (the ?Report?), I, Kevin Perry,
Chief Financial Officer, Demeter Management Corporation, the
general partner of the Partnership, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002, that, to the best of my knowledge:
(1)	The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in
all material respects, the financial condition and results
of operations of the Partnership.









By:    /s/Kevin Perry

Name:		Kevin Perry
Title:	Chief Financial Officer

Date:		August 15, 2005

- 7 -
- 10 -










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

? 10 ?