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 March 31, 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

	March 31, 2008
<caption>



PART I. FINANCIAL INFORMATION

				<c>
Item 1. Financial Statements

		Statements of Financial Condition as of March 31, 2008
		(Unaudited) and December 31, 2007	2

		Statements of Operations for the Quarters
		Ended March 31, 2008 and 2007 (Unaudited)	3

		Statements of Changes in Partners? Capital for the
		Quarters Ended March 31, 2008 and 2007 (Unaudited)	4

		Statements of Cash Flows for the Quarters Ended
		March 31, 2008 and 2007 (Unaudited)	5

		Condensed Schedules of Investments as of March 31, 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	17-26

Item 3.	Quantitative and Qualitative Disclosures About
			Market Risk	26-36

Item 4.	Controls and Procedures	36-37

Item 4T.	Controls and Procedures	37


PART II. OTHER INFORMATION

Item 1A.Risk Factors 	38

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

Item 5.	Other Information	39-40

Item 6.	Exhibits 	41
</table>


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

	MORGAN STANLEY SPECTRUM CURRENCY L.P.
	STATEMENTS OF FINANCIAL CONDITION
<caption>

	March 31,	December 31,
	       2008      	              2007
	 $	$
	(Unaudited)
ASSETS

	<c>	<c>
Trading Equity:
	Unrestricted cash	104,907,862	110,971,546
	Restricted  cash	     1,170,636	        2,985,523

	     Total cash	106,078,498	113,957,069

	Net unrealized gain (loss) on open contracts (MS&Co.)	3,465,932	      (1,397,223)

	Options purchased (proceeds paid $165,155
       and $29,116, respectively)	       155,780	            14,874

		Total Trading Equity	3,621,712	112,574,720

Subscriptions receivable 	345,798           	         490,292
Interest receivable (MS&Co.)	        105,805	          228,618

	     Total Assets	 110,151,813        	      113,293,630

LIABILITIES AND PARTNERS? CAPITAL

Liabilities

Redemptions payable	2,613,036	4,968,209
Accrued brokerage fees (MS&Co.)	399,586	436,938
Accrued management fees	173,733	       189,973
Options written (premiums received $213,944
  and $217,974, respectively)	141,261	370,766
Accrued incentive fee	        33,649	             ?

	     Total Liabilities	   3,361,265	    5,965,886

Partners? Capital

Limited Partners (9,989,389.441 and
   10,795,995.838 Units, respectively)	105,622,180	106,178,308
General Partner (110,500.343 and
   116,872.343 Units, respectively)	     1,168,368	    1,149,436

	     Total Partners? Capital	 106,790,548	 107,327,744

	     Total Liabilities and Partners? Capital	  110,151,813    	   113,293,630
NET ASSET VALUE PER UNIT	           10.57                       	            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 Quarters Ended March 31,


                                                                         		        2008    	     2007
                                                                               	                    $		       $

		<c>		<c>
INVESTMENT INCOME
	Interest income (MS&Co.)		         469,991			    1,530,601

EXPENSES
	Brokerage fees (MS&Co.)		1,210,683	1,813,651
	Management fees	   	  526,384	        788,545
	Incentive fee		          87,278	               ?

		Total Expenses		     1,824,345	     2,602,196

NET INVESTMENT LOSS	   (1,354,354)	    (1,071,595)

TRADING RESULTS
Trading profit (loss):
	Realized			3,943,533	(12,109,259)
	Net change in unrealized		    5,107,536	     (2,409,510)

		Total Trading Results		    9,051,069	   (14,518,769)

NET INCOME (LOSS) 	   7,696,715	    (15,590,364)


NET INCOME (LOSS) ALLOCATION

	Limited Partners                                                  	 	          7,613,362	 (15,420,800)
	General Partner                                                   		83,353	 (169,564)

NET INCOME (LOSS) PER UNIT

	Limited Partners               0.73	 (1.11)				General Partner  	                                            	0.73	 (1.11)
	General Partner                0.73	                                 (1.11)


		                                             Units     	                             Units
WEIGHTED AVERAGE NUMBER
	OF UNITS OUTSTANDING                          	10,468,732.212		14,050,564.214


<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 Quarters Ended March 31, 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	257,990.178	2,781,930                  ?	 	2,781,930

Net Loss                                                                    ? 	  	(15,420,800)	(169,564)	(15,590,364)

Redemptions	     (856,872.052)	   (9,183,505)	             ?      	   (9,183,505)

Partners? Capital,
   March 31, 2007	  13,728,446.295	 139,481,389	     1,576,008	 141,057,397





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

Offering of Units	80,404.392	823,758                    ?	 	823,758

Net Income                                                              ? 	  	7,613,362	83,353	7,696,715

Redemptions	     (893,382.789)	   (8,993,248)	           (64,421) 	   (9,057,669)

Partners? Capital,
   March 31, 2008	  10,099,889.784	 105,622,180	     1,168,368	 106,790,548





<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 Quarters Ended March 31,

	      2008     	      2007
	      $	      $


	<c>	<c>
CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) 	7,696,715	(15,590,364)
Noncash item included in net income (loss):
       Net change in unrealized	(5,107,536)	2,409,510

(Increase) decrease in operating assets:
       Restricted cash	1,814,887	(2,697,259)
       Interest receivable (MS&Co.)	122,813	48,324

Increase (decrease) in operating liabilities:
       Accrued brokerage fees (MS&Co.)	(37,352)	(49,161)
       Accrued management fees	(16,240)	          (21,374)
       Net option proceeds	(126,030)	?
       Accrued incentive fee	        33,649	                ?

Net cash provided by (used for) operating activities	     4,380,906	   (15,900,324)


CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from offering of Units	968,252	2,649,565
Cash paid for redemptions of Units	 (11,412,842)	     (10,448,565)

Net cash used for financing activities	  (10,444,590)	   (7,799,000)

Net decrease in unrestricted cash	(6,063,684)	(23,699,324)

Unrestricted cash at beginning of period	  110,971,546	   161,460,117

Unrestricted cash at end of period	  104,907,862	   137,760,793




<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
March 31, 2008 (Unaudited) and December 31, 2007

<caption>






Futures and Forward Contracts
     Long
Unrealized
    Gain/(Loss)

Percentage of
  Net Assets
    Short
Unrealized
Gain/(Loss)

Percentage of
   Net Assets
      Net
 Unrealized
 Gain/(Loss)

  $
%
$
%
$

 March 31, 2008, Partnership Net Assets: $106,790,548





<c>
<c>
<c>
<c>
<c>
Foreign currency
  2,474,284
         2.32
 1,029,196
        0.96
 3,503,480






     Grand Total:
  2,474,284
         2.32
 1,029,196
        0.96
3,503,480

     Unrealized Currency Gain





     39,799

     Total Net Unrealized Gain



 3,543,279


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









Foreign currency
(1,211,833)
        (1.13)
   (369,379)
       (0.34)
(1,581,212)






     Grand Total:
(1,211,833)
        (1.13)
   (369,379)
       (0.34)
(1,581,212)

     Unrealized Currency Gain





     16,955

     Total Net Unrealized Loss



 (1,564,257)





<fn>










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

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

March 31, 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.





<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/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 Concept 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)

                   Unrealized Gains/(Losses)
                        on Open Contracts                Longest Maturities

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

Mar. 31, 2008	-	3,543,279	     3,543,279       -	Sep. 2008
Dec. 31, 2007	   - 	      (1,564,257)   (1,564,257)	-	Mar. 2008

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
March 31, 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
$   3,528,760
 n/a

   $    3,528,760
Options purchased
    n/a
      155,780
 n/a

        155,780
    Total Assets
    n/a
  $   3,684,540
 n/a

  $    3,684,540






Liabilities





Options written
    n/a
$      141,261
 n/a

   $       141,261






Net unrealized gain on open





 Contracts
    n/a
$    3,543,279
 n/a

$     3,543,279
</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.  Reclassification
Certain prior year amounts relating to cash balances were
reclassified on the Statements of Cash Flows to conform to 2008
presentation.  Such reclassification has 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 month periods ended
March 31, 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 difficult to discuss
<page> 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 Quarter Ended March 31, 2008
The Partnership recorded total trading results including interest
income totaling $9,521,060 and expenses totaling $1,824,345,
resulting in net income of $7,696,715 for the quarter ended March
31, 2008.  The Partnership?s net asset value per Unit increased
from $9.84 at December 31, 2007, to $10.57 at March 31, 2008.

The most significant trading gains of approximately 3.0%, 1.8%,
1.0%, and 0.9% respectively, were experienced from long positions
in the euro, Swiss franc, Australian dollar, and Chilean peso
versus the U.S. dollar during February as the value of the U.S.
dollar weakened against most of its major rivals after weaker-
than-expected manufacturing data from the Federal Reserve Bank of
Philadelphia reignited fears of an economic slowdown in the U.S.
The value of the U.S. dollar continued to decline after U.S.
government reports showed a rise in unemployment and slower-than-
expected fourth quarter 2007 Gross Domestic Product growth.
Furthermore, the U.S. dollar weakened against its major rivals in
March following news of weaker-than-expected U.S. retail sales
and U.S. consumer confidence at a 16-year low.  Finally, the
value of the U.S. dollar was negatively affected by several
<page> interest rate cuts by the U.S. Federal Reserve as well as
indications that interest rates may continue to decline.
Additional gains of approximately 0.9% were achieved from short
positions in the South African rand relative to the U.S. dollar
as the value of the South African rand moved lower against most
of its major rivals during February and March amid pessimism
about the long-term status of the South African economy.  Lastly,
during March, gains of approximately 0.9% were experienced from
short positions in the Korean won versus the U.S. dollar as the
value of the Korean won decreased relative to the U.S. dollar at
the beginning of the month amid news of a widening Current-
Account deficit in Korea.   A portion of these gains for the
quarter was offset by losses of approximately 0.3% 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-expected U.S. economic
data caused investors to reduce existing carry trade positions.
Further losses were incurred during February from newly
established long positions in the Japanese yen versus the U.S.
dollar as the value of the Japanese yen reversed lower following
comments from the Bank of Japan that the Japanese economy may be
slowing.  Additional losses of approximately 0.3% were recorded
from both short and long positions in the Hungarian forint versus
the U.S. dollar as the value of the Hungarian forint moved
without consistent direction throughout the quarter amid
conflicting economic data out of Hungary.  Finally, losses of
<page> approximately 0.2% were incurred from short positions in
the British pound versus the U.S. dollar as the value of the
British pound strengthened during January and February after
retail sales in the United Kingdom unexpectedly increased and
minutes from the Bank of England indicated the central bank had
significant concerns about accelerating inflation in the United
Kingdom.  As such, the value of the British pound continued to
move higher against the U.S. dollar at the beginning of March
after the Bank of England decided to hold interest rates steady.


For the Quarter Ended March 31, 2007
The Partnership recorded total trading results including interest
income totaling $(12,988,168) and expenses totaling $2,602,196,
resulting in a net loss of $15,590,364 for the quarter ended
March 31, 2007.  The Partnership?s net asset value per Unit
decreased from $11.38 at December 31, 2006, to $10.27 at March
31, 2007.

The most significant trading losses of approximately 3.7% were
experienced from both short and long positions in the South
African rand versus the U.S. dollar as the value of the South
African rand moved without consistent direction throughout a
majority of January.  Further losses were incurred from short
positions in the South African rand versus the U.S. dollar as the
value of the South African rand strengthened relative to the U.S.
dollar at the beginning of March on expectations that increased
<page> demand for South Africa?s exports would significantly
improve the South African economy.  Elsewhere, losses of
approximately 2.1% were recorded during February and early March
from long positions in the British pound versus the U.S. dollar
as the value of the British pound weakened against the U.S.
dollar after a report showed U.K. services growth had slowed in
January and on speculation that the Bank of England would not
continue to increase interest rates in the near-term.  Additional
losses of approximately 1.1% and 0.9% respectively, were
experienced from long positions in the New Zealand dollar and
Australian dollar versus the U.S. dollar during January as the
value of the U.S. dollar moved higher against these currencies
after economic data suggested that the U.S. Federal Reserve would
not cut interest rates in the near-term.  Newly established short
positions in the New Zealand dollar versus the U.S. dollar
resulted in losses during February as the value of the New
Zealand dollar moved higher in tandem with rising commodity
prices.  During March, losses were incurred from both short and
long positions in the Australian dollar versus the U.S. dollar as
the value of the Australian dollar moved without consistent
direction throughout the month.  Meanwhile, losses of
approximately 1.0% were recorded from short positions in the
Mexican peso versus the U.S. dollar during March as the value of
the Mexican peso strengthened on increased speculation of an
interest rate hike from the Bank of Mexico.  Smaller losses of
approximately 0.8% were experienced during late February and
<page> early March from short positions in the Japanese yen
versus the U.S. dollar as the value of the Japanese yen reversed
sharply higher against the U.S. dollar in late February due to a
combination of factors including an almost 10% drop in the
Shanghai stock market and a warning from Rodrigo Rato, Managing
Director of the International Monetary Fund, that a weak yen
?could lead to more entrenched exchange rate misalignments that
worsen global imbalances? encouraging traders to unwind short
positions in the Japanese yen against most of its major rivals.
Elsewhere in the currency markets, losses of approximately 0.5%,
0.4%, and 0.4% respectively, were experienced from both short and
long positions in the Polish zloty, Norwegian krone, and Czech
koruna versus the U.S. dollar as the value of these currencies
moved in a trendless manner throughout a majority of the quarter.
 Finally, losses of approximately 0.2% were experienced during
February from short positions in the Swiss franc versus the U.S.
dollar as the value of the Swiss franc reversed higher against
the U.S. dollar due to speculation of a narrowing interest-rate
differential.  A portion of these losses for the quarter was
offset by gains of approximately 1.3% and 0.4% respectively,
primarily during February and March, from long positions in the
Brazilian real and Singapore dollar versus the U.S. dollar as the
value of these currencies finished higher against the U.S. dollar
after the U.S. Federal Reserve kept the benchmark interest rate
steady and indicated that rates would not likely increase in the
near-term.  Further gains of approximately 0.4% were experienced
<page> from long positions in the euro versus the U.S. dollar as
the value of the euro moved higher against the U.S. dollar during
March amid a record U.S. trade deficit and indications from
European Central Bank council member Klaus Liebscher that
interest rates in the Euro-Zone could increase further.

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-
<page> 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 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
<page> 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? 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.
<page> The Partnership?s risk exposure in the market sectors
traded by the Trading Advisors is estimated below in terms of
VaR.  The Partnership estimates VaR using a model based upon
historical simulation (with a confidence level of 99%) which
involves constructing a distribution of hypothetical daily
changes in the 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.

<page> 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.

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 March 31, 2008, and 2007. At
March 31, 2008, and 2007, the Partnership?s total capitalization
was approximately $107 million and $141 million, respectively.


Primary Market		  March 31, 2008	    March 31, 2007
Risk Category		   Value at Risk		Value at Risk
Currency				  (1.18)%			    (3.71)%

<page> 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
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 April 1, 2007, through March 31, 2008.

Primary Market Risk Category        High      Low      Average
Currency 						(3.21)%	(0.78)%	 (1.99)%

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:

<page>
*	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;
*	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 March 31, 2007, and for the
four quarter-end reporting periods from April 1, 2007, through
March 31, 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
<page> 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.

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 March 31, 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.



<page>
Qualitative Disclosures Regarding Primary Trading Risk Exposures
The following qualitative disclosures regarding the Partnership?s
market risk exposures - except for (A) those disclosures that are
statements of historical fact and (B) the descriptions of how the
Partnership manages its primary market risk exposures -
constitute forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act.  The Partnership?s primary market risk
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.

<page> The following was the only trading risk exposure of the
Partnership at March 31, 2008.  It may be anticipated, however,
that market exposure will vary materially over time.

Currency.  The Partnership?s currency market exposure at March
31, 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 March 31, 2008, the
Partnership?s major exposures were to the Australian dollar,
Canadian dollar, euro, British pound, Swiss franc, New Zealand
dollar, Swedish krona, Japanese yen, and Polish zloty 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 March 31, 2008:

Foreign Currency Balances.  The Partnership?s primary
foreign currency balances at March 31, 2008 were in Canadian
<page> dollars, Norwegian kroner, British pounds, Swiss
francs, euros, Polish zloty, Swedish kronor, Japanese yen,
Singapore dollars, Mexican pesos, Israeli shekels, New
Zealand dollars, Australian dollars, Slovakian koruna,
Turkish lira, South African rand, Hungarian forint, Czech
koruna, and Hong Kong dollars.  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.

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.
<page>
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.

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.
 <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 3/31/08	      27,831,121.388
Units unsold through 3/31/08    24,168,878.612
          </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 March 31, 2008, was
$361,233,780.

Since no expenses are chargeable against proceeds, 100% of the
proceeds of the offering have been applied to the working capital
<page> 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
Management.  Effective March 20, 2008, Mr. Michael Durbin, age
40, was named a Director of Demeter, subject to approval by the
National Futures Association.  Mr. Durbin is a Managing Director
of Morgan Stanley and has been Chief Operating Officer of
National Sales since February 2008.  Mr. Durbin joined Morgan
Stanley in 1990 and has served in a succession of leadership
positions in both its institutional and wealth management
businesses, most recently as head of Global Wealth Management
Group Capital Markets from October 2007 to February 2008.  Mr.
Durbin also served as Head of Equity Products and Services from
March 2006 to October 2007, Head of International Private Wealth
Management from May 2005 to March 2006, Chief Strategic and Risk
Officer of Global Wealth Management Group from September 2004 to
May 2005, and Chief Administrative Officer of each of Private
Wealth Management and Global Wealth Management Group from January
2002 to September 2004.  Mr. Durbin received his B.B.A. from the
University of Notre Dame in 1990 and an M.B.A. from the New York
University in 1998.

<page> Effective March 20, 2008, Mr. Jose Morales, age 31, was
named a Director of Demeter, subject to approval by the National
Futures Association.  Mr. Morales is a Vice President at Morgan
Stanley and has headed the Product Development Group for the
firm?s Global Wealth Management business since August 2007.  Mr.
Morales joined the firm in September 1998 as an analyst in the
investment management division, and subsequently held positions
in the Morgan Stanley Investment Management Global Product
Development Group from May 2000 to December 2003, in the Global
Wealth Management Product Development Group from December 2003 to
June 2006, and in Global Wealth Management Alternative
Investments Product Development & Management from June 2006 to
August 2007.  Mr. Morales is a member of the Global Wealth
Management New Products Committee and the Consulting Services Due
Diligence Committee.  Prior to his appointment as a Director of
Demeter, Mr. Morales served as a member of the Managed Futures
Investment Management Committee from March 2005 to March 2008.
Mr. Morales received an M.B.A. with a concentration in Finance
from the NYU Stern School of Business in June 2007 and a B.S. in
International Business Administration with a concentration in
Economics from Fordham University in 1998.

Effective April 1, 2008, Mr. Andrew Saperstein no longer serves
as a Director of Demeter.

<page> 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)

May 15, 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.
















1537:
1538:   -





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