10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x           ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013 or

o           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: 000-19511

		MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P.
		(Exact name of registrant as specified in its charter)
	Delaware		13-3619290
	State or other jurisdiction of       incorporation or organization		(I.R.S. Employer Identification No.)
Ceres Managed Futures LLC
522 Fifth Avenue, 14th Floor
New York, NY			10036
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code	(855) 672-4468
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange
	on which registered
None	None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   Yes o No x

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 o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Registration S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)    Yes x  No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.404 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

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 definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer x	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes 0  No T

State the aggregate market value of the Units of Limited Partnership Interest held by non-affiliates of the registrant.  The aggregate market value shall be computed by reference to the price at which Units were sold as of the last business day of the registrant’s most recently completed second fiscal quarter: $174,028,849 at June 30, 2013.

As of February 28, 2014, 5,170,336.203 Limited Partnership Units were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

(See Page 1)

MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P.

INDEX TO ANNUAL REPORT ON FORM 10-K

December 31, 2013

DOCUMENTS INCORPORATED BY REFERENCE …………………………………………………………… 1

Part I.
Item 1.	Business	2-7
Item 1A.	Risk Factors	7-35
Item 1B.	Unresolved Staff Comments	35
Item 2.	Properties	36
Item 3.	Legal Proceedings	36-51
Item 4.	Mine Safety Disclosures	51
Part II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters  and Issuer Purchases of Equity Securities	52
Item 6.	Selected Financial Data	53
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54-76
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	77-87
Item 8.	Financial Statements and Supplementary Data	87
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	87
Item 9A.	Controls and Procedures	88-89
Item 9B.	Other Information	89
Part III.
Item 10.	Directors, Executive Officers and Corporate Governance	90-99
Item 11.	Executive Compensation	99
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	99
Item 13.	Certain Relationships and Related Transactions, and Director Independence	99-100
Item 14.	Principal Accountant Fees and Services	100
Part IV.
Item 15.	Exhibits, Financial Statement Schedules	101

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the following documents are incorporated by reference as follows:

     Documents Incorporated                                                                                                                   Part of Form 10-K

 Annual Report to Morgan Stanley Smith Barney Spectrum Series

 Limited Partners for the year ended December 31, 2013                                                                                                                          II, III, and IV

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PART I

Item 1.  BUSINESS

(a)  General Development of Business. Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) is a Delaware limited partnership organized in 1991 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”).  The Partnership commenced trading operations on August 1, 1991.  The Partnership is one of the Morgan Stanley Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith Barney Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P. and Morgan Stanley Smith Barney Spectrum Technical L.P. (collectively, the “Spectrum Series”).

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator for the Partnership.  Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”).  MSSBH is wholly-owned indirectly by Morgan Stanley.  Prior to June 2013, Citigroup Inc. was the indirect minority owner of MSSBH.  Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”).  This entity, previously acted as a non-clearing commodity broker for the Partnership.  Morgan Stanley Wealth Management is a principal subsidiary of MSSBH.

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The clearing commodity broker for the Partnership is Morgan Stanley & Co. LLC (“MS&Co.”).  Morgan Stanley & Co. International plc (“MSIP”) previously served as a clearing commodity broker for the Partnership.  MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts.  Morgan Stanley Capital Group Inc. (“MSCG”) acts as the counterparty on all trading of options on foreign currency forward contracts.  MS&Co. and MSCG are wholly-owned subsidiaries of Morgan Stanley.

The trading advisors to the Partnership are EMC Capital Advisors, LLC (“EMC Capital Advisors”), Northfield Trading L.P. (“Northfield”), Rabar Market Research, Inc. (“Rabar”), Graham Capital Management, L.P. (“Graham”), and Altis Partners (Jersey) Limited (“Altis”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”).  A description of the trading activities and focus of each Trading Advisor begins on page 56 under Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Effective December 1, 2013, the management fee payable by the Partnership to Northfield Trading L.P. (“Northfield”) was reduced from a monthly management fee rate equal to 1/12 of 2% (a 2% annual rate) of net assets allocated to Northfield on a first day of each month to a monthly management fee rate equal to 1/12 of 1% (a 1% annual rate) of net assets allocated to Northfield on the first day of each month.

Effective October 1, 2013, EMC Capital Management, Inc. (“EMC”) assigned its obligations, rights and interest to EMC Capital Advisors, LLC (“EMC Capital Advisors”).  EMC Capital Advisors has

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assumed all of EMC’s obligations under the management agreement, dated as of June 1, 1998, as amended, among the Partnership, the General Partner and EMC.

Effective June 30, 2013, Ceres terminated the management agreement among Ceres, Sunrise Capital Management, Inc. (“Sunrise Capital”) and the Partnership, pursuant to which Sunrise Capital ceased all Futures Interest trading on behalf of the Partnership.

The General Partner, on behalf of the Partnership, has entered into a management agreement with each Trading Advisor (each, a “Management Agreement”).  Each Management Agreement provides that the Trading Advisor has sole discretion in determining the investments of the assets of the Partnership allocated to the Trading Advisor by the General Partner.  Pursuant to each Management Agreement, the Partnership pays each Trading Advisor a flat-rate monthly management fee and an incentive fee.

The management fee for the Partnership is accrued at a rate of 1/12 of 1.25% per month of net assets allocated to Altis on the first day of each month (a 1.25% annual rate), 1/12 of 2% per month of net assets allocated to EMC Capital Advisors, Graham, Rabar and prior to June 28, 2013 to Sunrise Capital on the first day of each month (a 2% annual rate), and 1/12 of 1% per month of net assets allocated to Northfield on the first day of each month (a 1% annual rate).

Prior to December 1, 2013, the monthly management fee payable to Northfield was 1/12 of 2% (a 2% annual rate).

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In addition, the Partnership pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to Northfield, EMC Capital Advisors, Rabar, Altis, Graham and prior to June 28, 2013, Sunrise Capital, as of the end of each calendar month.

Trading profits represent the amount by which profits from futures, forwards, and options trading exceed losses after brokerage and management fees are deducted.  For all Trading Advisors with trading losses, no incentive fee is paid in subsequent months until all such losses are recovered.  Cumulative trading losses are adjusted on a pro-rata basis for the net amount of each month’s redemptions.

The current term of the Management Agreement with Altis will expire on October 9, 2014 and will renew annually unless terminated by the General Partner or the Trading Advisor.  The current term of the Management Agreement with EMC Capital Advisors will expire on May 1, 2014 and will renew annually unless terminated by the General Partner or the Trading Advisor.  The current term of the Management Agreement with Graham will expire on December 31, 2014 and will renew annually unless terminated by the General Partner or the Trading Advisor.  The current term of the Management Agreement with Northfield will expire on April 30, 2014 and will renew annually unless terminated by the General Partner or the Trading Advisor.  The current term of the Management Agreement with Rabar will expire on May 1, 2014 and will renew annually unless terminated by the General Partner or the Trading Advisor.  In general, each Management Agreement may be terminated upon notice by either party.

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The Partnership began the year at a net asset value per unit of limited partnership interest (“Unit(s)) of $27.76 and returned (4.6)% to $26.48 per Unit on December 31, 2013.  For a more detailed description of the Partnership’s business see subparagraph (c).

(b)  Financial Information about Segments.  For financial information reporting purposes, the Partnership is deemed to engage in one industry segment, the speculative trading of futures, forwards and options on such contracts.  The relevant financial information is presented in Part II. Item 6. Selected Financial Data and Item 8. Financial Statements and Supplementary Data.

(c)  Narrative Description of Business.  The Partnership is in the business of speculative trading of futures, forwards and options on such contracts pursuant to trading instructions provided by the Trading Advisors.   See Items 1(a) and (b) above for a complete description of the Partnership’s business.  The information requested in Section 101(c)(i) through (xiii) of Regulation S-K is not applicable to the Partnership.  Additionally, the Partnership does not have any employees.  The directors and officers of the General Partner are listed in Part III. Item 10. Directors, Executive Officers and Corporate Governance.

(d)  Financial Information about Geographic Areas.  The Partnership has not engaged in any operations in non-U.S. countries; however, the Partnership (through the commodity brokers) enters into forward contract transactions where non-U.S. banks are the contracting parties and trades futures, forwards, and options on such contracts on non-U.S. exchanges.

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(e)  Available Information.  The Partnership files an annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to these reports with the Securities and Exchange Commission (“SEC”).  You may read and copy any document filed by the Partnership at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.  Please call the SEC at 1-800-SEC-0330 for information on the Public Reference Room.  The Partnership does not maintain

an internet website; however, the Partnership’s SEC filings are available to the public from the EDGAR database on the SEC’s website at http://www.sec.gov.  The Partnership’s CIK number is 0000873799.

Item 1A.  RISK FACTORS

This section includes some of the principal risks that investors will face with an investment in the Partnership.

THE UNITS IN THE PARTNERSHIP ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK.  THEY ARE SUITABLE ONLY FOR PERSONS WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT.

Risks Relating to the Partnership and the Offering of Units

Possible Consequences of Using Multiple Trading Advisors. Each Trading Advisor makes trading decisions independent of the other Trading Advisors for the Partnership. Thus, it is possible that the Partnership could hold opposite positions in the same or similar futures, forwards, and

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options, thereby offsetting any potential for profit from these positions.  Each such position would cost the Partnership transactional expenses (such as brokerage commissions and National Futures Association (“NFA”) fees) but could not generate any recognized gain or loss.  Moreover, the General Partner may reallocate the Partnership’s assets among the current Trading Advisors, terminate one or more or select additional Trading Advisors at any time.  Any such reallocation could adversely affect the performance of the Partnership or of any one Trading Advisor.

You Should Not Rely on Past Performance of the General Partner or the Trading Advisors In Deciding To Purchase Units. The past investment performance of other entities managed by the General Partner and the Trading Advisors is not necessarily indicative of the Partnership’s future results. No assurance can be given that the General Partner will succeed in meeting the investment objectives of the Partnership. You may lose all or substantially all of your investment in the Partnership.

The General Partner believes that past performance of the Trading Advisors may be of interest to investors, but encourages you to look at such information as an example of the respective objectives of the General Partner and Trading Advisors rather than as any indication that the Partnership’s objectives will, in fact, be achieved.

The Partnership Incurs Substantial Charges. The Partnership must pay substantial charges, and must generate profits and interest income which exceed its fixed costs in order to avoid

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depletion of its assets. The Partnership is required to pay brokerage commissions and monthly management fees to the Trading Advisors regardless of the performance of the Partnership. In addition, the Partnership pays each Trading Advisor an incentive fee. In addition, the Partnership pays the ongoing administrative and operating expenses of the Partnership as such expenses are incurred.

Incentive Fees May be Paid by the Partnership Even Though the Partnership Sustains Trading Losses. The Partnership pays each Trading Advisor an incentive fee based upon the new trading profits it generates for the Partnership. These new trading profits include unrealized appreciation on open positions. Accordingly, it is possible that the Partnership will pay an incentive fee on new trading profits that do not become realized. Also, each Trading Advisor will retain all incentive fees paid to it, even if it incurs a subsequent loss after payment of an incentive fee. Due to the fact that incentive fees are paid monthly, it is possible that an incentive fee may be paid to a Trading Advisor during a year in which the assets allocated to such Trading Advisor suffer a loss for the year. Because each Trading Advisor receives an incentive fee based on the new trading profits, the Trading Advisors may have an incentive to make investments that are riskier than would be the case in the absence of such an incentive fee being paid to the Trading Advisors based on new trading profits.

Restricted Investment Liquidity in the Units. There is no secondary market for the Units, and you may not redeem your Units other than as of the last Business Day of each month. Your right to receive payment for a redemption of some or all of your Units is dependent upon (a) the Partnership

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having sufficient assets to pay its liabilities on the redemption date, and (b) the General Partner’s receipt of your Request for Redemption in such manner as determined by  the General Partner no later than 3:00 p.m., New York City time, on the third Business Day before the end of the month. The General Partner will not permit a transfer, sale, pledge or assignment of Units unless it is satisfied that the transfer, sale, pledge or assignment would not be in violation of Delaware law or applicable federal, state, or foreign securities laws and notwithstanding any transfer, sale, pledge or assignment, the Partnership will continue to be classified as a partnership rather than as an association taxable as a corporation under the Internal Revenue Code of 1986, as amended (the “Code”). No transfer, sale, pledge or assignment of Units will be effective or recognized by the Partnership if the transfer, sale, pledge or assignment would result in the termination of the Partnership for U.S. federal income tax purposes. Any attempt to transfer, sell, pledge or assign Units in violation of the Partnership Agreement will be ineffective.

General Partner Redemptions. The General Partner is required to maintain a capital contribution at least equal to the greater of: (a) 1% of aggregate capital contributions to the Partnership (including the General Partner’s contribution) and (b) $25,000. The General Partner may otherwise redeem any portion of its investment in the Partnership at any time without notice to the Limited Partners. For any such redemption, the General Partner will redeem its Units at the end of the month in the same manner as any Limited Partner would follow to redeem Units. Additionally, the General Partner has the right to redeem Units it holds in the event redemptions for Limited Partners are suspended.

The Partnership’s Structure Has Conflicts of Interest.

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·   The General Partner, Morgan Stanley Wealth Management, MS&Co., MSCG, and MSIP are affiliates. As a result, the fees and other compensation received by these parties and other terms relating to the operation of the Partnership and the sale of Units have not been negotiated independently.  Due to the fact that they are affiliates, the General Partner has a disincentive to replace MS&Co. as a commodity broker.

·   MS&Co. and MSCG can benefit from bid/ask spreads to the extent the Trading Advisors execute over-the-counter (“OTC”) foreign exchange trades with MS&Co. and MSCG and bid/ask spreads are charged.

·   The Trading Advisors, MS&Co., Morgan Stanley Wealth Management, MSCG, MSIP and the General Partner and their affiliates may trade futures, forwards and options for their own accounts, and thereby compete with the Partnership for positions. Also, the other commodity pools managed by the General Partner and the Trading Advisors may compete with the Partnership for futures, forwards, and options positions. These conflicts can result in less favorable prices on the Partnership’s transactions.  These pools may also pay lower fees, including lower commodity brokerage fees and/or commissions, than the Partnership pays.  The records of any such trading will not be available for inspection by Limited Partners.

No specific policies regarding conflicts of interest have been adopted by the General Partner, the Partnership, or any of their affiliates, and you will be dependent on the good faith of, and legal

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and fiduciary obligations imposed on the parties involved with such conflicts to resolve them equitably.

An Investment in Units May Not Diversify an Overall Portfolio. One of the objectives of the Partnership is to add an element of diversification to a traditional stock and bond portfolio.  Studies show that diversifying a portfolio with investments that produce independent, positive results tends to improve the overall return of the portfolio while reducing its volatility.  Even if an investment in the Partnership reduces your portfolio’s volatility, the overall performance of your portfolio may be negative or flat.

While the Partnership’s performance may be largely independent of the general stock and bond markets, there is no assurance that it will be consistently independent or non-correlated.  An investment in the Partnership could increase rather than reduce overall portfolio losses during periods when the Partnership as well as stocks and bonds decline in value.  There is no way of predicting whether the Partnership will lose more or less than stocks and bonds in declining markets.  You may lose your entire investment in the Partnership.

Moreover, investors’ existing portfolios and individual risk tolerances may differ so that the result of non-independent and/or negative performance on individual portfolios will vary.

You must not consider the Partnership to be a hedge against losses in your core stock and bond portfolios.  You should consider whether diversification in itself or the diversification provided by the Partnership is worthwhile, even if the Partnership is profitable.

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The Partnership Is Not A Registered Investment Company. The Partnership is not required to register, and is not registered, as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly, investors will not have the protections afforded by the Investment Company Act (which, among other matters, requires investment companies to have a majority of disinterested directors and regulates the relationship between the advisor and the investment company).

Risks Related to Regulation of the Partnership and General Partner

The Federal Reserve Board’s Regulation of Morgan Stanley Could Affect the Activities of the Partnership. As a bank holding company that has elected financial holding company (“FHC”) status under the Bank Holding Company Act, Morgan Stanley and its affiliates are subject to the comprehensive, consolidated supervision and regulation of the Board of Governors of the Federal Reserve System (“Federal Reserve”). A significant focus of this regulatory framework is the operation of Morgan Stanley and its subsidiaries in a safe and sound manner, with sufficient capital, earnings and liquidity that Morgan Stanley may serve as a source of financial and managerial strength to Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association (the “Banks”). These Banks must remain well capitalized and well managed if Morgan Stanley is to maintain its FHC status and continue to engage in the widest range of permissible financial activities. In addition, the general exercise by the Federal Reserve of its regulatory, supervisory and enforcement authority with respect to Morgan Stanley and certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or the “Act”) could result in changes to Morgan Stanley’s business practices or the scope of its current lines of business,

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including certain limited divestitures. Although such changes could have an impact on and consequences for Morgan Stanley, the General Partner and the Partnership, any limited divestiture should not directly involve the Partnership.

The enactment of the Dodd-Frank Act on July 21, 2010 has and will continue to result in enhanced regulation by the Federal Reserve and, with respect to the Banks, may result in enhanced regulation of certain affiliates of Morgan Stanley by the Office of the Comptroller of the Currency (“OCC”). Specifically, the Act amended the Bank Holding Company Act to require that, effective July 21, 2011, a bank holding company that has elected FHC status, such as Morgan Stanley must remain well-capitalized and well-managed for the election to continue to be effective.  Prior to the Dodd-Frank Act, this requirement had applied only to depository institution subsidiaries of a FHC, such as the Banks.  In addition to extending this requirement to apply to FHCs, the Dodd-Frank Act expanded the Federal Reserve’s supervisory and enforcement authority over nonbank subsidiaries of a bank holding company. Additionally, because it is a bank holding company with more than $50 billion in consolidated assets, Morgan Stanley is subject to enhanced supervision by and more stringent prudential standards to be established by the Federal Reserve. The Federal Reserve is also required to apply higher capital requirements to bank holding companies with more than $50 billion in consolidated assets than to other bank holding companies.  The Federal Reserve has proposed, but not yet finalized, rules to implement these requirements.

The Units are not being offered by the banks, and as such: (1) are not Federal Deposit Insurance Corporation (“FDIC”) insured, (2) are not deposits or other obligations of the Banks, (3) are not guaranteed by the Banks, and (4) involve investment risk, including possible loss of principal.

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Effect on the Partnership of the “Volcker Rule.” In December 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the FDIC, the SEC and the Commodity Futures Trading Commission (“CFTC”) each adopted a final rule (“Final Rule”) implementing Section 619 of the Dodd-Frank Act (which section is commonly referred to as the Volcker Rule).  The Final Rule will become effective on April 1, 2014.  Among other things, the Final Rule limits the ability of “banking entities” (which term includes any insured depository institution, any company controlling an insured depository institution or any affiliate or subsidiary of either) to acquire or retain an equity or other ownership interest in, or “sponsor”, “covered funds,” which include certain types of collective investment vehicles, such as the Partnership and the Trading Companies.  The Final Rule, however, permits banking entities to organize and offer a covered fund if several conditions are satisfied, including the requirement that the banking entity does not acquire an equity or other ownership interest in the covered fund except for a de minimis investment.

Morgan Stanley is continuing to assess the impact of the Final Rule on itself and all of its subsidiaries and affiliates.  The Final Rule could, among other things, limit or prohibit certain employees of Morgan Stanley and its affiliates, including the General Partner, and their investment vehicles from investing in or co-investing with the Partnership and/or the Trading Companies. Structural changes to the Partnership and/or the Trading Companies could also be required.  To the extent that the General Partner determines that any activities or investments of the Partnership and/or the Trading Companies are impermissible under the Final Rule, the General Partner is required to make good faith efforts to unwind such activities and investments, with a final deadline

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of July 21, 2015 for all such activities and investments to be unwound and the Partnership and the Trading Companies to be in compliance with the Final Rule.  It should be noted that each of the regulators has discretion to interpret the Final Rule with respect to the entities regulated by each such regulator, and there are numerous interpretive questions to be resolved in regulatory commentary, so there remains some uncertainty as to various aspects of the Final Rule.

Redemptions from the Partnership and/or the Trading Companies by individuals or entities that are related to, or affiliated with, Morgan Stanley, including the General Partner, and, without limitation, any investment vehicles advised by Morgan Stanley or its affiliates, including the General Partner, or certain employees as a result of, or in connection with, the Final Rule could require the Partnership and/or the Trading Companies to liquidate positions sooner than would otherwise be desirable, which could adversely affect the performance of the Partnership and/or the Trading Companies.

The Final Rule also contains a general prohibition on “covered transactions,” as defined in Section 23A of the Federal Reserve Act, as amended (“FRA”), and certain other transactions set forth in Section 23B of the FRA, between a banking entity and any covered fund (or any other covered fund controlled by such covered fund) (i) for which the banking entity serves, directly or indirectly, as the investment manager, investment adviser, commodity trading advisor or sponsor, (ii) that was organized and offered by the banking entity, (iii) in which the banking entity continues to hold an ownership interest.  Such general prohibitions will restrict the activities of the Partnership and/or the Trading Companies.

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Assets Held in Accounts at U.S. Banks May Not Be Fully Insured. The assets of the Partnership that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The FDIC insures deposits held at insured depository institutions for up to $250,000 (including principal and accrued interest) for each insurable capacity (e.g., individual accounts, joint accounts, corporate accounts, etc.), though deposits in separate branches of an insured institution are not separately insured. If the FDIC were to become receiver of a U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates, then it is uncertain whether the commodity broker, the affiliate involved, the Partnership, or the investor would be able to reclaim cash in the deposit accounts above $250,000.

Other Federal Agencies, Including the SEC and the CFTC, Regulate Certain Activities of the Partnership and General Partner.  Regulatory changes other than banking regulations could adversely affect the Partnership by restricting its trading activities and/or increasing the costs or taxes to which the investors are subject.  The Dodd-Frank Act, among other things, grants the CFTC and SEC broad rulemaking authority to implement various provisions of the Dodd-Frank Act, including comprehensive regulation of the over-the-counter derivatives market and certain foreign exchange transactions.  The implementation of the Dodd-Frank Act could adversely affect the Partnership by increasing transaction and/or regulatory compliance costs.  In addition, greater regulatory scrutiny may increase the Partnership’s and the General Partner’s exposure to potential liabilities.  Increased regulatory oversight can also impose administrative burdens on the General Partner, including, without limitation, responding to investigations and implementing new policies and procedures.  As a result, the General Partner’s time, attention and resources may be diverted from portfolio management activities.

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Other potentially adverse regulatory initiatives could develop suddenly and without notice.

Risks Relating to Futures Interests Trading and the Futures Interests Markets

Futures Interests Trading is Speculative and Volatile. The rapid fluctuations in the market prices of futures, forwards, and options make an investment in the Partnership volatile. Volatility is caused by, among other things, changes in supply and demand relationships; weather; agricultural, trade, fiscal, monetary and exchange control programs; domestic and foreign political and economic events and policies; and changes in interest rates. If a Trading Advisor incorrectly predicts the direction of prices in futures, forwards, and options, large losses may occur. The Partnership’s performance will be volatile on a monthly and an annual basis. The Partnership could lose all or substantially all of its assets.

The Partnership’s Futures Interests Trading is Highly Leveraged such that Small Changes in the Price of the Partnership’s Positions May Result in Substantial Losses. Trading Advisors may use substantial leverage in trading the Partnership’s assets. Trading futures, forwards, and options involves substantial leverage, which could result in immediate and substantial losses. Due to the low margin deposits normally required in trading futures, forwards, and options (typically between 2% and 15% of the value of the contract purchased or sold), an extremely high degree of leverage is typical of a futures interests trading account. As a result, a relatively small price movement in futures, forwards, and options may result in immediate and substantial losses to the investor. For example, if 10% of the face value of a contract is deposited as margin for that

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contract, a 10% decrease in the value of the contract would cause a total loss of the margin deposit. A decrease of more than 10% in the value of the contract would cause a loss greater than the amount of the margin deposit.

The leverage employed by the Trading Advisors in their trading can vary substantially from month to month. This leverage, expressed as the underlying value of the Partnership’s positions compared to the average net assets of the Partnership, is anticipated to range from two times the Partnership’s net assets to ten times the Partnership’s net assets. Under certain conditions, however, the Partnership’s leverage could exceed (or be less than) such range.  The amount of margin required to be deposited with respect to an individual futures contract is determined by the exchange upon which the contract is traded and the commodity broker at which the position is held and may be changed at any time.

Options Trading Can be More Volatile than Futures Trading, and Purchasing and Writing Options Could Result in Trading Losses. The Partnership may trade options on futures. Although successful options trading requires many of the same skills as successful futures trading, the risks are different. Successful options trading requires a trader to assess accurately near-term market volatility because that volatility is immediately reflected in the price of outstanding options. Correct assessment of market volatility can therefore be of much greater significance in trading options than it is in many long-term futures strategies where volatility does not have as great an effect on the price of a futures contract.  Specific market movements of the commodities or futures contracts underlying an option cannot accurately be predicted.  The purchaser or an option may lose

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the entire premium paid for the option.  The writer, or seller, of a put option collects a premium and risks losing the difference between the strike price and the market price of the underlying commodity or futures contract (less the premium received) if the option buyer exercises its put option.  The writer, or seller, of a call option has unlimited risk.  A call option writer collects a premium and risks losing the difference between the price it would have to pay to obtain the underlying commodity or futures contract and the strike price (less the premium received) if the option buyer exercises its call option.

Market Illiquidity May Cause Less Favorable Trade Prices. Although the Trading Advisors generally will purchase and sell actively-traded contracts where last trade price information and quoted prices are readily available, the price at which a sale or purchase occurs may differ from the price expected because there may be a delay between receiving a quote and executing a trade, particularly in circumstances where a market has limited trading volume and prices are often quoted for relatively limited quantities. In addition, most U.S. futures exchanges have established “daily price fluctuation limits” which preclude the execution of trades at prices outside of the limit, and, from time to time, the CFTC or the exchanges may suspend trading in market disruption circumstances. In these cases it is possible that the Partnership could be required to maintain a losing position that it otherwise would execute and incur significant losses or be unable to establish a position and miss a profit opportunity.

Factors that can contribute to market illiquidity for exchange-traded contracts include:

·   exchange-imposed price fluctuation limits;

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·   limits on the number of contracts speculative traders may hold in most commodity markets; and

·   market disruptions.

The General Partner expects that non-exchange traded contracts will be traded for commodity interests for which there is generally a liquid underlying market.  Such markets, however, may experience periods of illiquidity and are also subject to market disruptions.

Since the Trading Advisors already manage sizable assets in the commodity markets, it is probable that the Partnership will encounter illiquid situations.  It is impossible to quantify the frequency or magnitude of these risks, however, especially because the conditions often occur unexpectedly. 

Trading on Foreign Exchanges Presents Greater Risks to the Partnership than Trading on U.S. Exchanges. The Partnership trades on exchanges located outside the United States. Trading on U.S. exchanges is subject to CFTC regulation and oversight, including, for example, minimum capital requirements for commodity brokers, segregation of customer funds, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements, and other requirements and restrictions for the purpose of preventing price manipulation and other disruptions to market integrity, avoiding systemic risk, preventing fraud and promoting innovation,

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competition and financial integrity of transactions. Trading on foreign exchanges is not regulated by the CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and may be less vigorously enforced than regulations in the U.S.

Trading on foreign exchanges involves some risks that trading on U.S. exchanges does not, such as:

Lack of Investor Protection Regulation

The rights of the Partnership in the event of the insolvency or bankruptcy of a non-U.S. market or broker are likely to differ from rights that the Partnership would have in the United States and these rights may be more limited than in the case of failures of U.S. markets or brokers.

Possible Governmental Intervention

Generally, foreign brokers are not subject to the jurisdiction of the CFTC or any other U.S. regulator.  In addition, the Partnership’s assets held outside of the United States to margin transactions on foreign exchanges are held in accordance with the client assets protection regime and the insolvency laws of the applicable jurisdiction.  A foreign government might halt trading in a market and/or take possession of the Partnership’s assets maintained in its country in which case the

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assets may never be recovered.  The General Partner might have little or no notice that such events were happening.  In such circumstances, the General Partner may not be able to obtain the Partnership’s assets.

Relatively New Markets

Some foreign exchanges on which the Partnership trades may be in developmental stages so that prior price histories may not be indicative of current price patterns.

Exchange-Rate Exposure

The Partnership is valued in U.S. dollars.  Contracts on foreign exchanges are usually traded in the local currency.  The Partnership’s assets held in connection with contracts priced and settled in a foreign currency may be held in a foreign depository in accounts denominated in a foreign currency.  Changes in the value of the local currency relative to the U.S. dollar could cause losses to the Partnership even if the contract traded is profitable.

Risks Associated with Affiliates

The Partnership’s clearing broker may use an affiliate to carry and clear transactions on foreign exchanges.  While the use of affiliates can provide certain benefits, it can also pose certain risks.  In particular, if a clearing broker or an affiliated foreign broker were to fail, it is likely that all of its

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affiliated companies would fail or be placed in administration within a relatively brief period of time.  Each of these companies would be liquidated in accordance with the bankruptcy laws of the local jurisdiction.  Moreover, return of the Partnership’s assets held at affiliated foreign brokers would be delayed, perhaps for a significant period of time, and would be subject to additional administrative costs.  If, on the other hand, a clearing broker had cleared its customers’ foreign futures and foreign options transactions through unaffiliated foreign brokers, such broker likely would not have failed and the clearing broker’s bankruptcy trustee could have directed the foreign broker to liquidate all of the Partnership’s positions and return the balance to the trustee for distribution to the Partnership.

The percentage of the Partnership’s positions which are traded on foreign exchanges can vary significantly from month to month.

The Unregulated Nature of Uncleared Trading in the Over-The-Counter Markets Creates Counterparty Risks that Do Not Exist in Futures Trading on Exchanges or in Cleared Swaps. Unlike futures contracts and cleared swaps, uncleared trades, such as forward contracts, some swaps and some over-the-counter “spot” contracts are entered into between private

parties off of an exchange or other trading platform and are not subject to clearing. As a result, the performance of those contracts is not guaranteed by an exchange or its clearinghouse, and the Partnership is at risk with respect to the ability of the counterparty to perform on the contract, including the creditworthiness of the counterparty. Trading of foreign exchange spot contracts of foreign exchange forwards and foreign exchange swaps (as such terms are defined in the Dodd-

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Frank Act), and of uncleared swaps is not regulated or is subject to limited regulation; therefore, there are limited or no specific standards or regulatory supervision of trade pricing and other trading activities that occur in those markets. The Partnership trades such contracts with MS&Co. and MSCG and is at risk with respect to the creditworthiness and trading practices of each of MS&Co. and MSCG as the counterparty to the contracts.

Forward Foreign Currency and Spot Contracts Historically Were Not Regulated When Traded Between Certain “Eligible Contract Participants” and Are Subject to Credit Risk.  The Partnership may trade forward contracts in foreign currencies and may engage in spot commodity transactions (transactions in physical commodities).  These contracts, unlike futures contracts and options on futures, historically were not regulated by the CFTC when traded between certain “eligible contract participants,” as defined in the Commodity Exchange Act.  On July 21, 2010, the President signed into law major financial services reform legislation in the form of the Dodd-Frank Act.  The Dodd-Frank Act includes foreign currency forwards and foreign currency swaps (as such terms are defined in the Dodd-Frank Act) in the definition of “swap.”  The CFTC has been granted authority to regulate all swaps, but grants the U.S. Treasury Department the discretion to exempt foreign currency forwards and foreign currency swaps from all aspects of the Dodd-Frank Act other than reporting, recordkeeping and business conduct rules for swap dealers and major swap participants.  In November 2012, Treasury determined that those transactions can be carved out of the swap category, and they are subject only to the noted categories of the Dodd-Frank Act requirements.  Therefore, the Partnership will not receive the full benefit of CFTC regulation for certain of their foreign currency trading activities.

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The percentage of the Partnership’s positions that are expected to constitute foreign currency forwards and foreign currency swaps can vary substantially from month to month.

Trading Swaps Creates Distinctive Risks. The Trading Advisors may trade in certain swaps.  Unlike futures and options on futures contracts, most swap contracts currently are not traded on or cleared by an exchange or clearinghouse.  The CFTC currently requires only a limited class of swap contracts (certain interest rate and credit default swaps) to be cleared and executed on an exchange or other organized trading platform.  In accordance with the Dodd-Frank Act, the CFTC will in the future determine which other classes of swap contracts will be required to be cleared and executed on an exchange or other organized trading platform.  Until such time as these transactions are cleared, the Partnership will be subject to a greater risk of counterparty default on its swaps.  Because swaps do not generally involve the delivery of underlying assets or principal, the amount payable upon default and early termination is usually calculated by reference to the current market value of the contract.  Some swap counterparties may require the Partnership to deposit collateral to support the Partnership’s obligation under the swap agreement but may not themselves provide collateral for the benefit of the Partnership.  If the counterparty to such a swap defaults, the Partnership would be a general unsecured creditor for any termination amounts owed by the counterparty to the Partnership as well as for any collateral deposits in excess of the amounts owed by the Partnership to the counterparty, which would result in losses to the Partnership.

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There are no limitations on daily price movements in swaps.  Speculative position limits are not currently applicable to swaps, but in the future may be applicable for swaps on certain commodities.  In addition, participants in the swap markets are not required to make continuous markets in the swaps they trade, and determining a market value for calculation of termination amounts can lead to uncertain results.

Trading of swaps will be subject to substantial change under the Dodd-Frank Act and related regulatory action.  Under the Dodd-Frank Act, many commodity swaps will be required to be cleared through central clearing parties and executed on exchanges or other organized trading platforms.  Security-based swaps will be subject to similar requirements.  Additional regulatory requirements will apply to all swaps, whether subject to mandatory clearing or not.  These include margin, collateral and capital requirements, reporting obligations, speculative position limits for certain swaps, and other regulatory requirements.  Swaps which are not offered for clearing by a clearing house will continue to be traded bi-laterally.  Such bi-lateral transactions will remain subject to many of the risks discussed in the preceding paragraphs.

Central Clearing Parties Could Fail.  Central clearing parties are highly capitalized.  Cleared transactions are supported by initial and variation margin.  As a result, failure of a central clearing party is highly unlikely.  If a central clearing party were to fail, however, the impact on the financial system in general and on the Partnership’s positions in particular is uncertain.

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Deregistration of the Commodity Pool Operator or the Commodity Trading Advisors Could Disrupt Operations. The General Partner is a registered commodity pool operator and registered commodity trading advisor and each Trading Advisor is a registered commodity trading advisor. If the CFTC were to terminate, suspend, revoke or not renew the registration of the General Partner, the General Partner would withdraw as general partner of the Partnership. The Limited Partners would then determine whether to select a replacement general partner or to dissolve the Partnership. If the CFTC were to terminate, suspend, revoke or not renew the registration of a Trading Advisor, the General Partner would terminate such Trading Advisor’s advisory agreement with the Partnership. The General Partner could reallocate the Partnership’s assets managed by the deregistered Trading Advisor to new trading advisor(s) or terminate the Partnership. No action is currently pending or threatened against the General Partner or any of the Trading Advisors.

The Partnershipis Subject to Speculative Position Limits. U.S. exchanges have established “speculative position limits” on the maximum net long or net short position, which any person or group of persons may hold or control in particular futures and options on futures.  Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day.  Therefore, a Trading Advisor may have to modify its trading instructions or reduce the size of its position in one or more futures or options contracts in order to avoid exceeding such position limits, which could adversely affect the  profitability of the Partnership.  The futures exchange may amend or adjust these position limits or the interpretation of how such limits are applied, adversely affecting the profitability of the Partnership.  In addition, in October 2011, the CFTC adopted new rules governing position limits on futures (and options on futures) on a number

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of agricultural, energy and metals commodities, as well as on swaps that perform a significant price discovery function with respect to those futures and options.  In September 2012, the CFTC’s rules were vacated by the United States District Court for the District of Columbia and remanded to the CFTC for further consideration.  It is possible, nevertheless, that these rules may take effect in some form via re-promulgation or a successful appeal by the CFTC of the District Court’s ruling.  If so, these rules could have an adverse effect on the Partnership’s trading.

The Partnershiphas Credit Risk to the Commodity Brokers. The Partnership has credit risk because the commodity brokers act as the futures commission merchants for futures transactions or the counterparties of OTC transactions, with respect to most of the Partnership’s assets. As such, in the event that the commodity brokers are unable to perform, the Partnership’s assets are at risk and, in such event, the Partnership may only recover a portion of its investment or nothing at all. Exchange-traded futures and futures-styled option contracts are marked to market on a daily basis, with variations in value credited or charged to the Partnership’s account on a daily basis. The commodity brokers, as futures commission merchants for the Partnership’s exchange-traded contracts, are required, pursuant to CFTC regulations, 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 and futures-styled options contracts, including an amount equal to the net unrealized gain on all open futures and futures-styled options contracts.  Similar requirements apply with respect to funds held in connection with cleared swap contracts.  In the event of a shortfall in segregated customer funds held by the futures commission merchant, the Partnership’s assets on account with the futures commission merchant may be at risk in the event of the futures

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commission merchant’s bankruptcy or insolvency, and in such event, the Partnership may only recover a portion of the available customer funds.  If no property is available for distribution, the Partnership would not recover any of its assets.  With respect to the Partnership’s over-the-counter foreign exchange contracts and uncleared swaps with MS&Co. and MSCG prior to the implementation of the Dodd-Frank Act’s provisions, there was no requirement to segregate funds held with respect to such contracts.  Once the Dodd-Frank Act is fully implemented, a party engaging in uncleared swaps with a swap dealer or major swap participant can ask that the portion of collateral at risk upon the swap dealer or major swap participant’s insolvency be held with an independent third party custodian.  It is likely the party requesting segregation will pay the costs of such custodial arrangement.

Risks Relating to the Trading Advisors

Since the future performance of the Trading Advisors is unpredictable, the Trading Advisors’ past performance is not necessarily indicative of future results.

Reliance on the Trading Advisors to Trade Successfully. The Trading Advisors are responsible for making all futures, forwards, and options trading decisions on behalf of the Partnership. The General Partner has no control over the specific trades the Trading Advisors may make, leverage used, risks and/or concentrations assumed or whether the Trading Advisors will act in accordance with the disclosure documents or descriptive materials furnished by them to the General Partner. The General Partner can provide no assurance that the trading program employed by the Trading Advisors will be successful. The Trading Advisors, in turn, are dependent

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upon the services of a limited number of persons to develop and refine their trading approaches and strategies and execute the trading transactions. The loss of the services of any of the Trading Advisors’ principals or key employees, or the failure of those principals or key employees to function effectively as a team, may have an adverse effect on the Trading Advisors’ ability to manage their trading activities successfully, or may cause a Trading Advisor to cease operations entirely. This, in turn, could negatively affect the Partnership’s performance.

Market Factors May Adversely Influence the Trading Advisors’ Trading Programs. In the past, there have been periods when market conditions have not been favorable to the Trading Advisors’ respective strategies, and such periods may recur. The past performance of such trading strategies is not necessarily indicative of their future profitability, and no trading program can consistently determine which commodity to trade or when to enter into the trade. Often, the most unprofitable market conditions for the Partnership are those in which prices “whipsaw,” that is, such price moves quickly upward (or downward), then reverses, then moves upward (or downward) again, then reverses again. In such conditions, the Trading Advisors may establish positions based on incorrectly identifying both the brief upward or downward price movements as trends, whereas in fact no trends sufficient to generate profits develop. Any factor which may lessen the prospect of favorable conditions in the future (such as lack of major price trends or increased governmental control of, or participation in, the markets) may reduce the Trading Advisors’ ability to trade profitably in the future.

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Increasing the Assets Managed by the Trading Advisors May Adversely Affect Their Performance. The rates of return achieved by commodity trading advisors often diminish as the assets under their management increase. This can occur for many reasons, including the inability of the trading advisor to execute larger position sizes at desired prices and because of the need to adjust the trading advisor’s trading program to avoid exceeding speculative position limits. These are limits established by the CFTC and the exchanges on the number of speculative futures and options contracts in a commodity that one trader may own or control. The Trading Advisors have not agreed to limit the amount of additional assets that they will manage.

You Will Not be Aware of Changes to the Trading Advisors’ Trading Programs. Because of the proprietary nature of the Trading Advisors’ trading programs, you generally will not be advised if adjustments are made to the Trading Advisors’ trading programs in order to accommodate additional assets under management or for any other reason.

The Trading Advisors May Terminate Their Advisory Agreements. The advisory agreements with the Trading Advisors automatically renew annually unless terminated by the General Partner or the relevant Trading Advisor. In the event an advisory agreement is not renewed, the General Partner may not be able to enter into an arrangement with the relevant Trading Advisor or another trading advisor on terms substantially similar to the previous advisory agreement.

Disadvantages of Replacing or Switching Trading Advisors. The Trading Advisors are required to recoup previous trading losses before they can earn performance-based compensation.

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However, the General Partner may elect to replace a Trading Advisor if it has a “loss carry-forward.” In that case, the Partnership would lose the “free ride” of any potential recoupment of the prior losses. In addition, the new trading advisor(s) would earn performance-based compensation on the first dollars of investment profits. The effect of the replacement of or the reallocation of assets away from a Trading Advisor therefore could be significant.

Partnership Performance May Be Hindered by Increased Competition for Positions.  Assets in managed futures have grown from an estimated $300 million in 1980 to over $300 billion in 2012. This has resulted in increased trading competition. Since futures are traded in an auction-like market, the more competition there is for some contracts, the more difficult it is for the Trading Advisors to obtain the best prices for the Partnership. The Trading Advisors are required to use an allocation methodology that is fair to all customers.

You Will Not Have Access to the Partnership’s Positions and Must Rely on the General Partner to Monitor the Trading Advisors. As a Limited Partner, you will not have access to the Partnership’s trade positions. Consequently, you will not know whether the Trading Advisors are adhering to the Partnership’s trading policies and must rely on the ability of the General Partner to monitor trading and protect your investment.

Taxation Risks

You May Have Tax Liability Attributable To Your Interest in the Partnership Even If You Have Received No Distributions and Redeemed No Units and Even if the Partnership

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Generated a Loss. If the Partnership has profit for a taxable year, the profit will be includible in your taxable income, whether or not cash or other property is actually distributed to you by the Partnership. The General Partner presently does not intend to make any distributions from the Partnership. Accordingly, it is anticipated that U.S. federal income taxes on your allocable share of the Partnership’s profits will exceed the amount of distributions to you, if any, for a taxable year, so that you must be prepared to fund any tax liability from redemptions of Units or other sources. In addition, the Partnership may have capital losses from trading activities that cannot be deducted against the Partnership’s ordinary income (e.g., interest income, periodic net swap payments) so that you may have to pay taxes on ordinary income even if the Partnership generates a net loss.

The Partnership’s Tax Returns Could be Audited.  The Internal Revenue Service (“IRS”) could audit the Partnership’s U.S. federal income tax returns. If an audit results in an adjustment to the Partnership’s tax return, Limited Partners in the Partnership could be required to file amended returns and pay additional tax.

You Will Recognize Short-Term Capital Gain. Profits on futures contracts traded in regulated U.S. and some foreign exchanges, foreign currency contracts traded in the interbank market, and U.S. and some foreign exchange-traded options on commodities are generally taxed as short-term capital gain to the extent of 40% of gains with respect to section 1256 contracts and at least 50% of the gain arising from a mixed straddle account and are currently taxed at a maximum marginal ordinary U.S. federal income tax rate of 35%.

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The IRS Could Take the Position that Deductions for Certain Partnership Expenses Are SubjectTo Various Limitations. Non-corporate taxpayers are subject to certain limitations for deductions for “investment advisory expenses” for U.S. federal income tax and alternative minimum tax purposes. The IRS could argue that certain Partnership expenses are investment advisory expenses. Prospective investors should discuss with their tax advisors the tax consequences of an investment in the Partnership.

Tax Laws Are Subject To Change at Any Time. Tax laws and court and IRS interpretations thereof are subject to change at any time, possibly with retroactive effect. Prospective investors are urged to discuss scheduled and potential tax law changes with their tax advisors.

Non-U.S. Investors May Face Exchange Rate Risk and Local Tax Consequences. Non-U.S. investors should note that Units are denominated in U.S. dollars and that changes in rates of exchange between currencies may cause the value of their investment to decrease or to increase. Non-U.S. investors should consult their own tax advisors concerning the applicable U.S. and foreign tax implications of this investment.

Item 1B.  UNRESOLVED STAFF COMMENTS

Not applicable.

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Item 2.  PROPERTIES

The Partnership’s executive and administrative offices are located within the offices of the General Partner.  The General Partner’s offices utilized by the Partnership are located at 522 Fifth Avenue, 14th Floor, New York, NY 10036.

Item 3.  LEGAL PROCEEDINGS

On June 1, 2011, Morgan Stanley & Co. Incorporated converted from a Delaware corporation to a Delaware limited liability company.  As a result of that conversion, Morgan Stanley & Co. Incorporated is now named Morgan Stanley & Co. LLC (“MS&Co.” or the “Company”).

MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company.  Morgan Stanley files periodic reports with the SEC as required by the Securities Exchange Act of 1934 (“Exchange Act”), which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including MS&Co.  As a consolidated subsidiary of Morgan Stanley, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations.  As a result, we refer you to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for 2013, 2012, 2011, 2010, and 2009.

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In addition to the matters described in those filings, in the normal course of business, each of Morgan Stanley and MS&Co. has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions, and other litigation, arising in connection with its activities as a global diversified financial services institution.  Certain of the legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages.  Each of Morgan Stanley and MS&Co. is also involved, from time to time, in investigations and proceedings by governmental and/or regulatory agencies or self-regulatory organizations, certain of which may result in adverse judgments, fines or penalties.  The number of these investigations and proceedings has increased in recent years with regard to many financial services institutions, including Morgan Stanley and MS&Co.

MS&Co. is a Delaware limited liability company with its main business office located at 1585 Broadway, New York, New York 10036.  Among other registrations and memberships, MS&Co. is registered as a futures commission merchant and is a member of the NFA.

During the preceding five years, the following administrative, civil, or criminal actions pending, on appeal or concluded against MS&Co. or any of its principals are material within the meaning of CFTC Rule 4.24(l)(2) or 4.34(k)(2):

On June 2, 2009, Morgan Stanley executed a final settlement with the Office of the New York State Attorney General in connection with its investigation relating to the sale of auction-rate securities.  Morgan Stanley agreed, among other things to: (1) repurchase at par illiquid auction-rate securities

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that were purchased by certain retail clients prior to February 13, 2008; (2) pay certain retail clients that sold auction-rate securities below par the difference between par and the price at which the clients sold the securities; (3) arbitrate, under special procedures, claims for consequential damages by certain retail clients; (4) refund refinancing fees to certain municipal issuers of auction-rate securities; and (5) pay a total penalty of $35 million.  On August 13, 2008, Morgan Stanley reached an agreement in principle on substantially the same terms with the Office of the Illinois Secretary of State, Securities Department (on behalf of a task force of other states under the auspices of the North American Securities Administrators Association) that would settle their investigations into the same matters.

On June 5, 2012, the Company consented to and became the subject of an Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings and Imposing Remedial Sanctions by the CFTC to resolve allegations related to the failure of a salesperson to comply with exchange rules that prohibit off-exchange futures transactions unless there is an exchange for related position.  Specifically, the CFTC found that from April 2008 through October 2009, the Company violated Section 4c(a) of the Commodity Exchange Act and Commission Regulation 1.38 by executing, processing and reporting numerous off-exchange futures trades to the Chicago Mercantile Exchange (“CME”) and Chicago Board of Trade (“CBOT”) as exchanges for related positions in violation of CME and CBOT rules because those trades lacked the corresponding and related cash, over-the-counter swap, over-the-counter option, or other over-the-counter derivative position.  In addition, the CFTC found that the Company violated CFTC Regulation 166.3 by failing to supervise the handling of the trades at issue and

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failing to have adequate policies and procedures designed to detect and deter the violations of the Commodity Exchange Act and Regulations.  Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, the Company accepted and consented to entry of findings and the imposition of a cease and desist order, a fine of $5,000,000, and undertakings related to public statements, cooperation and payment of the fine.  The Company entered into corresponding and related settlements with the CME and CBOT in which the CME found that the Company violated CME Rules 432.Q and 538 and fined the Company $750,000 and CBOT found that the Company violated CBOT Rules 432.Q and 538 and fined the Company $1,000,000.

On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against the Company and another defendant in the Superior Court of the State of Washington, styled Federal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc., et al.  The amended complaint, filed on September 28, 2010, alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to plaintiff by the Company was approximately $233 million. The complaint raises claims under the Washington State Securities Act and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On October 18, 2010, defendants filed a motion to dismiss the action. By orders dated June 23, 2011 and July 18, 2011, the court denied defendants’ omnibus motion to dismiss plaintiff’s amended complaint and on August 15, 2011, the court denied the Company’s individual motion to dismiss the amended complaint.  At December 25, 2013, the current unpaid balance of

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the mortgage pass-through certificates at issue in these cases was approximately $58 million, and the certificates had not yet incurred actual losses. Based on currently available information, the Company believes it could incur a loss for this action up to the difference between the $58 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed two complaints against the Company and other defendants in the Superior Court of the State of California. These actions are styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al.,and Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. et al., respectively. Amended complaints filed on June 10, 2010 allege that defendants made untrue statements and material omissions in connection with the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by the Company in these cases was approximately $704 million and $276 million, respectively. The complaints raise claims under both the federal securities laws and California law and seek, among other things, to rescind the plaintiff’s purchase of such certificates. On August 11, 2011, plaintiff’s claims brought under the Securities Act of 1933, as amended, were dismissed with prejudice. The defendants filed answers to the amended complaints on October 7, 2011. On February 9, 2012, defendants’ demurrers with respect to all other claims were overruled. On December 20, 2013, plaintiff’s negligent misrepresentation claims

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were dismissed with prejudice. A bellwether trial is currently scheduled to begin in September

2014. The Company is not a defendant in connection with the securitizations at issue in that trial. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in these cases was approximately $316 million, and the certificates had incurred actual losses of approximately $5 million. Based on currently available information, the Company believes it could incur a loss for this action up to the difference between the $316 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against the Company and other defendants in the Superior Court of the Commonwealth of Massachusetts, both styled Cambridge Place Investment Management Inc. v. Morgan Stanley & Co., Inc., et al. The complaints assert claims on behalf of certain clients of plaintiff’s affiliates and allege that defendants made untrue statements and material omissions in the sale of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by the Company or sold to plaintiff’s affiliates’ clients by the Company in the two matters was approximately $263 million.  On February 11, 2014, the parties entered into an agreement to settle the litigation.  On February 20, 2014, the court dismissed the action.

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On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against the Company, which is styled China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al., which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million credit default swap referencing the super senior portion of the STACK 2006-1 collateralized debt obligation. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that the Company misrepresented the risks of the STACK 2006-1 collateralized debt obligation to CDIB, and that the Company knew that the assets backing the collateralized debt obligation were of poor quality when it entered into the credit default swap with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the credit default swap, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court presiding over this action denied the Company’s motion to dismiss the complaint and on March 21, 2011, the Company appealed that order.  On July 7, 2011, the appellate court affirmed the lower court’s decision denying the motion to dismiss. Based on currently available information, the Company believes it could incur a loss of up to approximately $240 million plus pre- and post-judgment interest, fees and costs.

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against the Company and other defendants in the Circuit Court of the State of Illinois styled Federal Home Loan Bank of Chicago v. Bank of America Funding Corporation et al. The complaint alleges that defendants made untrue statements and material omissions in the sale to plaintiff of a number

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of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to plaintiff by the Company in this action was approximately $203 million. The complaint raises claims under Illinois law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On March 24, 2011, the court granted plaintiff leave to file an amended complaint. The Company filed its answer on December 21, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $94 million, and certain certificates had incurred actual losses of approximately $1 million. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $94 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On October 25, 2010, the Company, certain affiliates and Pinnacle Performance Limited, a special purpose vehicle (“SPV”), were named as defendants in a purported class action related to securities issued by the SPV in Singapore, commonly referred to as Pinnacle Notes. The case is styled Ge Dandong, et al. v. Pinnacle Performance Ltd., et al. and is pending in the United States District Court for the Southern District of New York (“SDNY”). An amended complaint was filed on October 22, 2012.  The court denied defendants’ motion to dismiss the amended complaint on August 22, 2013 and granted class certification on October 17, 2013.  On October 30, 2013,

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defendants filed a petition for permission to appeal the court’s decision granting class certification.  On January 31, 2014, plaintiffs filed a second amended complaint.  The second amended complaint alleges that the defendants engaged in a fraudulent scheme to defraud investors by structuring the Pinnacle Notes to fail and benefited subsequently from the securities’ failure.  In addition, the second amended complaint alleges that the securities’ offering materials contained material misstatements or omissions regarding the securities’ underlying assets and the alleged conflicts of interest between the defendants and the investors.  The second amended complaint asserts common law claims of fraud, aiding and abetting fraud, fraudulent inducement, aiding and abetting fraudulent inducement, and breach of the implied covenant of good faith and fair dealing.  Plaintiffs seek damages of approximately $138.7 million, rescission, punitive damages, and interest.

On July 5, 2011, Allstate Insurance Company and certain of its affiliated entities filed a complaint against the Company in the Supreme Court of NY, styled Allstate Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on September 9, 2011 and alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued and/or sold to plaintiffs by the Company was approximately $104 million. The complaint raises common law claims of fraud, fraudulent inducement, aiding and abetting fraud and negligent misrepresentation and seeks, among other things, compensatory and/or recessionary damages associated with plaintiffs’ purchases of such certificates. On March 15, 2013, the court denied in substantial part the defendants’ motion to dismiss the amended complaint, which order the Company appealed on April 11, 2013.  On May 3,

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2013, the Company filed its answer to the amended complaint. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $68 million, and the certificates had not yet incurred actual losses. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $68 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to an offset for interest received by the plaintiff prior to a judgment.

On July 18, 2011, the Western and Southern Life Insurance Company and certain affiliated companies filed a complaint against the Company and other defendants in the Court of Common Pleas in Ohio, styled Western and Southern Life Insurance Company, et al. v. Morgan Stanley Mortgage Capital Inc., et al. An amended complaint was filed on April 2, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiffs of certain mortgage pass through certificates backed by securitization trusts containing residential mortgage loans. The amount of the certificates allegedly sold to plaintiffs by the Company was approximately $153 million. The amended complaint raises claims under the Ohio Securities Act, federal securities laws, and common law and seeks, among other things, to rescind the plaintiffs’ purchases of such certificates. The Company filed its answer on August 17, 2012. Trial is currently scheduled to begin in May 2015. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $116 million, and the certificates had incurred actual losses of approximately $1 million. Based on currently available information, the

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Company believes it could incur a loss in this action up to the difference between the $116 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus post-judgment interest, fees and costs. The Company may be entitled to an offset for interest received by the plaintiff prior to a judgment.

On September 2, 2011, the Federal Housing Finance Agency (“FHFA”), as conservator for Fannie Mae and Freddie Mac, filed 17 complaints against numerous financial services companies, including the Company. A complaint against the Company and other defendants was filed in the Supreme Court of NY, styled Federal Housing Finance Agency, as Conservator v. Morgan Stanley et al. The complaint alleges that defendants made untrue statements and material omissions in connection with the sale to Fannie Mae and Freddie Mac of residential mortgage pass-through certificates with an original unpaid balance of approximately $11 billion. The complaint raised claims under federal and state securities laws and common law and seeks, among other things, rescission and compensatory and punitive damages.  On February 7, 2014, the parties entered into an agreement to settle the litigation.  On February 20, 2014, the court dismissed the action.

On April 25, 2012, Metropolitan Life Insurance Company and certain affiliates filed a complaint against the Company and certain affiliates in the Supreme Court of NY styled Metropolitan Life Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on June 29, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten

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and/or sold by the Company was approximately $758 million. The amended complaint raised common law claims of fraud, fraudulent inducement, and aiding and abetting fraud and seeks, among other things, rescission, compensatory and/or rescissionary damages, as well as punitive damages, associated with plaintiffs’ purchases of such certificates. On January 23, 2014, the parties reached an agreement in principle to settle the litigation.

On November 4, 2011, the Federal Deposit Insurance Corporation (“FDIC”), as receiver for Franklin Bank S.S.B., filed two complaints against the Company in the District Court of the State of Texas. Each was styled Federal Deposit Insurance Corporation, as Receiver for Franklin Bank S.S.B. v. Morgan Stanley & Company LLC F/K/A Morgan Stanley & Co. Inc. and alleged that the Company made untrue statements and material omissions in connection with the sale to plaintiff of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly underwritten and sold to the plaintiff by the Company in these cases was approximately $67 million and $35 million, respectively.The complaints each raised claims under both federal securities law and the Texas Securities Act and each seeks, among other things, compensatory damages associated with plaintiff’s purchase of such certificates. On March 20, 2012, the Company filed answers to the complaints in both cases. On June 7, 2012, the two cases were consolidated. On January 10, 2013, the Company filed a motion for summary judgment and special exceptions with respect to plaintiff’s claims. On February 6, 2013, the FDIC filed an amended consolidated complaint. On February 25, 2013, the Company filed a motion for summary judgment and special exceptions, which motion was denied in substantial part on April 26, 2013. On May 3, 2013, the FDIC filed a second amended consolidated complaint. Trial is

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currently scheduled to begin in November 2014. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $50 million, and the certifications had incurred actual losses of approximately $4 million. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $50 million unpaid balance of these certificates (plus and losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On April 25, 2012, The Prudential Insurance Company of America and certain affiliates filed a complaint against the Company and certain affiliates in the Superior Court of the State of New Jersey styled The Prudential Insurance Company of America, et al. v. Morgan Stanley, et al. The complaint alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company is approximately $1 billion. The complaint raises claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud and tortious interference with contract and seeks, among other things, compensatory damages, punitive damages, rescission and rescissionary damages associated with plaintiffs’ purchases of such certificates. On October 16, 2012, plaintiffs filed an amended complaint which, among other things, increases the total amount of the certificates at issue by approximately $80 million, adds causes of action for fraudulent inducement, equitable fraud, aiding

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and abetting fraud, and violations of the New Jersey Racketeer Influenced and Corrupt Organizations Act, and includes a claim for treble damages. On March 15, 2013, the court denied the defendants’ motion to dismiss the amended complaint. On April 26, 2013, the defendants filed an answer to the amended complaint. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $648 million, and the certificates had not yet incurred actual losses. Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $648 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against the Company and other defendants in the Superior Court of the Commonwealth of Massachusetts styled Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al. An amended complaint was filed on June 19, 2012 and alleges that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by the Company or sold to plaintiff by the Company was approximately $385 million. The amended complaint raises claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On May 26, 2011, defendants removed the case to the

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United States District Court for the District of Massachusetts. On October 11, 2012, defendants filed motions to dismiss the amended complaint, which was granted in part and denied in part on September 30, 2013.  The defendants filed an answer to the amended complaint on December 16, 2013. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $79 million, and the certificates had incurred actual losses of $0.7 million.  Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $79 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs. The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On September 23, 2013, plaintiffs in National Credit Union Administration Board v. Morgan Stanley & Co. Inc., et al. filed a complaint against the Company and certain affiliates in the SDNY. The complaint alleges that defendants made untrue statements of material fact or omitted to state material facts in the sale to plaintiffs of certain mortgage pass-through certificates issued by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company to plaintiffs was approximately $417 million. The complaint alleges causes of action against the Company for violations of Section 11 and Section 12(a)(2) of the Securities Act of 1933, as amended, violations of the Texas Securities Act, and violations of the Illinois Securities Law of 1953 and seeks, among other things, rescissory and compensatory damages. The defendants filed a motion to dismiss the complaint on November 13,

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2013.  On January 22, 2014, the court granted defendants’ motion to dismiss with respect to claims arising under the Securities Act of 1933, as amended, and denied defendants’ motion to dismiss with respect to claims arising under Texas Securities Act and the Illinois Securities Law of 1953. At December 25, 2013, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $225 million, and the certificates had incurred actual losses of $23 million.  Based on currently available information, the Company believes it could incur a loss in this action up to the difference between the $225 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against the Company, plus pre- and post-judgment interest, fees and costs.  The Company may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

Item 4.  MINE SAFETY DISCLOSURES

Not applicable.

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PART II

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

(a)  Market Information.  The Partnership has issued no stock.  There is no established public trading market for Units of the Partnership.

(b)  Holders.  The number of holders of Units at February 28, 2014, was approximately 12,797.

(c)  Distributions. No distributions have been made by the Partnership since it commenced trading operations on August 1, 1991.  Ceres has sole discretion to decide what distributions, if any, shall be made to investors in the Partnership.  Ceres currently does not intend to make any distributions of the Partnership’s profits.

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Item 6.  SELECTED FINANCIAL DATA (in dollars)

    For the Years Ended December 31,

	2013	2012	2011	2010	2009
	$	$	$	$	$
Total Trading Results
including interest income	6,019,990	(6,444,826)	(37,128,215)	34,009,565	2,428,936
Net Loss	(7,733,044)	(26,179,564)	(67,857,749)	(2,712,947)	(40,555,841)
Net Income (Loss) Per
Unit (Limited & General
Partners)	(1.28)	(3.48)	(6.79)	0.07 (1)	(2.84)
Total Assets	151,058,210	200,913,989	294,516,833	421,279,811	471,841,125
Total Limited Partners’
Capital	144,651,488	193,760,270	283,036,281	404,921,242	459,902,047
Net Asset Value Per Unit	26.48	27.76	31.24	38.03	37.96

(1)  The increase in the net asset value per Unit, while the Partnership incurred a net loss for the year ended December

      31, 2010, is due to the timing of redemptions of Units throughout the year.

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Item 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION  AND RESULTS OF OPERATIONS

As of December 31, 2013, the percentage of assets allocated to each market sector was approximately as follows: Interest Rate 16.22%; Currency 18.92%; Equity 27.05%; and Commodity 37.81%.

Liquidity.  The Partnership deposits its assets with MS&Co. as clearing commodity 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 either in 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 promptly liquidating its futures or options contracts and result in restrictions on redemptions.

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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 of Units in the future will affect the amount of funds available for investments in futures, forwards and options in subsequent periods.  It is not possible to estimate the amount, and therefore the impact, of future 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.

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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.

Altis trades its Global Futures Portfolio Program on behalf of the Partnership.  It is a systematic, automated trading program that builds on the market experience of Altis’ principals and employs a unique proprietary Advanced Asset Allocator.  The Advanced Asset Allocator was specifically developed to manage portfolios of derivative instruments in a robust and scalable manner.  The portfolio management technology combines original, traditional and contrasting investment techniques into one complete and comprehensive trading system.  Investment changes are implemented after considering their effect on the whole portfolio and not just on the individual markets concerned.

Graham currently trades its allocated portion of the Partnership’s assets pursuant to Graham’s Global Diversified Program, as described below, at 150% Leverage.  The Global Diversified Program features the first trend system that Graham developed, which began trading client accounts in 1995. It utilizes multiple computerized trading models and offers broad diversification in both financial and non-financial markets, trading in approximately 65 global markets. The Global Diversified Program’s trend system is primarily long-term in nature and is intended to generate significant returns over time with an acceptable degree of risk and volatility. The computer models analyze on a daily basis the recent price action, the relative strength and the risk characteristics of each market and compare statistically the quantitative results of this data to years of historical data on each market.

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EMC Capital Advisors currently trades its Classic Program for the Partnership.  EMC Capital Advisors’ investment strategies are technical rather than fundamental in nature. In other words, they are developed from analysis of patterns of actual monthly, weekly, and daily price movements and are not based on analysis of fundamental supply and demand factors, general economic factors, or anticipated world events.  EMC Capital Advisors relies on historical analysis of these price patterns to interpret current market behavior and to evaluate technical indicators for trade initiations and liquidations.

EMC Capital Advisors’ investment strategies used in its program are trend-following. This means that initiation and liquidation of positions in a particular market are generally in the direction of the price trend in that market, although at times counter-trend elements also may be employed.

EMC Capital Advisors employs an investment strategy which utilizes a blend of systems (or, stated another way, a number of systems simultaneously). The strategies are diversified in that its program follows a number of futures interests and often invests in more than ten different interests at one time.

Northfield trades the Diversified Program on behalf of the Partnership.  The Diversified Program was conceived, tested, and refined by Northfield’s principals.  The approach is fully computerized and nondiscretionary.  Money management principles are a critical element of the Diversified Program and have been carefully constructed and are rigorously applied to minimize risk exposure and to protect asset appreciation.

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Rabar trades its investment strategy on behalf of the Partnership.  The objective of Rabar’s investment strategy is to generate capital appreciation over the long run by investing exclusively in futures interests, including exchange traded futures contracts, options on futures contracts, foreign currency forward contracts and, to a very limited extent, cash commodities. Rabar may also engage in exchange for physical transactions, more commonly referred to as “EFPs”.  Rabar’s strategy employs a diversified, systematic, technical, and trend-following approach, utilizing a blend of several separate and distinct quantitative models.

Sunrise Capital traded the CIMCO Program on behalf of the Partnership.   The CIMCO—Diversified Financial Program was designed by Sunrise Capital to participate exclusively in the highly liquid financial markets. This program traded the major currencies as outrights against the U.S. dollar and selectively against each other. Interest rate futures, both long and short term (including U.S. and non-U.S. bonds, notes, and euro products), stock indices, precious and industrial metals, and energy products were also traded in this program. These commodity interests were traded on futures exchanges but could also be traded in the interbank or cash markets when appropriate.

The following chart sets forth the percentage and the amount of the Partnership’s net assets allocated to each Trading Advisor for the periods ended December 31, 2013, and September 30, 2013, respectively, and the change during the applicable period.

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Trading Advisor	Allocations as   of  December 31,       2013 (%)	Allocations as   of September 30,      2013 (%)	Allocations as of    December 31,     2013($)	Allocations as of    September 30,   2013 ($)	Change during    the period
Rabar	26.94	25.71	39,472,085	39,953,293	(1.20)
Northfield	16.46	14.24	24,120,772	22,127,327	9.01
Graham	17.43	17.36	25,538,816	26,976,948	(5.33)
Altis	25.72	25.85	37,687,541	40,180,363	(6.20)
EMC Capital Advisors	13.45	16.85	19,707,531	26,190,002	(24.75)

The following presents a summary of the Partnership’s operations for each of the three years in the period ended December 31, 2013, 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 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 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), 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 original contract value and market value is recorded on the Statements of Income and Expenses as “Net change in unrealized trading profit (loss)” for open contracts, and recorded as “Net realized trading profit (loss)” when open positions are closed out.  The sum

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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 approximately 3:00 P.M. (E.T.), the close of the business day.  Interest income, as well as management fees, incentive fees and brokerage fees, of the Partnership are recorded on an accrual basis.

Ceres 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.

The Partnership recorded total trading results including interest income totaling $6,019,990 and expenses totaling $13,753,034, resulting in a net loss of 7,733,044 for the year ended December 31, 2013.  The Partnership’s net asset value per Unit decreased from $27.76 at December 31, 2012, to $26.48 at December 31, 2013.  Total redemptions for the year were $41,714,292, and the Partnership’s ending capital was

$146,526,745 at December 31, 2013, a decrease of $49,447,336 from ending capital at December 31, 2012, of $195,974,081.

During the year, the Partnership posted a loss in net asset value as trading losses in energies, global interest rates, and metals offset gains from trading global stock indices, agriculturals, and currencies.  The most significant losses were incurred within the energy sector primarily during February and September.  During February, losses were incurred from long positions in crude oil and its related products as prices

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declined on concerns that renewed European debt woes would erode fuel demand.  Reports of higher than expected crude oil stockpiles in the U.S. also negatively affected oil prices for February.  During September, losses were incurred from long positions in gasoil, gasoline, and crude oil futures as prices declined amid concern a potential shutdown of the U.S. government may reduce demand from the world’s largest oil consuming country.  Within the global interest rate sector, losses were incurred primarily during May from long positions in U.S. and European fixed income futures as prices reversed lower following a positive U.S. employment report and a rise in German sentiment.  Within the metals sector, losses were incurred primarily during the third quarter from short industrial and precious metals futures positions as improving economic data from China pushed industrial metals prices higher, while weaker U.S. economic data sent precious metals higher.  The Partnership’s trading losses for the year were offset by trading gains achieved within global stock indices primarily during January, October, and November from long positions in U.S., Pacific Rim, and European equity index futures as prices moved higher amid optimism central banks will generally maintain loose monetary policies to boost economic growth.  These gains were further augmented by profits from long positions in stock index futures during March, April, and May.  Within the agricultural sector, gains were achieved during May from short positions in sugar futures as prices moved lower on forecasts of large crop yields in Brazil and Thailand.  Additional gains were recorded from long positions in soybean futures.  Within the currency sector, gains were experienced primarily during January and December from short positions in the Japanese yen as its value declined against other currencies amid speculation the Bank of Japan will continue unprecedented economic stimulus measures, while the U.S. Federal Reserve pares quantitative easing as the U.S. economy recovers.

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The Partnership recorded total trading results including interest income totaling $(6,444,826) and expenses totaling $19,734,738, resulting in a net loss of $26,179,564 for the year ended December 31, 2012.  The Partnership’s net asset value per Unit decreased from $31.24 at December 31, 2011, to $27.76 at December 31, 2012.  Total redemptions for the year were $63,990,763, and the Partnership’s ending capital was

$195,974,081 at December 31, 2012, a decrease of $90,170,327 from ending capital at December 31, 2011, of $286,144,408.

During the year the Partnership posted a loss in net asset value as trading losses in metals, agriculturals, energies, and currencies more than offset gains from trading global stock indices. Trading results in global interest rate futures did not materially impact the Partnership’s performance during the year. The most significant trading losses were incurred within the metals sector, primarily during the fourth quarter, from long positions in gold, platinum and silver futures as prices declined on a strengthening of the U.S. dollar which reduced demand for the metals. Additional losses in this sector were recorded in January from short futures positions in aluminum, copper, platinum, and zinc as prices advanced on speculation metals demand will be supported by economic expansion in the U.S. and an easing credit policy in China. Losses due to long positions in the base metals continued in February as prices declined on news of a widening of the European debt crisis. Within the agricultural sector, losses were focused primarily in September due to long positions in soybean futures as prices fell on speculation favorable weather in the U.S. limited crop damage caused by summertime drought conditions. During November and December, smaller losses were incurred from long positions in corn futures as prices declined on better-than-expected U.S. Midwest crop figures. Additional agricultural losses were recorded during December from long positions in cocoa futures

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as prices fell to the lowest level in six months on speculation supplies from West Africa were improving. Elsewhere, losses in the energy sector were focused in the fourth quarter from long positions in natural gas futures. Beginning in October and continuing through December, prices for natural gas fell on news of high U.S. stockpiles figures and mild weather throughout much of the country. Short positions in crude oil and its related products also incurred losses in the fourth quarter as prices advanced on rising concern that instability in the Middle East would disrupt supplies from a region responsible for approximately one-third of world production. Additional losses were experienced in this sector in April due to long positions in RBOB gasoline and Brent crude oil futures as prices declined on signs that manufacturing in China and Europe was slowing, raising concern the global recovery was stalling. A portion of the Partnership’s losses for the year was offset by gains achieved within the global stock index sector, primarily during December, due to long positions in Asian equity indices. Long futures positions in Japanese TOPIX and NIKKEI Indices benefitted from the announced intentions of the newly elected Japanese government to utilize monetary policy to devalue the yen in an effort to stimulate the economy. During February, long positions in U.S., Pacific Rim and European equity index futures experienced gains as prices rose amid positive economic news, including a better-than-expected U.S. employment report and an expansion in manufacturing in China, Europe and the U.S. Further gains in the sector were achieved in September from long positions in U.S. equity index futures as prices rose after the U.S. Federal Reserve’s plan to buy mortgage securities fueled demand for “riskier” assets.

The Partnership recorded total trading results including interest income totaling $(37,128,215) and expenses totaling $30,729,534, resulting in a net loss of $67,857,749 for the year ended December 31,

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2011.  The Partnership’s net asset value per Unit decreased from $38.03 at December 31, 2010, to $31.24 at December 31, 2011.  Total redemptions for the year were $55,248,703, and the Partnership’s ending capital was $286,144,408 at December 31, 2011, a decrease of $123,106,452 from ending capital at December 31, 2010, of $409,250,860.

The most significant trading losses during the year were recorded within the global stock index markets, primarily during March, May, and June. In March, long positions in European, U.S., and Pacific Rim equity index futures resulted in losses as prices reversed lower amid concern that heightened tensions in the Middle East, as well as the natural disaster and subsequent nuclear crisis in Japan, may threaten the global economic recovery. In May, losses were incurred from long positions in European and U.S. equity index futures as prices moved lower on concerns the global economic recovery was faltering. Additional losses were incurred in this sector during June from long positions in European, U.S., and Pacific Rim equity index futures as prices continued to move lower. Within the agricultural sector, losses were incurred in September from long futures positions in corn and soybeans as prices declined on speculation that Europe’s sovereign debt crisis may hinder the global economy, reducing demand for the grains. Additionally, corn futures prices continued to decline after a U.S. government report revealed bigger-than-expected U.S. inventories. Further losses were recorded during March from long positions in cocoa as prices fell to a 10-week low on signs that the political turmoil that hampered exports may be easing in the Ivory Coast, the world’s biggest producer of cocoa. Within the currency sector, losses were incurred in May from long positions in the euro and British pound versus the U.S. dollar as the value of these currencies moved lower against the U.S. dollar after Standard & Poor’s downgraded Greece’s credit rating, prompting concern that

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the European sovereign debt crisis may escalate. Elsewhere, long positions in the Australian dollar and Canadian dollar versus the U.S. dollar resulted in losses as the value of these “commodity currencies” fell in tandem with declining commodity prices. Further losses were incurred during January from long positions in the Japanese yen and Australian dollar versus the U.S. dollar as the value of U.S. dollar moved higher following the release of minutes from the U.S. Federal Reserve meeting that showed optimism for the U.S. economy. Additionally, losses were incurred in August from long positions in the Australian dollar, New Zealand dollar, Japanese yen, and Canadian dollar versus the U.S. dollar as the value of the U.S. dollar was boosted higher against these currencies by “safe haven” demand following central bank intervention in the Japanese yen and amid concerns related to the European debt crisis. Within the metals sector, losses were incurred in May from long futures positions in base metals, primarily aluminum, as prices fell after China restricted bank lending, spurring speculation anti-inflation policies may slow growth in the world’s second-biggest economy and biggest purchaser of base metals. A portion of the Partnership’s losses for the year was offset by gains achieved within the global interest rate sector during July, August, and September from long positions in U.S. and European fixed income futures as prices rose on increased demand for the relative “safety” of government bonds due to concern about a faltering global economic recovery. Further gains were recorded during May from long positions in U.S. fixed-income futures as prices increased following reports that showed the U.S. economy grew less than forecast and U.S. jobless claims unexpectedly rose. Within the energy markets, gains were experienced during the first four months of the year from long positions in RBOB (unleaded) gas, gas oil, and heating oil as prices rose after protests in Egypt and Libya turned violent, prompting fear of contagion to other Middle Eastern and North African nations and causing concern that crude oil supplies may be disrupted.

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For an analysis of unrealized gains and losses by contract type and a further description of 2013 trading results, refer to the Partnership’s Annual Report to Limited Partners for the year ended December 31, 2013, which is incorporated by reference to Exhibit 13.01 of this Form 10-K.

The Partnership’s gains and losses are allocated among its partners for income tax purposes.

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.

Market Risk.

The Partnership is a party to financial instruments with elements of off-balance sheet market and credit risk.  The Partnership trades futures contracts, options on futures and forward contracts, and forward contracts on

physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products. In entering into these contracts, the

Partnership is subject to the market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the positions held by the Partnership at the same time, and the Trading Advisors were unable to offset positions of the Partnership, the Partnership could lose all of its assets and the limited partners would realize a loss equal to 100% of their capital accounts.

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In addition to the Trading Advisors’ internal controls, the Trading Advisors must comply with the Partnership’s trading policies that include standards for liquidity and leverage that must be maintained.  The Trading Advisors and Ceres monitor the Partnership's trading activities to ensure compliance with the trading policies and Ceres can require the Trading Advisors to modify positions of the Partnership if Ceres believes they violate the Partnership's trading policies.

Credit Risk.

In addition to market risk, in entering into futures, forward and options contracts, there is a credit risk to the Partnership that the counterparty on a contract will not be able to meet its obligations to the Partnership.  The ultimate counterparty or guarantor of the Partnership for futures, forward and options contracts traded in the United States, and most foreign exchanges on which the Partnership trades, is the clearinghouse associated with such exchange.  In general, a clearinghouse is backed by the membership of the exchange and will act in the event of non-performance by one of its members or one of its member’s customers, which should significantly reduce this credit risk.  There is no assurance that a clearinghouse, exchange, or other exchange member will meet its obligations to the Partnership, and Ceres and the commodity brokers will not indemnify the Partnership against a default by such parties. Further, the law is unclear as to whether a commodity broker has any obligation to protect its customers from loss in the event of an exchange or clearinghouse defaulting on trades effected for the broker’s customers.  In cases where the Partnership trades off-exchange forward contracts with a counterparty, the sole recourse of the Partnership will be the forward contract’s counterparty.

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Ceres deals with these credit risks of the Partnership in several ways.  First, Ceres monitors the Partnership’s credit exposure to each exchange on a daily basis.  The commodity brokers inform the Partnership, as with all of their customers, of the Partnership’s net margin requirements for all of its existing open positions, and Ceres has installed a system which permits it to monitor the Partnership’s potential net credit exposure, exchange by exchange, by adding the unrealized trading gains on each exchange, if any, to the Partnership’s margin liability thereon.

Second, the Partnership’s trading policies limit the amount of its net assets that can be committed at any given time to futures contracts and require a minimum amount of diversification in the Partnership’s trading, usually over several different products and exchanges.  Historically, the Partnership’s exposure to any one exchange has typically amounted to only a small percentage of its total net assets and, on those relatively few occasions where the Partnership’s credit exposure climbs above such level, Ceres deals with the situation on a case by case basis, carefully weighing whether the increased level of credit exposure remains appropriate.  Material changes to the trading policies may be made only with the prior written approval of the limited partners owning more than 50% of Units then outstanding.

Third, with respect to forward and options on forward contract trading, the Partnership trades with only those counterparties which Ceres, together with MS&Co., has determined to be creditworthy.  The Partnership presently deals with MS&Co., as the sole counterparty on all trading of foreign currency forward contracts, and MSCG, a the sole counterparty on all trading of options on foreign currency forward contracts.

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For additional information, see the “Financial Instruments” section under “Notes to Financial Statements” in the Partnership’s Annual Report to Limited Partners for the year ended December 31, 2013, which is incorporated by reference to Exhibit 13.01 of this Form 10-K.

Inflation has not been a major factor in the Partnership’s operations.

Fair Value Measurements and Disclosures

On October 1, 2012, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2012-04, “Technical Corrections and Improvements”, which makes minor technical corrections and clarifications to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”. When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. The ASU also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820.

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Financial instruments are carried at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  Assets and liabilities carried at fair value are classified and disclosed in the following three levels: Level 1 – unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 - inputs other than unadjusted   quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates and 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).

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.  The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and consideration of factors specific to the investment.

The Partnership’s assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements.

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December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
	$	$	$	$
Assets
Futures	9,894,085	–	n/a	9,894,085
Forwards	–	528,063	n/a	528,063
Total Assets	9,894,085	528,063	n/a	10,422,148
Liabilities
Futures	3,011,012	–	n/a	3,011,012
Forwards	–	69,127	n/a	69,127
Total Liabilities	3,011,012	69,127	n/a	3,080,139
Unrealized currency loss				(689,577)
*Net fair value	6,883,073	458,936	n/a	6,652,432

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
	$	$	$	$
Assets
Futures	7,876,474	–	n/a	7,876,474
Forwards	–	619,732	n/a	619,732
Total Assets	7,876,474	619,732	n/a	8,496,206
Liabilities
Futures	4,169,335	–	n/a	4,169,335
Forwards	–	571,652	n/a	571,652
Total Liabilities	4,169,335	571,652	n/a	4,740,987
Unrealized currency loss				(1,203,865)
*Net fair value	3,707,139	48,080	n/a	2,551,354

* This amount comprises of the “Total net unrealized gain on open contracts” on the Statements of Financial Condition.

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During the twelve months ended December 31, 2013 and 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Derivatives and Hedging

The Partnership’s objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategies.  As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.  With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.

On January 1, 2013, the Partnership adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”.  ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11.  Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between

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those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnership’s financial statements.

As of December 31, 2013, approximately 91.93% of the Partnership’s total investments are futures contracts which are exchange-traded while approximately 8.07% are forward contracts which are off-exchange traded.

The following tables summarize the valuation of the Partnership’s investments as of December 31, 2013 and 2012, respectively.

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized	Gross Amounts Offset in the  Statements of Financial Condition	Net Amounts  Presented in the   Statements of  Financial  Condition
	$	$	$
Assets
Futures	9,894,085	(3,011,012)	6,883,073
Forwards	528,063	(69,127)	458,936
Total Assets	10,422,148	(3,080,139)	7,342,009
Liabilities
Futures	(3,011,012)	3,011,012	–
Forwards	(69,127)	69,127	–
Total Liabilities	(3,080,139)	3,080,139	–
Unrealized currency loss			(689,577)
Total net unrealized gain on
open contracts			6,652,432

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Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized	Gross Amounts   Offset in the  Statements   of Financial   Condition	Net Amounts Presented in the   Statements of Financial   Condition
	$	$	$
Assets
Futures	7,876,474	(4,169,335)	3,707,139
Forwards	619,732	(571,652)	48,080
Total Assets	8,496,206	(4,740,987)	3,755,219
Liabilities
Futures	(4,169,335)	4,169,335	–
Forwards	(571,652)	571,652	–
Total Liabilities	(4,740,987)	4,740,987	–
Unrealized currency loss			(1,203,865)
Net unrealized gain on
open contracts			2,551,354

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013:

Futures and Forward Contracts	Long Unrealized      Gain	Long Unrealized      Loss	Short Unrealized       Gain	Short Unrealized   Loss	Net   Unrealized  Gain/(Loss)	Average number of contracts outstanding for the year  (absolute quantity)
	$	$	$	$	$
Commodity	561,914	(1,776,263)	2,430,029	(322,157)	893,523		4,153
Equity	3,462,235	–	36,105	(3,696)	3,494,644		1,717
Foreign currency	1,474,046	(124,132)	986,884	(59,129)	2,277,669		3,214
Interest rate	61,862	(636,034)	1,409,073	(158,728)	676,173		5,741
Total	5,560,057	(2,536,429)	4,862,091	(543,710)	7,342,009
Unrealized currency loss					(689,577)
Total net unrealized gain on open contracts					6,652,432

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		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased	–	3
Options written	–	2

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012:

Futures and Forward Contracts	Long Unrealized      Gain	Long Unrealized     Loss	Short Unrealized      Gain	Short Unrealized   Loss	Net   Unrealized  Gain/(Loss)	Average number of contracts outstanding for the year (absolute quantity)
	$	$	$	$	$
Commodity	763,693	(1,021,268)	1,051,860	(1,134,848)	(340,563)		4,025
Equity	1,842,840	(517,175)	–	(36,283)	1,289,382		1,915
Foreign currency	1,878,922	(1,022,609)	2,196,364	(253,560)	2,799,117		5,689
Interest rate	759,302	(607,381)	3,225	(147,863)	7,283		9,810
Total	5,244,757	(3,168,433)	3,251,449	(1,572,554)	3,755,219
Unrealized currency loss					(1,203,865)
Total net unrealized gain on open contracts					2,551,354

The following tables summarize the net trading results of the Partnership for the years ended December 31, 2013, 2012, and 2011, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

                      December 31,                                                                                                  

	2013	2012	2011
Type of Instrument	$	$	$
Commodity	(8,240,610)	(12,872,729)	(17,215,862)
Equity	17,236,173	6,993,095	(27,174,382)
Foreign currency	69,245	(2,206,555)	(11,400,426)
Interest rate	(3,637,449)	1,388,041	19,104,345
Unrealized currency gain (loss)	514,288	99,725	(567,763)
Total	5,941,647	(6,598,423)	(37,254,088)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

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           December 31,                                                                

	2013	2012	2011
Trading Results	$	$	$
Net realized	1,840,569	(2,747,878)	(23,852,820)
Net change in unrealized	4,101,078	(3,850,545)	(13,401,268)
Total	5,941,647	(6,598,423)	(37,254,088)

Other Pronouncements

In June 2013, the FASB issued ASU 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company.  The amendments are effective for interim and annual reporting periods beginning after December 15, 2013.  The Partnership is currently evaluating the impact this pronouncement would have on the financial statements.

Subsequent Events

Management of Ceres performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements other than those disclosed below.

Effective April 1, 2014, the flat rate brokerage fees for the Partnership shall be reduced from 6.0% per annum (paid monthly) to 4.0% per annum (paid monthly) of the Partnership’s net assets. 

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Item 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

The Partnership is a commodity pool engaged primarily in the speculative trading of futures, forwards and options. The market-sensitive instruments held by the Partnership are acquired for speculative trading

purposes only and, as a result, all or substantially all of the Partnership’s assets are at risk of trading loss.  Unlike an operating company, the risk of market-sensitive instruments is inherent to the primary business activity of the Partnership.

The futures, forwards and options on such contracts traded by the Partnership involve varying degrees of related market risk.  Market risk is often dependent upon changes in the level or volatility of interest rates,

exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow.  Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin.  Gains and losses on off-exchange-traded forward currency contracts and forward currency options contracts are settled upon termination of the contract.  Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed upon settlement date.

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.

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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 typically to 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” 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 Partnership’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 and Section 21E of the Exchange Act).  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.

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The Partnership accounts for open positions on the basis of fair value 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.  Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by either Ceres or the Trading Advisors in their daily risk management activities.

VaR is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector.  However, the inherent uncertainty of the Partnership’s speculative trading and the recurrence of market movements far exceeding expectations in the markets traded by the Partnership could result in actual trading or non-trading losses far beyond the indicated VaR of the Partnership’s experience to date (i.e., “risk of ruin”).  In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s losses in any market sector will be limited to VaR or by the Partnership’s attempts to manage its market risk.

Exchange maintenance margin requirements have been used by the Partnership as the measure of its VaR.  Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% - 99% of any one-day

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interval.  Maintenance margin has been used, rather than the more generally available initial margin, because initial margin includes a credit risk component, which is not relevant to VaR.

The Partnership’s Value at Risk in Different Market Sectors

The following tables indicate the trading VaR associated with the Partnership’s open positions by market category as of December 31, 2013 and 2012 and the highest, lowest and average values during the twelve months ended December 31, 2013 and 2012.  All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below.

As of December 31, 2013, the Partnership’s total capitalization was approximately $147 million.

December 31, 2013

Primary Market		% of
Risk Category	VaR	Total Capitalization
Currency	$5,496,987	3.75%
Interest Rate	4,713,020	3.22%
Equity	7,859,180	5.36%
Commodity	10,980,753	7.49%
Total	$29,049,940	19.82%

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Twelve Months Ended December 31, 2013

Market Sector	High VaR	Low VaR	Average VaR*
Currency	$9,941,787	$3,316,514	$5,394,862
Interest Rate	$7,790,519	$3,489,619	$4,951,172
Equity	$12,772,902	$3,723,397	$8,356,980
Commodity	$12,560,876	$6,908,991	$10,053,266
*Average of month-end VaR.

As of December 31, 2012, the Partnership’s total capitalization was approximately $196 million.

December 31, 2012

Primary Market		% of
Risk Category	VaR	Total Capitalization
Currency	$9,250,555	4.72%
Interest Rate	5,611,972	2.86%
Equity	9,430,931	4.81%
Commodity	7,524,294	3.84%
Total	$31,817,752	16.23%

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Twelve Months Ended December 31, 2012

Market Sector	High VaR	Low VaR	Average VaR*
Currency	$16,017,644	$5,232,623	$9,619,758
Interest Rate	$12,732,887	$5,340,391	$8,788,681
Equity	$12,746,735	$3,627,492	$8,279,434
Commodity	$18,861,229	$7,454,507	$12,770,414
*Average of month-end VaR.

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;

·   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.

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Non-Trading Risk

The Partnership has non-trading market risk on its foreign cash balances not needed for margin.  These balances and any market risk they may represent are immaterial.

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 Exchange Act.  The Partnership’s primary market risk exposures, as well as the strategies used and to be used by Ceres and the Trading Advisors for managing such exposures, are subject to numerous  uncertainties, contingencies and risks, any

any one of which could cause the actual results of the Partnership’s risk controls to differ materially from

the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets,

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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 Trading Advisors, in general, tend to utilize trading system(s) to take positions when market opportunities develop, and Ceres anticipates that the Trading Advisors will continue to do so.

The following were the primary trading risk exposures of the Partnership at December 31, 2013 by market sector. It may be anticipated, however, that these market exposures will vary materially over time.

Equities.  The Partnership’s primary equity exposure is to equity price risk in the G-8 countries. The stock index futures traded by the Partnership are limited to futures on broadly based indices. As of December 31, 2013 the Partnership’s primary exposures were in the DAX (Germany), S&P 500 (U.S.),Hang Seng (Hong Kong), NASDAQ 100 (U.S.), Nikkei 225 (Japan) Dow 30 (U.S.), and MIB (Italy) stock indices. The Partnership is primarily exposed to the risk of adverse price trends or static markets in the major North American, European, and Pacific Rim indices. (Static markets would not cause major market changes but would make it difficult for the Partnership to avoid being “whipsawed” into numerous small losses.)

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Currencies.  The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The General Partner does not anticipate that the risk profile of the Partnership’s currency sector will change significantly in the future.

Interest Rates.  Interest rate movements directly affect the price of the futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-8 countries. However, the Partnership may also take futures positions in the government debt of smaller nations — e.g., Australia.

Commodities:

Energy.  The Partnership’s primary energy market exposure is to natural gas and oil price movements, often resulting from political developments in the Middle East and weather conditions. Energy prices can be volatile and substantial profits and losses, which have been experienced in the past, are expected to continue to be experienced in these markets in the future.

Metals.  The Partnership’s primary metal market exposure as of December 31, 2013 was to fluctuations in the price of gold, copper, aluminum, and silver.

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Softs.  The Partnership’s trading risk exposure in the soft commodities is primarily to agricultural-related price movements which are often directly affected by severe or unexpected weather conditions. Cocoa, sugar, and coffee accounted for the majority of the Partnership’s soft commodities exposure as of December 31, 2013.

Grains. The Partnership’s trading risk exposure in the grains is primarily to agricultural price movements which are often directly affected by severe or unexpected weather conditions. The soybean complex, wheat and corn accounted for the majority of the Partnership’s grain exposure as of December 31, 2013.

Livestock. The Partnership’s primary risk exposure in livestock is to fluctuations in cattle and lean hog prices.

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.  Ceres attempts to manage market exposure by diversifying the Partnership’s assets among different market sectors and trading approaches through the selection of commodity trading advisors and by daily monitoring their performance.  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.

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

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Financial Statements are incorporated by reference to the Partnership's Annual Report, which is filed as Exhibit 13.01 hereto.

Supplementary data specified by Item 302 of Regulation S-K:

Summary of Quarterly Results (Unaudited)

	Total Trading Results		Net Income/(Loss)
Quarter Ended	including interest income	Net Income/(Loss)	Per Unit
2013
March 31	$8,303,439	$4,463,289	$0.62
June 30	(548,661)	(4,221,385)	(0.67)
September 30	(8,347,734)	(11,640,844)	(1.86)
December 31	6,612,946	3,665,896	0.63
Total	$6,019,990	$(7,733,044)	$(1.28)
2012
March 31	$4,236,680	$(1,314,081)	$(0.16)
June 30	2,613,246	(2,563,171)	(0.34)
September 30	101,473	(4,751,738)	(0.66)
December 31	(13,396,225)	(17,550,574)	(2.32)
Total	$(6,444,826)	$(26,179,564)	$(3.48)

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

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Item 9A.  CONTROLS AND PROCEDURES

Under the supervision and with the participation of the management of Ceres, Ceres’ President (Ceres’ principal executive officer) and Chief Financial Officer (Ceres’ principal financial officer) have evaluated the effectiveness of the design and operation of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2013.  The Partnership’s disclosure controls and procedures are designed to provide reasonable assurance that information the Partnership is required to disclose in the reports that the Partnership files or submits under the Exchange Act are recorded, processed, summarized and reported within the time period specified in the applicable rules and forms.  Based on this evaluation, the President and Chief Financial Officer of Ceres have concluded that the disclosure controls and procedures of the Partnership were effective at  December 31, 2013.

Management’s Report on Internal Control Over Financial Reporting

Ceres is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

Ceres has assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2013.  In making this assessment, Ceres used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission known as COSO in Internal Control-Integrated Framework. Ceres has concluded that, as of December 31, 2013, the Partnership’s internal control over financial reporting is effective based on these criteria.  This report shall not be deemed to be filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.  This annual report does not include an attestation report of the Partnership’s independent registered public

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accounting firm regarding internal control over financial reporting pursuant to SEC rules that permit the Partnership, as a non-accelerated filer, to provide only management’s report in this annual report.

Changes in Internal Control over Financial Reporting

There have been no changes during the period covered by this annual 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) that have materially affected or are reasonably likely to materially affect the Partnership’s internal control over financial reporting.

Limitations on the Effectiveness of Controls

Any control system, no matter how well designed and operated, can provide reasonable (not absolute) assurance that its objectives will be met.  Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Item 9B.  OTHER INFORMATION

None.

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PART III

Item 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The Partnership has no officers or directors and its affairs are managed by its General Partner.  Investment decisions are made by the Trading Advisors.

The officers and directors of the General Partner are Alper Daglioglu (President and Director), Alice Lonero (Chief Financial Officer), Colbert Narcisse (Director), Harry Handler (Director), Patrick T. Egan (Director), Craig Abruzzo (Director) and Jeremy Beal (Chairman of the Board of Directors of the General Partner).  Each director holds office until the earlier of his or her death, resignation or removal.  Vacancies on the board of directors may be filled by either (i) the majority vote of the remaining directors or (ii) MSSBH, as the sole member of the General Partner.  The officers of the General Partner are designated by the General Partner’s board of directors.  Each officer will hold office until his or her successor is designated and qualified or until his or her death, resignation or removal.

Directors of the General Partner are responsible for overall corporate governance of the General Partner and meet periodically to consider strategic decisions regarding the General Partner’s activities.  Under CFTC rules, each Director of the General Partner is deemed to be a principal of the General Partner and, as a result, is listed as such with the NFA.  Alper Daglioglu, Patrick T. Egan, Alice Lonero and Jeremy Beal serve on the General Partner’s Investment Committee and are the trading principals responsible for allocation decisions.

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Alper Daglioglu, age 37, has been a Director, and listed as a principal, of the General Partner since December 2010.  He was appointed President of the General Partner in August 2013.  Mr. Daglioglu was also appointed Deputy Chief Investment Officer for the Alternative Investments Group at Morgan Stanley Smith Barney LLC, a financial services firm, in August 2013.  Since December 2010, Mr. Daglioglu has been employed by Morgan Stanley Smith Barney LLC where his responsibilities include serving as Executive Director and Chief Investment Officer for Morgan Stanley Smith Barney Managed Futures and serving on the Alternative Investments Product Review Committee of Morgan Stanley Smith Barney LLC’s Alternative Investments Group.  From June 2009 through December 2010, Mr. Daglioglu was employed by Morgan Stanley Smith Barney LLC, where his responsibilities included serving as a Senior Analyst in the Product Origination Group.  From December 2003 through June 2009, Mr. Daglioglu was employed by Morgan Stanley, a financial services firm, where his responsibilities included serving as a Senior Analyst in the Product Origination Group, and serving as the lead investment analyst for Global Macro and Managed Futures strategies within Morgan Stanley Graystone Research Group from February 2007 through June 2009.  Mr. Daglioglu earned his Bachelor of Science degree in Industrial Engineering in June 2000 from Galatasaray University and his Master of Business Administration degree in Finance in May 2003 from the University of Massachusetts-Amherst’s Isenberg School of Management.  Mr. Daglioglu was awarded a full merit scholarship and research assistantship at the Center for International Securities and Derivatives Markets during his graduate studies.  In this capacity, he worked with various major financial institutions in performance monitoring, asset allocation and statistical analysis projects and specialized on alternative approaches to risk assessment for hedge funds and managed futures.  Mr. Daglioglu wrote and published numerous research papers on

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alternative investments.  Mr. Daglioglu is a Chartered Alternative Investment Analyst charter holder.

Alice Lonero (nee Ng), age 31, has been employed by Morgan Stanley Smith Barney LLC, a financial services firm, since July 2009, where her responsibilities have included serving as Vice President and managing the accounting, financial reporting and regulatory reporting of managed futures funds. Ms. Lonero was appointed as Chief Financial Officer of the General Partner effective as of September 13, 2013, and has been listed as a principal since October 2013.  Before joining Morgan Stanley Smith Barney LLC, Ms. Lonero was employed by Citigroup Alternative Investments, a financial services firm, from September 2005 through July 2009, where her responsibilities included serving as Vice President responsible for the accounting, financial reporting and regulatory reporting of Citigroup Alternative Investments’ managed futures funds. From August 2004 through September 2005, Ms. Lonero was employed by The Bank of New York, a financial services firm, where her responsibilities included performing mutual fund administration for financial services firms. Ms. Lonero earned her Bachelor of Science in Finance in 2004 from the State University of New York at Binghamton.

Jeremy Beal, age 39, has been Chairman of the Board of Directors and listed as a principal of the General Partner since August 2013. Since May 2013, Mr. Beal has been employed by Morgan Stanley, a financial services firm, where his responsibilities include serving as the Head of Product Strategy and Development, Global Alternative Investments. Mr. Beal has been a Vice President and Director since June 2013, and listed as a principal since July 2013, of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities. Mr. Beal

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has also been a Vice President and Director since June 2013, and listed as a principal since August 2013, of Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds. Since January 2013, each of Morgan Stanley GWM Feeder Strategies LLC and Morgan Stanley HedgePremier GP LLC has been registered as a commodity pool operator with the CFTC. Mr. Beal is responsible for general management and oversight with respect to such entities.  Mr. Beal has also been employed by Morgan Stanley Smith Barney Private Management LLC, Morgan Stanley Smith Barney Private Management II LLC, and Morgan Stanley Smith Barney Venture Services LLC, each an investment management company, since June 2013, where his responsibilities include acting as Vice President and Director. In  October 2012, Mr. Beal was appointed Chief Operating Officer of  JE Moody & Company LLC (“JE Moody”), a hedge fund and commodity trading advisor, although he did not exercise all authorities associated with the role prior to his departure in May 2013.  Prior to joining JE Moody, Mr. Beal was employed by Morgan Stanley Smith Barney LLC, a financial services firm, where his responsibilities included serving as Chief Operating Officer, Global Alternative Investments from July 2009 through September 2012, and acting as Head of Product Development and Management, Alternative Investments for Morgan Stanley from May 2007 through July 2009. From March 2002 through May 2007, Mr. Beal was employed by Morgan Stanley, where his responsibilities included acting as Head of Product Development, Managed Futures for Morgan Stanley from May 2005 through May 2007, and acting as Senior Associate, Managed Futures from March 2002 through May 2005. Mr. Beal earned his Bachelor of Science degree in Business Administration in May 1997 from Pacific University and his Juris Doctor and Master of Business Administration degree in May 2001 from Willamette University.

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Colbert Narcisse,age 48, has been a Director of the General Partner since December 2011 and listed as a principal of the General Partner since February 2012.  Since December 2012, Mr. Narcisse has been a Director on the Board of Directors and listed as a principal of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds.  Since January 2013, each such entity has been registered as a commodity pool operator with the CFTC.  Since February 2011, Mr. Narcisse has been a Managing Director at Morgan Stanley Wealth Management, a financial services firm, where his responsibilities have included serving as Head of the Alternative Investment Group, Head of the Corporate Equity Solutions Group, and Chief Operating Officer of the Investment Strategy and Client Solutions Division.  From July 2009 until February 2011, Mr. Narcisse served as Chief Executive Officer of Gold Bullion International, a business services company that enables retail investors to acquire, manage and store physical precious metals through their financial advisor.  From March 2009 until July 2009, Mr. Narcisse took personal leave.  From August 1990 until March 2009, Mr. Narcisse was employed by Merrill Lynch & Co., Inc., a financial services firm, where his responsibilities included serving as Chief Operating Officer of Americas Investment Banking, Chief Operating Officer of the Global Wealth Management Division, and as an investment banker in both the Financial Institutions and Public Finance Groups.  From July 1987 until August 1990, Mr. Narcisse was employed by the Federal Reserve Bank of New York, where his responsibilities included serving as a Bank Examiner.  Additionally, Mr. Narcisse serves on the Board of Harlem RBI, as the Vice Chair of Finance for the Montclair Cooperative School Board of Trustees, as an Audit Committee Member of the New York City Housing Authority, and as a Member of the Executive Leadership Council.  Mr. Narcisse received

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his Bachelor of Science degree in Finance in June 1987 from New York University.  He received his Master of Business Administration degree in July 1992 from Harvard Business School.

Craig Abruzzo, age 45, has been a Director and a principal of the General Partner since March 2013, and is an associate member of the NFA.  Since October 2007, Mr. Abruzzo has been the U.S. Head of Listed Derivatives for MS&Co., a financial services firm, where his responsibilities include overseeing the institutional futures commission merchant business.  Since May 2012, Mr. Abruzzo has also served as the Global Head of OTC Clearing for MS&Co., where his responsibilities include oversight of the institutional OTC swap clearing business. Mr. Abruzzo has been listed as a principal of MS&Co. since October 2010, and has been registered as an associated person of MS&Co. since July 2007 and as a swap associated person since November 2012. Mr. Abruzzo earned his Bachelor of Arts degree in Political Science and Economics in May 1990 from Drew University and his juris doctor degree in May 1994 from the New York University School of Law.  

Harry Handler,age 55, has been a Director of the General Partner since December 2010.  Since December 2010, Mr. Handler has been registered as an associated person and listed as a principal of the General Partner, and is an associate member of the NFA.  Mr. Handler was listed as a principal of Demeter from May 2005, and was registered as an associated person of Demeter from April 2006, until Demeter’s combination with the General Partner in December 2010.  Mr. Handler was registered as an associated person of Morgan Stanley DW Inc., a financial services firm, from February 1984 until on or about April 2007, when, because of the merger of Morgan Stanley DW Inc. into

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MS&Co., he became registered as an associated person of MS&Co. due to the transfer of his original registration as an associated person of Morgan Stanley DW Inc.  Mr. Handler withdrew as an associated person of MS&Co. in June 2009.  Mr. Handler has been registered as an associated person of Morgan Stanley Wealth Management since June 2009 and listed as a branch office manager since February 2013.  Mr. Handler serves as an Executive Director at Morgan Stanley Wealth Management in the Global Wealth Management Group.  Mr. Handler works in the Capital Markets Division and is responsible for Electronic Equity and Securities Lending.  Additionally, Mr. Handler serves as Chairman of the Global Wealth Management Group’s Best Execution Committee. In his prior position, Mr. Handler was a Systems Director in Information Technology, in charge of Equity and Fixed Income Trading Systems along with the Special Products, such as Unit Trusts, Managed Futures, and Annuities.  Prior to his transfer to the Information Technology Area, Mr. Handler managed the Foreign Currency and Precious Metals Trading Desk of Dean Witter, a financial services firm and predecessor company to Morgan Stanley, from July 1982 until January 1984.  He also held various positions in the Futures Division where he helped to build the Precious Metals Trading Operation at Dean Witter.  Before joining Dean Witter, Mr. Handler worked at Mocatta Metals, a precious metals trading firm and futures broker that was sold to Standard Charted Bank in the 1980’s, as an Assistant to the Chairman from March 1980 until June 1982.  His roles at Mocatta Metals included positions on the Futures Order Entry Desk and the Commodities Exchange Trading Floor.  Additional work included building a computerized Futures Trading System and writing a history of the company.  Mr. Handler graduated on the Dean’s List from the University of Wisconsin-Madison with a Bachelor of Arts degree in History and Political Science.

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Patrick T. Egan, age 44, has been a Director of the General Partner since December 2010.  Since December 2010, Mr. Egan has been a principal and registered as an associated person of the General Partner, and is an associate member of the NFA.  Since September 2013, Mr. Egan has been Vice President of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds.  Since September 2013, Mr. Egan has also been registered as an associated person and listed as a principal of each such entity.  Since January 2013, each such entity has been registered as a commodity pool operator with the CFTC.  Mr. Egan is responsible for overseeing the implementation of certain CFTC and NFA regulatory requirements applicable to such entities.  Since June 2011, Mr. Egan has been employed by Morgan Stanley Wealth Management, a financial services firm, where his responsibilities include serving as Executive Director and as Chief Risk Officer for Morgan Stanley Wealth Management  Managed Futures.  From June 2009 through June 2011, Mr. Egan was employed by Morgan Stanley Wealth Management, where his responsibilities included serving as Co-Chief Investment Officer for Morgan Stanley Wealth Management Managed Futures.  Since November 2010, Mr. Egan has been registered as an associated person of Morgan Stanley Wealth Management.  From April 2007 through June 2009, Mr. Egan was employed by MS&Co., a financial services firm, where his responsibilities included serving as Head of Due Diligence and Manager Research for Morgan Stanley’s Managed Futures Department.  From April 2007 through November 2010, Mr. Egan was registered as an associated person of MS&Co.  From March 1993 through April 2007, Mr. Egan was employed by Morgan Stanley DW Inc., a financial services firm, where his initial responsibilities included serving as an analyst and manager within the Managed Futures Department (with primary responsibilities for

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product development, due diligence, investment analysis and risk management of the firm’s commodity pools) and later included serving as Head of Due Diligence and Manager Research for Morgan Stanley’s Managed Futures Department.   From February 1998 through April 2007, Mr. Egan was registered as an associated person of Morgan Stanley DW Inc.  From August 1991 through March 1993, Mr. Egan was employed by Dean Witter Intercapital, the asset management arm of Dean Witter Reynolds, Inc., where his responsibilities included serving as a mutual fund administration associate.  Mr. Egan also served as a Director from November 2004 through October 2006, and from November

2006 through October 2008 of the Managed Funds Association’s Board of Directors, a position he was elected to by industry peers for two consecutive two-year terms.  Mr. Egan earned his Bachelor of Business Administration degree with a concentration in Finance in May 1991 from the University of Notre Dame.

Section 16(a) Beneficial Ownership Reporting Compliance

To the Partnership’s knowledge, all required Section 16(a) filings during the fiscal year ended December 31, 2013, were timely and correctly made.

Code of Ethics

The Partnership has not adopted a code of ethics that applies to the Partnership’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar

functions.  The Partnership is operated by its general partner, Ceres.  The President, Chief Financial Officer, and each member of the Board of Directors of Ceres are employees of Morgan Stanley and are subject to the code of ethics adopted by Morgan Stanley, the text of which can be viewed on Morgan Stanley’s website at http://www.morganstanley.com/individual/ourcommitment/codeofconduct. html.

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The Audit Committee

The Partnership is operated by its general partner, Ceres, and has no audit committee.

Item 11.  EXECUTIVE COMPENSATION

The Partnership has no directors and executive officers.  As a limited partnership, the business of the Partnership is managed by Ceres, which is responsible for the administration of the business affairs of the Partnership but receives no compensation for such services.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

  MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(a)    Security Ownership of Certain Beneficial Owners – At December 31, 2013, there were no persons known to be beneficial owners of more than 5 percent of the Units.

(b)    Security Ownership of Management – At December 31, 2013, Ceres owned 70,819.769 Units of general partnership interest, representing a 1.28 percent interest in the Partnership.

(c)   Changes in Control – None.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND

 DIRECTOR INDEPENDENCE

Refer to Note 2. Summary of Significant Accounting Policies, Note 4. Related Party Transactions, and Note 5. Trading Advisors of “Notes to Financial Statements”, in the accompanying Annual Report to Limited Partners for the year ended December 31, 2013, which is incorporated by reference to Exhibit 13.01 of this

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Form 10-K.  In its capacity as the Partnership’s retail commodity broker, MS&Co. received commodity brokerage fees (paid and accrued by the Partnership) of $10,576,864 for the year ended December 31, 2013.

Item 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

MS&Co., on behalf of the Partnership, pays all accounting fees.  The Partnership reimburses MS&Co. through the brokerage fees it pays, as discussed in the Notes to Financial Statements in the Annual Report to the Limited Partners for the year ended December 31, 2013.

(1)  Audit Fees.  The aggregate fees for professional services rendered by Deloitte & Touche LLP (“D&T”) in connection with their audit of the Partnership’s financial statements and review of the financial statements included in the Quarterly Reports on Form 10-Q and in connection with statutory and regulatory filings were approximately $74,047 for the year ended December 31, 2013, and $66,834 for the year ended December 31, 2012.

(2)  Audit-Related Fees.  None.

(3)  Tax Fees. The Partnership did not pay D&T any amounts in 2013 and 2012 for professional services in connection with tax compliance, tax advice, and tax planning.

(4)  All Other Fees.  None.

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PART IV

Item 15.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES

1. Listing of Financial Statements

The following financial statements and report of independent registered public accounting firm, all appearing in the accompanying Annual Report to Limited Partners for the year ended December 31, 2013, are incorporated by reference to Exhibit 13.01 of this Form 10-K:

- Report of Deloitte & Touche LLP, independent registered public accounting firm.

- Statements of Financial Condition, including the Condensed Schedules of Investments, as of December 31, 2013 and 2012.

- Statements of Income and Expenses and Changes in Partners' Capital for the years ended December 31, 2013, 2012, and 2011.

-           Notes to Financial Statements.

With the exception of the aforementioned information and the information incorporated in Items 7, 8, and 13, the Annual Report to Limited Partners for the year ended December 31, 2013 is not deemed to be filed with this report.

2. Listing of Financial Statement Schedules

No Financial Statement schedules are required to be filed with this report.

3. Exhibits

For the exhibits incorporated by reference or filed herewith to this report, refer to Exhibit Index on Pages E-1 to E-5.

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) 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 SMITH BARNEY SPECTRUM SELECT L.P.
	(Registrant)
	By:	Ceres Managed Futures LLC
		(General Partner)
March 28, 2014	By:	/s/Alper Daglioglu
		Alper Daglioglu
		President and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Ceres Managed Futures LLC

BY:	/s/	Alper Daglioglu	March 28, 2014
		Alper Daglioglu, President, Director
	/s/	Alice Lonero	March 28, 2014
		Alice Lonero. Chief Financial Officer, Principal Accounting
		Officer
	/s/	Craig Abruzzo	March 28, 2014
		Craig Abruzzo, Director
	/s/	Patrick T. Egan	March 28, 2014
		Patrick T. Egan, Director
	/s/	Harry Handler	March 28, 2014
		Harry Handler, Director
	/s/	Jeremy Beal	March 28, 2014
		Jeremy Beal, Director
	/s/	Colbert Narcisse	March 28, 2014
		Colbert Narcisse, Director

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EXHIBIT INDEX

ITEM

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 May 1, 2008, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act of 1933 on May 8, 2008.

3.01(a) Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of the Partnership, dated May 31, 2009, is incorporated by reference to Exhibit 3.01(a) of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on June 4, 2009.

3.02 Certificate of Limited Partnership, dated March 19, 1991, is incorporated by reference to Exhibit 3.02 of the Partnership’s Registration Statement on Form S-1 (File No. 333-47829) filed with the Securities and Exchange Commission on March 12, 1998.

3.03   Certificate of Amendment of Certificate of Limited Partnership, dated April 28, 1998 (changing its name from Dean Witter Select Futures Fund L.P.), is incorporated by reference to Exhibit 3.03 of the Partnership's 10-K for fiscal year ended December 31, 1998, filed with the  Securities and Exchange Commission on March 31, 1999.

3.04   Certificate of Amendment of Certificate of Limited Partnership, dated April 6, 1999 (changing its name from Dean Witter Spectrum Select L.P.), is incorporated by reference to Exhibit 3.03 of the Partnership's Registration Statement on Form S-1 (File No. 333-68773) filed with the Securities and Exchange Commission on April 12, 1999.

3.05 Certificate of Amendment of Certificate of Limited Partnership, dated November 1, 2001 (changing its name from Morgan Stanley Dean Witter Spectrum Select L.P.), is incorporated by reference to Exhibit 3.01 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on November 1, 2001.

3.06 Certificate of Amendment of Certificate of Limited Partnership, dated June 1, 2009, (changing the name and mailing address of the general partner of the Partnership), is incorporated by reference to Exhibit 3.06 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on June 4, 2009.

3.07 Certificate of Amendment of Certificate of Limited Partnership, dated September 29, 2009 (changing its name from Morgan Stanley Spectrum Select L.P. to Morgan Stanley Smith Barney Spectrum Select L.P.), is incorporated by reference to Exhibit 3.07 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on October 5, 2009.

E-1

10.01 Amended and Restated Management Agreement, dated as of June 1, 1998, among the Partnership, the General Partner, and Rabar Market Research, Inc. is incorporated by reference to Exhibit 10.01 of the Partnership's Form 10-K (File No. 0-19511) for fiscal year ended December 31, 1998, filed with the Securities and Exchange Commission on March 31, 1999.

10.01(a) Amendment No. 1 to Amended and Restated Management Agreement among the Partnership, the General Partner, and Rabar Market Research, Inc., dated as of October 3, 2006, is incorporated by reference to Exhibit 10.01(a) of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on October 10, 2006.

10.01(b) Amendment No. 2 to Amended and Restated Management Agreement among the Partnership, the General Partner, and Rabar Market Research, Inc., dated as of May 9, 2011, is incorporated by reference to Exhibit 10.01(b) of the Partnership’s Form 10-Q (File No. 0-19511) filed with the Securities and Exchange Commission on August 12, 2011.

10.02 Amended and Restated Management Agreement, dated as of June 1, 1998, among the Partnership, the General Partner, and EMC Capital Management, Inc., is incorporated by reference to Exhibit 10.02 of the Partnership's Form 10-K (File No. 0-19511) for fiscal year ended December 31, 1998, filed with the Securities and Exchange Commission on March 31, 1999.

10.02(a) Amendment No. 1 to Amended and Restated Management Agreement among the Partnership, the General Partner, and EMC Capital Management, Inc., dated as of October 3, 2006, is incorporated by reference to Exhibit 10.02(a) of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on October 10, 2006.

10.02(b) Amendment No. 2 to Amended and Restated Management Agreement among the Partnership, the General Partner, and EMC Capital Management, Inc., dated as of May 9, 2011, is incorporated by reference to Exhibit 10.02(b) of the Partnership’s Form 10-Q (File No. 0-19511) filed with the Securities and Exchange Commission on August 12, 2011.

10.02(c) Novation Agreement and Consent among EMC Capital Management, Inc., EMC Capital Advisors, LLC, the Partnership and the General Partner, dated as of September 24, 2013, filed herewith.

10.03 Amended and Restated Management Agreement, dated as of June 1, 1998, among the Partnership, the General Partner, and Sunrise Capital Management, Inc., is incorporated by reference to Exhibit 10.03 of the Partnership's Form 10-K (File No. 0-19511) for fiscal year ended December 31, 1998, filed with the Securities and Exchange Commission on March 31, 1999.

10.03(a) Amendment No. 1 to Amended and Restated Management Agreement among the Partnership, the General Partner, and Sunrise Capital Management Inc., dated as of December 7, 2010 is incorporated by reference to Exhibit 10.03(a) of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on January 3, 2011.

E-2

   10.04 Management Agreement, dated as of January 1, 2004, among the Partnership, Demeter, and Graham Capital Management, L.P., is incorporated by reference to Exhibit 10.04 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on March 10, 2004.

   10.05 Form of Subscription and Exchange Agreement and Power of Attorney to be executed by purchasers of Units is incorporated by reference to Exhibit B of the Partnership’s Prospectus, dated May 1, 2008, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act of 1933 on May 8, 2008.

   10.06 Escrow Agreement, dated as of July 25, 2007, among The Bank of New York, the General Partner, and Morgan Stanley & Co. Incorporated, is incorporated by reference to Exhibit 10.10 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on July 31, 2007.

   10.07 Form of Subscription Agreement Update Form to be executed by purchasers of Units is incorporated by reference to Exhibit C of the Partnership’s Prospectus, dated May 1, 2008, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act of 1933 on May 8, 2008.

   10.08 Amended and Restated Customer Agreement between the Partnership and Morgan Stanley DW, dated as of October 16, 2000, is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on November 1, 2001.

  10.08(a)  Amendment No. 1 to the Amended and Restated Customer Agreement between the Partnership and Morgan Stanley DW Inc., dated July 1, 2005, is incorporated by reference to Exhibit 10.12(a) of the Partnership’s Form 10-Q (File No. 0-19511) filed with the Securities and Exchange Commission on August 10, 2005.

   10.09 Amended and Restated Commodity Futures Customer Agreement, between MS&Co. and the Funds noted on Appendix A thereto, dated as of November 12, 2013, is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 10-Q (File No. 0-19511) filed with the Securities and Exchange Commission on November 13, 2013.

   10.10 Customer Agreement between the Partnership and MSIP dated as of June 6, 2000, is incorporated by reference to Exhibit 10.04 of the Partnership’s Form 8-K (File No.

0-19511) 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 April 30, 2000, is incorporated by reference to Exhibit 10.05 of the Partnership’s Form    8-K (File No. 0-19511) filed with the Securities and Exchange Commission on November 1, 2001.

E-3

   10.12 Management Agreement, dated as of May 1, 2001, among the Partnership, the General Partner, and Northfield Trading L.P., is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on April 25, 2001.

   10.12(a) Amendment No. 1 to Amended and Restated Management Agreement among the Partnership, the General Partner, and Northfield Trading L.P., dated as of May 9, 2011, is incorporated by reference to Exhibit 10.16(a) of the Partnership’s Form 10-Q (File No. 0-19511) filed with the Securities and Exchange Commission on August 12, 2011.

   10.12(b) Amendment No. 2 to Management Agreement among the Partnership, the General Partner and Northfield Trading L.P., dated as of December 1, 2013, filed herewith.

   10.13 Securities Account Control Agreement between the Partnership and MS&Co., dated as of May 1, 2000, is incorporated by reference to Exhibit 10.03 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on November 1, 2001.

   10.14 Management Agreement, dated as of October 9, 2007, among the Partnership, the General Partner, and Altis Partners (Jersey) Limited, is incorporated by reference to Exhibit 10.19 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on October 15, 2007.

   10.14(a) Amendment No. 1 to Management Agreement among the Partnership, the General Partner, and Altis Partners (Jersey) Limited, dated as of July 28, 2008, is incorporated by reference to Exhibit 10.19 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on August 1, 2008.

   13.01 December 31, 2013, Annual Report to Limited Partners is filed herewith.

   31.01 Certification of President of Ceres Managed Futures LLC, the general partner of the Partnershippursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

   31.02 Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

   32.01 Certification of President of Ceres Managed Futures LLC, 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 Ceres Managed Futures LLC, 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.

E-4

101.INS^ XBRL Instance Document

101.SCH^ XBRL Taxonomy Extension Schema

101.CAL^ XBRL Taxonomy Extension Calculation Linkbase

101.DEF^ XBRL Taxonomy Extension Definition Linkbase

101.LAB^ XBRL Taxonomy Extension Label Linkbase

101.PRE^ XBRL Taxonomy Extension Presentation Linkbase

^  Submitted electronically herewith.

E-5

EX-10.02(C)

Execution Version

Novation Agreement and Consent

This Novation Agreement and Consent, dated as of September 24, 2013 (the “Agreement”), is by and among EMC Capital Management, Inc. (“EMC Inc.”), EMC Capital Advisors, LLC (“EMC LLC”), Morgan Stanley Smith Barney Spectrum Select L.P. (formerly known as Dean Witter Spectrum Select L.P.) (the “Partnership”) and Ceres Managed Futures LLC (formerly Demeter Management Corporation) (the “General Partner”).

WHEREAS, Partnership, the General Partner, and EMC Inc. entered into that certain Amended and Restated Management Agreement dated as of the 1st day of June, 1998, as amended by the Amendment No. 1 thereto as of the 1st day of November, 2006 and by the Amendment No. 2 thereto as of the 1st day of July, 2011 (the “Management Agreement”); and

WHEREAS, EMC Inc. wishes to be released and discharged from the Management Agreement and EMC LLC wishes to perform all of EMC Inc.’s obligations under the Management Agreement and be bound by the terms of the Management Agreement in EMC Inc.’s place;

NOW, THEREFORE, the parties hereto agree as follows:

1.           The Partnership and General Partner hereby release and discharge EMC Inc. from the Management Agreement as of October 1, 2013 (the “Effective Date”).

2.           EMC LLC undertakes to perform all obligations under the Management Agreement and be bound by the terms of the Management Agreement in every way as if it were a party to the Management Agreement in the place of EMC Inc.

3.           The Partnership and General Partner release and discharge EMC Inc. from all claims and demands arising from or after the Effective Date in respect of the Management Agreement and accept the liability of EMC LLC under the Management Agreement, and agree to be bound by the terms of the Management Agreement in every way as if EMC LLC were named in the Management Agreement in the place of EMC Inc.

4.           This Agreement shall be governed and construed in accordance with the laws of New York.

5.           This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, but all of which when taken together shall be deemed to be one and the same instrument.

[Signatures to follow on next page]

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the Effective Date.

EMC CAPITAL MANAGEMENT, INC.

By:   /s/John Krautsack                                                      

Name:  John Krautsack

Title:    President

EMC CAPITAL ADVISORS, LLC

By:   /s/John Krautsack                                                      

Name:   John Krautsack

Title:     President

OTHER PARTIES:

MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P.

by Ceres Managed Futures LLC

General Partner

By   /s/ Alper Daglioglu

       Alper Daglioglu

       President

CERES MANAGED FUTURES LLC

By   /s/ Alper Daglioglu

       Alper Daglioglu

       President

EX-10.12(B)

AMENDMENT NO. 2

TO

MANAGEMENT AGREEMENT

WHEREAS, MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P. (formerly known as Morgan Stanley Dean Witter Spectrum Select L.P.), a Delaware limited partnership (the “Partnership”), CERES MANAGED FUTURES LLC, a Delaware limited liability company (the “General Partner”), and NORTHFIELD TRADING L.P., a Delaware limited partnership (the “Trading Advisor”), have agreed to amend the Amended and Restated Management Agreement (the “Management Agreement”), dated as of May 1, 2001, and as previously amended by Amendment No. 1 (the “Amendment No. 1”), dated as of May 9, 2011, among the Partnership, the General Partner and the Trading Advisor, to reduce the monthly management fee rate payable to the Trading Advisor.  Terms used and not otherwise defined herein have the meanings ascribed to such terms in the Management Agreement.

WHEREAS, all provisions contained in the Management Agreement remain in full force and effect and are modified only to the extent necessary to provide for the amendments set forth below.

NOW, THEREFORE, the parties hereto hereby amend the Management Agreement as follows:

1.           The monthly management fee rate referred to in clause (a)(i) of the Section entitled “Fees” in the Management Agreement, which was previously reduced in Amendment No. 1 to a monthly management fee rate equal to 1/12 of 2.00% (a 2.00% annual rate), is hereby reduced to a monthly management fee rate equal to 1/12 of 1.00% (a 1.00% annual rate).

2.           The foregoing amendment shall take effect as of the 1st day of December, 2013.

3.           This Amendment No. 2 may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute the same agreement.

4.           This Amendment No. 2 shall be governed and construed in accordance with the laws of the State of New York.

IN WITNESS WHEREOF, this Amendment to the Management Agreement has been executed for and on behalf of the undersigned as of the 6th day of November, 2013.

MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P.

By:  Ceres Managed Futures LLC,

General Partner

By: _/s/ Alper Daglioglu_______

Name: Alper Daglioglu

Title: President

CERES MANAGED FUTURES LLC

By: _/s/ Alper Daglioglu_______

Name: Alper Daglioglu

Title: President

NORTHFIELD TRADING L.P.

By: _/s/ Douglas Bry__________

Name: Douglas Bry

Title: President

EX-31.01

    EXHIBIT 31.01

CERTIFICATIONS

I, Alper Daglioglu, certify that:

1.   I have reviewed this annual report on Form 10-K of Morgan Stanley Smith Barney Spectrum Select L.P.;

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(s) 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

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(s) 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 the registrant’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:   March 28, 2014                                                             /s/Alper Daglioglu

Alper Daglioglu

President and Director

Ceres Managed Futures LLC,

General Partner of the registrant

EX-31.02

       EXHIBIT 31.02

CERTIFICATIONS

I, Alice Lonero, certify that:

1. I have reviewed this annual report on Form 10-K of Morgan Stanley Smith Barney Spectrum Select L.P.;

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(s) 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

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(s) 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 the registrant’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:   March 28, 2014                                                             /s/Alice Lonero

Alice Lonero

Chief Financial Officer

Ceres Managed Futures LLC

General Partner of the registrant

EX-32.01

     EXHIBIT 32.01

CERTIFICATION OF PRESIDENT 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 Annual Report of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alper Daglioglu, President and Director of Ceres Managed Futures LLC, 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/Alper Daglioglu                                                                                                

Name:                    Alper Daglioglu

Title:                      President and Director of Ceres Managed Futures LLC,

General Partner of the registrant

Date:                      March 28, 2014

EX-32.02

  EXHIBIT 32.02

CERTIFICATION OF CHIEF FINANCIAL OFFICER 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 Annual Report of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alice Lonero, Chief Financial Officer of Ceres Managed Futures LLC, 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/Alice Lonero                                                                                     

Name:                   Alice Lonero

Title:                     Chief Financial Officer of Ceres Managed Futures LLC,

General Partner of the registrant

Date:                      March 28, 2014

EX-13.01

                         Morgan Stanley
                         Spectrum Series

                         Annual Report
                         December 31, 2013

                         CERES MANAGED FUTURES LLC




                          To the Limited Partners of
       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
           Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
               Morgan Stanley Smith Barney Spectrum Select L.P.
              Morgan Stanley Smith Barney Spectrum Strategic L.P.
              Morgan Stanley Smith Barney Spectrum Technical L.P.

To the best of the knowledge and belief of the undersigned, the information
contained herein is accurate and complete.

                                             /s/ Alper Daglioglu
                                             -----------------------------------
                                             By:  Alper Daglioglu
                                                  President and Director
                                                  Ceres Managed Futures LLC
                                                  General Partner,
                                                  Morgan Stanley Smith Barney
                                                  Spectrum Currency and
                                                  Commodity L.P.
                                                  Morgan Stanley Smith Barney
                                                  Spectrum Global Balanced L.P.
                                                  Morgan Stanley Smith Barney
                                                  Spectrum Select L.P.
                                                  Morgan Stanley Smith Barney
                                                  Spectrum Strategic L.P.
                                                  Morgan Stanley Smith Barney
                                                  Spectrum Technical L.P.

                                             Ceres Managed Futures LLC
                                             522 Fifth Avenue
                                             14th Floor
                                             New York, NY 10036
                                             (855) 672-4468



                 Management's Report on Internal Control Over
                              Financial Reporting

   Ceres Managed Futures LLC ("Ceres"), the general partner of Morgan Stanley
Smith Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith Barney
Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum Select
L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan Stanley
Smith Barney Spectrum Technical L.P. (collectively, the "Partnerships"), is
responsible for the management of the Partnerships.

   Management of the Partnerships, Ceres ("Management"), is responsible for
establishing and maintaining adequate internal control over financial reporting
as defined in Rules 13a - 15(f) and 15d - 15(f) under the Securities Exchange
Act of 1934 and for the assessment of internal control over financial
reporting. The Partnerships' internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in the
United States of America. The Partnerships' internal control over financial
reporting includes those policies and procedures that:

   (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the Partnerships;

   (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America, and
that receipts and expenditures of the Partnerships are being made only in
accordance with authorizations of Management and directors of Ceres; and

   (iii) provide reasonable assurance regarding prevention or timely detection
and correction of unauthorized acquisition, use or disposition of the
Partnerships' assets that could have a material effect on the financial
statements.

   Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.



   Management has assessed the effectiveness of the Partnerships' internal
control over financial reporting as of December 31, 2013. In making this
assessment, Management used the criteria set forth in the Internal
Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on its assessment,
Management concluded that the Partnerships maintained effective internal
control over financial reporting as of December 31, 2013 based on the criteria
referred to above.

                                            
/s/ Alper Daglioglu                            /s/ Alice Lonero
----------------------------------------       --------------------------------------
Alper Daglioglu                                Alice Lonero
President and Director                         Chief Financial Officer
Ceres Managed Futures LLC                      Ceres Managed Futures LLC
General Partner,                               General Partner,

Morgan Stanley Smith Barney Spectrum Currency  Morgan Stanley Smith Barney Spectrum
  and Commodity L.P.                             Currency and Commodity L.P.

Morgan Stanley Smith Barney Spectrum           Morgan Stanley Smith Barney Spectrum Global
  Global Balanced L.P.                           Balanced L.P.

Morgan Stanley Smith Barney Spectrum           Morgan Stanley Smith Barney Spectrum
  Select L.P.                                    Select L.P.

Morgan Stanley Smith Barney Spectrum           Morgan Stanley Smith Barney Spectrum
  Strategic L.P.                                 Strategic L.P.

Morgan Stanley Smith Barney Spectrum           Morgan Stanley Smith Barney Spectrum
  Technical L.P.                                 Technical L.P.





            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

   To the Limited Partners and the General Partner of Morgan Stanley Smith
Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith Barney
Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum Select
L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan Stanley
Smith Barney Spectrum Technical L.P.:

   We have audited the accompanying statements of financial condition of Morgan
Stanley Smith Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith
Barney Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum
Select L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan
Stanley Smith Barney Spectrum Technical L.P. (collectively, the
"Partnerships"), including the condensed schedules of investments of Morgan
Stanley Smith Barney Global Balanced L.P., Morgan Stanley Smith Barney Spectrum
Select L.P., and Morgan Stanley Smith Barney Spectrum Technical L.P. as of
December 31, 2013 and 2012, and the condensed schedule of investments of Morgan
Stanley Smith Barney Spectrum Currency and Commodity L.P. as of December 31,
2012, and the related statements of income and expenses and changes of in
partners' capital of the Partnerships for each of the three years in the period
ended December 31, 2013. These financial statements are the responsibility of
the Partnerships' management. Our responsibility is to express an opinion on
these financial statements based on our audits.

   We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. The Partnerships
are not required to have, nor were we engaged to perform, an audit of their
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Partnerships' internal
control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

   In our opinion, such financial statements present fairly, in all material
respects, the financial position of Morgan Stanley Smith Barney Spectrum
Currency and Commodity L.P., Morgan Stanley Smith Barney Spectrum Global
Balanced L.P., Morgan Stanley Smith Barney Spectrum Select L.P., Morgan Stanley
Smith Barney Spectrum Strategic L.P., and Morgan Stanley Smith Barney Spectrum
Technical L.P. as of December 31, 2013 and 2012, and the results of their
operations and changes in their partners' capital for each of the three years
in the period ended December 31, 2013, in conformity with accounting principles
generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

New York, New York
March 25, 2014



       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
                       Statements of Financial Condition



                                                                            December 31,
                                                                        ---------------------
                                                                           2013       2012
                                                                        ---------- ----------
                                                                            $          $
                                                                             
                                ASSETS
Trading Equity:
Investment in Cambridge Master Fund.................................... 11,299,138  6,920,831
Investment in KR Master Fund...........................................  7,290,317 10,109,603
                                                                        ---------- ----------
   Total Investments in Master Funds................................... 18,589,455 17,030,434
 Cash..................................................................         --  6,788,072
                                                                        ---------- ----------
 Net unrealized gain on open contracts (MS&Co.)........................         --     43,205
                                                                        ---------- ----------
   Total Trading Equity................................................ 18,589,455 23,861,711
Interest receivable (MS&Co. & Morgan Stanley Wealth Management)........        165        710
                                                                        ---------- ----------
   Total Assets........................................................ 18,589,620 23,862,421
                                                                        ========== ==========
                  LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable....................................................    529,590    422,017
Accrued brokerage fees (MS&Co.)........................................     70,894     90,602
Accrued management fees................................................     20,064     36,617
                                                                        ---------- ----------
   Total Liabilities...................................................    620,548    549,236
                                                                        ---------- ----------
PARTNERS' CAPITAL
Limited Partners (2,394,803.341 and 3,043,048.335 Units, respectively). 17,703,845 23,041,527
General Partner (35,877.343 and 35,877.343 Units, respectively)........    265,227    271,658
                                                                        ---------- ----------
 Total Partners' Capital............................................... 17,969,072 23,313,185
                                                                        ---------- ----------
 Total Liabilities and Partners' Capital............................... 18,589,620 23,862,421
                                                                        ========== ==========
NET ASSET VALUE PER UNIT...............................................       7.39       7.57
                                                                        ========== ==========


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



       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
                       Statements of Income and Expenses



                                                           For the Years Ended December 31,
                                                     -------------------------------------------
                                                         2013           2012           2011
                                                     -------------  -------------  -------------
                                                           $              $              $
                                                                          
INVESTMENT INCOME
 Interest income (MS&Co. & Morgan Stanley Wealth
   Management)......................................         9,149         17,704         14,552
                                                     -------------  -------------  -------------
EXPENSES
 Brokerage fees (MS&Co.)............................       958,464      1,345,522      1,909,452
 Management fees....................................       346,230        547,886        830,197
 Incentive fees.....................................       165,296             --             --
                                                     -------------  -------------  -------------
   Total Expenses...................................     1,469,990      1,893,408      2,739,649
                                                     -------------  -------------  -------------
NET INVESTMENT LOSS.................................    (1,460,841)    (1,875,704)    (2,725,097)
                                                     -------------  -------------  -------------
TRADING RESULTS
Trading profit (loss):
 Net realized.......................................       444,474       (199,068)      (483,261)
 Net change in unrealized...........................       (43,205)       133,331     (1,210,781)
 Realized loss on investment in KR Master Fund......      (551,662)      (488,412)            --
 Realized gain (loss) on investment in Cambridge
   Master Fund......................................     1,188,237        (44,139)            --
 Realized loss on investment in FL Master Fund......            --     (2,033,985)            --
 Unrealized appreciation (deppreciation) on
   investment in KR Master Fund.....................       (23,816)        52,939             --
 Unrealized appreciation (deppreciation) on
   investment in Cambridge Master Fund..............       (39,518)       123,978             --
 Unrealized appreciation on investment in FL Master
   Fund.............................................            --        514,630             --
                                                     -------------  -------------  -------------
   Total Trading Results............................       974,510     (1,940,726)    (1,694,042)
                                                     -------------  -------------  -------------
NET LOSS............................................      (486,331)    (3,816,430)    (4,419,139)
                                                     =============  =============  =============
Net Loss Allocation
Limited Partners....................................      (479,900)    (3,769,861)    (4,369,934)
General Partner.....................................        (6,431)       (46,569)       (49,205)

Net Loss Per Unit*
Limited Partners....................................         (0.18)         (1.06)         (0.94)
General Partner.....................................         (0.18)         (1.06)         (0.94)

                                                         Units          Units          Units
                                                     -------------  -------------  -------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING....................................... 2,774,112.516  3,584,790.785  4,606,460.437


* Based on change in net asset value per Unit.

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



           Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
                       Statements of Financial Condition



                                                                           December 31,
                                                                       --------------------
                                                                         2013       2012
                                                                       --------- ----------
                                                                          $          $
                                                                           
                               ASSETS
Trading Equity:
 Unrestricted cash.................................................... 6,298,716  9,403,917
 Restricted cash......................................................   968,132    899,358
                                                                       --------- ----------
   Total cash......................................................... 7,266,848 10,303,275
                                                                       --------- ----------
 Net unrealized gain on open contracts (MS&Co.)....................... 1,200,500  1,019,443
 Net unrealized loss on open contracts (MSIP).........................        --    (37,664)
                                                                       --------- ----------
   Total net unrealized gain on open contracts........................ 1,200,500    981,779
                                                                       --------- ----------
   Total Trading Equity............................................... 8,467,348 11,285,054
Interest receivable (MS&Co. & Morgan Stanley Wealth Management).......        96        422
                                                                       --------- ----------
   Total Assets....................................................... 8,467,444 11,285,476
                                                                       ========= ==========
                  LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable...................................................   187,714    117,253
Payable to MS&Co......................................................    44,762         --
Accrued brokerage fees (MS&Co.).......................................    32,043     42,933
Options written (premiums received $12,708 and $12,772, respectively).    31,915     22,859
Accrued management fees...............................................     8,707     13,727
                                                                       --------- ----------
   Total Liabilities..................................................   305,141    196,772
                                                                       --------- ----------
PARTNERS' CAPITAL
Limited Partners (601,916.025 and 776,379.501 Units, respectively).... 8,000,772 10,917,812
General Partner (12,152.331 and 12,152.331 Units, respectively).......   161,531    170,892
                                                                       --------- ----------
 Total Partners' Capital.............................................. 8,162,303 11,088,704
                                                                       --------- ----------
 Total Liabilities and Partners' Capital.............................. 8,467,444 11,285,476
                                                                       ========= ==========
NET ASSET VALUE PER UNIT..............................................     13.29      14.06
                                                                       ========= ==========


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



           Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
                       Statements of Income and Expenses



                                                      For the Years Ended December 31,
                                                  ---------------------------------------
                                                     2013         2012          2011
                                                  -----------  -----------  -------------
                                                       $            $             $
                                                                   
INVESTMENT INCOME
 Interest income (MS&Co. & Morgan Stanley Wealth
   Management)...................................       5,480        9,876          7,327
                                                  -----------  -----------  -------------
EXPENSES
 Brokerage fees (MS&Co.).........................     459,184      591,826        764,480
 Management fees.................................     133,754      190,827        246,609
                                                  -----------  -----------  -------------
   Total Expenses................................     592,938      782,653      1,011,089
                                                  -----------  -----------  -------------
NET INVESTMENT LOSS..............................    (587,458)    (772,777)    (1,003,762)
                                                  -----------  -----------  -------------
TRADING RESULTS
Trading profit (loss):
 Net realized....................................    (129,286)     370,013     (1,151,478)
 Net change in unrealized........................     209,601     (248,162)      (339,048)
                                                  -----------  -----------  -------------
   Total Trading Results.........................      80,315      121,851     (1,490,526)
                                                  -----------  -----------  -------------
NET LOSS.........................................    (507,143)    (650,926)    (2,494,288)
                                                  ===========  ===========  =============
Net Loss Allocation
Limited Partners.................................    (497,782)    (641,657)    (2,466,376)
General Partner..................................      (9,361)      (9,269)       (27,912)

Net Loss Per Unit*
Limited Partners.................................       (0.77)       (0.77)         (2.29)
General Partner..................................       (0.77)       (0.77)         (2.29)

                                                     Units        Units         Units
                                                  -----------  -----------  -------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING.................................... 712,685.559  879,118.270  1,056,873.607


* Based on change in net asset value per Unit.

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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                       Statements of Financial Condition



                                                                       December 31,
                                                                 -----------------------
                                                                    2013         2012
                                                                 ----------- -----------
                                                                     $            $
                                                                       
                            ASSETS
Trading Equity:
 Unrestricted cash.............................................. 117,701,386 171,164,335
 Restricted cash................................................  26,703,038  27,192,268
                                                                 ----------- -----------
   Total cash................................................... 144,404,424 198,356,603
                                                                 ----------- -----------
 Net unrealized gain on open contracts (MS&Co.).................   6,652,432   3,072,667
 Net unrealized loss on open contracts (MSIP)...................          --    (521,313)
                                                                 ----------- -----------
   Total net unrealized gain on open contracts..................   6,652,432   2,551,354
                                                                 ----------- -----------
   Total Trading Equity......................................... 151,056,856 200,907,957
Interest receivable (MS&Co. & Morgan Stanley Wealth Management).       1,354       6,032
                                                                 ----------- -----------
   Total Assets................................................. 151,058,210 200,913,989
                                                                 =========== ===========
               LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable.............................................   3,447,262   3,642,807
Accrued brokerage fees (MS&Co.).................................     750,593     994,527
Accrued management fees.........................................     205,988     302,574
Payable to MS&Co................................................     127,622          --
                                                                 ----------- -----------
   Total Liabilities............................................   4,531,465   4,939,908
                                                                 ----------- -----------
PARTNERS' CAPITAL
Limited Partners (5,462,815.917 and 6,979,883.723 Units,
  respectively)................................................. 144,651,488 193,760,270
General Partner (70,819.769 and 79,748.769 Units, respectively).   1,875,257   2,213,811
                                                                 ----------- -----------
 Total Partners' Capital........................................ 146,526,745 195,974,081
                                                                 ----------- -----------
 Total Liabilities and Partners' Capital........................ 151,058,210 200,913,989
                                                                 =========== ===========
NET ASSET VALUE PER UNIT........................................       26.48       27.76
                                                                 =========== ===========


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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                       Statements of Income and Expenses



                                                 For the Years Ended December 31,
                                           --------------------------------------------
                                               2013           2012            2011
                                           -------------  -------------  --------------
                                                 $              $               $
                                                                
INVESTMENT INCOME
 Interest income (MS&Co. & Morgan Stanley
   Wealth Management).....................        78,343        153,597         125,873
                                           -------------  -------------  --------------
EXPENSES
 Brokerage fees (MS&Co.)..................    10,576,864     15,124,033      21,431,854
 Management fees..........................     3,176,170      4,610,705       7,263,522
 Incentive fees...........................            --             --       2,034,158
                                           -------------  -------------  --------------
   Total Expenses.........................    13,753,034     19,734,738      30,729,534
                                           -------------  -------------  --------------
NET INVESTMENT LOSS.......................   (13,674,691)   (19,581,141)    (30,603,661)
                                           -------------  -------------  --------------
TRADING RESULTS
Trading profit (loss):
 Net realized.............................     1,840,569     (2,747,878)    (23,852,820)
 Net change in unrealized.................     4,101,078     (3,850,545)    (13,401,268)
                                           -------------  -------------  --------------
   Total Trading Results..................     5,941,647     (6,598,423)    (37,254,088)
                                           -------------  -------------  --------------
NET LOSS..................................    (7,733,044)   (26,179,564)    (67,857,749)
                                           =============  =============  ==============
Net Loss Allocation
Limited Partners..........................    (7,644,502)   (25,885,258)    (67,138,290)
General Partner...........................       (88,542)      (294,306)       (719,459)

Net Income (Loss) Per Unit*
Limited Partners..........................         (1.28)         (3.48)          (6.79)
General Partner...........................         (1.28)         (3.48)          (6.79)

                                               Units          Units           Units
                                           -------------  -------------  --------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING............................. 6,392,736.584  8,177,824.370  10,069,277.824


* Based on change in net asset value per Unit.

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



              Morgan Stanley Smith Barney Spectrum Strategic L.P.
                       Statements of Financial Condition



                                                                            December 31,
                                                                        ---------------------
                                                                           2013       2012
                                                                        ---------- ----------
                                                                            $          $
                                                                             
                                ASSETS
Investment in BHM I, LLC (cost $449,078 and $17,491,367,
  respectively)........................................................ 46,985,018 63,045,391
Investment in MB Master Fund (cost $3,926,311 and $8,102,894,
  respectively)........................................................  4,183,031  8,142,971
Investment in PGR Master Fund (cost $3,246,961 and $6,033,345,
  respectively)........................................................  3,327,454  5,021,111
                                                                        ---------- ----------
   Total Investments................................................... 54,495,503 76,209,473
Interest receivable (MS&Co.)...........................................        494      2,273
                                                                        ---------- ----------
   Total Assets........................................................ 54,495,997 76,211,746
                                                                        ========== ==========
                  LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable....................................................  1,159,681  1,590,323
Accrued brokerage fees (MS&Co.)........................................    270,566    387,030
Accrued management fees................................................    124,834    174,921
                                                                        ---------- ----------
   Total Liabilities...................................................  1,555,081  2,152,274
                                                                        ---------- ----------
PARTNERS' CAPITAL
Limited Partners (3,829,652.114 and 5,140,837.802 Units, respectively). 52,246,247 73,232,715
General Partner (50,919.274 and 58,037.274 Units, respectively)........    694,669    826,757
                                                                        ---------- ----------
 Total Partners' Capital............................................... 52,940,916 74,059,472
                                                                        ---------- ----------
 Total Liabilities and Partners' Capital............................... 54,495,997 76,211,746
                                                                        ========== ==========
NET ASSET VALUE PER UNIT...............................................      13.64      14.25
                                                                        ========== ==========


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



              Morgan Stanley Smith Barney Spectrum Strategic L.P.
                       Statements of Income and Expenses



                                                             For the Years Ended December 31,
                                                       -------------------------------------------
                                                           2013           2012           2011
                                                       -------------  -------------  -------------
                                                             $              $              $
                                                                            
INVESTMENT INCOME
 Interest income (MS&Co. & Morgan Stanley Wealth
   Management)........................................        28,668         57,466         53,908
                                                       -------------  -------------  -------------
EXPENSES
 Brokerage fees (MS&Co.)..............................     3,855,868      5,825,816      9,254,864
 Management fees......................................     1,753,124      2,647,299      4,157,245
 Incentive fees.......................................            --             --      1,238,078
                                                       -------------  -------------  -------------
   Total Expenses.....................................     5,608,992      8,473,115     14,650,187
                                                       -------------  -------------  -------------
NET INVESTMENT LOSS...................................    (5,580,324)    (8,415,649)   (14,596,279)
                                                       -------------  -------------  -------------
TRADING RESULTS
Trading profit (loss):
 Net realized.........................................            --             --      2,750,625
 Net change in unrealized.............................            --             --     (8,555,065)
 Realized gain (loss) on investment in BHM I, LLC.....       559,473       (429,295)      (958,118)
 Realized gain (loss) on investment in PGR Master
   Fund...............................................         5,825        (25,751)            --
 Realized gain on investment in MB Master Fund........        22,738          3,838             --
 Unrealized appreciation (depreciation) on investment
   in BHM I, LLC......................................       981,916       (687,951)   (21,346,446)
 Unrealized appreciation (depreciation) on investment
   in PGR Master Fund.................................     1,092,727     (1,252,834)       240,600
 Unrealized appreciation (depreciation) on investment
   in MB Master Fund..................................       216,643        160,465       (120,388)
                                                       -------------  -------------  -------------
   Total Trading Results..............................     2,879,322     (2,231,528)   (27,988,792)
                                                       -------------  -------------  -------------
NET LOSS..............................................    (2,701,002)   (10,647,177)   (42,585,071)
                                                       =============  =============  =============
Net Loss Allocation
Limited Partners......................................    (2,668,922)   (10,517,888)   (42,124,253)
General Partner.......................................       (32,080)      (129,289)      (460,818)

Net Loss Per Unit*
Limited Partners......................................         (0.61)         (1.77)         (5.47)
General Partner.......................................         (0.61)         (1.77)         (5.47)

                                                           Units          Units          Units
                                                       -------------  -------------  -------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING......................................... 4,582,116.588  6,273,402.856  7,873,786.813


*  Based on change in net asset value per Unit.

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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                       Statements of Financial Condition



                                                                         December 31,
                                                                   -----------------------
                                                                      2013         2012
                                                                   ----------- -----------
                                                                       $            $
                                                                         
                             ASSETS
Trading Equity:
Investment in Blackwater Master Fund..............................  33,548,272  43,685,685
                                                                   ----------- -----------
 Unrestricted cash................................................  91,751,066 120,032,935
 Restricted cash..................................................  12,312,414  14,361,905
                                                                   ----------- -----------
   Total cash..................................................... 104,063,480 134,394,840
                                                                   ----------- -----------
 Net unrealized gain (loss) on open contracts (MS&Co.)............   1,225,590  (1,017,450)
 Net unrealized loss on open contracts (MSIP).....................           -     (24,094)
                                                                   ----------- -----------
   Total net unrealized gain (loss) on open contracts.............   1,225,590  (1,041,544)
                                                                   ----------- -----------
   Total Trading Equity........................................... 138,837,342 177,038,981
Interest receivable (MS&Co. & Morgan Stanley Wealth Management)...       1,241       5,291
                                                                   ----------- -----------
   Total Assets................................................... 138,838,583 177,044,272
                                                                   =========== ===========
                LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable...............................................   3,062,360   3,098,948
Accrued brokerage fees (MS&Co.)...................................     687,693     863,648
Accrued management fees...........................................     142,659     199,286
                                                                   ----------- -----------
   Total Liabilities..............................................   3,892,712   4,161,882
                                                                   ----------- -----------
PARTNERS' CAPITAL
Limited Partners (8,052,816.352 and 10,222,252.707 Units,
  respectively)................................................... 133,281,088 170,851,495
General Partner (100,585.879 and 121,510.879 Units, respectively).   1,664,783   2,030,895
                                                                   ----------- -----------
   Total Partners' Capital........................................ 134,945,871 172,882,390
                                                                   ----------- -----------
   Total Liabilities and Partners' Capital........................ 138,838,583 177,044,272
                                                                   =========== ===========
NET ASSET VALUE PER UNIT..........................................       16.55       16.71
                                                                   =========== ===========


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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                       Statements of Income and Expenses



                                                          For the Years Ended December 31,
                                                   ---------------------------------------------
                                                       2013            2012            2011
                                                   -------------  --------------  --------------
                                                         $               $               $
                                                                         
INVESTMENT INCOME
 Interest income (MS&Co. & Morgan Stanley Wealth
   Management)....................................        69,030         133,904         107,915
                                                   -------------  --------------  --------------
EXPENSES
 Brokerage fees (MS&Co.)..........................     9,353,028      13,307,993      18,722,379
 Management fees..................................     2,127,948       3,384,253       6,205,832
 Incentive fees...................................            --              --          94,355
                                                   -------------  --------------  --------------
   Total Expenses.................................    11,480,976      16,692,246      25,022,566
 Management fee waived............................            --         (83,982)             --
                                                   -------------  --------------  --------------
   Net Expenses...................................    11,480,976      16,608,264      25,022,566
                                                   -------------  --------------  --------------
NET INVESTMENT LOSS...............................   (11,411,946)    (16,474,360)    (24,914,651)
                                                   -------------  --------------  --------------
TRADING RESULTS
Trading profit (loss):
 Net realized.....................................     7,217,969      (6,219,265)     11,402,800
 Net change in unrealized.........................     2,267,134      (9,809,697)    (11,820,187)
 Realized gain (loss) on investment in Blackwater
   Master Fund....................................       396,051      (4,657,167)        167,699
 Unrealized appreciation on Investment in
   Blackwater Master Fund.........................        63,604         898,526         564,283
 Proceeds from Litigation.........................            --              --          10,951
                                                   -------------  --------------  --------------
   Total Trading Results..........................     9,944,758     (19,787,603)        325,546
                                                   -------------  --------------  --------------
NET LOSS..........................................    (1,467,188)    (36,261,963)    (24,589,105)
                                                   =============  ==============  ==============
Net Loss Allocation
Limited Partners..................................    (1,451,095)    (35,829,461)    (24,340,924)
General Partner...................................       (16,093)       (432,502)       (248,181)

Net Loss Per Unit*
Limited Partners..................................         (0.16)          (2.94)          (1.68)
General Partner...................................         (0.16)          (2.94)          (1.68)

                                                       Units           Units           Units
                                                   -------------  --------------  --------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING..................................... 9,350,648.660  12,156,580.269  14,975,570.662


* Based on change in net asset value per Unit.

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



       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
                       Condensed Schedule of Investments
                               December 31, 2013

   As of December 31, 2013, Spectrum Currency held no futures or forward
contracts; therefore, there were no net unrealized gains or losses on futures
or forward contracts.

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



       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
                       Condensed Schedule of Investments
                               December 31, 2012



                                               Net unrealized
                                                  gain on           % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Foreign currency..............................      5,545           0.02
                                                   ------           ----
Total Futures and Forward Contracts Purchased.      5,545           0.02
                                                   ------           ----

Futures and Forward Contracts Sold
----------------------------------
Foreign currency..............................     35,827           0.16
                                                   ------           ----
Total Futures and Forward Contracts Sold......     35,827           0.16
                                                   ------           ----
 Unrealized Currency Gain.....................      1,833           0.01
                                                   ------           ----
Net fair value................................     43,205           0.19
                                                   ======           ====


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



           Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
                       Condensed Schedule of Investments
                               December 31, 2013



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................     (86,359)         (1.06)
Equity........................................      84,093           1.03
Foreign currency..............................     115,306           1.41
Interest rate.................................     (27,000)         (0.33)
                                                 ---------          -----
Total Futures and Forward Contracts Purchased.      86,040           1.05
                                                 ---------          -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................     144,024           1.76
Equity........................................      (8,824)         (0.11)
Foreign currency..............................      26,188           0.32
Interest rate.................................      63,451           0.78
                                                 ---------          -----
Total Futures and Forward Contracts Sold......     224,839           2.75
                                                 ---------          -----
 Unrealized Currency Gain.....................     889,621          10.90
                                                 ---------          -----
Net fair value................................   1,200,500          14.70
                                                 =========          =====

                                                                    % of
Option Contracts                                 Fair Value   Partners' Capital
----------------                               -------------- -----------------
                                                     $
Options written on Future Contracts...........     (31,915)         (0.39)


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



           Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
                       Condensed Schedule of Investments
                               December 31, 2012



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................    (58,726)          (0.53)
Equity........................................     43,098            0.39
Foreign currency..............................     78,781            0.71
Interest rate.................................     25,589            0.23
                                                  -------           -----
Total Futures and Forward Contracts Purchased.     88,742            0.80
                                                  -------           -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................     11,711            0.11
Equity........................................       (439)             --(1)
Foreign currency..............................     24,791            0.22
Interest rate.................................    (19,479)          (0.18)
                                                  -------           -----
Total Futures and Forward Contracts Sold......     16,584            0.15
                                                  -------           -----
 Unrealized Currency Gain.....................    876,453            7.90
                                                  -------           -----
Net fair value................................    981,779            8.85
                                                  =======           =====

                                                                    % of
Option Contracts                                 Fair Value   Partners' Capital
----------------                               -------------- -----------------
                                                     $
Options written on Future Contracts...........    (22,859)          (0.21)


(1)Amount less than 0.005%

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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                       Condensed Schedule of Investments
                               December 31, 2013



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................   (1,214,349)        (0.82)
Equity........................................    3,462,235          2.36
Foreign currency..............................    1,349,914          0.92
Interest rate.................................     (574,172)        (0.39)
                                                 ----------         -----
Total Futures and Forward Contracts Purchased.    3,023,628          2.07
                                                 ----------         -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................    2,107,872          1.44
Equity........................................       32,409          0.02
Foreign currency..............................      927,755          0.63
Interest rate.................................    1,250,345          0.85
                                                 ----------         -----
Total Futures and Forward Contracts Sold......    4,318,381          2.94
                                                 ----------         -----
 Unrealized Currency Loss.....................     (689,577)        (0.47)
                                                 ----------         -----
Net fair value................................    6,652,432          4.54
                                                 ==========         =====


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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                       Condensed Schedule of Investments
                               December 31, 2012



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................     (257,575)        (0.13)
Equity........................................    1,325,665          0.67
Foreign currency..............................      856,313          0.43
Interest rate.................................      151,921          0.08
                                                 ----------         -----
Total Futures and Forward Contracts Purchased.    2,076,324          1.05
                                                 ----------         -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................      (82,988)        (0.04)
Equity........................................      (36,283)        (0.02)
Foreign currency..............................    1,942,804          0.99
Interest rate.................................     (144,638)        (0.07)
                                                 ----------         -----
Total Futures and Forward Contracts Sold......    1,678,895          0.86
                                                 ----------         -----
   Unrealized Currency Loss...................   (1,203,865)        (0.61)
                                                 ----------         -----
Net fair value................................    2,551,354          1.30
                                                 ==========         =====


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



              Morgan Stanley Smith Barney Spectrum Strategic L.P.
                      Condensed Schedules of Investments
                          December 31, 2013 and 2012

   As of December 31, 2013 and 2012, Spectrum Strategic held no futures or
forward contracts; therefore, there were no net unrealized gains or losses on
futures or forward contracts.

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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                       Condensed Schedule of Investments
                               December 31, 2013



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................     (204,694)        (0.15)
Equity........................................    3,109,753          2.31
Foreign currency..............................      300,680          0.22
Interest rate.................................     (400,432)        (0.30)
                                                 ----------         -----
Total Futures and Forward Contracts Purchased.    2,805,307          2.08
                                                 ----------         -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................      768,610          0.57
Equity........................................       22,944          0.02
Foreign currency..............................      497,611          0.37
Interest rate.................................      578,949          0.43
                                                 ----------         -----
Total Futures and Forward Contracts Sold......    1,868,114          1.39
                                                 ----------         -----
 Unrealized Currency Loss.....................   (3,447,831)        (2.56)
                                                 ----------         -----
Net fair value................................    1,225,590          0.91
                                                 ==========         =====


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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                       Condensed Schedule of Investments
                               December 31, 2012



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................     (255,725)        (0.15)
Equity........................................      965,010          0.56
Foreign currency..............................       69,363          0.04
Interest rate.................................      322,705          0.19
                                                 ----------         -----
Total Futures and Forward Contracts Purchased.    1,101,353          0.64
                                                 ----------         -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................       49,147          0.03
Equity........................................       (9,384)        (0.01)
Foreign currency..............................    1,322,968          0.76
Interest rate.................................      (22,477)        (0.01)
                                                 ----------         -----
Total Futures and Forward Contracts Sold......    1,340,254          0.77
                                                 ----------         -----
 Unrealized Currency Loss.....................   (3,483,151)        (2.01)
                                                 ----------         -----
Net fair value................................   (1,041,544)        (0.60)
                                                 ==========         =====


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



       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2013, 2012, and 2011



                                        Units of
                                       Partnership    Limited     General
                                        Interest      Partners    Partner     Total
                                      -------------  ----------  --------  ----------
                                                         $           $          $
                                                               
Partners' Capital, December 31, 2010. 5,020,573.947  47,504,374   517,432  48,021,806
Net Loss.............................            --  (4,369,934)  (49,205) (4,419,139)
Redemptions..........................  (988,282.545) (8,738,364)  (49,999) (8,788,363)
                                      -------------  ----------  --------  ----------
Partners' Capital, December 31, 2011. 4,032,291.402  34,396,076   418,228  34,814,304
Net Loss.............................            --  (3,769,861)  (46,569) (3,816,430)
Redemptions..........................  (953,365.724) (7,584,688) (100,001) (7,684,689)
                                      -------------  ----------  --------  ----------
Partners' Capital, December 31, 2012. 3,078,925.678  23,041,527   271,658  23,313,185
Net Loss.............................            --    (479,900)   (6,431)   (486,331)
Redemptions..........................  (648,244.994) (4,857,782)       --  (4,857,782)
                                      -------------  ----------  --------  ----------
Partners' Capital, December 31, 2013. 2,430,680.684  17,703,845   265,227  17,969,072
                                      =============  ==========  ========  ==========


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



           Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2013, 2012, and 2011



                                        Units of
                                       Partnership    Limited    General
                                        Interest      Partners   Partner     Total
                                      -------------  ----------  -------  ----------
                                                         $          $          $
                                                              
Partners' Capital, December 31, 2010. 1,135,405.366  19,232,434  208,073  19,440,507
Net Loss.............................            --  (2,466,376) (27,912) (2,494,288)
Redemptions..........................  (186,460.494) (2,877,935)      --  (2,877,935)
                                      -------------  ----------  -------  ----------
Partners' Capital, December 31, 2011.   948,944.872  13,888,123  180,161  14,068,284
Net Loss.............................            --    (641,657)  (9,269)   (650,926)
Redemptions..........................  (160,413.040) (2,328,654)      --  (2,328,654)
                                      -------------  ----------  -------  ----------
Partners' Capital, December 31, 2012.   788,531.832  10,917,812  170,892  11,088,704
Net Loss.............................            --    (497,782)  (9,361)   (507,143)
Redemptions..........................  (174,463.476) (2,419,258)      --  (2,419,258)
                                      -------------  ----------  -------  ----------
Partners' Capital, December 31, 2013.   614,068.356   8,000,772  161,531   8,162,303
                                      =============  ==========  =======  ==========


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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2013, 2012, and 2011



                                         Units of
                                        Partnership     Limited     General
                                         Interest       Partners    Partner      Total
                                      --------------  -----------  ---------  -----------
                                                           $           $           $
                                                                  
Partners' Capital, December 31, 2010. 10,760,255.711  404,921,242  4,329,618  409,250,860
Net Loss.............................             --  (67,138,290)  (719,459) (67,857,749)
Redemptions.......................... (1,601,637.811) (54,746,671)  (502,032) (55,248,703)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2011.  9,158,617.900  283,036,281  3,108,127  286,144,408
Net Loss.............................             --  (25,885,258)  (294,306) (26,179,564)
Redemptions.......................... (2,098,985.408) (63,390,753)  (600,010) (63,990,763)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2012.  7,059,632.492  193,760,270  2,213,811  195,974,081
Net Loss.............................             --   (7,644,502)   (88,542)  (7,733,044)
Redemptions.......................... (1,525,996.806) (41,464,280)  (250,012) (41,714,292)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2013.  5,533,635.686  144,651,488  1,875,257  146,526,745
                                      ==============  ===========  =========  ===========


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



              Morgan Stanley Smith Barney Spectrum Strategic L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2013, 2012, and 2011



                                         Units of
                                        Partnership     Limited     General
                                         Interest       Partners    Partner      Total
                                      --------------  -----------  ---------  -----------
                                                           $           $           $
                                                                  
Partners' Capital, December 31, 2010.  8,352,365.929  177,594,148  1,916,408  179,510,556
Net Loss.............................             --  (42,124,253)  (460,818) (42,585,071)
Redemptions.......................... (1,062,599.076) (19,951,492)  (199,468) (20,150,960)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2011.  7,289,766.853  115,518,403  1,256,122  116,774,525
Net Loss.............................             --  (10,517,888)  (129,289) (10,647,177)
Redemptions.......................... (2,090,891.777) (31,767,800)  (300,076) (32,067,876)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2012.  5,198,875.076   73,232,715    826,757   74,059,472
Net Loss.............................             --   (2,668,922)   (32,080)  (2,701,002)
Redemptions.......................... (1,318,303.688) (18,317,546)  (100,008) (18,417,554)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2013.  3,880,571.388   52,246,247    694,669   52,940,916
                                      ==============  ===========  =========  ===========


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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2013, 2012, and 2011



                                         Units of
                                        Partnership     Limited     General
                                         Interest       Partners    Partner      Total
                                      --------------  -----------  ---------  -----------
                                                           $           $           $
                                                                  
Partners' Capital, December 31, 2010. 16,094,164.136  339,644,475  3,611,552  343,256,027
Net Loss.............................             --  (24,340,924)  (248,181) (24,589,105)
Redemptions.......................... (2,459,949.357) (50,356,090)  (399,970) (50,756,060)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2011. 13,634,214.779  264,947,461  2,963,401  267,910,862
Net Loss.............................             --  (35,829,461)  (432,502) (36,261,963)
Redemptions.......................... (3,290,451.193) (58,266,505)  (500,004) (58,766,509)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2012. 10,343,763.586  170,851,495  2,030,895  172,882,390
Net Loss.............................             --   (1,451,095)   (16,093)  (1,467,188)
Redemptions.......................... (2,190,361.355) (36,119,312)  (350,019) (36,469,331)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2013.  8,153,402.231  133,281,088  1,664,783  134,945,871
                                      ==============  ===========  =========  ===========


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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

1. Organization

   Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. ("Spectrum
Currency"), Morgan Stanley Smith Barney Spectrum Global Balanced L.P.
("Spectrum Global Balanced"), Morgan Stanley Smith Barney Spectrum Select L.P.
("Spectrum Select"), Morgan Stanley Smith Barney Spectrum Strategic L.P.
("Spectrum Strategic") and Morgan Stanley Smith Barney Spectrum Technical L.P.
("Spectrum Technical") (individually, a "Partnership", or collectively, the
"Partnerships") are limited partnerships organized to engage primarily in the
speculative trading of futures contracts, options on futures and forward
contracts, and forward contracts on physical commodities and other commodity
interests, including, but not limited to, foreign currencies, financial
instruments, metals, energy, and agricultural products (collectively, "Futures
Interests") (refer to Note 6. Financial Instruments).

   Ceres Managed Futures LLC, a Delaware limited liability company, acts as the
general partner ("Ceres" or the "General Partner") and commodity pool operator
of the Partnerships. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith
Barney Holdings LLC ("MSSBH"). MSSBH is wholly-owned indirectly by Morgan
Stanley. Prior to June 2013, Citigroup Inc. was an indirect minority owner of
MSSBH. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley
Wealth Management ("Morgan Stanley Wealth Management"). This entity, previously
acted as a non-clearing commodity broker for the Partnerships. Morgan Stanley
Wealth Management is a principal subsidiary of MSSBH.

   The clearing commodity broker is Morgan Stanley & Co. LLC ("MS&Co."). Morgan
Stanley & Co. International plc ("MSIP") previously served as a clearing
commodity broker for the Partnerships. MS&Co. also acts as the counterparty on
all trading of foreign currency forward contracts. Morgan Stanley Capital Group
Inc. ("MSCG") acts as the counterparty on all trading of options on foreign
currency forward contracts. MS&Co. and MSCG are wholly-owned subsidiaries of
Morgan Stanley.

   The Partnerships no longer offer Units of limited partnership interest
("Unit(s)") for purchase or exchange.

   Effective December 1, 2013, the management fee payable by Spectrum Technical
to Blackwater Capital Management LLC ("Blackwater") was reduced from a monthly
management fee rate equal to 1/12 of 1.25% (a 1.25% annual rate) per month of
net assets allocated to Blackwater on the first day of each month to a monthly
management fee rate equal to 1/12 of 0.75% (a 0.75% annual rate) per month of
net assets allocated to Blackwater on the first day of each month.

   Effective December 1, 2013, the management fee payable by Spectrum Select to
Northfield Trading L.P. ("Northfield") was reduced from a monthly management
fee rate equal to 1/12 of 2% (a 2% annual rate) of net assets allocated to
Northfield on the first day of each month to a monthly management fee rate
equal to 1/12 of 1% (a 1% annual rate) per month of net assets allocated to
Northfield on the first day of each month.

   Effective October 1, 2013, the management fee payable by Spectrum Currency
to Krom River Investment Management (Cayman) Limited (together with its
affiliate, Krom River Trading AG) ("Krom River") was reduced from a monthly
management fee rate equal to 1/12 of 2% (a 2% annual rate) per month of net
assets allocated to Krom River on the first day of each month to a monthly
management fee rate equal to 1/12 of 1% (a 1% annual rate) per month of net
assets allocated to Krom River on the first day of each month.

   Effective October 1, 2013, the General Partner determined that Spectrum
Currency's assets allocated to The Cambridge Strategy (Asset Management)
Limited ("Cambridge") shall be allocated 50% to Cambridge's Asian Markets Alpha
Programme, and 50% to Cambridge's Emerging Markets Alpha Programme.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Effective October 1, 2013, EMC Capital Management, Inc. ("EMC") assigned its
obligations, rights and interest to EMC Capital Advisors, LLC ("EMC Capital
Advisors"). EMC Capital Advisors has assumed all of EMC's obligations under the
management agreement, dated as of June 1, 1998, as amended, among Spectrum
Select, the General Partner and EMC.

   Effective June 30, 2013, Ceres terminated the management agreement among
Ceres, Sunrise Capital Management, Inc. ("Sunrise Capital") and Spectrum
Select, pursuant to which Sunrise Capital ceased all Futures Interest trading
on behalf of Spectrum Select.

   Effective May 31, 2013, Ceres terminated the management agreement among
Ceres, C-View International Limited ("C-View") and Spectrum Currency pursuant
to which C-View ceased all Futures Interest trading on behalf of Spectrum
Currency.

   Effective May 31, 2013, Ceres terminated the management agreement among
Ceres, C-View and Spectrum Global Balanced pursuant to which C-View ceased all
Futures Interest trading on behalf of Spectrum Global Balanced.

   Effective the close of business on October 31, 2012, Ceres terminated the
management agreement dated as of November 1, 1994, and as amended on
November 30, 2000, between Ceres, John W. Henry & Company, Inc. ("JWH") and
Spectrum Technical. Consequently, JWH ceased all trading on behalf of Spectrum
Technical effective October 31, 2012.

   Effective the close of business on October 31, 2012, Ceres terminated the
management agreement dated as of November 1, 1994, among Ceres, Chesapeake
Capital Corporation ("Chesapeake") and Spectrum Technical. Consequently,
Chesapeake ceased all trading on behalf of Spectrum Technical effective
October 31, 2012.

   On October 22, 2012, Ceres, Cambridge and Spectrum Currency entered into a
management agreement pursuant to which, effective November 1, 2012, Cambridge
serves as a trading advisor to Spectrum Currency and trades its allocated
portion of Spectrum Currency's net assets through its investment in Cambridge
Master Fund L.P. ("Cambridge Master Fund") pursuant to the Cambridge Asian
Markets Alpha Programme.

   Effective the close of business on October 10, 2012, Ceres terminated the
management agreement dated as of January 1, 2012, between Ceres, Flintlock
Capital Asset Management, LLC ("Flintlock") and Spectrum Currency. The
Partnership fully redeemed its investment in FL Master Fund L.P. ("FL Master
Fund") effective October 10, 2012.

   Effective June 1, 2012, Chesapeake reduced the management fee it receives
from Spectrum Technical from a rate of 1/12 of 2% (a 2% annual rate) of
adjusted net assets to 1/12 of 1% (a 1% annual rate) of adjusted net assets.

   Effective June 1, 2012, Aspect Capital Limited ("Aspect"), reduced the
monthly management fee for Spectrum Technical from 1/12 of 2.0% (a 2.0% annual
rate) to 1/12 of 1.5% (a 1.5% annual rate) of the net assets as of the first
day of each month.

   Effective May 22, 2012, Chesapeake, in consultation with the General Partner
for Spectrum Technical temporarily reduced the overall leverage of Spectrum
Technical's assets traded pursuant to Chesapeake's Diversified 2XL Program (the
"Program") from 75% of the customary leverage utilized by the Program, to 50%
of the customary leverage utilized by the Program, a reduction of 33.33%. This
reduction in leverage was in response to the than current market environment
and the adverse performance experienced by Chesapeake over the previous 12
months.

   As of January 2, 2012, the General Partner changed the trading strategy of
Spectrum Currency to a strategy in which the trading advisors employ
proprietary trading models and methodologies that seek to identify favorable
price relationships between and among various global currency and commodity
markets through the analysis of technical market information. Spectrum Currency
aims to



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

achieve capital appreciation through speculative trading directly and
indirectly, in U.S. and international markets for currencies, agricultural and
energy products and precious and base metals. Spectrum Currency may employ
futures, options on futures, and forward contracts in those markets.

   Effective January 1, 2012, the management fee payable by Spectrum Technical
to Winton Capital Management Limited ("Winton") was reduced from a monthly
management fee rate equal to 1/6 of 1% (a 2% annual rate) per month of net
assets allocated to Winton on the first day of each month to a monthly
management fee rate equal to 1/12 of 1.5% (a 1.5% annual rate) per month of net
assets allocated to Winton on the first day of each month.

   Effective January 1, 2012, the General Partner added Flintlock and Krom
River as trading advisors to manage the assets of Spectrum Currency through its
investments in FL Master Fund and KR Master Fund L.P. ("KR Master Fund"),
respectively.

   Effective December 31, 2011, the General Partner removed the following
trading advisors from Spectrum Currency: JWH and Sunrise Capital Partners, LLC
("Sunrise"). Consequently, both JWH and Sunrise ceased all futures interest
trading on behalf of Spectrum Currency as of that date.

   Effective December 1, 2011, the General Partner added Aventis Asset
Management LLC ("Aventis") and PGR Capital LLP ("PGR") as trading advisors to
manage the assets of Spectrum Strategic through its investment in MB Master
Fund L.P. ("MB Master Fund") and PGR Master Fund L.P. ( "PGR Master Fund"),
respectively.

   Effective December 1, 2011, the General Partner added Blackwater as a
trading advisor to manage the assets of Spectrum Technical through its
investment in Blackwater Master Fund L.P. ("Blackwater Master Fund").

   Effective November 30, 2011, the General Partner has removed Eclipse Capital
Management Inc. ("Eclipse") as a trading advisor to Spectrum Strategic.

   Effective as of the close of business on August 31, 2011, DKR Fusion
Management L.P. ("DKR") was terminated as a trading advisor to Spectrum
Strategic.

   Effective August 1, 2011, JWH started trading the net assets of Spectrum
Technical allocated to JWH (the "JWH Account") in accordance with the JWH
Global Analytics trading program and ceased trading the JWH Account in
accordance with JWH's Financial and Metals Portfolio.

   Effective as of the close of business on May 31, 2011, DKR was terminated as
a trading advisor to Spectrum Currency.

   Effective May 31, 2011, Morgan Stanley & Co. Incorporated changed its name
to Morgan Stanley & Co. LLC.

   Ceres is required to maintain a 1% minimum interest in the equity of each
Partnership and income (losses) are shared by Ceres and the limited partners
based on their proportional ownership interest.

2. Summary of Significant Accounting Policies

   Use of Estimates -- The financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America
("U.S. GAAP"), which require management to make estimates and assumptions that
affect the reported amounts in the financial statements and related
disclosures. Management believes that the estimates utilized in the preparation
of the financial statements are prudent and reasonable. Actual results could
differ from those estimates and the differences could be material.

   Valuation -- Futures Interests are open commitments until the settlement
date, at which time they are realized. They are valued at fair value, generally
on a daily basis, and the unrealized gains and losses on open contracts (the
difference between contract trade price and market price) are reported in



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

the Statements of Financial Condition as net unrealized gains or losses on open
contracts. The resulting net change in unrealized gains and losses is reflected
in the net change in unrealized trading profit (loss) on open contracts from
one period to the next on the Statements of Income and Expenses. The fair value
of exchange-traded futures, options and forward contracts is determined by the
various futures exchanges, and reflects the settlement price for each contract
as of the close of business on the last business day of the reporting period.
The fair value of foreign currency forward contracts is extrapolated on a
forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.)
on the last business day of the reporting period from various exchanges. The
fair value of non-exchange-traded foreign currency option contracts is
calculated by applying an industry standard model application for options
valuation of foreign currency options, using as inputs the spot prices,
interest rates, and option implied volatilities quoted as of approximately
3:00 P.M. (E.T.) on the last business day of the reporting period. 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 fair value of these contracts,
including interest rate volatility.

   The Partnerships may invest in affiliated underlying funds. U.S. GAAP
permits the Partnerships, as a practical expedient, to estimate the fair value
of an investment using the net asset value per share of the investment, if the
net asset value per share of the investment is calculated in a manner
consistent with the measurement principles of Financial Accounting Standards
Board (the "FASB") Accounting Standards Codification ("ASC") 946 as of the
reporting entity's measurement date.The fair value of Partnerships' investment
in each affiliated underlying fund is based on the information provided by the
affiliated underlying fund which reflects the Partnerships' pro rata share of
the net asset value of the affiliated underlying fund (i.e., the practical
expedient is used).

   The Partnerships may also invest in Master Funds. The Partnerships record
their investments in Master Funds at fair value on the basis of the net asset
value of such investments. The financial statements of the Master Funds,
including the condensed schedule of investments and the notes to the Master
Funds' financial statements, which provide information about the Master Funds'
valuation policy, are attached to this report and should be read with the
Partnerships' financial statements.

   The Partnerships may buy or write put and call options through listed
exchanges and the over-the-counter market. The buyer of an option 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 Interests on the 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 fair value of the
Futures Interests on 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 potentially
lose an unlimited amount.

   Premiums received/premiums paid from writing/purchasing options are recorded
as liabilities/assets on the Statements of Financial Condition. The difference
between the fair value of the option and the premiums received/premiums paid is
treated as an unrealized gain or loss within the Statements of Income and
Expenses.

   Revenue Recognition -- Monthly, MS&Co. pays each Partnership interest income
on 100% of the average daily equity maintained in cash in Spectrum Currency,
Spectrum Global Balanced, Spectrum Select, Spectrum Strategic, and Spectrum
Technical accounts during each month at a rate equal to 80% for Spectrum
Currency, Spectrum Select, Spectrum Strategic and Spectrum Technical, and at a
rate equal to 100% for Spectrum Global Balanced of the monthly average of the
4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in
excess of the interest paid to the Partnerships. For purposes of such interest
payments, net assets do not include monies due to the Partnerships on Futures
Interests that have not been received.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Fair Value of Financial Instruments -- The fair value of the Partnerships'
assets and liabilities that qualify as financial instruments under the FASB ASC
guidance relating to financial instruments approximates the carrying amount
presented in the Statements of Financial Condition.

   Foreign Currency Transactions and Translation -- The Partnerships'
functional currency is the U.S. dollar; however, the Partnerships may transact
business in currencies other than the U.S. dollar. Assets and liabilities
denominated in currencies other than the U.S. dollar are translated into
U.S. dollars at the rate in effect at the date of the Statements of Financial
Condition. Income and expense items denominated in currencies other than the
U.S. dollar are translated into U.S. dollars at the rate in effect during the
period. The effects of changes in foreign currency exchange rates on
investments are not segregated in the Statements of Income and Expenses from
the changes in market price of those investments, but are included in the net
realized gain/loss and net change in unrealized trading profit (loss) in the
Statements of Income and Expenses.

   Net Income (Loss) per Unit -- Net income (loss) per Unit is computed in
accordance with the specialized accounting for Investment Companies as
illustrated in the Financial Highlights Footnote (refer to Note 9. Financial
Highlights).

   Trading Equity -- The Partnerships' asset "Trading Equity" reflected on the
Statements of Financial Condition, consists of (a) cash on deposit with MS&Co.,
a portion of which is to be used as margin for trading (b) net unrealized gains
or losses on futures and forward contracts, which are fair valued and
calculated as the difference between original contract value and fair value;
and for the Partnerships which trade in options, and (c) options purchased at
fair value, if any. Options written at fair value, if any, are recorded in
"Liabilities" within the Statements of Financial Condition.

   The Partnerships, in their normal course of business, enter into various
contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage
agreement with MS&Co. to the extent that such trading results in unrealized
gains or losses, these amounts are offset for each Partnership and are reported
on a net basis on the Statements of Financial Condition.

   The Partnerships have offset their unrealized gains or losses recognized on
forward contracts executed with the same counterparty as allowable under the
terms of their master netting agreement or such similar agreements with MS&Co.,
as the counterparty on such contracts. The Partnerships have consistently
applied their right to offset.

   Restricted and Unrestricted Cash -- As reflected on the Partnerships'
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 contracts and offset
unrealized losses on only the offseting 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.

   Brokerage and Related Transaction Fees and Costs -- The brokerage fees for
Spectrum Currency and Spectrum Global Balanced are currently accrued at a flat
monthly rate of 1/12 of 4.6% (a 4.6% annual rate) of net assets as of the first
day of each month. Brokerage fees for Spectrum Select, Spectrum Strategic, and
Spectrum Technical are currently accrued at a flat monthly rate of 1/12 of 6.0%
(a 6.0% annual rate) of net assets as of the first day of each month. Such fees
currently cover all brokerage fees, transaction fees and costs, and ordinary
administrative expenses.

   Operating Expenses -- The Partnerships incur monthly management fees and may
incur an incentive fee. All common administrative expenses, including legal,
auditing, accounting, filing fees, and other related expenses, are borne by
MS&Co. and/or its affiliates through the brokerage fees paid by the
Partnerships.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Redemptions -- Limited partners may redeem some or all of their Units at
100% of the net asset value per Unit. The request for redemptions must be
delivered to a limited partner's local Morgan Stanley Branch Office in time for
it to be forwarded and received by Ceres no later than 3:00 p.m., New York City
time, on the last day of the month in which the redemption is to be effective.
Redemptions must be made in whole Units, with a minimum amount of 50 Units
required for each redemption, unless a limited partner is redeeming his entire
interest in a particular Partnership.

   Distributions -- Distributions, other than redemptions of Units, are made on
a pro rata basis at the sole discretion of Ceres. No distributions have been
made to date. Ceres does not intend to make any distributions of the
Partnerships' profits.

   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 each
Partnership's revenue and expenses for income tax purposes. The Partnerships
file U.S. federal and state tax returns.

   The guidance issued by the FASB on income taxes, clarifies the accounting
for uncertainty in income taxes recognized in each Partnership's financial
statements, and prescribes a recognition threshold and measurement attribute
for financial statement recognition and measurement of a tax position taken or
expected to be taken. The Partnerships have concluded that there were no
significant uncertain tax positions that would require recognition in the
financial statements as of December 31, 2013 and 2012. If applicable, the
Partnerships recognize interest accrued related to unrecognized tax benefits in
interest expense and penalties in other expenses in the Statements of Income
and Expenses. Generally, the 2010 through 2013 tax years remain subject to
examination by U.S. federal and most state tax authorities. No income tax
returns are currently under examination.

   Dissolution of the Partnerships -- Spectrum Currency, Spectrum Global
Balanced, Spectrum Strategic, and Spectrum Technical will terminate on
December 31, 2035 and Spectrum Select will terminate on December 31, 2025,
regardless of financial condition at such time, or at an earlier date if
certain conditions occur as defined in each Partnership's Limited Partnership
Agreement.

   Litigation Settlement -- In September 2011, Spectrum Technical received a
settlement award payment in the amount of $10,951 from the Natural Gas
Commodity Litigation Settlement Administrator. This settlement represents the
Partnership's portion of the Net Settlement Fund. The proceeds from this
settlement were accounted for in the period they were received for the benefit
of the partners in the Partnership.

   Statement of Cash Flows -- The Partnerships are not required to provide a
Statement of Cash Flows.

  Other Pronouncements

   In June 2013, the FASB issued Accounting Standards Update ("ASU") 2013-08,
"Financial Services -- Investments Companies (Topic 946): Amendments to the
Scope, Measurement and Disclosure Requirements". ASU 2013-08 changes the
approach to the investment company assessment, requires non-controlling
ownership interests in other investment companies to be measured at fair value,
and requires additional disclosures about the investment company's status as an
investment company. The amendments are effective for interim and annual
reporting periods beginning after December 15, 2013. The Partnerships are
currently evaluating the impact this pronouncement would have on the financial
statements.

3. Investments

a. Spectrum Strategic's investments in affiliated underlying funds

   Effective December 1, 2011, Spectrum Strategic invested a portion of its
assets in MB Master Fund and PGR Master Fund. Spectrum Strategic's investment
in MB Master Fund represents



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

approximately 7.9% and 11.0%, and investment in PGR Master Fund represents
approximately 6.3% and 6.8%, respectively, of the net asset value of Spectrum
Strategic as of December 31, 2013, and 2012, respectively.

   Effective January 1, 2008, Spectrum Strategic invested a portion of its
assets in Morgan Stanley Smith Barney BHM I, LLC ("BHM I, LLC"). Spectrum
Strategic's investment in BHM I, LLC represents approximately 88.7% and 85.1%
of the net asset value of Spectrum Strategic at December 31, 2013, and 2012,
respectively.

   Summarized information for Spectrum Strategic's investment in BHM I, LLC, MB
Master Fund and PGR Master Fund, as of December 31, 2013 and 2012, is as
follows:

December 31, 2013



               % of               Partnership's
             Spectrum               pro rata
            Strategic    Fair          Net          Investment      Management Incentive Administrative
Investment  Net Assets   Value       Income         Objective          Fees      Fees         Fees
----------  ---------- ---------- ------------- ------------------- ---------- --------- --------------
                %          $            $                               $          $           $
                                                                    
BHM I,
  LLC......    88.7    46,985,018   1,541,390   Commodity Portfolio    n/a        n/a         n/a
MB Master
  Fund.....     7.9     4,183,031     239,381   Commodity Portfolio    n/a        n/a         n/a
PGR Master
  Fund.....     6.3     3,327,454   1,098,551   Commodity Portfolio    n/a        n/a         n/a


December 31, 2012



                                  Partnership's
               % of                 pro rata
             Spectrum                  Net
            Strategic    Fair        Income/        Investment      Management Incentive Administrative
Investment  Net Assets   Value       (Loss)         Objective          Fees      Fees         Fees
----------  ---------- ---------- ------------- ------------------- ---------- --------- --------------
                %          $            $                               $          $           $
                                                                    
BHM I,
  LLC......    85.1    63,045,391  (1,117,246)  Commodity Portfolio    n/a        n/a         n/a
MB Master
  Fund.....    11.0     8,142,971     164,303   Commodity Portfolio    n/a        n/a         n/a
PGR Master
  Fund.....     6.8     5,021,111  (1,278,585)  Commodity Portfolio    n/a        n/a         n/a


   Spectrum Strategic does not directly pay BHM I, LLC, PGR Master Fund and MB
Master Fund for its pro rata portion of management or incentive fees. Such fees
are directly paid by Spectrum Strategic to the respective parties.

   For BHM I, LLC, PGR Master Fund and MB Master Fund, contributions and
withdrawals are permitted on a monthly basis.

   As of December 31, 2013 and 2012, there have been no suspended redemptions,
"lock up" periods or gate provisions imposed before a withdrawal can be made by
the Partnership.

   The tables below represent summarized Income Statement information for BHM
I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31,
2013, 2012 and 2011, respectively, to meet the requirements of Regulation S-X
Rule 3-09:



                                       Net
                         Investment Investment       Total
      December 31, 2013    Income      Loss     Trading Results Net Income
      -----------------  ---------- ----------  --------------- ----------
                             $          $              $            $
                                                    
      BHM I, LLC........    2,258   (6,908,153)   10,136,795    3,228,642
      PGR Master Fund...   12,279     (134,731)    8,544,764    8,410,033
      MB Master Fund....   92,224   (5,087,972)   14,221,096    9,133,124




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




                                       Net
                       Investment   Investment       Total
   December 31, 2012  Income/(Loss)    Loss     Trading Results   Net Loss
   -----------------  ------------- ----------  --------------- -----------
                            $           $              $             $
                                                    
   BHM I, LLC........    (48,368)   (8,182,509)   (9,518,219)   (17,700,728)
   PGR Master Fund...     26,436      (126,749)   (8,963,355)    (9,090,104)
   MB Master Fund....     30,442      (691,180)     (261,679)      (952,859)




                                       Net
                       Investment   Investment       Total           Net
   December 31, 2011  Income/(Loss)    Loss     Trading Results Income (Loss)
   -----------------  ------------- ----------  --------------- -------------
                            $           $              $              $
                                                    
   BHM I, LLC........    (53,603)   (7,089,593)  (100,575,804)  (107,665,397)
   PGR Master Fund...      8,507      (110,281)     2,276,086      2,165,805
   MB Master Fund....        963      (325,546)       438,595        113,049


b. Spectrum Technical's investment in Blackwater Master Fund

   On December 1, 2011, Spectrum Technical invested a portion of its assets in
Blackwater Master Fund, a limited partnership organized under the partnership
laws of the State of Delaware. Blackwater Master Fund was formed to permit
accounts managed now or in the future by Blackwater using the Global Program, a
proprietary, systematic trading program, to invest together in one trading
vehicle. The General Partner is also the general partner for Blackwater Master
Fund. Individual and pooled accounts currently managed by Blackwater, including
Spectrum Technical, are permitted to be limited partners of Blackwater Master
Fund. The General Partner and Blackwater believe that trading through this
structure should promote efficiency and economy in the trading process.

   Summarized information reflecting the total assets, liabilities and capital
of Blackwater Master Fund as of December 31, 2013 and 2012, is shown in the
following tables.



                                           December 31, 2013
                              --------------------------------------------
                              Total Assets Total Liabilities Total Capital
                              ------------ ----------------- -------------
                                                    
      Blackwater Master Fund.  63,936,601       610,828       63,325,773




                                           December 31, 2012
                              --------------------------------------------
                              Total Assets Total Liabilities Total Capital
                              ------------ ----------------- -------------
                                                    
      Blackwater Master Fund. $82,996,036     $1,069,352      $81,926,684


   Summarized information for Spectrum Technical's investment in Blackwater
Master Fund as of December 31, 2013 and 2012, is as follows:



                           % of               Partnership's
                         Spectrum               pro rata
                        Technical    Fair          Net          Investment      Redemption
December 31, 2013       Net Assets   Value       Income         Objective       Permitted
-----------------       ---------- ---------- ------------- ------------------- ----------
                            %          $            $
                                                                 
Blackwater Master Fund.    24.9    33,548,272    459,654    Commodity Portfolio  Monthly




                           % of               Partnership's
                         Spectrum               pro rata
                        Technical    Fair          Net          Investment      Redemption
December 31, 2012       Net Assets   Value        Loss          Objective       Permitted
-----------------       ---------- ---------- ------------- ------------------- ----------
                            %          $            $
                                                                 
Blackwater Master Fund.    25.3    43,685,685  (3,758,641)  Commodity Portfolio  Monthly




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Blackwater Master Fund does not pay any management or incentive fees related
to Spectrum Technical's investment in the fund. These fees are accrued and paid
by Spectrum Technical. Spectrum Technical reimburses Blackwater Master Fund for
all brokerage related fees borne by Blackwater Master Fund on behalf of
Spectrum Technical's investment.

   On December 31, 2013 and 2012, Spectrum Technical owned approximately 53.0%
and 53.3%, respectively, of Blackwater Master Fund. It is Spectrum Technical's
intention to continue to invest in Blackwater Master Fund. The performance of
Spectrum Technical is directly affected by the performance of Blackwater Master
Fund.

   The tables below represent summarized Income Statement information for
Blackwater Master Fund for the years ended December 31, 2013, 2012 and 2011
respectively, to meet the requirements of Regulation S-X Rule 3-09:



                                           Net
                             Investment Investment      Total       Net
     December 31, 2013         Income      Loss    Trading Results Income
     -----------------       ---------- ---------- --------------- -------
                                 $          $             $          $
                                                       
     Blackwater Master Fund.   28,776    (89,483)      886,883     797,400




                                         Net
                           Investment Investment      Total         Net
   December 31, 2012         Income      Loss    Trading Results    Loss
   -----------------       ---------- ---------- --------------- ----------
                               $          $             $            $
                                                     
   Blackwater Master Fund.   48,607    (110,152)   (8,076,139)   (8,186,291)




                                          Net
                            Investment Investment      Total        Net
    December 31, 2011         Income      Loss    Trading Results  Income
    -----------------       ---------- ---------- --------------- ---------
                                $          $             $           $
                                                      
    Blackwater Master Fund.   9,337     (102,547)    2,948,325    2,845,778


c. Spectrum Currency's investments in KR Master Fund and Cambridge Master Fund

   On November 1, 2012, the assets allocated to Cambridge for trading were
invested in the Cambridge Master Fund, a limited partnership organized under
the partnership laws of the State of Delaware. Cambridge Master Fund was formed
to permit accounts managed now and in the future by Cambridge using Cambridge
Asian Markets Alpha Programme and, from October 1, 2013 Cambridge Emerging
Markets Alpha Programme, to invest together in one trading vehicle. The General
Partner is also the general partner of Cambridge Master Fund. Individual and
pooled accounts currently managed by Cambridge, including Spectrum Currency,
are permitted to be limited partners of Cambridge Master Fund. The General
Partner and Cambridge believe that trading through this structure should
provide efficiency and economy in the trading process.

   On January 1, 2012, the assets allocated to Krom River for trading were
invested in the KR Master Fund, a limited partnership organized under the
partnership laws of the State of Delaware. KR Master Fund was formed in order
to permit commodity pools managed now or in the future by Krom River using the
Commodity Program at 150% Leverage, a fundamental and technical trading system,
to invest together in one trading vehicle. The General Partner is also the
general partner of KR Master Fund. Individual and pooled accounts currently
managed by Krom River, including Spectrum Currency, are permitted to be limited
partners of KR Master Fund. The General Partner and Krom River believe that
trading through this structure should promote efficiency and economy in the
trading process.

   On January 1, 2012, the assets allocated to Flintlock for trading were
invested in FL Master Fund, a limited partnership organized under the
partnership laws of the State of Delaware. FL Master Fund was formed to permit
accounts managed now or in the future by Flintlock using the 2x Flintlock
Commodity Opportunities Partners, LP, a proprietary, systematic trading
program, to invest together in



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

one trading vehicle. The General Partner was also the general partner for FL
Master Fund. Individual and pooled accounts managed by Flintlock, including
Spectrum Currency, were permitted to be limited partners of FL Master Fund. The
General Partner and Flintlock believed that trading through this structure
promoted efficiency and economy in the trading process. Spectrum Currency fully
redeemed its investment in FL Master Fund as of October 10, 2012.

   Summarized information for Spectrum Currency, reflecting the total assets,
liabilities and capital of KR Master Fund and Cambridge Master Fund as of
December 31, 2013 and 2012, is shown in the following tables.



                                          December 31, 2013
                             --------------------------------------------
                             Total Assets Total Liabilities Total Capital
                             ------------ ----------------- -------------
                                                   
      KR Master Fund........ $44,043,845     $1,456,785      $42,587,060
      Cambridge Master Fund.  37,549,964         28,580       37,521,384
                             -----------     ----------      -----------
                             $81,593,809     $1,485,365      $80,108,444
                             ===========     ==========      ===========




                                          December 31, 2012
                             --------------------------------------------
                             Total Assets Total Liabilities Total Capital
                             ------------ ----------------- -------------
                                                   
      KR Master Fund........ $116,058,406    $1,168,169     $114,890,237
      Cambridge Master Fund.   14,372,049        31,163       14,340,886
                             ------------    ----------     ------------
                             $130,430,455    $1,199,332     $129,231,123
                             ============    ==========     ============


   Summarized information for Spectrum Currency's investment in KR Master Fund,
Cambridge Master Fund and FL Master Fund for the period ended December 31, 2013
and 2012, is as follows:



                          % of               Partnership's
For the period ended    Spectrum               pro rata
December 31, 2013       Currency    Fair          Net          Investment      Redemption
Investment             Net Assets   Value    Income/(Loss)     Objective       Permitted
--------------------   ---------- ---------- ------------- ------------------- ----------
                           %          $            $
                                                                
KR Master Fund........    40.6     7,290,317    (575,477)  Commodity Portfolio  Monthly
Cambridge Master Fund.    62.9    11,299,138   1,148,720   Commodity Portfolio  Monthly




                          % of               Partnership's
For the period ended    Spectrum               pro rata
December 31, 2012       Currency    Fair          Net          Investment      Redemption
Investment             Net Assets   Value    Income/(Loss)     Objective       Permitted
--------------------   ---------- ---------- ------------- ------------------- ----------
                           %          $            $
                                                                
KR Master Fund........    43.4    10,109,603    (435,473)  Commodity Portfolio  Monthly
Cambridge Master Fund.    29.7     6,920,831      79,839   Commodity Portfolio  Monthly
FL Master Fund........      --            --  (1,519,355)  Commodity Portfolio  Monthly


   Cambridge Master Fund and KR Master Fund do not pay any management or
incentive fees related to Spectrum Currency's investments. These fees are
accrued and paid by Spectrum Currency. Spectrum Currency reimburses Cambridge
Master Fund and KR Master Fund for all brokerage related fees borne by
Cambridge Master Fund and KR Master Fund on behalf of Spectrum Currency's
investments.

   As of December 31, 2013 and 2012, Spectrum Currency owned approximately
30.11% and 48.23% and 17.11% and 8.80% of Cambridge Master Fund and KR Master
Fund, respectively. It is Spectrum Currency's intention to continue to invest
in Cambridge Master Fund and KR Master Fund. The performance of Spectrum
Currency is directly affected by the performance of Cambridge Master Fund and
KR Master Fund.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The tables below represent summarized Income Statement information for
Cambridge Master Fund and KR Master Fund for the year ended December 31, 2013
and 2012, to meet the requirements of Regulation S-X Rule 3-09:



                       Investment       Net            Total           Net
December 31, 2013        Income   Investment Loss Trading Results Income/(Loss)
-----------------      ---------- --------------- --------------- -------------
                           $             $               $              $
                                                      
KR Master Fund........   25,093      (281,565)      (5,175,049)    (5,456,614)
Cambridge Master Fund.    9,306       (66,302)       3,166,855      3,100,553




                       Investment       Net            Total           Net
December 31, 2012        Income   Investment Loss Trading Results Income/(Loss)
-----------------      ---------- --------------- --------------- -------------
                           $             $               $              $
                                                      
KR Master Fund........   59,059      (462,208)      (4,542,592)    (5,004,800)
Cambridge Master Fund.    2,095       (16,586)         539,604        523,018


4. Related Party Transactions

   Each Partnership's cash is on deposit in commodity brokerage accounts with
Morgan Stanley. MS&Co. pays interest on these funds as described in Note 2.
Summary of Significant Accounting Policies. Each Partnership pays brokerage
fees to MS&Co. as described in Note 2. Summary of Significant Accounting
Policies. MS&Co. acts as the counterparty on all trading of foreign currency
forward contracts. MSCG acts as the counterparty on all trading of options on
foreign currency forward contracts.

5. Trading Advisors

   Ceres, on behalf of each Partnership, retains certain unaffiliated commodity
trading advisors which are registered with Commodity Futures Commission, to
make all trading decisions for the Partnerships. The trading advisors for each
Partnership at December 31, 2013, were as follows:

   Spectrum Currency
   Cambridge
   Krom River

   Spectrum Global Balanced
   Altis Partners (Jersey) Limited ("Altis")
   SSARIS Advisors, LLC ("SSARIS")

   Spectrum Select
   Altis Partners (Jersey) Limited
   EMC Capital Advisors, LLC
   Graham Capital Management, L.P. ("Graham")
   Northfield Trading L.P.
   Rabar Market Research, Inc. ("Rabar")

   Spectrum Strategic
   Aventis Asset Management LLC
   Blenheim Capital Management, L.L.C. ("Blenheim")
   PGR Capital L.P.

   Spectrum Technical
   Aspect Capital Limited
   Blackwater Capital Management LLC
   Campbell & Company, Inc. ("Campbell")
   Rotella Capital Management, Inc. ("Rotella")
   Winton Capital Management Limited



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Compensation to the trading advisors by the Partnerships consists of a
management fee and an incentive fee as follows:

   Management Fee -- The management fee for Spectrum Currency is accrued at a
rate of 1/12 of 1% (a 1% annual rate) per month of net assets allocated on the
first day of each month to Krom River and 1/12 of 1.5% (a 1.5% annual rate) per
month of net assets allocated to Cambridge on the first day of each month.

   Prior to October 1, 2013, the management fee payable to Krom River was 1/12
of 2% (a 2% annual rate).

   The monthly management fee payable to C-View prior to termination on May 31,
2013 was 1/12 of 2% (a 2% annual rate).

   The monthly management fee payable to Flintlock prior to termination on
October 10, 2012, was 1/12 of 1.5% (a 1.5% annual rate).

   The management fee for Spectrum Global Balanced is accrued at a rate of 5/48
of 1% per month of net assets allocated to SSARIS on the first day of each
month (a 1.25% annual rate) and 1/12 of 1.25% per month of net assets allocated
to Altis on the first day of each month (a 1.25% annual rate).

   The monthly management fee payable to C-View prior to termination on May 31,
2013 was 1/6 of 1% (a 2% annual rate).

   The management fee for Spectrum Select is accrued at a rate of 1/12 of
1.25% per month of net assets allocated to Altis on the first day of each month
(a 1.25% annual rate), 1/6 of 1% per month of net assets allocated to Graham on
the first day of each month (a 2% annual rate), 1/12 of 2% per month of net
assets allocated to EMC and Rabar on the first day of each month (a 2% annual
rate) and 1/12 of 1% per month of net assets allocated to Northfield on the
first day of each month (a 1% annual rate).

   Prior to December 1, 2013, the monthly management fee payable to Northfield
was 1/12 of 2% (a 2% annual rate).

   The monthly management fee payable to Sunrise Capital prior to termination
on June 28, 2013 was 1/12 of 2% (a 2% annual rate).

   Prior to February 1, 2011, the monthly management fee payable to Sunrise
Capital was 1/4 of 1% (a 3% annual rate).

   Prior to July 1, 2011, the monthly management fee payable to EMC and Rabar
was 5/24 of 1% (a 2.5% annual rate).

   Prior to July 1, 2011, the monthly management fee payable to Northfield was
1/12 of 3% (a 3% annual rate).

   The management fee for Spectrum Strategic is accrued at a rate of 1/4 of
1% per month of net assets allocated to Blenheim on the first day of each month
(a 3% annual rate), 1/12 of 1% per month of net assets allocated to PGR on the
first day of each month (a 1% annual rate) and 1/12 of 1.5% per month of net
assets allocated to Aventis on the first day of each month (a 1.5% annual rate).

   Effective July 1, 2011, the management fee payable to Eclipse was reduced
from a monthly management fee rate equal to 1/12 of 3% (a 3% annual rate) to a
monthly management fee rate equal to 1/12 of 2% (a 2% annual rate). Eclipse was
removed as a trading advisor to Spectrum Strategic effective November 30, 2011.

   Effective June 1, 2011, the monthly management fee payable to DKR was
reduced from a monthly management fee rate equal to 1/12 of 2% (a 2% annual
rate) to a monthly management fee rate equal to 1/12 of 1.75% (a 1.75% annual
rate). DKR was removed as a trading advisor to Spectrum Strategic effective
August 31, 2011.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The management fee for Spectrum Technical is accrued at a rate of 1/12 of
1.5% per month of net assets allocated to Aspect and Winton on the first day of
each month (a 1.5% annual rate), 1/6 of 1% per month of net assets allocated to
Campbell on the first day of each month (a 2% annual rate), 1/12 of 1% per
month of net assets allocated to Rotella on the first day of each month (a 1%
annual rate), and 1/12 of 0.75% per month of net assets allocated to Blackwater
on the first day of each month (a 0.75% annual rate).

   Prior to December 1, 2013, the monthly management fee payable to Blackwater
was 1/12 of 1.25% (a 1.25% annual rate).

   Effective October 31, 2012, JWH was terminated as a trading advisor to
Spectrum Technical. The monthly management fee payable to JWH was 1/6 of 1% (a
2% annual rate).

   Effective October 31, 2012, Chesapeake was terminated as a trading advisor
to Spectrum Technical. The monthly management fee payable to Chesapeake was
1/12 of 2% (a 2% annual rate).

   For the period from June 1, 2012, through October 31, 2012, Chesapeake
temporarily reduced the management fee it received from Spectrum Technical from
an annual rate of 2% of net assets as of the first day of the month, to an
annual rate of 1% of net assets as of the first day of the month.

   Prior to June 1, 2012, the monthly management fee payable to Aspect was 1/6
of 1% (a 2% annual rate).

   Prior to January 1, 2012, the monthly management fee payable to Winton was
1/6 of 1% (a 2% annual rate).

   Prior to June 1, 2011, the monthly management fee payable to Campbell was
1/4 of 1% (a 3% annual rate).

   Prior to July 1, 2011, the monthly management fee payable to Rotella was
1/12 of 2% (a 2% annual rate).

   Effective January 1, 2010, to July 1, 2011, Spectrum Technical paid Rotella
a monthly management fee equal to 1/6 of 1% of its net assets allocated to
Rotella on the first day of each month (a 2% annual rate).

   Incentive Fee -- Spectrum Currency pays a monthly incentive fee equal to 20%
of the trading profits experienced with respect to Krom River's allocated net
assets at the end of the calendar quarter and 15% of the trading profits
experienced with respect to Cambridge's allocated net assets as of the end of
each calendar quarter.

   Prior to May 31, 2013, Spectrum Currency paid C-View a monthly incentive fee
equal to 20% of the trading profits experienced with respect to C-View's
allocated net assets as of the end of each calendar month. C-View was removed
as a trading advisor to Spectrum Currency effective May 31, 2013.

   Prior to October 10, 2012, Spectrum Currency paid Flintlock a monthly
incentive fee equal to 20% of the trading profits experienced with respect to
Flintlock's allocated net assets as of the end of each calendar quarter.
Flintlock was removed as a trading advisor to Spectrum Currency effective
October 10, 2012.

   Prior to May 31, 2011, Spectrum Currency paid DKR a monthly incentive fee
equal to 20% of the trading profits experienced with respect to trading
advisor's allocated net assets as of the end of each calendar month. DKR was
removed as a trading advisor to Spectrum Currency effective May 31, 2011.

   Spectrum Global Balanced pays a monthly incentive fee equal to 15% of the
trading profits experienced with respect to the net assets allocated to SSARIS
as of the end of each calendar month and 20% of the trading profits experienced
with respect to the net assets allocated to Altis as of the end of each
calendar month.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Prior to May 31, 2013, Spectrum Global Balanced paid C-View a monthly
incentive fee equal to 20% of the trading profits experienced with respect to
C-View's allocated net assets as of the end of each calendar month. C-View was
removed as a trading advisor to Spectrum Global Balanced effective May 31, 2013.

   Spectrum Select pays a monthly incentive fee equal to 20% of the trading
profits experienced with respect to the net assets allocated to Northfield,
EMC, Rabar, Altis and Graham as of the end of each calendar month.

   Prior to June 28, 2013, Spectrum Select paid Sunrise Capital a monthly
incentive fee equal to 20% of the trading profits experienced with respect to
the net assets allocated to C-View as of the end of each calendar month.
Sunrise Capital was removed as a trading advisor to Spectrum Select effective
June 28, 2013.

   Prior to February 1, 2011, the monthly incentive fee rate paid to Sunrise
Capital was 15%.

   Prior to July 1, 2011, Spectrum Select paid Northfield a monthly incentive
fee equal to 15% of the trading profits experienced with respect to trading
advisor's allocated net assets as of the end of each calendar month.

   Prior to July 1, 2011, Spectrum Select paid EMC and Rabar a monthly
incentive fee equal to 17.5% of the trading profits experienced with respect to
trading advisor's allocated net assets as of the end of each calendar month.

   Spectrum Strategic pays a monthly incentive fee equal to 15% of the trading
profits experienced with respect to the net assets allocated to Blenheim as of
the end of each calendar month, 20% of the trading profits experienced with
respect to the net assets allocated to Aventis as of the end of each calendar
quarter and 20% of the trading profits experienced with respect to the net
assets allocated to PGR as of the end of each calendar year.

   For the period from July 1, 2011, to November 30, 2011, Spectrum Strategic
paid Eclipse a monthly incentive fee equal to 20% of the trading profits
experienced with respect to the net assets allocated to Eclipse as of the end
of each calendar month.

   Prior to July 1, 2011, Spectrum Strategic paid Eclipse a monthly incentive
fee equal to 15% of the trading profits experienced with respect to the net
assets allocated to Eclipse as of the end of each calendar month.

   Prior to August 31, 2011, Spectrum Strategic paid DKR a monthly incentive
fee equal to 20% of the trading profits experienced with respect to the net
assets allocated to DKR as of the end of each calendar month.

   Spectrum Technical pays a monthly incentive fee equal to 20% of the trading
profits experienced with respect to the net assets allocated to each of Aspect,
Campbell, Rotella, and Winton as of the end of each calendar month and 20% of
the trading profits experienced with respect to the net assets allocated to
Blackwater as of the end of each calendar year.

   Prior to October 31, 2012, Spectrum Technical paid Chesapeake and JWH a
monthly incentive fee equal to 19% and 20%, respectively, of the trading
profits experienced with respect to Chesapeake's and JWH's allocated net assets
as of the end of each calendar month.

   Trading profits represent the amount by which profits from futures,
forwards, and options trading exceed losses after brokerage and management fees
are deducted.

   For all trading advisors with trading losses, no incentive fee is paid in
subsequent months until all such losses are recovered. Cumulative trading
losses are adjusted on a pro rata basis for the net amount of each month's
redemptions.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


6. Financial Instruments

   The Partnerships trade Futures Interests. Futures and forwards represent
contracts for delayed delivery of an instrument at a specified date and price.

   The fair value of exchange-traded contracts is based on the settlement price
quoted by the exchange on the day with respect to which fair 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 will be equal to the settlement price on the first
subsequent day on which the contract could be liquidated. The fair value of
off-exchange-traded contracts is based on the fair value quoted by the
counterparty.

   The Partnerships' contracts are accounted for on a trade-date basis. A
derivative is defined as a financial instrument or other contract that has all
three of the following characteristics:

      (1) a) One or more "underlyings" and b) one or more "notional amounts" or
   payment provisions or both;

      (2) Requires no initial net investment or a smaller initial net
   investment than would be required for other types of contracts that would be
   expected to have a similar response relative to changes in market
   factors; and

      (3) Terms that 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 (losses) on open contracts at December 31, reported
as a component of "Trading Equity" on the Statements of Financial Condition,
and their longest contract maturities were as follows:

Spectrum Currency



        Net Unrealized Gains on Open Contracts           Longest Maturities
      ------------------------------------------ -----------------------------------
Year  Exchange-Traded Off-Exchange-Traded Total  Exchange-Traded Off-Exchange-Traded
----  --------------- ------------------- ------ --------------- -------------------
             $                 $            $
                                                  
2013.       --                  --            --       --                --
2012.       --              43,205        43,205       --             Feb. 2013


Spectrum Global Balanced



         Net Unrealized Gains on Open Contracts             Longest Maturities
      --------------------------------------------- -----------------------------------
Year  Exchange-Traded Off-Exchange-Traded   Total   Exchange-Traded Off-Exchange-Traded
----  --------------- ------------------- --------- --------------- -------------------
             $                 $              $
                                                     
2013.    1,200,500              --        1,200,500    Dec. 2015            --
2012.      951,801          29,978          981,779    Dec. 2014         Feb. 2013


Spectrum Select



         Net Unrealized Gains on Open Contracts             Longest Maturities
      --------------------------------------------- -----------------------------------
Year  Exchange-Traded Off-Exchange-Traded   Total   Exchange-Traded Off-Exchange-Traded
----  --------------- ------------------- --------- --------------- -------------------
             $                 $              $
                                                     
2013.    6,193,496          458,936       6,652,432    Dec. 2017         Mar. 2014
2012.    2,503,274           48,080       2,551,354    Mar. 2017         Mar. 2013




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Technical



      Net Unrealized Gains (Losses) on Open Contracts         Longest Maturities
      ----------------------------------------------  -----------------------------------
Year  Exchange-Traded Off-Exchange-Traded    Total    Exchange-Traded Off-Exchange-Traded
----  --------------- ------------------- ----------  --------------- -------------------
             $                 $               $
                                                       
2013.      817,366          408,224        1,225,590     Jun. 2018         Jun. 2014
2012.   (1,651,077)         609,533       (1,041,544)    Jun. 2017         Apr. 2013


   In general, the risks associated with off-exchange-traded contracts are
greater than those associated with exchange-traded contracts because of the
greater risk of default by the counterparty to an off-exchange-traded contract.
The Partnerships have credit risk associated with counterparty nonperformance.
As of the date of the financial statements, the credit risk associated with the
instruments in which the Partnerships trade is limited to the unrealized gains
(losses) amounts reflected in the Partnerships' Statements of Financial
Condition. The net unrealized gains (losses) on open contracts is further
disclosed gross by type of contract and corresponding fair value level in
Note 8. Fair Value Measurements and Disclosures.

   The Partnerships also have credit risk because MS&Co. and/or MSCG act as the
futures commission merchants or the counterparties, with respect to most of the
Partnerships' assets. Exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts are fair valued on a daily
basis, with variations in value settled on a daily basis. MS&Co., which is
acting as a commodity futures broker for each 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, to segregate from its own assets, and for the sole benefit
of its commodity customers, total cash 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, which in the
aggregate, totaled $0 and $6,788,072 for Spectrum Currency, $8,467,348 and
$11,255,076 for Spectrum Global Balanced, $150,597,920 and $200,859,877 for
Spectrum Select, and $104,880,846 and $132,743,763 for Spectrum Technical at
December 31, 2013 and 2012, respectively. With respect to each 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, each Partnership is required to meet
margin requirements equal to the net unrealized loss on open forward currency
contracts in each Partnership account with the counterparty, which is
accomplished by daily maintenance of the cash balance in a custody account held
at MS&Co. for the benefit of MS&Co. With respect to those off-exchange-traded
forward currency contracts, the Partnerships are at risk to the ability of
MS&Co., the sole counterparty on all such contracts, to perform. With respect
to those off-exchange-traded forward currency options contracts, the
Partnerships are at risk to the ability of MSCG, the sole counterparty on all
such contracts, to perform. Each Partnership has a netting agreement with the
counterparty. The primary terms are based on industry standard master netting
agreements. These agreements, which seek to reduce both the Partnerships' and
the counterparties' exposure on off-exchange-traded forward currency contracts,
including options on such contracts, should materially decrease the
Partnerships' credit risk in the event of MS&Co.'s or MSCG's bankruptcy or
insolvency.

   The General Partner monitors and attempts to control the Partnerships' risk
exposure on a daily basis through financial, credit and risk management
monitoring systems, and accordingly, believes that it has effective procedures
for evaluating and limiting the credit and market risks to which the
Partnerships may be subject. These monitoring systems generally allow the
General Partner to statistically analyze actual trading results with risk
adjusted performance indicators and correlation statistics. In addition, online
monitoring systems provide account analysis of futures, forwards and options
positions by sector, margin requirements, gain and loss transactions and
collateral positions.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The futures, forwards and options traded by the Partnerships 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 Partnerships' open positions, and consequently in
their earnings, whether realized or unrealized, and cash flow. Gains and losses
on open positions of exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts are settled daily through
variation margin. Gains and losses on off-exchange-traded forward currency
contracts are settled upon termination of the contract. Gains and losses on
off-exchange-traded forward currency options contracts are settled on an
agreed-upon settlement date.

   Spectrum Strategic's, Spectrum Technical's, and Spectrum Currency's
investments in the affiliated underlying funds expose each Partnership to
various types of risks that are associated with Futures Interests trading and
the markets in which the affiliated underlying funds invest. The significant
types of financial risks to which the affiliated underlying funds are exposed
are market risk, liquidity risk, and counterparty credit risk as described
above.

7. Derivatives and Hedging

   The Partnerships' objective is to profit from speculative trading in Futures
Interests. Therefore, the trading advisors for each Partnership will take
speculative positions in Futures Interests where they feel the best profit
opportunities exist for their trading strategy. As such, the average number of
contracts outstanding in absolute quantities (the total of the open long and
open short positions) has been presented as a part of the volume disclosure, as
position direction is not an indicative factor in such volume disclosures. With
regard to foreign currency forward trades, each notional quantity amount has
been converted to an equivalent contract based upon an industry convention.

   On January 1, 2013, the Partnership adopted ASU 2011-11, "Disclosure about
Offsetting Assets and Liabilities" and ASU 2013-01, "Clarifying the Scope of
Disclosures about Offsetting Assets and Liabilities". ASU 2011-11 created a new
disclosure requirement about the nature of an entity's rights to setoff and the
related arrangements associated with its financial instruments and derivative
instruments, while ASU 2013-01 clarified the types of instruments and
transactions that are subject to the offsetting disclosure requirements
established by ASU 2011-11. Entities are required to disclose both gross
information and net information about both instruments and transactions
eligible for offset in the statement of financial position and instruments and
transactions subject to an agreement similar to a master netting arrangement.
The objective of these disclosures is to facilitate comparison between those
entities that prepare their financial statements on the basis of U.S. GAAP and
those entities that prepare their financial statements on the basis of
International Financial Reporting Standards. The new guidance did not have a
significant impact on the Partnerships' financial statements.

   The following tables summarize the valuation of each Partnership's
investments as of December 31, 2013 and 2012.

Spectrum Currency

   As of December 31, 2013, Spectrum Currency held no futures and forward
contracts; therefore, there were no net unrealized gains and losses on futures
and forward contracts.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Offsetting of Derivative Assets and Liabilities as of December 31, 2012:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
-                                            ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Forwards....................................    105,849       (64,477)        41,372
                                                -------       -------         ------
Total Assets................................    105,849       (64,477)        41,372
                                                -------       -------         ------
Liabilities
Forwards....................................    (64,477)       64,477             --
                                                -------       -------         ------
Total Liabilities...........................    (64,477)       64,477             --
                                                -------       -------         ------
Unrealized currency gain....................                                   1,833
                                                                              ------
Total net unrealized gain on open contracts.                                  43,205
                                                                              ======


   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2013 and 2012:

   December 31, 2013



                                                                                         Average
                                                                                        Number of
                                                                                        Contracts
                                                                                       Outstanding
                                  Long       Long      Short      Short        Net     for the Year
                               Unrealized Unrealized Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss       Gain       Loss    Gain (Loss)  Quantity)
-----------------------------  ---------- ---------- ---------- ---------- ----------- ------------
                                   $          $          $          $           $
                                                                     
Foreign currency..............     --         --         --         --         --          826
                                   --         --         --         --         --
 Total........................     --         --         --         --         --
                                   ==         ==         ==         ==         ==
 Unrealized currency gain
   (loss).....................                                                 --
                                                                               --
 Total net unrealized gain
   (loss) on open contracts...                                                 --
                                                                               ==




                                                      Average
                                                     Number of
                                                     Contracts
                                                    Outstanding
                                                    for the Year
                                                     (Absolute
                Option Contracts at Fair Value       Quantity)
                ------------------------------      ------------
                                                $
                                              
                      Options purchased........ --       1




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

   December 31, 2012



                                                                                        Average
                                                                                       Number of
                                                                                       Contracts
                                                                                      Outstanding
                                  Long       Long      Short      Short       Net     for the Year
                               Unrealized Unrealized Unrealized Unrealized Unrealized  (Absolute
Futures and Forward Contracts     Gain       Loss       Gain       Loss       Gain     Quantity)
-----------------------------  ---------- ---------- ---------- ---------- ---------- ------------
                                   $          $          $          $          $
                                                                    
Foreign currency..............   47,414    (41,869)    58,435    (22,608)    41,372      1,498
                                 ------    -------     ------    -------     ------
 Total........................   47,414    (41,869)    58,435    (22,608)    41,372
                                 ======    =======     ======    =======     ------
 Unrealized currency gain.....                                                1,833
                                                                             ------
 Total net unrealized gain on
   open contracts.............                                               43,205
                                                                             ======




                                                      Average
                                                     Number of
                                                     Contracts
                                                    Outstanding
                                                    for the Year
                                                     (Absolute
                Option Contracts at Fair Value       Quantity)
                ------------------------------      ------------
                                                $
                                              
                      Options purchased........ --       1
                      Options written.......... --       1


Spectrum Global Balanced

   Offsetting of Derivative Assets and Liabilities as of December 31, 2013:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................    511,577      (200,698)        310,879
                                               --------      --------       ---------
Total Assets................................    511,577      (200,698)        310,879
                                               --------      --------       ---------
Liabilities
Futures.....................................   (200,698)      200,698              --
                                               --------      --------       ---------
Total Liabilities...........................   (200,698)      200,698              --
                                               --------      --------       ---------
Unrealized currency gain....................                                  889,621
                                                                            ---------
Total net unrealized gain on open contracts.                                1,200,500
                                                                            =========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




                                 Gross amounts not offset in the
                                Statements of Financial Condition
                              -------------------------------------
                               Financial  Cash Collateral
                              Instruments    Received     Net Amount
                              ----------- --------------- ----------
                                   $             $            $
                                                 
           Liabilities
           Options written...   (31,915)        --          (31,915)
                                -------         --        ---------
           Total Liabilities.   (31,915)        --          (31,915)
                                -------         --        ---------
           Total.............                               (31,915)
                                                          ---------
           Net fair value....                             1,168,585
                                                          =========


   Offsetting of Derivative Assets and Liabilities as of December 31, 2012:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................    270,741      (195,393)        75,348
Forwards....................................     70,236       (40,258)        29,978
                                               --------      --------        -------
Total Assets................................    340,977      (235,651)       105,326
                                               --------      --------        -------
Liabilities
Futures.....................................   (195,393)      195,393             --
Forwards....................................    (40,258)       40,258             --
                                               --------      --------        -------
Total Liabilities...........................   (235,651)      235,651             --
                                               --------      --------        -------
Unrealized currency gain....................                                 876,453
                                                                             -------
Total net unrealized gain on open contracts.                                 981,779
                                                                             =======




                                 Gross amounts not offset in the
                                Statements of Financial Condition
                              -------------------------------------
                               Financial  Cash Collateral
                              Instruments    Received     Net Amount
                              ----------- --------------- ----------
                                   $             $            $
                                                 
           Liabilities
           Options written...   (22,859)        --         (22,859)
                                -------         --         -------
           Total Liabilities.   (22,859)        --         (22,859)
                                -------         --         -------
           Total.............                              (22,859)
                                                           -------
           Net fair value....                              958,920
                                                           =======




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2013 and 2012:

   December 31, 2013



                                                                                         Average
                                                                                        Number of
                                                                                        Contracts
                                                                                       Outstanding
                                   Long       Long      Short      Short       Net     for the Year
                                Unrealized Unrealized Unrealized Unrealized Unrealized  (Absolute
Futures and Forward Contracts      Gain       Loss       Gain       Loss       Gain     Quantity)
-----------------------------   ---------- ---------- ---------- ---------- ---------- ------------
                                    $          $          $          $          $
                                                                     
Commodity......................   35,708    (122,067)  152,026     (8,002)     57,665      201
Equity.........................   84,250        (157)   19,206    (28,030)     75,269       54
Foreign currency...............  117,601      (2,295)   27,474     (1,286)    141,494      705
Interest rate..................   10,679     (37,679)   64,633     (1,182)     36,451      298
                                 -------    --------   -------    -------   ---------
 Total.........................  248,238    (162,198)  263,339    (38,500)    310,879
                                 =======    ========   =======    =======
 Unrealized currency gain......                                               889,621
                                                                            ---------
 Total net unrealized gain on
   open contracts..............                                             1,200,500
                                                                            =========

                                                                                         Average
                                                                                        Number of
                                                                                        Contracts
                                                                                       Outstanding
                                                                                       for the Year
                                                                                        (Absolute
Option Contracts at Fair Value                                                          Quantity)
------------------------------                                                         ------------
                                                                                $
Options purchased..........................................................        --        1
Options written............................................................   (31,915)      10


   December 31, 2012



                                                                                         Average
                                                                                        Number of
                                                                                        Contracts
                                                                                       Outstanding
                                  Long       Long      Short      Short        Net     for the Year
                               Unrealized Unrealized Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss       Gain       Loss    Gain/(Loss)  Quantity)
-----------------------------  ---------- ---------- ---------- ---------- ----------- ------------
                                   $          $          $          $           $
                                                                     
Commodity.....................   15,953     (74,679)   34,996    (23,285)    (47,015)      195
Equity........................   51,479      (8,381)   15,186    (15,625)     42,659        46
Foreign currency..............  125,101     (46,320)   53,721    (28,930)    103,572       892
Interest rate.................   44,541     (18,952)       --    (19,479)      6,110       405
                                -------    --------   -------    -------     -------
 Total........................  237,074    (148,332)  103,903    (87,319)    105,326
                                =======    ========   =======    =======
 Unrealized currency gain.....                                               876,453
                                                                             -------
 Total net unrealized gain on
   open contracts.............                                               981,779
                                                                             =======




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




                                                        Average
                                                       Number of
                                                       Contracts
                                                      Outstanding
                                                      for the Year
                                                       (Absolute
             Option Contracts at Fair Value            Quantity)
             ------------------------------           ------------
                                                $
                                                
                   Options purchased........      --        1
                   Options written.......... (22,859)      14


Spectrum Select

   Offsetting of Derivative Assets and Liabilities as of December 31, 2013:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................   9,894,085    (3,011,012)     6,883,073
Forwards....................................     528,063       (69,127)       458,936
                                              ----------    ----------      ---------
Total Assets................................  10,422,148    (3,080,139)     7,342,009
                                              ----------    ----------      ---------
Liabilities
Futures.....................................  (3,011,012)    3,011,012             --
Forwards....................................     (69,127)       69,127             --
                                              ----------    ----------      ---------
Total Liabilities...........................  (3,080,139)    3,080,139             --
                                              ----------    ----------      ---------
Unrealized currency loss....................                                 (689,577)
                                                                            ---------
Total net unrealized gain on open contracts.                                6,652,432
                                                                            =========


   Offsetting of Derivative Assets and Liabilities as of December 31, 2012:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................   7,876,474    (4,169,335)      3,707,139
Forwards....................................     619,732      (571,652)         48,080
                                              ----------    ----------      ----------
Total Assets................................   8,496,206    (4,740,987)      3,755,219
                                              ----------    ----------      ----------
Liabilities
Futures.....................................  (4,169,335)    4,169,335              --
Forwards....................................    (571,652)      571,652              --
                                              ----------    ----------      ----------
Total Liabilities...........................  (4,740,987)    4,740,987              --
                                              ----------    ----------      ----------
Unrealized currency loss....................                                (1,203,865)
                                                                            ----------
Total net unrealized gain on open contracts.                                 2,551,354
                                                                            ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2013 and 2012:

   December 31, 2013



                                                                                          Average
                                                                                         Number of
                                                                                         Contracts
                                                                                        Outstanding
                                  Long       Long       Short      Short        Net     for the Year
                               Unrealized Unrealized  Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss        Gain       Loss    Gain/(Loss)  Quantity)
-----------------------------  ---------- ----------  ---------- ---------- ----------- ------------
                                   $          $           $          $           $
                                                                      
 Commodity....................   561,914  (1,776,263) 2,430,029   (322,157)    893,523     4,153
 Equity....................... 3,462,235          --     36,105     (3,696)  3,494,644     1,717
 Foreign currency............. 1,474,046    (124,132)   986,884    (59,129)  2,277,669     3,214
 Interest rate................    61,862    (636,034) 1,409,073   (158,728)    676,173     5,741
                               ---------  ----------  ---------   --------   ---------
  Total....................... 5,560,057  (2,536,429) 4,862,091   (543,710)  7,342,009
                               =========  ==========  =========   ========
  Unrealized currency
    loss......................                                                (689,577)
                                                                             ---------
 Total net unrealized gain
    on open contracts.........                                               6,652,432
                                                                             =========




                                                      Average
                                                     Number of
                                                     Contracts
                                                    Outstanding
                                                    for the Year
                                                     (Absolute
                Option Contracts at Fair Value       Quantity)
                ------------------------------      ------------
                                                $
                                              
                      Options purchased........ --       3
                      Options written.......... --       2


   December 31, 2012



                                                                                           Average
                                                                                          Number of
                                                                                          Contracts
                                                                                         Outstanding
                                  Long       Long       Short      Short         Net     for the Year
                               Unrealized Unrealized  Unrealized Unrealized  Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss        Gain       Loss     Gain/(Loss)  Quantity)
-----------------------------  ---------- ----------  ---------- ----------  ----------- ------------
                                   $          $           $          $            $
                                                                       
Commodity.....................   763,693  (1,021,268) 1,051,860  (1,134,848)   (340,563)    4,025
Equity........................ 1,842,840    (517,175)        --     (36,283)  1,289,382     1,915
Foreign currency.............. 1,878,922  (1,022,609) 2,196,364    (253,560)  2,799,117     5,689
Interest rate.................   759,302    (607,381)     3,225    (147,863)      7,283     9,810
                               ---------  ----------  ---------  ----------  ----------
 Total........................ 5,244,757  (3,168,433) 3,251,449  (1,572,554)  3,755,219
                               =========  ==========  =========  ==========
 Unrealized currency loss.....                                               (1,203,865)
                                                                             ----------
 Total net unrealized gain on
   open contracts.............                                                2,551,354
                                                                             ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Strategic

   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2013 and 2012:

   December 31, 2013

   The Partnership held no futures or forward contracts; therefore, there were
no net unrealized gains or losses on futures or forward contracts.

   December 31, 2012



                                                                                         Average
                                                                                        Number of
                                                                                        Contracts
                                                                                       Outstanding
                                  Long       Long      Short      Short        Net     for the Year
                               Unrealized Unrealized Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss       Gain       Loss    Gain (Loss)  Quantity)
-----------------------------  ---------- ---------- ---------- ---------- ----------- ------------
                                   $          $          $          $           $
                                                                     
Commodity.....................     --         --         --         --         --           752
Equity........................     --         --         --         --         --           328
Foreign currency..............     --         --         --         --         --         6,514
Interest rate.................     --         --         --         --         --         2,260
                               ---------- ---------- ---------- ---------- -----------
 Total........................     --         --         --         --         --
                               ========== ========== ========== ==========
 Unrealized currency gain
   (loss).....................                                                 --
                                                                           -----------
 Total net unrealized gain
   (loss) on open contracts...                                                 --
                                                                           ===========


Spectrum Technical

   Offsetting of Derivative Assets and Liabilities as of December 31, 2013:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................   5,404,721    (1,139,524)      4,265,197
Forwards....................................     728,738      (320,514)        408,224
                                              ----------    ----------      ----------
Total Assets................................   6,133,459    (1,460,038)      4,673,421
                                              ----------    ----------      ----------
Liabilities
Futures.....................................  (1,139,524)    1,139,524              --
Forwards....................................    (320,514)      320,514              --
                                              ----------    ----------      ----------
Total Liabilities...........................  (1,460,038)    1,460,038              --
                                              ----------    ----------      ----------
Unrealized currency loss....................                                (3,447,831)
                                                                            ----------
Total net unrealized gain on open contracts.                                 1,225,590
                                                                            ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Offsetting of Derivative Assets and Liabilities as of December 31, 2012:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................   4,081,355    (2,249,281)      1,832,074
Forwards....................................   1,275,053      (665,520)        609,533
                                              ----------    ----------      ----------
Total Assets................................   5,356,408    (2,914,801)      2,441,607
                                              ----------    ----------      ----------
Liabilities
Futures.....................................  (2,249,281)    2,249,281              --
Forwards....................................    (665,520)      665,520              --
                                              ----------    ----------      ----------
Total Liabilities...........................  (2,914,801)    2,914,801              --
                                              ----------    ----------      ----------
Unrealized currency loss....................                                (3,483,151)
                                                                            ----------
Total net unrealized loss on open contracts.                                (1,041,544)
                                                                            ==========


   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2013 and 2012:

   December 31, 2013



                                                                                          Average
                                                                                         Number of
                                                                                         Contracts
                                                                                        Outstanding
                                  Long       Long       Short      Short        Net     for the Year
                               Unrealized Unrealized  Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss        Gain       Loss    Gain/(Loss)  Quantity)
-----------------------------  ---------- ----------  ---------- ---------- ----------- ------------
                                   $          $           $          $           $
                                                                      
 Commodity....................   182,135    (386,829)   893,327   (124,717)    563,916     1,300
 Equity....................... 3,110,927      (1,174)    28,444     (5,500)  3,132,697     1,458
 Foreign currency.............   539,752    (239,072)   601,972   (104,361)    798,291     4,080
 Interest rate................   152,993    (553,425)   623,909    (44,960)    178,517     3,501
                               ---------  ----------  ---------   --------  ----------
  Total....................... 3,985,807  (1,180,500) 2,147,652   (279,538)  4,673,421
                               =========  ==========  =========   ========
  Unrealized currency
    loss......................                                              (3,447,831)
                                                                            ----------
 Total net unrealized gain
    on open contracts.........                                               1,225,590
                                                                            ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   December 31, 2012



                                                                                          Average
                                                                                         Number of
                                                                                         Contracts
                                                                                        Outstanding
                                  Long       Long       Short      Short        Net     for the Year
                               Unrealized Unrealized  Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss        Gain       Loss    Gain/(Loss)  Quantity)
-----------------------------  ---------- ----------  ---------- ---------- ----------- ------------
                                   $          $           $          $           $
                                                                      
 Commodity....................   503,509    (759,234)   451,092   (401,945)   (206,578)    1,895
 Equity....................... 1,289,387    (324,377)        33     (9,417)    955,626     1,525
 Foreign currency.............   751,769    (682,406) 1,511,142   (188,174)  1,392,331     4,077
 Interest rate................   845,015    (522,310)     4,461    (26,938)    300,228     6,112
                               ---------  ----------  ---------   --------  ----------
  Total....................... 3,389,680  (2,288,327) 1,966,728   (626,474)  2,441,607
                               =========  ==========  =========   ========
  Unrealized currency
    loss......................                                              (3,483,151)
                                                                            ----------
 Total net unrealized loss
    on open contracts.........                                              (1,041,544)
                                                                            ==========




                                                      Average
                                                     Number of
                                                     Contracts
                                                    Outstanding
                                                    for the Year
                                                     (Absolute
                Option Contracts at Fair Value       Quantity)
                ------------------------------      ------------
                                                $
                                              
                      Options purchased........ --       6
                      Options written.......... --       6


   The following tables summarize the net trading results of each Partnership
for the years ended December 31, 2013, 2012, and 2011, respectively.

Spectrum Currency

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2013, 2012, and 2011, in Total Trading Results:



                                               December 31,
                                    ---------------------------------
                                       2013       2012        2011
                                    ---------  ----------  ----------
          Type of Instrument
          ------------------            $          $           $
                                                  
          Commodity................  (565,844) (2,081,165)         --
          Foreign currency......... 1,542,186     174,080  (1,647,809)
          Unrealized currency loss.    (1,832)    (33,641)    (46,233)
                                    ---------  ----------  ----------
           Total...................   974,510  (1,940,726) (1,694,042)
                                    =========  ==========  ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Line Items on the Statements of Income and Expenses for the years ended
December 31, 2013, 2012, and 2011:



                                                                       December 31,
                                                            ---------------------------------
                                                               2013       2012        2011
                                                            ---------  ----------  ----------
Trading Results
---------------                                                 $          $           $
                                                                          
Net realized...............................................   444,474    (199,068)   (483,261)
Net change in unrealized...................................   (43,205)    133,331  (1,210,781)
Realized loss on investment in KR Master Fund..............  (551,662)   (488,412)         --
Realized loss on investment in FL Master Fund..............        --  (2,033,985)         --
Realized income (loss) on investment in Cambridge Master
  Fund..................................................... 1,188,237     (44,139)         --
Unrealized appreciation on investment in FL Master Fund....        --     514,630          --
Unrealized appreciation (depreciation) on investment in KR
  Master Fund..............................................   (23,816)     52,939          --
Unrealized appreciation (depreciation) on investment in
  Cambridge Master Fund....................................   (39,518)    123,978          --
                                                            ---------  ----------  ----------
 Total.....................................................   974,510  (1,940,726) (1,694,042)
                                                            =========  ==========  ==========


Spectrum Global Balanced

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2013, 2012, and 2011, included in Total
Trading Results:



                                                  December 31,
                                         ------------------------------
                                           2013      2012       2011
                                         --------  --------  ----------
        Type of Instrument
        ------------------                  $         $          $
                                                    
        Commodity....................... (813,691) (261,829)   (864,562)
        Equity..........................  330,825   224,150    (965,779)
        Foreign currency................  604,077   171,401    (735,607)
        Interest rate...................  (54,064)    6,538   1,137,203
        Unrealized currency gain (loss).   13,168   (18,409)    (61,781)
                                         --------  --------  ----------
         Total..........................   80,315   121,851  (1,490,526)
                                         ========  ========  ==========


   Line Items on the Statements of Income and Expenses for the years ended
December 31, 2013, 2012, and 2011:



                                              December 31,
                                     ------------------------------
                                       2013      2012       2011
                                     --------  --------  ----------
           Trading Results
           ---------------              $         $          $
                                                
           Net realized............. (129,286)  370,013  (1,151,478)
           Net change in unrealized.  209,601  (248,162)   (339,048)
                                     --------  --------  ----------
            Total...................   80,315   121,851  (1,490,526)
                                     ========  ========  ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Select

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2013, 2012, and 2011, included in Total
Trading Results:



                                                  December 31,
                                      ------------------------------------
                                         2013         2012         2011
                                      ----------  -----------  -----------
     Type of Instrument
     ------------------                   $            $            $
                                                      
     Commodity....................... (8,240,610) (12,872,729) (17,215,862)
     Equity.......................... 17,236,173    6,993,095  (27,174,382)
     Foreign currency................     69,245   (2,206,555) (11,400,426)
     Interest rate................... (3,637,449)   1,388,041   19,104,345
     Unrealized currency gain (loss).    514,288       99,725     (567,763)
                                      ----------  -----------  -----------
      Total..........................  5,941,647   (6,598,423) (37,254,088)
                                      ==========  ===========  ===========


   Line Items on the Statements of Income and Expenses for the years ended
December 31, 2013, 2012, and 2011:



                                               December 31,
                                    ---------------------------------
                                      2013       2012         2011
                                    --------- ----------  -----------
          Trading Results
          ---------------              $          $            $
                                                 
          Net realized............. 1,840,569 (2,747,878) (23,852,820)
          Net change in unrealized. 4,101,078 (3,850,545) (13,401,268)
                                    --------- ----------  -----------
           Total................... 5,941,647 (6,598,423) (37,254,088)
                                    ========= ==========  ===========


Spectrum Strategic

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2013, 2012, and 2011, included in Total
Trading Results:



                                              December 31,
                                   ----------------------------------
                                      2013       2012         2011
                                   ---------  ----------  -----------
         Type of Instrument
         ------------------            $          $            $
                                                 
         Commodity................ 2,391,667  (1,374,285) (18,052,648)
         Equity...................   853,223  (3,098,127)  (2,778,840)
         Foreign currency.........   197,595     (39,186) (14,779,073)
         Interest rate............  (563,163)  2,280,070    7,707,782
         Unrealized currency loss.        --          --      (86,013)
                                   ---------  ----------  -----------
          Total................... 2,879,322  (2,231,528) (27,988,792)
                                   =========  ==========  ===========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Line Items on the Statements of Income and Expenses for the years ended
December 31, 2013, 2012, and 2011:



                                                                           December 31,
                                                                ---------------------------------
                                                                  2013       2012         2011
                                                                --------- ----------  -----------
Trading Results
---------------                                                    $          $            $
                                                                             
Net realized...................................................        --         --    2,750,625
Net change in unrealized.......................................        --         --   (8,555,065)
Realized gain (loss) on investment in BHM I, LLC...............   559,473   (429,295)    (958,118)
Realized gain (loss) on investment in PGR Master Fund..........     5,825    (25,751)          --
Realized gain on investment in MB Master Fund..................    22,738      3,838           --
Unrealized appreciation (depreciation) on investment in BHM I,
  LLC..........................................................   981,916   (687,951) (21,346,446)
Unrealized appreciation (depreciation) on investment in PGR
  Master Fund.................................................. 1,092,727 (1,252,834)     240,600
Unrealized appreciation (depreciation) on investment in MB
  Master Fund..................................................   216,643    160,465     (120,388)
                                                                --------- ----------  -----------
 Total Trading Results......................................... 2,879,322 (2,231,528) (27,988,792)
                                                                ========= ==========  ===========


Spectrum Technical

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2013, 2012, and 2011, included in Total
Trading Results:



                                                  December 31,
                                     -------------------------------------
                                         2013         2012         2011
                                     -----------  -----------  -----------
    Type of Instrument
    ------------------                    $            $            $
                                                      
    Commodity.......................   1,447,554    7,806,061  (13,197,401)
    Equity..........................  16,778,460  (58,323,819) (16,512,047)
    Foreign currency................   1,893,467  (30,995,834)  (3,771,234)
    Interest rate................... (10,210,043)  68,102,911   33,707,895
    Unrealized currency gain (loss).      35,320   (6,376,922)      87,382
    Proceeds from Litigation........          --           --       10,951
                                     -----------  -----------  -----------
     Total..........................   9,944,758  (19,787,603)     325,546
                                     ===========  ===========  ===========


   Line Items on the Statements of Income and Expenses for the years ended
December 31, 2013, 2012, and 2011:



                                                                       December 31,
                                                            ----------------------------------
                                                              2013        2012         2011
                                                            --------- -----------  -----------
Trading Results
---------------                                                $           $            $
                                                                          
Net realized............................................... 7,217,969  (6,219,265)  11,402,800
Net change in unrealized................................... 2,267,134  (9,809,697) (11,820,187)
Realized gain (loss) on investment in Blackwater Master
  Fund.....................................................   396,051  (4,657,167)     167,699
Unrealized appreciation on Investment in Blackwater Master
  Fund.....................................................    63,604     898,526      564,283
Proceeds from Litigation...................................        --          --       10,951
                                                            --------- -----------  -----------
 Total Trading Results..................................... 9,944,758 (19,787,603)     325,546
                                                            ========= ===========  ===========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


8. Fair Value Measurements and Disclosures

   On October 1, 2012, the FASB issued ASU 2012-04, "Technical Corrections and
Improvements", which makes minor technical corrections and clarifications to
ASC 820, "Fair Value Measurements and Disclosures". When the FASB issued
Statement 157 (codified in ASC 820), it conformed the use of the term "fair
value" in certain pre-Codification standards but not others. ASU 2012-04
conforms the term's use throughout the ASC "to fully reflect the fair value
measurement and disclosure requirements" of ASC 820. The ASU also amends the
requirements that must be met for an investment company to qualify for the
exemption from presenting a statement of cash flows. Specifically, it
eliminates the requirements that substantially all of an entity's investments
be carried at "market value" and that the investments be highly liquid.
Instead, it requires substantially all of the entity's investments to be
carried at "fair value" and classified as Level 1 or Level 2 measurements under
ASC 820.

   Financial instruments are carried at fair value, which is the price that
would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants. Assets and liabilities carried
at fair value are classified and disclosed in the following three levels:
Level 1 -- unadjusted quoted market prices in active markets for identical
assets and liabilities; Level 2 -- inputs other than unadjusted quoted market
prices that are observable for the asset or liability, either directly or
indirectly (including unadjusted quoted market prices for similar investments,
interest rates and credit risk); and Level 3 -- unobservable inputs for the
asset or liability (including the Partnerships' own assumptions used in
determining the fair value of investments).

   In certain cases, the inputs used to measure fair value may fall into
different levels of the fair value hierarchy. In such cases, an investment's
level within the fair value hierarchy is based on the lowest level of input
that is significant to the fair value measurement. The Partnerships' assessment
of the significance of a particular input to the fair value measurement in its
entirety requires judgment, and consideration of factors specific to the
investment.

   The Partnerships' assets and liabilities measured at fair value on a
recurring basis are summarized in the following tables by the type of inputs
applicable to the fair value measurements.

Spectrum Currency



                                        Unadjusted
                                     Quoted Prices in Significant
                                      Active Markets     Other    Significant
                                      for Identical   Observable  Unobservable
                                          Assets        Inputs       Inputs
December 31, 2013                       (Level 1)      (Level 2)   (Level 3)     Total
-----------------                    ---------------- ----------- ------------ ----------
                                            $              $           $           $
                                                                   
Assets
Investment in Cambridge Master Fund.        --        11,299,138      n/a      11,299,138
Investment in KR Master Fund........        --         7,290,317      n/a       7,290,317
                                            --        ----------               ----------
Total Assets........................        --        18,589,455      n/a      18,589,455
                                            ==        ==========               ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




                                        Unadjusted
                                     Quoted Prices in Significant
                                      Active Markets     Other    Significant
                                      for Identical   Observable  Unobservable
                                          Assets        Inputs       Inputs
December 31, 2012                       (Level 1)      (Level 2)   (Level 3)     Total
-----------------                    ---------------- ----------- ------------ ----------
                                            $              $           $           $
                                                                   
Assets
Investment in KR Master Fund........        --        10,109,603      n/a      10,109,603
Investment in Cambridge Master Fund.        --         6,920,831      n/a       6,920,831
Forwards............................        --           105,849      n/a         105,849
                                            --        ----------               ----------
Total Assets........................        --        17,136,283      n/a      17,136,283
                                            --        ----------               ----------
Liabilities
Forwards............................        --            64,477      n/a          64,477
                                            --        ----------               ----------
Total Liabilities...................        --            64,477      n/a          64,477
                                            --        ----------               ----------
Unrealized currency gain............                                                1,833
                                                                               ----------
*Net fair value.....................        --        17,071,806      n/a      17,073,639
                                            ==        ==========               ==========


* This amount comprises of the "Net unrealized gain on open contracts" and
  "Investment in Cambridge Master Fund and KR Master Fund" on the Statements of
  Financial Condition.

  During the twelve months ended December 31, 2013 and 2012, there were no
  Level 3 assets and liabilities and there were no transfers of assets or
  liabilities between Level 1 and Level 2.

Spectrum Global Balanced



                              Unadjusted
                           Quoted Prices in Significant
                            Active Markets     Other    Significant
                            for Identical   Observable  Unobservable
                                Assets        Inputs       Inputs
 December 31, 2013            (Level 1)      (Level 2)   (Level 3)     Total
 -----------------         ---------------- ----------- ------------ ---------
                                  $              $           $           $
                                                         
 Assets
 Futures..................     511,577          --          n/a        511,577
                               -------          --                   ---------
 Total Assets.............     511,577          --          n/a        511,577
                               -------          --                   ---------
 Liabilities
 Futures..................     200,698          --          n/a        200,698
 Options Written..........      31,915          --                      31,915
                               -------          --                   ---------
 Total Liabilities........     232,613          --          n/a        232,613
                               -------          --                   ---------
 Unrealized currency gain.                                             889,621
                                                                     ---------
 *Net fair value..........     278,964          --          n/a      1,168,585
                               =======          ==                   =========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




                               Unadjusted
                            Quoted Prices in Significant
                             Active Markets     Other    Significant
                             for Identical   Observable  Unobservable
                                 Assets        Inputs       Inputs
  December 31, 2012            (Level 1)      (Level 2)   (Level 3)    Total
  -----------------         ---------------- ----------- ------------ -------
                                   $              $           $          $
                                                          
  Assets
  Futures..................     270,741            --        n/a      270,741
  Forwards.................          --        70,236        n/a       70,236
                                -------        ------                 -------
  Total Assets.............     270,741        70,236        n/a      340,977
                                -------        ------                 -------
  Liabilities
  Futures..................     195,393            --        n/a      195,393
  Forwards.................          --        40,258        n/a       40,258
  Options Written..........      22,859            --                  22,859
                                -------        ------                 -------
  Total Liabilities........     218,252        40,258        n/a      258,510
                                -------        ------                 -------
  Unrealized currency gain.                                           876,453
                                                                      -------
  *Net fair value..........      52,489        29,978        n/a      958,920
                                =======        ======                 =======


* This amount comprises of the "Total net unrealized gain on open contracts"
  and "Options written" on the Statements of Financial Condition.

  During the twelve months ended December 31, 2013 and 2012, there were no
  Level 3 assets and liabilities and there were no transfers of assets or
  liabilities between Level 1 and Level 2.

Spectrum Select



                             Unadjusted
                          Quoted Prices in Significant
                           Active Markets     Other    Significant
                           for Identical   Observable  Unobservable
                               Assets        Inputs       Inputs
December 31, 2013            (Level 1)      (Level 2)   (Level 3)      Total
-----------------         ---------------- ----------- ------------ ----------
                                 $              $           $            $
                                                        
Assets
Futures..................    9,894,085            --       n/a       9,894,085
Forwards.................           --       528,063       n/a         528,063
                             ---------       -------                ----------
Total Assets.............    9,894,085       528,063       n/a      10,422,148
                             ---------       -------                ----------
Liabilities
Futures..................    3,011,012            --       n/a       3,011,012
Forwards.................           --        69,127       n/a          69,127
                             ---------       -------                ----------
Total Liabilities........    3,011,012        69,127       n/a       3,080,139
                             ---------       -------                ----------
Unrealized currency loss.                                             (689,577)
                                                                    ----------
*Net fair value..........    6,883,073       458,936       n/a       6,652,432
                             =========       =======                ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




                             Unadjusted
                          Quoted Prices in Significant
                           Active Markets     Other    Significant
                           for Identical   Observable  Unobservable
                               Assets        Inputs       Inputs
December 31, 2012            (Level 1)      (Level 2)   (Level 3)      Total
-----------------         ---------------- ----------- ------------ ----------
                                 $              $           $            $
                                                        
Assets
Futures..................    7,876,474            --       n/a       7,876,474
Forwards.................           --       619,732       n/a         619,732
                             ---------       -------                ----------
Total Assets.............    7,876,474       619,732       n/a       8,496,206
                             ---------       -------                ----------
Liabilities
Futures..................    4,169,335            --       n/a       4,169,335
Forwards.................           --       571,652       n/a         571,652
                             ---------       -------                ----------
Total Liabilities........    4,169,335       571,652       n/a       4,740,987
                             ---------       -------                ----------
Unrealized currency loss.                                           (1,203,865)
                                                                    ----------
*Net fair value..........    3,707,139        48,080       n/a       2,551,354
                             =========       =======                ==========


* This amount comprises of the "Total net unrealized gain on open contracts" on
  the Statements of Financial Condition.

  During the twelve months ended December 31, 2013 and 2012, there were no
  Level 3 assets and liabilities and there were no transfers of assets or
  liabilities between Level 1 and Level 2.

Spectrum Strategic



                                  Unadjusted
                               Quoted Prices in Significant
                                Active Markets     Other    Significant
                                for Identical   Observable  Unobservable
                                    Assets        Inputs       Inputs
December 31, 2013                 (Level 1)      (Level 2)   (Level 3)     Total
-----------------              ---------------- ----------- ------------ ----------
                                      $              $           $           $
                                                             
Assets
Investment in BHM I, LLC......        --        46,985,018      n/a      46,985,018
Investment in PGR Master Fund.        --         3,327,454      n/a       3,327,454
Investment in MB Master Fund..        --         4,183,031      n/a       4,183,031
                                      --        ----------               ----------
Total Assets..................        --        54,495,503      n/a      54,495,503
                                      ==        ==========               ==========




                                  Unadjusted
                               Quoted Prices in Significant
                                Active Markets     Other    Significant
                                for Identical   Observable  Unobservable
                                    Assets        Inputs       Inputs
December 31, 2012                 (Level 1)      (Level 2)   (Level 3)     Total
-----------------              ---------------- ----------- ------------ ----------
                                      $              $           $           $
                                                             
Assets
Investment in BHM I, LLC......        --        63,045,391      n/a      63,045,391
Investment in PGR Master Fund.        --         5,021,111      n/a       5,021,111
Investment in MB Master Fund..        --         8,142,971      n/a       8,142,971
                                      --        ----------               ----------
Total Assets..................        --        76,209,473      n/a      76,209,473
                                      --        ==========               ==========


  During the twelve months ended December 31, 2013 and 2012, there were no
  Level 3 assets and liabilities and there were no transfers of assets or
  liabilities between Level 1 and Level 2.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Technical



                                         Unadjusted
                                      Quoted Prices in
                                       Active Markets  Significant  Significant
                                       for Identical   Unobservable Unobservable
                                           Assets         Inputs       Inputs
December 31, 2013                        (Level 1)      (Level 3)    (Level 3)      Total
-----------------                     ---------------- ------------ ------------ ----------
                                             $              $            $            $
                                                                     
Assets
Investment in Blackwater Master Fund.           --      33,548,272      n/a      33,548,272
Futures..............................    5,404,721              --      n/a       5,404,721
Forwards.............................           --         728,738      n/a         728,738
                                         ---------      ----------               ----------
Total Assets.........................    5,404,721      34,277,010      n/a      39,681,731
                                         ---------      ----------               ----------
Liabilities
Futures..............................    1,139,524              --      n/a       1,139,524
Forwards.............................           --         320,514      n/a         320,514
                                         ---------      ----------               ----------
Total Liabilities....................    1,139,524         320,514      n/a       1,460,038
                                         ---------      ----------               ----------
Unrealized currency loss.............                                            (3,447,831)
                                                                                 ----------
*Net fair value......................    4,265,197      33,956,496      n/a      34,773,862
                                         =========      ==========               ==========




                                         Unadjusted
                                      Quoted Prices in
                                       Active Markets  Significant  Significant
                                       for Identical   Unobservable Unobservable
                                           Assets         Inputs       Inputs
December 31, 2012                        (Level 1)      (Level 3)    (Level 3)      Total
-----------------                     ---------------- ------------ ------------ ----------
                                             $              $            $            $
                                                                     
Assets
Investment in Blackwater Master Fund.           --      43,685,685      n/a      43,685,685
Futures..............................    4,081,355              --      n/a       4,081,355
Forwards.............................           --       1,275,053      n/a       1,275,053
                                         ---------      ----------               ----------
Total Assets.........................    4,081,355      44,960,738      n/a      49,042,093
                                         ---------      ----------               ----------
Liabilities
Futures..............................    2,249,281              --      n/a       2,249,281
Forwards.............................           --         665,520      n/a         665,520
                                         ---------      ----------               ----------
Total Liabilities....................    2,249,281         665,520      n/a       2,914,801
                                         ---------      ----------               ----------
Unrealized currency loss.............                                            (3,483,151)
                                                                                 ----------
*Net fair value......................    1,832,074      44,295,218      n/a      42,644,141
                                         =========      ==========               ==========


* This amount comprises of the "Total net unrealized gain on open contracts"
  and "Investment in Blackwater Master Fund" on the Statements of Financial
  Condition.

  During the twelve months ended December 31, 2013 and 2012, there were no
  Level 3 assets and liabilities and there were no transfers of assets or
  liabilities between Level 1 and Level 2.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


9. Financial Highlights

   The following ratios may vary for individual investors based on the timing
of capital transactions during the year. Additionally, these ratios are
calculated for the limited partner's share of income, expenses and average net
assets.

Spectrum Currency



                                                2013      2012      2011
                                              ------    ------    ------
                                                         
      Per Unit operating performance:
      Net asset value, January 1:............ $ 7.57    $ 8.63    $ 9.57
                                              ------    ------    ------
        Interest Income......................     --(2)     --(2)     --(2)
        Expenses.............................  (0.53)    (0.53)    (0.60)
        Realized/Unrealized Income (Loss)(1).   0.35     (0.53)    (0.34)
                                              ------    ------    ------
        Net Loss.............................  (0.18)    (1.06)    (0.94)
                                              ------    ------    ------
      Net asset value, December 31:.......... $ 7.39    $ 7.57    $ 8.63
                                              ======    ======    ======
     For the Calendar Year:
      Ratios to average net assets:
        Net Investment Loss/ /...............   (7.2)%    (6.6)%    (6.7)%
        Expenses before Incentive Fees.......    6.4%      6.7%      6.8%
        Expenses after Incentive Fees........    7.2%      6.7%      6.8%
        Net Loss.............................   (2.4)%   (13.5)%   (10.9)%
      Total return before incentive fees.....   (1.6)%   (12.3)%    (9.8)%
      Total return after incentive fees......   (2.4)%   (12.3)%    (9.8)%


(1)Realized/Unrealized Income (Loss) is a balancing amount necessary to
   reconcile the change in net asset value per Unit with the other per Unit
   information.

(2)Amount less than 0.005%.

Spectrum Global Balanced



                                                 2013     2012     2011
                                               ------   ------   ------
                                                        
       Per Unit operating performance:
       Net asset value, January 1:............ $14.06   $14.83   $17.12
                                               ------   ------   ------
         Interest Income......................   0.01     0.01     0.01
         Expenses.............................  (0.84)   (0.90)   (0.96)
         Realized/Unrealized Income (Loss)(1).   0.06     0.12    (1.34)
                                               ------   ------   ------
         Net Loss.............................  (0.77)   (0.77)   (2.29)
                                               ------   ------   ------
       Net asset value, December 31:.......... $13.29   $14.06   $14.83
                                               ======   ======   ======
      For the Calendar Year:
       Ratios to average net assets:
         Net Investment Loss/ /...............   (6.0)%   (6.1)%   (6.2)%
         Expenses before Incentive Fees.......    6.1%     6.2%     6.3%
         Expenses after Incentive Fees........    6.1%     6.2%     6.3%
         Net Loss.............................   (5.2)%   (5.2)%  (15.4)%
       Total return before incentive fees.....   (5.5)%   (5.2)%  (13.4)%
       Total return after incentive fees......   (5.5)%   (5.2)%  (13.4)%


(1)Realized/Unrealized Income (Loss) is a balancing amount necessary to
   reconcile the change in net asset value per Unit with the other per Unit
   information.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Select



                                                 2013     2012     2011
                                               ------   ------   ------
                                                        
       Per Unit operating performance:
       Net asset value, January 1:............ $27.76   $31.24   $38.03
                                               ------   ------   ------
         Interest Income......................   0.01     0.02     0.01
         Expenses.............................  (2.17)   (2.44)   (3.07)
         Realized/Unrealized Income (Loss)(1).   0.88    (1.06)   (3.73)
                                               ------   ------   ------
         Net Loss.............................  (1.28)   (3.48)   (6.79)
                                               ------   ------   ------
       Net asset value, December 31:.......... $26.48   $27.76   $31.24
                                               ======   ======   ======
      For the Calendar Year:
       Ratios to average net assets:
         Net Investment Loss/ /...............   (7.9)%   (8.0)%   (8.8)%
         Expenses before Incentive Fees.......    8.0%     8.1%     8.3%
         Expenses after Incentive Fees........    8.0%     8.1%     8.9%
         Net Loss.............................   (4.5)%  (10.7)%  (19.6)%
       Total return before incentive fees.....   (4.6)%  (11.1)%  (17.3)%
       Total return after incentive fees......   (4.6)%  (11.1)%  (17.9)%


(1)Realized/Unrealized Income (Loss) is a balancing amount necessary to
   reconcile the change in net asset value per Unit with the other per Unit
   information.

Spectrum Strategic



                                                 2013     2012     2011
                                               ------   ------   ------
                                                        
       Per Unit operating performance:
       Net asset value, January 1:............ $14.25   $16.02   $21.49
                                               ------   ------   ------
         Interest Income......................   0.01     0.01     0.01
         Expenses.............................  (1.24)   (1.37)   (1.87)
         Realized/Unrealized Income (Loss)(1).   0.62    (0.41)   (3.61)
                                               ------   ------   ------
         Net Loss.............................  (0.61)   (1.77)   (5.47)
                                               ------   ------   ------
       Net asset value, December 31:.......... $13.64   $14.25   $16.02
                                               ======   ======   ======
      For the Calendar Year:
       Ratios to average net assets:
         Net Investment Loss/ /...............   (8.9)%   (9.0)%   (9.8)%
         Expenses before Incentive Fees.......    9.0%     9.1%     9.0%
         Expenses after Incentive Fees........    9.0%     9.1%     9.8%
         Net Loss.............................   (4.3)%  (11.4)%  (28.6)%
       Total return before incentive fees.....   (4.3)%  (11.0)%  (24.7)%
       Total return after incentive fees......   (4.3)%  (11.0)%  (25.5)%


(1)Realized/Unrealized Income (Loss) is a balancing amount necessary to
   reconcile the change in net asset value per Unit with the other per Unit
   information.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Technical



                                                 2013     2012      2011
                                               ------   ------    ------
                                                         
       Per Unit operating performance:
       Net asset value, January 1:............ $16.71   $19.65    $21.33
                                               ------   ------    ------
         Interest Income......................   0.01     0.01      0.01
         Expenses.............................  (1.24)   (1.38)+   (1.68)
         Realized/Unrealized Income (Loss)(1).   1.07    (1.57)    (0.01)
                                               ------   ------    ------
         Net Loss.............................  (0.16)   (2.94)    (1.68)
                                               ------   ------    ------
       Net asset value, December 31:.......... $16.55   $16.71    $19.65
                                               ======   ======    ======
      For the Calendar Year:
       Ratios to average net assets:
         Net Investment Loss/ /...............   (7.5)%   (7.7)%    (8.1)%
         Expenses before Incentive Fees.......    7.5%     7.8%++    8.2%
         Expenses after Incentive Fees........    7.5%     7.8%++    8.2%
         Net Loss.............................   (1.0)%  (17.0)%    (8.0)%
       Total return before incentive fees.....   (1.0)%  (15.0)%    (7.8)%
       Total return after incentive fees......   (1.0)%  (15.0)%    (7.9)%


(1)Realized/Unrealized Income (Loss) is a balancing amount necessary to
   reconcile the change in net asset value per Unit with the other per Unit
   information.

+  Expenses per Unit would have been $(1.39) in 2012 had it not been for the
   management fee waived by Chesapeake.

++ Such percentage is after waiver of management fees. Chesapeake voluntarily
   waived a portion of the management fees (equal to 0.04% in 2012 of the
   average net assets).

10.Subsequent Events

   Management performed its evaluation of subsequent events through the date of
filing, and has determined that there were no subsequent events requiring
adjustments of or disclosure in the financial statements other than those
disclosed below.

   Effective April 1, 2014, the flat rate brokerage fees for Spectrum Currency
and Spectrum Global Balanced shall be reduced from 4.60% per annum (paid
monthly) to 3.60% per annum (paid monthly) of Spectrum Currency's and Spectrum
Global Balanced net assets.

   Effective April 1, 2014, the flat rate brokerage fees for Spectrum Select,
Spectrum Strategic and Spectrum Technical shall be reduced from 6.0% per annum
(paid monthly) to 4.0% per annum (paid monthly) of Spectrum Select's, Spectrum
Strategic's and Spectrum Technical's net assets.

   Effective March 1, 2014, the management fee payable by Spectrum Strategic to
Blenheim was reduced to a rate of 1/12 of 2% (a 2% annual rate) of net assets
allocated to Blenheim on the first day of each month.

   Effective March 1, 2014, the incentive fee payable by Spectrum Strategic to
Blenheim increased to 20% of the trading profits experienced with respect to
the net assets allocated to Blenheim accruing monthly but payable as of the end
of each calendar quarter.

   Effective March 1, 2014, Spectrum Strategic directly pays BHMI, LLC for its
pro rata portion of incentive, management and administrative fees.

   Effective March 1, 2014, the management fee payable by Spectrum Strategic to
Aventis was reduced to a rate of 1/12 of 1.25% (a 1.25% annual rate) of net
assets allocated to Aventis on the first day of each month.



                           CERES MANAGED FUTURES LLC
                         522 Fifth Avenue . 14th Floor
                              New York, NY 10036

                                Publication #07

                                Morgan Stanley

(C) 2013 Morgan Stanley Smith Barney LLC

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Financial Highlights (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 27.76		$ 31.24		$ 38.03
Interest Income (in dollars per unit)	$ 0.01		$ 0.02		$ 0.01
Expenses (in dollars per unit)	$ (2.17)		$ (2.44)		$ (3.07)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 0.88	[1]	$ (1.06)	[1]	$ (3.73)	[1]
Net Loss (in dollars per unit)	$ (1.28)	[2]	$ (3.48)	[2]	$ (6.79)	[2]
Net asset value, period end (in dollars per unit)	$ 26.48		$ 27.76		$ 31.24
Ratios to average net assets [Abstract]
Net Investment Loss (in hundredths)	(7.90%)		(8.00%)		(8.80%)
Expenses before Incentive Fees (in hundredths)	8.00%		8.10%		8.30%
Expenses after Incentive Fees (in hundredths)	8.00%		8.10%		8.90%
Net Loss (in hundredths)	(4.50%)		(10.70%)		(19.60%)
Total return before incentive fees (in hundredths)	(4.60%)		(11.10%)		(17.30%)
Total return after incentive fees (in hundredths)	(4.60%)		(11.10%)		(17.90%)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 7.57		$ 8.63		$ 9.57
Interest Income (in dollars per unit)	$ 0	[3]	$ 0	[3]	$ 0	[3]
Expenses (in dollars per unit)	$ (0.53)		$ (0.53)		$ (0.60)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 0.35	[1]	$ (0.53)	[1]	$ (0.34)	[1]
Net Loss (in dollars per unit)	$ (0.18)	[2]	$ (1.06)	[2]	$ (0.94)	[2]
Net asset value, period end (in dollars per unit)	$ 7.39		$ 7.57		$ 8.63
Ratios to average net assets [Abstract]
Net Investment Loss (in hundredths)	(7.20%)		(6.60%)		(6.70%)
Expenses before Incentive Fees (in hundredths)	6.40%		6.70%		6.80%
Expenses after Incentive Fees (in hundredths)	7.20%		6.70%		6.80%
Net Loss (in hundredths)	(2.40%)		(13.50%)		(10.90%)
Total return before incentive fees (in hundredths)	(1.60%)		(12.30%)		(9.80%)
Total return after incentive fees (in hundredths)	(2.40%)		(12.30%)		(9.80%)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 14.06		$ 14.83		$ 17.12
Interest Income (in dollars per unit)	$ 0.01		$ 0.01		$ 0.01
Expenses (in dollars per unit)	$ (0.84)		$ (0.90)		$ (0.96)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 0.06	[1]	$ 0.12	[1]	$ (1.34)	[1]
Net Loss (in dollars per unit)	$ (0.77)	[2]	$ (0.77)	[2]	$ (2.29)	[2]
Net asset value, period end (in dollars per unit)	$ 13.29		$ 14.06		$ 14.83
Ratios to average net assets [Abstract]
Net Investment Loss (in hundredths)	(6.00%)		(6.10%)		(6.20%)
Expenses before Incentive Fees (in hundredths)	6.10%		6.20%		6.30%
Expenses after Incentive Fees (in hundredths)	6.10%		6.20%		6.30%
Net Loss (in hundredths)	(5.20%)		(5.20%)		(15.40%)
Total return before incentive fees (in hundredths)	(5.50%)		(5.20%)		(13.40%)
Total return after incentive fees (in hundredths)	(5.50%)		(5.20%)		(13.40%)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 14.25		$ 16.02		$ 21.49
Interest Income (in dollars per unit)	$ 0.01		$ 0.01		$ 0.01
Expenses (in dollars per unit)	$ (1.24)		$ (1.37)		$ (1.87)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 0.62	[1]	$ (0.41)	[1]	$ (3.61)	[1]
Net Loss (in dollars per unit)	$ (0.61)	[2]	$ (1.77)	[2]	$ (5.47)	[2]
Net asset value, period end (in dollars per unit)	$ 13.64		$ 14.25		$ 16.02
Ratios to average net assets [Abstract]
Net Investment Loss (in hundredths)	(8.90%)		(9.00%)		(9.80%)
Expenses before Incentive Fees (in hundredths)	9.00%		9.10%		9.00%
Expenses after Incentive Fees (in hundredths)	9.00%		9.10%		9.80%
Net Loss (in hundredths)	(4.30%)		(11.40%)		(28.60%)
Total return before incentive fees (in hundredths)	(4.30%)		(11.00%)		(24.70%)
Total return after incentive fees (in hundredths)	(4.30%)		(11.00%)		(25.50%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 16.71		$ 19.65		$ 21.33
Interest Income (in dollars per unit)	$ 0.01		$ 0.01		$ 0.01
Expenses (in dollars per unit)	$ (1.24)		$ (1.38)	[4]	$ (1.68)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 1.07	[1]	$ (1.57)	[1]	$ (0.01)	[1]
Net Loss (in dollars per unit)	$ (0.16)	[2]	$ (2.94)	[2]	$ (1.68)	[2]
Net asset value, period end (in dollars per unit)	$ 16.55		$ 16.71		$ 19.65
Ratios to average net assets [Abstract]
Net Investment Loss (in hundredths)	(7.50%)		(7.70%)		(8.10%)
Expenses before Incentive Fees (in hundredths)	7.50%		7.80%	[5]	8.20%
Expenses after Incentive Fees (in hundredths)	7.50%		7.80%	[5]	8.20%
Net Loss (in hundredths)	(1.00%)		(17.00%)		(8.00%)
Total return before incentive fees (in hundredths)	(1.00%)		(15.00%)		(7.80%)
Total return after incentive fees (in hundredths)	(1.00%)		(15.00%)		(7.90%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake [Member]
Per Unit operating performance [Abstract]
Expense per Unit waived, provisional management fee (in dollars per unit)			$ (1.39)
Waived management fees as a portion of average net assets (in hundredths)			0.04%

[1] Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

[2] Based on change in net asset value per Unit.

[3] Amount less than 0.005%.

[4] Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake.

[5] Such percentage is after waiver of management fees.  Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets).

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Investments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Total Assets, Liabilities and Capital [Abstract]
Total Assets	$ 151,058,210	$ 200,913,989
Total Liabilities	4,531,465	4,939,908
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)	40.60%	43.40%
Fair value of investments	7,290,317	10,109,603
Partnership's pro rata net income (loss)	(575,477)	(435,473)
Investment objective	Commodity Portfolio	Commodity Portfolio
Redemption permitted	Monthly	Monthly
Income statement information [Abstract]
Investment income / (loss)	25,093	59,059
Net investment loss	(281,565)	(462,208)
Total trading results	(5,175,049)	(4,542,592)
Net income (loss)	(5,456,614)	(5,004,800)
Total Assets, Liabilities and Capital [Abstract]
Total Assets	44,043,845	116,058,406
Total Liabilities	1,456,785	1,168,169
Total Capital	42,587,060	114,890,237
Percentage of fund owned (in hundredths)	17.11%	8.80%
Commodity Program leverage permitted (in hundredths)	150.00%
Number of trading vehicle	1
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)	62.90%	29.70%
Fair value of investments	11,299,138	6,920,831
Partnership's pro rata net income (loss)	1,148,720	79,839
Investment objective	Commodity Portfolio	Commodity Portfolio
Redemption permitted	Monthly	Monthly
Income statement information [Abstract]
Investment income / (loss)	9,306	2,095
Net investment loss	(66,302)	(16,586)
Total trading results	3,166,855	539,604
Net income (loss)	3,100,553	523,018
Total Assets, Liabilities and Capital [Abstract]
Total Assets	37,549,964	14,372,049
Total Liabilities	28,580	31,163
Total Capital	37,521,384	14,340,886
Percentage of fund owned (in hundredths)	30.11%	48.23%
Number of trading vehicle	1
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | FL Master Fund [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)		0.00%
Fair value of investments		0
Partnership's pro rata net income (loss)		(1,519,355)
Investment objective		Commodity Portfolio
Redemption permitted		Monthly
Total Assets, Liabilities and Capital [Abstract]
Number of trading vehicle	1
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund and Cambridge Master Fund [Member]
Total Assets, Liabilities and Capital [Abstract]
Total Assets	81,593,809	130,430,455
Total Liabilities	1,485,365	1,199,332
Total Capital	80,108,444	129,231,123
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)	88.70%	85.10%
Fair value of investments	46,985,018	63,045,391
Partnership's pro rata net income (loss)	1,541,390	(1,117,246)
Investment objective	Commodity Portfolio	Commodity Portfolio
Income statement information [Abstract]
Investment income / (loss)	2,258	(48,368)	(53,603)
Net investment loss	(6,908,153)	(8,182,509)	(7,089,593)
Total trading results	10,136,795	(9,518,219)	(100,575,804)
Net income (loss)	3,228,642	(17,700,728)	(107,665,397)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)	7.90%	11.00%
Fair value of investments	4,183,031	8,142,971
Partnership's pro rata net income (loss)	239,381	164,303
Investment objective	Commodity Portfolio	Commodity Portfolio
Income statement information [Abstract]
Investment income / (loss)	92,224	30,442	963
Net investment loss	(5,087,972)	(691,180)	(325,546)
Total trading results	14,221,096	(261,679)	438,595
Net income (loss)	9,133,124	(952,859)	113,049
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)	6.30%	6.80%
Fair value of investments	3,327,454	5,021,111
Partnership's pro rata net income (loss)	1,098,551	(1,278,585)
Investment objective	Commodity Portfolio	Commodity Portfolio
Income statement information [Abstract]
Investment income / (loss)	12,279	26,436	8,507
Net investment loss	(134,731)	(126,749)	(110,281)
Total trading results	8,544,764	(8,963,355)	2,276,086
Net income (loss)	8,410,033	(9,090,104)	2,165,805
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Information for investments [Abstract]
Percentage of partnership net assets (in hundredths)	24.90%	25.30%
Fair value of investments	33,548,272	43,685,685
Partnership's pro rata net income (loss)	459,654	(3,758,641)
Investment objective	Commodity Portfolio	Commodity Portfolio
Redemption permitted	Monthly	Monthly
Income statement information [Abstract]
Investment income / (loss)	28,776	48,607	9,337
Net investment loss	(89,483)	(110,152)	(102,547)
Total trading results	886,883	(8,076,139)	2,948,325
Net income (loss)	797,400	(8,186,291)	2,845,778
Total Assets, Liabilities and Capital [Abstract]
Total Assets	63,936,601	82,996,036
Total Liabilities	610,828	1,069,352
Total Capital	$ 63,325,773	$ 81,926,684
Percentage of fund owned (in hundredths)	53.00%	53.30%
Number of trading vehicle	1

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Investments

12 Months Ended

Dec. 31, 2013

Investments [Abstract]

Investments

3. Investments

a. Spectrum Strategic’s investments in affiliated underlying funds

Effective December 1, 2011, Spectrum Strategic invested a portion of its assets in MB Master Fund and PGR Master Fund.  Spectrum Strategic’s investment in MB Master Fund represents approximately 7.9% and 11.0%, and investment in PGR Master Fund represents approximately 6.3% and 6.8%, respectively, of the net asset value of Spectrum Strategic as of December 31, 2013, and 2012, respectively.

Effective January 1, 2008, Spectrum Strategic invested a portion of its assets in Morgan Stanley Smith Barney BHM I, LLC (“BHM I, LLC”).  Spectrum Strategic’s investment in BHM I, LLC represents approximately 88.7% and 85.1% of the net asset value of Spectrum Strategic at December 31, 2013, and 2012, respectively.

Summarized information for Spectrum Strategic’s investment in BHM I, LLC, MB Master Fund and PGR Master Fund, as of December 31, 2013 and 2012, is as follows:

December 31, 2013

Investment	% of Spectrum Strategic Net Assets	Fair Value	Partnership’s pro rata Net Income	Investment Objective	Management Fees	Incentive Fees	Administrative Fees
	%	$	$		$	$	$
BHM I, LLC	88.7	46,985,018	1,541,390	Commodity Portfolio	n/a	n/a	n/a
MB Master Fund	7.9	4,183,031	239,381	Commodity Portfolio	n/a	n/a	n/a
PGR Master Fund	6.3	3,327,454	1,098,551	Commodity Portfolio	n/a	n/a	n/a

December 31, 2012

Investment	% of Spectrum Strategic Net Assets	Fair Value	Partnership’s pro rata Net Income/(Loss)		Investment Objective	Management Fees	Incentive Fees	Administrative Fees
	%	$	$			$	$	$
BHM I, LLC	85.1	63,045,391	(1,117,246	)	Commodity Portfolio	n/a	n/a	n/a
MB Master Fund	11.0	8,142,971	164,303		Commodity Portfolio	n/a	n/a	n/a
PGR Master Fund	6.8	5,021,111	(1,278,585	)	Commodity Portfolio	n/a	n/a	n/a

Spectrum Strategic does not directly pay BHM I, LLC, PGR Master Fund and MB Master Fund for its pro rata portion of management or incentive fees.  Such fees are directly paid by Spectrum Strategic to the respective parties.

For BHM I, LLC, PGR Master Fund and MB Master Fund, contributions and withdrawals are permitted on a monthly basis.

As of December 31, 2013 and 2012, there have been no suspended redemptions, “lock up” periods or gate provisions imposed before a withdrawal can be made by the Partnership.

The tables below represent summarized Income Statement information for BHM I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31, 2013, 2012 and 2011, respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2013	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
BHM I, LLC		2,258		(6,908,153	)		10,136,795		3,228,642
PGR Master Fund		12,279		(134,731	)		8,544,764		8,410,033
MB Master Fund		92,224		(5,087,972	)		14,221,096		9,133,124

December 31, 2012	Investment Income/(Loss)			Net Investment Loss			Total Trading Results			Net Loss
	$			$			$			$
BHM I, LLC		(48,368	)		(8,182,509	)		(9,518,219	)		(17,700,728	)
PGR Master Fund		26,436			(126,749	)		(8,963,355	)		(9,090,104	)
MB Master Fund		30,442			(691,180	)		(261,679	)		(952,859	)

December 31, 2011	Investment Income/(Loss)			Net Investment Loss			Total Trading Results			Net Income (Loss)
	$			$			$			$
BHM I, LLC		(53,603	)		(7,089,593	)		(100,575,804	)		(107,665,397	)
PGR Master Fund		8,507			(110,281	)		2,276,086			2,165,805
MB Master Fund		963			(325,546	)		438,595			113,049

b. Spectrum Technical’s investment in Blackwater Master Fund

On December 1, 2011, Spectrum Technical invested a portion of its assets in Blackwater Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. Blackwater Master Fund was formed to permit accounts managed now or in the future by Blackwater using the Global Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for Blackwater Master Fund. Individual and pooled accounts currently managed by Blackwater, including Spectrum Technical, are permitted to be limited partners of Blackwater Master Fund. The General Partner and Blackwater believe that trading through this structure should promote efficiency and economy in the trading process.

Summarized information reflecting the total assets, liabilities and capital of Blackwater Master Fund as of December 31, 2013 and 2012, is shown in the following tables.

	December 31, 2013
	Total Assets		Total Liabilities		Total Capital
Blackwater Master Fund		63,936,601		610,828		63,325,773

	December 31, 2012
	Total Assets		Total Liabilities		Total Capital
Blackwater Master Fund	$	82,996,036	$	1,069,352	$	81,926,684

Summarized information for Spectrum Technical’s investment in Blackwater Master Fund as of December 31, 2013 and 2012, is as follows:

December 31, 2013	% of Spectrum Technical Net Assets	Fair Value	Partnership’s pro rata Net Income	Investment Objective	Redemption Permitted
	%	$	$
Blackwater Master Fund	24.9	33,548,272	459,654	Commodity Portfolio	Monthly

December 31, 2012	% of Spectrum Technical Net Assets	Fair Value	Partnership’s pro rata Net Loss		Investment Objective	Redemption Permitted
	%	$	$
Blackwater Master Fund	25.3	43,685,685	(3,758,641	)	Commodity Portfolio	Monthly

Blackwater Master Fund does not pay any management or incentive fees related to Sepctrum Technical’s investment in the fund.  These fees are paid and accrued by Spectrum Technical.  Spectrum Technical reimburses Blackwater Master Fund for all brokerage related fees borne by Blackwater Master Fund on behalf of Spectrum Technical’s investment.

On December 31, 2013 and 2012, Spectrum Technical owned approximately 53.0% and 53.3%, respectively, of Blackwater Master Fund. It is Spectrum Technical’s intention to continue to invest in Blackwater Master Fund. The performance of Spectrum Technical is directly affected by the performance of Blackwater Master Fund.

The tables below represent summarized Income Statement information for Blackwater Master Fund for the years ended December 31, 2013, 2012 and 2011, respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2013	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
Blackwater Master Fund		28,776		(89,483	)		886,883		797,400

December 31, 2012	Investment Income		Net Investment Loss			Total Trading Results			Net Loss
	$		$			$			$
Blackwater Master Fund		48,607		(110,152	)		(8,076,139	)		(8,186,291	)

December 31, 2011	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
Blackwater Master Fund		9,337		(102,547	)		2,948,325		2,845,778

c.Spectrum Currency’s investments in KR Master Fund and Cambridge Master Fund

On November 1, 2012, the assets allocated to Cambridge for trading were invested in the Cambridge Master Fund, a limited partnership organized under the partnership laws of the State of Delaware.  Cambridge Master Fund was formed to permit accounts managed  now and in the future by Cambridge using Cambridge Asian Markets Alpha Programme and, from October 1, 2013 Cambridge Emerging Markets Alpha Programme, to invest together in one trading vehicle.  The General Partner is also the general partner of Cambridge Master Fund.  Individual and pooled accounts currently managed by Cambridge, including Spectrum Currency, are permitted to be limited partners of Cambridge Master Fund.  The General Partner and Cambridge believe that trading through this structure should provide efficiency and economy in the trading process.

On January 1, 2012, the assets allocated to Krom River for trading were invested in the KR Master Fund, a limited partnership organized under the partnership laws of the State of Delaware.  KR Master Fund was formed in order to permit commodity pools managed now or in the future by Krom River using the Commodity Program at 150% Leverage, a fundamental and technical trading system, to invest together in one trading vehicle.  The General Partner is also the general partner of KR Master Fund.  Individual and pooled accounts currently managed by Krom River, including Spectrum Currency, are permitted to be limited partners of KR Master Fund.  The General Partner and Krom River believe that trading through this structure should promote efficiency and economy in the trading process.

On January 1, 2012, the assets allocated to Flintlock for trading were invested in FL Master Fund, a limited partnership organized under the partnership laws of the State of Delaware.  FL Master Fund was formed to permit accounts managed now or in the future by Flintlock using the 2x Flintlock Commodity Opportunities Partners, LP, a proprietary, systematic trading program, to invest together in one trading vehicle.  The General Partner was also the general partner for FL Master Fund.  Individual and pooled accounts managed by Flintlock, including Spectrum Currency, were permitted to be limited partners of FL Master Fund.  The General Partner and Flintlock believed that trading through this structure promoted efficiency and economy in the trading process.  Spectrum Currency fully redeemed its investment in FL Master Fund as of October 10, 2012.

Summarized information for Spectrum Currency, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2013 and 2012, is shown in the following tables.

	December 31, 2013
	Total Assets		Total Liabilities		Total Capital
KR Master Fund	$	44,043,845	$	1,456,785	$	42,587,060
Cambridge Master Fund		37,549,964		28,580		37,521,384
	$	81,593,809	$	1,485,365	$	80,108,444

	December 31, 2012
	Total Assets		Total Liabilities		Total Capital
KR Master Fund	$	116,058,406	$	1,168,169	$	114,890,237
Cambridge Master Fund		14,372,049		31,163		14,340,886
	$	130,430,455	$	1,199,332	$	129,231,123

Summarized information for Spectrum Currency’s investment in KR Master Fund, Cambridge Master Fund and FL Master Fund for the period ended December 31, 2013 and 2012, is as follows:

For the period ended December 31, 2013 Investment	% of Spectrum Currency Net Assets		Fair Value		Partnership’s pro rata Net Income/(Loss)			Investment Objective	Redemption Permitted
	%		$		$
KR Master Fund		40.6		7,290,317		(575,477	)	Commodity Portfolio	Monthly
Cambridge Master Fund		62.9		11,299,138		1,148,720		Commodity Portfolio	Monthly

For the period ended December 31, 2012 Investment	% of Spectrum Currency Net Assets		Fair Value		Partnership’s pro rata Net Income/(Loss)			Investment Objective	Redemption Permitted
	%		$		$
KR Master Fund		43.4		10,109,603		(435,473	)	Commodity Portfolio	Monthly
Cambridge Master Fund		29.7		6,920,831		79,839		Commodity Portfolio	Monthly
FL Master Fund		–		–		(1,519,355	)	Commodity Portfolio	Monthly

Cambridge Master Fund and KR Master Fund do not pay any management or incentive fees related to Spectrum Currency’s investments.  These fees are accrued and paid by Spectrum Currency.  Spectrum Currency reimburses Cambridge Master Fund and KR Master Fund for all brokerage related fees borne by Cambridge Master Fund and KR Master Fund on behalf of Spectrum Currency’s  investments.

As of December 31, 2013 and 2012, Spectrum Currency owned approximately 30.11% and 48.23% and 17.11% and 8.80% of Cambridge Master Fund and KR Master Fund, respectively. It is Spectrum Currency’s intention to continue to invest in Cambridge Master Fund and KR Master Fund.  The performance of Spectrum Currency is directly affected by the performance of Cambridge Master Fund and KR Master Fund.

The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2013	Investment Income		Net Investment Loss			Total Trading Results			Net Income/(Loss)
		$		$			$			$
KR Master Fund		25,093		(281,565	)		(5,175,049	)		(5,456,614	)
Cambridge Master Fund		9,306		(66,302	)		3,166,855			3,100,553

December 31, 2012	Investment Income		Net Investment Loss			Total Trading Results			Net Income/(Loss)
		$		$			$			$
KR Master Fund		59,059		(462,208	)		(4,542,592	)		(5,004,800	)
Cambridge Master Fund		2,095		(16,586	)		539,604			523,018

XML

Derivatives and Hedging, Offsetting Liabilities (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	$ (3,080,139)	$ (4,740,987)
Gross Amounts Offset in the Statement of Financial Condition	3,080,139	4,740,987
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency gain (loss)	(689,577)	(1,203,865)
Total net unrealized gain (loss) on open contracts	6,652,432	2,551,354
Future Contract [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(3,011,012)	(4,169,335)
Gross Amounts Offset in the Statement of Financial Condition	3,011,012	4,169,335
Net Amounts Presented in the Statement of Financial Condition	0	0
Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(69,127)	(571,652)
Gross Amounts Offset in the Statement of Financial Condition	69,127	571,652
Net Amounts Presented in the Statement of Financial Condition	0	0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized		(64,477)
Gross Amounts Offset in the Statement of Financial Condition		64,477
Net Amounts Presented in the Statement of Financial Condition		0
Unrealized currency gain (loss)		1,833
Total net unrealized gain (loss) on open contracts	0	43,205
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized		(64,477)
Gross Amounts Offset in the Statement of Financial Condition		64,477
Net Amounts Presented in the Statement of Financial Condition		0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(200,698)	(235,651)
Gross Amounts Offset in the Statement of Financial Condition	200,698	235,651
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency gain (loss)	889,621	876,453
Total net unrealized gain (loss) on open contracts	1,200,500	981,779
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(200,698)	(195,393)
Gross Amounts Offset in the Statement of Financial Condition	200,698	195,393
Net Amounts Presented in the Statement of Financial Condition	0	0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized		(40,258)
Gross Amounts Offset in the Statement of Financial Condition		40,258
Net Amounts Presented in the Statement of Financial Condition		0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Options Written [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(31,915)	(22,859)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(1,460,038)	(2,914,801)
Gross Amounts Offset in the Statement of Financial Condition	1,460,038	2,914,801
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency gain (loss)	(3,447,831)	(3,483,151)
Total net unrealized gain (loss) on open contracts	1,225,590	(1,041,544)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(1,139,524)	(2,249,281)
Gross Amounts Offset in the Statement of Financial Condition	1,139,524	2,249,281
Net Amounts Presented in the Statement of Financial Condition	0	0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(320,514)	(665,520)
Gross Amounts Offset in the Statement of Financial Condition	320,514	665,520
Net Amounts Presented in the Statement of Financial Condition	$ 0	$ 0

XML

Derivatives and Hedging, Offsetting Assets (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	$ 10,422,148	$ 8,496,206
Gross Amounts Offset in the Statements of Financial Condition	(3,080,139)	(4,740,987)
Net Amounts Presented in the Statement of Financial Condition	7,342,009	3,755,219
Future Contract [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	9,894,085	7,876,474
Gross Amounts Offset in the Statements of Financial Condition	(3,011,012)	(4,169,335)
Net Amounts Presented in the Statement of Financial Condition	6,883,073	3,707,139
Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	528,063	619,732
Gross Amounts Offset in the Statements of Financial Condition	(69,127)	(571,652)
Net Amounts Presented in the Statement of Financial Condition	458,936	48,080
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized		105,849
Gross Amounts Offset in the Statements of Financial Condition		(64,477)
Net Amounts Presented in the Statement of Financial Condition		41,372
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized		105,849
Gross Amounts Offset in the Statements of Financial Condition		(64,477)
Net Amounts Presented in the Statement of Financial Condition		41,372
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	511,577	340,977
Gross Amounts Offset in the Statements of Financial Condition	(200,698)	(235,651)
Net Amounts Presented in the Statement of Financial Condition	310,879	105,326
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	511,577	270,741
Gross Amounts Offset in the Statements of Financial Condition	(200,698)	(195,393)
Net Amounts Presented in the Statement of Financial Condition	310,879	75,348
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized		70,236
Gross Amounts Offset in the Statements of Financial Condition		(40,258)
Net Amounts Presented in the Statement of Financial Condition		29,978
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Options Written [Member]
Offsetting of Derivative Assets [Line Items]
Net Amounts Presented in the Statement of Financial Condition	31,915	22,859
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	6,133,459	5,356,408
Gross Amounts Offset in the Statements of Financial Condition	(1,460,038)	(2,914,801)
Net Amounts Presented in the Statement of Financial Condition	4,673,421	2,441,607
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	5,404,721	4,081,355
Gross Amounts Offset in the Statements of Financial Condition	(1,139,524)	(2,249,281)
Net Amounts Presented in the Statement of Financial Condition	4,265,197	1,832,074
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	728,738	1,275,053
Gross Amounts Offset in the Statements of Financial Condition	(320,514)	(665,520)
Net Amounts Presented in the Statement of Financial Condition	$ 408,224	$ 609,533

XML

Derivatives and Hedging, Not Offsetting in Statements of Financial Condition (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Gross amounts not offset in the Statements of Financial Condition [Abstract]
Financial Instruments	$ (3,080,139)	$ (4,740,987)
Net Amount	(7,342,009)	(3,755,219)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Gross amounts not offset in the Statements of Financial Condition [Abstract]
Financial Instruments	(200,698)	(235,651)
Net Amount	(310,879)	(105,326)
Total	(31,915)	(22,859)
Net Fair Value	1,168,585	958,920
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Options Written [Member]
Gross amounts not offset in the Statements of Financial Condition [Abstract]
Financial Instruments	(31,915)	(22,859)
Cash Collateral Received	0	0
Net Amount	$ (31,915)	$ (22,859)

XML

Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Futures and Forward Contracts [Abstract]
Unrealized currency gain (loss)	$ (689,577)	$ (1,203,865)
Total net unrealized gain on open contracts	6,652,432	2,551,354
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	5,941,647	(6,598,423)	(37,254,088)
Unrealized currency gain (loss)	514,288	99,725	(567,763)
Net realized	1,840,569	(2,747,878)	(23,852,820)
Net change in unrealized	4,101,078	(3,850,545)	(13,401,268)
Total Trading Results	5,941,647	(6,598,423)	(37,254,088)
Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(8,240,610)	(12,872,729)	(17,215,862)
Equity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	17,236,173	6,993,095	(27,174,382)
Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	69,245	(2,206,555)	(11,400,426)
Interest Rate [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(3,637,449)	1,388,041	19,104,345
Options Purchased [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding	3
Options Contracts at Fair Value [Abstract]
Options purchased	0
Options Written [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding	2
Options Contracts at Fair Value [Abstract]
Options written	0
Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	7,342,009	3,755,219
Futures and Forward Contracts [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	893,523	(340,563)
Average number of contracts outstanding	4,153	4,025
Futures and Forward Contracts [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	3,494,644	1,289,382
Average number of contracts outstanding	1,717	1,915
Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	2,277,669	2,799,117
Average number of contracts outstanding	3,214	5,689
Futures and Forward Contracts [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	676,173	7,283
Average number of contracts outstanding	5,741	9,810
Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	5,560,057	5,244,757
Unrealized loss	(2,536,429)	(3,168,433)
Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	561,914	763,693
Unrealized loss	(1,776,263)	(1,021,268)
Futures and Forward Contracts [Member] | Long [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	3,462,235	1,842,840
Unrealized loss	0	(517,175)
Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,474,046	1,878,922
Unrealized loss	(124,132)	(1,022,609)
Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	61,862	759,302
Unrealized loss	(636,034)	(607,381)
Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	4,862,091	3,251,449
Unrealized loss	(543,710)	(1,572,554)
Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	2,430,029	1,051,860
Unrealized loss	(322,157)	(1,134,848)
Futures and Forward Contracts [Member] | Short [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	36,105	0
Unrealized loss	(3,696)	(36,283)
Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	986,884	2,196,364
Unrealized loss	(59,129)	(253,560)
Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,409,073	3,225
Unrealized loss	(158,728)	(147,863)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Futures and Forward Contracts [Abstract]
Unrealized currency gain (loss)	0	1,833
Total net unrealized gain on open contracts	0	43,205
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	974,510	(1,940,726)	(1,694,042)
Unrealized currency gain (loss)	(1,832)	(33,641)	(46,233)
Net realized	444,474	(199,068)	(483,261)
Net change in unrealized	(43,205)	133,331	(1,210,781)
Total Trading Results	974,510	(1,940,726)	(1,694,042)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(565,844)	(2,081,165)	0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	1,542,186	174,080	(1,647,809)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Options Purchased [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding	1	1
Options Contracts at Fair Value [Abstract]
Options purchased	0	0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Options Written [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding		1
Options Contracts at Fair Value [Abstract]
Options written		0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	0	41,372
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	0	41,372
Average number of contracts outstanding	826	1,498
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	0	47,414
Unrealized loss	0	(41,869)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	0	47,414
Unrealized loss	0	(41,869)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	0	58,435
Unrealized loss	0	(22,608)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	0	58,435
Unrealized loss	0	(22,608)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	(551,662)	(488,412)	0
Unrealized appreciation (depreciation) on investment	(23,816)	52,939	0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | FL Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	0	(2,033,985)	0
Unrealized appreciation (depreciation) on investment	0	514,630	0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	1,188,237	(44,139)	0
Unrealized appreciation (depreciation) on investment	(39,518)	123,978	0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Futures and Forward Contracts [Abstract]
Unrealized currency gain (loss)	889,621	876,453
Total net unrealized gain on open contracts	1,200,500	981,779
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	80,315	121,851	(1,490,526)
Unrealized currency gain (loss)	13,168	(18,409)	(61,781)
Net realized	(129,286)	370,013	(1,151,478)
Net change in unrealized	209,601	(248,162)	(339,048)
Total Trading Results	80,315	121,851	(1,490,526)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(813,691)	(261,829)	(864,562)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Equity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	330,825	224,150	(965,779)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	604,077	171,401	(735,607)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Interest Rate [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(54,064)	6,538	1,137,203
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Options Purchased [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding	1	1
Options Contracts at Fair Value [Abstract]
Options purchased	0	0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Options Written [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding	10	14
Options Contracts at Fair Value [Abstract]
Options written	(31,915)	(22,859)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	310,879	105,326
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	57,665	(47,015)
Average number of contracts outstanding	201	195
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	75,269	42,659
Average number of contracts outstanding	54	46
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	141,494	103,572
Average number of contracts outstanding	705	892
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	36,451	6,110
Average number of contracts outstanding	298	405
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	248,238	237,074
Unrealized loss	(162,198)	(148,332)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	35,708	15,953
Unrealized loss	(122,067)	(74,679)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	84,250	51,479
Unrealized loss	(157)	(8,381)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	117,601	125,101
Unrealized loss	(2,295)	(46,320)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	10,679	44,541
Unrealized loss	(37,679)	(18,952)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	263,339	103,903
Unrealized loss	(38,500)	(87,319)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	152,026	34,996
Unrealized loss	(8,002)	(23,285)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	19,206	15,186
Unrealized loss	(28,030)	(15,625)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	27,474	53,721
Unrealized loss	(1,286)	(28,930)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	64,633	0
Unrealized loss	(1,182)	(19,479)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Futures and Forward Contracts [Abstract]
Unrealized currency gain (loss)		0
Total net unrealized gain on open contracts		0
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	2,879,322	(2,231,528)	(27,988,792)
Unrealized currency gain (loss)	0	0	(86,013)
Net realized	0	0	2,750,625
Net change in unrealized	0	0	(8,555,065)
Total Trading Results	2,879,322	(2,231,528)	(27,988,792)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	2,391,667	(1,374,285)	(18,052,648)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Equity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	853,223	(3,098,127)	(2,778,840)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	197,595	(39,186)	(14,779,073)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Interest Rate [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(563,163)	2,280,070	7,707,782
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)		0
Average number of contracts outstanding		752
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)		0
Average number of contracts outstanding		328
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)		0
Average number of contracts outstanding		6,514
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)		0
Average number of contracts outstanding		2,260
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	559,473	(429,295)	(958,118)
Unrealized appreciation (depreciation) on investment	981,916	(687,951)	(21,346,446)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	5,825	(25,751)	0
Unrealized appreciation (depreciation) on investment	1,092,727	(1,252,834)	240,600
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	22,738	3,838	0
Unrealized appreciation (depreciation) on investment	216,643	160,465	(120,388)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Futures and Forward Contracts [Abstract]
Unrealized currency gain (loss)	(3,447,831)	(3,483,151)
Total net unrealized gain on open contracts	1,225,590	(1,041,544)
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	9,944,758	(19,787,603)	325,546
Unrealized currency gain (loss)	35,320	(6,376,922)	87,382
Net realized	7,217,969	(6,219,265)	11,402,800
Net change in unrealized	2,267,134	(9,809,697)	(11,820,187)
Proceeds from litigation	0	0	10,951
Total Trading Results	9,944,758	(19,787,603)	325,546
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	1,447,554	7,806,061	(13,197,401)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Equity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	16,778,460	(58,323,819)	(16,512,047)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	1,893,467	(30,995,834)	(3,771,234)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Interest Rate [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(10,210,043)	68,102,911	33,707,895
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Options Purchased [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding		6
Options Contracts at Fair Value [Abstract]
Options purchased		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Options Written [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding		6
Options Contracts at Fair Value [Abstract]
Options written		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	4,673,421	2,441,607
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	563,916	(206,578)
Average number of contracts outstanding	1,300	1,895
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	3,132,697	955,626
Average number of contracts outstanding	1,458	1,525
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	798,291	1,392,331
Average number of contracts outstanding	4,080	4,077
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net Unrealized Gain/(Loss)	178,517	300,228
Average number of contracts outstanding	3,501	6,112
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	3,985,807	3,389,680
Unrealized loss	(1,180,500)	(2,288,327)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	182,135	503,509
Unrealized loss	(386,829)	(759,234)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	3,110,927	1,289,387
Unrealized loss	(1,174)	(324,377)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	539,752	751,769
Unrealized loss	(239,072)	(682,406)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	152,993	845,015
Unrealized loss	(553,425)	(522,310)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	2,147,652	1,966,728
Unrealized loss	(279,538)	(626,474)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	893,327	451,092
Unrealized loss	(124,717)	(401,945)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	28,444	33
Unrealized loss	(5,500)	(9,417)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	601,972	1,511,142
Unrealized loss	(104,361)	(188,174)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	623,909	4,461
Unrealized loss	(44,960)	(26,938)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized income (loss) on investment	396,051	(4,657,167)	167,699
Unrealized appreciation (depreciation) on investment	$ 63,604	$ 898,526	$ 564,283

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates — The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences could be material.

Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gains or losses on open contracts. The resulting net change in unrealized gains and losses is reflected in the net change in unrealized trading profit (loss) on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period.  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 fair value of these contracts, including interest rate volatility.

The Partnerships may invest in affiliated underlying funds.  U.S. GAAP permits the Partnerships, as a practical expedient, to estimate the fair value of an investment using the net asset value per share of the investment, if the net asset value per share of the investment is calculated in a manner consistent with the measurement principles of Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 946 as of the reporting entity’s measurement date.  The fair value of Partnerships’ investment in each affiliated underlying fund is based on the information provided by the affiliated underlying fund which reflects the Partnerships’ pro rata share of the net asset value of the affiliated underlying fund (i.e., the practical expedient is used).

The Partnerships may also invest in Master Funds. The Partnerships record their investments in Master Funds at fair value on the basis of the net asset value of such investments. The financial statements of the Master Funds, including the condensed schedule of investments and the notes to the Master Funds’ financial statements, which provide information about the Master Funds’ valuation policy, are attached to this report and should be read with the Partnerships’ financial statements.

The Partnerships may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option 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 Interests on the 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 fair value of the Futures Interests on 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 potentially lose an unlimited amount.

Premiums received/premiums paid from writing/purchasing options are recorded as liabilities/assets on the Statements of Financial Condition. The difference between the fair value of the option and the premiums received/premiums paid is treated as an unrealized gain or loss within the Statements of Income and Expenses.

Revenue Recognition — Monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in cash in Spectrum Currency, Spectrum Global Balanced, Spectrum Select, Spectrum Strategic, and Spectrum Technical accounts during each month at a rate equal to 80% for Spectrum Currency, Spectrum Select, Spectrum Strategic and Spectrum Technical, and at a rate equal to 100% for Spectrum Global Balanced of the monthly average of the 4-week U.S. Treasury bill discount rate.  MS&Co. retains any interest earned in excess of the interest paid to the Partnerships.  For purposes of such interest payments, net assets do not include monies due to the Partnerships on Futures Interests that have not been received .

Fair Value of Financial Instruments — The fair value of the Partnerships’ assets and liabilities that qualify as financial instruments under the FASB ASC guidance relating to financial instruments approximates the carrying amount presented in the Statements of Financial Condition.

Foreign Currency Transactions and Translation — The Partnerships’ functional currency is the U.S. dollar; however, the Partnerships may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in the net realized gain/loss and net change in unrealized trading profit (loss) in the Statements of Income and Expenses.

Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for Investment Companies as illustrated in the Financial Highlights Footnote (refer to Note 9. Financial Highlights).

Trading Equity — The Partnerships’ asset “Trading Equity” reflected on the Statements of Financial Condition, consists of (a) cash on deposit with MS&Co., a portion of which is to be used as margin for trading (b) net unrealized gains or losses on futures and forward contracts, which are fair valued and calculated as the difference between original contract value and fair value; and for the Partnerships which trade in options, and (c) options purchased at fair value, if any. Options written at fair value, if any, are recorded in “Liabilities” within the Statements of Financial Condition.

The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co. to the extent that such trading results in unrealized gains or losses, these amounts are offset for each Partnership and are reported on a net basis on the Statements of Financial Condition.

The Partnerships have offset their unrealized gains or losses recognized on forward contracts executed with the same counterparty as allowable under the terms of their master netting agreement or such similar agreements with MS&Co., as the counterparty on such contracts. The Partnerships have consistently applied their right to offset.

Restricted and Unrestricted Cash — As reflected on the Partnerships’ 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 contracts and offset unrealized losses on only the offsetting 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.

Brokerage and Related Transaction Fees and Costs — The brokerage fees for Spectrum Currency and Spectrum Global Balanced are currently accrued at a flat monthly rate of 1/12 of 4.6% (a 4.6% annual rate) of net assets as of the first day of each month.  Brokerage fees for Spectrum Select, Spectrum Strategic, and Spectrum Technical are currently accrued at a flat monthly rate of 1/12 of 6.0% (a 6.0% annual rate) of net assets as of the first day of each month.  Such fees currently cover all brokerage fees, transaction fees and costs, and ordinary administrative expenses.

Operating Expenses — The Partnerships incur monthly management fees and may incur an incentive fee.  All common administrative expenses, including legal, auditing, accounting, filing fees, and other related expenses, are borne by MS&Co. and/or its affiliates through the brokerage fees paid by the Partnerships.

Redemptions — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit.  The request for redemptions must be delivered to a limited partner’s local Morgan Stanley Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 p.m., New York City time, on the last day of the month in which the redemption is to be effective.  Redemptions must be made in whole Units, with a minimum amount of 50 Units required for each redemption, unless a limited partner is redeeming his entire interest in a particular Partnership.

Distributions — Distributions, other than redemptions of Units, are made on a pro rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnerships’ profits.

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 each Partnership’s revenue and expenses for income tax purposes. The Partnerships file U.S. federal and state tax returns.

The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in each Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnerships have concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2013 and 2012. If applicable, the Partnerships recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.

Dissolution of the Partnerships— Spectrum Currency, Spectrum Global Balanced, Spectrum Strategic, and Spectrum Technical will terminate on December 31, 2035 and Spectrum Select will terminate on December 31, 2025, regardless of financial condition at such time, or at an earlier date if certain conditions occur as defined in each Partnership’s Limited Partnership Agreement.

Litigation Settlement — In September 2011, Spectrum Technical received a settlement award payment in the amount of $10,951 from the Natural Gas Commodity Litigation Settlement Administrator.  This settlement represents the Partnership’s portion of the Net Settlement Fund.  The proceeds from this settlement were accounted for in the period they were received for the benefit of the partners in the Partnership.

Statement of Cash Flows — The Partnerships are not required to provide a Statement of Cash Flows.

Other Pronouncements  — In June 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company.  The amendments are effective for interim and annual reporting periods beginning after December 15, 2013.  The Partnerships are currently evaluating the impact this pronouncement would have on the financial statements.

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Fair Value Measurements and Disclosures (Details) (USD $)	Dec. 31, 2013		Dec. 31, 2012
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	$ 0		$ 0
Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Futures	9,894,085		7,876,474
Forwards	528,063		619,732
Total Assets	10,422,148		8,496,206
Liabilities [Abstract]
Futures	3,011,012		4,169,335
Forwards	69,127		571,652
Total Liabilities	3,080,139		4,740,987
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency gain (loss)	(689,577)		(1,203,865)
Net fair value	6,652,432	[1]	2,551,354	[1]
Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Futures	9,894,085		7,876,474
Forwards	0		0
Total Assets	9,894,085		7,876,474
Liabilities [Abstract]
Futures	3,011,012		4,169,335
Forwards	0		0
Total Liabilities	3,011,012		4,169,335
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	6,883,073	[1]	3,707,139	[1]
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Futures	0		0
Forwards	528,063		619,732
Total Assets	528,063		619,732
Liabilities [Abstract]
Futures	0		0
Forwards	69,127		571,652
Total Liabilities	69,127		571,652
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	458,936	[1]	48,080	[1]
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Futures
Forwards
Total Assets
Liabilities [Abstract]
Futures
Forwards
Total Liabilities
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value		[1]		[1]
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Forwards			105,849
Total Assets	18,589,455		17,136,283
Liabilities [Abstract]
Forwards			64,477
Total Liabilities			64,477
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency gain (loss)			1,833
Net fair value			17,073,639	[2]
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Forwards			0
Total Assets	0		0
Liabilities [Abstract]
Forwards			0
Total Liabilities			0
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value			0	[2]
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Forwards			105,849
Total Assets	18,589,455		17,136,283
Liabilities [Abstract]
Forwards			64,477
Total Liabilities			64,477
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value			17,071,806	[2]
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Forwards
Total Assets
Liabilities [Abstract]
Forwards
Total Liabilities
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value				[2]
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Investment	7,290,317		10,109,603
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Investment	0		0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Investment	7,290,317		10,109,603
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Investment
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Investment	11,299,138		6,920,831
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Investment	0		0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Investment	11,299,138		6,920,831
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Investment
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Futures	511,577		270,741
Forwards			70,236
Total Assets	511,577		340,977
Liabilities [Abstract]
Futures	200,698		195,393
Forwards			40,258
Options Written	31,915		22,859
Total Liabilities	232,613		258,510
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency gain (loss)	889,621		876,453
Net fair value	1,168,585	[3]	958,920	[3]
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Futures	511,577		270,741
Forwards			0
Total Assets	511,577		270,741
Liabilities [Abstract]
Futures	200,698		195,393
Forwards			0
Options Written	31,915		22,859
Total Liabilities	232,613		218,252
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	278,964	[3]	52,489	[3]
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Futures	0		0
Forwards			70,236
Total Assets	0		70,236
Liabilities [Abstract]
Futures	0		0
Forwards			40,258
Options Written	0		0
Total Liabilities	0		40,258
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	0	[3]	29,978	[3]
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Futures
Forwards
Total Assets
Liabilities [Abstract]
Futures
Forwards
Options Written
Total Liabilities
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value		[3]		[3]
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Assets	54,495,503		76,209,473
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Assets	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Assets	54,495,503		76,209,473
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Assets
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Investment	46,985,018		63,045,391
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Investment	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Investment	46,985,018		63,045,391
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Investment
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Investment	3,327,454		5,021,111
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Investment	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Investment	3,327,454		5,021,111
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Investment
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Investment	4,183,031		8,142,971
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Investment	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Investment	4,183,031		8,142,971
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Investment
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Futures	5,404,721		4,081,355
Forwards	728,738		1,275,053
Total Assets	39,681,731		49,042,093
Liabilities [Abstract]
Futures	1,139,524		2,249,281
Forwards	320,514		665,520
Total Liabilities	1,460,038		2,914,801
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency gain (loss)	(3,447,831)		(3,483,151)
Net fair value	34,773,862	[4]	42,644,141	[4]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Futures	5,404,721		4,081,355
Forwards	0		0
Total Assets	5,404,721		4,081,355
Liabilities [Abstract]
Futures	1,139,524		2,249,281
Forwards	0		0
Total Liabilities	1,139,524		2,249,281
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	4,265,197	[4]	1,832,074	[4]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Futures	0		0
Forwards	728,738		1,275,053
Total Assets	34,277,010		44,960,738
Liabilities [Abstract]
Futures	0		0
Forwards	320,514		665,520
Total Liabilities	320,514		665,520
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	33,956,496	[4]	44,295,218	[4]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Futures
Forwards
Total Assets
Liabilities [Abstract]
Futures
Forwards
Total Liabilities
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value		[4]		[4]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Investment	33,548,272		43,685,685
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Investment	0		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Investment	33,548,272		43,685,685
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Investment

[1] This amount comprises of the “Total net unrealized gain on open contracts” on the Statements of Financial Condition.

[2] This amount comprises of the “Net unrealized gain on open contracts” and “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition.

[3] This amount comprises of the “Total net unrealized gain on open contracts” and “Options written” on the Statements of Financial Condition.

[4] This amount comprises of the “Total net unrealized gain on open contracts” and “Investment in Blackwater Master Fund” on the Statements of Financial Condition.

XML

Statements of Financial Condition (USD $)	Dec. 31, 2013	Dec. 31, 2012
Trading Equity:
Unrestricted cash	$ 117,701,386	$ 171,164,335
Restricted cash	26,703,038	27,192,268
Total cash	144,404,424	198,356,603
Net unrealized gain/(loss) on open contracts	6,652,432	2,551,354
Total Trading Equity	151,056,856	200,907,957
Interest receivable	1,354	6,032
Total Assets	151,058,210	200,913,989
LIABILTIES
Redemptions payable	3,447,262	3,642,807
Accrued brokerage fees (MS&Co.)	750,593	994,527
Accrued management fees	205,988	302,574
Payable to MS&Co.	127,622	0
Total Liabilities	4,531,465	4,939,908
PARTNERS' CAPITAL
Limited Partners	144,651,488	193,760,270
General Partner	1,875,257	2,213,811
Total Partners' Capital	146,526,745	195,974,081
Total Liabilities and Partners' Capital	151,058,210	200,913,989
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 26.48	$ 27.76
MS&Co. [Member]
Trading Equity:
Net unrealized gain/(loss) on open contracts	6,652,432	3,072,667
MSIP [Member]
Trading Equity:
Net unrealized gain/(loss) on open contracts	0	(521,313)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
ASSETS
Investments	18,589,455	17,030,434
Trading Equity:
Total cash	0	6,788,072
Net unrealized gain/(loss) on open contracts	0	43,205
Total Trading Equity	18,589,455	23,861,711
Interest receivable	165	710
Total Assets	18,589,620	23,862,421
LIABILTIES
Redemptions payable	529,590	422,017
Accrued brokerage fees (MS&Co.)	70,894	90,602
Accrued management fees	20,064	36,617
Total Liabilities	620,548	549,236
PARTNERS' CAPITAL
Limited Partners	17,703,845	23,041,527
General Partner	265,227	271,658
Total Partners' Capital	17,969,072	23,313,185
Total Liabilities and Partners' Capital	18,589,620	23,862,421
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 7.39	$ 7.57
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member]
ASSETS
Investments	11,299,138	6,920,831
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member]
ASSETS
Investments	7,290,317	10,109,603
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Trading Equity:
Unrestricted cash	6,298,716	9,403,917
Restricted cash	968,132	899,358
Total cash	7,266,848	10,303,275
Net unrealized gain/(loss) on open contracts	1,200,500	981,779
Total Trading Equity	8,467,348	11,285,054
Interest receivable	96	422
Total Assets	8,467,444	11,285,476
LIABILTIES
Redemptions payable	187,714	117,253
Accrued brokerage fees (MS&Co.)	32,043	42,933
Options written	31,915	22,859
Accrued management fees	8,707	13,727
Payable to MS&Co.	44,762	0
Total Liabilities	305,141	196,772
PARTNERS' CAPITAL
Limited Partners	8,000,772	10,917,812
General Partner	161,531	170,892
Total Partners' Capital	8,162,303	11,088,704
Total Liabilities and Partners' Capital	8,467,444	11,285,476
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 13.29	$ 14.06
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | MS&Co. [Member]
Trading Equity:
Net unrealized gain/(loss) on open contracts	1,200,500	1,019,443
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | MSIP [Member]
Trading Equity:
Net unrealized gain/(loss) on open contracts	0	(37,664)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
ASSETS
Investments	54,495,503	76,209,473
Trading Equity:
Interest receivable	494	2,273
Total Assets	54,495,997	76,211,746
LIABILTIES
Redemptions payable	1,159,681	1,590,323
Accrued brokerage fees (MS&Co.)	270,566	387,030
Accrued management fees	124,834	174,921
Total Liabilities	1,555,081	2,152,274
PARTNERS' CAPITAL
Limited Partners	52,246,247	73,232,715
General Partner	694,669	826,757
Total Partners' Capital	52,940,916	74,059,472
Total Liabilities and Partners' Capital	54,495,997	76,211,746
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 13.64	$ 14.25
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
ASSETS
Investments	46,985,018	63,045,391
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
ASSETS
Investments	4,183,031	8,142,971
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
ASSETS
Investments	3,327,454	5,021,111
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Equity:
Unrestricted cash	91,751,066	120,032,935
Restricted cash	12,312,414	14,361,905
Total cash	104,063,480	134,394,840
Net unrealized gain/(loss) on open contracts	1,225,590	(1,041,544)
Total Trading Equity	138,837,342	177,038,981
Interest receivable	1,241	5,291
Total Assets	138,838,583	177,044,272
LIABILTIES
Redemptions payable	3,062,360	3,098,948
Accrued brokerage fees (MS&Co.)	687,693	863,648
Accrued management fees	142,659	199,286
Total Liabilities	3,892,712	4,161,882
PARTNERS' CAPITAL
Limited Partners	133,281,088	170,851,495
General Partner	1,664,783	2,030,895
Total Partners' Capital	134,945,871	172,882,390
Total Liabilities and Partners' Capital	138,838,583	177,044,272
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 16.55	$ 16.71
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
ASSETS
Investments	33,548,272	43,685,685
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | MS&Co. [Member]
Trading Equity:
Net unrealized gain/(loss) on open contracts	1,225,590	(1,017,450)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | MSIP [Member]
Trading Equity:
Net unrealized gain/(loss) on open contracts	$ 0	$ (24,094)

XML

Statements of Changes in Partners' Capital (USD $)	Limited Partners [Member]	General Partner [Member]	Total	Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]	Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]	Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]	Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Balance at Dec. 31, 2010	$ 404,921,242	$ 4,329,618	$ 409,250,860	$ 47,504,374	$ 517,432	$ 48,021,806	$ 19,232,434	$ 208,073	$ 19,440,507	$ 177,594,148	$ 1,916,408	$ 179,510,556	$ 339,644,475	$ 3,611,552	$ 343,256,027
Balance (in units) at Dec. 31, 2010			10,760,255.711			5,020,573.947			1,135,405.366			8,352,365.929			16,094,164.136
Increase/(decrease) in Partners' Capital [Roll Forward]
Net Loss	(67,138,290)	(719,459)	(67,857,749)	(4,369,934)	(49,205)	(4,419,139)	(2,466,376)	(27,912)	(2,494,288)	(42,124,253)	(460,818)	(42,585,071)	(24,340,924)	(248,181)	(24,589,105)
Redemptions	(54,746,671)	(502,032)	(55,248,703)	(8,738,364)	(49,999)	(8,788,363)	(2,877,935)	0	(2,877,935)	(19,951,492)	(199,468)	(20,150,960)	(50,356,090)	(399,970)	(50,756,060)
Redemptions (in units)			(1,601,637.811)			(988,282.545)			(186,460.494)			(1,062,599.076)			(2,459,949.357)
Balance at Dec. 31, 2011	283,036,281	3,108,127	286,144,408	34,396,076	418,228	34,814,304	13,888,123	180,161	14,068,284	115,518,403	1,256,122	116,774,525	264,947,461	2,963,401	267,910,862
Balance (in units) at Dec. 31, 2011			9,158,617.900			4,032,291.402			948,944.872			7,289,766.853			13,634,214.779
Increase/(decrease) in Partners' Capital [Roll Forward]
Net Loss	(25,885,258)	(294,306)	(26,179,564)	(3,769,861)	(46,569)	(3,816,430)	(641,657)	(9,269)	(650,926)	(10,517,888)	(129,289)	(10,647,177)	(35,829,461)	(432,502)	(36,261,963)
Redemptions	(63,390,753)	(600,010)	(63,990,763)	(7,584,688)	(100,001)	(7,684,689)	(2,328,654)	0	(2,328,654)	(31,767,800)	(300,076)	(32,067,876)	(58,266,505)	(500,004)	(58,766,509)
Redemptions (in units)			(2,098,985.408)			(953,365.724)			(160,413.040)			(2,090,891.777)			(3,290,451.193)
Balance at Dec. 31, 2012	193,760,270	2,213,811	195,974,081	23,041,527	271,658	23,313,185	10,917,812	170,892	11,088,704	73,232,715	826,757	74,059,472	170,851,495	2,030,895	172,882,390
Balance (in units) at Dec. 31, 2012			7,059,632.492			3,078,925.678			788,531.832			5,198,875.076			10,343,763.586
Increase/(decrease) in Partners' Capital [Roll Forward]
Net Loss	(7,644,502)	(88,542)	(7,733,044)	(479,900)	(6,431)	(486,331)	(497,782)	(9,361)	(507,143)	(2,668,922)	(32,080)	(2,701,002)	(1,451,095)	(16,093)	(1,467,188)
Redemptions	(41,464,280)	(250,012)	(41,714,292)	(4,857,782)	0	(4,857,782)	(2,419,258)	0	(2,419,258)	(18,317,546)	(100,008)	(18,417,554)	(36,119,312)	(350,019)	(36,469,331)
Redemptions (in units)			(1,525,996.806)			(648,244.994)			(174,463.476)			(1,318,303.688)			(2,190,361.355)
Balance at Dec. 31, 2013	$ 144,651,488	$ 1,875,257	$ 146,526,745	$ 17,703,845	$ 265,227	$ 17,969,072	$ 8,000,772	$ 161,531	$ 8,162,303	$ 52,246,247	$ 694,669	$ 52,940,916	$ 133,281,088	$ 1,664,783	$ 134,945,871
Balance (in units) at Dec. 31, 2013			5,533,635.686			2,430,680.684			614,068.356			3,880,571.388			8,153,402.231

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Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2013

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Select

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	27.76		$	31.24		$	38.03
Interest Income		0.01			0.02			0.01
Expenses		(2.17	)		(2.44	)		(3.07	)
Realized/Unrealized Income (Loss) (1)		0.88			(1.06	)		(3.73	)
Net Loss		(1.28	)		(3.48	)		(6.79	)
Net asset value, December 31:	$	26.48		$	27.76		$	31.24
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.9	)%		(8.0	)%		(8.8	)%
Expenses before Incentive Fees		8.0	%		8.1	%		8.3	%
Expenses after Incentive Fees		8.0	%		8.1	%		8.9	%
Net Loss		(4.5	)%		(10.7	)%		(19.6	)%
Total return before incentive fees		(4.6	)%		(11.1	)%		(17.3	)%
Total return after incentive fees		(4.6	)%		(11.1	)%		(17.9	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

The following ratios may vary for individual investors based on the timing of capital transactions during the year.  Additionally, these ratios are calculated for the limited partner’s share of income, expenses and average net assets.

Spectrum Currency

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	7.57		$	8.63		$	9.57
Interest Income		–	(2)		–	(2)		–	(2)
Expenses		(0.53	)		(0.53	)		(0.60	)
Realized/Unrealized Income (Loss) (1)		0.35			(0.53	)		(0.34	)
Net Loss		(0.18	)		(1.06	)		(0.94	)
Net asset value, December 31:	$	7.39		$	7.57		$	8.63
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.2	)%		(6.6	)%		(6.7	)%
Expenses before Incentive Fees		6.4	%		6.7	%		6.8	%
Expenses after Incentive Fees		7.2	%		6.7	%		6.8	%
Net Loss		(2.4	)%		(13.5	)%		(10.9	)%
Total return before incentive fees		(1.6	)%		(12.3	)%		(9.8	)%
Total return after incentive fees		(2.4	)%		(12.3	)%		(9.8	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

⁽²⁾ Amount less than 0.005%.

Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Global Balanced

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	14.06		$	14.83		$	17.12
Interest Income		0.01			0.01			0.01
Expenses		(0.84	)		(0.90	)		(0.96	)
Realized/Unrealized Income (Loss) (1)		0.06			0.12			(1.34	)
Net Loss		(0.77	)		(0.77	)		(2.29	)
Net asset value, December 31:	$	13.29		$	14.06		$	14.83
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.0	)%		(6.1	)%		(6.2	)%
Expenses before Incentive Fees		6.1	%		6.2	%		6.3	%
Expenses after Incentive Fees		6.1	%		6.2	%		6.3	%
Net Loss		(5.2	)%		(5.2	)%		(15.4	)%
Total return before incentive fees		(5.5	)%		(5.2	)%		(13.4	)%
Total return after incentive fees		(5.5	)%		(5.2	)%		(13.4	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Strategic

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	14.25		$	16.02		$	21.49
Interest Income		0.01			0.01			0.01
Expenses		(1.24	)		(1.37	)		(1.87	)
Realized/Unrealized Income (Loss) (1)		0.62			(0.41	)		(3.61	)
Net Loss		(0.61	)		(1.77	)		(5.47	)
Net asset value, December 31:	$	13.64		$	14.25		$	16.02
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(8.9	)%		(9.0	)%		(9.8	)%
Expenses before Incentive Fees		9.0	%		9.1	%		9.0	%
Expenses after Incentive Fees		9.0	%		9.1	%		9.8	%
Net Loss		(4.3	)%		(11.4	)%		(28.6	)%
Total return before incentive fees		(4.3	)%		(11.0	)%		(24.7	)%
Total return after incentive fees		(4.3	)%		(11.0	)%		(25.5	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Technical

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	16.71		$	19.65		$	21.33
Interest Income		0.01			0.01			0.01
Expenses		(1.24	)		(1.38	) †		(1.68	)
Realized/Unrealized Income (Loss) (1)		1.07			(1.57	)		(0.01	)
Net Loss		(0.16	)		(2.94	)		(1.68	)
Net asset value, December 31:	$	16.55		$	16.71		$	19.65
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.5	)%		(7.7	)%		(8.1	)%
Expenses before Incentive Fees		7.5	%		7.8	%††		8.2	%
Expenses after Incentive Fees		7.5	%		7.8	%††		8.2	%
Net Loss		(1.0	)%		(17.0	)%		(8.0	)%
Total return before incentive fees		(1.0	)%		(15.0	)%		(7.8	)%
Total return after incentive fees		(1.0	)%		(15.0	)%		(7.9	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

† Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake.

†† Such percentage is after waiver of management fees.  Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets).

XML

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended		12 Months Ended			1 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]	Sep. 30, 2011 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Percentage basis of funds on deposit for interest income recognition (in hundredths)	100.00%
Partnership assets percentage not deposited as margin credit for interest income (in hundredths)	80.00%		80.00%	100.00%	80.00%		80.00%
MS&Co flat rate monthly brokerage fee on net assets (in hundredths)	0.50%		0.383%	0.383%	0.50%		0.50%
MS&Co flat rate annual brokerage fee on net assets (in hundredths)	6.00%		4.60%	4.60%	6.00%		6.00%
Limited partners unit that can be redeemed (in hundredths)	100.00%
Whole Units required per redemption (in units)	50
Distributions	$ 0
Provision for income taxes	0
Unrecognized tax benefit	0	0
Settlement award payment						$ 10,951

XML

Organization

12 Months Ended

Dec. 31, 2013

Organization [Abstract]

Organization

1. Organization

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (“Spectrum Currency”), Morgan Stanley Smith Barney Spectrum Global Balanced L.P. (“Spectrum Global Balanced”), Morgan Stanley Smith Barney Spectrum Select L.P. (“Spectrum Select”), Morgan Stanley Smith Barney Spectrum Strategic L.P. (“Spectrum Strategic”) and Morgan Stanley Smith Barney Spectrum Technical L.P. (“Spectrum Technical”) (individually, a “Partnership”, or collectively, the “Partnerships”) are limited partnerships organized to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 6. Financial Instruments).

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnerships. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”).  MSSBH is wholly-owned indirectly by Morgan Stanley.  Prior to June 2013, Citigroup Inc. was an indirect minority owner of MSSBH.  Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”).  This entity, previously acted as a non-clearing commodity broker for the Partnerships.  Morgan Stanley Wealth Management is a principal subsidiary of MSSBH.

The clearing commodity broker is Morgan Stanley & Co. LLC (“MS&Co.”).  Morgan Stanley & Co. International plc (“MSIP”) previously served as a clearing commodity broker for the Partnerships.  MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Capital Group Inc. (“MSCG”) acts as the counterparty on all trading of options on foreign currency forward contracts.  MS&Co. and MSCG are wholly-owned subsidiaries of Morgan Stanley.

The Partnerships no longer offer Units of limited partnership interest (“Unit(s)”) for purchase or exchange.

Effective December 1, 2013, the management fee payable by Spectrum Technical to Blackwater Capital Management LLC (“Blackwater”) was reduced from a monthly management fee rate equal to 1/12 of 1.25% (a 1.25% annual rate) per month of net assets allocated to Blackwater on the first day of each month to a monthly management fee rate equal to 1/12 of 0.75% (a 0.75% annual rate) per month of net assets allocated to Blackwater on the first day of each month.

Effective December 1, 2013, the management fee payable by Spectrum Select to Northfield Trading L.P. (“Northfield”) was reduced from a monthly management fee rate equal to 1/12 of 2% (a 2% annual rate) of net assets allocated to Northfield on  the first day of each month to a monthly management fee rate equal to 1/12 of 1% (a 1% annual rate) per month of net assets allocated to Northfield on the first day of each month.

Effective October 1, 2013, the management fee payable by Spectrum Currency to Krom River Investment Management (Cayman) Limited (together with its affiliate, Krom River Trading AG) (“Krom River”)  was reduced from a monthly management fee rate equal to 1/12 of 2% (a 2% annual rate) per month of net assets allocated to Krom River on the first day of each month to a monthly management fee rate equal to 1/12 of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the first day of each month.

Effective October 1, 2013, the General Partner determined that Spectrum Currency’s assets allocated to The Cambridge Strategy (Asset Management) Limited (“Cambridge”) shall be allocated 50% to Cambridge’s Asian Markets Alpha Programme, and 50% to Cambridge’s Emerging Markets Alpha Programme.

Effective October 1, 2013, EMC Capital Management, Inc. (“EMC”) assigned its obligations, rights and interest to EMC Capital Advisors, LLC (“EMC Capital Advisors”).  EMC Capital Advisors has assumed all of EMC’s obligations under the management agreement, dated as of June 1, 1998, as amended, among Spectrum Select, the General Partner and EMC.

Effective June 30, 2013, Ceres terminated the management agreement among Ceres, Sunrise Capital Management, Inc. (“Sunrise Capital”) and Spectrum Select, pursuant to which Sunrise Capital ceased all Futures Interest trading on behalf of  Spectrum Select.

Effective May 31, 2013, Ceres terminated the management agreement among Ceres, C-View International Limited (“C-View”) and Spectrum Currency pursuant to which C-View ceased all Futures Interest trading on behalf of Spectrum Currency.

Effective May 31, 2013, Ceres terminated the management agreement among Ceres, C-View and Spectrum Global Balanced pursuant to which C-View ceased all Futures Interest trading on behalf of Spectrum Global Balanced.

Effective the close of business on October 31, 2012, Ceres terminated the management agreement dated as of November 1, 1994, and as amended on November 30, 2000, between Ceres, John W. Henry & Company, Inc. (“JWH”) and Spectrum Technical.  Consequently, JWH ceased all trading on behalf of Spectrum Technical effective October 31, 2012.

Effective the close of business on October 31, 2012, Ceres terminated the management agreement dated as of November 1, 1994, among Ceres, Chesapeake Capital Corporation (“Chesapeake”) and Spectrum Technical.  Consequently, Chesapeake ceased all trading on behalf of Spectrum Technical effective October 31, 2012.

On October 22, 2012, Ceres, Cambridge and Spectrum Currency entered into a management agreement pursuant to which, effective November 1, 2012, Cambridge serves as a trading advisor to Spectrum Currency and trades its allocated portion of Spectrum Currency’s net assets through its investment in Cambridge Master Fund L.P. (“Cambridge Master Fund”) pursuant to the Cambridge Asian Markets Alpha Programme.

Effective the close of business on October 10, 2012, Ceres terminated the management agreement dated as of January 1, 2012, between Ceres, Flintlock Capital Asset Management, LLC (“Flintlock”) and Spectrum Currency.  The Partnership fully redeemed its investment in FL Master Fund L.P. (“FL Master Fund”) effective October 10, 2012.

Effective June 1, 2012, Chesapeake reduced the management fee it receives from Spectrum Technical from a  rate of 1/12 of 2% (a 2% annual rate) of adjusted net assets to 1/12 of 1% (a 1% annual rate) of adjusted net assets.

Effective June 1, 2012, Aspect Capital Limited (“Aspect”) reduced the monthly management fee for Spectrum Technical from 1/12 of 2.0% (a 2.0% annual rate) to 1/12 of 1.5% (a 1.5% annual rate) of the net assets as of the first day of each month.

Effective May 22, 2012, Chesapeake, in consultation with the General Partner for Spectrum Technical temporarily reduced the overall leverage of Spectrum Technical’s assets traded pursuant to Chesapeake’s Diversified 2XL Program (the “Program”) from 75% of the customary leverage utilized by the Program, to 50% of the customary leverage utilized by the Program, a reduction of 33.33%.  This reduction in leverage was in response to the then current market environment and the adverse performance experienced by Chesapeake over the previous 12 months.

As of January 2, 2012, the General Partner changed the trading strategy of Spectrum Currency to a strategy in which the trading advisors employ proprietary trading models and methodologies that seek to identify favorable price relationships between and among various global currency and commodity markets through the analysis of technical market information.  Spectrum Currency aims to achieve capital appreciation through speculative trading directly and indirectly, in U.S. and international markets for currencies, agricultural and energy products and precious and base metals.  Spectrum Currency may employ futures, options on futures, and forward contracts in those markets.

Effective January 1, 2012, the management fee payable by Spectrum Technical to Winton Capital Management Limited (“Winton”) was reduced from a monthly management fee rate equal to 1/6 of 1% (a 2% annual rate) per month of net assets allocated to Winton on the first day of each month to a monthly management fee rate equal to 1/12 of 1.5% (a 1.5% annual rate) per month of net assets allocated to Winton on the first day of each month.

Effective January 1, 2012, the General Partner added Flintlock and Krom River as trading advisors to manage the assets of Spectrum Currency through its investments in FL Master Fund and KR Master Fund L.P. (“KR Master Fund”), respectively.

Effective December 31, 2011, the General Partner removed the following trading advisors from Spectrum Currency: JWH and Sunrise Capital Partners, LLC (“Sunrise”).  Consequently, both JWH and Sunrise ceased all futures interest trading on behalf of Spectrum Currency as of that date.

Effective December 1, 2011, the General Partner added Aventis Asset Management LLC (“Aventis”) and PGR Capital LLP (“PGR”) as trading advisors to manage the assets of Spectrum Strategic through its investment in MB Master Fund L.P. (“MB Master Fund”) and PGR Master Fund L.P. ( “PGR Master Fund”), respectively.

Effective December 1, 2011, the General Partner added Blackwater as a trading advisor to manage the assets of Spectrum Technical through its investment in Blackwater Master Fund L.P. (“Blackwater Master Fund”).

Effective November 30, 2011, the General Partner has removed Eclipse Capital Management Inc. (“Eclipse”) as a trading advisor to Spectrum Strategic.

Effective as of the close of business on August 31, 2011, DKR Fusion Management L.P. (“DKR”) was terminated as a trading advisor to Spectrum Strategic.

Effective August 1, 2011, JWH started trading the net assets of Spectrum Technical allocated to JWH (the “JWH Account”) in accordance with the JWH Global Analytics trading program and ceased trading the JWH Account in accordance with JWH’s Financial and Metals Portfolio.

Effective as of the close of business on May 31, 2011, DKR was terminated as a trading advisor to Spectrum Currency.

Effective May 31, 2011, Morgan Stanley & Co. Incorporated changed its name to Morgan Stanley & Co. LLC.

Ceres is required to maintain a 1% minimum interest in the equity of each Partnership and income (losses) are shared by Ceres and the limited partners based on their proportional ownership interest.

XML

Statements of Financial Condition (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	5,462,815.917	6,979,883.723
General Partner, Units (in units)	70,819.769	79,748.769
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	2,394,803.341	3,043,048.335
General Partner, Units (in units)	35,877.343	35,877.343
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
LIABILITIES AND PARTNERS' CAPITAL
Options written, premiums received	$ 12,708	$ 12,772
Limited Partners, Units (in units)	601,916.025	776,379.501
General Partner, Units (in units)	12,152.331	12,152.331
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	3,829,652.114	5,140,837.802
General Partner, Units (in units)	50,919.274	58,037.274
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
ASSETS
Investments, cost	449,078	17,491,367
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
ASSETS
Investments, cost	3,926,311	8,102,894
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
ASSETS
Investments, cost	$ 3,246,961	$ 6,033,345
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	8,052,816.352	10,222,252.707
General Partner, Units (in units)	100,585.879	121,510.879

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies [Abstract]

Use of Estimates

Use of Estimates — The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences could be material.

Valuation

Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gains or losses on open contracts. The resulting net change in unrealized gains and losses is reflected in the net change in unrealized trading profit (loss) on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period.  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 fair value of these contracts, including interest rate volatility.

The Partnerships may invest in affiliated underlying funds.  U.S. GAAP permits the Partnerships, as a practical expedient, to estimate the fair value of an investment using the net asset value per share of the investment, if the net asset value per share of the investment is calculated in a manner consistent with the measurement principles of Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 946 as of the reporting entity’s measurement date.  The fair value of Partnerships’ investment in each affiliated underlying fund is based on the information provided by the affiliated underlying fund which reflects the Partnerships’ pro rata share of the net asset value of the affiliated underlying fund (i.e., the practical expedient is used).

The Partnerships may also invest in Master Funds. The Partnerships record their investments in Master Funds at fair value on the basis of the net asset value of such investments. The financial statements of the Master Funds, including the condensed schedule of investments and the notes to the Master Funds’ financial statements, which provide information about the Master Funds’ valuation policy, are attached to this report and should be read with the Partnerships’ financial statements.

The Partnerships may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option 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 Interests on the 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 fair value of the Futures Interests on 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 potentially lose an unlimited amount.

Premiums received/premiums paid from writing/purchasing options are recorded as liabilities/assets on the Statements of Financial Condition. The difference between the fair value of the option and the premiums received/premiums paid is treated as an unrealized gain or loss within the Statements of Income and Expenses.

Revenue Recognition

Revenue Recognition — Monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in cash in Spectrum Currency, Spectrum Global Balanced, Spectrum Select, Spectrum Strategic, and Spectrum Technical accounts during each month at a rate equal to 80% for Spectrum Currency, Spectrum Select, Spectrum Strategic and Spectrum Technical, and at a rate equal to 100% for Spectrum Global Balanced of the monthly average of the 4-week U.S. Treasury bill discount rate.  MS&Co. retains any interest earned in excess of the interest paid to the Partnerships.  For purposes of such interest payments, net assets do not include monies due to the Partnerships on Futures Interests that have not been received .

Fair Value of Financial Instruments

Fair Value of Financial Instruments — The fair value of the Partnerships’ assets and liabilities that qualify as financial instruments under the FASB ASC guidance relating to financial instruments approximates the carrying amount presented in the Statements of Financial Condition.

Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation — The Partnerships’ functional currency is the U.S. dollar; however, the Partnerships may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in the net realized gain/loss and net change in unrealized trading profit (loss) in the Statements of Income and Expenses.

Net Income (Loss) per Unit

Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for Investment Companies as illustrated in the Financial Highlights Footnote (refer to Note 9. Financial Highlights).

Trading Equity

Trading Equity — The Partnerships’ asset “Trading Equity” reflected on the Statements of Financial Condition, consists of (a) cash on deposit with MS&Co., a portion of which is to be used as margin for trading (b) net unrealized gains or losses on futures and forward contracts, which are fair valued and calculated as the difference between original contract value and fair value; and for the Partnerships which trade in options, and (c) options purchased at fair value, if any. Options written at fair value, if any, are recorded in “Liabilities” within the Statements of Financial Condition.

The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co. to the extent that such trading results in unrealized gains or losses, these amounts are offset for each Partnership and are reported on a net basis on the Statements of Financial Condition.

The Partnerships have offset their unrealized gains or losses recognized on forward contracts executed with the same counterparty as allowable under the terms of their master netting agreement or such similar agreements with MS&Co., as the counterparty on such contracts. The Partnerships have consistently applied their right to offset.

Restricted and Unrestricted Cash

Restricted and Unrestricted Cash — As reflected on the Partnerships’ 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 contracts and offset unrealized losses on only the offsetting 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.

Brokerage and Related Transaction Fees and Costs

Brokerage and Related Transaction Fees and Costs — The brokerage fees for Spectrum Currency and Spectrum Global Balanced are currently accrued at a flat monthly rate of 1/12 of 4.6% (a 4.6% annual rate) of net assets as of the first day of each month.  Brokerage fees for Spectrum Select, Spectrum Strategic, and Spectrum Technical are currently accrued at a flat monthly rate of 1/12 of 6.0% (a 6.0% annual rate) of net assets as of the first day of each month.  Such fees currently cover all brokerage fees, transaction fees and costs, and ordinary administrative expenses.

Operating Expenses

Operating Expenses — The Partnerships incur monthly management fees and may incur an incentive fee.  All common administrative expenses, including legal, auditing, accounting, filing fees, and other related expenses, are borne by MS&Co. and/or its affiliates through the brokerage fees paid by the Partnerships.

Redemptions

Redemptions — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit.  The request for redemptions must be delivered to a limited partner’s local Morgan Stanley Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 p.m., New York City time, on the last day of the month in which the redemption is to be effective.  Redemptions must be made in whole Units, with a minimum amount of 50 Units required for each redemption, unless a limited partner is redeeming his entire interest in a particular Partnership.

Distributions

Distributions — Distributions, other than redemptions of Units, are made on a pro rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnerships’ profits.

Income Taxes

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 each Partnership’s revenue and expenses for income tax purposes. The Partnerships file U.S. federal and state tax returns.

The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in each Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnerships have concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2013 and 2012. If applicable, the Partnerships recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.

Dissolution of the Partnerships

Dissolution of the Partnerships— Spectrum Currency, Spectrum Global Balanced, Spectrum Strategic, and Spectrum Technical will terminate on December 31, 2035 and Spectrum Select will terminate on December 31, 2025, regardless of financial condition at such time, or at an earlier date if certain conditions occur as defined in each Partnership’s Limited Partnership Agreement.

Litigation Settlement

Litigation Settlement — In September 2011, Spectrum Technical received a settlement award payment in the amount of $10,951 from the Natural Gas Commodity Litigation Settlement Administrator.  This settlement represents the Partnership’s portion of the Net Settlement Fund.  The proceeds from this settlement were accounted for in the period they were received for the benefit of the partners in the Partnership.

Other Pronouncements

Other Pronouncements  — In June 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company.  The amendments are effective for interim and annual reporting periods beginning after December 15, 2013.  The Partnerships are currently evaluating the impact this pronouncement would have on the financial statements.

XML

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 28, 2014	Jun. 30, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT LP
Entity Central Index Key	0000873799
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 174,028,849
Entity Common Stock, Shares Outstanding		5,170,336.203
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013

XML

Investments (Tables)

12 Months Ended

Dec. 31, 2013

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]

Investment Information in Affiliated Funds, Disclosures [Line Items]

Summary of Partnership's Investments

Summarized information for Spectrum Currency’s investment in KR Master Fund, Cambridge Master Fund and FL Master Fund for the period ended December 31, 2013 and 2012, is as follows:

For the period ended December 31, 2013 Investment	% of Spectrum Currency Net Assets		Fair Value		Partnership’s pro rata Net Income/(Loss)			Investment Objective	Redemption Permitted
	%		$		$
KR Master Fund		40.6		7,290,317		(575,477	)	Commodity Portfolio	Monthly
Cambridge Master Fund		62.9		11,299,138		1,148,720		Commodity Portfolio	Monthly

For the period ended December 31, 2012 Investment	% of Spectrum Currency Net Assets		Fair Value		Partnership’s pro rata Net Income/(Loss)			Investment Objective	Redemption Permitted
	%		$		$
KR Master Fund		43.4		10,109,603		(435,473	)	Commodity Portfolio	Monthly
Cambridge Master Fund		29.7		6,920,831		79,839		Commodity Portfolio	Monthly
FL Master Fund		–		–		(1,519,355	)	Commodity Portfolio	Monthly

Income Statement Information of Investments

The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2013	Investment Income		Net Investment Loss			Total Trading Results			Net Income/(Loss)
		$		$			$			$
KR Master Fund		25,093		(281,565	)		(5,175,049	)		(5,456,614	)
Cambridge Master Fund		9,306		(66,302	)		3,166,855			3,100,553

December 31, 2012	Investment Income		Net Investment Loss			Total Trading Results			Net Income/(Loss)
		$		$			$			$
KR Master Fund		59,059		(462,208	)		(4,542,592	)		(5,004,800	)
Cambridge Master Fund		2,095		(16,586	)		539,604			523,018

Summary of Total Assets, Liabilities and Capital

Summarized information for Spectrum Currency, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2013 and 2012, is shown in the following tables.

	December 31, 2013
	Total Assets		Total Liabilities		Total Capital
KR Master Fund	$	44,043,845	$	1,456,785	$	42,587,060
Cambridge Master Fund		37,549,964		28,580		37,521,384
	$	81,593,809	$	1,485,365	$	80,108,444

	December 31, 2012
	Total Assets		Total Liabilities		Total Capital
KR Master Fund	$	116,058,406	$	1,168,169	$	114,890,237
Cambridge Master Fund		14,372,049		31,163		14,340,886
	$	130,430,455	$	1,199,332	$	129,231,123

Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]

Investment Information in Affiliated Funds, Disclosures [Line Items]

Summary of Partnership's Investments

Summarized information for Spectrum Strategic’s investment in BHM I, LLC, MB Master Fund and PGR Master Fund, as of December 31, 2013 and 2012, is as follows:

December 31, 2013

Investment	% of Spectrum Strategic Net Assets	Fair Value	Partnership’s pro rata Net Income	Investment Objective	Management Fees	Incentive Fees	Administrative Fees
	%	$	$		$	$	$
BHM I, LLC	88.7	46,985,018	1,541,390	Commodity Portfolio	n/a	n/a	n/a
MB Master Fund	7.9	4,183,031	239,381	Commodity Portfolio	n/a	n/a	n/a
PGR Master Fund	6.3	3,327,454	1,098,551	Commodity Portfolio	n/a	n/a	n/a

December 31, 2012

Investment	% of Spectrum Strategic Net Assets	Fair Value	Partnership’s pro rata Net Income/(Loss)		Investment Objective	Management Fees	Incentive Fees	Administrative Fees
	%	$	$			$	$	$
BHM I, LLC	85.1	63,045,391	(1,117,246	)	Commodity Portfolio	n/a	n/a	n/a
MB Master Fund	11.0	8,142,971	164,303		Commodity Portfolio	n/a	n/a	n/a
PGR Master Fund	6.8	5,021,111	(1,278,585	)	Commodity Portfolio	n/a	n/a	n/a

Income Statement Information of Investments

The tables below represent summarized Income Statement information for BHM I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31, 2013, 2012 and 2011, respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2013	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
BHM I, LLC		2,258		(6,908,153	)		10,136,795		3,228,642
PGR Master Fund		12,279		(134,731	)		8,544,764		8,410,033
MB Master Fund		92,224		(5,087,972	)		14,221,096		9,133,124

December 31, 2012	Investment Income/(Loss)			Net Investment Loss			Total Trading Results			Net Loss
	$			$			$			$
BHM I, LLC		(48,368	)		(8,182,509	)		(9,518,219	)		(17,700,728	)
PGR Master Fund		26,436			(126,749	)		(8,963,355	)		(9,090,104	)
MB Master Fund		30,442			(691,180	)		(261,679	)		(952,859	)

December 31, 2011	Investment Income/(Loss)			Net Investment Loss			Total Trading Results			Net Income (Loss)
	$			$			$			$
BHM I, LLC		(53,603	)		(7,089,593	)		(100,575,804	)		(107,665,397	)
PGR Master Fund		8,507			(110,281	)		2,276,086			2,165,805
MB Master Fund		963			(325,546	)		438,595			113,049

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Investment Information in Affiliated Funds, Disclosures [Line Items]

Summary of Partnership's Investments

Summarized information for Spectrum Technical’s investment in Blackwater Master Fund as of December 31, 2013 and 2012, is as follows:

December 31, 2013	% of Spectrum Technical Net Assets	Fair Value	Partnership’s pro rata Net Income	Investment Objective	Redemption Permitted
	%	$	$
Blackwater Master Fund	24.9	33,548,272	459,654	Commodity Portfolio	Monthly

December 31, 2012	% of Spectrum Technical Net Assets	Fair Value	Partnership’s pro rata Net Loss		Investment Objective	Redemption Permitted
	%	$	$
Blackwater Master Fund	25.3	43,685,685	(3,758,641	)	Commodity Portfolio	Monthly

Income Statement Information of Investments

The tables below represent summarized Income Statement information for Blackwater Master Fund for the years ended December 31, 2013, 2012 and 2011, respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2013	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
Blackwater Master Fund		28,776		(89,483	)		886,883		797,400

December 31, 2012	Investment Income		Net Investment Loss			Total Trading Results			Net Loss
	$		$			$			$
Blackwater Master Fund		48,607		(110,152	)		(8,076,139	)		(8,186,291	)

December 31, 2011	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
Blackwater Master Fund		9,337		(102,547	)		2,948,325		2,845,778

Summary of Total Assets, Liabilities and Capital

Summarized information reflecting the total assets, liabilities and capital of Blackwater Master Fund as of December 31, 2013 and 2012, is shown in the following tables.

	December 31, 2013
	Total Assets		Total Liabilities		Total Capital
Blackwater Master Fund		63,936,601		610,828		63,325,773

	December 31, 2012
	Total Assets		Total Liabilities		Total Capital
Blackwater Master Fund	$	82,996,036	$	1,069,352	$	81,926,684

XML

Statements of Income and Expenses (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
INVESTMENT INCOME
Interest income (MS&Co. & Morgan Stanley Wealth Management)	$ 78,343		$ 153,597		$ 125,873
EXPENSES
Brokerage fees (MS&Co.)	10,576,864		15,124,033		21,431,854
Management fees	3,176,170		4,610,705		7,263,522
Incentive fees	0		0		2,034,158
Total Expenses	13,753,034		19,734,738		30,729,534
NET INVESTMENT LOSS	(13,674,691)		(19,581,141)		(30,603,661)
Trading profit (loss):
Net realized	1,840,569		(2,747,878)		(23,852,820)
Net change in unrealized	4,101,078		(3,850,545)		(13,401,268)
Total Trading Results	5,941,647		(6,598,423)		(37,254,088)
NET LOSS	(7,733,044)		(26,179,564)		(67,857,749)
Net Loss Allocation
Limited Partners	(7,644,502)		(25,885,258)		(67,138,290)
General Partner	(88,542)		(294,306)		(719,459)
Net Loss Per Unit
Limited Partners (in dollars per unit)	$ (1.28)	[1]	$ (3.48)	[1]	$ (6.79)	[1]
General Partner (in dollars per unit)	$ (1.28)	[1]	$ (3.48)	[1]	$ (6.79)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	6,392,736.584		8,177,824.370		10,069,277.824
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
INVESTMENT INCOME
Interest income (MS&Co. & Morgan Stanley Wealth Management)	9,149		17,704		14,552
EXPENSES
Brokerage fees (MS&Co.)	958,464		1,345,522		1,909,452
Management fees	346,230		547,886		830,197
Incentive fees	165,296		0		0
Total Expenses	1,469,990		1,893,408		2,739,649
NET INVESTMENT LOSS	(1,460,841)		(1,875,704)		(2,725,097)
Trading profit (loss):
Net realized	444,474		(199,068)		(483,261)
Net change in unrealized	(43,205)		133,331		(1,210,781)
Total Trading Results	974,510		(1,940,726)		(1,694,042)
NET LOSS	(486,331)		(3,816,430)		(4,419,139)
Net Loss Allocation
Limited Partners	(479,900)		(3,769,861)		(4,369,934)
General Partner	(6,431)		(46,569)		(49,205)
Net Loss Per Unit
Limited Partners (in dollars per unit)	$ (0.18)	[1]	$ (1.06)	[1]	$ (0.94)	[1]
General Partner (in dollars per unit)	$ (0.18)	[1]	$ (1.06)	[1]	$ (0.94)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	2,774,112.516		3,584,790.785		4,606,460.437
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member]
Trading profit (loss):
Realized gain (loss) on investment	(551,662)		(488,412)		0
Unrealized appreciation (depreciation) on investment	(23,816)		52,939		0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member]
Trading profit (loss):
Realized gain (loss) on investment	1,188,237		(44,139)		0
Unrealized appreciation (depreciation) on investment	(39,518)		123,978		0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | FL Master Fund [Member]
Trading profit (loss):
Realized gain (loss) on investment	0		(2,033,985)		0
Unrealized appreciation (depreciation) on investment	0		514,630		0
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
INVESTMENT INCOME
Interest income (MS&Co. & Morgan Stanley Wealth Management)	5,480		9,876		7,327
EXPENSES
Brokerage fees (MS&Co.)	459,184		591,826		764,480
Management fees	133,754		190,827		246,609
Total Expenses	592,938		782,653		1,011,089
NET INVESTMENT LOSS	(587,458)		(772,777)		(1,003,762)
Trading profit (loss):
Net realized	(129,286)		370,013		(1,151,478)
Net change in unrealized	209,601		(248,162)		(339,048)
Total Trading Results	80,315		121,851		(1,490,526)
NET LOSS	(507,143)		(650,926)		(2,494,288)
Net Loss Allocation
Limited Partners	(497,782)		(641,657)		(2,466,376)
General Partner	(9,361)		(9,269)		(27,912)
Net Loss Per Unit
Limited Partners (in dollars per unit)	$ (0.77)	[1]	$ (0.77)	[1]	$ (2.29)	[1]
General Partner (in dollars per unit)	$ (0.77)	[1]	$ (0.77)	[1]	$ (2.29)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	712,685.559		879,118.270		1,056,873.607
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
INVESTMENT INCOME
Interest income (MS&Co. & Morgan Stanley Wealth Management)	28,668		57,466		53,908
EXPENSES
Brokerage fees (MS&Co.)	3,855,868		5,825,816		9,254,864
Management fees	1,753,124		2,647,299		4,157,245
Incentive fees	0		0		1,238,078
Total Expenses	5,608,992		8,473,115		14,650,187
NET INVESTMENT LOSS	(5,580,324)		(8,415,649)		(14,596,279)
Trading profit (loss):
Net realized	0		0		2,750,625
Net change in unrealized	0		0		(8,555,065)
Total Trading Results	2,879,322		(2,231,528)		(27,988,792)
NET LOSS	(2,701,002)		(10,647,177)		(42,585,071)
Net Loss Allocation
Limited Partners	(2,668,922)		(10,517,888)		(42,124,253)
General Partner	(32,080)		(129,289)		(460,818)
Net Loss Per Unit
Limited Partners (in dollars per unit)	$ (0.61)	[1]	$ (1.77)	[1]	$ (5.47)	[1]
General Partner (in dollars per unit)	$ (0.61)	[1]	$ (1.77)	[1]	$ (5.47)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	4,582,116.588		6,273,402.856		7,873,786.813
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
Trading profit (loss):
Realized gain (loss) on investment	559,473		(429,295)		(958,118)
Unrealized appreciation (depreciation) on investment	981,916		(687,951)		(21,346,446)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
Trading profit (loss):
Realized gain (loss) on investment	5,825		(25,751)		0
Unrealized appreciation (depreciation) on investment	1,092,727		(1,252,834)		240,600
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
Trading profit (loss):
Realized gain (loss) on investment	22,738		3,838		0
Unrealized appreciation (depreciation) on investment	216,643		160,465		(120,388)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
INVESTMENT INCOME
Interest income (MS&Co. & Morgan Stanley Wealth Management)	69,030		133,904		107,915
EXPENSES
Brokerage fees (MS&Co.)	9,353,028		13,307,993		18,722,379
Management fees	2,127,948		3,384,253		6,205,832
Incentive fees	0		0		94,355
Total Expenses	11,480,976		16,692,246		25,022,566
Mangement fee waived	0		(83,982)		0
Net Expenses	11,480,976		16,608,264		25,022,566
NET INVESTMENT LOSS	(11,411,946)		(16,474,360)		(24,914,651)
Trading profit (loss):
Net realized	7,217,969		(6,219,265)		11,402,800
Net change in unrealized	2,267,134		(9,809,697)		(11,820,187)
Proceeds from Litigation	0		0		10,951
Total Trading Results	9,944,758		(19,787,603)		325,546
NET LOSS	(1,467,188)		(36,261,963)		(24,589,105)
Net Loss Allocation
Limited Partners	(1,451,095)		(35,829,461)		(24,340,924)
General Partner	(16,093)		(432,502)		(248,181)
Net Loss Per Unit
Limited Partners (in dollars per unit)	$ (0.16)	[1]	$ (2.94)	[1]	$ (1.68)	[1]
General Partner (in dollars per unit)	$ (0.16)	[1]	$ (2.94)	[1]	$ (1.68)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	9,350,648.660		12,156,580.269		14,975,570.662
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Investment Fund [Member]
Trading profit (loss):
Realized gain (loss) on investment	396,051		(4,657,167)		167,699
Unrealized appreciation (depreciation) on investment	$ 63,604		$ 898,526		$ 564,283

[1] Based on change in net asset value per Unit.

XML

Financial Instruments

12 Months Ended

Dec. 31, 2013

Financial Instruments [Abstract]

Financial Instruments

6. Financial Instruments

The Partnerships trade Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price.

The fair value of exchange-traded contracts is based on the settlement price quoted by the exchange on the day with respect to which fair 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 will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The fair value of off-exchange-traded contracts is based on the fair value quoted by the counterparty.

The Partnerships’ contracts are accounted for on a trade-date basis.  A derivative is defined as a financial instrument or other contract that has all three of the following characteristics:

(1) a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both;

(2) Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and

(3) Terms that 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 (losses) on open contracts at December 31, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Spectrum Currency
	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2013		–		–		–	–		–
2012		–		43,205		43,205	–	Feb. 2013

Spectrum Global Balanced
	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2013		1,200,500		–		1,200,500	Dec. 2015		–
2012		951,801		29,978		981,779	Dec. 2014	Feb. 2013

Spectrum Select
	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2013		6,193,496		458,936		6,652,432	Dec. 2017	Mar. 2014
2012		2,503,274		48,080		2,551,354	Mar. 2017	Mar. 2013

Spectrum Technical	Net Unrealized Gains (Losses) on Open Contracts								Longest Maturities
Year	Exchange-Traded			Off-Exchange-Traded		Total			Exchange-Traded	Off-Exchange-Traded
	$			$			$
2013		817,366			408,224		1,225,590		Jun. 2018		Jun. 2014
2012		(1,651,077	)		609,533		(1,041,544	)	Jun. 2017		Apr. 2013

In general, the risks associated with off-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to an off-exchange-traded contract.  The Partnerships have credit risk associated with counterparty nonperformance.  As of the date of the financial statements, the credit risk associated with the instruments in which the Partnerships trade is limited to the unrealized gains (losses) amounts reflected in the Partnerships’ Statements of Financial Condition. The net unrealized gains (losses) on open contracts is further disclosed gross by type of contract and corresponding fair value level in Note 8. Fair Value Measurements and Disclosures.

  The Partnerships also have credit risk because MS&Co. and/or MSCG act as the futures commission merchants or the counterparties, with respect to most of the Partnerships’ assets.  Exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are fair valued on a daily basis, with variations in value settled on a daily basis. MS&Co., which is acting as a commodity futures broker for each 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, to segregate from its own assets, and for the sole benefit of its commodity customers, total cash 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, which in the aggregate, totaled $0 and $6,788,072 for Spectrum Currency, $8,467,348 and $11,255,076 for Spectrum Global Balanced, $150,597,920 and $200,859,877 for Spectrum Select, and $104,880,846 and $132,743,763 for Spectrum Technical at December 31, 2013 and 2012, respectively.  With respect to each 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, each Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in each Partnership account with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MS&Co. for the benefit of MS&Co.  With respect to those off-exchange-traded forward currency contracts, the Partnerships are at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform.  With respect to those off-exchange-traded forward currency options contracts, the Partnerships are at risk to the ability of MSCG, the sole counterparty on all such contracts, to perform.  Each Partnership has a netting agreement with the counterparty.  The primary terms are based on industry standard master netting agreements.  These agreements, which seek to reduce both the Partnerships’ and the counterparties’ exposure on off-exchange-traded forward currency contracts, including options on such contracts, should materially decrease the Partnerships’ credit risk in the event of MS&Co.’s or MSCG’s bankruptcy or insolvency.

The General Partner monitors and attempts to control the Partnerships’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnerships may be subject.  These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics.  In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions.

The futures, forwards and options traded by the Partnerships 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 Partnerships’ open positions, and consequently in their earnings, whether realized or unrealized, and cash flow.  Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin.  Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract.  Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement date.

Spectrum Strategic’s, Spectrum Technical’s, and Spectrum Currency’s investments in the affiliated underlying funds expose each Partnership to various types of risks that are associated with Futures Interests trading and the markets in which the affiliated underlying funds invest.  The significant types of financial risks to which the affiliated underlying funds are exposed are market risk, liquidity risk, and counterparty credit risk as described above.

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Trading Advisors

12 Months Ended

Dec. 31, 2013

Trading Advisors [Abstract]

Trading Advisors

5. Trading Advisors

Ceres, on behalf of each Partnership, retains certain unaffiliated commodity trading advisors which are registered with Commodity Futures Commission, to make all trading decisions for the Partnerships.  The trading advisors for each Partnership at December 31, 2013, were as follows:

Spectrum Currency

Cambridge

Krom River

Spectrum Global Balanced

Altis Partners (Jersey) Limited (“Altis”)

SSARIS Advisors, LLC (“SSARIS”)

Spectrum Select

Altis Partners (Jersey) Limited

EMC Capital Advisors, LLC

Graham Capital Management, L.P. (“Graham”)

Northfield Trading L.P.

Rabar Market Research, Inc. (“Rabar”)

Spectrum Strategic

Aventis Asset Management LLC

Blenheim Capital Management, L.L.C. (“Blenheim”)

PGR Capital L.P.

Spectrum Technical

Aspect Capital Limited

Blackwater Capital Management LLC

Campbell & Company, Inc. (“Campbell”)

Rotella Capital Management, Inc. (“Rotella”)

Winton Capital Management Limited

Compensation to the trading advisors by the Partnerships consists of a management fee and an incentive fee as follows:

Management Fee — The management fee for Spectrum Currency is accrued at a rate of 1/12 of 1% (a 1% annual rate) per month of net assets allocated on the first day of each month to Krom River and 1/12 of 1.5% (a 1.5% annual rate) per month of net assets allocated to Cambridge on the first day of each month.

Prior to October 1, 2013, the management fee payable to Krom River was 1/12 of 2% (a 2% annual rate).

The monthly management fee payable to C-View prior to termination on May 31, 2013 was 1/12 of 2% (a 2% annual rate).

The monthly management fee payable to Flintlock prior to termination on October 10, 2012, was 1/12 of 1.5% (a 1.5% annual rate).

The management fee for Spectrum Global Balanced is accrued at a rate of 5/48 of 1% per month of net assets allocated to SSARIS on the first day of each month (a 1.25% annual rate) and 1/12 of 1.25% per month of net assets allocated to Altis on the first day of each month (a 1.25% annual rate).

The monthly management fee payable to C-View prior to termination on May 31, 2013 was 1/6 of 1% (a 2% annual rate).

The management fee for Spectrum Select is accrued at a rate of 1/12 of 1.25% per month of net assets allocated to Altis on the first day of each month (a 1.25% annual rate), 1/6 of 1% per month of net assets allocated to Graham on the first day of each month (a 2% annual rate), 1/12 of 2% per month of net assets allocated to EMC and Rabar on the first day of each month (a 2% annual rate) and 1/12 of 1% per month of net assets allocated to Northfield on the first day of each month (a 1% annual rate).

Prior to December 1, 2013, the monthly management fee payable to Northfield was 1/12 of 2% (a 2% annual rate).

The monthly management fee payable to Sunrise Capital prior to termination on June 28, 2013 was 1/12 of 2% (a 2% annual rate).

Prior to February 1, 2011, the monthly management fee payable to Sunrise Capital was 1/4 of 1% (a 3% annual rate).

Prior to July 1, 2011, the monthly management fee payable to EMC and Rabar was 5/24 of 1% (a 2.5% annual rate).

Prior to July 1, 2011, the monthly management fee payable to Northfield was 1/12 of 3% (a 3% annual rate).

The management fee for Spectrum Strategic is accrued at a rate of 1/4 of 1% per month of net assets allocated to Blenheim on the first day of each month (a 3% annual rate), 1/12 of 1% per month of net assets allocated to PGR on the first day of each month (a 1% annual rate) and 1/12 of 1.5% per month of net assets allocated to Aventis on the first day of each month (a 1.5% annual rate).

Effective July 1, 2011, the management fee payable to Eclipse was reduced from a monthly management fee rate equal to 1/12 of 3% (a 3% annual rate) to a monthly management fee rate equal to 1/12 of 2% (a 2% annual rate).  Eclipse was removed as a trading advisor to Spectrum Strategic effective November 30, 2011.

Effective June 1, 2011, the monthly management fee payable to DKR was reduced from a monthly management fee rate equal to 1/12 of 2% (a 2% annual rate) to a monthly management fee rate equal to 1/12 of 1.75% (a 1.75% annual rate).  DKR was removed as a trading advisor to Spectrum Strategic effective August 31, 2011.

The management fee for Spectrum Technical is accrued at a rate of 1/12 of 1.5% per month of net assets allocated to Aspect and Winton on the first day of each month (a 1.5% annual rate), 1/6 of 1% per month of net assets allocated to Campbell on the first day of each month (a 2% annual rate), 1/12 of 1% per month of net assets allocated to Rotella on the first day of each month (a 1% annual rate), and 1/12 of 0.75% per month of net assets allocated to Blackwater on the first day of each month (a 0.75% annual rate).

Prior to December 1, 2013, the monthly management fee payable to Blackwater was 1/12 of 1.25% (a 1.25% annual rate).

Effective October 31, 2012, JWH was terminated as a trading advisor to Spectrum Technical.  The monthly management fee payable to JWH was 1/6 of 1% (a 2% annual rate).

  Effective October 31, 2012, Chesapeake was terminated as a trading advisor to Spectrum Technical.  The monthly management fee payable to Chesapeake was 1/12 of 2% (a 2% annual rate).

For the period from June 1, 2012, through October 31, 2012, Chesapeake temporarily reduced the management fee it received from Spectrum Technical from an annual rate of 2% of net assets as of the first day of the month, to an annual rate of 1% of net assets as of the first day of the month .

Prior to June 1, 2012, the monthly management fee payable to Aspect was 1/6 of 1% (a 2% annual rate).

Prior to January 1, 2012, the monthly management fee payable to Winton was 1/6 of 1% (a 2% annual rate).

Prior to June 1, 2011, the monthly management fee payable to Campbell was 1/4 of 1% (a 3% annual rate).

Prior to July 1, 2011, the monthly management fee payable to Rotella was 1/12 of 2% (a 2% annual rate).

Effective January 1, 2010, to July 1, 2011, Spectrum Technical paid Rotella a monthly management fee equal to 1/6 of 1% of its net assets allocated to Rotella on the first day of each month (a 2% annual rate).

Incentive Fee — Spectrum Currency pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to Krom River’s allocated net assets at the end of the calendar quarter and 15% of the trading profits experienced with respect to Cambridge’s allocated net assets as of the end of each calendar quarter.

Prior to May 31, 2013, Spectrum Currency paid C-View a monthly incentive fee equal to 20% of the trading profits experienced with respect to C-View’s allocated net assets as of the end of each calendar month.  C-View was removed as a trading advisor to Spectrum Currency effective May 31, 2013.

Prior to October 10, 2012, Spectrum Currency paid Flintlock a monthly incentive fee equal to 20% of the trading profits experienced with respect to Flintlock’s allocated net assets as of the end of each calendar quarter.  Flintlock was removed as a trading advisor to Spectrum Currency effective October 10, 2012.

Prior to May 31, 2011, Spectrum Currency paid DKR a monthly incentive fee equal to 20% of the trading profits experienced with respect to trading advisor’s allocated net assets as of the end of each calendar month.  DKR was removed as a trading advisor to Spectrum Currency effective May 31, 2011.

Spectrum Global Balanced pays a monthly incentive fee equal to 15% of the trading profits experienced with respect to the net assets allocated to SSARIS as of the end of each calendar month and 20% of the trading profits experienced with respect to the net assets allocated to Altis as of the end of each calendar month.

Prior to May 31, 2013, Spectrum Global Balanced paid C-View a monthly incentive fee equal to 20% of the trading profits experienced with respect to C-View’s allocated net assets as of the end of each calendar month.  C-View was removed as a trading advisor to Spectrum Global Balanced effective May 31, 2013.

Spectrum Select pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to Northfield, EMC, Rabar, Altis and Graham as of the end of each calendar month.

Prior to June 28, 2013, Spectrum Select paid Sunrise Capital a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to C-View as of the end of each calendar month.  Sunrise Capital was removed as a trading advisor to Spectrum Select effective June 28, 2013.

Prior to February 1, 2011, the monthly incentive fee rate paid to Sunrise Capital was 15%.

Prior to July 1, 2011, Spectrum Select paid Northfield a monthly incentive fee equal to 15% of the trading profits experienced with respect to trading advisor’s allocated net assets as of the end of each calendar month.

Prior to July 1, 2011, Spectrum Select paid EMC and Rabar a monthly incentive fee equal to 17.5% of the trading profits experienced with respect to trading advisor’s allocated net assets as of the end of each calendar month.

Spectrum Strategic pays a monthly incentive fee equal to 15% of the trading profits experienced with respect to the net assets allocated to Blenheim as of the end of each calendar month, 20% of the trading profits experienced with respect to the net assets allocated to Aventis as of the end of each calendar quarter and 20% of the trading profits experienced with respect to the net assets allocated to PGR as of the end of each calendar year.

For the period from July 1, 2011, to November 30, 2011, Spectrum Strategic paid Eclipse a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to Eclipse as of the end of each calendar month.

Prior to July 1, 2011, Spectrum Strategic paid Eclipse a monthly incentive fee equal to 15% of the trading profits experienced with respect to the net assets allocated to Eclipse as of the end of each calendar month.

Prior to August 31, 2011, Spectrum Strategic paid DKR a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to DKR as of the end of each calendar month.

Spectrum Technical pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to each of Aspect, Campbell, Rotella, and Winton as of the end of each calendar month and 20% of the trading profits experienced with respect to the net assets allocated to Blackwater as of the end of each calendar year.

Prior to October 31, 2012, Spectrum Technical paid Chesapeake and JWH a monthly incentive fee equal to 19% and 20%, respectively, of the trading profits experienced with respect to Chesapeake’s and JWH’s allocated net assets as of the end of each calendar month.

Trading profits represent the amount by which profits from futures, forwards, and options trading exceed losses after brokerage and management fees are deducted.

For all trading advisors with trading losses, no incentive fee is paid in subsequent months until all such losses are recovered.  Cumulative trading losses are adjusted on a pro rata basis for the net amount of each month’s redemptions.

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Organization (Details)		1 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended		5 Months Ended	12 Months Ended	1 Months Ended	11 Months Ended	12 Months Ended	5 Months Ended	10 Months Ended	12 Months Ended	5 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013 Northfield [Member]	Jun. 30, 2011 Northfield [Member]	Nov. 30, 2013 Northfield [Member]	Dec. 31, 2013 Northfield [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Krom River [Member]	Sep. 30, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Krom River [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Krom River [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Cambridge [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Cambridge [Member] Asian Markets Alpha Programme [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Cambridge [Member] Emerging Markets Alpha Programme [Member]	May 21, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Blackwater Capital Management LLC [Member]	Nov. 30, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Blackwater Capital Management LLC [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Blackwater Capital Management LLC [Member]	May 31, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake Capital Corporation [Member]	Oct. 30, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake Capital Corporation [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake Capital Corporation [Member]	May 31, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Aspect Capital Limited [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Aspect Capital Limited [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Winton Capital Management Limited [Member]	Dec. 31, 2011 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Winton Capital Management Limited [Member]
Schedule of Trading Advisors [Line Items]
Management fee, monthly basis (in hundredths)		0.0833%	0.25%	0.1667%	0.0833%	0.0833%	0.1667%	0.0833%	0.125%					0.0625%	0.1042%	0.0625%	0.1667%	0.1667%	0.0833%	0.1667%	0.125%	0.125%	0.1667%
Management fee, annual basis (in hundredths)		1.00%	3.00%	2.00%	1.00%	1.00%	2.00%	1.00%	1.50%					0.75%	1.25%	0.75%	2.00%	2.00%	1.00%	2.00%	1.50%	1.50%	2.00%
Leverage Applied to Assets (in hundredths)												75.00%	50.00%
Change in leverage applied to assets (in hundredths)													(33.33%)
Required interest in the equity of each Partnership (in hundredths)	1.00%
Asset allocation (in hundredths)										50.00%	50.00%

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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items]

Net Unrealized Gain (Loss) on Open Contracts

Spectrum Select
	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2013		6,193,496		458,936		6,652,432	Dec. 2017	Mar. 2014
2012		2,503,274		48,080		2,551,354	Mar. 2017	Mar. 2013

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]

Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items]

Net Unrealized Gain (Loss) on Open Contracts

The net unrealized gains (losses) on open contracts at December 31, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Spectrum Currency
	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2013		–		–		–	–		–
2012		–		43,205		43,205	–	Feb. 2013

Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]

Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items]

Net Unrealized Gain (Loss) on Open Contracts

Spectrum Global Balanced
	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2013		1,200,500		–		1,200,500	Dec. 2015		–
2012		951,801		29,978		981,779	Dec. 2014	Feb. 2013

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items]

Net Unrealized Gain (Loss) on Open Contracts

Spectrum Technical	Net Unrealized Gains (Losses) on Open Contracts								Longest Maturities
Year	Exchange-Traded			Off-Exchange-Traded		Total			Exchange-Traded	Off-Exchange-Traded
	$			$			$
2013		817,366			408,224		1,225,590		Jun. 2018		Jun. 2014
2012		(1,651,077	)		609,533		(1,041,544	)	Jun. 2017		Apr. 2013

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Financial Highlights

12 Months Ended

Dec. 31, 2013

Financial Highlights [Abstract]

Financial Highlights

9. Financial Highlights

The following ratios may vary for individual investors based on the timing of capital transactions during the year.  Additionally, these ratios are calculated for the limited partner’s share of income, expenses and average net assets.

Spectrum Currency

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	7.57		$	8.63		$	9.57
Interest Income		–	(2)		–	(2)		–	(2)
Expenses		(0.53	)		(0.53	)		(0.60	)
Realized/Unrealized Income (Loss) (1)		0.35			(0.53	)		(0.34	)
Net Loss		(0.18	)		(1.06	)		(0.94	)
Net asset value, December 31:	$	7.39		$	7.57		$	8.63
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.2	)%		(6.6	)%		(6.7	)%
Expenses before Incentive Fees		6.4	%		6.7	%		6.8	%
Expenses after Incentive Fees		7.2	%		6.7	%		6.8	%
Net Loss		(2.4	)%		(13.5	)%		(10.9	)%
Total return before incentive fees		(1.6	)%		(12.3	)%		(9.8	)%
Total return after incentive fees		(2.4	)%		(12.3	)%		(9.8	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

⁽²⁾ Amount less than 0.005%.

Spectrum Global Balanced

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	14.06		$	14.83		$	17.12
Interest Income		0.01			0.01			0.01
Expenses		(0.84	)		(0.90	)		(0.96	)
Realized/Unrealized Income (Loss) (1)		0.06			0.12			(1.34	)
Net Loss		(0.77	)		(0.77	)		(2.29	)
Net asset value, December 31:	$	13.29		$	14.06		$	14.83
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.0	)%		(6.1	)%		(6.2	)%
Expenses before Incentive Fees		6.1	%		6.2	%		6.3	%
Expenses after Incentive Fees		6.1	%		6.2	%		6.3	%
Net Loss		(5.2	)%		(5.2	)%		(15.4	)%
Total return before incentive fees		(5.5	)%		(5.2	)%		(13.4	)%
Total return after incentive fees		(5.5	)%		(5.2	)%		(13.4	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Spectrum Select

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	27.76		$	31.24		$	38.03
Interest Income		0.01			0.02			0.01
Expenses		(2.17	)		(2.44	)		(3.07	)
Realized/Unrealized Income (Loss) (1)		0.88			(1.06	)		(3.73	)
Net Loss		(1.28	)		(3.48	)		(6.79	)
Net asset value, December 31:	$	26.48		$	27.76		$	31.24
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.9	)%		(8.0	)%		(8.8	)%
Expenses before Incentive Fees		8.0	%		8.1	%		8.3	%
Expenses after Incentive Fees		8.0	%		8.1	%		8.9	%
Net Loss		(4.5	)%		(10.7	)%		(19.6	)%
Total return before incentive fees		(4.6	)%		(11.1	)%		(17.3	)%
Total return after incentive fees		(4.6	)%		(11.1	)%		(17.9	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Spectrum Strategic

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	14.25		$	16.02		$	21.49
Interest Income		0.01			0.01			0.01
Expenses		(1.24	)		(1.37	)		(1.87	)
Realized/Unrealized Income (Loss) (1)		0.62			(0.41	)		(3.61	)
Net Loss		(0.61	)		(1.77	)		(5.47	)
Net asset value, December 31:	$	13.64		$	14.25		$	16.02
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(8.9	)%		(9.0	)%		(9.8	)%
Expenses before Incentive Fees		9.0	%		9.1	%		9.0	%
Expenses after Incentive Fees		9.0	%		9.1	%		9.8	%
Net Loss		(4.3	)%		(11.4	)%		(28.6	)%
Total return before incentive fees		(4.3	)%		(11.0	)%		(24.7	)%
Total return after incentive fees		(4.3	)%		(11.0	)%		(25.5	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Spectrum Technical

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	16.71		$	19.65		$	21.33
Interest Income		0.01			0.01			0.01
Expenses		(1.24	)		(1.38	) †		(1.68	)
Realized/Unrealized Income (Loss) (1)		1.07			(1.57	)		(0.01	)
Net Loss		(0.16	)		(2.94	)		(1.68	)
Net asset value, December 31:	$	16.55		$	16.71		$	19.65
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.5	)%		(7.7	)%		(8.1	)%
Expenses before Incentive Fees		7.5	%		7.8	%††		8.2	%
Expenses after Incentive Fees		7.5	%		7.8	%††		8.2	%
Net Loss		(1.0	)%		(17.0	)%		(8.0	)%
Total return before incentive fees		(1.0	)%		(15.0	)%		(7.8	)%
Total return after incentive fees		(1.0	)%		(15.0	)%		(7.9	)%

⁽¹⁾ Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

† Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake.

†† Such percentage is after waiver of management fees.  Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets).

XML

Derivatives and Hedging

12 Months Ended

Dec. 31, 2013

Derivatives and Hedging [Abstract]

Derivatives and Hedging

7.  Derivatives and Hedging

The Partnerships’ objective is to profit from speculative trading in Futures Interests. Therefore, the trading advisors for each Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategy. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.

On January 1, 2013, the Partnership adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”.  ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11.  Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnerships’ financial statements.

The following tables summarize the valuation of each Partnership’s investments as of December 31, 2013 and 2012.

Spectrum Currency

As of December 31, 2013, Spectrum Currency held no futures and forward contracts; therefore, there were no net unrealized gains and losses on futures and forward contracts.

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
		$			$			$
Assets
Forwards		105,849			(64,477	)		41,372
Total Assets		105,849			(64,477	)		41,372
Liabilities
Forwards		(64,477	)		64,477			–
Total Liabilities		(64,477	)		64,477			–
Unrealized currency gain								1,833
Total net unrealized gain on open contracts								43,205

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts

Long Unrealized Gain

Long Unrealized Loss

Short Unrealized Gain

Short Unrealized Loss

Net Unrealized Gain (Loss)

Average Number of Contracts Outstanding for the Year (Absolute Quantity)

$

$

$

$

$

Foreign currency

–

–

–

–

–

826

Total

–

–

–

–

–

Unrealized currency gain (loss)

–

Total net unrealized gain (loss) on open contracts

–

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–		1

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Foreign currency		47,414		(41,869	)		58,435		(22,608	)		41,372		1,498
Total		47,414		(41,869	)		58,435		(22,608	)		41,372
Unrealized currency gain												1,833
Total net unrealized gain on open contracts												43,205

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–	1
Options written		–	1

Spectrum Global Balanced

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		511,577			(200,698	)		310,879
Total Assets		511,577			(200,698	)		310,879
Liabilities
Futures		(200,698	)		200,698			–
Total Liabilities		(200,698	)		200,698			–
Unrealized currency gain								889,621
Total net unrealized gain on open contracts								1,200,500

	Gross amounts not offset in the Statements of Financial Condition
	Financial Instruments			Cash Collateral Received		Net Amount
	$			$		$
Liabilities
Options written		(31,915	)		–		(31,915	)
Total Liabilities		(31,915	)		–		(31,915	)
Total							(31,915	)
Net fair value							1,168,585

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		270,741			(195,393	)		75,348
Forwards		70,236			(40,258	)		29,978
Total Assets		340,977			(235,651	)		105,326
Liabilities
Futures		(195,393	)		195,393			–
Forwards		(40,258	)		40,258			–
Total Liabilities		(235,651	)		235,651			–
Unrealized currency gain								876,453
Total net unrealized gain on open contracts								981,779

	Gross amounts not offset in the Statements of Financial Condition
	Financial Instruments			Cash Collateral Received		Net Amount
	$			$		$
Liabilities
Options written		(22,859	)		–		(22,859	)
Total Liabilities		(22,859	)		–		(22,859	)
Total							(22,859	)
Net fair value							958,920

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		35,708		(122,067	)		152,026		(8,002	)		57,665		201
Equity		84,250		(157	)		19,206		(28,030	)		75,269		54
Foreign currency		117,601		(2,295	)		27,474		(1,286	)		141,494		705
Interest rate		10,679		(37,679	)		64,633		(1,182	)		36,451		298
Total		248,238		(162,198	)		263,339		(38,500	)		310,879
Unrealized currency gain												889,621
Total net unrealized gain on open contracts												1,200,500

				Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–			1
Options written		(31,915	)		10

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		15,953		(74,679	)		34,996		(23,285	)		(47,015	)		195
Equity		51,479		(8,381	)		15,186		(15,625	)		42,659			46
Foreign currency		125,101		(46,320	)		53,721		(28,930	)		103,572			892
Interest rate		44,541		(18,952	)		–		(19,479	)		6,110			405
Total		237,074		(148,332	)		103,903		(87,319	)		105,326
Unrealized currency gain												876,453
Total net unrealized gain on open contracts												981,779

				Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value	$
Options purchased		–			1
Options written		(22,859	)		14

Spectrum Select

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		9,894,085			(3,011,012	)		6,883,073
Forwards		528,063			(69,127	)		458,936
Total Assets		10,422,148			(3,080,139	)		7,342,009
Liabilities
Futures		(3,011,012	)		3,011,012			–
Forwards		(69,127	)		69,127			–
Total Liabilities		(3,080,139	)		3,080,139			–
Unrealized currency loss								(689,577	)
Total net unrealized gain on open contracts								6,652,432

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		7,876,474			(4,169,335	)		3,707,139
Forwards		619,732			(571,652	)		48,080
Total Assets		8,496,206			(4,740,987	)		3,755,219
Liabilities
Futures		(4,169,335	)		4,169,335			–
Forwards		(571,652	)		571,652			–
Total Liabilities		(4,740,987	)		4,740,987			–
Unrealized currency loss								(1,203,865	)
Total net unrealized gain on open contracts								2,551,354

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		561,914		(1,776,263	)		2,430,029		(322,157	)		893,523			4,153
Equity		3,462,235		–			36,105		(3,696	)		3,494,644			1,717
Foreign currency		1,474,046		(124,132	)		986,884		(59,129	)		2,277,669			3,214
Interest rate		61,862		(636,034	)		1,409,073		(158,728	)		676,173			5,741
Total		5,560,057		(2,536,429	)		4,862,091		(543,710	)		7,342,009
Unrealized currency loss												(689,577	)
Total net unrealized gain on open contracts												6,652,432

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–	3
Options written		–	2

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		763,693		(1,021,268	)		1,051,860		(1,134,848	)		(340,563	)		4,025
Equity		1,842,840		(517,175	)		–		(36,283	)		1,289,382			1,915
Foreign currency		1,878,922		(1,022,609	)		2,196,364		(253,560	)		2,799,117			5,689
Interest rate		759,302		(607,381	)		3,225		(147,863	)		7,283			9,810
Total		5,244,757		(3,168,433	)		3,251,449		(1,572,554	)		3,755,219
Unrealized currency loss												(1,203,865	)
Total net unrealized gain on open contracts												2,551,354

Spectrum Strategic

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

The Partnership held no futures or forward contracts; therefore, there were no net unrealized gains or losses on futures or forward contracts.

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss		Short Unrealized Gain		Short Unrealized Loss		Net Unrealized Gain (Loss)		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$		$		$		$
Commodity		—		—		—		—		—		752
Equity		—		—		—		—		—		328
Foreign currency		—		—		—		—		—		6,514
Interest rate		—		—		—		—		—		2,260
Total		—		—		—		—		—
Unrealized currency gain (loss)										—
Total net unrealized gain (loss) on open contracts										—

Spectrum Technical

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		5,404,721			(1,139,524	)		4,265,197
Forwards		728,738			(320,514	)		408,224
Total Assets		6,133,459			(1,460,038	)		4,673,421
Liabilities
Futures		(1,139,524	)		1,139,524			–
Forwards		(320,514	)		320,514			–
Total Liabilities		(1,460,038	)		1,460,038			–
Unrealized currency loss								(3,447,831	)
Total net unrealized gain on open contracts								1,225,590

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		4,081,355			(2,249,281	)		1,832,074
Forwards		1,275,053			(665,520	)		609,533
Total Assets		5,356,408			(2,914,801	)		2,441,607
Liabilities
Futures		(2,249,281	)		2,249,281			–
Forwards		(665,520	)		665,520			–
Total Liabilities		(2,914,801	)		2,914,801			–
Unrealized currency loss								(3,483,151	)
Total net unrealized loss on open contracts								(1,041,544	)

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		182,135		(386,829	)		893,327		(124,717	)		563,916			1,300
Equity		3,110,927		(1,174	)		28,444		(5,500	)		3,132,697			1,458
Foreign currency		539,752		(239,072	)		601,972		(104,361	)		798,291			4,080
Interest rate		152,993		(553,425	)		623,909		(44,960	)		178,517			3,501
Total		3,985,807		(1,180,500	)		2,147,652		(279,538	)		4,673,421
Unrealized currency loss												(3,447,831	)
Total net unrealized gain on open contracts												1,225,590

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		503,509		(759,234	)		451,092		(401,945	)		(206,578	)		1,895
Equity		1,289,387		(324,377	)		33		(9,417	)		955,626			1,525
Foreign currency		751,769		(682,406	)		1,511,142		(188,174	)		1,392,331			4,077
Interest rate		845,015		(522,310	)		4,461		(26,938	)		300,228			6,112
Total		3,389,680		(2,288,327	)		1,966,728		(626,474	)		2,441,607
Unrealized currency loss												(3,483,151	)
Total net unrealized loss on open contracts												(1,041,544	)

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–		6
Options written		–		6

The following tables summarize the net trading results of each Partnership for the years ended December 31, 2013, 2012, and 2011, respectively.

Spectrum Currency

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(565,844	)		(2,081,165	)		–
Foreign currency		1,542,186			174,080			(1,647,809	)
Unrealized currency loss		(1,832	)		(33,641	)		(46,233	)
Total		974,510			(1,940,726	)		(1,694,042	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013			2012			2011
Trading Results	$			$			$
Net realized		444,474			(199,068	)		(483,261	)
Net change in unrealized		(43,205	)		133,331			(1,210,781	)
Realized loss on investment in KR Master Fund		(551,662	)		(488,412	)		–
Realized loss on investment in FL Master Fund		–			(2,033,985	)		–
Realized income (loss) on investment in Cambridge Master Fund		1,188,237			(44,139	)		–
Unrealized appreciation on investment in FL Master Fund		–			514,630			–
Unrealized appreciation (depreciation) on investment in KR Master Fund		(23,816	)		52,939			–
Unrealized appreciation (depreciation) on investment in Cambridge Master Fund		(39,518	)		123,978			–
Total		974,510			(1,940,726	)		(1,694,042	)

Spectrum Global Balanced

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(813,691	)		(261,829	)		(864,562	)
Equity		330,825			224,150			(965,779	)
Foreign currency		604,077			171,401			(735,607	)
Interest rate		(54,064	)		6,538			1,137,203
Unrealized currency gain (loss)		13,168			(18,409	)		(61,781	)
Total		80,315			121,851			(1,490,526	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013			2012			2011
Trading Results		$			$			$
Net realized		(129,286	)		370,013			(1,151,478	)
Net change in unrealized		209,601			(248,162	)		(339,048	)
Total		80,315			121,851			(1,490,526	)

Spectrum Select

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(8,240,610	)		(12,872,729	)		(17,215,862	)
Equity		17,236,173			6,993,095			(27,174,382	)
Foreign currency		69,245			(2,206,555	)		(11,400,426	)
Interest rate		(3,637,449	)		1,388,041			19,104,345
Unrealized currency gain (loss)		514,288			99,725			(567,763	)
Total		5,941,647			(6,598,423	)		(37,254,088	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		1,840,569		(2,747,878	)		(23,852,820	)
Net change in unrealized		4,101,078		(3,850,545	)		(13,401,268	)
Total		5,941,647		(6,598,423	)		(37,254,088	)

Spectrum Strategic

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		2,391,667			(1,374,285	)		(18,052,648	)
Equity		853,223			(3,098,127	)		(2,778,840	)
Foreign currency		197,595			(39,186	)		(14,779,073	)
Interest rate		(563,163	)		2,280,070			7,707,782
Unrealized currency loss		–			–			(86,013	)
Total		2,879,322			(2,231,528	)		(27,988,792	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		–		–			2,750,625
Net change in unrealized		–		–			(8,555,065	)
Realized gain (loss) on investment in BHM I, LLC		559,473		(429,295	)		(958,118	)
Realized gain (loss) on investment in PGR Master Fund		5,825		(25,751	)		–
Realized gain on investment in MB Master Fund		22,738		3,838			–
Unrealized appreciation (depreciation) on investment in BHM I, LLC		981,916		(687,951	)		(21,346,446	)
Unrealized appreciation (depreciation) on investment in PGR Master Fund		1,092,727		(1,252,834	)		240,600
Unrealized appreciation (depreciation) on investment in MB Master Fund		216,643		160,465			(120,388	)
Total Trading Results		2,879,322		(2,231,528	)		(27,988,792	)

Spectrum Technical

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		1,447,554			7,806,061			(13,197,401	)
Equity		16,778,460			(58,323,819	)		(16,512,047	)
Foreign currency		1,893,467			(30,995,834	)		(3,771,234	)
Interest rate		(10,210,043	)		68,102,911			33,707,895
Unrealized currency gain (loss)		35,320			(6,376,922	)		87,382
Proceeds from Litigation		–			–			10,951
Total		9,944,758			(19,787,603	)		325,546

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		7,217,969		(6,219,265	)		11,402,800
Net change in unrealized		2,267,134		(9,809,697	)		(11,820,187	)
Realized gain (loss) on investment in Blackwater Master Fund		396,051		(4,657,167	)		167,699
Unrealized appreciation on Investment in Blackwater Master Fund		63,604		898,526			564,283
Proceeds from Litigation		–		–			10,951
Total Trading Results		9,944,758		(19,787,603	)		325,546

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Fair Value Measurements and Disclosures

12 Months Ended

Dec. 31, 2013

Fair Value Measurements and Disclosures [Abstract]

Fair Value Measurements and Disclosures

8. Fair Value Measurements and Disclosures

On October 1, 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements”, which makes minor technical corrections and clarifications to ASC 820, “Fair Value Measurements and Disclosures”. When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. The ASU also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820.

Financial instruments are carried at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified and disclosed in the following three levels: Level 1 — unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 — inputs other than unadjusted quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates and credit risk); and Level 3 — unobservable inputs for the asset or liability (including the Partnerships’ own assumptions used in determining the fair value of investments).

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnerships’ assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and consideration of factors specific to the investment.

The Partnerships’ assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements.

Spectrum Currency

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Cambridge Master Fund		–		11,299,138		n/a		11,299,138
Investment in KR Master Fund		–		7,290,317		n/a		7,290,317
Total Assets		–		18,589,455		n/a		18,589,455

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in KR Master Fund		–		10,109,603		n/a		10,109,603
Investment in Cambridge Master Fund		–		6,920,831		n/a		6,920,831
Forwards		–		105,849		n/a		105,849
Total Assets		–		17,136,283		n/a		17,136,283
Liabilities
Forwards		–		64,477		n/a		64,477
Total Liabilities		–		64,477		n/a		64,477
Unrealized currency gain								1,833
*Net fair value		–		17,071,806		n/a		17,073,639

* This amount comprises of the “Net unrealized gain on open contracts” and “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition.

During the twelve months ended December 31, 2013 and 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Spectrum Global Balanced

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		511,577		–		n/a		511,577
Total Assets		511,577		–		n/a		511,577
Liabilities
Futures		200,698		–		n/a		200,698
Options Written		31,915		–				31,915
Total Liabilities		232,613		–		n/a		232,613
Unrealized currency gain								889,621
*Net fair value		278,964		–		n/a		1,168,585

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		270,741		–		n/a		270,741
Forwards		–		70,236		n/a		70,236
Total Assets		270,741		70,236		n/a		340,977
Liabilities
Futures		195,393		–		n/a		195,393
Forwards		–		40,258		n/a		40,258
Options Written		22,859		–				22,859
Total Liabilities		218,252		40,258		n/a		258,510
Unrealized currency gain								876,453
*Net fair value		52,489		29,978		n/a		958,920

* This amount comprises of the “Total net unrealized gain on open contracts” and “Options written” on the Statements of Financial Condition.

During the twelve months ended December 31, 2013 and 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Spectrum Select

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		9,894,085		–		n/a		9,894,085
Forwards		–		528,063		n/a		528,063
Total Assets		9,894,085		528,063		n/a		10,422,148
Liabilities
Futures		3,011,012		–		n/a		3,011,012
Forwards		–		69,127		n/a		69,127
Total Liabilities		3,011,012		69,127		n/a		3,080,139
Unrealized currency loss								(689,577	)
*Net fair value		6,883,073		458,936		n/a		6,652,432

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		7,876,474		–		n/a		7,876,474
Forwards		–		619,732		n/a		619,732
Total Assets		7,876,474		619,732		n/a		8,496,206
Liabilities
Futures		4,169,335		–		n/a		4,169,335
Forwards		–		571,652		n/a		571,652
Total Liabilities		4,169,335		571,652		n/a		4,740,987
Unrealized currency loss								(1,203,865	)
*Net fair value		3,707,139		48,080		n/a		2,551,354

* This amount comprises of the “Total net unrealized gain on open contracts” on the Statements of Financial Condition.

During the twelve months ended December 31, 2013 and 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Spectrum Strategic

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in BHM I, LLC		–		46,985,018		n/a		46,985,018
Investment in PGR Master Fund		–		3,327,454		n/a		3,327,454
Investment in MB Master Fund		–		4,183,031		n/a		4,183,031
Total Assets		–		54,495,503		n/a		54,495,503

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in BHM I, LLC		–		63,045,391		n/a		63,045,391
Investment in PGR Master Fund		–		5,021,111		n/a		5,021,111
Investment in MB Master Fund		–		8,142,971		n/a		8,142,971
Total Assets		–		76,209,473		n/a		76,209,473

During the twelve months ended December 31, 2013 and 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Spectrum Technical

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Unobservable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		33,548,272		n/a		33,548,272
Futures		5,404,721		–		n/a		5,404,721
Forwards		–		728,738		n/a		728,738
Total Assets		5,404,721		34,277,010		n/a		39,681,731
Liabilities
Futures		1,139,524		–		n/a		1,139,524
Forwards		–		320,514		n/a		320,514
Total Liabilities		1,139,524		320,514		n/a		1,460,038
Unrealized currency loss								(3,447,831	)
*Net fair value		4,265,197		33,956,496		n/a		34,773,862

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Unobservable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		43,685,685		n/a		43,685,685
Futures		4,081,355		–		n/a		4,081,355
Forwards		–		1,275,053		n/a		1,275,053
Total Assets		4,081,355		44,960,738		n/a		49,042,093
Liabilities
Futures		2,249,281		–		n/a		2,249,281
Forwards		–		665,520		n/a		665,520
Total Liabilities		2,249,281		665,520		n/a		2,914,801
Unrealized currency loss								(3,483,151	)
*Net fair value		1,832,074		44,295,218		n/a		42,644,141

* This amount comprises of the “Total net unrealized gain on open contracts” and “Investment in Blackwater Master Fund” on the Statements of Financial Condition.

During the twelve months ended December 31, 2013 and 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

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Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

Management performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustments of or disclosure in the financial statements other than those disclosed below.

Effective April 1, 2014, the flat rate brokerage fees for Spectrum Currency and Spectrum Global Balanced shall be reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of Spectrum Currency’s and Spectrum Global Balanced net assets.

Effective April 1, 2014, the flat rate brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical shall be reduced from 6.0% per annum (paid monthly) to 4.0% per annum (paid monthly) of Spectrum Select’s, Spectrum Strategic’s and Spectrum Technical net assets.

Effective March 1, 2014, the management fee payable by Spectrum Strategic to Blenheim was reduced to a rate of 1/12 of 2% (a 2% annual rate) of net assets allocated to Blenheim on the first day of each month.

Effective March 1, 2014, the incentive fee payable by Spectrum Strategic to Blenheim increased to 20% of the trading profits experienced with respect to the net assets allocated to Blenheim accruing monthly but payable as of the end of each calendar quarter.

Effective March 1, 2014, Spectrum Strategic directly pays BHM I, LLC for its pro rata portion of incentive, management and administrative fees.

Effective March 1, 2014, the management fee payable by Spectrum Strategic to Aventis was reduced to a rate of 1/12 of 1.25% (a 1.25% annual rate) of net assets allocated to Aventis on the first day of each month.

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Subsequent Events (Details)	12 Months Ended	3 Months Ended		3 Months Ended		3 Months Ended		3 Months Ended		1 Months Ended		3 Months Ended
	Dec. 31, 2013	Mar. 31, 2014 Subsequent Events [Member]	Apr. 01, 2014 Subsequent Events [Member]	Mar. 31, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]	Apr. 01, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]	Mar. 31, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]	Apr. 01, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]	Mar. 31, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]	Apr. 01, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]	Mar. 27, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Blenheim [Member]	Mar. 27, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Aventis [Member]	Mar. 31, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]	Apr. 01, 2014 Subsequent Events [Member] Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Subsequent Events [Line Items]
Annual flat rate brokerage fees for the Partnerships (in hundredths)	6.00%	6.00%		4.60%		4.60%		6.00%				6.00%
Future annual flat rate brokerage fees for the Partnerships (in hundredths)			4.00%		3.60%		3.60%		4.00%				4.00%
Management fee, monthly basis (in hundredths)										0.1667%	0.1042%
Management fee, annual basis (in hundredths)										2.00%	1.25%
Asset allocation (in hundredths)										20.00%

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Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Select

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		9,894,085		–		n/a		9,894,085
Forwards		–		528,063		n/a		528,063
Total Assets		9,894,085		528,063		n/a		10,422,148
Liabilities
Futures		3,011,012		–		n/a		3,011,012
Forwards		–		69,127		n/a		69,127
Total Liabilities		3,011,012		69,127		n/a		3,080,139
Unrealized currency loss								(689,577	)
*Net fair value		6,883,073		458,936		n/a		6,652,432

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		7,876,474		–		n/a		7,876,474
Forwards		–		619,732		n/a		619,732
Total Assets		7,876,474		619,732		n/a		8,496,206
Liabilities
Futures		4,169,335		–		n/a		4,169,335
Forwards		–		571,652		n/a		571,652
Total Liabilities		4,169,335		571,652		n/a		4,740,987
Unrealized currency loss								(1,203,865	)
*Net fair value		3,707,139		48,080		n/a		2,551,354

* This amount comprises of the “Total net unrealized gain on open contracts” on the Statements of Financial Condition.

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Partnerships’ assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements.

Spectrum Currency

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Cambridge Master Fund		–		11,299,138		n/a		11,299,138
Investment in KR Master Fund		–		7,290,317		n/a		7,290,317
Total Assets		–		18,589,455		n/a		18,589,455

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in KR Master Fund		–		10,109,603		n/a		10,109,603
Investment in Cambridge Master Fund		–		6,920,831		n/a		6,920,831
Forwards		–		105,849		n/a		105,849
Total Assets		–		17,136,283		n/a		17,136,283
Liabilities
Forwards		–		64,477		n/a		64,477
Total Liabilities		–		64,477		n/a		64,477
Unrealized currency gain								1,833
*Net fair value		–		17,071,806		n/a		17,073,639

* This amount comprises of the “Net unrealized gain on open contracts” and “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition.

Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Global Balanced

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		511,577		–		n/a		511,577
Total Assets		511,577		–		n/a		511,577
Liabilities
Futures		200,698		–		n/a		200,698
Options Written		31,915		–				31,915
Total Liabilities		232,613		–		n/a		232,613
Unrealized currency gain								889,621
*Net fair value		278,964		–		n/a		1,168,585

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		270,741		–		n/a		270,741
Forwards		–		70,236		n/a		70,236
Total Assets		270,741		70,236		n/a		340,977
Liabilities
Futures		195,393		–		n/a		195,393
Forwards		–		40,258		n/a		40,258
Options Written		22,859		–				22,859
Total Liabilities		218,252		40,258		n/a		258,510
Unrealized currency gain								876,453
*Net fair value		52,489		29,978		n/a		958,920

* This amount comprises of the “Total net unrealized gain on open contracts” and “Options written” on the Statements of Financial Condition.

Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Strategic

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in BHM I, LLC		–		46,985,018		n/a		46,985,018
Investment in PGR Master Fund		–		3,327,454		n/a		3,327,454
Investment in MB Master Fund		–		4,183,031		n/a		4,183,031
Total Assets		–		54,495,503		n/a		54,495,503

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in BHM I, LLC		–		63,045,391		n/a		63,045,391
Investment in PGR Master Fund		–		5,021,111		n/a		5,021,111
Investment in MB Master Fund		–		8,142,971		n/a		8,142,971
Total Assets		–		76,209,473		n/a		76,209,473

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Technical

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Unobservable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		33,548,272		n/a		33,548,272
Futures		5,404,721		–		n/a		5,404,721
Forwards		–		728,738		n/a		728,738
Total Assets		5,404,721		34,277,010		n/a		39,681,731
Liabilities
Futures		1,139,524		–		n/a		1,139,524
Forwards		–		320,514		n/a		320,514
Total Liabilities		1,139,524		320,514		n/a		1,460,038
Unrealized currency loss								(3,447,831	)
*Net fair value		4,265,197		33,956,496		n/a		34,773,862

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Unobservable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		43,685,685		n/a		43,685,685
Futures		4,081,355		–		n/a		4,081,355
Forwards		–		1,275,053		n/a		1,275,053
Total Assets		4,081,355		44,960,738		n/a		49,042,093
Liabilities
Futures		2,249,281		–		n/a		2,249,281
Forwards		–		665,520		n/a		665,520
Total Liabilities		2,249,281		665,520		n/a		2,914,801
Unrealized currency loss								(3,483,151	)
*Net fair value		1,832,074		44,295,218		n/a		42,644,141

* This amount comprises of the “Total net unrealized gain on open contracts” and “Investment in Blackwater Master Fund” on the Statements of Financial Condition.

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Trading Advisors (Details)	12 Months Ended	6 Months Ended	12 Months Ended		1 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended	6 Months Ended	12 Months Ended	1 Months Ended	6 Months Ended	5 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended		9 Months Ended	5 Months Ended	12 Months Ended					5 Months Ended	6 Months Ended	3 Months Ended	5 Months Ended	8 Months Ended	5 Months Ended	12 Months Ended	1 Months Ended	11 Months Ended	12 Months Ended	5 Months Ended	12 Months Ended	5 Months Ended		10 Months Ended	12 Months Ended	10 Months Ended	6 Months Ended	12 Months Ended	18 Months Ended	12 Months Ended
	Dec. 31, 2013 Altis [Member]	Jun. 30, 2011 EMC [Member]	Dec. 31, 2013 EMC [Member]	Dec. 31, 2013 Graham [Member]	Dec. 31, 2013 Northfield [Member]	Jun. 30, 2011 Northfield [Member]	Nov. 30, 2013 Northfield [Member]	Dec. 31, 2013 Northfield [Member]	Jun. 30, 2011 Rabar [Member]	Dec. 31, 2013 Rabar [Member]	Jan. 31, 2011 Sunrise Capital [Member]	Jun. 27, 2013 Sunrise Capital [Member]	May 30, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] C-View [Member]	May 30, 2011 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] DKR [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Krom River [Member]	Sep. 30, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Krom River [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Krom River [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Cambridge [Member]	Oct. 09, 2012 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] Flintlock [Member]	May 30, 2013 Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] C-View [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] Altis [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] SSARIS [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Aventis [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Blenheim [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] PGR [Member]	Nov. 29, 2011 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Eclipse [Member]	Jun. 30, 2011 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Eclipse [Member]	Aug. 30, 2011 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] DKR [Member]	May 31, 2011 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] DKR [Member]	Aug. 30, 2011 Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] DKR [Member]	May 31, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Aspect [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Aspect [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Blackwater [Member]	Nov. 30, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Blackwater [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Blackwater [Member]	May 31, 2011 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Campbell [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Campbell [Member]	Oct. 30, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake [Member]	May 31, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake [Member]	Oct. 30, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Chesapeake [Member]	Oct. 30, 2012 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] JWH [Member]	Jun. 30, 2011 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Rotella [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Rotella [Member]	Jun. 30, 2011 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Rotella [Member]	Dec. 31, 2013 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Winton [Member]	Dec. 31, 2011 Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Winton [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name	Altis Partners (Jersey) Limited		EMC Capital Advisors, LLC	Graham Capital Management, L.P. ("Graham")				Northfield Trading L.P.		Rabar Market Research, Inc. ("Rabar")							Krom River	Cambridge			Altis Partners (Jersey) Limited ("Altis")	SSARIS Advisors, LLC ("SSARIS")	Aventis Asset Management LLC	Blenheim Capital Management, L.L.C. ("Blenheim")	PGR Capital L.P.							Aspect Capital Limited			Blackwater Capital Management LLC		Campbell & Company, Inc. ("Campbell")							Rotella Capital Management, Inc. ("Rotella")		Winton Capital Management Limited
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)	0.1042%	0.2083%	0.1667%	0.1667%	0.0833%	0.25%	0.1667%	0.0833%	0.2083%	0.1667%	0.25%	0.1667%	0.1667%		0.0833%	0.1667%	0.0833%	0.125%	0.125%	0.1667%	0.1042%	0.1042%	0.125%	0.25%	0.0833%	0.1667%	0.25%	0.1458%	0.1667%		0.1667%	0.125%	0.0625%	0.1042%	0.0625%	0.25%	0.1667%		0.1667%	0.1667%	0.0833%	0.1667%	0.1667%	0.0833%	0.1667%	0.125%	0.1667%
Management fee, annual basis (in hundredths)	1.25%	2.50%	2.00%	2.00%	1.00%	3.00%	2.00%	1.00%	2.50%	2.00%	3.00%	2.00%	2.00%		1.00%	2.00%	1.00%	1.50%	1.50%	2.00%	1.25%	1.25%	1.50%	3.00%	1.00%	2.00%	3.00%	1.75%	2.00%		2.00%	1.50%	0.75%	1.25%	0.75%	3.00%	2.00%		2.00%	2.00%	1.00%	2.00%	2.00%	1.00%	2.00%	1.50%	2.00%
Temporarily reduced management fee, annual basis (in hundredths)																																						1.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)	20.00%	17.50%	20.00%	20.00%		15.00%		20.00%	17.50%	20.00%	15.00%	20.00%	20.00%	20.00%			20.00%	15.00%	20.00%	20.00%	20.00%	15.00%	20.00%	15.00%	20.00%	20.00%	15.00%			20.00%		20.00%			20.00%		20.00%			19.00%		20.00%		20.00%		20.00%

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Condensed Schedule of Investments (USD $)	Dec. 31, 2013	Dec. 31, 2012
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	$ 6,652,432	$ 2,551,354
Percentage of Partners' Capital (in hundredths)	4.54%	1.30%
Unrealized Currency Gain/(Loss)	(689,577)	(1,203,865)
Unrealized Currency Gain/(Loss) Percentage of Partners' Capital (in hundredths)	(0.47%)	(0.61%)
Contracts Purchased [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	3,023,628	2,076,324
Percentage of Partners' Capital (in hundredths)	2.07%	1.05%
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(1,214,349)	(257,575)
Percentage of Partners' Capital (in hundredths)	(0.82%)	(0.13%)
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	3,462,235	1,325,665
Percentage of Partners' Capital (in hundredths)	2.36%	0.67%
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,349,914	856,313
Percentage of Partners' Capital (in hundredths)	0.92%	0.43%
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(574,172)	151,921
Percentage of Partners' Capital (in hundredths)	(0.39%)	0.08%
Contracts Sold [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	4,318,381	1,678,895
Percentage of Partners' Capital (in hundredths)	2.94%	0.86%
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	2,107,872	(82,988)
Percentage of Partners' Capital (in hundredths)	1.44%	(0.04%)
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	32,409	(36,283)
Percentage of Partners' Capital (in hundredths)	0.02%	(0.02%)
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	927,755	1,942,804
Percentage of Partners' Capital (in hundredths)	0.63%	0.99%
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,250,345	(144,638)
Percentage of Partners' Capital (in hundredths)	0.85%	(0.07%)
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	0	43,205
Percentage of Partners' Capital (in hundredths)		0.19%
Unrealized Currency Gain/(Loss)	0	1,833
Unrealized Currency Gain/(Loss) Percentage of Partners' Capital (in hundredths)		0.01%
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts		5,545
Percentage of Partners' Capital (in hundredths)		0.02%
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts		5,545
Percentage of Partners' Capital (in hundredths)		0.02%
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts		35,827
Percentage of Partners' Capital (in hundredths)		0.16%
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts		35,827
Percentage of Partners' Capital (in hundredths)		0.16%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,200,500	981,779
Percentage of Partners' Capital (in hundredths)	14.70%	8.85%
Unrealized Currency Gain/(Loss)	889,621	876,453
Unrealized Currency Gain/(Loss) Percentage of Partners' Capital (in hundredths)	10.90%	7.90%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	86,040	88,742
Percentage of Partners' Capital (in hundredths)	1.05%	0.80%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(86,359)	(58,726)
Percentage of Partners' Capital (in hundredths)	(1.06%)	(0.53%)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	84,093	43,098
Percentage of Partners' Capital (in hundredths)	1.03%	0.39%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	115,306	78,781
Percentage of Partners' Capital (in hundredths)	1.41%	0.71%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(27,000)	25,589
Percentage of Partners' Capital (in hundredths)	(0.33%)	0.23%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	224,839	16,584
Percentage of Partners' Capital (in hundredths)	2.75%	0.15%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	144,024	11,711
Percentage of Partners' Capital (in hundredths)	1.76%	0.11%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(8,824)	(439)
Percentage of Partners' Capital (in hundredths)	(0.11%)	0.00%	[1]
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	26,188	24,791
Percentage of Partners' Capital (in hundredths)	0.32%	0.22%
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	63,451	(19,479)
Percentage of Partners' Capital (in hundredths)	0.78%	(0.18%)
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Contracts Written [Member] | Options Contracts [Member] | Future Contract [Member]
Investment Holdings [Line Items]
Net fair value	(31,915)	(22,859)
Fair value Percentage of Partners' Capital (in hundredths)	(0.39%)	(0.21%)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts		0
Unrealized Currency Gain/(Loss)		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,225,590	(1,041,544)
Percentage of Partners' Capital (in hundredths)	0.91%	(0.60%)
Unrealized Currency Gain/(Loss)	(3,447,831)	(3,483,151)
Unrealized Currency Gain/(Loss) Percentage of Partners' Capital (in hundredths)	(2.56%)	(2.01%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	2,805,307	1,101,353
Percentage of Partners' Capital (in hundredths)	2.08%	0.64%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(204,694)	(255,725)
Percentage of Partners' Capital (in hundredths)	(0.15%)	(0.15%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	3,109,753	965,010
Percentage of Partners' Capital (in hundredths)	2.31%	0.56%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	300,680	69,363
Percentage of Partners' Capital (in hundredths)	0.22%	0.04%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(400,432)	322,705
Percentage of Partners' Capital (in hundredths)	(0.30%)	0.19%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,868,114	1,340,254
Percentage of Partners' Capital (in hundredths)	1.39%	0.77%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	768,610	49,147
Percentage of Partners' Capital (in hundredths)	0.57%	0.03%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	22,944	(9,384)
Percentage of Partners' Capital (in hundredths)	0.02%	(0.01%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	497,611	1,322,968
Percentage of Partners' Capital (in hundredths)	0.37%	0.76%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	$ 578,949	$ (22,477)
Percentage of Partners' Capital (in hundredths)	0.43%	(0.01%)

[1] Amount less than 0.005%.

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Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

4. Related Party Transactions

Each Partnership’s cash is on deposit in commodity brokerage accounts with Morgan Stanley.  MS&Co. pays interest on these funds as described in Note 2.  Summary of Significant Accounting Policies.  Each Partnership pays brokerage fees to MS&Co. as described in Note 2. Summary of Significant Accounting Policies.  MS&Co. acts as the counterparty on all trading of foreign currency forward contracts.  MSCG acts as the counterparty on all trading of options on foreign currency forward contracts.

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Financial Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	$ 6,652,432	$ 2,551,354
Cash held by acting commodity futures brokers administrating open contracts	150,597,920	200,859,877
Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	6,193,496	2,503,274
Longest maturity date	Dec. 31, 2017	Mar. 31, 2017
Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	458,936	48,080
Longest maturity date	Mar. 31, 2014	Mar. 31, 2013
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	0	43,205
Cash held by acting commodity futures brokers administrating open contracts	0	6,788,072
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	0	0
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	0	43,205
Longest maturity date		Feb. 28, 2013
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	1,200,500	981,779
Cash held by acting commodity futures brokers administrating open contracts	8,467,348	11,255,076
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	1,200,500	951,801
Longest maturity date	Dec. 31, 2015	Dec. 31, 2014
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member] | Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	0	29,978
Longest maturity date		Feb. 28, 2013
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	1,225,590	(1,041,544)
Cash held by acting commodity futures brokers administrating open contracts	104,880,846	132,743,763
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	817,366	(1,651,077)
Longest maturity date	Jun. 30, 2018	Jun. 30, 2017
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain (loss) on open contracts	$ 408,224	$ 609,533
Longest maturity date	Jun. 30, 2014	Apr. 30, 2013

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Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Select

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		9,894,085			(3,011,012	)		6,883,073
Forwards		528,063			(69,127	)		458,936
Total Assets		10,422,148			(3,080,139	)		7,342,009
Liabilities
Futures		(3,011,012	)		3,011,012			–
Forwards		(69,127	)		69,127			–
Total Liabilities		(3,080,139	)		3,080,139			–
Unrealized currency loss								(689,577	)
Total net unrealized gain on open contracts								6,652,432

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		7,876,474			(4,169,335	)		3,707,139
Forwards		619,732			(571,652	)		48,080
Total Assets		8,496,206			(4,740,987	)		3,755,219
Liabilities
Futures		(4,169,335	)		4,169,335			–
Forwards		(571,652	)		571,652			–
Total Liabilities		(4,740,987	)		4,740,987			–
Unrealized currency loss								(1,203,865	)
Total net unrealized gain on open contracts								2,551,354

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		561,914		(1,776,263	)		2,430,029		(322,157	)		893,523			4,153
Equity		3,462,235		–			36,105		(3,696	)		3,494,644			1,717
Foreign currency		1,474,046		(124,132	)		986,884		(59,129	)		2,277,669			3,214
Interest rate		61,862		(636,034	)		1,409,073		(158,728	)		676,173			5,741
Total		5,560,057		(2,536,429	)		4,862,091		(543,710	)		7,342,009
Unrealized currency loss												(689,577	)
Total net unrealized gain on open contracts												6,652,432

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–	3
Options written		–	2

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		763,693		(1,021,268	)		1,051,860		(1,134,848	)		(340,563	)		4,025
Equity		1,842,840		(517,175	)		–		(36,283	)		1,289,382			1,915
Foreign currency		1,878,922		(1,022,609	)		2,196,364		(253,560	)		2,799,117			5,689
Interest rate		759,302		(607,381	)		3,225		(147,863	)		7,283			9,810
Total		5,244,757		(3,168,433	)		3,251,449		(1,572,554	)		3,755,219
Unrealized currency loss												(1,203,865	)
Total net unrealized gain on open contracts												2,551,354

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Select

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(8,240,610	)		(12,872,729	)		(17,215,862	)
Equity		17,236,173			6,993,095			(27,174,382	)
Foreign currency		69,245			(2,206,555	)		(11,400,426	)
Interest rate		(3,637,449	)		1,388,041			19,104,345
Unrealized currency gain (loss)		514,288			99,725			(567,763	)
Total		5,941,647			(6,598,423	)		(37,254,088	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		1,840,569		(2,747,878	)		(23,852,820	)
Net change in unrealized		4,101,078		(3,850,545	)		(13,401,268	)
Total		5,941,647		(6,598,423	)		(37,254,088	)

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

The following tables summarize the valuation of each Partnership’s investments as of December 31, 2013 and 2012.

Spectrum Currency

As of December 31, 2013, Spectrum Currency held no futures and forward contracts; therefore, there were no net unrealized gains and losses on futures and forward contracts.

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
		$			$			$
Assets
Forwards		105,849			(64,477	)		41,372
Total Assets		105,849			(64,477	)		41,372
Liabilities
Forwards		(64,477	)		64,477			–
Total Liabilities		(64,477	)		64,477			–
Unrealized currency gain								1,833
Total net unrealized gain on open contracts								43,205

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts

Long Unrealized Gain

Long Unrealized Loss

Short Unrealized Gain

Short Unrealized Loss

Net Unrealized Gain (Loss)

Average Number of Contracts Outstanding for the Year (Absolute Quantity)

$

$

$

$

$

Foreign currency

–

–

–

–

–

826

Total

–

–

–

–

–

Unrealized currency gain (loss)

–

Total net unrealized gain (loss) on open contracts

–

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–		1

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Foreign currency		47,414		(41,869	)		58,435		(22,608	)		41,372		1,498
Total		47,414		(41,869	)		58,435		(22,608	)		41,372
Unrealized currency gain												1,833
Total net unrealized gain on open contracts												43,205

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–	1
Options written		–	1

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Currency

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(565,844	)		(2,081,165	)		–
Foreign currency		1,542,186			174,080			(1,647,809	)
Unrealized currency loss		(1,832	)		(33,641	)		(46,233	)
Total		974,510			(1,940,726	)		(1,694,042	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013			2012			2011
Trading Results	$			$			$
Net realized		444,474			(199,068	)		(483,261	)
Net change in unrealized		(43,205	)		133,331			(1,210,781	)
Realized loss on investment in KR Master Fund		(551,662	)		(488,412	)		–
Realized loss on investment in FL Master Fund		–			(2,033,985	)		–
Realized income (loss) on investment in Cambridge Master Fund		1,188,237			(44,139	)		–
Unrealized appreciation on investment in FL Master Fund		–			514,630			–
Unrealized appreciation (depreciation) on investment in KR Master Fund		(23,816	)		52,939			–
Unrealized appreciation (depreciation) on investment in Cambridge Master Fund		(39,518	)		123,978			–
Total		974,510			(1,940,726	)		(1,694,042	)

Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Global Balanced

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		511,577			(200,698	)		310,879
Total Assets		511,577			(200,698	)		310,879
Liabilities
Futures		(200,698	)		200,698			–
Total Liabilities		(200,698	)		200,698			–
Unrealized currency gain								889,621
Total net unrealized gain on open contracts								1,200,500

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		270,741			(195,393	)		75,348
Forwards		70,236			(40,258	)		29,978
Total Assets		340,977			(235,651	)		105,326
Liabilities
Futures		(195,393	)		195,393			–
Forwards		(40,258	)		40,258			–
Total Liabilities		(235,651	)		235,651			–
Unrealized currency gain								876,453
Total net unrealized gain on open contracts								981,779

Schedule of Derivatives Not Offset in Statement of Financial Condition

	Gross amounts not offset in the Statements of Financial Condition
	Financial Instruments			Cash Collateral Received		Net Amount
	$			$		$
Liabilities
Options written		(31,915	)		–		(31,915	)
Total Liabilities		(31,915	)		–		(31,915	)
Total							(31,915	)
Net fair value							1,168,585

 

	Gross amounts not offset in the Statements of Financial Condition
	Financial Instruments			Cash Collateral Received		Net Amount
	$			$		$
Liabilities
Options written		(22,859	)		–		(22,859	)
Total Liabilities		(22,859	)		–		(22,859	)
Total							(22,859	)
Net fair value							958,920

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		35,708		(122,067	)		152,026		(8,002	)		57,665		201
Equity		84,250		(157	)		19,206		(28,030	)		75,269		54
Foreign currency		117,601		(2,295	)		27,474		(1,286	)		141,494		705
Interest rate		10,679		(37,679	)		64,633		(1,182	)		36,451		298
Total		248,238		(162,198	)		263,339		(38,500	)		310,879
Unrealized currency gain												889,621
Total net unrealized gain on open contracts												1,200,500

				Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–			1
Options written		(31,915	)		10

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		15,953		(74,679	)		34,996		(23,285	)		(47,015	)		195
Equity		51,479		(8,381	)		15,186		(15,625	)		42,659			46
Foreign currency		125,101		(46,320	)		53,721		(28,930	)		103,572			892
Interest rate		44,541		(18,952	)		–		(19,479	)		6,110			405
Total		237,074		(148,332	)		103,903		(87,319	)		105,326
Unrealized currency gain												876,453
Total net unrealized gain on open contracts												981,779

				Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value	$
Options purchased		–			1
Options written		(22,859	)		14

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Global Balanced

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(813,691	)		(261,829	)		(864,562	)
Equity		330,825			224,150			(965,779	)
Foreign currency		604,077			171,401			(735,607	)
Interest rate		(54,064	)		6,538			1,137,203
Unrealized currency gain (loss)		13,168			(18,409	)		(61,781	)
Total		80,315			121,851			(1,490,526	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013			2012			2011
Trading Results		$			$			$
Net realized		(129,286	)		370,013			(1,151,478	)
Net change in unrealized		209,601			(248,162	)		(339,048	)
Total		80,315			121,851			(1,490,526	)

Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The Partnership held no futures or forward contracts; therefore, there were no net unrealized gains or losses on futures or forward contracts.

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss		Short Unrealized Gain		Short Unrealized Loss		Net Unrealized Gain (Loss)		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$		$		$		$
Commodity		—		—		—		—		—		752
Equity		—		—		—		—		—		328
Foreign currency		—		—		—		—		—		6,514
Interest rate		—		—		—		—		—		2,260
Total		—		—		—		—		—
Unrealized currency gain (loss)										—
Total net unrealized gain (loss) on open contracts										—

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Strategic

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		2,391,667			(1,374,285	)		(18,052,648	)
Equity		853,223			(3,098,127	)		(2,778,840	)
Foreign currency		197,595			(39,186	)		(14,779,073	)
Interest rate		(563,163	)		2,280,070			7,707,782
Unrealized currency loss		–			–			(86,013	)
Total		2,879,322			(2,231,528	)		(27,988,792	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		–		–			2,750,625
Net change in unrealized		–		–			(8,555,065	)
Realized gain (loss) on investment in BHM I, LLC		559,473		(429,295	)		(958,118	)
Realized gain (loss) on investment in PGR Master Fund		5,825		(25,751	)		–
Realized gain on investment in MB Master Fund		22,738		3,838			–
Unrealized appreciation (depreciation) on investment in BHM I, LLC		981,916		(687,951	)		(21,346,446	)
Unrealized appreciation (depreciation) on investment in PGR Master Fund		1,092,727		(1,252,834	)		240,600
Unrealized appreciation (depreciation) on investment in MB Master Fund		216,643		160,465			(120,388	)
Total Trading Results		2,879,322		(2,231,528	)		(27,988,792	)

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Technical

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		5,404,721			(1,139,524	)		4,265,197
Forwards		728,738			(320,514	)		408,224
Total Assets		6,133,459			(1,460,038	)		4,673,421
Liabilities
Futures		(1,139,524	)		1,139,524			–
Forwards		(320,514	)		320,514			–
Total Liabilities		(1,460,038	)		1,460,038			–
Unrealized currency loss								(3,447,831	)
Total net unrealized gain on open contracts								1,225,590

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		4,081,355			(2,249,281	)		1,832,074
Forwards		1,275,053			(665,520	)		609,533
Total Assets		5,356,408			(2,914,801	)		2,441,607
Liabilities
Futures		(2,249,281	)		2,249,281			–
Forwards		(665,520	)		665,520			–
Total Liabilities		(2,914,801	)		2,914,801			–
Unrealized currency loss								(3,483,151	)
Total net unrealized loss on open contracts								(1,041,544	)

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		182,135		(386,829	)		893,327		(124,717	)		563,916			1,300
Equity		3,110,927		(1,174	)		28,444		(5,500	)		3,132,697			1,458
Foreign currency		539,752		(239,072	)		601,972		(104,361	)		798,291			4,080
Interest rate		152,993		(553,425	)		623,909		(44,960	)		178,517			3,501
Total		3,985,807		(1,180,500	)		2,147,652		(279,538	)		4,673,421
Unrealized currency loss												(3,447,831	)
Total net unrealized gain on open contracts												1,225,590

December 31, 2012

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		503,509		(759,234	)		451,092		(401,945	)		(206,578	)		1,895
Equity		1,289,387		(324,377	)		33		(9,417	)		955,626			1,525
Foreign currency		751,769		(682,406	)		1,511,142		(188,174	)		1,392,331			4,077
Interest rate		845,015		(522,310	)		4,461		(26,938	)		300,228			6,112
Total		3,389,680		(2,288,327	)		1,966,728		(626,474	)		2,441,607
Unrealized currency loss												(3,483,151	)
Total net unrealized loss on open contracts												(1,041,544	)

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–		6
Options written		–		6

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Technical

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		1,447,554			7,806,061			(13,197,401	)
Equity		16,778,460			(58,323,819	)		(16,512,047	)
Foreign currency		1,893,467			(30,995,834	)		(3,771,234	)
Interest rate		(10,210,043	)		68,102,911			33,707,895
Unrealized currency gain (loss)		35,320			(6,376,922	)		87,382
Proceeds from Litigation		–			–			10,951
Total		9,944,758			(19,787,603	)		325,546

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		7,217,969		(6,219,265	)		11,402,800
Net change in unrealized		2,267,134		(9,809,697	)		(11,820,187	)
Realized gain (loss) on investment in Blackwater Master Fund		396,051		(4,657,167	)		167,699
Unrealized appreciation on Investment in Blackwater Master Fund		63,604		898,526			564,283
Proceeds from Litigation		–		–			10,951
Total Trading Results		9,944,758		(19,787,603	)		325,546