Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Assets and Liabilities Measured at Fair Value

The following tables present information about Spectrum Select’s and Spectrum Technical’s assets and liabilities measured at fair value as of December 31, 2015 and 2014:

Spectrum Select

December 31, 2015	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury Bills	$	55,493,206	$	-	$	55,493,206	$	-
* Futures		3,831,162		3,831,162		-		-
* Forwards		1,168,919		740,942		427,977		-
Total Assets	$	60,493,287	$	4,572,104	$	55,921,183	$	-
Liabilities
* Futures	$	2,431,726	$	2,431,726	$	-	$	-
* Forwards		1,125,088		954,788		170,300		-
Total Liabilities	$	3,556,814	$	3,386,514	$	170,300	$	-
Net fair value	$	56,936,473	$	1,185,590	$	55,750,883	$	-

December 31, 2014	Total		Level 1		Level 2		Level 3
Assets
* Futures	$	7,228,527	$	7,228,527	$	-	$	-
* Forwards		2,346,025		1,699,736		646,289		-
Total Assets	$	9,574,552	$	8,928,263	$	646,289	$	-
Liabilities
* Futures	$	1,519,724	$	1,519,724	$	-	$	-
* Forwards		1,592,346		1,441,911		150,435		-
Total Liabilities	$	3,112,070	$	2,961,635	$	150,435	$	-
Net fair value	$	6,462,482	$	5,966,628	$	495,854	$	-

* Included as a component of “Net unrealized gain (loss) on open contracts” in the respective Partnership’s Statements of Financial Condition.

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Summary of Assets and Liabilities Measured at Fair Value

Spectrum Technical
December 31, 2015	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury Bills	$	21,747,370	$	-	$	21,747,370	$	-
* Futures		1,246,261		1,246,261		-		-
* Forwards		1,901,957		156,179		1,745,778		-
Total Assets	$	24,895,588	$	1,402,440	$	23,493,148	$	-
Liabilities
* Futures	$	1,548,907	$	1,548,907	$	-	$	-
* Forwards		1,988,889		366,155		1,622,734		-
Total Liabilities	$	3,537,796	$	1,915,062	$	1,622,734	$	-
Net fair value	$	21,357,792	$	(512,622)	$	21,870,414	$	-
December 31, 2014	Total		Level 1		Level 2		Level 3
Assets
* Futures	$	4,533,559	$	4,533,559	$	-	$	-
* Forwards		2,011,895		274,957		1,736,938		-
Total Assets	$	6,545,454	$	4,808,516	$	1,736,938	$	-
Liabilities
* Futures	$	797,767	$	797,767	$	-	$	-
* Forwards		1,677,220		372,992		1,304,228		-
Total Liabilities	$	2,474,987	$	1,170,759	$	1,304,228	$	-
Net fair value	$	4,070,467	$	3,637,757	$	432,710	$	-

* Included as a component of “Net unrealized gain (loss) on open contracts” in the respective Partnership’s Statements of Financial Condition.