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, 2016

OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from                 to                 

Commission File Number 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.)

c/o Ceres Managed Futures LLC

522 Fifth Avenue

New York, New York 10036

(Address and Zip Code of principal executive offices)

(855) 672-4468

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:	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 ☐    No ☑

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 ☐    No ☑

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 ☑    No ☐

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 Regulation 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 ☑    No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 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. ☑

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☐	Accelerated filer  ☐	Non-accelerated filer  ☑	Smaller reporting company  ☐
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐    No ☑

Limited Partnership Units with an aggregate value of $80,453,731 were outstanding and held by non-affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter.

As of February 28, 2017, 2,405,774.481 Limited Partnership Units were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

(See Next Page)

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

Documents Incorporated	Part of Form 10-K
Annual Report to Morgan Stanley Spectrum Series Limited Partners for the year ended December 31, 2016	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 General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. 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, Ceres Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.), Morgan Stanley Smith Barney Spectrum Strategic L.P. and Morgan Stanley Smith Barney Spectrum Technical L.P.

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 Partnership. Ceres is a wholly owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) is a principal subsidiary of MSD Holdings. MS&Co. and its affiliates act as the custodians of the Partnership’s assets available for trading in Futures Interests. MS&Co. is a wholly-owned subsidiary of Morgan Stanley.

The clearing commodity broker for the Partnership is Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership also deposits a portion of its cash in a non-trading account at JP Morgan Chase Bank N.A. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts.

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

Effective June 30, 2016, the General Partner terminated the management agreement, dated as of October 9, 2007, as amended, among the Partnership, the General Partner and Altis Partners (Jersey) Limited (“Altis”), pursuant to which Altis traded a portion of the Partnership’s assets. Consequently, Altis ceased all Futures Interest trading on behalf of the Partnership.

Effective the close of business on August 8, 2014, Ceres terminated the management agreement among Ceres, Northfield Trading L.P. (“Northfield”) and the Partnership pursuant to which Northfield ceased all Futures Interests trading on behalf of the Partnership.

References herein to the “Trading Advisors” may include, as relevant, Altis and Northfield.

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.

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The management fee for the Partnership is accrued at a rate of 1/12th of 1.75% (a 1.75% annual rate) per month of the Partnership’s net assets allocated to Graham on the first day of each month, 1/12th of 2% (a 2% annual rate) per month of the Partnership’s net assets allocated to Rabar on the first day of each month and 1/12th of 1% (a 1% annual rate) per month of the Partnership’s net assets allocated to EMC on the first day of each month. Prior to January 1, 2016, the management fee paid by the Partnership to EMC was accrued at a rate of 1/12th of 2% (a 2% annual rate) per month of the Partnership’s net assets allocated to EMC on the first day of each month. Prior to April 1, 2014, the monthly management fee payable to by the Partnership to Graham was 1/6th of 1% (a 2% annual rate) per month of the Partnership’s net assets allocated to Graham on the first day of each month. The monthly management fee payable by the Partnership to Altis prior to its termination on June 30, 2016 was 1/12th of 1.25% (a 1.25% annual rate) per month of the Partnership’s net assets allocated to Altis on the first day of each month. The monthly management fee payable by the Partnership to Northfield prior to its termination on August 8, 2014 was 1/12th of 1% (a 1% annual rate) per month of the Partnership’s net assets allocated to Northfield on the first day of each month.

In addition, the Partnership pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the Partnership’s net assets allocated to EMC, Rabar and Graham as of the end of each calendar month. Prior to its termination on June 30, 2016, Altis was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to the Partnership’s net assets allocated to Altis as of the end of each calendar month. Prior to its termination on August 8, 2014, Northfield was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to the Partnership’s net assets allocated to Northfield as of the end of each calendar month.

Trading profits represent the amount by which profits from trading in Futures Interests exceed losses after brokerage, ongoing placement agent, General Partner and management fees, as applicable, 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 or reallocations.

The Management Agreement with EMC will renew annually unless terminated by the General Partner or EMC. The Management Agreement with Graham will renew annually unless terminated by the General Partner or Graham. The Management Agreement with Rabar will renew annually unless terminated by the General Partner or Rabar. In general, each Management Agreement may be terminated upon notice by either party.

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

Effective October 1, 2014, the flat rate brokerage fee, equal to an annual rate of 4.0% of the Partnership’s net assets, was separated into (i) a general partner administrative fee payable to the General Partner (the “General Partner fee”) equal to an annual rate of 2.0% of the Partnership’s net assets, and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of the Partnership’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by the Partnership.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The General Partner pays or reimburses each Partnership, from the General Partner fee it receives from the Partnership, the ordinary administrative expenses of the Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnership’s break-even point.

The Partnership began the year at a net asset value per unit of limited partnership interest (“Unit(s)”) of $27.93 and decreased 15.7% to $23.54 per Unit on December 31, 2016. 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 Interests 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.”

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(c) Narrative Description of Business. The Partnership is in the business of speculative trading of Futures Interests 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 Interests on non-U.S. exchanges.

(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

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 Interests, 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 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 or terminate one or more or select additional Trading Advisors at any time. Any such reallocation could adversely affect the performance of the Partnership or 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 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 depletion of its assets. The Partnership is required to pay 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.

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 to a Trading Advisor on an annual, monthly or quarterly basis, 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 earned by the Trading Advisor, 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.

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Restricted Investment Liquidity in the Units. There is no secondary market for the Units, and you generally 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 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 last day 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 or publicly traded partnership 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.

● The General Partner, Morgan Stanley Investment Management, Morgan Stanley Wealth Management and MS&Co. 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. The officers and directors of the General Partner are also employees of Morgan Stanley or one of its subsidiaries and may have a conflict of interest between their responsibility to the General Partner and the commodity pools it operates. Some of the compensation for such officers and directors of the General Partner may be based in part on the profitability of Morgan Stanley and its managed futures business operated by the General Partner.

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

● The Trading Advisors, the General Partner, Morgan Stanley and its affiliates and subsidiaries may trade Futures Interests 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 Interests. 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.

● For excess cash which is not invested, MS&Co. and the General Partner retain any interest earned on cash in the Partnership’s account in excess of the rate specified in the Memorandum. That could create an incentive for the General Partner to retain excess cash in cash instead of permitted investments.

● The General Partner may purchase money market mutual fund shares from mutual funds affiliated and/or unaffiliated with the General Partner.

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 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. Because Futures Interests have historically performed independently of traditional investments in equities and bonds, the General Partner believes that managed futures funds like the Partnership can diversify a traditional portfolio of equities and bonds. However, the General Partner cannot assure you that the Partnership will perform with a significant degree of non- or low-correlation to your other investments in the future. You may lose your entire investment in the Partnership.

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 trading advisor and the investment company).

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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 (“BHC”) that has elected financial holding company (“FHC”) status under the Bank Holding Company Act of 1956 (“BHCA”), Morgan Stanley and its affiliates are subject to comprehensive, consolidated supervision and regulation of the Board of Governors of the Federal Reserve System (“Federal Reserve”). Since the General Partner is a subsidiary of Morgan Stanley, the Federal Reserve will treat the Partnership as an affiliate of Morgan Stanley. As a result, the Partnership will be subject to the BHCA and the Federal Reserve’s implementing regulations and interpretations, which are subject to change.

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

Effect on the Partnership of the “Volcker Rule.” In December 2013, the Federal Reserve, 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 became effective on April 1, 2014 and is being implemented over time. Covered fund investments and relationships in place 2014 or after became subject to the Volcker Rule and Final Rule on July 21, 2015. Covered fund investments and relationships in place before 2014 are subject to an extended conformance period granted by the Federal Reserve in July 2016, which absent an extension, will expire on July 21, 2017. 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.” 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 or retain an equity or other ownership interest in the covered fund except for a de minimis investment, after an initial seeding period. Moreover, all banking entities engaging in proprietary trading or covered funds activities subject to the Final Rule must adopt a compliance program, including meeting certain documentation and reporting requirements. The banking agencies make clear, however, that the terms, scope and detail of the compliance program depend on the types, size, scope and complexity of the activities and business structure of the banking entity.

The Volcker Rule and Final Rule impose a number of restrictions on Morgan Stanley and its affiliates that could affect the Partnership, the General Partner, and the limited partners. For example, to sponsor and invest in the Partnership, Morgan Stanley believes that it will need to comply with the Final Rule’s “asset management” exemption to the Volcker Rule’s prohibition on sponsoring and investing in covered funds. Under this exemption, investments made by Morgan Stanley (aggregated with certain affiliate and employee investments) in the Partnership will be limited to 3% of the Partnership’s total ownership interests, measured by reference to both number of ownership interests and the fair market value of such ownership interests (“per fund limit”). In addition, total investments in covered funds by Morgan Stanley (aggregated with certain affiliate and employee investments) in reliance on the asset management exception and certain other exemptions are limited to 3% of Morgan Stanley’s tier 1 capital (“aggregate limit”). A change in the tier 1 capital of Morgan Stanley may mean that retention of some or all of the ownership interests in the Partnership by Morgan Stanley or certain of its affiliates and employees would violate the aggregate investment limit. In addition, redemptions from the Partnership, withdrawal or default of an investor in the Partnership, or an excuse or election to not participate in a call for capital contributions by an investor in the Partnership, may cause a violation of the per fund limit by Morgan Stanley. To the extent that the retention of an interest in the Partnership or further investment in the Partnership by Morgan Stanley or certain of its affiliates and employees would result in a violation of either the per fund limit or the aggregate limit, then Morgan Stanley and certain of its affiliates and employees may be required to dispose, transfer or otherwise reduce some or all of its interests in the Partnership or may be prohibited, entirely or partially, from making further investments in the Partnership.

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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, or (ii) that was organized and offered by the banking entity, or (iii) in which the banking entity continues to hold an ownership interest, pursuant to a particular Volcker Rule exemption. These general prohibitions will restrict certain lending, hedging, and other transactions and relationships between Morgan Stanley affiliates and the Partnership, which will require restructuring of those relationships prior to the end of the applicable conformance period.

While the General Partner will endeavor to minimize the impact of the Volcker Rule and the Final Rule on the Partnership, Morgan Stanley’s interests in determining what actions to take in implementing a compliance program under the Volcker Rule may conflict with the interests of the Partnership, the General Partner, and the limited partners, all of which may be adversely affected by such actions.

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 an insured 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 OTC 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.

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

The General Partner, the Partnership and its Service Providers and their Respective Operations Are Potentially Vulnerable to Cyber-Security Attacks or Incidents. Like other business enterprises, the use of the internet and other electronic media and technology exposes the General Partner, the Partnership and its service providers, and their respective operations, to potential risks from cyber-security attacks or incidents (collectively, “cyber events”). Cyber events may include, for example, unauthorized access to systems, networks or devices, infection from computer viruses or other malicious software code, mishandling or misuse of information and attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality. In addition to intentional cyber events, unintentional cyber events can occur. Unintentional cyber events may include, for example, the inadvertent release of confidential information, the mishandling or misuse of information and/or technological limitations or hardware failures (in the markets or otherwise) that constrain the Partnership’s ability to gather, process and communicate information efficiently and securely, without interruption.

Any cyber event could adversely affect the Partnership’s business, financial condition or results of operations and cause the Partnership to incur financial loss and expense, as well as face exposure to regulatory penalties or legal claims, reputational damage and additional costs associated with corrective measures. A cyber-security breach could also jeopardize a limited partner’s personal, confidential, proprietary or other information processed and stored in, and transmitted through, the General Partner’s or a service provider’s computer systems. A cyber event may cause the Partnership or its service providers to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, calculate the Partnership’s net asset value, or allow investors to transact business) and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber events also may result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Partnership or its service providers.

The nature of malicious cyber-attacks is becoming increasingly sophisticated and neither the General Partner nor the Partnership can control the cyber systems and cyber-security systems of the Trading Advisors or other third-party service providers.

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The General Partner May Determine to Invest Up To All of the Partnership’s Assets in U.S. Treasury Bills and/or Money Market Mutual Fund Securities. The General Partner has invested a portion, and may determine to invest up to all, of the Partnership’s assets in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership will retain all interest income earned on U.S. Treasury bills and money market mutual fund securities purchased.

In the event that the General Partner is required to liquidate U.S. Treasury bills before they mature, to meet redemption requests or otherwise, the Partnership may incur a loss on such U.S. Treasury bills and/or may be subject to additional fees or other costs. The General Partner will endeavor to maintain sufficient cash in the Partnership’s accounts in order to meet margin requirements and avoid early liquidation of U.S. Treasury bills.

Although a money market mutual fund currently seeks to preserve the value of each of its shares at $1.00 per share, it is possible to incur losses when investing in a money market mutual fund. An investment in a money market mutual fund is not insured or guaranteed by any government agency. A money market mutual fund may experience significant pressures from, among other things, shareholder redemptions, issuer credit downgrades and illiquid markets. There have been some money market mutual funds that have “broken the buck,” which means that, upon redemption, investors in those funds did not receive $1.00 per share for their investments in those funds. Recent rule amendments adopted by the SEC will require certain money market mutual funds to implement floating net asset values in the future that will not preserve the value of each of its shares at $1.00 per share. The implementation of these rule amendments may impact the Partnership’s use of these money market mutual funds for capital preservation purposes.

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 Interests 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 Interests, 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 Interests involves substantial leverage, which could result in immediate and substantial losses. Due to the low margin deposits normally required in trading Futures Interests (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 Interests 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 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 of an option may lose 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.

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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;

● 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 possible that the Partnership may 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 U.S. 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, 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, may 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, broker or bank are likely to differ from rights that the Partnership would have in the U.S. and these rights may be more limited than in the case of failures of U.S. markets, brokers or banks.

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 U.S. 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 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.

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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 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 Trades in the OTC 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 OTC “spot” contracts, are entered into between private parties off 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 or foreign exchange forwards and foreign exchange swaps (as such terms are defined in the Dodd-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 is at risk with respect to the creditworthiness and trading practices of MS&Co. as the counterparty to the contracts. See “Trading Swaps Creates Distinctive Risks” below.

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.

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 by a clearinghouse 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 by a clearinghouse 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. Swap dealers and major swap participants require the Partnership to deposit initial margin and variation margin as collateral to support the Partnership’s obligation under the swap agreement but may not themselves provide collateral for the benefit of the Partnership (except to the extent required, beginning September 1, 2016, under the rules finalized by the CFTC and the prudential regulators as described below). 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 likely result in losses to the Partnership.

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.

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Trading of swaps has been and will continue to be subject to substantial change under the Dodd-Frank Act and related regulatory action. Under the Dodd-Frank Act, many commodity swaps may 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. The CFTC and the prudential regulators that oversee swap dealers finalized rules regarding margin for uncleared swaps that imposed certain requirements beginning September 1, 2016 that may adversely impact the manner in which such swaps are traded and/or settled or increase the costs of such trades. Uncleared swaps will generally be subject to initial and variation margin requirements which may require the Partnership to post collateral to swap dealers and collect collateral from swap dealers. Additional regulatory requirements will apply to all swaps, whether subject to mandatory clearing or not. These include 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.

Non-U.S. depositories are not subject to U.S. regulation. The Partnership’s assets held in these depositories are subject to the risk that events could occur which would hinder or prevent the availability of these funds for distribution to customers, including the Partnership. Such events may include actions by the government of the jurisdiction in which the depository is located including expropriation, taxation, moratoria and political or diplomatic events.

Implementation of Legislation is Not Complete. Rules implementing the Dodd-Frank Act and similar legislation in other countries are not yet complete. The impact of future rules on transactions of the type undertaken by the Partnership is not certain.

Changes in Regulation of Swaps Could Lead to Increased Costs. As the Dodd-Frank Act and related rules, as well as analogous legislation and regulations in other countries, are implemented and market infrastructure adapts to the changes, the cost of engaging in trading of swaps and other products could increase, reducing the profits from those trades.

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 and could affect a large portion of the market.

Deregistration of the Commodity Pool Operator or Commodity Trading Advisors Could Disrupt Operations. The General Partner is a registered commodity pool operator and each Trading Advisor is registered with the CFTC as a 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 Partnership is Subject to Speculative Position Limits. U.S. futures exchanges have established speculative position limits (referred to as “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 rules governing position limits on futures (and options on futures) on a number 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. The CFTC proposed revised position limits rules late in 2013. The comment period for the rules closed in February 2014, and the CFTC subsequently reopened comment periods for comments about certain issues related to futures and options contracts on agricultural commodities only. The CFTC re-proposed revised position limits rules late in 2016, and the comment period for the rules closes in February 2017. It is possible that these rules may take effect in some form. If so, these rules could have an adverse effect on the Partnership’s trading.

The Partnership has 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.

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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 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 OTC foreign exchange contracts and uncleared swaps with MS&Co. prior to the implementation of the Dodd-Frank Act’s provisions, there was no requirement to segregate funds held with respect to such contracts. The CFTC and the prudential regulators that oversee swap dealers finalized rules regarding margin for uncleared swaps that imposed certain requirements beginning September 1, 2016 that may adversely impact the manner in which such swaps are traded and/or settled or increase the costs of such trades. Uncleared swaps will generally be subject to initial and variation margin requirements which may require the Partnership to post collateral to swap dealers and collect collateral from swap dealers. Any initial margin that may be required to be posted by a swap dealer or the Partnership must be segregated and held by an independent third party custodian and cannot be rehypothecated. Variation margin is not required to be segregated and may be rehypothecated. There may also be costs and delays involved in negotiating the custodial arrangement and related contractual terms.

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 Interests 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 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.

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 Interests, 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 Advisor at any time. Any such reallocation could adversely affect the performance of the Partnership or any one Trading Advisor.

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.

Increasing the Assets Managed by the Trading Advisors May Adversely Affect Their Performance. The rates of return achieved by a commodity trading advisor often diminish as the assets under its 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.

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.

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Disadvantages of Replacing or Switching Trading Advisors. The Trading Advisors are required to recoup previous trading losses before they can earn performance-based compensation. 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 approximately $339.7 billion as of December 31, 2016 (source: BarclayHedge, Ltd., Fairfield, IA). 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 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.

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 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. Pursuant to new legislation effective for tax years beginning on or after January 1, 2018, audits of the Partnership generally will be conducted at the Partnership level and any adjustment that results in additional tax (including interest and penalties thereon) will be assessed and collected at the Partnership level in the current taxable year, with the current partners indirectly bearing such cost, unless the Partnership makes an election to issue adjusted K-1s to those partners that were partners in the taxable year subject to audit. Therefore, unless the Partnership elects otherwise, the Partnership may be directly responsible in the current taxable year for the income tax liability resulting from an audit adjustment that relates to a prior taxable year in which a current limited partner did not own an interest in the Partnership or in which the limited partner’s ownership percentage has since changed. The full implications of these new rules are not yet known and limited partners should consult their tax advisers regarding the potential implications of this new audit regime.

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 39.6%.

The IRS Could Take the Position that Deductions for Certain Partnership Expenses Are Subject To 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.

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Item 1B.  Unresolved Staff Comments.

  Not applicable.

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, New York, NY 10036.

Item 3.  Legal Proceedings.

This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which MS&Co. or its subsidiaries is a party or to which any of their property is subject. There are no material legal proceedings pending against the Partnership or the General Partner.

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.”).

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, as amended (the “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 2016, 2015, 2014, 2013, and 2012. In addition, MS&Co. annually prepares an Audited Consolidated Statements of Financial Condition (“Audited Financial Statement”) that is publicly available on Morgan Stanley’s website at www.morganstanley.com. We refer you to the “Commitments, Guarantees and Contingencies—Contingencies—Legal” section in MS&Co.’s 2016 Audited Financial Statement.

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 National Futures Association.

Regulatory and Governmental Matters

MS&Co. has received subpoenas and requests for information from certain federal and state regulatory and governmental entities, including among others various members of the RMBS Working Group of the Financial Fraud Enforcement Task Force, such as the United States Department of Justice, Civil Division and several state Attorney General’s Offices, concerning the origination, financing, purchase, securitization and servicing of subprime and non-subprime residential mortgages and related matters such as residential mortgage backed securities (“RMBS”), collateralized debt obligations (“CDOs”), structured investment vehicles (“SIVs”) and credit default swaps backed by or referencing mortgage pass-through certificates. These matters, some of which are in advanced stages, include, but are not limited to, investigations related to MS&Co.’s due diligence on the loans that it purchased for securitization, MS&Co.’s communications with ratings agencies, MS&Co.’s disclosures to investors, and MS&Co.’s handling of servicing and foreclosure related issues.

On February 25, 2015, MS&Co. reached an agreement in principle with the United States Department of Justice, Civil Division and the United States Attorney’s Office for the Northern District of California, Civil Division (collectively, the “Civil Division”) to pay $2.6 billion to resolve certain claims that the Civil Division indicated it intended to bring against MS&Co. That settlement was finalized on February 10, 2016.

In October 2014, the Illinois Attorney General’s Office (“ILAG”) sent a letter to MS&Co. alleging that MS&Co. knowingly made misrepresentations related to RMBS purchased by certain pension funds affiliated with the State of Illinois and demanding that MS&Co. pay ILAG approximately $88 million. MS&Co. and ILAG reached an agreement to resolve the matter on February 10, 2016.

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On January 13, 2015, the New York Attorney General’s Office (“NYAG”), which is also a member of the RMBS Working Group, indicated that it intended to file a lawsuit related to approximately 30 subprime securitizations sponsored by MS&Co. NYAG indicated that the lawsuit would allege that MS&Co. misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. MS&Co. and NYAG reached an agreement to resolve the matter on February 10, 2016.

On June 5, 2012, MS&Co. consented to and became the subject of an Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, as amended, Making Findings and Imposing Remedial Sanctions by The Commodity Futures Trading Commission (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 (“EFRP”). Specifically, the CFTC found that from April 2008 through October 2009, MS&Co. violated Section 4c(a) of the Commodity Exchange Act, as amended (the “CEA”) and CFTC 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 EFRPs in violation of CME and CBOT rules because those trades lacked the corresponding and related cash, OTC swap, OTC option, or other OTC derivative position. In addition, the CFTC found that MS&Co. violated CFTC Regulation 166.3 by failing to supervise the handling of the trades at issue and failing to have adequate policies and procedures designed to detect and deter the violations of the CEA and CFTC Regulations. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. 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. MS&Co. entered into corresponding and related settlements with the CME and CBOT in which the CME found that MS&Co. violated CME Rules 432.Q and 538 and fined MS&Co. $750,000 and CBOT found that MS&Co. violated CBOT Rules 432.Q and 538 and fined MS&Co. $1,000,000.

On July 23, 2014, the SEC approved a settlement by MS&Co. and certain affiliates to resolve an investigation related to certain subprime RMBS transactions sponsored and underwritten by those entities in 2007. Pursuant to the settlement, MS&Co. and certain affiliates were charged with violating Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”), agreed to pay disgorgement and penalties in an amount of $275 million and neither admitted nor denied the SEC’s findings.

On April 21, 2015, the Chicago Board Options Exchange, Incorporated (“CBOE”) and the CBOE Futures Exchange, LLC (“CFE”) filed statements of charges against MS&Co. in connection with trading by one of MS&Co.’s former traders of EEM options contracts that allegedly disrupted the final settlement price of the November 2012 VXEM futures. CBOE alleged that MS&Co. violated CBOE Rules 4.1, 4.2 and 4.7, Sections 9(a) and 10(b) of the Exchange Act, and Rule 10b-5 thereunder. CFE alleged that MS&Co. violated CFE Rules 608, 609 and 620. The matters were resolved on June 28, 2016 without any findings of fraud.

On June 18, 2015, MS&Co. entered into a settlement with the SEC and paid a fine of $500,000 as part of the MCDC Initiative to resolve allegations that MS&Co. failed to form a reasonable basis through adequate due diligence for believing the truthfulness of the assertions by issuers and/or obligors regarding their compliance with previous continuing disclosure undertakings pursuant to Rule 15c2-12 in connection with offerings in which MS&Co. acted as senior or sole underwriter.

On August 6, 2015, MS&Co. consented to and became the subject of an order by the CFTC to resolve allegations that MS&Co. violated CFTC Regulation 22.9(a) by failing to hold sufficient US Dollars in cleared swap segregated accounts in the United States to meet all US Dollar obligations to cleared swaps customers. Specifically, the CFTC found that while MS&Co. at all times held sufficient funds in segregation to cover its obligations to its customers, on certain days during 2013 and 2014, it held currencies, such as euros, instead of US dollars, to meet its US dollar obligations. In addition, the CFTC found that MS&Co. violated CFTC Regulation 166.3 by failing to have in place adequate procedures to ensure that it complied with CFTC Regulation 22.9(a). Without admitting or denying the findings or conclusions and without adjudication of any issue of law or fact, MS&Co. accepted and consented to the entry of findings, the imposition of a cease and desist order, a civil monetary penalty of $300,000, and undertakings related to public statements, cooperation, and payment of the monetary penalty.

On December 20, 2016, MS&Co. consented to and became the subject of an order by the SEC in connection with allegations that MS&Co. willfully violated Sections 15(c)(3) and 17(a)(1) of the Exchange Act and Rules 15c3-3(e), 17a-5(a), and 17a-5(d) thereunder, by inaccurately calculating its Reserve Account requirement under Rule 15c3-3 by including margin loans to an affiliate in its calculations, which resulted in making inaccurate records and submitting inaccurate reports to the SEC. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. consented to a cease and desist order, a censure, and a civil monetary penalty of $7,500,000.

15

Civil Litigation

On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against MS&Co., 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 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that MS&Co. misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that MS&Co. knew that the assets backing the CDO 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 denied MS&Co.’s motion to dismiss the complaint. Based on currently available information, MS&Co. 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 MS&Co. 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. A corrected amended complaint was filed on April 8, 2011, which alleges that defendants made untrue statements and material omissions in the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS&Co. at issue in the action was approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s purchase of such certificates. The defendants filed a motion to dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. After that dismissal, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $78 million. At December 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $46 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $46 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. 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 MS&Co. 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 29, 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 MS&Co. or sold to plaintiff by MS&Co. 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 United States District Court for the District of Massachusetts. The defendants’ motions to dismiss the amended complaint were granted in part and denied in part on September 30, 2013. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed its claims against MS&Co. with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $332 million. At December 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $51 million, and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $51 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 May 3, 2013, plaintiffs in Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and 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 and/or sold by MS&Co. to plaintiff currently at issue in this action was approximately $644 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On June 10, 2014, the court granted in part and denied in part MS&Co.’s motion to dismiss the complaint. MS&Co. perfected its appeal from that decision on June 12, 2015. At December 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $247 million, and the certificates had incurred actual losses of approximately $86 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $247 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses.

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On May 17, 2013, plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and 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 sponsored, underwritten and/or sold by MS&Co. to plaintiff was approximately $132 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part MS&Co.’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $116 million. On August 26, 2015, MS&Co. perfected its appeal from the court’s October 29, 2014 decision. On August 11, 2016, the Appellate Division, First Department affirmed the trial court’s decision denying in part MS&Co.’s motion to dismiss the complaint. At December 25, 2016, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $25 million, and the certificates had incurred actual losses of $58 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $25 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. 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 1, 2016, the California Attorney General’s Office filed an action against MS&Co. in California state court styled California v. Morgan Stanley, et al., on behalf of California investors, including the California Public Employees’ Retirement System and the California Teachers’ Retirement System. The complaint alleges that MS&Co. made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV, and asserts violations of the California False Claims Act and other state laws and seeks treble damages, civil penalties, disgorgement, and injunctive relief. On September 30, 2016, the court granted MS&Co.’s demurrer, with leave to replead. On October 21, 2016, the California Attorney General filed an amended complaint. On January 25, 2017, the court denied MS&Co.’s demurrer with respect to the amended complaint.

Settled Civil Litigation

On August 25, 2008, MS&Co. and two ratings agencies were named as defendants in a purported class action related to securities issued by a structured investment vehicle called Cheyne Finance PLC and Cheyne Finance LLC (together, the “Cheyne SIV”). The case was styled Abu Dhabi Commercial Bank, et al. v. Morgan Stanley & Co. Inc., et al. The complaint alleged, among other things, that the ratings assigned to the securities issued by the Cheyne SIV were false and misleading, including because the ratings did not accurately reflect the risks associated with the subprime RMBS held by the Cheyne SIV. The plaintiffs asserted allegations of aiding and abetting fraud and negligent misrepresentation relating to approximately $852 million of securities issued by the Cheyne SIV. On April 24, 2013, the parties reached an agreement to settle the case, and on April 26, 2013, the court dismissed the action with prejudice.

On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against MS&Co. 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 MS&Co. 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 January 23, 2017, the parties reached an agreement to settle the litigation.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al. An amended complaint filed on June 10, 2010 alleged 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 MS&Co. was approximately $704 million. The complaint raised claims under both the federal securities laws and California law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On January 26, 2015, as a result of a settlement with certain other defendants, the plaintiff requested and the court subsequently entered a dismissal with prejudice of certain of the plaintiff’s claims, including all remaining claims against MS&Co.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styled Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. et al. An amended complaint, filed on June 10, 2010, alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by MS&Co. was approximately $276 million. The complaint raises claims under both the federal securities laws and California law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On December 21, 2016, the parties reached an agreement to settle the litigation.

17

On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against MS&Co. and/or its affiliates 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 asserted 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 MS&Co. and/or its affiliates or sold to plaintiff’s affiliates’ clients by MS&Co. and/or its affiliates 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.

On October 25, 2010, MS&Co., certain affiliates and Pinnacle Performance Limited, a special purpose vehicle (“SPV”), were named as defendants in a purported class action in the United States District Court for the Southern District of New York (“SDNY”), styled Ge Dandong, et al. v. Pinnacle Performance Ltd., et al. On January 31, 2014, the plaintiffs in the action, which related to securities issued by the SPV in Singapore, filed a second amended complaint, which asserted 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. On July 17, 2014, the parties reached an agreement to settle the litigation, which received final court approval on July 2, 2015.

On July 5, 2011, Allstate Insurance Company and certain of its affiliated entities filed a complaint against MS&Co. 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 the defendants made untrue statements and material omissions in the sale to the plaintiffs 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 the plaintiffs by MS&Co. was approximately $104 million. The complaint raised 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 the plaintiffs’ purchases of such certificates. On January 16, 2015, the parties reached an agreement to settle the litigation.

On July 18, 2011, the Western and Southern Life Insurance Company and certain affiliated companies filed a complaint against MS&Co. 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 MS&Co. was approximately $153 million. On June 8, 2015, the parties reached an agreement to settle the litigation.

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 MS&Co. and certain affiliates. A complaint against MS&Co. and certain affiliates 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 MS&Co. 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 the defendants made untrue statements and material omissions in the sale to the 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 MS&Co. 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 the plaintiffs’ purchases of such certificates. On April 11, 2014, the parties entered into a settlement agreement.

On April 25, 2012, The Prudential Insurance Company of America and certain affiliates filed a complaint against MS&Co. 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. On October 16, 2012, plaintiffs filed an amended complaint. The amended complaint alleged 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 MS&Co. was approximately $1.073 billion. The amended complaint raises claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud, fraudulent inducement, equitable fraud, aiding and abetting fraud, and violations of the New Jersey RICO statute, and includes a claim for treble damages. On January 8, 2016, the parties reached an agreement to settle the litigation.

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In re Morgan Stanley Mortgage Pass-Through Certificates Litigation, which had been pending in the SDNY, was a putative class action involving allegations that, among other things, the registration statements and offering documents related to the offerings of certain mortgage pass-through certificates in 2006 and 2007 contained false and misleading information concerning the pools of residential loans that backed these securitizations. On December 18, 2014, the parties’ agreement to settle the litigation received final court approval, and on December 19, 2014, the court entered an order dismissing the action.

On November 4, 2011, the Federal Deposit Insurance Corporation (“FDIC”), as receiver for Franklin Bank S.S.B, filed two complaints against MS&Co. 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 MS&Co. 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 plaintiff by MS&Co. in these cases was approximately $67 million and $35 million, respectively. On July 2, 2015, the parties reached an agreement to settle the litigation.

On February 14, 2013, Bank Hapoalim B.M. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styled Bank Hapoalim B.M. v. Morgan Stanley et al. The complaint alleges that defendants made material misrepresentations and 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 sponsored, underwritten and/or sold by MS&Co. to plaintiff was approximately $141 million. On July 28, 2015, the parties reached an agreement to settle the litigation, and on August 12, 2015, the plaintiff filed a stipulation of discontinuance with prejudice.

On September 23, 2013, the plaintiff in National Credit Union Administration Board v. Morgan Stanley & Co. Inc., et al. filed a complaint against MS&Co. and certain affiliates in the SDNY. The complaint alleged that defendants made untrue statements of material fact or omitted to state material facts in the sale to the plaintiff 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 MS&Co. to plaintiffs in the matter was approximately $417 million. The complaint alleged violations of federal and various state securities laws and sought, among other things, rescissionary and compensatory damages. On November 23, 2015, the parties reached an agreement to settle the matter.

On September 16, 2014, the Virginia Attorney General’s Office filed a civil lawsuit, styled Commonwealth of Virginia ex rel. Integra REC LLC v. Barclays Capital Inc., et al., against MS&Co. and several other defendants in the Circuit Court of the City of Richmond related to RMBS. The lawsuit alleged that MS&Co. and the other defendants knowingly made misrepresentations and omissions related to the loans backing RMBS purchased by the Virginia Retirement System. The complaint asserts claims under the Virginia Fraud Against Taxpayers Act, as well as common law claims of actual and constructive fraud, and seeks, among other things, treble damages and civil penalties. On January 6, 2016, the parties reached an agreement to settle the litigation. An order dismissing the action with prejudice was entered on January 28, 2016.

Additional lawsuits containing claims similar to those described above may be filed in the future. In the course of its business, MS&Co., as a major futures commission merchant, is party to various civil actions, claims and routine regulatory investigations and proceedings that the General Partner believes do not have a material effect on the business of MS&Co. MS&Co. may establish reserves from time to time in connection with such actions.

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, 2017 was approximately 5,768.

(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.

(d) Securities Authorized for Issuance Under Equity Compensation Plans. None.

(e) Performance Graph. Not applicable.

(f) Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities. There were no additional subscriptions of Units in the years ended December 31, 2016, 2015 and 2014. The Partnership no longer offers Units for sale.

(g) Purchases of Equity Securities by the Issuer and Affiliated Purchasers.

The following chart sets forth the purchases of Units by the Partnership.

Period	(a) Total Number of Units Purchased *		(b) Average Price Paid per Unit **		(c ) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Units that May Yet Be Purchased Under the Plans or Programs
October 1, 2016 - October 31, 2016		78,485.736	$	24.05		N/A		N/A
November 1, 2016 - November 30, 2016		83,553.425	$	23.77		N/A		N/A
December 1, 2016 - December 31, 2016		107,806.581	$	23.54		N/A		N/A
		269,845.742	$	23.76

* Generally, limited partners are permitted to redeem their Units as of the end of each month if notice is received by the General Partner 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. Under certain circumstances, the General Partner can compel redemption, although to date, the General Partner has not exercised this right. Purchases of Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for limited partners.

** Redemptions of Units are effected as of the last day of each month at the net asset value per Unit as of that day. No fee will be charged for redemptions.

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Item 6.  Selected Financial Data.

Total trading results, interest income, total expenses, net income (loss) and net income (loss) per Unit for the years ended December 31, 2016, 2015, 2014, 2013 and 2012 and net asset value per Unit and total assets at December 31, 2016, 2015, 2014, 2013 and 2012 were as follows:

	2016		2015		2014		2013		2012
Total trading results	$	(8,663,403)	$	(1,474,902)	$	20,704,997	$	5,941,647	$	(6,598,423)
Interest income		149,929		6,571		19,055		78,343		153,597
Total expenses		(4,504,647)		(6,326,534)		(7,504,884)		(13,753,034)		(19,734,738)
Net income (loss)	$	(13,018,121)	$	(7,794,865)	$	13,219,168	$	(7,733,044)	$	(26,179,564)
Net income (loss) per Unit	$	(4.39)	$	(2.25)	$	3.70	$	(1.28)	$	(3.48)
Net asset value per Unit	$	23.54	$	27.93	$	30.18	$	26.48	$	27.76
Total assets	$	62,974,449	$	94,876,021	$	120,521,870	$	151,058,210	$	200,913,989

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity. The Partnership deposits its assets with MS&Co. as clearing commodity broker in separate Futures Interests 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 Interests, it is expected that the Partnership will continue to own such liquid assets for margin purposes.

The Partnership’s investment in Futures Interests, may, from time to time, be illiquid. Most U.S. futures exchanges limit fluctuations in prices during a single trading day by regulations referred to as “daily price fluctuation 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.

There is no limitation on daily price movements 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. The Partnership’s only assets are its (i) equity in trading account, consisting of restricted and unrestricted cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts and investment in U.S. Treasury bills at fair value, if applicable, (ii) cash at bank and (iii) interest receivable. Redemptions of Units in the future will affect the amount of funds available for investments in Futures Interests 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.

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.

EMC currently trades its Classic Program for the Partnership. EMC’s 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 relies on historical analysis of these price patterns to interpret current market behavior and to evaluate technical indicators for trade initiations and liquidations. EMC’s 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 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.

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.

Prior to its termination on June 30, 2016, Altis traded its Global Futures Portfolio Program on behalf of the Partnership. It was a systematic, automated trading program built on the market experience of Altis’ principals and employing 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 combined original, traditional and contrasting investment techniques into one complete and comprehensive trading system. Investment changes were implemented after considering their effect on the whole portfolio and not just on the individual markets concerned.

Prior to its termination on August 8, 2014, Northfield traded its Diversified Program on behalf of the Partnership. The Diversified Program was conceived, tested, and refined by Northfield’s principals. The approach was fully computerized and nondiscretionary. Money management principles were a critical element of the Diversified Program and were carefully constructed and rigorously applied to minimize risk exposure and to protect asset appreciation.

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, 2016 and September 30, 2016, respectively, and the change during the applicable period.

Trading Advisor	Allocation as of December 31, 2016 (%)		Allocation as of September 30, 2016 (%)		Allocation as of December 31, 2016 ($)		Allocation as of September 30, 2016 ($)		Change during the period (%)
Graham		50.25%		47.96%	$	30,143,981	$	34,255,386		(12.00)%
Rabar		29.30		29.68		17,578,213		21,199,541		(17.08)
EMC		20.45		22.36		12,268,204		15,971,086		(23.18)

The following presents a summary of the Partnership’s operations for each of the years ended December 31, 2016, 2015, and 2014, 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.

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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 (“GAAP”), which requires 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 in the Statements of Income and Expenses as “Net change in unrealized gains (losses) on open contracts”, and recorded as “Net realized gains (losses) on closed contracts” when open positions are closed out. The sum of these amounts constitutes the Partnership’s trading results. The market value of a futures contract is the settlement price on the exchange on which that futures contract is traded on a particular day. The fair value of a foreign currency forward contract is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.), the close of the business day. Interest income, as well as management fees, General Partner fees, ongoing placement fees, incentive fees and brokerage fees, as applicable, of the Partnership are recorded on an accrual basis.

The General Partner believes that, based on the nature of the operations of the Partnership, no assumptions relating to the application of critical accounting policies other than those presently used could reasonably affect reported amounts.

For the year ended December 31, 2016, the net asset value per Unit decreased 15.7% from $27.93 to $23.54. For the year ended December 31, 2015, the net asset value per Unit decreased 7.5% from $30.18 to $27.93. For the year ended December 31, 2014, the net asset value per Unit increased 14.0% from $26.48 to $30.18.

The Partnership experienced a net trading loss of $8,663,403 before fees and expenses for the year ended December 31, 2016. Losses were primarily attributable to the Partnership’s trading of Futures Interests in the commodity and equity sectors, and were partially offset by gains in the currencies and interest rates sectors. The net trading gain (or loss) realized from the Partnership is disclosed under “Item 8. Financial Statements and Supplementary Data.”

The most significant losses were recorded in the metals sector during February from short positions in gold futures as prices advanced amid increased investor demand for precious metals. Meanwhile, losses were recorded during May from long positions in gold futures as prices declined as a strengthening U.S. dollar diminished investor demand for precious metals. Losses from long gold positions were also recorded during August. Additional losses in the metals sector were incurred throughout the year from positions in copper, aluminum, platinum, and tin futures. Within the energy sector, losses were incurred during August from short positions in crude oil and its related products as prices rallied amid speculation that crude producers were going to revive talks to stabilize prices at informal OPEC discussions in September. Additional losses were incurred during November from short positions in natural gas futures as prices advanced in the latter half of the month as demand from power generation, private homes, and businesses spiked. Within the global stock index sector, losses were incurred during the first quarter from long positions in U.S. equity index futures as prices declined sharply during January and February amid mounting investor concerns about declining oil prices and a China-led slowdown in global growth. Additional losses were incurred throughout the second quarter from positions in Asian equity index futures as prices moved without consistent direction amid speculation regarding the potential for increased stimulus measures from Japan and China. Within the agricultural sector, losses were incurred during January from long positions in cocoa futures as prices tumbled as funds cut bets on higher prices and signs emerged that the crop in Ghana, the second-biggest cocoa producer, was recovering from a five-year low. Additional losses were incurred during March from short positions in coffee futures as prices were boosted by a combination of fund buying, a weaker U.S. dollar, and concerns about dry weather in Colombia and Vietnam. Meanwhile, agricultural losses were incurred throughout the second half of the year from mixed positioning in corn futures as prices moved without consistent direction. The Partnership’s trading losses for the year were partially offset by trading gains within the global interest rate sector during January and February from long positions in European and Pacific Rim fixed income futures as prices advanced after weakness in Chinese economic data revived concern about the stability of the global economy. Additional gains were experienced during June from long positions in European and U.S. fixed income futures as prices advanced as uncertainty surrounding the economic and political fallout following the U.K.’s vote in late June to leave the European Union increased demand for the relative “safety” of government debt. Within the currency sector, gains were experienced during October from short positions in the British pound versus the U.S. dollar as the relative value of the pound continued to weaken due to concerns regarding the political and economic implications of the U.K. referendum to leave the European Union. Additional gains were experienced throughout the year from positions in the Mexican peso and Canadian dollar.

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The Partnership experienced a net trading loss of $1,474,902 before fees and expenses for the year ended December 31, 2015. Losses were primarily attributable to the Partnership’s trading of Futures Interests in the commodity, equity and interest rates sectors, and were partially offset by gains in the currencies sector.

The most significant losses were incurred within the global stock index sector, primarily during August and December, from long positions in U.S., European, and Pacific Rim equity index futures as prices declined sharply amid continuing concerns that China’s slowdown will weigh on the global economy. Losses in this sector were also incurred during June. Within the agricultural sector, losses were incurred primarily during June from short positions in soybean and wheat futures as prices rallied after heavy rainfall in the U.S. Midwest raised the potential for crop damage. Additional losses in the agricultural sector were incurred throughout much of the year from long positions in cotton futures. Within the global interest rate sector, losses were incurred during the second quarter from long positions in European fixed income futures, specifically German bunds, as prices extended a decline as European leaders and the head of the International Monetary Fund agreed to step up the intensity of talks over Greece’s financial fate. Additional fixed income losses were incurred during the fourth quarter from long positions in European fixed income futures after prices reversed sharply lower as European Central Bank (“ECB”) president Mario Draghi disappointed markets early in December with an underwhelming ECB stimulus announcement. The Partnership’s trading losses during the year were partially offset by trading gains within the energy markets, primarily during November and December, from short positions in crude oil futures as prices declined as U.S. crude supplies rose and OPEC production increased, signaling the global supply glut will persist. Further gains were recorded in energies during September and October. Within the currency sector, gains were experienced from short positions in the euro versus the Swiss franc as the value of the Swiss franc soared against currencies globally during mid-January after the Swiss National Bank abandoned its exchange-rate cap, which had previously maintained a minimum exchange-rate for the Swiss franc against the euro. Additional currency gains were recorded from positions in the Canadian dollar during July and in the Swiss franc during November. Within the metals sector, gains were experienced primarily during July from short futures positions in base metals as prices moved lower amid concern that a slowdown in the Chinese economy would weaken demand.

The Partnership experienced a net trading gain of $20,704,997 before fees and expenses for the year ended December 31, 2014. Gains were primarily attributable to the Partnership’s trading of Futures Interests in the commodity, currencies and interest rates sectors, and were partially offset by losses in the equity sector.

The most significant gains were recorded within the global interest rate sector during May from long positions in European fixed income futures as prices advanced as German unemployment unexpectedly increased and euro-area lending contracted, boosting demand for the relative “safety” of government debt. Additional gains were experienced during August, October, November, and December as prices advanced amid speculation the ECB may turn to quantitative easing to stimulate the economy if the outlook in the region continued to worsen. Within the agricultural sector, gains were recorded during January and February primarily from long positions in soybean and soybean meal futures as prices advanced after adverse weather conditions in the U.S. and Brazil lowered crop estimates. Additional gains were recorded from long positions in livestock futures as prices trended higher throughout a majority of the first half of the year. Within the energy sector, gains were experienced during October, November, and December from short positions in crude oil and its related products as prices moved lower as U.S. oil production advanced to record levels and after OPEC decided not to reduce crude oil production amid a global supply glut. Within the currency sector, gains were experienced primarily during September, from short positions in the euro and Japanese yen versus the U.S. dollar. In September, the value of the U.S. dollar advanced as the U.S. employment rate fell to its lowest level since 2008 and the economy added more jobs than forecast, bolstering the case for the U.S. Federal Reserve to raise interest rates in 2015. Additional gains in this sector were recorded from positions in the Swiss Franc, New Zealand dollar, and Canadian dollar. A portion of the Partnership’s gains during the year was offset by trading losses within the global stock index sector, primarily during January, from long positions in Pacific Rim and European equity index futures as prices declined amid growing concern the global economic recovery was faltering. Additional losses were incurred during December from long positions in European equity index futures as prices fell as a decline in oil prices and manufacturing data increased concern over slowing inflation and global growth. Within the metals sector, losses were incurred primarily during January and February from short positions in gold futures as prices moved higher after geo-political turmoil and concern over the strength of the U.S. economy increased demand for the precious metal. Additional losses were incurred during January from long positions in copper futures as prices declined on speculation that rising borrowing costs in emerging markets will dampen economic growth, eroding demand for industrial metals.

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For an analysis of unrealized gains and losses by contract type and a further description of 2016 trading results, refer to the Partnership’s Annual Report to Limited Partners for the year ended December 31, 2016, 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, trade Futures Interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products. In entering into these contracts, the Partnership are 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.

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 Interests, 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 Interests traded in the U.S., and most foreign exchanges on which the Partnership trade, 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 trade off-exchange forward contracts with a counterparty, the sole recourse of the Partnership will be the forward contract’s counterparty.

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.

Third, with respect to forwards 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 options on foreign currency forward contracts.

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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 forwards 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.

For additional information, see Note 5, “Financial Instruments” under “Notes to Financial Statements” in the Partnership’s Annual Report to Limited Partners for the year ended December 31, 2016, 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.

Critical Accounting Policies.

The preparation of financial statements in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. As a result, actual results could differ from these estimates. A summary of the Partnership’s significant accounting policies is described in Note 2 to the Partnership’s financial statements included in “Item 8. Financial Statements and Supplementary Data.”

The Partnership’s most significant accounting policy is the valuation of its investments in Futures Interests and U.S. Treasury bills, as applicable. The fair value of exchange-traded futures, option and forward contracts is determined by the various 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. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk.

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 Interests 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 and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts and forward currency option contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency option 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.

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 as discussed under the “Partnership’s Value at Risk in Different Market Sectors” section and significantly exceed the Value at Risk tables disclosed.

Limited partners will not be liable for losses exceeding the current net asset value of their investment.

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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 of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (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.

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 Value at Risk. Please note that the Value at Risk 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.

Value at Risk 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 Value at Risk or 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 Value at Risk or by the Partnership’s attempts to manage its market risk.

Exchange margin requirements have been used by the Partnership as the measure of its Value at Risk. 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 interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

The Partnership’s Value at Risk in Different Market Sectors

The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of December 31, 2016 and 2015 and the highest, lowest and average values during the twelve months ended December 31, 2016 and 2015. All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below. There has been no material change in the trading Value at Risk information previously disclosed in the Form 10-K.

As of December 31, 2016, the Partnership’s total capitalization was $59,990,398.

						Twelve Months Ended December 31, 2016
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Commodity	$	3,606,348		6.01	%	$	6,689,584	$	3,030,988	$	4,412,071
Equity		3,730,417		6.22			4,885,388		1,623,905		2,829,812
Currencies		3,023,787		5.04			4,993,026		1,361,440		3,314,745
Interest rates		1,537,877		2.56			3,774,201		1,265,607		2,640,773
Total	$	11,898,429		19.83	%

* Average of daily Values at Risk.

As of December 31, 2015, the Partnership’s total capitalization was $92,853,450.

						Twelve Months Ended December 31, 2015
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Commodity	$	6,500,979		7.00	%	$	7,464,573	$	4,358,328	$	5,733,928
Equity		2,578,878		2.78			5,564,252		1,482,105		3,428,402
Currencies		4,785,530		5.15			5,739,845		1,443,178		4,265,117
Interest rates		2,542,981		2.74			4,313,806		1,260,550		2,936,185
Total	$	16,408,368		17.67	%

* Average of daily Values at Risk.

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Limitations on Value at Risk as an Assessment of Market Risk

Value at Risk 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, Value at 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 Value at Risk model;

● Value at Risk results reflect past market fluctuations applied to current trading positions while future risk depends on future positions;

● Value at Risk 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 Value at Risk estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

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 Disclosure 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 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, 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, 2016 by market sector. It may be anticipated, however, that these market exposures will vary materially over time.

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.

Equities. The Partnership’s primary equity exposure is to equity price risk in the G8 countries. The stock index futures traded by the Partnership are limited to futures on broadly based indices. As of December 31, 2016 the Partnership’s primary exposures were in the Dow Jones Euro STOXX 50 (Europe), FTSE 100 (United Kingdom), S&P 500 (U.S.), NASDAQ 100 (U.S.), Dow Industrials 30 (U.S.), DAX (Germany), TOPIX (Japan) and Nikkei 225 (Japan) 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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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 may 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.

Energy. The Partnership’s primary energy market exposure is to oil and natural gas 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, 2016 was to fluctuations in the price of gold, copper, aluminum, and zinc.

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, 2016.

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. Cotton, sugar, and cocoa accounted for the majority of the Partnership’s soft commodities exposure as of December 31, 2016.

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

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.

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Item 8.  Financial Statements and Supplementary Data.

The Financial Statements are incorporated by reference to the Partnership’s December 31, 2016 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)

	For the period from October 1, 2016 to     December 31, 2016		For the period from July 1, 2016 to   September 30, 2016		For the period from April 1, 2016 to     June 30, 2016		For the period from January 1, 2016 to   March 31, 2016
Total trading results	$	(4,014,149)	$	(3,092,710)	$	(574,812)	$	(981,732)
Interest income		36,655		39,515		34,636		39,123
Total expenses		(946,707)		(1,113,045)		(1,146,236)		(1,298,659)
Net income (loss)	$	(4,924,201)	$	(4,166,240)	$	(1,686,412)	$	(2,241,268)
Net income (loss) per Unit	$	(1.76)	$	(1.41)	$	(0.50)	$	(0.72)
	For the period from October 1, 2015 to December 31, 2015		For the period from July 1, 2015 to September 30, 2015		For the period from April 1, 2015 to June 30, 2015		For the period from January 1, 2015 to March 31, 2015
Total trading results	$	(1,802,833)	$	1,656,125	$	(9,427,157)	$	8,098,963
Interest income		695		1,952		1,767		2,157
Total expenses		(1,418,515)		(1,493,439)		(1,673,433)		(1,741,147)
Net income (loss)	$	(3,220,653)	$	164,638	$	(11,098,823)	$	6,359,973
Net income (loss) per Unit	$	(0.95)	$	0.05	$	(2.98)	$	1.63

30

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

On December 1, 2016, the Board of Directors of the General Partner dismissed Deloitte & Touche LLP (“Deloitte”) as the registered public accounting firm for the Partnership, effective as of the close of business on the day the Partnership’s audited financial statements for the 2016 fiscal year end, including this Form 10-K, are filed.

The audit reports of Deloitte on the Partnership’s financial statements as of and for the two most recent fiscal years (ending December 31, 2016 and December 31, 2015) did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the Partnership’s three most recent fiscal years (ending December 31, 2016, December 31, 2015 and December 31, 2014), there were no disagreements between the Partnership and Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have caused it to make a reference to the subject matter thereof in its report on the financial statements of the Partnership for such periods. During the Partnership’s three most recent fiscal years (ending December 31, 2016, December 31, 2015 and December 31, 2014), there were no “reportable events” (as defined in Regulation S-K Item 304(a)(1)(v)).

On December 1, 2016, the Board of Directors of the General Partner, on behalf of the Partnership, approved the engagement of Ernst & Young LLP (“EY”) as the independent registered public accounting firm for the Partnership. During the Partnership’s fiscal years ending December 31, 2015 and December 31, 2014 and the interim period prior to engaging EY, neither the Partnership, the General Partner, nor anyone on their behalf consulted EY, on behalf of the Partnership, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Partnership’s financial statements, or any matter that was either the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto, or a “reportable event,” as defined in Item 304(a)(1)(v) of Regulation S-K.

Item 9A.  Controls and Procedures.

The Partnership’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Partnership on the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods expected in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Partnership in the reports it files is accumulated and communicated to management, including the President and Chief Financial Officer (“CFO”) of the General Partner, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

The General Partner is responsible for ensuring that there is an adequate and effective process for establishing, maintaining and evaluating disclosure controls and procedures for the Partnership’s external disclosures.

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2016 and, based on that evaluation, the General Partner’s President and CFO have concluded that at that date the Partnership’s disclosure controls and procedures were effective.

The Partnership’s internal control over financial reporting is a process under the supervision of the General Partner’s President and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

• provide reasonable assurance that (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and (ii) the Partnership’s receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

• provide reasonable assurance regarding prevention or timely detection and correction of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

The Annual Report for the year ended December 31, 2016, filed as Exhibit 13.01 hereto, includes the General Partner’s report on internal control over financial reporting (“Management’s Report”).

There were no changes in the Partnership’s internal control over financial reporting during the fiscal quarter ended December 31, 2016, that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Item 9B.  Other Information.

None.

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PART III

Item 10.  Directors, Executive Officers and Corporate Governance.

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

The directors and executive officers of the General Partner are Patrick T. Egan (President and Chairman of the Board of Directors of the General Partner), Steven Ross (Chief Financial Officer and Director), Maureen O’Toole (Director), M. Paul Martin (Director), Feta Zabeli (Director) and Matthew R. Graver (Director). 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) MSD Holdings, 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 NFA. Patrick T. Egan, Steven Ross, Maureen O’Toole and Feta Zabeli serve on the General Partner’s Investment Committee and are the trading principals responsible for allocation decisions (or supervising those responsible).

Patrick T. Egan, age 48, 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 NFA. Since October 2014, Mr. Egan has served as President and Chairman of the Board of Directors of the General Partner. Since August 2013, Mr. Egan has been registered as a swap associated person of the General Partner. From September 2013 to May 2014, Mr. Egan served as a Vice President of Morgan Stanley Strategies LLC, formerly known as Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley AI GP LLC, formerly known as Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds. From September 2013 to May 2014, Mr. Egan was 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 was responsible for overseeing the implementation of certain CFTC and NFA regulatory requirements applicable to such entities. From June 2009 to December 2014, Mr. Egan was employed by Morgan Stanley Smith Barney LLC, a financial services firm, where his responsibilities included serving as Executive Director and as Co-Chief Investment Officer for Morgan Stanley Managed Futures from June 2009 through June 2011 and as Chief Risk Officer for Morgan Stanley Managed Futures from June 2011 through October 2014. Since October 2014, Mr. Egan has been responsible for the day-to-day operations and management of Morgan Stanley Managed Futures. Since January 2015, Mr. Egan has been employed by the General Partner. From November 2010 to October 2014, Mr. Egan was registered as an associated person of Morgan Stanley Smith Barney LLC. 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 June 2009, 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 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.

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Steven Ross, age 45, has been Chief Financial Officer and a principal of the General Partner since July 2014 and a Director of the General Partner since February 2016. Mr. Ross has been employed by Morgan Stanley Investment Management, a financial services firm, since September 2005, where his responsibilities include serving as an Assistant Treasurer of Morgan Stanley with respect to certain investment vehicles publicly offered by Morgan Stanley. Mr. Ross is also an Executive Director of the Morgan Stanley Fund Administration Group where he is responsible for finance and accounting matters for certain private funds offered by Morgan Stanley. Before joining Morgan Stanley Investment Management, Mr. Ross was employed by JPMorgan Investor Services Co., a financial services firm, from December 1997 through September 2005, where his responsibilities included serving as a Vice President responsible for the accounting of certain funds sponsored by JPMorgan Chase & Co. and other large fund families serviced by JPMorgan Investor Services Co. From April 1997 to December 1997, Mr. Ross was employed by Investors Bank & Trust, a financial services firm, where his responsibilities included performing mutual fund accounting for financial services firms. Mr. Ross began his career at Putnam Investments LLC, a financial services firm, where he was responsible for providing broker services for certain funds sponsored by Putnam Investments LLC from August 1996 to April 1997. Mr. Ross received a B.S. in Accounting from Rhode Island College in May 1995.

Maureen O’Toole, age 59, has been a Director, listed as a principal and registered as an associated person of the General Partner since May 2016. She has also been the Head of Managed Futures at Morgan Stanley Investment Management, a financial services firm, since May 2016 where she is responsible for developing and managing the managed futures business strategy. She joined Morgan Stanley Investment Management in June 2012 as Managing Director in charge of the intermediary alternative investment sales team. In this capacity she was responsible for the management of a team responsible for business development in managed futures, hedge funds and private investments. She has been registered as an associated person of Morgan Stanley Investment Management since June 2012. From April 2010 until June 2012, Ms. O’Toole was a managing director at K2 Advisors, L.L.C., a hedge fund investment advisory firm, where she was responsible for development of the firm’s investment funds. Between March 1993 and April 2010, Ms. O’Toole was employed by a variety of divisions within what became Citigroup Global Markets Inc., a financial services firm. Between August 2009 and April 2010, she worked in product development within Citi Private Bank, where she assisted in sourcing new investment platforms for its alternatives business. Between January 2002 and August 2009, Ms. O’Toole was Managing Director and Head of Sales and Client Service within Citigroup Alternative Investments. In this role she managed the high net worth sales team for Citigroup Alternative Investments through the Global Wealth Management channel, overseeing education and marketing. Prior to that, between November 1996 and January 2002, Ms. O’Toole was Director of Sales and Marketing within the managed futures department of Smith Barney. Prior to being named Director of Sales and Marketing, Ms. O’Toole was involved in the international development of the managed futures business within the managed futures department from March 1993 until November 1996. In this role, Ms. O’Toole oversaw due diligence and portfolio construction for the managed futures department. Ms. O’Toole served as a Director of Citigroup Managed Futures LLC (the predecessor entity to the General Partner) from August 2001 until October 2006, was listed as a principal of such entity from August 1998 until October 2006 and was registered as an associated person of such entity from January 2004 until October 2006. She was also registered as an associated person of Citigroup Global Markets Inc. from April 1993 until June 2010. Prior to Citigroup Global Markets Inc., Ms. O’Toole was employed at Rodman & Renshaw Inc., an investment bank, as head of managed futures manager research and portfolio construction between March 1989 and March 1993 and was registered as an associated person from June 1991 until March 1993. She was registered as an associated person of Rosenthal Collins Futures Management, Inc., a commodity pool operator and wholly owned subsidiary of Rodman & Renshaw, from January 1992 until March 1993. She began her investment career at Drexel Burnham Lambert Inc., an investment bank, in January 1982 where she worked as a research analyst, performing modeling on financial futures hedging and trading strategies until February 1989 and was registered as an associated person from December 1988 until February 1989. Ms. O’Toole obtained her Bachelor of Arts in Speech Pathology and Audiology from California State University Chico, in June 1979, and her Masters in Management from Kellogg Graduate School of Management at Northwestern University, in June 1989.

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M. Paul Martin, age 58, has been a Director of the General Partner since October 2014. Mr. Martin has also served as Managing Director – Global Operations of Morgan Stanley Investment Management, a financial services firm, since June 2006, where his responsibilities include managing all elements of in-sourced and out-sourced global operations, and serving as a senior member of Morgan Stanley Investment Management’s Management, Risk Management, & New Products Committees. Mr. Martin has been listed as a principal of the General Partner since October 2014. Mr. Martin previously served as the Managing Director and Chief Operating Officer of Morgan Stanley Fund Services, a financial services firm, where his responsibilities included launching the Hedge Fund Administration business and being responsible for operations, fund accounting and administration, technology and compliance, from May 2004 through May 2006. Previously, Mr. Martin served as Managing Director – Institutional Investment Operations of Morgan Stanley Investment Management from January 1995 until April 2004, where his responsibilities included trading room support, portfolio administration, service provider management, and derivatives processing and control. From April 1994 through January 1995, Mr. Martin served as Senior Vice President and Head of Custody Operations for Fidelity Investments, a financial services firm. From October 1989 through April 1994, Mr. Martin served as Executive Director and Head of Global Operations for Morgan Stanley Trust Company, a financial services firm. Mr. Martin also served as Vice President – Information Technology for MS & Co., a financial services firm, from June 1984 through October 1989, where his responsibilities included acting as Senior Developer and Programming Manager – Prime Brokerage and Securities Clearance Systems, and as Part-time Manager – IT Training Program. From February 1984 through May 1984, Mr. Martin served as a Senior Analyst in the Financial Control Group of Shearson Lehman Brothers, Inc., a financial services firm. From October 1980 through January 1984, Mr. Martin served as a Senior Consultant – Management Information Consulting Division at Arthur Andersen & Co., an accounting firm, where his responsibilities included programming and programming supervisory roles at large governmental agencies. Mr. Martin received a B.S. in Business Administration - Finance from Georgetown University in May 1980 and an M.B.A. in Finance from New York University in June 1993.

Feta Zabeli, age 57, has been a Director of the General Partner since October 2014. Mr. Zabeli has also served as a director on the Board of Directors of Morgan Stanley Investment Management, a financial services firm, since January 2015 and has been listed as a principal since February 2015. Since May 2016, Mr. Zabeli is the Chief Risk Officer for Morgan Stanley Investment Management, responsible for all investment and operational risk management globally. From January 2012 to May 2016, Mr. Zabeli was Global Head of Risk for Morgan Stanley Investment Management’s Traditional Asset Management business where he was responsible for investment risk of all equity, fixed income, money market, multi-asset class and alternatives portfolios. He was also responsible for counterparty and quantitative model risk for the traditional asset management business. He joined Morgan Stanley in January 2012. Mr. Zabeli has been listed as a principal of the General Partner since October 2014. Mr. Zabeli was on garden leave in December 2011. From February 2006 to November 2011, Mr. Zabeli was Senior Vice President, and most recently Global Co-Head of Risk, for AllianceBernstein L.P., a global investment firm, with various risk management assignments in Hong Kong, Tokyo, London and New York. From August 2006 to April 2009, Mr. Zabeli was based in Hong Kong for AllianceBernstein as the Director of Risk Management for Asia Pacific. From April 2009 to July 2011, he was based in Tokyo for AllianceBernstein as both Director of Risk Management for Asia Pacific and Head of Risk Management for Japan. From July 2011 to November 2011, he was based in London for AllianceBernstein as Global Head of Operational & Credit/Counterparty Risk. In these roles at AllianceBernstein he was responsible for the full range of risk management functions including investment, operational and credit/counterparty risk. Prior to his Risk Management roles at Morgan Stanley and AllianceBernstein, Mr. Zabeli held positions as a managing director at Citigroup Asset Management, the asset management division of Citigroup, an international financial services company, from April 1998 to January 2006, where he worked as a quantitative research analyst and portfolio manager, and director at BARRA Inc., a global provider of risk analytic tools to investment institutions, from September 1993 to March 1998, where he developed risk models and applications. Mr. Zabeli received a B.S. in Aerospace Engineering from Rensselaer Polytechnic Institute in May 1982, an M.S. in Electrical Engineering from the University of Southern California in May 1988 and an M.B.A. from the University of California at Los Angeles in August 1992.

Matthew R. Graver, age 49, has been a Director of the General Partner and listed as a principal since November 2016. Since January 2008, Mr. Graver has served as Managing Director of Morgan Stanley Investment Management, a financial services firm, and Chief Operating Officer for Morgan Stanley AIP Fund of Hedge Funds, a business unit offering managed portfolios of hedge funds. Since November 2015, Mr. Graver has been listed as a principal and director of Morgan Stanley AIP Cayman GP Ltd., a commodity pool operator. From January 2005 to January 2008, Mr. Graver served as Executive Director of Morgan Stanley Investment Management and from August 2003 to January 2005, Mr. Graver served as Vice President of Morgan Stanley Investment Management. From August 2003 to January 2008, Mr. Graver’s primary responsibilities included serving as Head of Operational Due Diligence for Morgan Stanley AIP Fund of Hedge Funds in which role he oversaw due diligence into operational factors of alternative investment entities. From July 1997 to July 2003, Mr. Graver was employed by PricewaterhouseCoopers LLP, an international auditing and professional services firm, where he served as a senior audit manager and was responsible for managing independent audits of financial services firms. From June 1993 to June 1997, Mr. Graver was employed by PNC Bank, a bank offering consumer and corporate services, where he served as a mutual fund accounting manager and was responsible for managing an accounting team that performed daily accounting functions and valuation calculations for a group of mutual funds. From July 1989 through June 1993, Mr. Graver was employed by Coopers & Lybrand LLP, a predecessor accounting firm to PricewaterhouseCoopers LLP, where he was a senior audit associate and was responsible for performing audits of financial services firms. Mr. Graver earned his Bachelor of Science degree in Accounting in May 1989 from Pennsylvania State University and Masters of Business Administration from Villanova University in May 2002.

34

The Partnership has not adopted a code of ethics that applies to officers because it has no officers. In addition, the Partnership has not adopted any procedures by which investors may recommend nominees to the Partnership’s board of directors and has not established an audit committee because it has no board of directors.

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. The Partnership pays Ceres a General Partner fee equal to an annual rate of 2.0% (paid monthly) of the Partnership’s net assets.

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

(a) Security Ownership of Certain Beneficial Owners – At February 28, 2017, there were no persons known to be beneficial owners of more than 5 percent of the Units.

(b) Security Ownership of Management – Under the terms of the Limited Partnership Agreement, the Partnership’s affairs are managed by the General Partner. The following table indicates securities owned by the General Partner as of December 31, 2016:

(1) Title of Class	(2) Name of Beneficial Owner	(3) Amount and Nature of Beneficial Ownership	(4) Percent of Class
Units	General Partner	28,084.145	1.1%

(c) Changes in Control – None.

Item 13.  Certain Relationships and Related Transactions, and Director Independence.

(a) Transactions with related persons. None.

(b) Review, approval or ratification of transactions with related persons. Not applicable.

(c) Promoters and certain control persons. MS&Co., Morgan Stanley Wealth Management, and the General Partner could be considered promoters for purposes of Item 404(c) of Regulation S-K. The nature and the amounts of compensation each promoter received or will receive, if any, from the Partnership are set forth under “Item 1. Business,” “Item 8. Financial Statements and Supplementary Data” and “Item 11. Executive Compensation.”

35

Item 14.  Principal Accountant Fees and Services.

Ceres, on behalf of the Partnership, pays all accounting fees. The Partnership reimburses Ceres through the General Partner fee it pays, as discussed in the Notes to Financial Statements in the Annual Report to the Limited Partners for the year ended December 31, 2016.

(1) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by Deloitte for the years ended December 31, 2016 and 2015 for the audit of the Partnership’s annual financial statements, review of financial statements included in the Partnership’s Forms 10-Q and 10-K and other services normally provided in connection with regulatory filings or engagements were:

2016: $78,000

2015: $81,000

(2) Audit-Related Fees. None.

(3) Tax Fees. The Partnership did not pay Deloitte any amounts in 2016 and 2015 for professional services in connection with tax compliance, tax advice, and tax planning.

(4) All Other Fees. None.

(5) Not applicable.

(6) Not applicable.

36

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, 2016, 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 as of December 31, 2016 and 2015.

- Statements of Income and Expenses and Changes in Partners’ Capital for the years ended December 31, 2016, 2015 and 2014.

- 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, 2016 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 the Exhibit Index.

37

SIGNATURES

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.

By:	Ceres Managed Futures LLC
	(General Partner)

By:	/s/ Patrick T. Egan
	Patrick T. Egan
	President and Director
	Date: March 28, 2017

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 date indicated.

/s/ Patrick T. Egan	/s/ Feta Zabeli	/s/ Maureen O’Toole
Patrick T. Egan	Feta Zabeli	Maureen O’Toole
President and Director	Director	Director
Ceres Managed Futures LLC	Ceres Managed Futures LLC	Ceres Managed Futures LLC
Date: March 28, 2017	Date: March 28, 2017	Date: March 28, 2017
/s/ Steven Ross	/s/ M. Paul Martin	/s/ Matthew R. Graver
Steven Ross	M. Paul Martin	Matthew R. Graver
Chief Financial Officer and Director	Director	Director
(Principal Accounting Officer)	Ceres Managed Futures LLC	Ceres Managed Futures LLC
Ceres Managed Futures LLC	Date: March 28, 2017	Date: March 28, 2017
Date: March 28, 2017

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Exchange Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Exchange Act.

Annual Report to Limited Partners

No proxy material has been sent to limited partners.

38

EXHIBITS

ITEM
3.01	Seventh Amended and Restated Limited Partnership Agreement, dated as of January 1, 2016, is incorporated by reference from Exhibit 3.1 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on January 7, 2016.
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.

39

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, is incorporated by reference to Exhibit 10.02(c) of the Partnership’s Form 10-K (File No. 0-19511) filed with the Securities and Exchange Commission on March 28, 2014.
10.02(d)	Amendment No. 3 to Amended and Restated Management Agreement among the Partnership, the General Partner, and EMC Capital Advisors, LLC, dated as of January 1, 2016, is incorporated by reference to Exhibit 10.1 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on January 7, 2016.
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.
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.
10.04(a)	Amendment No. 1 to the Management Agreement, dated as of April 1, 2014, among the Partnership, the General Partner and Graham Capital Management, L.P., 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 May 13, 2014.
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.

40

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.
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, is incorporated by reference to Exhibit 10.12(b) of the Partnership’s Form 10-K (File No. 0-19511) filed with the Securities and Exchange Commission on March 28, 2014.
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.

41

10.15	Amended and Restated Alternative Investment Selling Agent Agreement, dated as of March 3, 2016, by and among the General Partner, Morgan Stanley Wealth Management and the partnerships listed on Schedule 1 thereto, is incorporated by reference to Exhibit 10.1 of the Partnership’s Form 8-K (File No. 000-19511) filed with the Securities and Exchange Commission on March 8, 2016.
10.16	U.S. Treasury Securities Purchase Authorization Agreement, effective as of June 1, 2015, by and among MS&Co. and the Partnership, is incorporated by reference to Exhibit 10.1 of the Partnership’s Form 8-K (File No. 0-50064) filed with the Securities and Exchange Commission on November 4, 2015.
10.17	Amended and Restated Master Services Agreement, effective as of March 15, 2015, by and among SS&C Technologies, Inc., the General Partner and each of the collective investment vehicles listed in Schedule C thereto, is incorporated by reference to Exhibit 10.1 of the Partnership’s Form 8-K (File No. 0-19511) filed with the Securities and Exchange Commission on August 6, 2015.
13.01	December 31, 2016, Annual Report to Limited Partners is filed herewith.
31.01	Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.02	Certification of Chief Financial Officer of 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.
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.

42

EX-13.01

Exhibit 13.01

To the Limited Partners of

Ceres Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney

Spectrum Currency and Commodity 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.

By:	Patrick T. Egan
	President and Director
	Ceres Managed Futures LLC
	General Partner,
	Ceres Tactical Currency L.P. (formerly, Morgan Stanley   Smith Barney Spectrum Currency and Commodity 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
New York, NY 10036
(855) 672-4468

Management’s Report on Internal Control Over Financial Reporting

The management of Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney Spectrum Currency and Commodity 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”), Ceres Managed Futures LLC, 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 our assessment of internal control over financial reporting. The Partnership’s 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 Partnership’s 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 the directors of the Partnerships; 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.

The management of the Partnerships has assessed the effectiveness of the Partnerships’ internal control over financial reporting as of December 31, 2016. In making this assessment, management used the criteria set forth in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its assessment, management concluded that the Partnerships maintained that the Partnerships maintained effective internal control over financial reporting as of December 31, 2016, based on the criteria referred to above.

Patrick T. Egan	Steven Ross
President and Director	Chief Financial Officer and Director
Ceres Managed Futures LLC	Ceres Managed Futures LLC
General Partner	General Partner
Ceres Tactical Currency L.P. (formerly,     Morgan Stanley Smith Barney Spectrum Currency and     Commodity L.P.)	Ceres Tactical Currency L.P. (formerly,     Morgan Stanley Smith Barney Spectrum Currency and     Commodity L.P.)
Morgan Stanley Smith Barney Spectrum     Select L.P.	Morgan Stanley Smith Barney Spectrum     Select L.P.
Morgan Stanley Smith Barney Spectrum     Strategic L.P.	Morgan Stanley Smith Barney Spectrum     Strategic L.P.
Morgan Stanley Smith Barney Spectrum     Technical L.P.	Morgan Stanley Smith Barney Spectrum     Technical L.P.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Ceres Tactical Currency 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 Ceres Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney Spectrum Currency and Commodity 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 Spectrum Select L.P. and Morgan Stanley Smith Barney Spectrum Technical L.P. and the schedules of investments of Morgan Stanley Smith Barney Spectrum Strategic L.P., as of December 31, 2016 and 2015, and the related statements of income and expenses and changes in partners’ capital for each of the three years in the period ended December 31, 2016. 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 Ceres Tactical Currency 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, 2016 and 2015, and the results of their operations and changes in their partners’ capital for each of the three years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

New York, New York

March 24, 2017

Ceres Tactical Currency L.P. (formerly,

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

Statements of Financial Condition

December 31, 2016 and 2015

	December 31,   2016		December 31,   2015
Assets:
Investment in Cambridge Master Fund, at fair value (Note 3a)	$	9,322,120	$	13,537,489
Cash at bank (Note 1)		1,000		-
Interest receivable (Note 2i)		489		598
Total assets	$	9,323,609	$	13,538,087
Liabilities and Partners’ Capital:
Liabilities:
Accrued expenses:
Ongoing placement agent fees (Note 2j)	$	16,322	$	22,647
General Partner fees (Note 2j)		13,058		18,118
Management fees (Note 4)		12,242		16,985
Redemptions payable to Limited Partners (Note 2m)		186,992		212,677
Total liabilities		228,614		270,427
Partners’ Capital:
General Partner, 12,676.699 and 15,710.066 Units outstanding at December 31, 2016 and 2015, respectively		112,063		155,804
Limited Partners, 1,016,152.188 and 1,322,204.340 Units outstanding at December 31, 2016 and 2015, respectively		8,982,932		13,111,856
Total partners’ capital (net asset value)		9,094,995		13,267,660
Total liabilities and partners’ capital	$	9,323,609	$	13,538,087
Net asset value per Unit	$	8.84	$	9.92

See accompanying notes to financial statements.

Ceres Tactical Currency L.P. (formerly,

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

Statements of Income and Expenses

For the Years Ended December 31, 2016, 2015 and 2014

	2016		2015		2014
Investment Income:
Interest income	$	23,934	$	3,411	$	2,318
Expenses:
Ongoing placement agent fees (Note 2j)		236,538		273,887		68,155
General Partner fees (Note 2j)		189,229		219,110		54,524
Management fees (Note 4)		177,400		205,415		205,572
Incentive fees (Note 4)		94,111		386,005		240,978
Brokerage fees (Note 2j)		-		-		459,790
Total expenses		697,278		1,084,417		1,029,019
Net investment loss		(673,344)		(1,081,006)		(1,026,701)
Trading Results:
Net gains (losses) on investments in Cambridge Master Fund and KR Master Fund:
Net realized gains (losses) on closed contracts allocated from Cambridge Master Fund		(409,784)		4,094,092		2,258,243
Net realized gains (losses) on closed contracts allocated from KR Master Fund		-		-		(405,824)
Net change in unrealized gains (losses) on open contracts allocated from Cambridge Master Fund		(90,353)		(870,869)		519,476
Net change in unrealized gains (losses) on open contracts allocated from KR Master Fund		-		-		562,331
Total trading results		(500,137)		3,223,223		2,934,226
Net income (loss)	$	(1,173,481)	$	2,142,217	$	1,907,525
Net income (loss) per Unit (Note 8)*	$	(1.08)	$	1.43	$	1.10
Weighted average number of Units outstanding		1,204,884.421		1,489,830.597		1,991,023.150

* Represents the change in net asset value per Unit.

See accompanying notes to financial statements.

Ceres Tactical Currency L.P. (formerly,

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

Statements of Changes in Partners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Units of Partnership Interest		Limited Partners		General Partner		Total
Partners’ Capital, December 31, 2013		2,430,680.684	$	17,703,845	$	265,227	$	17,969,072
Net income (loss)		-		1,885,964		21,561		1,907,525
Redemptions		(809,451.717)		(5,966,722)		(140,544)		(6,107,266)
Partners’ Capital, December 31, 2014		1,621,228.967		13,623,087		146,244		13,769,331
Net income (loss)		-		2,117,657		24,560		2,142,217
Redemptions		(283,314.561)		(2,628,888)		(15,000)		(2,643,888)
Partners’ Capital, December 31, 2015		1,337,914.406		13,111,856		155,804		13,267,660
Net income (loss)		-		(1,159,922)		(13,559)		(1,173,481)
Redemptions		(309,085.519)		(2,969,002)		(30,182)		(2,999,184)
Partners’ Capital, December 31, 2016		1,028,828.887	$	8,982,932	$	112,063	$	9,094,995

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Select L.P.

Statements of Financial Condition

December 31, 2016 and 2015

	December 31,   2016		December 31,   2015
Assets:
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $12,989,784 and $55,497,357 at December 31, 2016 and 2015, respectively)	$	12,994,751	$	55,493,206
Unrestricted cash (Note 2f)		36,673,442		23,029,544
Restricted cash (Note 2f)		11,918,100		14,906,464
Net unrealized appreciation on open futures contracts		1,375,411		1,399,436
Net unrealized appreciation on open forward contracts		-		43,831
Total equity in trading account		62,961,704		94,872,481
Cash at bank (Note 1)		218		-
Interest receivable (Note 2i)		12,527		3,540
Total assets	$	62,974,449	$	94,876,021
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	47,871	$	-
Accrued expenses:
Ongoing placement agent fees (Note 2j)		105,427		163,603
General Partner fees (Note 2j)		105,427		163,603
Management fees (Note 4)		87,559		141,356
Redemptions payable to General Partner (Note 2m)		100,000		-
Redemptions payable to Limited Partners (Note 2m)		2,537,767		1,554,009
Total liabilities		2,984,051		2,022,571
Partners’ Capital:
General Partner, 28,084.145 and 38,316.597 Units outstanding at December 31, 2016 and 2015, respectively		660,986		1,070,278
Limited Partners 2,520,753.466 and 3,285,860.484 Units outstanding at December 31, 2016 and 2015, respectively		59,329,412		91,783,172
Total partners’ capital (net asset value)		59,990,398		92,853,450
Total liabilities and partners’ capital	$	62,974,449	$	94,876,021
Net asset value per Unit	$	23.54	$	27.93

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Select L.P.

Condensed Schedule of Investments

December 31, 2016

	Notional ($)/
	Number of				% of Partners’
	Contracts		Fair Value		Capital
Futures Contracts Purchased
Commodity		932	$	112,637		0.19	%
Equity		750		471,849		0.79
Currencies		80		61,938		0.10
Interest rates		1,082		221,627		0.37
Total futures contracts purchased				868,051		1.45
Futures Contracts Sold
Commodity		331		365,783		0.61
Equity		40		(39,029)		(0.07)
Currencies		157		84,734		0.14
Interest rates		1,480		95,872		0.16
Total futures contracts sold				507,360		0.84
Net unrealized appreciation on open futures contracts			$	1,375,411		2.29	%
Unrealized Appreciation on Open Forward Contracts
Commodity		187	$	370,551		0.62	%
Currencies	$	40,436,437		698,477		1.16
Total unrealized appreciation on open forward contracts				1,069,028		1.78
Unrealized Depreciation on Open Forward Contracts
Commodity		203		(534,709)		(0.89)
Currencies	$	29,414,640		(582,190)		(0.97)
Total unrealized depreciation on open forward contracts				(1,116,899)		(1.86)
Net unrealized depreciation on open forward contracts			$	(47,871)		(0.08)	%

U.S. Government Securities					% of Partners’
Face Amount	Maturity Date	Description	Fair Value		Capital
$13,000,000	2/2/2017	U.S. Treasury bills, 0.41%* (Amortized cost of $12,989,784)	$	12,994,751		21.66	%
Total U.S. Government Securities			$	12,994,751		21.66	%

* Liquid non-cash held as collateral.

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Select L.P.

Condensed Schedule of Investments

December 31, 2015

	Notional ($)/
	Number of				% of Partners’
	Contracts		Fair Value		Capital
Futures Contracts Purchased
Commodity		904	$	(208,668)		(0.22)	%
Equity		322		(106,384)		(0.11)
Currencies		324		39,948		0.04
Interest rates		2,232		(182,103)		(0.20)
Total futures contracts purchased				(457,207)		(0.49)
Futures Contracts Sold
Commodity		1,571		1,290,224		1.39
Equity		247		(118,017)		(0.13)
Currencies		872		696,386		0.75
Interest rates		1,866		(11,950)		(0.01)
Total futures contracts sold				1,856,643		2.00
Net unrealized appreciation on open futures contracts			$	1,399,436		1.51	%
Unrealized Appreciation on Open Forward Contracts
Commodity		268	$	740,942		0.80	%
Currencies	$	38,883,013		427,977		0.46
Total unrealized appreciation on open forward contracts				1,168,919		1.26
Unrealized Depreciation on Open Forward Contracts
Commodity		511		(954,788)		(1.03)
Currencies	$	20,675,394		(170,300)		(0.18)
Total unrealized depreciation on open forward contracts				(1,125,088)		(1.21)
Net unrealized appreciation on open forward contracts			$	43,831		0.05	%

U.S. Government Securities					% of Partners’
Face Amount	Maturity Date	Description	Fair Value		Capital
$32,750,000	3/3/2016	U.S. Treasury bills, 0.015%* (Amortized cost of $32,748,076)	$	32,744,699		35.26	%
$22,750,000	1/21/2016	U.S. Treasury bills, 0.0125%* (Amortized cost of $22,749,281)		22,748,507		24.50
Total U.S. Government Securities			$	55,493,206		59.76	%

* Liquid non-cash held as collateral.

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Select L.P.

Statements of Income and Expenses

For the Years Ended December 31, 2016, 2015 and 2014

	2016		2015		2014
Investment Income:
Interest income	$	149,929	$	6,571	$	19,055
Expenses:
General Partner fees (Note 2j)		1,613,123		2,201,751		571,137
Ongoing placement agent fees (Note 2j)		1,613,123		2,201,751		571,137
Management fees (Note 4)		1,278,401		1,923,032		1,984,202
Brokerage fees (Note 2j)		-		-		4,378,408
Total expenses		4,504,647		6,326,534		7,504,884
Net investment loss		(4,354,718)		(6,319,963)		(7,485,829)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(8,560,404)		2,855,236		21,564,894
Net change in unrealized gains (losses) on open contracts		(102,999)		(4,330,138)		(859,897)
Total trading results		(8,663,403)		(1,474,902)		20,704,997
Net income (loss)	$	(13,018,121)	$	(7,794,865)	$	13,219,168
Net income (loss) per Unit (Note 8)*	$	(4.39)	$	(2.25)	$	3.70
Weighted average number of Units outstanding		3,039,416.299		3,661,532.170		4,702,032.014

* Represents the change in net asset value per Unit.

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Select L.P.

Statements of Changes in Partners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Units of
	Partnership		Limited		General
	Interest		Partners		Partner		Total
Partners’ Capital, December 31, 2013		5,533,635.686	$	144,651,488	$	1,875,257	$	146,526,745
Net income (loss)		-		13,077,451		141,717		13,219,168
Redemptions		(1,628,161.859)		(41,159,081)		(704,041)		(41,863,122)
Partners’ Capital, December 31, 2014		3,905,473.827		116,569,858		1,312,933		117,882,791
Net income (loss)		-		(7,708,901)		(85,964)		(7,794,865)
Redemptions		(581,296.746)		(17,077,785)		(156,691)		(17,234,476)
Partners’ Capital, December 31, 2015		3,324,177.081		91,783,172		1,070,278		92,853,450
Net income (loss)		-		(12,878,829)		(139,292)		(13,018,121)
Redemptions		(775,339.470)		(19,574,931)		(270,000)		(19,844,931)
Partners’ Capital, December 31, 2016		2,548,837.611	$	59,329,412	$	660,986	$	59,990,398

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Strategic L.P.

Statements of Financial Condition

December 31, 2016 and 2015

	December 31,		December 31,
	2016		2015
Assets:
Investment in the Funds, at fair value (cost $15,490,450 and $20,143,933 at December 31, 2016 and 2015, respectively) (Note 3b)	$	17,075,116	$	25,260,063
Interest receivable (Note 2i)		2,495		1,110
Cash at bank (Note 1)		1,000		-
Total assets	$	17,078,611	$	25,261,173
Liabilities and Partners’ Capital:
Liabilities:
Accrued expenses:
Ongoing placement agent fees (Note 2j)	$	27,236	$	42,062
General Partner fees (Note 2j)		27,236		42,062
Management fees (Note 4)		15,436		19,583
Redemptions payable to General Partner (Note 2m)		35,000		-
Redemptions payable to Limited Partners (Note 2m)		1,145,062		596,582
Total liabilities		1,249,970		700,289
Partners’ Capital:
General Partner, 16,128.779 and 25,284.926 Units outstanding at December 31, 2016 and 2015, respectively		176,185		291,786
Limited Partners, 1,432,900.898 and 2,103,088.597 Units outstanding at December 31, 2016 and 2015, respectively		15,652,456		24,269,098
Total partners’ capital (net asset value)		15,828,641		24,560,884
Total liabilities and partners’ capital	$	17,078,611	$	25,261,173
Net asset value per Unit	$	10.92	$	11.54

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Strategic L.P.

Schedule of Investments

December 31, 2016

	Cost		Fair Value		% of Partners’ Capital
Investment in the Funds
MB Master Fund L.P.	$	8,089,734	$	9,035,960		57.09	%
PGR Master Fund L.P.		7,400,716		8,039,156		50.79
Total investment in the Funds	$	15,490,450	$	17,075,116		107.88	%

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Strategic L.P.

Schedule of Investments

December 31, 2015

	Cost		Fair Value		% of Partners’ Capital
Investment in the Funds
Morgan Stanley Smith Barney BHM I, LLC	$	-	$	3,894,858		15.86	%
MB Master Fund L.P.		9,133,118		8,922,695		36.33
PGR Master Fund L.P.		11,010,815		12,442,510		50.66
Total investment in the Funds	$	20,143,933	$	25,260,063		102.85	%

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Strategic L.P.

Statements of Income and Expenses

For the Years Ended December 31, 2016, 2015 and 2014

	2016		2015		2014
Investment Income:
Interest income	$	20,400	$	3,118	$	7,178
Expenses:
Ongoing placement agent fees (Note 2j)		432,230		603,212		194,376
General Partner fees (Note 2j)		432,230		603,212		194,376
Management fees (Note 4)		238,151		177,872		312,606
Incentive fees (Note 4)		-		-		53,508
Brokerage fees (Note 2j)		-		-		1,724,317
Total expenses		1,102,611		1,384,296		2,479,183
Net investment loss		(1,082,211)		(1,381,178)		(2,472,005)
Trading results:
Net gains (losses) on investment in the Funds:
Net realized gains (losses) on investment in BHM I, LLC		3,559,306		21,012,914		20,180,635
Net realized gains (losses) on investment in MB Master Fund		103,332		(12,090)		11,573
Net realized gains (losses) on investment in PGR Master Fund		(110,881)		5,797		(26,049)
Net change in unrealized gains (losses) on investment in BHM I, LLC		(3,894,858)		(24,341,749)		(18,299,332)
Net change in unrealized gains (losses) on investment in MB Master Fund		1,156,649		(524,197)		57,061
Net change in unrealized gains (losses) on investment in PGR Master Fund		(793,255)		98,819		1,252,383
Total trading results		20,293		(3,760,506)		3,176,271
Net income (loss)	$	(1,061,918)	$	(5,141,684)	$	704,266
Net income (loss) per Unit (Note 8)*	$	(0.62)	$	(2.08)	$	(0.02)
Weighted average number of Units outstanding		1,883,921.134		2,418,049.941		3,243,727.489

* Represents the change in net asset value per Unit.

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Strategic L.P.

Statements of Changes in Partners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Units of Partnership Interest		Limited Partners		General Partner		Total
Partners’ Capital, December 31, 2013		3,880,571.388	$	52,246,247	$	694,669	$	52,940,916
Net income (loss)		-		677,750		26,516		704,266
Redemptions		(1,258,760.348)		(17,617,098)		(321,697)		(17,938,795)
Partners’ Capital, December 31, 2014		2,621,811.040		35,306,899		399,488		35,706,387
Net income (loss)		-		(5,083,147)		(58,537)		(5,141,684)
Redemptions		(493,437.517)		(5,954,654)		(49,165)		(6,003,819)
Partners’ Capital, December 31, 2015		2,128,373.523		24,269,098		291,786		24,560,884
Net income (loss)		-		(1,051,357)		(10,561)		(1,061,918)
Redemptions		(679,343.846)		(7,565,285)		(105,040)		(7,670,325)
Partners’ Capital, December 31, 2016		1,449,029.677	$	15,652,456	$	176,185	$	15,828,641

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Technical L.P.

Statements of Financial Condition

December 31, 2016 and 2015

	December 31, 2016		December 31, 2015
Assets:
Investment in SECOR Master Fund, at fair value (Note 3c)	$	19,624,189	$	27,517,405
Equity in trading account:
Investments in U.S. Treasury bills, at fair value (amortized cost $0 and $21,748,974 at December 31, 2016 and 2015, respectively)		-		21,747,370
Unrestricted cash (Note 2f)		38,804,219		36,014,670
Restricted cash (Note 2f)		6,959,456		7,078,848
Net unrealized appreciation on open futures contracts		294,434		-
Total equity in trading account		46,058,109		64,840,888
Cash at bank (Note 1)		217		-
Interest receivable (Note 2i)		14,714		5,019
Total assets	$	65,697,229	$	92,363,312
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open futures contracts	$	-	$	302,646
Net unrealized depreciation on open forward contracts		64,550		86,932
Accrued expenses:
Ongoing placement agent fees (Note 2j)		108,663		159,363
General Partner fees (Note 2j)		108,663		159,363
Management fees (Note 4)		82,187		131,877
Redemptions payable to General Partner (Note 2m)		125,000		-
Redemptions payable to Limited Partners (Note 2m)		2,337,625		1,139,210
Total liabilities		2,826,688		1,979,391
Partners’ Capital:
General Partner, 39,044.365 and 55,189.877 Units outstanding at December 31, 2016 and 2015, respectively		686,707		1,046,114
Limited Partners, 3,535,764.033 and 4,713,198.629 Units outstanding at December 31, 2016 and 2015, respectively		62,183,834		89,337,807
Total partners’ capital (net asset value)		62,870,541		90,383,921
Total liabilities and partners’ capital	$	65,697,229	$	92,363,312
Net asset value per Unit	$	17.59	$	18.95

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Technical L.P.

Condensed Schedule of Investments

December 31, 2016

	Notional ($)/ Number of Contracts		Fair Value		% of Partners’ Capital
Futures Contracts Purchased
Commodity		174	$	(15,541)		(0.02)	%
Equity		472		213,149		0.34
Currencies		90		(77,975)		(0.12)
Interest rates		1,230		104,180		0.16
Total futures contracts purchased				223,813		0.36
Futures Contracts Sold
Commodity		239		112,739		0.18
Equity		100		(4,886)		(0.01)
Currencies		116		(42,388)		(0.07)
Interest rates		851		5,156		0.01
Total futures contracts sold				70,621		0.11
Net unrealized appreciation on open futures contracts			$	294,434		0.47	%
Unrealized Appreciation on Open Forward Contracts
Commodity		26	$	58,919		0.09	%
Currencies	$	42,090,719		606,892		0.97
Total unrealized appreciation on open forward contracts				665,811		1.06
Unrealized Depreciation on Open Forward Contracts
Commodity		68		(293,032)		(0.47)
Currencies	$	30,260,348		(437,329)		(0.69)
Total unrealized depreciation on open forward contracts				(730,361)		(1.16)
Net unrealized depreciation on open forward contracts			$	(64,550)		(0.10)	%

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Technical L.P.

Condensed Schedule of Investments

December 31, 2015

	Notional ($)/ Number of Contracts		Fair Value		% of Partners’ Capital
Futures Contracts Purchased
Commodity		149	$	(27,379)		(0.03)	%
Equity		217		1,661		0.00	**
Currencies		12		678		0.00	**
Interest rates		1,240		(407,453)		(0.45)
Total futures contracts purchased				(432,493)		(0.48)
Futures Contracts Sold
Commodity		1,086		41,970		0.05
Equity		179		(28,878)		(0.03)
Currencies		122		109,485		0.12
Interest rates		475		7,270		0.01
Total futures contracts sold				129,847		0.15
Net unrealized depreciation on open futures contracts			$	(302,646)		(0.33)	%
Unrealized Appreciation on Open Forward Contracts
Commodity		92	$	156,179		0.17	%
Currencies	$	116,304,457		1,745,778		1.93
Total unrealized appreciation on open forward contracts				1,901,957		2.10
Unrealized Depreciation on Open Forward Contracts
Commodity		238		(366,155)		(0.41)
Currencies	$	97,698,308		(1,622,734)		(1.80)
Total unrealized depreciation on open forward contracts				(1,988,889)		(2.21)
Net unrealized depreciation on open forward contracts			$	(86,932)		(0.11)	%
U.S. Government Securities

Face Amount	Maturity Date		Description	Fair Value		% of Partners’ Capital
$9,250,000		1/21/2016	U.S. Treasury bills, 0.0125%* (Amortized cost of $9,249,708)	$	9,249,393		10.23	%
$12,500,000		3/3/2016	U.S. Treasury bills, 0.015%* (Amortized cost of $12,499,266)		12,497,977		13.83
Total U.S. Government Securities				$	21,747,370		24.06	%

* Liquid non-cash held as collateral.

** Due to rounding.

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Technical L.P.

Statements of Income and Expenses

For the Years Ended December 31, 2016, 2015 and 2014

	2016		2015		2014
Investment Income:
Interest income	$	150,226	$	14,184	$	17,849
Expenses:
Ongoing placement agent fees (Note 2j)		1,605,229		2,045,080		534,640
General Partner fees (Note 2j)		1,605,229		2,045,080		534,640
Management fees (Note 4)		1,244,716		1,581,367		1,431,344
Brokerage fees (Note 2j)		-		-		4,133,321
Incentive fees (Note 4)		208,244		899,082		719,326
Total expenses		4,663,418		6,570,609		7,353,271
Net investment loss		(4,513,192)		(6,556,425)		(7,335,422)
Tradng Results:
Net gains (losses) on trading of commodity interests and investment in Blackwater Master Fund and SECOR Master Fund:
Net realized gains (losses) on closed contracts		(3,006,930)		6,387,957		22,532,708
Net realized gains (losses) on closed contracts allocated from Blackwater Master Fund		-		374,099		668,573
Net realized gains (losses) on closed contracts allocated from SECOR Master Fund		920,443		1,803,434		-
Net change in unrealized gains (losses) on open contracts		600,852		(976,511)		(620,720)
Net change in unrealized gains (losses) on open contracts allocated from Blackwater Master Fund		-		(400,948)		(807,350)
Net change in unrealized gains (losses) on open contracts allocated from SECOR Master Fund		368,689		(948,185)		-
Total trading results		(1,116,946)		6,239,846		21,773,211
Net income (loss)	$	(5,630,138)	$	(316,579)	$	14,437,789
Net income (loss) per Unit (Note 8)*	$	(1.36)	$	(0.12)	$	2.52
Weighted average number of Units outstanding		4,307,665.714		5,291,205.995		6,923,660.693

*    Represents the change in net asset value per Unit.

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Spectrum Technical L.P.

Statements of Changes in Partners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Units of Partnership Interest		Limited Partners		General Partner		Total
Partners’ Capital, December 31, 2013		8,153,402.231	$	133,281,088	$	1,664,783	$	134,945,871
Net income (loss)		-		14,253,756		184,033		14,437,789
Redemptions		(2,418,876.856)		(39,409,151)		(625,712)		(40,034,863)
Partners’ Capital, December 31, 2014		5,734,525.375		108,125,693		1,223,104		109,348,797
Net income (loss)		-		(316,282)		(297)		(316,579)
Redemptions		(966,136.869)		(18,471,604)		(176,693)		(18,648,297)
Partners’ Capital, December 31, 2015		4,768,388.506		89,337,807		1,046,114		90,383,921
Net income (loss)		-		(5,571,004)		(59,134)		(5,630,138)
Redemptions		(1,193,580.108)		(21,582,969)		(300,273)		(21,883,242)
Partners’ Capital, December 31, 2016		3,574,808.398	$	62,183,834	$	686,707	$	62,870,541

See accompanying notes to financial statements.

Morgan Stanley Spectrum Series

Notes to Financial Statements

1. Organization:

Ceres Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.) (“Tactical Currency”), 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 5, “Financial Instruments”). The General Partner (as defined below) may also determine to invest up to all of the Partnerships’ assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnerships no longer offer units of limited partnership interest (“Unit(s)”) for purchase or exchange.

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. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses.

The clearing commodity broker for the Partnerships is Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. At December 31, 2016, Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) was a principal subsidiary of MSSBH. MS&Co. and its affiliates act as the custodians of the Partnerships’ assets available for trading in Futures Interests. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Partnerships also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A.

Ceres is required to maintain a 1% minimum interest in the equity of each Partnership.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnerships. The General Partner pays or reimburses each Partnership, from the General Partner fee it receives from each Partnership, the ordinary administrative expenses of each Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnerships’ respective break-even points.

Morgan Stanley Spectrum Series

Notes to Financial Statements

2. Basis of Presentation and Summary of Significant Accounting Policies:

a. Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

b. Profit Allocation. The General Partner and the limited partners in each Partnership share in the profits and losses of the respective Partnership in proportion to the amount of partnership interest owned by each, except that no limited partner is liable for obligations of the respective Partnership in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any.

c. Statement of Cash Flows. The Partnerships are not required to provide Statements of Cash Flows.

d. Fair Value of Financial Instruments. The carrying value of the Partnerships’ assets and liabilities presented in the respective Statements of Financial Condition that qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments,” approximates fair value due to the short term nature of such balances.

e. Partnerships’ Investments. All Futures Interests of the Partnerships, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 7, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the respective Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the respective Statements of Income and Expenses.

f. Restricted and Unrestricted Cash. The cash held by each Partnership available for trading in Futures Interests, if any, is on deposit in commodity brokerage accounts with MS&Co. As reflected in each Partnership’s Statements of Financial Condition, if applicable, and through December 31, 2015, 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 forward and option contracts and offset unrealized losses only on the offsetting London Metal Exchange positions. Starting January 1, 2016, each Partnership’s restricted cash is now equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. All of these amounts are maintained separately. At December 31, 2016 and 2015, the amount of cash held for margin requirements was $11,918,100 and $14,906,464 for Spectrum Select and $6,959,456 and $7,078,848 for Spectrum Technical, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(992,914) (proceeds of $1,024,772) and $(924,554) (proceeds of $943,684) for Spectrum Select and $(205,801) (proceeds of $205,128) and $423,964 (cost of $406,027) for Spectrum Technical as of December 31, 2016 and 2015, respectively.

g. 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 respective 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.

Morgan Stanley Spectrum Series

Notes to Financial Statements

h. Income Taxes. Income taxes have not been listed as each partner is individually liable for the taxes, if any, on its share of the respective Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in each Partnership’s financial statements. The Partnerships file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

i. Revenue Recognition. For excess cash held at MS&Co. which is not invested by the General Partner in U.S. Treasury bills and/or other permitted investments, monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnerships’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. and Ceres retain any interest earned on such uninvested cash 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.

j. Brokerage and Related Transaction Fees and Costs. Prior to April 1, 2014, the Partnerships each accrued a flat rate brokerage fee that covered all brokerage fees, transaction fees and costs, and ordinary administrative expenses. The brokerage fees for Tactical Currency were accrued at a flat monthly rate of 1/12th 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 were accrued at a flat monthly rate of 1/12th of 6.0% (a 6.0% annual rate) of the respective Partnership’s net assets as of the first day of each month.

Effective April 1, 2014, the flat rate brokerage fee for Tactical Currency was reduced from a monthly flat rate of 1/12th of 4.6% (a 4.6% annual rate) to 1/12th of 3.6% (a 3.6% annual rate) of Tactical Currency’s net assets, and the flat rate brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical were reduced from a monthly rate of 1/12th of 6.0% (a 6.0% annual rate) to 1/12th of 4.0% (a 4.0% annual rate) of their respective net assets.

Effective October 1, 2014, the flat rate brokerage fee accrued by Tactical Currency, equal to 1/12 of 3.6% (a 3.6% annual rate) of Tactical Currency’s net assets, was separated into (i) a General Partner administrative fee (the “General Partner fee”) payable to the General Partner equal to an annual rate of 1.6% of Tactical Currency’s net assets and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of Tactical Currency’s net assets. Also effective on October 1, 2014, the flat rate brokerage fees accrued by Spectrum Select, Spectrum Strategic and Spectrum Technical, equal to 1/12th of 4.0% (a 4.0% annual rate) of each such Partnership’s net assets, were separated into (i) a General Partner fee payable to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of the relevant Partnership’s net assets and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of the relevant Partnership’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by each Partnership.

The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships.

Morgan Stanley Spectrum Series

Notes to Financial Statements

k. Equity in Trading Account. Spectrum Select’s and Spectrum Technical’s asset “Equity in trading account” reflected in each such Partnership’s 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 on open futures contracts and net unrealized gains on open forward contracts, which are calculated as the difference between the original contract value and fair value and (c) U.S. Treasury bills, at fair value, if any.

The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Pursuant to brokerage agreements 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 in each Partnership’s respective Statements of Financial Condition.

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

l. Investment Company Status. Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnerships have been deemed to be investment companies since inception. Accordingly, the Partnerships follow the investment company accounting and reporting guidance of Topic 946 and reflect their investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in each Partnership’s respective Statements of Income and Expenses.

m. 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.

n. 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.

o. Dissolution of the Partnerships. Tactical Currency, 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.

p. Net Income (Loss) per Unit. Net income (loss) per Unit is calculated in accordance with ASC 946, “Financial Services—Investment Companies.” See Note 8, “Financial Highlights.”

Morgan Stanley Spectrum Series

Notes to Financial Statements

q. Recent Accounting Pronouncement. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments for all entities that hold financial assets or owe financial liabilities. One of the amendments in this update eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet or a description of changes in the methods and significant assumptions. Additionally, the update eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. Investment companies are specifically exempted from ASU 2016-01’s equity investment accounting provisions and will continue to follow the industry specific guidance for investment accounting under Topic 946. For public business entities, this update is effective for fiscal years beginning after December 15, 2017, and interim periods therein. For other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The General Partner is currently evaluating the impact this guidance will have on each Partnership’s financial statements and related disclosures.

r. Reclassification. Certain prior period amounts have been reclassified to conform to current period presentation. For Spectrum Select and Spectrum Technical, amounts previously presented as net unrealized gain (loss) on open contracts in each such Partnership’s Statements of Financial Condition are now reported as net unrealized appreciation on open futures contracts, net unrealized depreciation on open futures contracts, net unrealized appreciation on open forward contracts and net unrealized depreciation on open forward contracts, as applicable. In addition, for Spectrum Select and Spectrum Technical, amounts previously combined and presented as futures and forward contracts purchased and futures and forward contracts sold on each such Partnership’s Condensed Schedules of Investments are now reported separately as futures contracts purchased, futures contracts sold, unrealized appreciation on open forward contracts and unrealized depreciation on open forward contracts, as applicable.

Morgan Stanley Spectrum Series

Notes to Financial Statements

3. Investments:

a. Tactical Currency’s Investments in Affiliated Underlying Funds

On November 1, 2012, Tactical Currency’s assets allocated to The Cambridge Strategy (Asset Management) Limited (“Cambridge”) for trading were invested in Cambridge Master Fund L.P. (“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 Tactical Currency, are permitted to be limited partners of Cambridge Master Fund. The General Partner and Cambridge believe that trading through this “master/feeder” structure promotes efficiency and economy in the trading process.

Effective December 9, 2014, Cambridge, in consultation with the General Partner, agreed to increase the amount of leverage applied to the assets of Cambridge Master Fund allocated to Cambridge by the General Partner to 2.0 times the assets of the Cambridge Master Fund allocated to Cambridge by the General Partner and traded pursuant to Cambridge’s Asian Markets Alpha Programme and Emerging Markets Alpha Programme.

On January 1, 2012, Tactical Currency’s assets allocated to Krom River Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, “Krom River”) for trading were invested in KR Master Fund L.P. (“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.

Effective December 31, 2014, Tactical Currency fully redeemed its investment from KR Master Fund. In addition, Krom River no longer acts as commodity trading advisor to Tactical Currency. Effective on or about January 1, 2015, Tactical Currency reallocated the assets allocated to Krom River to Cambridge.

Tactical Currency carries, and carried, its investment in Cambridge Master Fund and KR Master Fund, respectively, at fair value based on Tactical Currency’s (1) respective net contributions to Cambridge Master Fund and KR Master Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of Cambridge Master Fund and KR Master Fund. Tactical Currency invests in, and invested in, Cambridge Master Fund and KR Master Fund, respectively, through a “master/feeder” structure. Tactical Currency’s pro-rata share of the results of Cambridge Master Fund’s and KR Master Fund’s trading activities are shown in Tactical Currency’s Statements of Income and Expenses.

The financial statements of Cambridge Master Fund, including its condensed schedules of investments, are included elsewhere in this report and should be read in conjunction with Tactical Currency’s financial statements.

Generally, a limited partner in Cambridge Master Fund may withdraw all or part of its capital contributions and undistributed profits, if any, from Cambridge Master Fund as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs Cambridge Master Fund. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Cambridge Master Fund does not, and KR Master Fund did not, pay any management or incentive fees related to Tactical Currency’s investments. These fees are accrued and paid by Tactical Currency. The General Partner reimburses Cambridge Master Fund and reimbursed KR Master Fund for all brokerage related fees borne by Cambridge Master Fund and KR Master Fund (prior to its termination on December 31, 2014) on behalf of Tactical Currency’s investments.

As of December 31, 2016 and 2015, Tactical Currency owned approximately 16.3% and 22.7% of Cambridge Master Fund, respectively. It is Tactical Currency’s intention to continue to invest in Cambridge Master Fund. The performance of Tactical Currency is directly affected and was directly affected by, the performance of Cambridge Master Fund and (prior to its termination on December 31, 2014) KR Master Fund.

b. Spectrum Strategic’s Investments in Affiliated Underlying Funds

Effective December 1, 2011, the assets allocated by Spectrum Strategic to Aventis Asset Management, LLC (“Aventis”) and PGR Capital L.P. (“PGR”) for trading were invested in MB Master Fund L.P. (“MB Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware, and PGR Master Fund L.P. (“PGR Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware, respectively. The General Partner is also the general partner of MB Master Fund and PGR Master Fund. Individual and pooled accounts currently managed by Aventis and PGR, including Spectrum Strategic, are permitted to be limited partners of MB Master Fund and PGR Master Fund, respectively. The General Partner, Aventis and PGR believe that trading through these structures should promote efficiency and economy in the trading process. MB Master Fund and PGR Master Fund are collectively referred to as the “Funds.”

Effective January 1, 2008, the assets allocated by Spectrum Strategic to Blenheim Capital Management, LLC (“Blenheim”) for trading were invested in Morgan Stanley Smith Barney BHM I, LLC (“BHM I, LLC”), a limited liability company organized under the limited liability company laws of the State of Delaware. Spectrum Strategic’s investment in BHM I, LLC represented approximately 15.9% of the net asset value of Spectrum Strategic at December 31, 2015. The General Partner was also the managing member of BHM I, LLC.

Effective January 31, 2016, Ceres terminated the advisory agreement among the General Partner, Blenheim and BHM I, LLC pursuant to which Blenheim traded BHM I, LLC’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, Blenheim ceased all Futures Interest trading on behalf of BHM I, LLC (and, indirectly, Spectrum Strategic). Ceres reallocated the assets formerly allocated by Spectrum Strategic to Blenheim among the remaining Trading Advisors of Spectrum Strategic. References herein to the “Funds” may include, as relevant, BHM I, LLC.

Spectrum Strategic carries (or carried with respect to its investment in BHM I, LLC), its investment in the Funds at fair value based on Spectrum Strategic’s (1) respective net contribution to each Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of each Fund. ASC 820, “Fair Value Measurement,” as amended, permits, as a practical expedient, Spectrum Strategic to measure the fair value of its investments in the Funds on the basis of the net asset value per share (or its equivalent) if the net asset value per share of such investments is calculated in a manner consistent with the measurement principles of Topic 946, “Financial Services – Investment Companies” as of Spectrum Strategic’s reporting date.

As of December 31, 2016, Spectrum Strategic owned approximately 45.5% and 7.5% of PGR Master and MB Master, respectively. As of December 31, 2015, Spectrum Strategic owned 58.1%, 5.6% and 5.0% of PGR Master, MB Master and BHM I, LLC, respectively.

Morgan Stanley Spectrum Series

Notes to Financial Statements

The financial statements of Spectrum Strategic have been prepared using the “Fund of Funds” approach, and accordingly, Spectrum Strategic’s pro-rata share of all revenue and expenses of the Funds is reflected as net change in unrealized gains (losses) on investment in the Funds in Spectrum Strategic’s Statements of Income and Expenses. Contributions to and withdrawals from the Funds are recorded on the effective date. With respect to its investments in PGR Master Fund and MB Master Fund, Spectrum Strategic records a realized gain or loss on such investments as the difference between the redemption proceeds and the related cost of such investment. In determining the cost of such investments, Spectrum Strategic generally uses the average cost method. With respect to Spectrum Strategic’s investment in BHM I, LLC, Spectrum Strategic recorded redemptions received from BHM I, LLC as a reduction of cost basis and thereafter the redemptions received in excess of cost were recorded as a realized gain.

Summarized information for Spectrum Strategic’s investment in, and operations of BHM I, LLC, PGR Master Fund and MB Master Fund, as of and for the years ended December 31, 2016 and 2015, is as follows:

December 31, 2016	% of Spectrum Strategic’s Partners’ Capital		Fair Value		Partnership’s Pro-rata Net Income (Loss)		Management Fees		Incentive Fees		Investment Objective	Redemptions Permitted
											Commodity
BHM I, LLC (a)		-        %	$	-	$	(335,552)	$	6,470		$        -	Portfolio	Monthly
											Commodity
PGR Master Fund		50.8		8,039,156		(904,136)		-		-	Portfolio	Monthly
											Commodity
MB Master Fund		57.1		9,035,960		1,259,981		-		-	Portfolio	Monthly

^(a)  From January 1, 2016 through January 31, 2016, the date Spectrum Strategic fully redeemed its interest in BHM I, LLC.

December 31, 2015	% of Spectrum Strategic’s Partners’ Capital		Fair Value		Partnership’s Pro-rata Net Income (Loss)		Management Fees		Incentive Fees		Investment Objective	Redemptions Permitted
											Commodity
BHM I, LLC		15.9%	$	3,894,858	$	(3,328,835)	$	284,061		$        -	Portfolio	Monthly
											Commodity
PGR Master Fund		50.7		12,442,510		104,616		-		-	Portfolio	Monthly
											Commodity
MB Master Fund		36.3		8,922,695		(536,287)		-		-	Portfolio	Monthly

Generally, a limited partner or non-managing member, as applicable, in MB Master Fund, PGR Master Fund and (prior to its termination on January 31, 2016) BHM I, LLC may withdraw all or part of its capital contributions and undistributed profits, if any, from the Funds as of the Redemption Date after a request has been made to the General Partner/managing member at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner or non-managing member elects to redeem and informs the Funds. However, a limited partner or non-managing member may request a withdrawal as of the end of any day if such request is received by the General Partner/managing member at least three days in advance of the proposed withdrawal day.

Spectrum Strategic does not directly pay PGR Master Fund and MB Master Fund and, prior to March 1, 2014, did not directly pay BHM I, LLC, for its pro-rata portion of management or incentive fees. Such fees are directly paid by Spectrum Strategic to such trading advisors.

Morgan Stanley Spectrum Series

Notes to Financial Statements

From March 1, 2014 until its termination on January 31, 2016, BHM I, LLC was paid directly by Spectrum Strategic for its pro-rata portion of management and incentive fees.

The tables below represent summarized Income Statement information for PGR Master Fund and MB Master Fund for the years ended December 31, 2016 and 2015, respectively, and for BHM I, LLC for the period from January 1, 2016 through January 31, 2016 (termination of operations of BHM I, LLC) and for the year ended December 31, 2015 to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2016	Investment Income		Net Investment Loss		Total Trading Results		Net Income/ (Loss)
BHM I, LLC	$	1,632	$	(170,710)	$	(6,343,252)	$	(6,513,962)
PGR Master Fund		37,912		(36,071)		(1,707,510)		(1,743,581)
MB Master Fund		277,605		(2,314,063)		16,332,842		14,018,779
December 31, 2015	Investment Income		Net Investment Loss		Total Trading Results		Net Income/ (Loss)
BHM I, LLC	$	-	$	(3,875,220)	$	(31,114,859)	$	(34,990,079)
PGR Master Fund		4,505		(63,701)		362,309		298,608
MB Master Fund		5,090		(3,544,946)		(5,123,213)		(8,668,159)

c. Spectrum Technical’s Investments in Affiliated Underlying Funds

On January 1, 2015, the assets allocated by Spectrum Technical to SECOR Capital Advisors, L.P. (“SECOR”) were invested in SECOR Master Fund L.P. (“SECOR Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. SECOR Master Fund permits accounts managed now or in the future by SECOR using a variation of the program traded by SECOR Alpha Master Program L.P., a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of SECOR Master Fund. Individual and pooled accounts currently managed by SECOR, including Spectrum Technical, are permitted to be limited partners of SECOR Master Fund. The General Partner and SECOR believe that trading through this “master/feeder” structure promotes efficiency and economy in the trading process.

On December 1, 2011, the assets allocated by Spectrum Technical to Blackwater Capital Management LLC (“Blackwater”) were invested in Blackwater Master Fund L.P. (“Blackwater Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. Blackwater Master Fund permitted accounts managed by Blackwater to invest together in one trading vehicle. Effective September 30, 2015, Blackwater Master Fund terminated operations and Spectrum Technical redeemed its pre-liquidation interest in Blackwater Master Fund in October 2015.

Spectrum Technical carries, and carried, its investment in SECOR Master Fund and Blackwater Master Fund, respectively, at fair value based on Spectrum Technical’s (1) respective net contributions to SECOR Master Fund and Blackwater Master Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of SECOR Master Fund and Blackwater Master Fund. Spectrum Technical invests in, and invested in, SECOR Master Fund and Blackwater Master Fund, respectively, through a “master/feeder” structure. Spectrum Technical’s pro-rata share of the results of SECOR Master Fund’s and Blackwater Master Fund’s trading activities are shown in Spectrum Technical’s Statements of Income and Expenses.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Summarized information for Spectrum Technical, reflecting the total assets, liabilities and partners’ capital of SECOR Master Fund as of December 31, 2016 and 2015, is shown in the following tables:

	December 31, 2016
	Total Assets		Total Liabilities		Total Partners’ Capital
SECOR Master Fund	$	39,231,542	$	679,104	$	38,552,438
	December 31, 2015
	Total Assets		Total Liabilities		Total Partners’ Capital
SECOR Master Fund	$	50,962,450	$	464,928	$	50,497,522

Summarized information for Spectrum Technical’s investment in, and operations of Blackwater Master Fund and SECOR Master Fund as of and for the years ended December 31, 2016 and 2015 is shown in the following tables:

December 31, 2016	% of Spectrum Technical’s   Partners’ Capital	Fair     Value		Partnership’s Pro-rata Net Income (Loss)		Investment   Objective	Redemptions Permitted
SECOR Master Fund	31.2%	$	19,624,189	$	1,289,132	Commodity Portfolio	Monthly
December 31, 2015	% of Spectrum Technical’s Partners’ Capital	Fair Value		Partnership’s Pro-rata Net Income (Loss)		Investment Objective	Redemptions Permitted
Blackwater Master Fund (a)	- %	$	-	$	(26,849)	Commodity Portfolio	Monthly
SECOR Master Fund	30.4		27,517,405		855,249	Commodity Portfolio	Monthly

^(a)         From January 1, 2015 through September 30, 2015, the date Spectrum Technical fully redeemed its interest in Blackwater Master Fund.

Generally, a limited partner in SECOR Master Fund and Blackwater Master Fund (prior to its termination on September 30, 2015) may withdraw all or part of its capital contributions and undistributed profits, if any, from SECOR Master Fund and Blackwater Master Fund as of the Redemption Date after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs SECOR Master Fund and Blackwater Master Fund. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

SECOR Master Fund does not, and Blackwater Master did not, pay any management or incentive fees related to Spectrum Technical’s investment in the funds. These fees are accrued and paid by Spectrum Technical. The General Partner reimburses SECOR Master Fund, and reimbursed Blackwater Master Fund (prior to its termination on September 30, 2015), for all brokerage related fees borne by SECOR Master Fund and Blackwater Master Fund on behalf of Spectrum Technical’s investment.

Morgan Stanley Spectrum Series

Notes to Financial Statements

As of December 31, 2016 and 2015, Spectrum Technical owned approximately 50.9% and 54.5% of SECOR Master Fund, respectively. It is Spectrum Technical’s intention to continue to invest in SECOR Master Fund. The performance of Spectrum Technical is directly affected by, and was directly affected by, the performance of SECOR Master Fund and (prior to its termination on September 30, 2015), Blackwater Master Fund, respectively.

The tables below represent summarized income statement information for SECOR Master Fund for the years ended December 31, 2016 and 2015, respectively, and for Blackwater Master Fund for the period from January 1, 2015 through September 30, 2015 (termination of operations of Blackwater Master Fund) to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2016	Investment     Income		Net   Investment Loss		Total Trading   Results		Net Income     (Loss)
SECOR Master Fund	$	92,036	$	(245,725)	$	2,459,009	$	2,213,284
December 31, 2015	Investment Income		Net Investment Loss		Total Trading Results		Net Income (Loss)
Blackwater Master Fund	$	1,120	$	(39,750)	$	87,198	$	47,448
SECOR Master Fund		12,458		(396,486)		2,605,734		2,209,248

4.  Trading Advisors:

Ceres, on behalf of each Partnership, retains certain unaffiliated commodity trading advisors, which are registered with the Commodity Futures Trading Commission, to make all trading decisions for the respective Partnerships. The trading advisors for each Partnership at December 31, 2016 were as follows:

Tactical Currency        

Cambridge

Spectrum Select    

EMC Capital Advisors, LLC (“EMC”)

Graham Capital Management, L.P. (“Graham”)

Rabar Market Research, Inc. (“Rabar”)

Spectrum Strategic    

Aventis

PGR

Spectrum Technical    

Aspect Capital Limited (“Aspect”)

Campbell & Company, Inc. (“Campbell”)

FORT, L.P. (“FORT”)

SECOR

Effective June 30, 2016, the General Partner terminated the management agreement among Spectrum Select, the General Partner and Altis Partners (Jersey) Limited (“Altis”), pursuant to which Altis traded a portion of Spectrum Select’s assets. Consequently, Altis ceased all Futures Interest trading on behalf of Spectrum Select.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Effective June 1, 2016, Spectrum Technical entered into a management agreement by and among the Partnership, the General Partner, and FORT, a Delaware limited partnership, pursuant to which FORT serves as a trading advisor to Spectrum Technical and manages the portion of Spectrum Technical’s assets allocated to it. Effective July 1, 2016, a portion of the Spectrum Technical’s assets were allocated to FORT and traded pursuant to the Global Contrarian Program.

Effective March 31, 2016, Ceres terminated the management agreement with Winton Capital Management Limited (“Winton”) pursuant to which Winton ceased trading the assets of Spectrum Technical, fully liquidated all commodity interest positions in the Partnership, and converted all currency balances in the Partnership to U.S. dollars.

Effective January 31, 2016, Ceres terminated the advisory agreement among the General Partner, Blenheim and BHM I, LLC, pursuant to which Blenheim traded BHM I, LLC’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, Blenheim ceased all Futures Interest trading on behalf of BHM I, LLC (and, indirectly, Spectrum Strategic).

Effective September 30, 2015, Spectrum Technical fully redeemed its investment in Blackwater Master Fund. In addition, Blackwater no longer acts as a commodity trading advisor to Spectrum Technical.

Effective December 31, 2014, Ceres terminated the management agreement among Ceres, Rotella Capital Management, Inc. (“Rotella”) and Spectrum Technical pursuant to which Rotella ceased all Futures Interests trading on behalf of Spectrum Technical.

Effective December 31, 2014, Tactical Currency fully redeemed its investment from KR Master Fund. In addition, Krom River no longer acts as a commodity trading advisor to Tactical Currency.

Effective the close of business on August 8, 2014, Ceres terminated the management agreement among Ceres, Northfield Trading L.P. (“Northfield”) and Spectrum Select pursuant to which Northfield ceased all Futures Interests trading on behalf of Spectrum Select.

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 Tactical Currency is accrued at a rate equal to 1/12th of 1.5% (a 1.5% annual rate) per month of Tactical Currency’s net assets allocated to Cambridge on the first day of each month. Prior to its termination on December 31, 2014, Krom River received a management fee for Tactical Currency equal to 1/12th of 1.0% (a 1.0% annual rate) per month of Tactical Currency’s net assets allocated to Krom River on the first day of each month.

The management fee for Spectrum Select is accrued at a rate of 1/12th of 1.75% (a 1.75% annual rate) per month of Spectrum Select’s net assets allocated to Graham on the first day of each month, 1/12th of 2% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to Rabar on the first day of each month and 1/12th of 1% (a 1% annual rate) per month of Spectrum Select’s net assets allocated to EMC on the first day of each month. Prior to January 1, 2016, the management fee paid by Spectrum Select to EMC was accrued at a rate of 1/12th of 2% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to EMC on the first day of each month. Prior to April 1, 2014, the monthly management fee payable to by Spectrum Select to Graham was 1/6th of 1% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to Graham on the first day of each month. The management fee payable by Spectrum Select to Altis prior to its termination on June 30, 2016 was 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Select’s net assets allocated to Altis on the first day of each month. The management fee payable by Spectrum Select to Northfield prior to its termination on August 8, 2014 was 1/12th of 1% (a 1% annual rate) per month of Spectrum Select’s net assets allocated to Northfield on the first day of each month.

Morgan Stanley Spectrum Series

Notes to Financial Statements

The management fee for Spectrum Strategic is accrued at a rate of 1/12th of 1% (a 1% annual rate) per month of Spectrum Strategic’s net assets allocated to PGR on the first day of each month and 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Strategic’s net assets allocated to Aventis on the first day of each month. For the period from March 1, 2014 to its termination on January 31, 2016, Blenheim was paid a monthly management fee from Spectrum Strategic at a rate of 1/12th of 2% (a 2% annual rate) per month of Spectrum Strategic’s net assets allocated to Blenheim on the first day of each month. Additionally, Spectrum Strategic directly paid BHM I, LLC for management fees related to Blenheim for the period from March 1, 2014 until Blenheim’s termination effective January 31, 2016. Prior to March 1, 2014, the monthly management fee payable by Spectrum Strategic to Blenheim was 1/4th of 1% (a 3% annual rate) of Spectrum Strategic’s net assets allocated to Blenheim on the first day of each month. Prior to March 1, 2014, the management fee payable by Spectrum Strategic to Aventis was 1/12th of 1.5% (a 1.5% annual rate) of Spectrum Strategic’s net assets allocated to Aventis on the first day of each month.

The management fee for Spectrum Technical is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of Spectrum Technical’s net assets allocated to Aspect and Campbell on the first day of each month. The management fee paid to FORT is earned at a rate of 1/12th of 1.25% (1.25% annual rate) per month of Spectrum Technical’s net assets allocated to FORT on the first day of each month. Effective January 1, 2016, the management fee payable by Spectrum Technical to SECOR was reduced to 1/12th of 1.75% (a 1.75% annual rate) per month of Spectrum Technical’s net assets allocated to SECOR on the first day of each month. Prior to January 1, 2016, the management fee payable by Spectrum Technical to SECOR was equal to 1/12th of 2% (a 2% annual rate) per month of Spectrum Technical’s net assets allocated to SECOR on the first day of each month. Prior to its termination on March 31, 2016, Winton received a management fee from Spectrum Technical equal to 1/12th of 1.5% (a 1.5% annual rate) per month of Spectrum Technical’s net assets allocated to Winton on the first day of each month. Prior to its termination on September 30, 2015, Blackwater received a management fee from Spectrum Technical equal to 1/12th of 0.75% (a 0.75% annual rate) per month of Spectrum Technical’s net assets allocated to Blackwater on the first day of each month. Prior to its termination on December 31, 2014, Rotella received a management fee from Spectrum Technical equal to 1/12th of 1.0% (a 1.0% annual rate) per month of Spectrum Technical’s net assets allocated to Rotella on the first day of each month. Prior to June 1, 2014, the management fee payable by Spectrum Technical to Campbell was equal to 1/12th of 2.0% (a 2.0% annual rate) per month of Spectrum Technical’s net assets allocated to Campbell on the first day of each month.

Incentive Fee.    Tactical Currency pays a quarterly incentive fee equal to 15% of the trading profits experienced with respect to Tactical Currency’s net assets allocated to Cambridge at the end of each calendar quarter. Prior to its termination on December 31, 2014, Krom River was eligible to receive a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Tactical Currency’s net assets allocated to Krom River as of the end of each calendar quarter.

Spectrum Select pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to EMC, Rabar and Graham as of the end of each calendar month. Prior to its termination on June 30, 2016, Altis was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to Altis as of the end of each calendar month. Prior to its termination on August 8, 2014, Northfield was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to Northfield as of the end of each calendar month.

Spectrum Strategic pays a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to Aventis as of the end of each calendar quarter and a yearly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to PGR as of the end of each calendar year. For the period from March 1, 2014 until Blenheim’s termination effective January 31, 2016, Blenheim was eligible to receive from BHM I, LLC a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to Blenheim as of the end of each calendar quarter. Prior to March 1, 2014, Blenheim was eligible to receive from Spectrum Strategic 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.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Spectrum Technical pays a monthly incentive fee equal to 20% of trading profits experienced with respect to Spectrum Technical’s net assets allocated to Aspect and Campbell as of the end of each calendar month, a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to SECOR as of the end of each calendar quarter and a yearly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to FORT as of the end of each calendar year. Prior to its termination on March 31, 2016, Winton was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Winton as of the end of each calendar month. Prior to its termination on September 30, 2015, Blackwater was eligible to receive a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Blackwater as of the end of each calendar quarter. Prior to its termination on December 31, 2014, Rotella was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Rotella as of the end of each month.

Trading profits represent the amount by which profits from Futures Interests trading exceed losses after ongoing selling agent fees, brokerage fees, General Partner fees and management fees, as applicable, are deducted.

For all trading advisors with trading losses, no incentive fees are paid in subsequent periods 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 and reallocations.

5. Financial Instruments:

The Partnerships trade Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. 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 respective Statements of Financial Condition as a net unrealized gain or loss on open futures or forward contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized gains (losses) on open contracts” in the respective Statements of Income and Expenses. The Partnerships’ contracts are accounted for on a trade-date basis. 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 fair value of an exchange-traded contract 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.

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 respective financial statements, the credit risk associated with the instruments in which each Partnership trades is limited to the unrealized gain (loss) amounts reflected in the respective Partnership’s Statements of Financial Condition. The net unrealized gains (losses) on open contracts are further disclosed gross by type of contract and corresponding fair value level in Note 7, “Fair Value Measurements.”

Morgan Stanley Spectrum Series

Notes to Financial Statements

The Partnerships also have credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnerships’ assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnerships’ off-exchange-traded forward currency contracts and forward currency option contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnerships are required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnerships’ accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in custody accounts 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. 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 counterparty’s exposure on off-exchange-traded forward currency contracts, should materially decrease the Partnerships’ credit risk in the event of MS&Co.’s bankruptcy or insolvency.

The Partnerships do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Statements of Income and Expenses.

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 and forward contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The futures and forwards traded by the Partnerships, along with the U.S. Treasury bills held 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 its earnings, whether realized or unrealized, and cash flow.

Gains and losses on open positions of exchange-traded futures and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract.

Spectrum Strategic’s, Spectrum Technical’s and Tactical 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.

Morgan Stanley Spectrum Series

Notes to Financial Statements

6.  Trading Activities:

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 respective 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.

100% of Tactical Currency’s contracts held indirectly through its investment in Cambridge Master Fund are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 7.7% to 27.7% of Spectrum Select’s contracts are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 0.0% to 14.7% of Spectrum Strategic’s contracts held indirectly through its investment in the Funds are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 21.2% to 42.3% of Spectrum Technical’s contracts held both directly and indirectly through its investment in SECOR Master Fund are traded over-the-counter.

All of the commodity interests owned by Spectrum Select and Spectrum Technical are held for trading purposes. The monthly average number of futures contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were 6,303 and 8,519, respectively. The monthly average number of metals forward contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were 965 and 1,135, respectively. The monthly average notional values of currency forward contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were $117,997,719 and $124,501,944, respectively.

The monthly average number of futures contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were 3,074 and 4,195, respectively. The monthly average number of metals forward contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were 393 and 502, respectively. The monthly average notional values of currency forward contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were $302,187,265 and $288,970,752, respectively.

Morgan Stanley Spectrum Series

Notes to Financial Statements

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of Spectrum Select’s and Spectrum Technical’s derivatives and their offsetting subject to master netting or similar arrangements as of December 31, 2016 and 2015, respectively.

Spectrum Select

December 31, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	2,203,401	$	(827,990)	$	1,375,411	$	-	$	-	$	1,375,411
Forwards		1,069,028		(1,069,028)		-		-		-		-
Total assets	$	3,272,429	$	(1,897,018)	$	1,375,411	$	-	$	-	$	1,375,411
Liabilities
Futures	$	(827,990)	$	827,990	$	-	$	-	$	-	$	-
Forwards		(1,116,899)		1,069,028		(47,871)		-		-		(47,871)
Total liabilities	$	(1,944,889)	$	1,897,018	$	(47,871)	$	-	$	-	$	(47,871)
Net fair value											$	1,327,540	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,831,162	$	(2,431,726)	$	1,399,436	$	-	$	-	$	1,399,436
Forwards		1,168,919		(1,125,088)		43,831		-		-		43,831
Total assets	$	5,000,081	$	(3,556,814)	$	1,443,267	$	-	$	-	$	1,443,267
Liabilities
Futures	$	(2,431,726)	$	2,431,726	$	-	$	-	$	-	$	-
Forwards		(1,125,088)		1,125,088		-		-		-		-
Total liabilities	$	(3,556,814)	$	3,556,814	$	-	$	-	$	-	$	-
Net fair value											$	1,443,267	*

* In the event of default by Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Select’s obligation with Spectrum Select’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Select is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Select’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Spectrum Technical

December 31, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,051,049	$	(756,615)	$	294,434	$	-	$	-	$	294,434
Forwards		665,811		(665,811)		-		-		-		-
Total assets	$	1,716,860	$	(1,422,426)	$	294,434	$	-	$	-	$	294,434
Liabilities
Futures	$	(756,615)	$	756,615	$	-	$	-	$	-	$	-
Forwards		(730,361)		665,811		(64,550)		-		-		(64,550)
Total liabilities	$	(1,486,976)	$	1,422,426	$	(64,550)	$	-	$	-	$	(64,550)
Net fair value											$	229,884	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,246,261	$	(1,246,261)	$	-	$	-	$	-	$	-
Forwards		1,901,957		(1,901,957)		-		-		-		-
Total assets	$	3,148,218	$	(3,148,218)	$	-	$	-	$	-	$	-
Liabilities
Futures	$	(1,548,907)	$	1,246,261	$	(302,646)	$	-	$	-	$	(302,646)
Forwards		(1,988,889)		1,901,957		(86,932)		-		-		(86,932)
Total liabilities	$	(3,537,796)	$	3,148,218	$	(389,578)	$	-	$	-	$	(389,578)
Net fair value											$	(389,578)	*

* In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Technical’s obligation with Spectrum Technical’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Technical is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Technical’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Morgan Stanley Spectrum Series

Notes to Financial Statements

The following tables indicates the gross fair values of Spectrum Select’s and Spectrum Technical’s derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2016 and 2015, respectively.

Spectrum Select

	December 31, 2016
Assets
Futures Contracts
Commodity	$	864,337
Equity		696,575
Currencies		202,478
Interest rates		440,011
Total unrealized appreciation on open futures contracts		2,203,401
Liabilities
Futures Contracts
Commodity		(385,917)
Equity		(263,755)
Currencies		(55,806)
Interest rates		(122,512)
Total unrealized depreciation on open futures contracts		(827,990)
Net unrealized appreciation on open futures contracts	$	1,375,411	*
Assets
Forward Contracts
Commodity	$	370,551
Currencies		698,477
Total unrealized appreciation on open forward contracts		1,069,028
Liabilities
Forward Contracts
Commodity		(534,709)
Currencies		(582,190)
Total unrealized depreciation on open forward contracts		(1,116,899)
Net unrealized depreciation on open forward contracts	$	(47,871)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

Morgan Stanley Spectrum Series

Notes to Financial Statements

	December 31, 2015
Assets
Futures Contracts
Commodity	$	2,019,401
Equity		196,959
Currencies		1,206,216
Interest rates		408,586
Total unrealized appreciation on open futures contracts		3,831,162
Liabilities
Futures Contracts
Commodity		(937,845)
Equity		(421,360)
Currencies		(469,882)
Interest rates		(602,639)
Total unrealized depreciation on open futures contracts		(2,431,726)
Net unrealized appreciation on open futures contracts	$	1,399,436	*
Assets
Forward Contracts
Commodity	$	740,942
Currencies		427,977
Total unrealized appreciation on open forward contracts		1,168,919
Liabilities
Forward Contracts
Commodity		(954,788)
Currencies		(170,300)
Total unrealized depreciation on open forward contracts		(1,125,088)
Net unrealized appreciation on open forward contracts	$	43,831	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Spectrum Technical

	December 31, 2016
Assets
Futures Contracts
Commodity	$	323,692
Equity		348,618
Currencies		24,345
Interest rates		354,394
Total unrealized appreciation on open futures contracts		1,051,049
Liabilities
Futures Contracts
Commodity		(226,494)
Equity		(140,355)
Currencies		(144,708)
Interest rates		(245,058)
Total unrealized depreciation on open futures contracts		(756,615)
Net unrealized appreciation on open futures contracts	$	294,434	*
Assets
Forward Contracts
Commodity	$	58,919
Currencies		606,892
Total unrealized appreciation on open forward contracts		665,811
Liabilities
Forward Contracts
Commodity		(293,032)
Currencies		(437,329)
Total unrealized depreciation on open forward contracts		(730,361)
Net unrealized depreciation on open forward contracts	$	(64,550)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

Morgan Stanley Spectrum Series

Notes to Financial Statements

	December 31, 2015
Assets
Futures Contracts
Commodity	$	776,736
Equity		143,690
Currencies		121,130
Interest rates		204,705
Total unrealized appreciation on open futures contracts		1,246,261
Liabilities
Futures Contracts
Commodity		(762,145)
Equity		(170,907)
Currencies		(10,967)
Interest rates		(604,888)
Total unrealized depreciation on open futures contracts		(1,548,907)
Net unrealized depreciation on open futures contracts	$	(302,646)	*
Assets
Forward Contracts
Commodity	$	156,179
Currencies		1,745,778
Total unrealized appreciation on open forward contracts		1,901,957
Liabilities
Forward Contracts
Commodity		(366,155)
Currencies		(1,622,734)
Total unrealized depreciation on open forward contracts		(1,988,889)
Net unrealized depreciation on open forward contracts	$	(86,932)	**

* This amount is in “Net unrealized depreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

Morgan Stanley Spectrum Series

Notes to Financial Statements

The following tables indicate the trading gains and losses, by market sector, on Spectrum Select’s and Spectrum Technical’s derivative instruments for the years ended December 31, 2016, 2015 and 2014, respectively.

  Spectrum Select

Sector	2016			2015			2014
Commodity	$	(6,068,586)		$	(1,071,073)		$	11,295,753
Equity		(2,859,526)			(2,848,607)			(3,990,077)
Currencies		(701,495)			2,577,114			4,185,603
Interest rates		966,204			(132,336)			9,213,718
Total	$	(8,663,403)	*	$	(1,474,902)	*	$	20,704,997	*

  Spectrum Technical

Sector	2016			2015			2014
Commodity	$	(3,763,856)		$	5,162,412		$	3,173,650
Equity		1,904,910			(769,729)			3,873,373
Currencies		(409,677)			1,503,142			(6,217,792)
Interest rates		1,151,677			344,021			20,943,980
Total	$	(1,116,946)	*	$	6,239,846	*	$	21,773,211	*

* This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses.

7.   Fair Value Measurements:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of exchange-traded futures, option and forward contracts is determined by the various 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 input 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. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

Morgan Stanley Spectrum Series

Notes to Financial Statements

The Partnerships consider prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by broker quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the years ended December 31, 2016 and 2015, the Partnerships did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the years ended December 31, 2016 and 2015, there were no transfers of assets or liabilities between Level 1 and Level 2.

There were no direct investments held by Tactical Currency and Spectrum Strategic as of December 31, 2016 and 2015. For Tactical Currency’s investment in Cambridge Master Fund, see Notes 2 and 5 of the attached Cambridge Master Fund’s financial statements for the determination of the fair value of Cambridge Master Fund’s investments and related disclosures, including the fair value hierarchy. The following tables present information about Spectrum Select’s and Spectrum Technical’s assets and liabilities measured at fair value as of December 31, 2016 and 2015:

  Spectrum Select

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury bills	$	12,994,751	$	-	$	12,994,751	$	-
Futures		2,203,401		2,203,401		-		-
Forwards		1,069,028		370,551		698,477		-
Total assets	$	16,267,180	$	2,573,952	$	13,693,228	$	-
Liabilities
Futures	$	827,990	$	827,990	$	-	$	-
Forwards		1,116,899		534,709		582,190		-
Total liabilities	$	1,944,889	$	1,362,699	$	582,190	$	-
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	$	-

Morgan Stanley Spectrum Series

Notes to Financial Statements

  Spectrum Technical

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Futures	$	1,051,049	$	1,051,049	$	-	$	-
Forwards		665,811		58,919		606,892		-
Total assets	$	1,716,860	$	1,109,968	$	606,892	$	-
Liabilities
Futures	$	756,615	$	756,615	$	-	$	-
Forwards		730,361		293,032		437,329		-
Total liabilities	$	1,486,976	$	1,049,647	$	437,329	$	-
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	$	-

Morgan Stanley Spectrum Series

Notes to Financial Statements

8. Financial Highlights:

Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 are as follows:

Tactical Currency

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.52)	$	2.16	$	1.63
Net investment loss		(0.56)		(0.73)		(0.53)
Net increase (decrease) for the year		(1.08)		1.43		1.10
Net asset value per Unit, beginning of year		9.92		8.49		7.39
Net asset value per Unit, end of year	$	8.84	$	9.92	$	8.49
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.8)%		(8.0)%		(7.0)%
Operating expenses before incentive fees		5.2%		5.1%		5.4%
Incentive fees		0.8%		2.9%		1.6%
Operating expenses after incentive fees		6.0%		8.0%		7.0%
Total return:
Total return before incentive fees		(10.1)%		19.9%		16.6%
Incentive fees		(0.8)%		(3.1)%		(1.7)%
Total return after incentive fees		(10.9)%		16.8%		14.9%

^*  Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

^**  Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Tactical Currency and includes income and expenses allocated from its investments in Cambridge Master Fund and KR Master Fund, as applicable.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Spectrum Select

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(2.96)	$	(0.51)	$	5.34
Net investment loss		(1.43)		(1.74)		(1.64)
Net increase (decrease) for the year		(4.39)		(2.25)		3.70
Net asset value per Unit, beginning of year		27.93		30.18		26.48
Net asset value per Unit, end of year	$	23.54	$	27.93	$	30.18
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.5)%		(5.8)%		(6.3)%
Operating expenses before incentive fees		5.7%		5.8%		6.3%
Incentive fees		-  %		-  %		-  %
Operating expenses after incentive fees		5.7%		5.8%		6.3%
Total return:
Total return before incentive fees		(15.7)%		(7.5)%		14.0%
Incentive fees		-  %		-  %		-  %
Total return after incentive fees		(15.7)%		(7.5)%		14.0%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding’ during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Select.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Spectrum Strategic

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.05)	$	(1.51)	$	0.77
Net investment loss		(0.57)		(0.57)		(0.79)
Net increase (decrease) for the year		(0.62)		(2.08)		(0.02)
Net asset value per Unit, beginning of year		11.54		13.62		13.64
Net asset value per Unit, end of year	$	10.92	$	11.54	$	13.62
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.1)%		(4.7)%		(5.5)%
Operating expenses before incentive fees		5.2%		4.7%		5.4%
Incentive fees		-  %		-  %		0.1%
Operating expenses after incentive fees		5.2%		4.7%		5.5%
Total return:
Total return before incentive fees		(5.4)%		(15.3)%		0.0%
Incentive fees		-  %		-  %		(0.1)%
Total return after incentive fees		(5.4)%		(15.3)%		(0.1)%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Strategic and does not include income and expenses related to its investment in the Funds.

Morgan Stanley Spectrum Series

Notes to Financial Statements

Spectrum Technical

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.31)	$	1.13	$	3.61
Net investment loss		(1.05)		(1.25)		(1.09)
Net increase (decrease) for the year		(1.36)		(0.12)		2.52
Net asset value per Unit, beginning of year		18.95		19.07		16.55
Net asset value per Unit, end of year	$	17.59	$	18.95	$	19.07
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.7)%		(6.5)%		(6.6)%
Operating expenses before incentive fees		5.6%		5.6%		5.9%
Incentive fees		0.3%		0.9%		0.7%
Operating expenses after incentive fees		5.9%		6.5%		6.6%
Total return:
Total return before incentive fees		(6.9)%		0.3%		15.9%
Incentive fees		(0.3)%		(0.9)%		(0.7)%
Total return after incentive fees		(7.2)%		(0.6)%		15.2%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Technical and includes income and expenses allocated from its investments in SECOR Master Fund and Blackwater Master Fund, as applicable.

9. Subsequent Events:

As of January 1, 2017, Ceres and Morgan Stanley Wealth Management became wholly-owned subsidiaries of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, Ceres and Morgan Stanley Wealth Management were wholly-owned subsidiaries of MSSBH. MSD Holdings is ultimately owned by Morgan Stanley.

Ceres has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in each respective Partnership’s financial statements.

To the Limited Partners of

Cambridge Master Fund L.P.

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

By:	Patrick T. Egan
	President and Director
	Ceres Managed Futures LLC
	General Partner,
	Cambridge Master Fund L.P.
Ceres Managed Futures LLC
522 Fifth Avenue
New York, NY 10036
855-672-4468

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Cambridge Master Fund L.P.:

We have audited the accompanying statements of financial condition of Cambridge Master Fund L.P. (the “Partnership”), including the condensed schedules of investments, as of December 31, 2016 and 2015, and the related statements of income and expenses and changes in partners’ capital for each of the three years in the period ended December 31, 2016. These financial statements are the responsibility of the Partnership’s 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 Partnership is not required to have, nor were we engaged to perform, an audit of its 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 Partnership’s 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 Cambridge Master Fund L.P. as of December 31, 2016 and 2015, and the results of its operations and changes in its partners’ capital for each of the three years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

New York, New York

March 24, 2017

Cambridge Master Fund L.P.

Statements of Financial Condition

December 31, 2016 and 2015

	December 31, 2016		December 31, 2015
Assets:
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $49,492,685 at December 31, 2016 and 2015, respectively)	$	-	$	49,496,752
Cash at MS&Co. (Note 3c)		38,139,290		-
Cash margin (Note 3c)		20,142,391		10,495,462
Total equity in trading account		58,281,681		59,992,214
Cash at bank (Note 1)		217		-
Expense reimbursements		568		190
Total assets	$	58,282,466	$	59,992,404
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	1,094,500	$	258,025
Accrued expenses:
Professional fees		31,100		24,457
Total liabilities		1,125,600		282,482
Partners’ Capital:
General Partner		-		-
Limited Partners		57,156,866		59,709,922
Total partners’ capital (net asset value)		57,156,866		59,709,922
Total liabilities and partners’ capital	$	58,282,466	$	59,992,404

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2016

	Notional ($ )		Fair Value		% of Partners’ Capital
Unrealized Appreciation on Open Forward Contracts
Currencies	$	574,487,744	$	10,266,204		17.96	%
Total unrealized appreciation on open forward contracts				10,266,204		17.96
Unrealized Depreciation on Open Forward Contracts
Currencies	$	606,733,180		(11,360,704)		(19.88)
Total unrealized depreciation on open forward contracts				(11,360,704)		(19.88)
Net unrealized depreciation on open forward contracts			$	(1,094,500)		(1.92)	%

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2015

	Notional ($)		Fair Value		% of Partners’ Capital
Unrealized Appreciation on Open Forward Contracts
Currencies	$	862,295,211	$	10,602,087		17.76	%
Total unrealized appreciation on open forward contracts				10,602,087		17.76
Unrealized Depreciation on Open Forward Contracts
Currencies	$	840,603,701		(10,860,112)		(18.19)
Total unrealized depreciation on open forward contracts				(10,860,112)		(18.19)
Net unrealized depreciation on open forward contracts			$	(258,025)		(0.43)	%
U.S. Government Securities

Face Amount	Maturity Date	Description	Fair Value	% of Partners’ Capital
$49,500,000	1/21/2016	U.S. Treasury bills, 0.019%* (Amortized cost of $49,492,685)	$49,496,752	82.90  %

* Liquid non-cash held as collateral.

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Statements of Income and Expenses

For the Years Ended December 31, 2016, 2015 and 2014

	2016			2015			2014
Investment Income:
Interest income	$	156,369		$	12,853		$	6,641
Expenses:
Clearing fees (Note 3c)		101,477			66,821			112,699
Professional fees		71,742			86,792			115,700
Total expenses		173,219			153,613			228,399
Expense reimbursements		(27,407	)		(53,916	)		(67,015	)
Net expenses		145,812			99,697			161,384
Net investment income (loss)		10,557			(86,844	)		(154,743	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(3,082,103	)		12,060,496			7,219,710
Net change in unrealized gains (losses) on open contracts		(836,472	)		(2,997,878	)		2,390,321
Total trading results		(3,918,575	)		9,062,618			9,610,031
Net income (loss)	$	(3,908,018	)	$	8,975,774		$	9,455,288

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Statements of Changes in Partners’ Capital

For the Years Ended December 31, 2016, 2015 and 2014

	Partners’ Capital
Partners’ Capital, December 31, 2013	$	37,521,384
Net income (loss)		9,455,288
Subscriptions		6,500,000
Redemptions		(14,471,846	)
Distribution of interest income to feeder funds		(6,641	)
Partners’ Capital, December 31, 2014		38,998,185
Net income (loss)		8,975,774
Subscriptions		23,919,247
Redemptions		(12,178,308	)
Distribution of interest income to feeder funds		(4,976	)
Partners’ Capital, December 31, 2015		59,709,922
Net income (loss)		(3,908,018	)
Subscriptions		32,274,427
Redemptions		(30,879,695	)
Distribution of interest income to feeder funds		(39,770	)
Partners’ Capital, December 31, 2016	$	57,156,866

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Notes to Financial Statements

1. Organization:

Cambridge Master Fund L.P. (the “Master”) is a limited partnership organized under the partnership laws of the State of Delaware on July 30, 2012, to engage in the speculative trading of a portfolio of commodity interests, including futures, option, swap and forward contracts. Cambridge Master exclusively trades in the currency sector. The commodity interests that are traded by the Master are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Master’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Master. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings was ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. All trading decisions for the Master are made by the Advisor (as defined below).

On September 1, 2012 (commencement of trading operations), Emerging CTA Portfolio L.P. (“Emerging CTA”) allocated a portion of its capital to the Master and purchased an interest in the Master with cash equal to $3,000,000. On November 1, 2012, Ceres Tactical Currency L.P. (“Ceres Tactical Currency”) (formerly known as Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.) allocated a portion of its capital to the Master and purchased an interest in the Master with cash equal to $3,355,672. On December 1, 2015, Morgan Stanley Managed Futures Custom Solutions Fund LP – Series A (“Custom Solutions”), Tactical Diversified Futures Fund L.P. (“Tactical Diversified”), and Institutional Futures Portfolio L.P. (“Institutional Portfolio”) each allocated a portion of their capital to the Master and purchased an interest in the Master with cash equal to $2,400,000, $17,000,000 and $2,500,000, respectively. The Master permits commodity pools managed now or in the future by The Cambridge Strategy (Asset Management) Limited (the “Advisor”) using the Asian Markets Alpha Programme and the Emerging Markets Alpha Programme, the Advisor’s proprietary, systematic trading systems, to invest together in one trading vehicle.

During the periods covered by this report, the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Master also deposits a portion of its cash in a non-trading account at JPMorgan Chase Bank, N.A.

At December 31, 2016, the Master operated under a structure where its investors consist of Emerging CTA, Ceres Tactical Currency, Custom Solutions, Institutional Portfolio and Tactical Diversified (each a “Feeder”, and collectively, the “Funds”). Emerging CTA, Ceres Tactical Currency, Custom Solutions, Institutional Futures and Tactical Diversified owned approximately 26.2%, 16.3%, 4.3%, 9.1% and 44.1% of the Master at December 31, 2016, respectively. Emerging CTA, Ceres Tactical Currency, Custom Solutions, Institutional Futures and Tactical Diversified owned approximately 40.8%, 22.7%, 4.0%, 4.2% and 28.3% of the Master at December 31, 2015, respectively.

The Master will be liquidated under certain circumstances as defined in the limited partnership agreement of the Master (the “Limited Partnership Agreement”).

Cambridge Master Fund L.P.

Notes to Financial Statements

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Master.

2. Basis of Presentation and Summary of Significant Accounting Policies:

a. Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

b. Statement of Cash Flows. The Master is not required to provide a Statement of Cash Flows.

c. Master’s Investments. All commodity interests of the Master, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are closed and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Statements of Financial Condition. Net realized gains or losses and net change in net unrealized gains or losses are included in the Statements of Income and Expenses.

Master’s Cash. The Master’s cash included cash denominated in foreign currencies of $(7) (cost of $36) and $817 (cost of $863) at December 31, 2016 and 2015, respectively. The Master’s margin requirement of $23,516,491 as of December 31, 2015 was met from a combination of 1) U.S. Treasury bills held at MS&Co. and 2) cash margin held at MS&Co. of $10,495,462 as of December 31, 2015.

d. Income and Expenses Recognition. All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated pro rata among the Funds at the time of such determination.

e. Income Taxes. Income taxes are not listed as each partner is individually liable for the taxes, if any, on its share of the Master’s income and expenses. The General Partner concluded that no provision for income tax is required in the Master’s financial statements. The Master files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Cambridge Master Fund L.P.

Notes to Financial Statements

f. Investment Company Status. Effective January 1, 2014, the Master adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Master has been deemed to be an investment company since inception. Accordingly, the Master follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

g. Fair Value of Financial Instruments. The carrying value of the Master’s assets and liabilities presented in the Statements of Financial Condition that qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments,”approximates the fair value due to the short term nature of such balances.

h. Recent Accounting Pronouncement. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments for all entities that hold financial assets or owe financial liabilities. One of the amendments in this update eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet or a description of changes in the methods and significant assumptions. Additionally, the update eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. Investment companies are specifically exempted from ASU 2016-01’s equity investment accounting provisions and will continue to follow the industry specific guidance for investment accounting under Topic 946. For public business entities, this update is effective for fiscal years beginning after December 15, 2017 and interim periods therein. For other entities, it is effective for fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. The General Partner is currently evaluating the impact this guidance will have on the Master’s financial statements and related disclosures.

i. Reclassification. Certain prior year amounts have been reclassified to conform to current year presentation. The Master Fund’s amounts previously reported as cash overdraft of $13,021,029 as of December 31, 2015 are now included with cash margin in the Master Fund’s Statements of Financial Condition.

3. Agreements:

a. Limited Partnership Agreement:

The General Partner administers the business and affairs of the Master, including selecting one or more advisors to make trading decisions for the Master.

b. Management Agreement:

The General Partner, on behalf of the Master, has entered into a management agreement (the “Management Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with the General Partner or MS&Co. and is not responsible for the organization or operation of the Master. The Management Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master.

Cambridge Master Fund L.P.

Notes to Financial Statements

All management fees in connection with the Management Agreement are borne by the Funds. The Management Agreement may be terminated upon notice by either party.

c. Customer Agreement:

The Master has entered into a customer agreement with MS&Co. (the “Customer Agreement”) and a foreign exchange brokerage account agreement with MS&Co.

Under the Customer Agreement and the foreign exchange brokerage account agreement , the Master pays MS&Co. trading fees for the clearing and, where applicable, the execution of transactions. Further, all trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) are borne by the Master and allocated to the Funds. All other fees are borne by the Funds. All of the Master’s assets available for trading commodity interests are deposited in the Master’s brokerage account at MS&Co. The Master’s cash deposited with MS&Co. is held in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. At December 31, 2016 and 2015, the amount of cash held by the Master for margin requirements was $20,142,391 and $10,495,462 respectively. The Customer Agreement may generally be terminated upon notice by either party.

Prior to April 1, 2014, Ceres Tactical Currency paid to MS&Co. a monthly brokerage fee at a flat rate of 1/12 of 4.6% per month (a 4.6% annual rate) of the net assets of Ceres Tactical Currency allocated to the Advisor as of the first day of each month. Effective April 1, 2014, the flat rate brokerage fee was reduced to 1/12 of 3.6% per month (a 3.6% annual rate) of Ceres Tactical Currency’s net assets. Effective October 1, 2014, the flat rate brokerage fee was separated into (i) a General Partner fee payable to the General Partner equal to an annual rate of 2.0% of Ceres Tactical Currency’s net assets, and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 1.6% of Ceres Tactical Currency’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by Ceres Tactical Currency. The General Partner fees include, and the flat rate brokerage fee included, clearing fees and professional fees that are charged to the Master. Therefore, the Master receives monthly expense reimbursements on clearing fees and professional fees incurred during such month, as shown in the Statements of Income and Expenses as expense reimbursements, based on the beginning of the month partners’ capital allocation percentage for Ceres Tactical Currency’s investment in the Master. Prior to October 1, 2014, the monthly expense reimbursement was paid by MS&Co. Effective October 1, 2014, the monthly expense reimbursement is paid by the General Partner.

Cambridge Master Fund L.P.

Notes to Financial Statements

4. Trading Activities:

The Master was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Master’s trading activities are shown in the Statements of Income and Expenses.

The Customer Agreement gives the Master the legal right to net unrealized gains and losses on open futures and forward contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in the Statements of Financial Condition, as the criteria under ASC 210-20, “Balance Sheet,” have been met.

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of notional values of currency forward contracts traded for the years ended December 31, 2016 and 2015 were $3,877,827,139 and $2,407,009,280, respectively.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of December 31, 2016 and 2015, respectively.

			Gross Amounts Offset in the		Amounts Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
			Statements of		Statements of				Cash Collateral
December 31, 2016	Gross Amounts Recognized		Financial Condition		Financial Condition		Financial Instruments		Received/ Pledged*		Net Amount
Assets
Forwards	$	10,266,204	$	(10,266,204)	$	-	$	-	$	-	$	-
Total assets	$	10,266,204	$	(10,266,204)	$	-	$	-	$	-	$	-
Liabilities
Forwards	$	(11,360,704)	$	10,266,204	$	(1,094,500)	$	-	$	-	$	(1,094,500)
Total liabilities	$	(11,360,704)	$	10,266,204	$	(1,094,500)	$	-	$	-	$	(1,094,500)
Net fair value											$	(1,094,500)	*
			Gross Amounts Offset in the		Amounts Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
			Statements of		Statements of				Cash Collateral
December 31, 2015	Gross Amounts Recognized		Financial Condition		Financial Condition		Financial Instruments		Received/ Pledged*		Net Amount
Assets
Forwards	$	10,602,087	$	(10,602,087)	$	-	$	-	$	-	$	-
Total assets	$	10,602,087	$	(10,602,087)	$	-	$	-	$	-	$	-
Liabilities
Forwards	$	(10,860,112)	$	10,602,087	$	(258,025)	$	-	$	-	$	(258,025)
Total liabilities	$	(10,860,112)	$	10,602,087	$	(258,025)	$	-	$	-	$	(258,025)
Net fair value											$	(258,025)	*

* In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Cambridge Master Fund L.P.

Notes to Financial Statements

The following tables indicate the gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of December 31, 2016 and 2015, respectively.

	December 31, 2016
Assets
Forward Contracts
Currencies	$	10,266,204
Total unrealized appreciation on open forward contracts		10,266,204
Liabilities
Forward Contracts
Currencies		(11,360,704)
Total unrealized depreciation on open forward contracts		(11,360,704)
Net unrealized depreciation on open forward contracts	$	(1,094,500)	*

* This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.

	December 31, 2015
Assets
Forward Contracts
Currencies	$	10,602,087
Total unrealized appreciation on open forward contracts		10,602,087
Liabilities
Forward Contracts
Currencies		(10,860,112)
Total unrealized depreciation on open forward contracts		(10,860,112)
Net unrealized depreciation on open forward contracts	$	(258,025)	**

** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2016, 2015 and 2014.

Sector	2016			2015			2014
Currencies	$	(3,918,575)		$	9,062,618		$	9,610,031
Total	$	(3,918,575)	***	$	9,062,618	***	$	9,610,031	***

*** This amount is in “Total trading results” in the Statements of Income and Expenses.

Cambridge Master Fund L.P.

Notes to Financial Statements

5. Fair Value Measurements:

Master’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement falls in its entirety shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of exchange-traded futures, option and forward contracts is determined by the various 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 input 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. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Master considers prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forwards, swap and certain option contracts for which market quotations are not readily available are priced by broker quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the years ended December 31, 2016 and 2015, the Master did not hold any exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the years ended December 31, 2016 and 2015, there were no transfers of assets or liabilities between Level 1 and Level 2.

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Forwards	$	10,266,204	$	-	$	10,266,204	$	-
Total assets	$	10,266,204	$	-	$	10,266,204	$	-
Liabilities
Forwards	$	11,360,704	$	-	$	11,360,704	$	-
Total liabilities	$	11,360,704	$	-	$	11,360,704	$	-
December 31, 2015	Total		Level 1		Level 2		Level 3
Assets
Forwards	$	10,602,087	$	-	$	10,602,087	$	-
U.S. Treasury bills		49,496,752		-		49,496,752		-
Total assets	$	60,098,839	$	-	$	60,098,839	$	-
Liabilities
Forwards	$	10,860,112	$	-	$	10,860,112	$	-
Total liabilities	$	10,860,112	$	-	$	10,860,112	$	-

Cambridge Master Fund L.P.

Notes to Financial Statements

6. Subscriptions, Distributions and Redemptions:

Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscriptions are processed. Distributions are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date. The General Partner does not intend to make any distributions of the Master’s profits, except for distribution of interest income to feeder funds, as applicable. Generally, a limited partner withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request for redemption has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Master. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

7. Financial Highlights:

Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows:

	2016			2015			2014
Ratios to Average Limited Partners’ Capital:
Net investment income (loss)*		0.0	%**		(0.2)	%		(0.4)	%
Operating expenses before expense reimbursements		0.2	%		0.4	%		0.6	%
Expense reimbursements		(0.0)	%**		(0.2)	%		(0.2)	%
Operating expenses after expense reimbursements		0.2	%		0.2	%		0.4	%
Total return		(5.7)	%		25.0	%		27.4	%

* Interest income less total expenses, net of expense reimbursements.

** Due to rounding.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

8. Financial Instrument Risks:

In the normal course of business, the Master is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, swap and option contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time, approximately 100% of the Master’s contracts are traded OTC.

Cambridge Master Fund L.P.

Notes to Financial Statements

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses.

The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Master’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Master has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Master’s counterparty is an exchange or clearing organization.

The General Partner monitors and attempts to control the Master’s 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 Master 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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments mature within one year of the inception date. However, due to the nature of the Master’s business, these instruments may not be held to maturity.

9.    Subsequent Events:

As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of MSSB Holdings. MSD Holdings is ultimately owned by Morgan Stanley.

Effective February 27, 2017, Custom Solutions changed its name from Morgan Stanley Managed Futures Custom Solutions Fund LP - Series A to Managed Futures Custom Solutions Fund LP - Series A.

The General Partner has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

EX-31.01

EXHIBIT 31.01

CERTIFICATION

I, Patrick T. Egan, 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, 2017	/s/ Patrick T. Egan
	Patrick T. Egan
	Ceres Managed Futures LLC
	President and Director

EX-31.02

EXHIBIT 31.02

CERTIFICATION

I, Steven Ross, 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, 2017	/s/ Steven Ross
	Steven Ross
	Ceres Managed Futures LLC
	Chief Financial Officer and Director

EX-32.01

EXHIBIT 32.01

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patrick T. Egan, 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.

/s/ Patrick T. Egan

Patrick T. Egan

Ceres Managed Futures LLC

President and Director

Date:    March 28, 2017

EX-32.02

EXHIBIT 32.02

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Ross, Chief Financial Officer 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.

/s/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer and Director

Date:    March 28, 2017

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	DWSF
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 Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		2,405,774.481
Entity Public Float			$ 80,453,731

XML

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Equity in trading account:
Unrestricted cash (Note 2f)	$ 36,673,442	$ 23,029,544
Restricted cash (Note 2f)	11,918,100	14,906,464
Total equity in trading account	62,961,704	94,872,481
Cash at bank (Note 1)	218
Interest receivable (Note 2i)	12,527	3,540
Total assets	62,974,449	94,876,021
Accrued expenses:
Ongoing placement agent fees (Note 2j)	105,427	163,603
General Partner fees (Note 2j)	105,427	163,603
Management fees (Note 4)	87,559	141,356
Redemptions payable to General Partner (Note 2m)	100,000
Redemptions payable to Limited Partners (Note 2m)	2,537,767	1,554,009
Total liabilities	2,984,051	2,022,571
Partners' Capital:
General Partner	660,986	1,070,278
Limited Partners	59,329,412	91,783,172
Total partners' capital (net asset value)	59,990,398	92,853,450
Total liabilities and partners' capital	$ 62,974,449	$ 94,876,021
Net asset value per Unit	$ 23.54	$ 27.93
U.S. Treasury Bills [Member]
Equity in trading account:
Investments at fair value	$ 12,994,751	$ 55,493,206
Investment	12,994,751	55,493,206
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	1,375,411	1,399,436
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	(47,871)	43,831
Ceres Tactical Currency L.P. [Member]
Equity in trading account:
Cash at bank (Note 1)	1,000
Interest receivable (Note 2i)	489	598
Total assets	9,323,609	13,538,087
Accrued expenses:
Ongoing placement agent fees (Note 2j)	16,322	22,647
General Partner fees (Note 2j)	13,058	18,118
Management fees (Note 4)	12,242	16,985
Redemptions payable to Limited Partners (Note 2m)	186,992	212,677
Total liabilities	228,614	270,427
Partners' Capital:
General Partner	112,063	155,804
Limited Partners	8,982,932	13,111,856
Total partners' capital (net asset value)	9,094,995	13,267,660
Total liabilities and partners' capital	$ 9,323,609	$ 13,538,087
Net asset value per Unit	$ 8.84	$ 9.92
Ceres Tactical Currency L.P. [Member] | Cambridge Master Fund [Member]
Equity in trading account:
Investments at fair value	$ 9,322,120	$ 13,537,489
Investment	9,322,120	13,537,489
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Equity in trading account:
Investment in SECOR Master Fund, at fair value (Note 3c)	17,075,116	25,260,063
Cash at bank (Note 1)	1,000
Interest receivable (Note 2i)	2,495	1,110
Total assets	17,078,611	25,261,173
Accrued expenses:
Ongoing placement agent fees (Note 2j)	27,236	42,062
General Partner fees (Note 2j)	27,236	42,062
Management fees (Note 4)	15,436	19,583
Redemptions payable to General Partner (Note 2m)	35,000
Redemptions payable to Limited Partners (Note 2m)	1,145,062	596,582
Total liabilities	1,249,970	700,289
Partners' Capital:
General Partner	176,185	291,786
Limited Partners	15,652,456	24,269,098
Total partners' capital (net asset value)	15,828,641	24,560,884
Total liabilities and partners' capital	$ 17,078,611	$ 25,261,173
Net asset value per Unit	$ 10.92	$ 11.54
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Equity in trading account:
Unrestricted cash (Note 2f)	$ 38,804,219	$ 36,014,670
Restricted cash (Note 2f)	6,959,456	7,078,848
Total equity in trading account	46,058,109	64,840,888
Cash at bank (Note 1)	217
Interest receivable (Note 2i)	14,714	5,019
Total assets	65,697,229	92,363,312
Accrued expenses:
Ongoing placement agent fees (Note 2j)	108,663	159,363
General Partner fees (Note 2j)	108,663	159,363
Management fees (Note 4)	82,187	131,877
Redemptions payable to General Partner (Note 2m)	125,000
Redemptions payable to Limited Partners (Note 2m)	2,337,625	1,139,210
Total liabilities	2,826,688	1,979,391
Partners' Capital:
General Partner	686,707	1,046,114
Limited Partners	62,183,834	89,337,807
Total partners' capital (net asset value)	62,870,541	90,383,921
Total liabilities and partners' capital	$ 65,697,229	$ 92,363,312
Net asset value per Unit	$ 17.59	$ 18.95
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member]
Equity in trading account:
Investment in SECOR Master Fund, at fair value (Note 3c)	$ 19,624,189	$ 27,517,405
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | U.S. Treasury Bills [Member]
Equity in trading account:
Investments at fair value		21,747,370
Investment		21,747,370
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	294,434	(302,646)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ (64,550)	$ (86,932)

XML

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
General Partner, Units outstanding	28,084.145	38,316.597
Limited Partners, Units outstanding	2,520,753.466	3,285,860.484
Ceres Tactical Currency L.P. [Member]
General Partner, Units outstanding	12,676.699	15,710.066
Limited Partners, Units outstanding	1,016,152.188	1,322,204.340
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Investments, amortized cost	$ 15,490,450	$ 20,143,933
General Partner, Units outstanding	16,128.779	25,284.926
Limited Partners, Units outstanding	1,432,900.898	2,103,088.597
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
General Partner, Units outstanding	39,044.365	55,189.877
Limited Partners, Units outstanding	3,535,764.033	4,713,198.629
U.S. Treasury Bills [Member]
Investments, amortized cost	$ 12,989,784	$ 55,497,357
U.S. Treasury Bills [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Investments, amortized cost	$ 0	$ 21,748,974

XML

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income:
Interest income		$ 149,929	$ 6,571	$ 19,055
Expenses:
Ongoing placement agent fees		1,613,123	2,201,751	571,137
General Partner fees		1,613,123	2,201,751	571,137
Management fees		1,278,401	1,923,032	1,984,202
Brokerage fees				4,378,408
Total expenses		4,504,647	6,326,534	7,504,884
Net investment loss		(4,354,718)	(6,319,963)	(7,485,829)
Trading Results:
Net realized gains (losses) on closed contracts		(8,560,404)	2,855,236	21,564,894
Net change in unrealized gains (losses) on open contracts		(102,999)	(4,330,138)	(859,897)
Total trading results		(8,663,403)	(1,474,902)	20,704,997
Net income (loss)		$ (13,018,121)	$ (7,794,865)	$ 13,219,168
Net income (loss) per Unit	[1]	$ (4.39)	$ (2.25)	$ 3.70
Weighted average number of Units outstanding		3,039,416.299	3,661,532.170	4,702,032.014
Ceres Tactical Currency L.P. [Member]
Investment Income:
Interest income		$ 23,934	$ 3,411	$ 2,318
Expenses:
Ongoing placement agent fees		236,538	273,887	68,155
General Partner fees		189,229	219,110	54,524
Management fees		177,400	205,415	205,572
Brokerage fees				459,790
Incentive fees (Note 4)		94,111	386,005	240,978
Total expenses		697,278	1,084,417	1,029,019
Net investment loss		(673,344)	(1,081,006)	(1,026,701)
Trading Results:
Total trading results		(500,137)	3,223,223	2,934,226
Net income (loss)		$ (1,173,481)	$ 2,142,217	$ 1,907,525
Net income (loss) per Unit	[1]	$ (1.08)	$ 1.43	$ 1.10
Weighted average number of Units outstanding		1,204,884.421	1,489,830.597	1,991,023.150
Ceres Tactical Currency L.P. [Member] | Cambridge Master Fund [Member]
Trading Results:
Net realized gains (losses) on closed contracts		$ (409,784)	$ 4,094,092	$ 2,258,243
Net change in unrealized gains (losses) on open contracts		(90,353)	(870,869)	519,476
Ceres Tactical Currency L.P. [Member] | KR Master Fund [Member]
Trading Results:
Net realized gains (losses) on closed contracts				(405,824)
Net change in unrealized gains (losses) on open contracts				562,331
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Investment Income:
Interest income		20,400	3,118	7,178
Expenses:
Ongoing placement agent fees		432,230	603,212	194,376
General Partner fees		432,230	603,212	194,376
Management fees		238,151	177,872	312,606
Brokerage fees				1,724,317
Incentive fees (Note 4)				53,508
Total expenses		1,102,611	1,384,296	2,479,183
Net investment loss		(1,082,211)	(1,381,178)	(2,472,005)
Trading Results:
Total trading results		20,293	(3,760,506)	3,176,271
Net income (loss)		$ (1,061,918)	$ (5,141,684)	$ 704,266
Net income (loss) per Unit	[1]	$ (0.62)	$ (2.08)	$ (0.02)
Weighted average number of Units outstanding		1,883,921.134	2,418,049.941	3,243,727.489
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney BHM I, LLC [Member]
Expenses:
Management fees		$ 6,470	$ 284,061
Trading Results:
Net realized gains (losses) on investment		3,559,306	21,012,914	$ 20,180,635
Net change in unrealized gains (losses) on investment		(3,894,858)	(24,341,749)	(18,299,332)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund LP [Member]
Trading Results:
Net realized gains (losses) on investment		103,332	(12,090)	11,573
Net change in unrealized gains (losses) on investment		1,156,649	(524,197)	57,061
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Pgr Master Fund Lp [Member]
Trading Results:
Net realized gains (losses) on investment		(110,881)	5,797	(26,049)
Net change in unrealized gains (losses) on investment		(793,255)	98,819	1,252,383
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Investment Income:
Interest income		150,226	14,184	17,849
Expenses:
Ongoing placement agent fees		1,605,229	2,045,080	534,640
General Partner fees		1,605,229	2,045,080	534,640
Management fees		1,244,716	1,581,367	1,431,344
Brokerage fees				4,133,321
Incentive fees (Note 4)		208,244	899,082	719,326
Total expenses		4,663,418	6,570,609	7,353,271
Net investment loss		(4,513,192)	(6,556,425)	(7,335,422)
Trading Results:
Net realized gains (losses) on closed contracts		(3,006,930)	6,387,957	22,532,708
Net change in unrealized gains (losses) on open contracts		600,852	(976,511)	(620,720)
Total trading results		(1,116,946)	6,239,846	21,773,211
Net income (loss)		$ (5,630,138)	$ (316,579)	$ 14,437,789
Net income (loss) per Unit	[1]	$ (1.36)	$ (0.12)	$ 2.52
Weighted average number of Units outstanding		4,307,665.714	5,291,205.995	6,923,660.693
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Trading Results:
Net realized gains (losses) on closed contracts			$ 374,099	$ 668,573
Net change in unrealized gains (losses) on open contracts			(400,948)	$ (807,350)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member]
Trading Results:
Net realized gains (losses) on closed contracts		$ 920,443	1,803,434
Net change in unrealized gains (losses) on open contracts		$ 368,689	$ (948,185)

[1] Represents the change in net asset value per Unit.

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Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Ceres Tactical Currency L.P. [Member]	Ceres Tactical Currency L.P. [Member] Limited Partners [Member]	Ceres Tactical Currency L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Technical 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 Strategic 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]
Partners' Capital, balance at Dec. 31, 2013	$ 146,526,745	$ 144,651,488	$ 1,875,257	$ 17,969,072	$ 17,703,845	$ 265,227	$ 134,945,871	$ 133,281,088	$ 1,664,783	$ 52,940,916	$ 52,246,247	$ 694,669
Units of Partnership Interest, balance at Dec. 31, 2013	5,533,635.686			2,430,680.684			8,153,402.231			3,880,571.388
Net income (loss)	$ 13,219,168	13,077,451	141,717	$ 1,907,525	1,885,964	21,561	$ 14,437,789	14,253,756	184,033	$ 704,266	677,750	26,516
Redemptions	$ (41,863,122)	(41,159,081)	(704,041)	$ (6,107,266)	(5,966,722)	(140,544)	$ (40,034,863)	(39,409,151)	(625,712)	$ (17,938,795)	(17,617,098)	(321,697)
Redemptions (in units)	(1,628,161.859)			(809,451.717)			(2,418,876.856)			(1,258,760.348)
Partners' Capital, balance at Dec. 31, 2014	$ 117,882,791	116,569,858	1,312,933	$ 13,769,331	13,623,087	146,244	$ 109,348,797	108,125,693	1,223,104	$ 35,706,387	35,306,899	399,488
Units of Partnership Interest, balance at Dec. 31, 2014	3,905,473.827			1,621,228.967			5,734,525.375			2,621,811.04
Net income (loss)	$ (7,794,865)	(7,708,901)	(85,964)	$ 2,142,217	2,117,657	24,560	$ (316,579)	(316,282)	(297)	$ (5,141,684)	(5,083,147)	(58,537)
Redemptions	$ (17,234,476)	(17,077,785)	(156,691)	$ (2,643,888)	(2,628,888)	(15,000)	$ (18,648,297)	(18,471,604)	(176,693)	$ (6,003,819)	(5,954,654)	(49,165)
Redemptions (in units)	(581,296.746)			(283,314.561)			(966,136.869)			(493,437.517)
Partners' Capital, balance at Dec. 31, 2015	$ 92,853,450	91,783,172	1,070,278	$ 13,267,660	13,111,856	155,804	$ 90,383,921	89,337,807	1,046,114	$ 24,560,884	24,269,098	291,786
Units of Partnership Interest, balance at Dec. 31, 2015	3,324,177.081			1,337,914.406			4,768,388.506			2,128,373.523
Net income (loss)	$ (13,018,121)	(12,878,829)	(139,292)	$ (1,173,481)	(1,159,922)	(13,559)	$ (5,630,138)	(5,571,004)	(59,134)	$ (1,061,918)	(1,051,357)	(10,561)
Redemptions	$ (19,844,931)	(19,574,931)	(270,000)	$ (2,999,184)	(2,969,002)	(30,182)	$ (21,883,242)	(21,582,969)	(300,273)	$ (7,670,325)	(7,565,285)	(105,040)
Redemptions (in units)	(775,339.47)			(309,085.519)			(1,193,580.108)			(679,343.846)
Partners' Capital, balance at Dec. 31, 2016	$ 59,990,398	$ 59,329,412	$ 660,986	$ 9,094,995	$ 8,982,932	$ 112,063	$ 62,870,541	$ 62,183,834	$ 686,707	$ 15,828,641	$ 15,652,456	$ 176,185
Units of Partnership Interest, balance at Dec. 31, 2016	2,548,837.611			1,028,828.887			3,574,808.398			1,449,029.677

XML

Condensed Schedule of Investments	Dec. 31, 2016 USD ($) Contract	Dec. 31, 2015 USD ($) Contract
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,375,411	$ 1,399,436
% of Partners' Capital	2.29%	1.51%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(1.86%)	(1.21%)
Percentage of Partners' Capital	1.78%	1.26%
Unrealized Appreciation on Open Forward Contracts	$ 1,069,028	$ 1,168,919
Unrealized Depreciation on Open Forward Contracts	(1,116,899)	(1,125,088)
Net unrealized appreciation (depreciation) on open contracts	$ (47,871)	$ 43,831
% of Partners' Capital	0.08%	0.05%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(0.89%)	(1.03%)
Percentage of Partners' Capital	0.62%	0.80%
Unrealized Appreciation on Open Forward Contracts	$ 370,551	$ 740,942
Unrealized Depreciation on Open Forward Contracts	$ (534,709)	$ (954,788)
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	187	268
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	203	511
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(0.97%)	(0.18%)
Percentage of Partners' Capital	1.16%	0.46%
Notional Amount	$ 40,436,437	$ 38,883,013
Unrealized Appreciation on Open Forward Contracts	698,477	427,977
Notional Amount	29,414,640	20,675,394
Unrealized Depreciation on Open Forward Contracts	(582,190)	(170,300)
U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Total Investment in Funds	12,994,751	55,493,206
Cost	$ 12,989,784	$ 55,497,357
% of Partners' Capital	21.66%	59.76%
U.S. Treasury Bills [Member] | US Treasury Bills 0.41 [Member]
Schedule of Investments [Line Items]
Total Investment in Funds	$ 12,994,751
Cost	$ 12,989,784
% of Partners' Capital	21.66%
U.S. Treasury Bills [Member] | US Treasury Bills 0.015 [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 32,744,699
Cost		$ 32,748,076
% of Partners' Capital		35.26%
U.S. Treasury Bills [Member] | US Treasury Bills 0.0125 [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 22,748,507
Cost		$ 22,749,281
% of Partners' Capital		24.50%
Long [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 868,051	$ (457,207)
% of Partners' Capital	1.45%	(0.49%)
Long [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	932	904
Net unrealized appreciation (depreciation) on open contracts	$ 112,637	$ (208,668)
% of Partners' Capital	0.19%	(0.22%)
Long [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	750	322
Net unrealized appreciation (depreciation) on open contracts	$ 471,849	$ (106,384)
% of Partners' Capital	0.79%	(0.11%)
Long [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	80	324
Net unrealized appreciation (depreciation) on open contracts	$ 61,938	$ 39,948
% of Partners' Capital	0.10%	0.04%
Long [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,082	2,232
Net unrealized appreciation (depreciation) on open contracts	$ 221,627	$ (182,103)
% of Partners' Capital	0.37%	(0.20%)
Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 507,360	$ 1,856,643
% of Partners' Capital	0.84%	2.00%
Short [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	331	1,571
Net unrealized appreciation (depreciation) on open contracts	$ 365,783	$ 1,290,224
% of Partners' Capital	0.61%	1.39%
Short [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	40	247
Net unrealized appreciation (depreciation) on open contracts	$ (39,029)	$ (118,017)
% of Partners' Capital	(0.07%)	(0.13%)
Short [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	157	872
Net unrealized appreciation (depreciation) on open contracts	$ 84,734	$ 696,386
% of Partners' Capital	0.14%	0.75%
Short [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,480	1,866
Net unrealized appreciation (depreciation) on open contracts	$ 95,872	$ (11,950)
% of Partners' Capital	0.16%	(0.01%)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Schedule of Investments [Line Items]
Cost	$ 15,490,450	$ 20,143,933
Fair Value	$ 17,075,116	$ 25,260,063
Partners'Capital	107.88%	102.85%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund LP [Member]
Schedule of Investments [Line Items]
Cost	$ 8,089,734	$ 9,133,118
Fair Value	$ 9,035,960	$ 8,922,695
Partners'Capital	57.09%	36.33%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Pgr Master Fund Lp [Member]
Schedule of Investments [Line Items]
Cost	$ 7,400,716	$ 11,010,815
Fair Value	$ 8,039,156	$ 12,442,510
Partners'Capital	50.79%	50.66%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney BHM I, LLC [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,894,858
Partners'Capital		15.86%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 294,434	$ (302,646)
% of Partners' Capital	0.47%	(0.33%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(1.16%)	(2.21%)
Percentage of Partners' Capital	1.06%	2.10%
Unrealized Appreciation on Open Forward Contracts	$ 665,811	$ 1,901,957
Unrealized Depreciation on Open Forward Contracts	(730,361)	(1,988,889)
Net unrealized appreciation (depreciation) on open contracts	$ (64,550)	$ (86,932)
% of Partners' Capital	(0.10%)	(0.11%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(0.47%)	(0.41%)
Percentage of Partners' Capital	0.09%	0.17%
Unrealized Appreciation on Open Forward Contracts	$ 58,919	$ 156,179
Unrealized Depreciation on Open Forward Contracts	$ (293,032)	$ (366,155)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Commodity [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	26	92
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Commodity [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	68	238
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(0.69%)	(1.80%)
Percentage of Partners' Capital	0.97%	1.93%
Notional Amount	$ 42,090,719	$ 116,304,457
Unrealized Appreciation on Open Forward Contracts	606,892	1,745,778
Notional Amount	30,260,348	97,698,308
Unrealized Depreciation on Open Forward Contracts	(437,329)	(1,622,734)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		21,747,370
Cost	0	$ 21,748,974
% of Partners' Capital		24.06%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | U.S. Treasury Bills [Member] | US Treasury Bills 0.015 [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 12,497,977
Cost		$ 12,499,266
% of Partners' Capital		13.83%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | U.S. Treasury Bills [Member] | US Treasury Bills 0.0125 [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 9,249,393
Cost		$ 9,249,708
% of Partners' Capital		10.23%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 223,813	$ (432,493)
% of Partners' Capital	0.36%	(0.48%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	174	149
Net unrealized appreciation (depreciation) on open contracts	$ (15,541)	$ (27,379)
% of Partners' Capital	(0.02%)	(0.03%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts	472	217
Net unrealized appreciation (depreciation) on open contracts	$ 213,149	$ 1,661
% of Partners' Capital	0.34%	0.00%	[1]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts	90	12
Net unrealized appreciation (depreciation) on open contracts	$ (77,975)	$ 678
% of Partners' Capital	(0.12%)	0.00%	[1]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts	1,230	1,240
Net unrealized appreciation (depreciation) on open contracts	$ 104,180	$ (407,453)
% of Partners' Capital	0.16%	(0.45%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 70,621	$ 129,847
% of Partners' Capital	0.11%	0.15%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	239	1,086
Net unrealized appreciation (depreciation) on open contracts	$ 112,739	$ 41,970
% of Partners' Capital	0.18%	0.05%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts	100	179
Net unrealized appreciation (depreciation) on open contracts	$ (4,886)	$ (28,878)
% of Partners' Capital	(0.01%)	(0.03%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts	116	122
Net unrealized appreciation (depreciation) on open contracts	$ (42,388)	$ 109,485
% of Partners' Capital	(0.07%)	0.12%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts	851	475
Net unrealized appreciation (depreciation) on open contracts	$ 5,156	$ 7,270
% of Partners' Capital	0.01%	0.01%

[1] Due to rounding.

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Condensed Schedule of Investments (Parenthetical) - U.S. Treasury Bills [Member] - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost		$ 12,989,784	$ 55,497,357
US Treasury Bills 0.41 [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost		$ 12,989,784
Investment, interest rate	[1]	0.41%
Face amount		$ 13,000,000
Maturity date		Feb. 02, 2017
US Treasury Bills 0.015 [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost			$ 32,748,076
Investment, interest rate	[1]		0.015%
Face amount			$ 32,750,000
Maturity date			Mar. 03, 2016
US Treasury Bills 0.0125 [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost			$ 22,749,281
Investment, interest rate	[1]		0.0125%
Face amount			$ 22,750,000
Maturity date			Jan. 21, 2016
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost		$ 0	$ 21,748,974
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | US Treasury Bills 0.015 [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost			$ 12,499,266
Investment, interest rate	[1]		0.015%
Face amount			$ 12,500,000
Maturity date			Mar. 03, 2016
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | US Treasury Bills 0.0125 [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost			$ 9,249,708
Investment, interest rate	[1]		0.0125%
Face amount			$ 9,250,000
Maturity date			Jan. 21, 2016

[1] Liquid non-cash held as collateral.

XML

Organization

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization:

Ceres Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.) (“Tactical Currency”), 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 5, “Financial Instruments”). The General Partner (as defined below) may also determine to invest up to all of the Partnerships’ assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnerships no longer offer units of limited partnership interest (“Unit(s)”) for purchase or exchange.

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. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses.

The clearing commodity broker for the Partnerships is Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. At December 31, 2016, Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) was a principal subsidiary of MSSBH. MS&Co. and its affiliates act as the custodians of the Partnerships’ assets available for trading in Futures Interests. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Partnerships also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A.

Ceres is required to maintain a 1% minimum interest in the equity of each Partnership.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnerships. The General Partner pays or reimburses each Partnership, from the General Partner fee it receives from each Partnership, the ordinary administrative expenses of each Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnerships’ respective break-even points.

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Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies:

a. Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

b. Profit Allocation. The General Partner and the limited partners in each Partnership share in the profits and losses of the respective Partnership in proportion to the amount of partnership interest owned by each, except that no limited partner is liable for obligations of the respective Partnership in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any.

c. Statement of Cash Flows. The Partnerships are not required to provide Statements of Cash Flows.

d. Fair Value of Financial Instruments. The carrying value of the Partnerships’ assets and liabilities presented in the respective Statements of Financial Condition that qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments,” approximates fair value due to the short term nature of such balances.

e. Partnerships’ Investments. All Futures Interests of the Partnerships, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 7, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the respective Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the respective Statements of Income and Expenses.

f. Restricted and Unrestricted Cash. The cash held by each Partnership available for trading in Futures Interests, if any, is on deposit in commodity brokerage accounts with MS&Co. As reflected in each Partnership’s Statements of Financial Condition, if applicable, and through December 31, 2015, 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 forward and option contracts and offset unrealized losses only on the offsetting London Metal Exchange positions. Starting January 1, 2016, each Partnership’s restricted cash is now equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. All of these amounts are maintained separately. At December 31, 2016 and 2015, the amount of cash held for margin requirements was $11,918,100 and $14,906,464 for Spectrum Select and $6,959,456 and $7,078,848 for Spectrum Technical, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(992,914) (proceeds of $1,024,772) and $(924,554) (proceeds of $943,684) for Spectrum Select and $(205,801) (proceeds of $205,128) and $423,964 (cost of $406,027) for Spectrum Technical as of December 31, 2016 and 2015, respectively.

g. 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 respective 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.

h. Income Taxes. Income taxes have not been listed as each partner is individually liable for the taxes, if any, on its share of the respective Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in each Partnership’s financial statements. The Partnerships file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

i. Revenue Recognition. For excess cash held at MS&Co. which is not invested by the General Partner in U.S. Treasury bills and/or other permitted investments, monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnerships’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. and Ceres retain any interest earned on such uninvested cash 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.

j. Brokerage and Related Transaction Fees and Costs. Prior to April 1, 2014, the Partnerships each accrued a flat rate brokerage fee that covered all brokerage fees, transaction fees and costs, and ordinary administrative expenses. The brokerage fees for Tactical Currency were accrued at a flat monthly rate of 1/12th 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 were accrued at a flat monthly rate of 1/12th of 6.0% (a 6.0% annual rate) of the respective Partnership’s net assets as of the first day of each month.

Effective April 1, 2014, the flat rate brokerage fee for Tactical Currency was reduced from a monthly flat rate of 1/12th of 4.6% (a 4.6% annual rate) to 1/12th of 3.6% (a 3.6% annual rate) of Tactical Currency’s net assets, and the flat rate brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical were reduced from a monthly rate of 1/12th of 6.0% (a 6.0% annual rate) to 1/12th of 4.0% (a 4.0% annual rate) of their respective net assets.

Effective October 1, 2014, the flat rate brokerage fee accrued by Tactical Currency, equal to 1/12 of 3.6% (a 3.6% annual rate) of Tactical Currency’s net assets, was separated into (i) a General Partner administrative fee (the “General Partner fee”) payable to the General Partner equal to an annual rate of 1.6% of Tactical Currency’s net assets and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of Tactical Currency’s net assets. Also effective on October 1, 2014, the flat rate brokerage fees accrued by Spectrum Select, Spectrum Strategic and Spectrum Technical, equal to 1/12th of 4.0% (a 4.0% annual rate) of each such Partnership’s net assets, were separated into (i) a General Partner fee payable to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of the relevant Partnership’s net assets and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of the relevant Partnership’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by each Partnership.

The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships.

k. Equity in Trading Account. Spectrum Select’s and Spectrum Technical’s asset “Equity in trading account” reflected in each such Partnership’s 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 on open futures contracts and net unrealized gains on open forward contracts, which are calculated as the difference between the original contract value and fair value and (c) U.S. Treasury bills, at fair value, if any.

The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Pursuant to brokerage agreements 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 in each Partnership’s respective Statements of Financial Condition.

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

l. Investment Company Status. Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnerships have been deemed to be investment companies since inception. Accordingly, the Partnerships follow the investment company accounting and reporting guidance of Topic 946 and reflect their investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in each Partnership’s respective Statements of Income and Expenses.

m. 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.

n. 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.

o. Dissolution of the Partnerships. Tactical Currency, 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.

p. Net Income (Loss) per Unit. Net income (loss) per Unit is calculated in accordance with ASC 946, “Financial Services—Investment Companies.” See Note 8, “Financial Highlights.”

q. Recent Accounting Pronouncement. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments for all entities that hold financial assets or owe financial liabilities. One of the amendments in this update eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet or a description of changes in the methods and significant assumptions. Additionally, the update eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. Investment companies are specifically exempted from ASU 2016-01’s equity investment accounting provisions and will continue to follow the industry specific guidance for investment accounting under Topic 946. For public business entities, this update is effective for fiscal years beginning after December 15, 2017, and interim periods therein. For other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The General Partner is currently evaluating the impact this guidance will have on each Partnership’s financial statements and related disclosures.

r. Reclassification. Certain prior period amounts have been reclassified to conform to current period presentation. For Spectrum Select and Spectrum Technical, amounts previously presented as net unrealized gain (loss) on open contracts in each such Partnership’s Statements of Financial Condition are now reported as net unrealized appreciation on open futures contracts, net unrealized depreciation on open futures contracts, net unrealized appreciation on open forward contracts and net unrealized depreciation on open forward contracts, as applicable. In addition, for Spectrum Select and Spectrum Technical, amounts previously combined and presented as futures and forward contracts purchased and futures and forward contracts sold on each such Partnership’s Condensed Schedules of Investments are now reported separately as futures contracts purchased, futures contracts sold, unrealized appreciation on open forward contracts and unrealized depreciation on open forward contracts, as applicable.

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Investments

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments:

a. Tactical Currency’s Investments in Affiliated Underlying Funds

On November 1, 2012, Tactical Currency’s assets allocated to The Cambridge Strategy (Asset Management) Limited (“Cambridge”) for trading were invested in Cambridge Master Fund L.P. (“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 Tactical Currency, are permitted to be limited partners of Cambridge Master Fund. The General Partner and Cambridge believe that trading through this “master/feeder” structure promotes efficiency and economy in the trading process.

Effective December 9, 2014, Cambridge, in consultation with the General Partner, agreed to increase the amount of leverage applied to the assets of Cambridge Master Fund allocated to Cambridge by the General Partner to 2.0 times the assets of the Cambridge Master Fund allocated to Cambridge by the General Partner and traded pursuant to Cambridge’s Asian Markets Alpha Programme and Emerging Markets Alpha Programme.

On January 1, 2012, Tactical Currency’s assets allocated to Krom River Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, “Krom River”) for trading were invested in KR Master Fund L.P. (“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.

Effective December 31, 2014, Tactical Currency fully redeemed its investment from KR Master Fund. In addition, Krom River no longer acts as commodity trading advisor to Tactical Currency. Effective on or about January 1, 2015, Tactical Currency reallocated the assets allocated to Krom River to Cambridge.

Tactical Currency carries, and carried, its investment in Cambridge Master Fund and KR Master Fund, respectively, at fair value based on Tactical Currency’s (1) respective net contributions to Cambridge Master Fund and KR Master Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of Cambridge Master Fund and KR Master Fund. Tactical Currency invests in, and invested in, Cambridge Master Fund and KR Master Fund, respectively, through a “master/feeder” structure. Tactical Currency’s pro-rata share of the results of Cambridge Master Fund’s and KR Master Fund’s trading activities are shown in Tactical Currency’s Statements of Income and Expenses.

The financial statements of Cambridge Master Fund, including its condensed schedules of investments, are included elsewhere in this report and should be read in conjunction with Tactical Currency’s financial statements.

Generally, a limited partner in Cambridge Master Fund may withdraw all or part of its capital contributions and undistributed profits, if any, from Cambridge Master Fund as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs Cambridge Master Fund. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

Cambridge Master Fund does not, and KR Master Fund did not, pay any management or incentive fees related to Tactical Currency’s investments. These fees are accrued and paid by Tactical Currency. The General Partner reimburses Cambridge Master Fund and reimbursed KR Master Fund for all brokerage related fees borne by Cambridge Master Fund and KR Master Fund (prior to its termination on December 31, 2014) on behalf of Tactical Currency’s investments.

As of December 31, 2016 and 2015, Tactical Currency owned approximately 16.3% and 22.7% of Cambridge Master Fund, respectively. It is Tactical Currency’s intention to continue to invest in Cambridge Master Fund. The performance of Tactical Currency is directly affected and was directly affected by, the performance of Cambridge Master Fund and (prior to its termination on December 31, 2014) KR Master Fund.

b. Spectrum Strategic’s Investments in Affiliated Underlying Funds

Effective December 1, 2011, the assets allocated by Spectrum Strategic to Aventis Asset Management, LLC (“Aventis”) and PGR Capital L.P. (“PGR”) for trading were invested in MB Master Fund L.P. (“MB Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware, and PGR Master Fund L.P. (“PGR Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware, respectively. The General Partner is also the general partner of MB Master Fund and PGR Master Fund. Individual and pooled accounts currently managed by Aventis and PGR, including Spectrum Strategic, are permitted to be limited partners of MB Master Fund and PGR Master Fund, respectively. The General Partner, Aventis and PGR believe that trading through these structures should promote efficiency and economy in the trading process. MB Master Fund and PGR Master Fund are collectively referred to as the “Funds.”

Effective January 1, 2008, the assets allocated by Spectrum Strategic to Blenheim Capital Management, LLC (“Blenheim”) for trading were invested in Morgan Stanley Smith Barney BHM I, LLC (“BHM I, LLC”), a limited liability company organized under the limited liability company laws of the State of Delaware. Spectrum Strategic’s investment in BHM I, LLC represented approximately 15.9% of the net asset value of Spectrum Strategic at December 31, 2015. The General Partner was also the managing member of BHM I, LLC.

Effective January 31, 2016, Ceres terminated the advisory agreement among the General Partner, Blenheim and BHM I, LLC pursuant to which Blenheim traded BHM I, LLC’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, Blenheim ceased all Futures Interest trading on behalf of BHM I, LLC (and, indirectly, Spectrum Strategic). Ceres reallocated the assets formerly allocated by Spectrum Strategic to Blenheim among the remaining Trading Advisors of Spectrum Strategic. References herein to the “Funds” may include, as relevant, BHM I, LLC.

Spectrum Strategic carries (or carried with respect to its investment in BHM I, LLC), its investment in the Funds at fair value based on Spectrum Strategic’s (1) respective net contribution to each Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of each Fund. ASC 820, “Fair Value Measurement,” as amended, permits, as a practical expedient, Spectrum Strategic to measure the fair value of its investments in the Funds on the basis of the net asset value per share (or its equivalent) if the net asset value per share of such investments is calculated in a manner consistent with the measurement principles of Topic 946, “Financial Services – Investment Companies” as of Spectrum Strategic’s reporting date.

As of December 31, 2016, Spectrum Strategic owned approximately 45.5% and 7.5% of PGR Master and MB Master, respectively. As of December 31, 2015, Spectrum Strategic owned 58.1%, 5.6% and 5.0% of PGR Master, MB Master and BHM I, LLC, respectively.

The financial statements of Spectrum Strategic have been prepared using the “Fund of Funds” approach, and accordingly, Spectrum Strategic’s pro-rata share of all revenue and expenses of the Funds is reflected as net change in unrealized gains (losses) on investment in the Funds in Spectrum Strategic’s Statements of Income and Expenses. Contributions to and withdrawals from the Funds are recorded on the effective date. With respect to its investments in PGR Master Fund and MB Master Fund, Spectrum Strategic records a realized gain or loss on such investments as the difference between the redemption proceeds and the related cost of such investment. In determining the cost of such investments, Spectrum Strategic generally uses the average cost method. With respect to Spectrum Strategic’s investment in BHM I, LLC, Spectrum Strategic recorded redemptions received from BHM I, LLC as a reduction of cost basis and thereafter the redemptions received in excess of cost were recorded as a realized gain.

Summarized information for Spectrum Strategic’s investment in, and operations of BHM I, LLC, PGR Master Fund and MB Master Fund, as of and for the years ended December 31, 2016 and 2015, is as follows:

December 31, 2016	% of Spectrum Strategic’s Partners’ Capital		Fair Value		Partnership’s Pro-rata Net Income (Loss)		Management Fees		Incentive Fees		Investment Objective	Redemptions Permitted
											Commodity
BHM I, LLC (a)		-        %	$	-	$	(335,552)	$	6,470		$        -	Portfolio	Monthly
											Commodity
PGR Master Fund		50.8		8,039,156		(904,136)		-		-	Portfolio	Monthly
											Commodity
MB Master Fund		57.1		9,035,960		1,259,981		-		-	Portfolio	Monthly

^(a)  From January 1, 2016 through January 31, 2016, the date Spectrum Strategic fully redeemed its interest in BHM I, LLC.

December 31, 2015	% of Spectrum Strategic’s Partners’ Capital		Fair Value		Partnership’s Pro-rata Net Income (Loss)		Management Fees		Incentive Fees		Investment Objective	Redemptions Permitted
											Commodity
BHM I, LLC		15.9%	$	3,894,858	$	(3,328,835)	$	284,061		$        -	Portfolio	Monthly
											Commodity
PGR Master Fund		50.7		12,442,510		104,616		-		-	Portfolio	Monthly
											Commodity
MB Master Fund		36.3		8,922,695		(536,287)		-		-	Portfolio	Monthly

Generally, a limited partner or non-managing member, as applicable, in MB Master Fund, PGR Master Fund and (prior to its termination on January 31, 2016) BHM I, LLC may withdraw all or part of its capital contributions and undistributed profits, if any, from the Funds as of the Redemption Date after a request has been made to the General Partner/managing member at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner or non-managing member elects to redeem and informs the Funds. However, a limited partner or non-managing member may request a withdrawal as of the end of any day if such request is received by the General Partner/managing member at least three days in advance of the proposed withdrawal day.

Spectrum Strategic does not directly pay PGR Master Fund and MB Master Fund and, prior to March 1, 2014, did not directly pay BHM I, LLC, for its pro-rata portion of management or incentive fees. Such fees are directly paid by Spectrum Strategic to such trading advisors.

From March 1, 2014 until its termination on January 31, 2016, BHM I, LLC was paid directly by Spectrum Strategic for its pro-rata portion of management and incentive fees.

The tables below represent summarized Income Statement information for PGR Master Fund and MB Master Fund for the years ended December 31, 2016 and 2015, respectively, and for BHM I, LLC for the period from January 1, 2016 through January 31, 2016 (termination of operations of BHM I, LLC) and for the year ended December 31, 2015 to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2016	Investment Income		Net Investment Loss		Total Trading Results		Net Income/ (Loss)
BHM I, LLC	$	1,632	$	(170,710)	$	(6,343,252)	$	(6,513,962)
PGR Master Fund		37,912		(36,071)		(1,707,510)		(1,743,581)
MB Master Fund		277,605		(2,314,063)		16,332,842		14,018,779
December 31, 2015	Investment Income		Net Investment Loss		Total Trading Results		Net Income/ (Loss)
BHM I, LLC	$	-	$	(3,875,220)	$	(31,114,859)	$	(34,990,079)
PGR Master Fund		4,505		(63,701)		362,309		298,608
MB Master Fund		5,090		(3,544,946)		(5,123,213)		(8,668,159)

c. Spectrum Technical’s Investments in Affiliated Underlying Funds

On January 1, 2015, the assets allocated by Spectrum Technical to SECOR Capital Advisors, L.P. (“SECOR”) were invested in SECOR Master Fund L.P. (“SECOR Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. SECOR Master Fund permits accounts managed now or in the future by SECOR using a variation of the program traded by SECOR Alpha Master Program L.P., a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of SECOR Master Fund. Individual and pooled accounts currently managed by SECOR, including Spectrum Technical, are permitted to be limited partners of SECOR Master Fund. The General Partner and SECOR believe that trading through this “master/feeder” structure promotes efficiency and economy in the trading process.

On December 1, 2011, the assets allocated by Spectrum Technical to Blackwater Capital Management LLC (“Blackwater”) were invested in Blackwater Master Fund L.P. (“Blackwater Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. Blackwater Master Fund permitted accounts managed by Blackwater to invest together in one trading vehicle. Effective September 30, 2015, Blackwater Master Fund terminated operations and Spectrum Technical redeemed its pre-liquidation interest in Blackwater Master Fund in October 2015.

Spectrum Technical carries, and carried, its investment in SECOR Master Fund and Blackwater Master Fund, respectively, at fair value based on Spectrum Technical’s (1) respective net contributions to SECOR Master Fund and Blackwater Master Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of SECOR Master Fund and Blackwater Master Fund. Spectrum Technical invests in, and invested in, SECOR Master Fund and Blackwater Master Fund, respectively, through a “master/feeder” structure. Spectrum Technical’s pro-rata share of the results of SECOR Master Fund’s and Blackwater Master Fund’s trading activities are shown in Spectrum Technical’s Statements of Income and Expenses.

Summarized information for Spectrum Technical, reflecting the total assets, liabilities and partners’ capital of SECOR Master Fund as of December 31, 2016 and 2015, is shown in the following tables:

	December 31, 2016
	Total Assets		Total Liabilities		Total Partners’ Capital
SECOR Master Fund	$	39,231,542	$	679,104	$	38,552,438
	December 31, 2015
	Total Assets		Total Liabilities		Total Partners’ Capital
SECOR Master Fund	$	50,962,450	$	464,928	$	50,497,522

Summarized information for Spectrum Technical’s investment in, and operations of Blackwater Master Fund and SECOR Master Fund as of and for the years ended December 31, 2016 and 2015 is shown in the following tables:

December 31, 2016	% of Spectrum Technical’s   Partners’ Capital	Fair     Value		Partnership’s Pro-rata Net Income (Loss)		Investment   Objective	Redemptions Permitted
SECOR Master Fund	31.2%	$	19,624,189	$	1,289,132	Commodity Portfolio	Monthly
December 31, 2015	% of Spectrum Technical’s Partners’ Capital	Fair Value		Partnership’s Pro-rata Net Income (Loss)		Investment Objective	Redemptions Permitted
Blackwater Master Fund (a)	- %	$	-	$	(26,849)	Commodity Portfolio	Monthly
SECOR Master Fund	30.4		27,517,405		855,249	Commodity Portfolio	Monthly

^(a)         From January 1, 2015 through September 30, 2015, the date Spectrum Technical fully redeemed its interest in Blackwater Master Fund.

Generally, a limited partner in SECOR Master Fund and Blackwater Master Fund (prior to its termination on September 30, 2015) may withdraw all or part of its capital contributions and undistributed profits, if any, from SECOR Master Fund and Blackwater Master Fund as of the Redemption Date after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs SECOR Master Fund and Blackwater Master Fund. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day.

SECOR Master Fund does not, and Blackwater Master did not, pay any management or incentive fees related to Spectrum Technical’s investment in the funds. These fees are accrued and paid by Spectrum Technical. The General Partner reimburses SECOR Master Fund, and reimbursed Blackwater Master Fund (prior to its termination on September 30, 2015), for all brokerage related fees borne by SECOR Master Fund and Blackwater Master Fund on behalf of Spectrum Technical’s investment.

As of December 31, 2016 and 2015, Spectrum Technical owned approximately 50.9% and 54.5% of SECOR Master Fund, respectively. It is Spectrum Technical’s intention to continue to invest in SECOR Master Fund. The performance of Spectrum Technical is directly affected by, and was directly affected by, the performance of SECOR Master Fund and (prior to its termination on September 30, 2015), Blackwater Master Fund, respectively.

The tables below represent summarized income statement information for SECOR Master Fund for the years ended December 31, 2016 and 2015, respectively, and for Blackwater Master Fund for the period from January 1, 2015 through September 30, 2015 (termination of operations of Blackwater Master Fund) to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2016	Investment     Income		Net   Investment Loss		Total Trading   Results		Net Income     (Loss)
SECOR Master Fund	$	92,036	$	(245,725)	$	2,459,009	$	2,213,284
December 31, 2015	Investment Income		Net Investment Loss		Total Trading Results		Net Income (Loss)
Blackwater Master Fund	$	1,120	$	(39,750)	$	87,198	$	47,448
SECOR Master Fund		12,458		(396,486)		2,605,734		2,209,248

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Trading Advisors

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

Trading Advisors

4.  Trading Advisors:

Ceres, on behalf of each Partnership, retains certain unaffiliated commodity trading advisors, which are registered with the Commodity Futures Trading Commission, to make all trading decisions for the respective Partnerships. The trading advisors for each Partnership at December 31, 2016 were as follows:

Tactical Currency        

Cambridge

Spectrum Select    

EMC Capital Advisors, LLC (“EMC”)

Graham Capital Management, L.P. (“Graham”)

Rabar Market Research, Inc. (“Rabar”)

Spectrum Strategic    

Aventis

PGR

Spectrum Technical    

Aspect Capital Limited (“Aspect”)

Campbell & Company, Inc. (“Campbell”)

FORT, L.P. (“FORT”)

SECOR

Effective June 30, 2016, the General Partner terminated the management agreement among Spectrum Select, the General Partner and Altis Partners (Jersey) Limited (“Altis”), pursuant to which Altis traded a portion of Spectrum Select’s assets. Consequently, Altis ceased all Futures Interest trading on behalf of Spectrum Select.

Effective June 1, 2016, Spectrum Technical entered into a management agreement by and among the Partnership, the General Partner, and FORT, a Delaware limited partnership, pursuant to which FORT serves as a trading advisor to Spectrum Technical and manages the portion of Spectrum Technical’s assets allocated to it. Effective July 1, 2016, a portion of the Spectrum Technical’s assets were allocated to FORT and traded pursuant to the Global Contrarian Program.

Effective March 31, 2016, Ceres terminated the management agreement with Winton Capital Management Limited (“Winton”) pursuant to which Winton ceased trading the assets of Spectrum Technical, fully liquidated all commodity interest positions in the Partnership, and converted all currency balances in the Partnership to U.S. dollars.

Effective January 31, 2016, Ceres terminated the advisory agreement among the General Partner, Blenheim and BHM I, LLC, pursuant to which Blenheim traded BHM I, LLC’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, Blenheim ceased all Futures Interest trading on behalf of BHM I, LLC (and, indirectly, Spectrum Strategic).

Effective September 30, 2015, Spectrum Technical fully redeemed its investment in Blackwater Master Fund. In addition, Blackwater no longer acts as a commodity trading advisor to Spectrum Technical.

Effective December 31, 2014, Ceres terminated the management agreement among Ceres, Rotella Capital Management, Inc. (“Rotella”) and Spectrum Technical pursuant to which Rotella ceased all Futures Interests trading on behalf of Spectrum Technical.

Effective December 31, 2014, Tactical Currency fully redeemed its investment from KR Master Fund. In addition, Krom River no longer acts as a commodity trading advisor to Tactical Currency.

Effective the close of business on August 8, 2014, Ceres terminated the management agreement among Ceres, Northfield Trading L.P. (“Northfield”) and Spectrum Select pursuant to which Northfield ceased all Futures Interests trading on behalf of Spectrum Select.

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 Tactical Currency is accrued at a rate equal to 1/12th of 1.5% (a 1.5% annual rate) per month of Tactical Currency’s net assets allocated to Cambridge on the first day of each month. Prior to its termination on December 31, 2014, Krom River received a management fee for Tactical Currency equal to 1/12th of 1.0% (a 1.0% annual rate) per month of Tactical Currency’s net assets allocated to Krom River on the first day of each month.

The management fee for Spectrum Select is accrued at a rate of 1/12th of 1.75% (a 1.75% annual rate) per month of Spectrum Select’s net assets allocated to Graham on the first day of each month, 1/12th of 2% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to Rabar on the first day of each month and 1/12th of 1% (a 1% annual rate) per month of Spectrum Select’s net assets allocated to EMC on the first day of each month. Prior to January 1, 2016, the management fee paid by Spectrum Select to EMC was accrued at a rate of 1/12th of 2% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to EMC on the first day of each month. Prior to April 1, 2014, the monthly management fee payable to by Spectrum Select to Graham was 1/6th of 1% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to Graham on the first day of each month. The management fee payable by Spectrum Select to Altis prior to its termination on June 30, 2016 was 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Select’s net assets allocated to Altis on the first day of each month. The management fee payable by Spectrum Select to Northfield prior to its termination on August 8, 2014 was 1/12th of 1% (a 1% annual rate) per month of Spectrum Select’s net assets allocated to Northfield on the first day of each month.

The management fee for Spectrum Strategic is accrued at a rate of 1/12th of 1% (a 1% annual rate) per month of Spectrum Strategic’s net assets allocated to PGR on the first day of each month and 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Strategic’s net assets allocated to Aventis on the first day of each month. For the period from March 1, 2014 to its termination on January 31, 2016, Blenheim was paid a monthly management fee from Spectrum Strategic at a rate of 1/12th of 2% (a 2% annual rate) per month of Spectrum Strategic’s net assets allocated to Blenheim on the first day of each month. Additionally, Spectrum Strategic directly paid BHM I, LLC for management fees related to Blenheim for the period from March 1, 2014 until Blenheim’s termination effective January 31, 2016. Prior to March 1, 2014, the monthly management fee payable by Spectrum Strategic to Blenheim was 1/4th of 1% (a 3% annual rate) of Spectrum Strategic’s net assets allocated to Blenheim on the first day of each month. Prior to March 1, 2014, the management fee payable by Spectrum Strategic to Aventis was 1/12th of 1.5% (a 1.5% annual rate) of Spectrum Strategic’s net assets allocated to Aventis on the first day of each month.

The management fee for Spectrum Technical is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of Spectrum Technical’s net assets allocated to Aspect and Campbell on the first day of each month. The management fee paid to FORT is earned at a rate of 1/12th of 1.25% (1.25% annual rate) per month of Spectrum Technical’s net assets allocated to FORT on the first day of each month. Effective January 1, 2016, the management fee payable by Spectrum Technical to SECOR was reduced to 1/12th of 1.75% (a 1.75% annual rate) per month of Spectrum Technical’s net assets allocated to SECOR on the first day of each month. Prior to January 1, 2016, the management fee payable by Spectrum Technical to SECOR was equal to 1/12th of 2% (a 2% annual rate) per month of Spectrum Technical’s net assets allocated to SECOR on the first day of each month. Prior to its termination on March 31, 2016, Winton received a management fee from Spectrum Technical equal to 1/12th of 1.5% (a 1.5% annual rate) per month of Spectrum Technical’s net assets allocated to Winton on the first day of each month. Prior to its termination on September 30, 2015, Blackwater received a management fee from Spectrum Technical equal to 1/12th of 0.75% (a 0.75% annual rate) per month of Spectrum Technical’s net assets allocated to Blackwater on the first day of each month. Prior to its termination on December 31, 2014, Rotella received a management fee from Spectrum Technical equal to 1/12th of 1.0% (a 1.0% annual rate) per month of Spectrum Technical’s net assets allocated to Rotella on the first day of each month. Prior to June 1, 2014, the management fee payable by Spectrum Technical to Campbell was equal to 1/12th of 2.0% (a 2.0% annual rate) per month of Spectrum Technical’s net assets allocated to Campbell on the first day of each month.

Incentive Fee.    Tactical Currency pays a quarterly incentive fee equal to 15% of the trading profits experienced with respect to Tactical Currency’s net assets allocated to Cambridge at the end of each calendar quarter. Prior to its termination on December 31, 2014, Krom River was eligible to receive a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Tactical Currency’s net assets allocated to Krom River as of the end of each calendar quarter.

Spectrum Select pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to EMC, Rabar and Graham as of the end of each calendar month. Prior to its termination on June 30, 2016, Altis was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to Altis as of the end of each calendar month. Prior to its termination on August 8, 2014, Northfield was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to Northfield as of the end of each calendar month.

Spectrum Strategic pays a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to Aventis as of the end of each calendar quarter and a yearly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to PGR as of the end of each calendar year. For the period from March 1, 2014 until Blenheim’s termination effective January 31, 2016, Blenheim was eligible to receive from BHM I, LLC a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to Blenheim as of the end of each calendar quarter. Prior to March 1, 2014, Blenheim was eligible to receive from Spectrum Strategic 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.

Spectrum Technical pays a monthly incentive fee equal to 20% of trading profits experienced with respect to Spectrum Technical’s net assets allocated to Aspect and Campbell as of the end of each calendar month, a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to SECOR as of the end of each calendar quarter and a yearly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to FORT as of the end of each calendar year. Prior to its termination on March 31, 2016, Winton was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Winton as of the end of each calendar month. Prior to its termination on September 30, 2015, Blackwater was eligible to receive a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Blackwater as of the end of each calendar quarter. Prior to its termination on December 31, 2014, Rotella was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Rotella as of the end of each month.

Trading profits represent the amount by which profits from Futures Interests trading exceed losses after ongoing selling agent fees, brokerage fees, General Partner fees and management fees, as applicable, are deducted.

For all trading advisors with trading losses, no incentive fees are paid in subsequent periods 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 and reallocations.

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Financial Instruments

12 Months Ended

Dec. 31, 2016

Investments, All Other Investments [Abstract]

Financial Instruments

5. Financial Instruments:

The Partnerships trade Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. 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 respective Statements of Financial Condition as a net unrealized gain or loss on open futures or forward contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized gains (losses) on open contracts” in the respective Statements of Income and Expenses. The Partnerships’ contracts are accounted for on a trade-date basis. 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 fair value of an exchange-traded contract 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.

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 respective financial statements, the credit risk associated with the instruments in which each Partnership trades is limited to the unrealized gain (loss) amounts reflected in the respective Partnership’s Statements of Financial Condition. The net unrealized gains (losses) on open contracts are further disclosed gross by type of contract and corresponding fair value level in Note 7, “Fair Value Measurements.”

The Partnerships also have credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnerships’ assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnerships’ off-exchange-traded forward currency contracts and forward currency option contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnerships are required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnerships’ accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in custody accounts 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. 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 counterparty’s exposure on off-exchange-traded forward currency contracts, should materially decrease the Partnerships’ credit risk in the event of MS&Co.’s bankruptcy or insolvency.

The Partnerships do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Statements of Income and Expenses.

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 and forward contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The futures and forwards traded by the Partnerships, along with the U.S. Treasury bills held 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 its earnings, whether realized or unrealized, and cash flow.

Gains and losses on open positions of exchange-traded futures and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract.

Spectrum Strategic’s, Spectrum Technical’s and Tactical 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 Activities

12 Months Ended

Dec. 31, 2016

Brokers and Dealers [Abstract]

Trading Activities

6.  Trading Activities:

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 respective 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.

100% of Tactical Currency’s contracts held indirectly through its investment in Cambridge Master Fund are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 7.7% to 27.7% of Spectrum Select’s contracts are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 0.0% to 14.7% of Spectrum Strategic’s contracts held indirectly through its investment in the Funds are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 21.2% to 42.3% of Spectrum Technical’s contracts held both directly and indirectly through its investment in SECOR Master Fund are traded over-the-counter.

All of the commodity interests owned by Spectrum Select and Spectrum Technical are held for trading purposes. The monthly average number of futures contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were 6,303 and 8,519, respectively. The monthly average number of metals forward contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were 965 and 1,135, respectively. The monthly average notional values of currency forward contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were $117,997,719 and $124,501,944, respectively.

The monthly average number of futures contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were 3,074 and 4,195, respectively. The monthly average number of metals forward contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were 393 and 502, respectively. The monthly average notional values of currency forward contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were $302,187,265 and $288,970,752, respectively.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of Spectrum Select’s and Spectrum Technical’s derivatives and their offsetting subject to master netting or similar arrangements as of December 31, 2016 and 2015, respectively.

Spectrum Select

December 31, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	2,203,401	$	(827,990)	$	1,375,411	$	-	$	-	$	1,375,411
Forwards		1,069,028		(1,069,028)		-		-		-		-
Total assets	$	3,272,429	$	(1,897,018)	$	1,375,411	$	-	$	-	$	1,375,411
Liabilities
Futures	$	(827,990)	$	827,990	$	-	$	-	$	-	$	-
Forwards		(1,116,899)		1,069,028		(47,871)		-		-		(47,871)
Total liabilities	$	(1,944,889)	$	1,897,018	$	(47,871)	$	-	$	-	$	(47,871)
Net fair value											$	1,327,540	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,831,162	$	(2,431,726)	$	1,399,436	$	-	$	-	$	1,399,436
Forwards		1,168,919		(1,125,088)		43,831		-		-		43,831
Total assets	$	5,000,081	$	(3,556,814)	$	1,443,267	$	-	$	-	$	1,443,267
Liabilities
Futures	$	(2,431,726)	$	2,431,726	$	-	$	-	$	-	$	-
Forwards		(1,125,088)		1,125,088		-		-		-		-
Total liabilities	$	(3,556,814)	$	3,556,814	$	-	$	-	$	-	$	-
Net fair value											$	1,443,267	*

* In the event of default by Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Select’s obligation with Spectrum Select’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Select is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Select’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Spectrum Technical

December 31, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,051,049	$	(756,615)	$	294,434	$	-	$	-	$	294,434
Forwards		665,811		(665,811)		-		-		-		-
Total assets	$	1,716,860	$	(1,422,426)	$	294,434	$	-	$	-	$	294,434
Liabilities
Futures	$	(756,615)	$	756,615	$	-	$	-	$	-	$	-
Forwards		(730,361)		665,811		(64,550)		-		-		(64,550)
Total liabilities	$	(1,486,976)	$	1,422,426	$	(64,550)	$	-	$	-	$	(64,550)
Net fair value											$	229,884	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,246,261	$	(1,246,261)	$	-	$	-	$	-	$	-
Forwards		1,901,957		(1,901,957)		-		-		-		-
Total assets	$	3,148,218	$	(3,148,218)	$	-	$	-	$	-	$	-
Liabilities
Futures	$	(1,548,907)	$	1,246,261	$	(302,646)	$	-	$	-	$	(302,646)
Forwards		(1,988,889)		1,901,957		(86,932)		-		-		(86,932)
Total liabilities	$	(3,537,796)	$	3,148,218	$	(389,578)	$	-	$	-	$	(389,578)
Net fair value											$	(389,578)	*

* In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Technical’s obligation with Spectrum Technical’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Technical is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Technical’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

The following tables indicates the gross fair values of Spectrum Select’s and Spectrum Technical’s derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2016 and 2015, respectively.

Spectrum Select

	December 31, 2016
Assets
Futures Contracts
Commodity	$	864,337
Equity		696,575
Currencies		202,478
Interest rates		440,011
Total unrealized appreciation on open futures contracts		2,203,401
Liabilities
Futures Contracts
Commodity		(385,917)
Equity		(263,755)
Currencies		(55,806)
Interest rates		(122,512)
Total unrealized depreciation on open futures contracts		(827,990)
Net unrealized appreciation on open futures contracts	$	1,375,411	*
Assets
Forward Contracts
Commodity	$	370,551
Currencies		698,477
Total unrealized appreciation on open forward contracts		1,069,028
Liabilities
Forward Contracts
Commodity		(534,709)
Currencies		(582,190)
Total unrealized depreciation on open forward contracts		(1,116,899)
Net unrealized depreciation on open forward contracts	$	(47,871)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

	December 31, 2015
Assets
Futures Contracts
Commodity	$	2,019,401
Equity		196,959
Currencies		1,206,216
Interest rates		408,586
Total unrealized appreciation on open futures contracts		3,831,162
Liabilities
Futures Contracts
Commodity		(937,845)
Equity		(421,360)
Currencies		(469,882)
Interest rates		(602,639)
Total unrealized depreciation on open futures contracts		(2,431,726)
Net unrealized appreciation on open futures contracts	$	1,399,436	*
Assets
Forward Contracts
Commodity	$	740,942
Currencies		427,977
Total unrealized appreciation on open forward contracts		1,168,919
Liabilities
Forward Contracts
Commodity		(954,788)
Currencies		(170,300)
Total unrealized depreciation on open forward contracts		(1,125,088)
Net unrealized appreciation on open forward contracts	$	43,831	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

Spectrum Technical

	December 31, 2016
Assets
Futures Contracts
Commodity	$	323,692
Equity		348,618
Currencies		24,345
Interest rates		354,394
Total unrealized appreciation on open futures contracts		1,051,049
Liabilities
Futures Contracts
Commodity		(226,494)
Equity		(140,355)
Currencies		(144,708)
Interest rates		(245,058)
Total unrealized depreciation on open futures contracts		(756,615)
Net unrealized appreciation on open futures contracts	$	294,434	*
Assets
Forward Contracts
Commodity	$	58,919
Currencies		606,892
Total unrealized appreciation on open forward contracts		665,811
Liabilities
Forward Contracts
Commodity		(293,032)
Currencies		(437,329)
Total unrealized depreciation on open forward contracts		(730,361)
Net unrealized depreciation on open forward contracts	$	(64,550)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

	December 31, 2015
Assets
Futures Contracts
Commodity	$	776,736
Equity		143,690
Currencies		121,130
Interest rates		204,705
Total unrealized appreciation on open futures contracts		1,246,261
Liabilities
Futures Contracts
Commodity		(762,145)
Equity		(170,907)
Currencies		(10,967)
Interest rates		(604,888)
Total unrealized depreciation on open futures contracts		(1,548,907)
Net unrealized depreciation on open futures contracts	$	(302,646)	*
Assets
Forward Contracts
Commodity	$	156,179
Currencies		1,745,778
Total unrealized appreciation on open forward contracts		1,901,957
Liabilities
Forward Contracts
Commodity		(366,155)
Currencies		(1,622,734)
Total unrealized depreciation on open forward contracts		(1,988,889)
Net unrealized depreciation on open forward contracts	$	(86,932)	**

* This amount is in “Net unrealized depreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

The following tables indicate the trading gains and losses, by market sector, on Spectrum Select’s and Spectrum Technical’s derivative instruments for the years ended December 31, 2016, 2015 and 2014, respectively.

  Spectrum Select

Sector	2016			2015			2014
Commodity	$	(6,068,586)		$	(1,071,073)		$	11,295,753
Equity		(2,859,526)			(2,848,607)			(3,990,077)
Currencies		(701,495)			2,577,114			4,185,603
Interest rates		966,204			(132,336)			9,213,718
Total	$	(8,663,403)	*	$	(1,474,902)	*	$	20,704,997	*

  Spectrum Technical

Sector	2016			2015			2014
Commodity	$	(3,763,856)		$	5,162,412		$	3,173,650
Equity		1,904,910			(769,729)			3,873,373
Currencies		(409,677)			1,503,142			(6,217,792)
Interest rates		1,151,677			344,021			20,943,980
Total	$	(1,116,946)	*	$	6,239,846	*	$	21,773,211	*

* This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

7.   Fair Value Measurements:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of exchange-traded futures, option and forward contracts is determined by the various 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 input 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. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Partnerships consider prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by broker quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the years ended December 31, 2016 and 2015, the Partnerships did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the years ended December 31, 2016 and 2015, there were no transfers of assets or liabilities between Level 1 and Level 2.

There were no direct investments held by Tactical Currency and Spectrum Strategic as of December 31, 2016 and 2015. For Tactical Currency’s investment in Cambridge Master Fund, see Notes 2 and 5 of the attached Cambridge Master Fund’s financial statements for the determination of the fair value of Cambridge Master Fund’s investments and related disclosures, including the fair value hierarchy. The following tables present information about Spectrum Select’s and Spectrum Technical’s assets and liabilities measured at fair value as of December 31, 2016 and 2015:

  Spectrum Select

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury bills	$	12,994,751	$	-	$	12,994,751	$	-
Futures		2,203,401		2,203,401		-		-
Forwards		1,069,028		370,551		698,477		-
Total assets	$	16,267,180	$	2,573,952	$	13,693,228	$	-
Liabilities
Futures	$	827,990	$	827,990	$	-	$	-
Forwards		1,116,899		534,709		582,190		-
Total liabilities	$	1,944,889	$	1,362,699	$	582,190	$	-
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	$	-

  Spectrum Technical

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Futures	$	1,051,049	$	1,051,049	$	-	$	-
Forwards		665,811		58,919		606,892		-
Total assets	$	1,716,860	$	1,109,968	$	606,892	$	-
Liabilities
Futures	$	756,615	$	756,615	$	-	$	-
Forwards		730,361		293,032		437,329		-
Total liabilities	$	1,486,976	$	1,049,647	$	437,329	$	-
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	$	-

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Financial Highlights

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

Financial Highlights

8. Financial Highlights:

Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 are as follows:

Tactical Currency

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.52)	$	2.16	$	1.63
Net investment loss		(0.56)		(0.73)		(0.53)
Net increase (decrease) for the year		(1.08)		1.43		1.10
Net asset value per Unit, beginning of year		9.92		8.49		7.39
Net asset value per Unit, end of year	$	8.84	$	9.92	$	8.49
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.8)%		(8.0)%		(7.0)%
Operating expenses before incentive fees		5.2%		5.1%		5.4%
Incentive fees		0.8%		2.9%		1.6%
Operating expenses after incentive fees		6.0%		8.0%		7.0%
Total return:
Total return before incentive fees		(10.1)%		19.9%		16.6%
Incentive fees		(0.8)%		(3.1)%		(1.7)%
Total return after incentive fees		(10.9)%		16.8%		14.9%

^*  Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

^**  Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Tactical Currency and includes income and expenses allocated from its investments in Cambridge Master Fund and KR Master Fund, as applicable.

Spectrum Select

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(2.96)	$	(0.51)	$	5.34
Net investment loss		(1.43)		(1.74)		(1.64)
Net increase (decrease) for the year		(4.39)		(2.25)		3.70
Net asset value per Unit, beginning of year		27.93		30.18		26.48
Net asset value per Unit, end of year	$	23.54	$	27.93	$	30.18
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.5)%		(5.8)%		(6.3)%
Operating expenses before incentive fees		5.7%		5.8%		6.3%
Incentive fees		-  %		-  %		-  %
Operating expenses after incentive fees		5.7%		5.8%		6.3%
Total return:
Total return before incentive fees		(15.7)%		(7.5)%		14.0%
Incentive fees		-  %		-  %		-  %
Total return after incentive fees		(15.7)%		(7.5)%		14.0%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding’ during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Select.

Spectrum Strategic

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.05)	$	(1.51)	$	0.77
Net investment loss		(0.57)		(0.57)		(0.79)
Net increase (decrease) for the year		(0.62)		(2.08)		(0.02)
Net asset value per Unit, beginning of year		11.54		13.62		13.64
Net asset value per Unit, end of year	$	10.92	$	11.54	$	13.62
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.1)%		(4.7)%		(5.5)%
Operating expenses before incentive fees		5.2%		4.7%		5.4%
Incentive fees		-  %		-  %		0.1%
Operating expenses after incentive fees		5.2%		4.7%		5.5%
Total return:
Total return before incentive fees		(5.4)%		(15.3)%		0.0%
Incentive fees		-  %		-  %		(0.1)%
Total return after incentive fees		(5.4)%		(15.3)%		(0.1)%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Strategic and does not include income and expenses related to its investment in the Funds.

Spectrum Technical

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.31)	$	1.13	$	3.61
Net investment loss		(1.05)		(1.25)		(1.09)
Net increase (decrease) for the year		(1.36)		(0.12)		2.52
Net asset value per Unit, beginning of year		18.95		19.07		16.55
Net asset value per Unit, end of year	$	17.59	$	18.95	$	19.07
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.7)%		(6.5)%		(6.6)%
Operating expenses before incentive fees		5.6%		5.6%		5.9%
Incentive fees		0.3%		0.9%		0.7%
Operating expenses after incentive fees		5.9%		6.5%		6.6%
Total return:
Total return before incentive fees		(6.9)%		0.3%		15.9%
Incentive fees		(0.3)%		(0.9)%		(0.7)%
Total return after incentive fees		(7.2)%		(0.6)%		15.2%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Technical and includes income and expenses allocated from its investments in SECOR Master Fund and Blackwater Master Fund, as applicable.

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Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events:

As of January 1, 2017, Ceres and Morgan Stanley Wealth Management became wholly-owned subsidiaries of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, Ceres and Morgan Stanley Wealth Management were wholly-owned subsidiaries of MSSBH. MSD Holdings is ultimately owned by Morgan Stanley.

Ceres has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in each respective Partnership’s financial statements.

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Use of Estimates

a.

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Profit Allocation

b.

Profit Allocation. The General Partner and the limited partners in each Partnership share in the profits and losses of the respective Partnership in proportion to the amount of partnership interest owned by each, except that no limited partner is liable for obligations of the respective Partnership in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any.

Statement of Cash Flows

c.

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

Fair Value of Financial Instruments

d.

Fair Value of Financial Instruments. The carrying value of the Partnerships’ assets and liabilities presented in the respective Statements of Financial Condition that qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, “Financial Instruments,” approximates fair value due to the short term nature of such balances.

Partnership's Investments

e.

Partnerships’ Investments. All Futures Interests of the Partnerships, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 7, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the respective Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the respective Statements of Income and Expenses.

Restricted and Unrestricted Cash

f. Restricted and Unrestricted Cash. The cash held by each Partnership available for trading in Futures Interests, if any, is on deposit in commodity brokerage accounts with MS&Co. As reflected in each Partnership’s Statements of Financial Condition, if applicable, and through December 31, 2015, 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 forward and option contracts and offset unrealized losses only on the offsetting London Metal Exchange positions. Starting January 1, 2016, each Partnership’s restricted cash is now equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. All of these amounts are maintained separately. At December 31, 2016 and 2015, the amount of cash held for margin requirements was $11,918,100 and $14,906,464 for Spectrum Select and $6,959,456 and $7,078,848 for Spectrum Technical, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(992,914) (proceeds of $1,024,772) and $(924,554) (proceeds of $943,684) for Spectrum Select and $(205,801) (proceeds of $205,128) and $423,964 (cost of $406,027) for Spectrum Technical as of December 31, 2016 and 2015, respectively.

Foreign Currency Transactions and Translation

g.

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 respective 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.

Income Taxes

h.

Income Taxes. Income taxes have not been listed as each partner is individually liable for the taxes, if any, on its share of the respective Partnership’s income and expenses. The General Partner concluded that no provision for income tax is required in each Partnership’s financial statements. The Partnerships file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Revenue Recognition

i.

Revenue Recognition. For excess cash held at MS&Co. which is not invested by the General Partner in U.S. Treasury bills and/or other permitted investments, monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnerships’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. and Ceres retain any interest earned on such uninvested cash 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.

Brokerage and Related Transaction Fees and Costs

j. Brokerage and Related Transaction Fees and Costs. Prior to April 1, 2014, the Partnerships each accrued a flat rate brokerage fee that covered all brokerage fees, transaction fees and costs, and ordinary administrative expenses. The brokerage fees for Tactical Currency were accrued at a flat monthly rate of 1/12th 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 were accrued at a flat monthly rate of 1/12th of 6.0% (a 6.0% annual rate) of the respective Partnership’s net assets as of the first day of each month.

Effective April 1, 2014, the flat rate brokerage fee for Tactical Currency was reduced from a monthly flat rate of 1/12th of 4.6% (a 4.6% annual rate) to 1/12th of 3.6% (a 3.6% annual rate) of Tactical Currency’s net assets, and the flat rate brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical were reduced from a monthly rate of 1/12th of 6.0% (a 6.0% annual rate) to 1/12th of 4.0% (a 4.0% annual rate) of their respective net assets.

Effective October 1, 2014, the flat rate brokerage fee accrued by Tactical Currency, equal to 1/12 of 3.6% (a 3.6% annual rate) of Tactical Currency’s net assets, was separated into (i) a General Partner administrative fee (the “General Partner fee”) payable to the General Partner equal to an annual rate of 1.6% of Tactical Currency’s net assets and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of Tactical Currency’s net assets. Also effective on October 1, 2014, the flat rate brokerage fees accrued by Spectrum Select, Spectrum Strategic and Spectrum Technical, equal to 1/12th of 4.0% (a 4.0% annual rate) of each such Partnership’s net assets, were separated into (i) a General Partner fee payable to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of the relevant Partnership’s net assets and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of the relevant Partnership’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by each Partnership.

The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships.

Equity in Trading Account

k. Equity in Trading Account. Spectrum Select’s and Spectrum Technical’s asset “Equity in trading account” reflected in each such Partnership’s 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 on open futures contracts and net unrealized gains on open forward contracts, which are calculated as the difference between the original contract value and fair value and (c) U.S. Treasury bills, at fair value, if any.

The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Pursuant to brokerage agreements 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 in each Partnership’s respective Statements of Financial Condition.

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

Investment Company Status

l.

Investment Company Status. Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnerships have been deemed to be investment companies since inception. Accordingly, the Partnerships follow the investment company accounting and reporting guidance of Topic 946 and reflect their investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in each Partnership’s respective Statements of Income and Expenses.

Redemptions

m.

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.

Distributions

n.

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.

Dissolution of the Partnerships

o.

Dissolution of the Partnerships. Tactical Currency, 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.

Net Income (Loss) per Unit

p.

Net Income (Loss) per Unit. Net income (loss) per Unit is calculated in accordance with ASC 946, “Financial Services—Investment Companies.” See Note 8, “Financial Highlights.”

Recent Accounting Pronouncement

q.

Recent Accounting Pronouncement. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments for all entities that hold financial assets or owe financial liabilities. One of the amendments in this update eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet or a description of changes in the methods and significant assumptions. Additionally, the update eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. Investment companies are specifically exempted from ASU 2016-01’s equity investment accounting provisions and will continue to follow the industry specific guidance for investment accounting under Topic 946. For public business entities, this update is effective for fiscal years beginning after December 15, 2017, and interim periods therein. For other entities, it is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The General Partner is currently evaluating the impact this guidance will have on each Partnership’s financial statements and related disclosures.

Reclassification

r.

Reclassification. Certain prior period amounts have been reclassified to conform to current period presentation. For Spectrum Select and Spectrum Technical, amounts previously presented as net unrealized gain (loss) on open contracts in each such Partnership’s Statements of Financial Condition are now reported as net unrealized appreciation on open futures contracts, net unrealized depreciation on open futures contracts, net unrealized appreciation on open forward contracts and net unrealized depreciation on open forward contracts, as applicable. In addition, for Spectrum Select and Spectrum Technical, amounts previously combined and presented as futures and forward contracts purchased and futures and forward contracts sold on each such Partnership’s Condensed Schedules of Investments are now reported separately as futures contracts purchased, futures contracts sold, unrealized appreciation on open forward contracts and unrealized depreciation on open forward contracts, as applicable.

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Investments (Tables)

12 Months Ended

Dec. 31, 2016

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

Summary of Partnership's Investments

Summarized information for Spectrum Technical’s investment in, and operations of Blackwater Master Fund and SECOR Master Fund as of and for the years ended December 31, 2016 and 2015 is shown in the following tables:

December 31, 2016	% of Spectrum Technical’s   Partners’ Capital	Fair     Value		Partnership’s Pro-rata Net Income (Loss)		Investment   Objective	Redemptions Permitted
SECOR Master Fund	31.2%	$	19,624,189	$	1,289,132	Commodity Portfolio	Monthly
December 31, 2015	% of Spectrum Technical’s Partners’ Capital	Fair Value		Partnership’s Pro-rata Net Income (Loss)		Investment Objective	Redemptions Permitted
Blackwater Master Fund (a)	- %	$	-	$	(26,849)	Commodity Portfolio	Monthly
SECOR Master Fund	30.4		27,517,405		855,249	Commodity Portfolio	Monthly

^(a)         From January 1, 2015 through September 30, 2015, the date Spectrum Technical fully redeemed its interest in Blackwater Master Fund.

Income Statement Information of Investments

The tables below represent summarized income statement information for SECOR Master Fund for the years ended December 31, 2016 and 2015, respectively, and for Blackwater Master Fund for the period from January 1, 2015 through September 30, 2015 (termination of operations of Blackwater Master Fund) to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2016	Investment     Income		Net   Investment Loss		Total Trading   Results		Net Income     (Loss)
SECOR Master Fund	$	92,036	$	(245,725)	$	2,459,009	$	2,213,284
December 31, 2015	Investment Income		Net Investment Loss		Total Trading Results		Net Income (Loss)
Blackwater Master Fund	$	1,120	$	(39,750)	$	87,198	$	47,448
SECOR Master Fund		12,458		(396,486)		2,605,734		2,209,248

Summary of Total Assets Liabilities and Partners Capital

Summarized information for Spectrum Technical, reflecting the total assets, liabilities and partners’ capital of SECOR Master Fund as of December 31, 2016 and 2015, is shown in the following tables:

	December 31, 2016
	Total Assets		Total Liabilities		Total Partners’ Capital
SECOR Master Fund	$	39,231,542	$	679,104	$	38,552,438
	December 31, 2015
	Total Assets		Total Liabilities		Total Partners’ Capital
SECOR Master Fund	$	50,962,450	$	464,928	$	50,497,522

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

Summary of Partnership's Investments

Summarized information for Spectrum Strategic’s investment in, and operations of BHM I, LLC, PGR Master Fund and MB Master Fund, as of and for the years ended December 31, 2016 and 2015, is as follows:

December 31, 2016	% of Spectrum Strategic’s Partners’ Capital		Fair Value		Partnership’s Pro-rata Net Income (Loss)		Management Fees		Incentive Fees		Investment Objective	Redemptions Permitted
											Commodity
BHM I, LLC (a)		-        %	$	-	$	(335,552)	$	6,470		$        -	Portfolio	Monthly
											Commodity
PGR Master Fund		50.8		8,039,156		(904,136)		-		-	Portfolio	Monthly
											Commodity
MB Master Fund		57.1		9,035,960		1,259,981		-		-	Portfolio	Monthly

^(a)  From January 1, 2016 through January 31, 2016, the date Spectrum Strategic fully redeemed its interest in BHM I, LLC.

December 31, 2015	% of Spectrum Strategic’s Partners’ Capital		Fair Value		Partnership’s Pro-rata Net Income (Loss)		Management Fees		Incentive Fees		Investment Objective	Redemptions Permitted
											Commodity
BHM I, LLC		15.9%	$	3,894,858	$	(3,328,835)	$	284,061		$        -	Portfolio	Monthly
											Commodity
PGR Master Fund		50.7		12,442,510		104,616		-		-	Portfolio	Monthly
											Commodity
MB Master Fund		36.3		8,922,695		(536,287)		-		-	Portfolio	Monthly

Income Statement Information of Investments

The tables below represent summarized Income Statement information for PGR Master Fund and MB Master Fund for the years ended December 31, 2016 and 2015, respectively, and for BHM I, LLC for the period from January 1, 2016 through January 31, 2016 (termination of operations of BHM I, LLC) and for the year ended December 31, 2015 to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2016	Investment Income		Net Investment Loss		Total Trading Results		Net Income/ (Loss)
BHM I, LLC	$	1,632	$	(170,710)	$	(6,343,252)	$	(6,513,962)
PGR Master Fund		37,912		(36,071)		(1,707,510)		(1,743,581)
MB Master Fund		277,605		(2,314,063)		16,332,842		14,018,779
December 31, 2015	Investment Income		Net Investment Loss		Total Trading Results		Net Income/ (Loss)
BHM I, LLC	$	-	$	(3,875,220)	$	(31,114,859)	$	(34,990,079)
PGR Master Fund		4,505		(63,701)		362,309		298,608
MB Master Fund		5,090		(3,544,946)		(5,123,213)		(8,668,159)

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Trading Activities (Tables)

12 Months Ended

Dec. 31, 2016

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

Offsetting of Derivative Assets and Liabilities

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of Spectrum Select’s and Spectrum Technical’s derivatives and their offsetting subject to master netting or similar arrangements as of December 31, 2016 and 2015, respectively.

Spectrum Select

December 31, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	2,203,401	$	(827,990)	$	1,375,411	$	-	$	-	$	1,375,411
Forwards		1,069,028		(1,069,028)		-		-		-		-
Total assets	$	3,272,429	$	(1,897,018)	$	1,375,411	$	-	$	-	$	1,375,411
Liabilities
Futures	$	(827,990)	$	827,990	$	-	$	-	$	-	$	-
Forwards		(1,116,899)		1,069,028		(47,871)		-		-		(47,871)
Total liabilities	$	(1,944,889)	$	1,897,018	$	(47,871)	$	-	$	-	$	(47,871)
Net fair value											$	1,327,540	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,831,162	$	(2,431,726)	$	1,399,436	$	-	$	-	$	1,399,436
Forwards		1,168,919		(1,125,088)		43,831		-		-		43,831
Total assets	$	5,000,081	$	(3,556,814)	$	1,443,267	$	-	$	-	$	1,443,267
Liabilities
Futures	$	(2,431,726)	$	2,431,726	$	-	$	-	$	-	$	-
Forwards		(1,125,088)		1,125,088		-		-		-		-
Total liabilities	$	(3,556,814)	$	3,556,814	$	-	$	-	$	-	$	-
Net fair value											$	1,443,267	*

* In the event of default by Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Select’s obligation with Spectrum Select’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Select is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Select’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded

The following tables indicates the gross fair values of Spectrum Select’s and Spectrum Technical’s derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2016 and 2015, respectively.

Spectrum Select

	December 31, 2016
Assets
Futures Contracts
Commodity	$	864,337
Equity		696,575
Currencies		202,478
Interest rates		440,011
Total unrealized appreciation on open futures contracts		2,203,401
Liabilities
Futures Contracts
Commodity		(385,917)
Equity		(263,755)
Currencies		(55,806)
Interest rates		(122,512)
Total unrealized depreciation on open futures contracts		(827,990)
Net unrealized appreciation on open futures contracts	$	1,375,411	*
Assets
Forward Contracts
Commodity	$	370,551
Currencies		698,477
Total unrealized appreciation on open forward contracts		1,069,028
Liabilities
Forward Contracts
Commodity		(534,709)
Currencies		(582,190)
Total unrealized depreciation on open forward contracts		(1,116,899)
Net unrealized depreciation on open forward contracts	$	(47,871)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

	December 31, 2015
Assets
Futures Contracts
Commodity	$	2,019,401
Equity		196,959
Currencies		1,206,216
Interest rates		408,586
Total unrealized appreciation on open futures contracts		3,831,162
Liabilities
Futures Contracts
Commodity		(937,845)
Equity		(421,360)
Currencies		(469,882)
Interest rates		(602,639)
Total unrealized depreciation on open futures contracts		(2,431,726)
Net unrealized appreciation on open futures contracts	$	1,399,436	*
Assets
Forward Contracts
Commodity	$	740,942
Currencies		427,977
Total unrealized appreciation on open forward contracts		1,168,919
Liabilities
Forward Contracts
Commodity		(954,788)
Currencies		(170,300)
Total unrealized depreciation on open forward contracts		(1,125,088)
Net unrealized appreciation on open forward contracts	$	43,831	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

Schedule of Trading Gains and Losses by Market Sector on Derivative Instruments

The following tables indicate the trading gains and losses, by market sector, on Spectrum Select’s and Spectrum Technical’s derivative instruments for the years ended December 31, 2016, 2015 and 2014, respectively.

  Spectrum Select

Sector	2016			2015			2014
Commodity	$	(6,068,586)		$	(1,071,073)		$	11,295,753
Equity		(2,859,526)			(2,848,607)			(3,990,077)
Currencies		(701,495)			2,577,114			4,185,603
Interest rates		966,204			(132,336)			9,213,718
Total	$	(8,663,403)	*	$	(1,474,902)	*	$	20,704,997	*

* This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses.

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

Offsetting of Derivative Assets and Liabilities

Spectrum Technical

December 31, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,051,049	$	(756,615)	$	294,434	$	-	$	-	$	294,434
Forwards		665,811		(665,811)		-		-		-		-
Total assets	$	1,716,860	$	(1,422,426)	$	294,434	$	-	$	-	$	294,434
Liabilities
Futures	$	(756,615)	$	756,615	$	-	$	-	$	-	$	-
Forwards		(730,361)		665,811		(64,550)		-		-		(64,550)
Total liabilities	$	(1,486,976)	$	1,422,426	$	(64,550)	$	-	$	-	$	(64,550)
Net fair value											$	229,884	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,246,261	$	(1,246,261)	$	-	$	-	$	-	$	-
Forwards		1,901,957		(1,901,957)		-		-		-		-
Total assets	$	3,148,218	$	(3,148,218)	$	-	$	-	$	-	$	-
Liabilities
Futures	$	(1,548,907)	$	1,246,261	$	(302,646)	$	-	$	-	$	(302,646)
Forwards		(1,988,889)		1,901,957		(86,932)		-		-		(86,932)
Total liabilities	$	(3,537,796)	$	3,148,218	$	(389,578)	$	-	$	-	$	(389,578)
Net fair value											$	(389,578)	*

* In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Technical’s obligation with Spectrum Technical’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Technical is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Technical’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded

Spectrum Technical

	December 31, 2016
Assets
Futures Contracts
Commodity	$	323,692
Equity		348,618
Currencies		24,345
Interest rates		354,394
Total unrealized appreciation on open futures contracts		1,051,049
Liabilities
Futures Contracts
Commodity		(226,494)
Equity		(140,355)
Currencies		(144,708)
Interest rates		(245,058)
Total unrealized depreciation on open futures contracts		(756,615)
Net unrealized appreciation on open futures contracts	$	294,434	*
Assets
Forward Contracts
Commodity	$	58,919
Currencies		606,892
Total unrealized appreciation on open forward contracts		665,811
Liabilities
Forward Contracts
Commodity		(293,032)
Currencies		(437,329)
Total unrealized depreciation on open forward contracts		(730,361)
Net unrealized depreciation on open forward contracts	$	(64,550)	**

* This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

	December 31, 2015
Assets
Futures Contracts
Commodity	$	776,736
Equity		143,690
Currencies		121,130
Interest rates		204,705
Total unrealized appreciation on open futures contracts		1,246,261
Liabilities
Futures Contracts
Commodity		(762,145)
Equity		(170,907)
Currencies		(10,967)
Interest rates		(604,888)
Total unrealized depreciation on open futures contracts		(1,548,907)
Net unrealized depreciation on open futures contracts	$	(302,646)	*
Assets
Forward Contracts
Commodity	$	156,179
Currencies		1,745,778
Total unrealized appreciation on open forward contracts		1,901,957
Liabilities
Forward Contracts
Commodity		(366,155)
Currencies		(1,622,734)
Total unrealized depreciation on open forward contracts		(1,988,889)
Net unrealized depreciation on open forward contracts	$	(86,932)	**

* This amount is in “Net unrealized depreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

Schedule of Trading Gains and Losses by Market Sector on Derivative Instruments

Spectrum Technical

Sector	2016			2015			2014
Commodity	$	(3,763,856)		$	5,162,412		$	3,173,650
Equity		1,904,910			(769,729)			3,873,373
Currencies		(409,677)			1,503,142			(6,217,792)
Interest rates		1,151,677			344,021			20,943,980
Total	$	(1,116,946)	*	$	6,239,846	*	$	21,773,211	*

* This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses.

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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

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, 2016 and 2015:

  Spectrum Select

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury bills	$	12,994,751	$	-	$	12,994,751	$	-
Futures		2,203,401		2,203,401		-		-
Forwards		1,069,028		370,551		698,477		-
Total assets	$	16,267,180	$	2,573,952	$	13,693,228	$	-
Liabilities
Futures	$	827,990	$	827,990	$	-	$	-
Forwards		1,116,899		534,709		582,190		-
Total liabilities	$	1,944,889	$	1,362,699	$	582,190	$	-
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	$	-

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

Summary of Assets and Liabilities Measured at Fair Value

Spectrum Technical

December 31, 2016	Total		Level 1		Level 2		Level 3
Assets
Futures	$	1,051,049	$	1,051,049	$	-	$	-
Forwards		665,811		58,919		606,892		-
Total assets	$	1,716,860	$	1,109,968	$	606,892	$	-
Liabilities
Futures	$	756,615	$	756,615	$	-	$	-
Forwards		730,361		293,032		437,329		-
Total liabilities	$	1,486,976	$	1,049,647	$	437,329	$	-
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	$	-

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Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2016

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

Financial Highlights for Limited Partner Class

Spectrum Select

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(2.96)	$	(0.51)	$	5.34
Net investment loss		(1.43)		(1.74)		(1.64)
Net increase (decrease) for the year		(4.39)		(2.25)		3.70
Net asset value per Unit, beginning of year		27.93		30.18		26.48
Net asset value per Unit, end of year	$	23.54	$	27.93	$	30.18
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.5)%		(5.8)%		(6.3)%
Operating expenses before incentive fees		5.7%		5.8%		6.3%
Incentive fees		-  %		-  %		-  %
Operating expenses after incentive fees		5.7%		5.8%		6.3%
Total return:
Total return before incentive fees		(15.7)%		(7.5)%		14.0%
Incentive fees		-  %		-  %		-  %
Total return after incentive fees		(15.7)%		(7.5)%		14.0%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding’ during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

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

Financial Highlights for Limited Partner Class

Spectrum Technical

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.31)	$	1.13	$	3.61
Net investment loss		(1.05)		(1.25)		(1.09)
Net increase (decrease) for the year		(1.36)		(0.12)		2.52
Net asset value per Unit, beginning of year		18.95		19.07		16.55
Net asset value per Unit, end of year	$	17.59	$	18.95	$	19.07
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.7)%		(6.5)%		(6.6)%
Operating expenses before incentive fees		5.6%		5.6%		5.9%
Incentive fees		0.3%		0.9%		0.7%
Operating expenses after incentive fees		5.9%		6.5%		6.6%
Total return:
Total return before incentive fees		(6.9)%		0.3%		15.9%
Incentive fees		(0.3)%		(0.9)%		(0.7)%
Total return after incentive fees		(7.2)%		(0.6)%		15.2%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

Ceres Tactical Currency L.P. [Member]

Financial Highlights for Limited Partner Class

Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 are as follows:

Tactical Currency

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.52)	$	2.16	$	1.63
Net investment loss		(0.56)		(0.73)		(0.53)
Net increase (decrease) for the year		(1.08)		1.43		1.10
Net asset value per Unit, beginning of year		9.92		8.49		7.39
Net asset value per Unit, end of year	$	8.84	$	9.92	$	8.49
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.8)%		(8.0)%		(7.0)%
Operating expenses before incentive fees		5.2%		5.1%		5.4%
Incentive fees		0.8%		2.9%		1.6%
Operating expenses after incentive fees		6.0%		8.0%		7.0%
Total return:
Total return before incentive fees		(10.1)%		19.9%		16.6%
Incentive fees		(0.8)%		(3.1)%		(1.7)%
Total return after incentive fees		(10.9)%		16.8%		14.9%

^*  Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

^**  Interest income less total expenses.

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

Financial Highlights for Limited Partner Class

Spectrum Strategic

	2016		2015		2014
Per Unit Performance (for a unit outstanding throughout the year): *
Net realized and unrealized gains (losses)	$	(0.05)	$	(1.51)	$	0.77
Net investment loss		(0.57)		(0.57)		(0.79)
Net increase (decrease) for the year		(0.62)		(2.08)		(0.02)
Net asset value per Unit, beginning of year		11.54		13.62		13.64
Net asset value per Unit, end of year	$	10.92	$	11.54	$	13.62
Ratios to Average Limited Partners’ Capital:
Net investment loss **		(5.1)%		(4.7)%		(5.5)%
Operating expenses before incentive fees		5.2%		4.7%		5.4%
Incentive fees		-  %		-  %		0.1%
Operating expenses after incentive fees		5.2%		4.7%		5.5%
Total return:
Total return before incentive fees		(5.4)%		(15.3)%		0.0%
Incentive fees		-  %		-  %		(0.1)%
Total return after incentive fees		(5.4)%		(15.3)%		(0.1)%

* Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

** Interest income less total expenses.

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Organization - Additional Information (Detail)	Dec. 31, 2016
General Partner [Member]
Schedule Of Trading Advisors [Line Items]
Required interest in the equity of each Partnership	1.00%

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Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended	27 Months Ended
	Mar. 31, 2014	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Accounting Policy [Line Items]
Cash denominated in foreign currencies			$ 992,914	$ 992,914	$ 924,554
Cash denominated in foreign currencies, proceeds			1,024,772	1,024,772	943,684
Restricted cash			$ 11,918,100	$ 11,918,100	14,906,464
Percentage basis of funds on deposit for interest income recognition			100.00%
Partnership assets percentage not deposited as margin credit for interest income			80.00%
Monthly flat rate brokerage fee	0.50%	0.30%		0.33%
Annualized flat rate brokerage fee	6.00%	4.00%		4.00%
Annualized general partner administrative fee				2.00%
Annualized ongoing placement agent fee				2.00%
Monthly general partner administrative fee				17.00%
Monthly ongoing placement agent fee				0.17%
Ceres Tactical Currency L.P. [Member]
Accounting Policy [Line Items]
Monthly flat rate brokerage fee	0.3833%	0.3833%		0.30%
Annualized flat rate brokerage fee	4.60%	3.60%		3.60%
Annualized general partner administrative fee				1.60%
Annualized ongoing placement agent fee				2.00%
Limited partners unit that can be redeemed			100.00%	100.00%
Distributions			$ 0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Accounting Policy [Line Items]
Monthly flat rate brokerage fee	0.50%	0.30%		0.33%
Annualized flat rate brokerage fee	6.00%	4.00%		4.00%
Annualized general partner administrative fee				2.00%
Annualized ongoing placement agent fee				2.00%
Monthly general partner administrative fee				0.17%
Monthly ongoing placement agent fee				0.17%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Accounting Policy [Line Items]
Cash denominated in foreign currencies			205,801	$ 205,801	423,964
Cash denominated in foreign currencies, proceeds			205,128	205,128
Cash denominated in foreign currencies at cost					406,027
Restricted cash			$ 6,959,456	$ 6,959,456	$ 7,078,848
Monthly flat rate brokerage fee	0.50%	0.30%		0.33%
Annualized flat rate brokerage fee	6.00%	4.00%		4.00%
Annualized general partner administrative fee				2.00%
Annualized ongoing placement agent fee				2.00%
Monthly general partner administrative fee				0.17%
Monthly ongoing placement agent fee				0.17%

XML

Investments - Additional Information (Detail) - Vehicle	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Ceres Tactical Currency L.P. [Member] | Cambridge Master Fund [Member]
Schedule of Investments [Line Items]
Number of trading vehicle	1
Leverage applied to assets	200.00%
Percentage of fund owned	16.30%	22.70%
Ceres Tactical Currency L.P. [Member] | KR Master Fund [Member]
Schedule of Investments [Line Items]
Number of trading vehicle	1
Commodity Program leverage permitted	150.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Schedule of Investments [Line Items]
Percentage of Partnership Net Assets	107.88%	102.85%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney BHM I, LLC [Member]
Schedule of Investments [Line Items]
Percentage of fund owned		5.00%
Percentage of Partnership Net Assets		15.86%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Pgr Master Fund Lp [Member]
Schedule of Investments [Line Items]
Percentage of fund owned	45.50%	58.10%
Percentage of Partnership Net Assets	50.79%	50.66%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund LP [Member]
Schedule of Investments [Line Items]
Percentage of fund owned	7.50%	5.60%
Percentage of Partnership Net Assets	57.09%	36.33%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member]
Schedule of Investments [Line Items]
Number of trading vehicle	1
Percentage of fund owned	50.90%	54.50%
Percentage of Partnership Net Assets	31.20%	30.40%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Schedule of Investments [Line Items]
Number of trading vehicle	1

XML

Investments - Summary of Partnership's Investments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Management fees	$ 1,278,401	$ 1,923,032	$ 1,984,202
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	107.88%	102.85%
Fair Value	$ 17,075,116	$ 25,260,063
Management fees	238,151	$ 177,872	312,606
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney BHM I, LLC [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		15.86%
Fair Value		$ 3,894,858
Partnership's Pro-rata Net Income (Loss)	(335,552)	(3,328,835)
Management fees	$ 6,470	$ 284,061
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Pgr Master Fund Lp [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	50.79%	50.66%
Fair Value	$ 8,039,156	$ 12,442,510
Partnership's Pro-rata Net Income (Loss)	$ (904,136)	$ 104,616
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund LP [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	57.09%	36.33%
Fair Value	$ 9,035,960	$ 8,922,695
Partnership's Pro-rata Net Income (Loss)	$ 1,259,981	$ (536,287)
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Schedule of Investments [Line Items]
Management fees	$ 1,244,716	$ 1,581,367	$ 1,431,344
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	31.20%	30.40%
Fair Value	$ 19,624,189	$ 27,517,405
Partnership's Pro-rata Net Income (Loss)	$ 1,289,132	$ 855,249
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Schedule of Investments [Line Items]
Partnership's Pro-rata Net Income (Loss)		$ (26,849)
Investment Objective		Commodity Portfolio
Redemptions Permitted		Monthly

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Investments - Income Statement Information of Investments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Net Investment Loss	$ (4,354,718)	$ (6,319,963)	$ (7,485,829)
Total Trading Results	(8,663,403)	(1,474,902)	20,704,997
Net income (loss)	(13,018,121)	(7,794,865)	$ 13,219,168
Morgan Stanley Smith Barney BHM I, LLC [Member]
Schedule of Investments [Line Items]
Investment Income	1,632
Net Investment Loss	(170,710)	(3,875,220)
Total Trading Results	(6,343,252)	(31,114,859)
Net income (loss)	(6,513,962)	(34,990,079)
Pgr Master Fund Lp [Member]
Schedule of Investments [Line Items]
Investment Income	37,912	4,505
Net Investment Loss	(36,071)	(63,701)
Total Trading Results	(1,707,510)	362,309
Net income (loss)	(1,743,581)	298,608
MB Master Fund LP [Member]
Schedule of Investments [Line Items]
Investment Income	277,605	5,090
Net Investment Loss	(2,314,063)	(3,544,946)
Total Trading Results	16,332,842	(5,123,213)
Net income (loss)	14,018,779	(8,668,159)
Blackwater Master Fund [Member]
Schedule of Investments [Line Items]
Investment Income		1,120
Net Investment Loss		(39,750)
Total Trading Results		87,198
Net income (loss)		47,448
SECOR Master Fund [Member]
Schedule of Investments [Line Items]
Investment Income	92,036	12,458
Net Investment Loss	(245,725)	(396,486)
Total Trading Results	2,459,009	2,605,734
Net income (loss)	$ 2,213,284	$ 2,209,248

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Investments - Summary of Total Assets Liabilities and Partners Capital (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Total Assets	$ 62,974,449	$ 94,876,021
Total Liabilities	2,984,051	2,022,571
Total Partners' Capital	59,990,398	92,853,450	$ 117,882,791	$ 146,526,745
SECOR Master Fund [Member]
Schedule of Investments [Line Items]
Total Assets	39,231,542	50,962,450
Total Liabilities	679,104	464,928
Total Partners' Capital	$ 38,552,438	$ 50,497,522

XML

Trading Advisors - Additional Information (Detail)		1 Months Ended	2 Months Ended		3 Months Ended		5 Months Ended	6 Months Ended	7 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended			23 Months Ended
	May 31, 2016	Jan. 31, 2016	Feb. 29, 2016	Feb. 28, 2014	Mar. 31, 2016	Mar. 31, 2014	May 31, 2014	Jun. 30, 2016	Aug. 07, 2014	Aug. 07, 2014	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2016
EMC [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												EMC Capital Advisors, LLC ("EMC")
Incentive fee, monthly trading profits basis												20.00%
Graham [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												Graham Capital Management, L.P. ("Graham")
Management fee, monthly basis												0.1458%
Management fee, annual basis												1.75%
Incentive fee, monthly trading profits basis												20.00%
Rabar [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												Rabar Market Research, Inc. ("Rabar")
Management fee, monthly basis												0.1667%
Management fee, annual basis												2.00%
Incentive fee, monthly trading profits basis												20.00%
Altis [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis						0.3333%		0.1042%
Management fee, annual basis						2.00%		1.25%
Incentive fee, monthly trading profits basis	20.00%
Northfield [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis									0.0833%
Management fee, annual basis									1.00%
Incentive fee, monthly trading profits basis										20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Aventis [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												Aventis
Management fee, monthly basis				0.125%								0.1042%
Management fee, annual basis				1.50%								1.25%
Incentive fee, quarterly trading profits basis												20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												PGR
Management fee, monthly basis												0.0833%
Management fee, annual basis												1.00%
Incentive fee, yearly trading profits basis												20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blenheim [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis				0.25%											0.1666%
Management fee, annual basis				3.00%											2.00%
Incentive fee, quarterly trading profits basis		20.00%
Incentive fee, monthly trading profits basis				15.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Aspect [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												Aspect Capital Limited ("Aspect")
Management fee, monthly basis												0.125%
Management fee, annual basis												1.50%
Incentive fee, monthly trading profits basis												20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Campbel [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												Campbell & Company, Inc. ("Campbell")
Management fee, monthly basis							0.1667%					0.125%
Management fee, annual basis							2.00%					1.50%
Incentive fee, monthly trading profits basis												20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | FORT LP [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												FORT, L.P. ("FORT")
Management fee, monthly basis												0.1041%
Management fee, annual basis												1.25%
Incentive fee, yearly trading profits basis												20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												SECOR
Management fee, monthly basis												0.1458%	0.1667%
Management fee, annual basis												1.75%	2.00%
Incentive fee, quarterly trading profits basis												20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Winton [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis					0.125%
Management fee, annual basis					1.50%
Incentive fee, monthly trading profits basis			20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis											0.0625%
Management fee, annual basis											0.75%
Incentive fee, quarterly trading profits basis											20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Rotella [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis														0.833%
Management fee, annual basis														1.00%
Incentive fee, monthly trading profits basis														20.00%
Ceres Tactical Currency L.P. [Member] | EMC [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis												0.0833%	0.1667%
Management fee, annual basis												1.00%	2.00%
Ceres Tactical Currency L.P. [Member] | Cambridge [Member]
Schedule Of Trading Advisors [Line Items]
Trading advisor name												Cambridge
Management fee, monthly basis												0.125%
Management fee, annual basis												1.50%
Incentive fee, quarterly trading profits basis												15.00%
Ceres Tactical Currency L.P. [Member] | Krom River [Member]
Schedule Of Trading Advisors [Line Items]
Management fee, monthly basis														0.0833%
Management fee, annual basis														1.00%
Incentive fee, quarterly trading profits basis														20.00%

XML

Trading Activities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) Contracts	Dec. 31, 2015 USD ($) Contracts
Off Exchange Traded [Member] | SECOR Master Fund [Member] | Minimum [Member]
Derivative [Line Items]
Percentage of total investments	21.20%
Off Exchange Traded [Member] | SECOR Master Fund [Member] | Maximum [Member]
Derivative [Line Items]
Percentage of total investments	42.30%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Off Exchange Traded [Member] | Minimum [Member]
Derivative [Line Items]
Percentage of total investments	7.70%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Off Exchange Traded [Member] | Maximum [Member]
Derivative [Line Items]
Percentage of total investments	27.70%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures Contracts [Member]
Derivative [Line Items]
Average number of derivative contracts held	6,303	8,519
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Forward Contracts [Member] | Foreign Currency [Member]
Derivative [Line Items]
Average notional value of derivative | $	$ 117,997,719	$ 124,501,944
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Forward Contracts [Member] | Metals [Member]
Derivative [Line Items]
Average number of derivative contracts traded	965	1,135
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member]
Derivative [Line Items]
Average number of derivative contracts held	3,074	4,195
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Foreign Currency [Member]
Derivative [Line Items]
Average notional value of derivative | $	$ 302,187,265	$ 288,970,752
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Metals [Member]
Derivative [Line Items]
Average number of derivative contracts traded	393	502
Ceres Tactical Currency L.P. [Member] | Off Exchange Traded [Member] | Cambridge Master Fund [Member]
Derivative [Line Items]
Percentage of total investments	100.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Off Exchange Traded [Member] | Minimum [Member]
Derivative [Line Items]
Percentage of total investments	0.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Off Exchange Traded [Member] | Maximum [Member]
Derivative [Line Items]
Percentage of total investments	14.70%

XML

Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 3,272,429	$ 5,000,081
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,897,018)	(3,556,814)
Amounts Presented in the Statements of Financial Condition, Assets	1,375,411	1,443,267
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	1,375,411	1,443,267
Gross Amounts Recognized, Liabilities	(1,944,889)	(3,556,814)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,897,018	3,556,814
Amounts Presented in the Statements of Financial Condition, Liabilities	(47,871)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities	(47,871)
Net fair value	1,327,540	1,443,267
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,716,860	3,148,218
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,422,426)	(3,148,218)
Amounts Presented in the Statements of Financial Condition, Assets	294,434
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	294,434
Gross Amounts Recognized, Liabilities	(1,486,976)	(3,537,796)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,422,426	3,148,218
Amounts Presented in the Statements of Financial Condition, Liabilities	(64,550)	(389,578)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities	(64,550)	(389,578)
Net fair value	229,884	389,578
Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	2,203,401	3,831,162
Gross Amounts Offset in the Statements of Financial Condition, Assets	(827,990)	(2,431,726)
Amounts Presented in the Statements of Financial Condition, Assets	1,375,411	1,399,436
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	1,375,411	1,399,436
Gross Amounts Recognized, Liabilities	(827,990)	(2,431,726)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	827,990	2,431,726
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,051,049	1,246,261
Gross Amounts Offset in the Statements of Financial Condition, Assets	(756,615)	(1,246,261)
Amounts Presented in the Statements of Financial Condition, Assets	294,434
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	294,434
Gross Amounts Recognized, Liabilities	(756,615)	(1,548,907)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	756,615	1,246,261
Amounts Presented in the Statements of Financial Condition, Liabilities		(302,646)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities		(302,646)
Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,069,028	1,168,919
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,069,028)	(1,125,088)
Amounts Presented in the Statements of Financial Condition, Assets		43,831
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets		43,831
Gross Amounts Recognized, Liabilities	(1,116,899)	(1,125,088)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,069,028	1,125,088
Amounts Presented in the Statements of Financial Condition, Liabilities	(47,871)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities	(47,871)
Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	665,811	1,901,957
Gross Amounts Offset in the Statements of Financial Condition, Assets	(665,811)	(1,901,957)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Gross Amounts Recognized, Liabilities	(730,361)	(1,988,889)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	665,811	1,901,957
Amounts Presented in the Statements of Financial Condition, Liabilities	(64,550)	(86,932)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities	$ (64,550)	$ (86,932)

XML

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 2,203,401	$ 3,831,162
Total unrealized depreciation on open contracts	(827,990)	(2,431,726)
Net unrealized appreciation (depreciation) on open contracts	1,375,411	1,399,436
Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,051,049	1,246,261
Total unrealized depreciation on open contracts	(756,615)	(1,548,907)
Net unrealized appreciation (depreciation) on open contracts	294,434	(302,646)
Futures Contracts [Member] | Commodity [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	864,337	2,019,401
Total unrealized depreciation on open contracts	(385,917)	(937,845)
Futures Contracts [Member] | Commodity [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	323,692	776,736
Total unrealized depreciation on open contracts	(226,494)	(762,145)
Futures Contracts [Member] | Equity [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	696,575	196,959
Total unrealized depreciation on open contracts	(263,755)	(421,360)
Futures Contracts [Member] | Equity [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	348,618	143,690
Total unrealized depreciation on open contracts	(140,355)	(170,907)
Futures Contracts [Member] | Currencies [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	202,478	1,206,216
Total unrealized depreciation on open contracts	(55,806)	(469,882)
Futures Contracts [Member] | Currencies [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	24,345	121,130
Total unrealized depreciation on open contracts	(144,708)	(10,967)
Futures Contracts [Member] | Interest Rates [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	440,011	408,586
Total unrealized depreciation on open contracts	(122,512)	(602,639)
Futures Contracts [Member] | Interest Rates [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	354,394	204,705
Total unrealized depreciation on open contracts	(245,058)	(604,888)
Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,069,028	1,168,919
Total unrealized depreciation on open contracts	(1,116,899)	(1,125,088)
Net unrealized appreciation (depreciation) on open contracts	(47,871)	43,831
Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	665,811	1,901,957
Total unrealized depreciation on open contracts	(730,361)	(1,988,889)
Net unrealized appreciation (depreciation) on open contracts	(64,550)	(86,932)
Forward Contracts [Member] | Commodity [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	370,551	740,942
Total unrealized depreciation on open contracts	(534,709)	(954,788)
Forward Contracts [Member] | Commodity [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	58,919	156,179
Total unrealized depreciation on open contracts	(293,032)	(366,155)
Forward Contracts [Member] | Currencies [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	698,477	427,977
Total unrealized depreciation on open contracts	(582,190)	(170,300)
Forward Contracts [Member] | Currencies [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	606,892	1,745,778
Total unrealized depreciation on open contracts	$ (437,329)	$ (1,622,734)

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Trading Activities - Schedule of Trading Gains and Losses by Market Sector on Derivative Instruments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Trading Results	$ (8,663,403)	$ (1,474,902)	$ 20,704,997
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Trading Results	(1,116,946)	6,239,846	21,773,211
Commodity [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Trading Results	(6,068,586)	(1,071,073)	11,295,753
Commodity [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Trading Results	(3,763,856)	5,162,412	3,173,650
Equity [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Trading Results	(2,859,526)	(2,848,607)	(3,990,077)
Equity [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Trading Results	1,904,910	(769,729)	3,873,373
Currencies [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Trading Results	(701,495)	2,577,114	4,185,603
Currencies [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Trading Results	(409,677)	1,503,142	(6,217,792)
Interest Rates [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Derivative [Line Items]
Trading Results	966,204	(132,336)	9,213,718
Interest Rates [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Derivative [Line Items]
Trading Results	$ 1,151,677	$ 344,021	$ 20,943,980

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Fair Value Measurements - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

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Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 16,267,180	$ 60,493,287
Liabilities	1,944,889	3,556,814
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,716,860	24,895,588
Liabilities	1,486,976	3,537,796
Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,069,028	1,168,919
Liabilities	1,116,899	1,125,088
Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	665,811	1,901,957
Liabilities	730,361	1,988,889
U.S. Treasury Bills [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	12,994,751	55,493,206
U.S. Treasury Bills [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		21,747,370
Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,203,401	3,831,162
Liabilities	827,990	2,431,726
Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,051,049	1,246,261
Liabilities	756,615	1,548,907
Level 1 [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,573,952	4,572,104
Liabilities	1,362,699	3,386,514
Level 1 [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,109,968	1,402,440
Liabilities	1,049,647	1,915,062
Level 1 [Member] | Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	370,551	740,942
Liabilities	534,709	954,788
Level 1 [Member] | Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	58,919	156,179
Liabilities	293,032	366,155
Level 1 [Member] | Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,203,401	3,831,162
Liabilities	827,990	2,431,726
Level 1 [Member] | Futures Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,051,049	1,246,261
Liabilities	756,615	1,548,907
Level 2 [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	13,693,228	55,921,183
Liabilities	582,190	170,300
Level 2 [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	606,892	23,493,148
Liabilities	437,329	1,622,734
Level 2 [Member] | Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	698,477	427,977
Liabilities	582,190	170,300
Level 2 [Member] | Forward Contracts [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	606,892	1,745,778
Liabilities	437,329	1,622,734
Level 2 [Member] | U.S. Treasury Bills [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 12,994,751	55,493,206
Level 2 [Member] | U.S. Treasury Bills [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 21,747,370

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Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial Highlights [Line Items]
Net asset value per Unit, beginning of year	$ 27.93
Net asset value per Unit, end of year	23.54	$ 27.93
Ceres Tactical Currency L.P. [Member]
Financial Highlights [Line Items]
Net asset value per Unit, beginning of year	9.92
Net asset value per Unit, end of year	8.84	9.92
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Financial Highlights [Line Items]
Net asset value per Unit, beginning of year	11.54
Net asset value per Unit, end of year	10.92	11.54
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Financial Highlights [Line Items]
Net asset value per Unit, beginning of year	18.95
Net asset value per Unit, end of year	17.59	18.95
Limited Partners [Member] | Ceres Tactical Currency L.P. [Member]
Financial Highlights [Line Items]
Net realized and unrealized gains (losses)	(0.52)	2.16	$ 1.63
Net investment loss	(0.56)	(0.73)	(0.53)
Net increase (decrease) for the year	(1.08)	1.43	1.10
Net asset value per Unit, beginning of year	9.92	8.49	7.39
Net asset value per Unit, end of year	$ 8.84	$ 9.92	$ 8.49
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.80%)	(8.00%)	(7.00%)
Operating expenses before incentive fees	5.20%	5.10%	5.40%
Incentive fees	0.80%	2.90%	1.60%
Operating expenses after incentive fees	6.00%	8.00%	7.00%
Total return:
Total return before incentive fees	(10.10%)	19.90%	16.60%
Incentive fees	(0.80%)	(3.10%)	(1.70%)
Total return after incentive fees	(10.90%)	16.80%	14.90%
Limited Partners [Member] | Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Financial Highlights [Line Items]
Net realized and unrealized gains (losses)	$ (2.96)	$ (0.51)	$ 5.34
Net investment loss	(1.43)	(1.74)	(1.64)
Net increase (decrease) for the year	(4.39)	(2.25)	3.70
Net asset value per Unit, beginning of year	27.93	30.18	26.48
Net asset value per Unit, end of year	$ 23.54	$ 27.93	$ 30.18
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.50%)	(5.80%)	(6.30%)
Operating expenses before incentive fees	5.70%	5.80%	6.30%
Operating expenses after incentive fees	5.70%	5.80%	6.30%
Total return:
Total return before incentive fees	(15.70%)	(7.50%)	14.00%
Total return after incentive fees	(15.70%)	(7.50%)	14.00%
Limited Partners [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Financial Highlights [Line Items]
Net realized and unrealized gains (losses)	$ (0.05)	$ (1.51)	$ 0.77
Net investment loss	(0.57)	(0.57)	(0.79)
Net increase (decrease) for the year	(0.62)	(2.08)	(0.02)
Net asset value per Unit, beginning of year	11.54	13.62	13.64
Net asset value per Unit, end of year	$ 10.92	$ 11.54	$ 13.62
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.10%)	(4.70%)	(5.50%)
Operating expenses before incentive fees	5.20%	4.70%	5.40%
Incentive fees			0.10%
Operating expenses after incentive fees	5.20%	4.70%	5.50%
Total return:
Total return before incentive fees	(5.40%)	(15.30%)	0.00%
Incentive fees			(0.10%)
Total return after incentive fees	(5.40%)	(15.30%)	(0.10%)
Limited Partners [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Financial Highlights [Line Items]
Net realized and unrealized gains (losses)	$ (0.31)	$ 1.13	$ 3.61
Net investment loss	(1.05)	(1.25)	(1.09)
Net increase (decrease) for the year	(1.36)	(0.12)	2.52
Net asset value per Unit, beginning of year	18.95	19.07	16.55
Net asset value per Unit, end of year	$ 17.59	$ 18.95	$ 19.07
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.70%)	(6.50%)	(6.60%)
Operating expenses before incentive fees	5.60%	5.60%	5.90%
Incentive fees	0.30%	0.90%	0.70%
Operating expenses after incentive fees	5.90%	6.50%	6.60%
Total return:
Total return before incentive fees	(6.90%)	0.30%	15.90%
Incentive fees	(0.30%)	(0.90%)	(0.70%)
Total return after incentive fees	(7.20%)	(0.60%)	15.20%