Trading Activities (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 (termination of operations for Spectrum Technical) and 2016, respectively.

Spectrum Select

				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
	Gross Amounts			Financial			Financial		Financial		Received/
December 31, 2017	Recognized			Condition			Condition		Instruments		Pledged*		Net Amount
Assets
Futures	$	2,377,628		$	(639,577	)	$	1,738,051	$	-	$	-	$	1,738,051
Forwards		1,275,513			(789,082	)		486,431		-		-		486,431
Total assets	$	3,653,141		$	(1,428,659	)	$	2,224,482	$	-	$	-	$	2,224,482
Liabilities
Futures	$	(639,577	)	$	639,577		$	-	$	-	$	-	$	-
Forwards		(789,082	)		789,082			-		-		-		-
Total liabilities	$	(1,428,659	)	$	1,428,659		$	-	$	-	$	-	$	-
Net fair value													$	2,224,482	*

				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
	Gross Amounts			Financial			Financial			Financial		Received/
December 31, 2016	Recognized			Condition			Condition			Instruments		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	*

* In the event of default by Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s non-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. In certain circumstances, MS&Co. may not post collateral 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 funds may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities

The following tables indicate 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, 2017 (termination of operations for Spectrum Technical) and 2016, respectively.

Spectrum Select

	December 31, 2017
Assets
Futures Contracts
Commodity	$	1,273,423
Equity		489,126
Currencies		196,144
Interest rates		418,935
Total unrealized appreciation on open futures contracts		2,377,628
Liabilities
Futures Contracts
Commodity		(187,625)
Equity		(107,968)
Currencies		(3,001)
Interest rates		(340,983)
Total unrealized depreciation on open futures contracts		(639,577)
Net unrealized appreciation on open futures contracts	$	1,738,051	*
Assets
Forward Contracts
Commodity	$	897,185
Currencies		378,328
Total unrealized appreciation on open forward contracts		1,275,513
Liabilities
Forward Contracts
Commodity		(385,217)
Currencies		(403,865)
Total unrealized depreciation on open forward contracts		(789,082)
Net unrealized appreciation on open forward contracts	$	486,431	**

* 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.

	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.

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, 2017 (termination of operations for Spectrum Technical), 2016 and 2015, respectively.

Spectrum Select

Sector	2017			2016			2015
Commodity	$	(1,213,211)		$	(6,068,586)		$	(1,071,073)
Equity		11,348,033			(2,859,526)			(2,848,607)
Currencies		(4,000,339)			(701,495)			2,577,114
Interest rates		(3,345,527)			966,204			(132,336)
Total	$	2,788,956	*	$	(8,663,403)	*	$	(1,474,902)	*

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

Offsetting of Derivative Assets and Liabilities

Spectrum Technical (Partnership in Liquidation)

			Gross Amounts		Amounts		Gross Amounts Not Offset in the
			Offset in the		Presented in the		Statements of Financial Condition
			Statements of		Statements of				Cash Collateral
	Gross Amounts		Financial		Financial		Financial		Received/
December 31, 2017	Recognized		Condition		Condition		Instruments		Pledged*		Net Amount
Assets
Forwards	$	812,258	$	(775,086)	$	37,172	$	-	$	-	$	37,172
Total assets	$	812,258	$	(775,086)	$	37,172	$	-	$	-	$	37,172
Liabilities
Forwards	$	(775,086)	$	775,086	$	-	$	-	$	-	$	-
Total liabilities	$	(775,086)	$	775,086	$	-	$	-	$	-	$	-
Net fair value											$	37,172	*
			Gross Amounts		Amounts		Gross Amounts Not Offset in the
			Offset in the		Presented in the		Statements of Financial Condition
			Statements of		Statements of				Cash Collateral
	Gross Amounts		Financial		Financial		Financial		Received/
December 31, 2016	Recognized		Condition		Condition		Instruments		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	*

* In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s non-exchange traded contracts, as applicable, had 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. In certain circumstances, MS&Co. may not have posted collateral and as such, in the event of default by MS&Co., Spectrum Technical was 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 have been reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may have been available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities

Spectrum Technical (Partnership in Liquidation)

	December 31, 2017
Assets
Forward Contracts
Commodity	$	160,614
Currencies		651,644
Total unrealized appreciation on open forward contracts		812,258
Liabilities
Forward Contracts
Commodity		(129,671)
Currencies		(645,415)
Total unrealized depreciation on open forward contracts		(775,086)
Net unrealized appreciation on open forward contracts	$	37,172	*

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

	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.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

Spectrum Technical (Partnership in Liquidation)
Sector	2017			2016			2015
Commodity	$	(474,670)		$	(3,763,856)		$	5,162,412
Equity		3,849,458			1,904,910			(769,729)
Currencies		(1,468,047)			(409,677)			1,503,142
Interest rates		(1,283,840)			1,151,677			344,021
Total	$	622,901	*	$	(1,116,946)	*	$	6,239,846	*

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