10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

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 of principal executive offices) (Zip Code)

(855) 672-4468

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X    No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes X    No    

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

Large accelerated filer	Accelerated filer	Non-accelerated filer X
Smaller reporting company	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

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

Yes     No X

As of October 31, 2018, 1,599,718.580 Limited Partnership Units were outstanding.

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

Morgan Stanley Smith Barney Spectrum Select L.P.

Statements of Financial Condition

	September  30, 2018 (Unaudited)		December 31, 2017
Assets:
Equity in trading account:
Unrestricted cash	$	27,583,163	$	37,297,383
Restricted cash		8,551,669		8,683,095
Net unrealized appreciation on open futures contracts		2,532,152		1,738,051
Net unrealized appreciation on open forward contracts		-		486,431
Total equity in trading account		38,666,984		48,204,960
Cash at bank		-		437
Interest receivable		39,267		36,496
Total assets	$	38,706,251	$	48,241,893
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open forward contracts	$	143,582	$	-
Accrued expenses:
Ongoing placement agent fees		63,138		77,782
General Partner fees		63,138		77,782
Management fees		45,971		62,553
Redemptions payable to Limited Partners		527,567		1,525,563
Total liabilities		843,396		1,743,680
Partners’ Capital:
General Partner, 20,066.995 and 25,914.948 Units outstanding     at September 30, 2018 and December 31, 2017, respectively		461,525		617,398
Limited Partners, 1,626,154.335 and 1,925,780.666 Units outstanding     at September 30, 2018 and December 31, 2017, respectively		37,401,330		45,880,815
Total partners’ capital (net asset value)		37,862,855		46,498,213
Total liabilities and partners’ capital	$	38,706,251	$	48,241,893
Net asset value per Unit	$	23.00	$	23.82

See accompanying notes to financial statements.

1

Morgan Stanley Smith Barney Spectrum Select L.P.

Condensed Schedule of Investments

September 30, 2018

(Unaudited)

	Notional ($)/   Number of Contracts		Fair Value			% of Partners’   Capital
Futures Contracts Purchased
Commodity		319	$	995,170			2.63	%
Equity		318		896,528			2.37
Currencies		99		(45,177	)		(0.12)
Interest rates		619		(265,439	)		(0.70)
Total futures contracts purchased				1,581,082			4.18
Futures Contracts Sold
Commodity		425		455,799			1.20
Equity		59		(102,598	)		(0.27)
Currencies		195		(5,516	)		(0.01)
Interest rates		1,700		603,385			1.59
Total futures contracts sold				951,070			2.51
Net unrealized appreciation on open futures contracts			$	2,532,152			6.69	%
Unrealized Appreciation on Open Forward Contracts
Commodity		51	$	97,294			0.26	%
Currencies	$	20,621,057		297,427			0.78
Total unrealized appreciation on open forward contracts				394,721			1.04
Unrealized Depreciation on Open Forward Contracts
Commodity		65		(201,333	)		(0.53)
Currencies	$	38,148,009		(336,970	)		(0.89)
Total unrealized depreciation on open forward contracts				(538,303	)		(1.42)
Net unrealized depreciation on open forward contracts			$	(143,582	)		(0.38)	%

See accompanying notes to financial statements.

2

Morgan Stanley Smith Barney Spectrum Select L.P.

Condensed Schedule of Investments

December 31, 2017

	Notional ($)/   Number of Contracts		Fair Value			% of Partners’   Capital
Futures Contracts Purchased
Commodity		332	$	1,018,011			2.19	%
Equity		374		379,994			0.82
Currencies		115		126,683			0.27
Interest rates		875		(158,666	)		(0.34)
Total futures contracts purchased				1,366,022			2.94
Futures Contracts Sold
Commodity		597		67,787			0.15
Equity		38		1,164			0.00	*
Currencies		101		66,460			0.14
Interest rates		1,257		236,618			0.51
Total futures contracts sold				372,029			0.80
Net unrealized appreciation on open futures contracts			$	1,738,051			3.74	%
Unrealized Appreciation on Open Forward Contracts
Commodity		177	$	897,185			1.94	%
Currencies	$	40,275,705		378,328			0.81
Total unrealized appreciation on open forward contracts				1,275,513			2.75
Unrealized Depreciation on Open Forward Contracts
Commodity		69		(385,217	)		(0.83)
Currencies	$	36,880,820		(403,865	)		(0.87)
Total unrealized depreciation on open forward contracts				(789,082	)		(1.70)
Net unrealized appreciation on open forward contracts			$	486,431			1.05	%

* Due to rounding.

See accompanying notes to financial statements.

3

Morgan Stanley Smith Barney Spectrum Select L.P.

Statements of Income and Expenses

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Investment Income:
Interest income	$	127,287		$	90,931		$	383,500		$	231,975
Expenses:
General Partner fees		189,544			243,865			628,489			801,897
Ongoing placement agent fees		189,544			243,865			628,489			801,897
Management fees		137,803			200,021			456,877			664,990
Total expenses		516,891			687,751			1,713,855			2,268,784
Net investment loss		(389,604	)		(596,820	)		(1,330,355	)		(2,036,809	)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(283,817	)		(1,634,224	)		(394,714	)		(778,994	)
Net change in unrealized gains (losses) on open contracts		1,890,232			1,230,203			173,703			(1,817,649	)
Total trading results		1,606,415			(404,021	)		(221,011	)		(2,596,643	)
Net income (loss)	$	1,216,811		$	(1,000,841	)	$	(1,551,366	)	$	(4,633,452	)
Net income (loss) per Unit*	$	0.73		$	(0.47	)	$	(0.82	)	$	(2.03	)
Weighted average number of Units outstanding		1,696,958.937			2,195,874.127			1,805,984.228			2,332,885.846

* Represents the change in net asset value per Unit during the period.

See accompanying notes to financial statements.

4

Morgan Stanley Smith Barney Spectrum Select L.P.

Statements of Changes in Partners’ Capital

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Units of     Partnership     Interest			Limited     Partners			General     Partner			Total
Partners’ Capital, December 31, 2017		1,951,695.614		$	45,880,815		$	617,398		$	46,498,213
Redemptions - General Partner		(5,847.953	)		-			(149,883	)		(149,883	)
Redemptions - Limited Partners		(299,626.331	)		(6,934,109	)		-			(6,934,109	)
Net Income (Loss)		-			(1,545,376	)		(5,990	)		(1,551,366	)
Partners’ Capital, September 30, 2018		1,646,221.330		$	37,401,330		$	461,525		$	37,862,855
Partners’ Capital, December 31, 2016		2,548,837.611		$	59,329,412		$	660,986		$	59,990,398
Redemptions - General Partner		(2,169.197	)		-			(50,000	)		(50,000	)
Redemptions - Limited Partners		(422,388.292	)		(9,618,401	)		-			(9,618,401	)
Net Income (Loss)		-			(4,579,831	)		(53,621	)		(4,633,452	)
Partners’ Capital, September 30, 2017		2,124,280.122		$	45,131,180		$	557,365		$	45,688,545

See accompanying notes to financial statements.

5

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

1. Organization:

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”) (refer to Note 4, “Financial Instruments”). 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 and Morgan Stanley Smith Barney Spectrum Strategic L.P., and prior to December 31, 2017, Morgan Stanley Smith Barney Spectrum Technical L.P. and Ceres Tactical Global L.P. (formerly, Ceres Tactical Currency 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.

During the reporting periods ended September 30, 2018 and 2017, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. 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. During prior periods included in this report, the Partnership also deposited a portion of its cash in a non-trading account at JPMorgan Chase Bank N.A.

As of September 30, 2018, all the trading advisors to the Partnership were EMC Capital Management, Inc. (“EMC”) and Graham Capital Management, L.P. (“Graham”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”). Effective December 31, 2017, the General Partner terminated the management agreement among the Partnership, the General Partner and Rabar Market Research, Inc. (“Rabar”), pursuant to which Rabar traded a portion of the Partnership’s assets. Consequently, Rabar ceased all Futures Interest trading on behalf of the Partnership. References herein to the Trading Advisor or the Trading Advisors may also include, as relevant, Rabar.

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 the 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.

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2018, the results of its operations for the three and nine months ended September 30, 2018 and 2017 and the changes in partners’ capital for the nine months ended September 30, 2018 and 2017. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017.

6

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

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, and those differences could be material.

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

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2018 and 2017, the Partnership carried no debt and substantially all of the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership’s Investments. All Futures Interests of the Partnership, 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 6, “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 Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements of Income and Expenses. The Partnership does 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.

Restricted and Unrestricted Cash. The cash held by the Partnership available for trading in Futures Interests, if any, is on deposit in commodity brokerage accounts with MS&Co. As reflected in the Statements of Financial Condition, restricted cash equals 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 September 30, 2018 and December 31, 2017, the amount of cash held for margin requirements was $8,551,669 and $8,683,095, respectively. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(636,407) (proceeds of $638,846) and $977,236 (cost of $984,412) as of September 30, 2018 and December 31, 2017, respectively.

Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 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 Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership 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.

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities.

7

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

Net Income (Loss) per Unit. Net income (loss) per unit of limited partnership interest (“Unit(s)”) is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.

3. Financial Highlights:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2018 and 2017 were as follows:

	For the Three Months Ended   September 30,				For the Nine Months Ended   September 30,
	2018		2017		2018		2017
Per Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	0.95	$	(0.20)	$	(0.08)	$	(1.16)
Net investment loss		(0.22)		(0.27)		(0.74)		(0.87)
Net increase (decrease) for the period		0.73		(0.47)		(0.82)		(2.03)
Net asset value per Unit, beginning of period		22.27		21.98		23.82		23.54
Net asset value per Unit, end of period	$	23.00	$	21.51	$	23.00	$	21.51
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(4.1)%		(4.9)%		(4.3)%		(5.2)%
Operating expenses before incentive fees		5.4 %		5.7 %		5.5 %		5.8 %
Incentive fees		- %		- %		- %		- %
Operating expenses after incentive fees		5.4 %		5.7 %		5.5 %		5.8 %
Total return:
Total return before incentive fees		3.3 %		(2.1)%		(3.4)%		(8.6)%
Incentive fees		- %		- %		- %		- %
Total return after incentive fees		3.3 %		(2.1)%		(3.4)%		(8.6)%

* Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. 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.

** Annualized (except for incentive fees, if applicable).

*** 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 period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

8

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

4. Financial Instruments:

The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as 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 Statements of Income and Expenses. The Partnership’s contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. 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 non-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to a non-exchange-traded contract. The Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gain amounts reflected in the Statements of Financial Condition.

The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s 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 Partnership’s non-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 Partnership is required to meet margin requirements with the counterparty, which is accomplished by daily maintenance of the cash balance in custody accounts and U.S. Treasury bills held at MS&Co., for the benefit of MS&Co. With respect to those non-exchange-traded forward currency contracts, the Partnership is at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. The Partnership has a netting agreement with the counterparty. The primary terms are based on industry standard master netting agreements. This agreement, which seeks to reduce both the Partnership’s and the counterparty’s exposure on non-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s bankruptcy or insolvency.

The General Partner monitors and attempts to mitigate the Partnership’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 Partnership 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 Partnership, along with the U.S. Treasury bills held 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 non-exchange-traded forward currency contracts are settled upon termination of the contract.

In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote.

9

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

5. Trading Activities:

The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.

All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2018 and 2017 were 3,522 and 3,880, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2018 and 2017 were 3,313 and 4,419, respectively. The monthly average number of metal forward contracts traded during the three months ended September 30, 2018 and 2017 were 294 and 547, respectively. The monthly average number of metal forward contracts traded during the nine months ended September 30, 2018 and 2017 were 378 and 553, respectively. The monthly average notional value of currency forward contracts traded during the three months ended September 30, 2018 and 2017 were $77,621,980 and $146,467,394, respectively. The monthly average notional value of currency forward contracts traded during the nine months ended September 30, 2018 and 2017 were $99,889,209 and $144,212,140, respectively.

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar agreements as of September 30, 2018 and December 31, 2017, respectively.

			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
September 30, 2018	Gross Amounts Recognized						Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,195,935	$	(663,783)	$	2,532,152	$	-	$	-	$	2,532,152
Forwards		394,721		(394,721)		-		-		-		-
Total assets	$	3,590,656	$	(1,058,504)	$	2,532,152	$	-	$	-	$	2,532,152
Liabilities
Futures	$	(663,783)	$	663,783	$	-	$	-	$	-	$	-
Forwards		(538,303)		394,721		(143,582)		-		-		(143,582)
Total liabilities	$	(1,202,086)	$	1,058,504	$	(143,582)	$	-	$	-	$	(143,582)
Net fair value											$	2,388,570 *

10

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

			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
December 31, 2017	Gross Amounts Recognized						Financial Instruments		Cash Collateral Received/ 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	*

* In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’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.

11

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2018 and December 31, 2017, respectively.

	September 30, 2018
Assets
Futures Contracts
Commodity	$	1,484,033
Equity		960,553
Currencies		104,757
Interest rates		646,592
Total unrealized appreciation on open futures contracts		3,195,935
Liabilities
Futures Contracts
Commodity		(33,064)
Equity		(166,623)
Currencies		(155,450)
Interest rates		(308,646)
Total unrealized depreciation on open futures contracts		(663,783)
Net unrealized appreciation on open futures contracts	$	2,532,152	*
Assets
Forward Contracts
Commodity	$	97,294
Currencies		297,427
Total unrealized appreciation on open forward contracts		394,721
Liabilities
Forward Contracts
Commodity		(201,333)
Currencies		(336,970)
Total unrealized depreciation on open forward contracts		(538,303)
Net unrealized depreciation on open forward contracts	$	(143,582)	**

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

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

12

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

	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 the Statements of Financial Condition.

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

13

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30,						Nine Months Ended September 30,
Sector	2018			2017			2018			2017
Commodity	$	971,122		$	(895,166)		$	132,767		$	(3,761,340)
Equity		1,236,875			1,728,930			1,118,265			7,564,217
Currencies		(79,098)			179,521			(760,753)			(2,949,031)
Interest rates		(522,484)			(1,417,306)			(711,290)			(3,450,489)
Total	$	1,606,415	***	$	(404,021)	***	$	(221,011)	***	$	(2,596,643)	***

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

6. Fair Value Measurements:

Fair value is defined as the value 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, forward and option 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 Partnership considers prices for commodity futures, 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 pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2018 and December 31, 2017, and for the periods ended September 30, 2018 and 2017, the Partnership 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).

14

Morgan Stanley Smith Barney Spectrum Select L.P.

Notes to Financial Statements

(Unaudited)

September 30, 2018	Total		Level 1		Level 2		Level 3
Assets
Futures	$	3,195,935	$	3,195,935	$	-	$	-
Forwards		394,721		-		394,721		-
Total assets	$	3,590,656	$	3,195,935	$	394,721	$	-
Liabilities
Futures	$	663,783	$	663,783	$	-	$	-
Forwards		538,303		-		538,303		-
Total liabilities	$	1,202,086	$	663,783	$	538,303	$	-
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	2,377,628	$	2,377,628	$	-	$	-
Forwards		1,275,513		-		1,275,513		-
Total assets	$	3,653,141	$	2,377,628	$	1,275,513	$	-
Liabilities
Futures	$	639,577	$	639,577	$	-	$	-
Forwards		789,082		-		789,082		-
Total liabilities	$	1,428,659	$	639,577	$	789,082	$	-

7. Subsequent Events:

The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

15

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. Its assets are (i) its 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. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2018.

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 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 option contract has increased or decreased by an amount equal to the daily limit, positions in that futures or option 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 option 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.

Other than the risks inherent in Futures Interests trading and U.S. Treasury bills and money market mutual fund securities, the Partnership knows of no 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.

The Partnership’s capital consists of the capital contributions of the partners as increased or decreased by net realized and/or unrealized gains or losses on trading and by expenses, interest income, redemptions of Units and distributions of profits, if any.

For the nine months ended September 30, 2018, Partnership capital decreased 18.6% from $46,498,213 to $37,862,855. This decrease was attributable to redemptions of 299,626.331 limited partner Units totaling $6,934,109 and redemptions of 5,847.953 General Partner Units totaling $149,883, coupled with a net loss of $1,551,366. Future redemptions can impact the amount of funds available for investment in subsequent periods.

Other than as discussed above, there are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Partnership’s capital resource arrangements at the present time.

Off-Balance Sheet Arrangements and Contractual Obligations

The Partnership does not have any off-balance sheet arrangements, nor does it have contractual obligations or commercial commitments to make future payments, that would affect its liquidity or capital resources.

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 expense during the reporting periods. The General Partner believes that the estimates utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership’s significant accounting policies are described in detail in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Financial Statements.

The Partnership records all investments at fair value in its financial statements, with changes in fair value reported as a component of net realized gains (losses) and net change in unrealized gains (losses) in the Statements of Income and Expenses. The General Partner estimates that, at any given time, approximately 20.0% to 30.6% of the Partnership’s contracts are traded over-the-counter.

Results of Operations

16

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 Interests 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.

Prior to its termination on December 31, 2017, Rabar traded its investment strategy on behalf of the Partnership. The objective of Rabar’s investment strategy was 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 also engaged in exchange for physical transactions, more commonly referred to as “EFPs.” Rabar’s strategy employed a diversified, systematic, technical, and trend following approach, which utilized a blend of several separate and distinct quantitative models.

The General Partner is not aware of any material changes to the trading programs discussed above for the fiscal quarter ended September 30, 2018.

The following chart sets forth the percentage and the amount of the Partnership’s net assets allocated to each Trading Advisor as of September 30, 2018 and June 30, 2018, respectively, and the change during the three months ended September 30, 2018.

Trading Advisor	Allocation as of September 30, 2018 (%)	Allocation as of June 30, 2018 (%)	Allocation as of September 30, 2018 ($)	Allocation as of June 30, 2018 ($)	Change during the period (%)
Graham	61.74%	60.33%	$      23,375,490	$      23,167,955	0.90%
EMC	38.26	39.67	14,487,365	15,231,026	(4.88)

17

The following presents a summary of the Partnership’s operations for the three and nine months ended September 30, 2018, and a general discussion of its trading activities during the period. It is important to note, however, that the Trading Advisors trade in various markets at different times and that prior activity in a particular market does not mean that such market will be actively traded by the Trading Advisors or will be profitable in the future. Consequently, the results of operations of the Partnership are difficult to discuss other than in the context of the Trading Advisors’ trading activities on behalf of the Partnership during the period in question. Past performance is no guarantee of future results.

The Partnership’s results of operations set forth in the financial statements are prepared in accordance with GAAP, which require the use of certain accounting policies that affect the amounts reported in these financial statements, including the following: the contracts the Partnership trades are accounted for on a trade-date basis and marked to market on a daily basis. The difference between their original contract value and market value is recorded 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 value of a foreign currency forward contract is based on the spot rate as of approximately 3:00 P.M. (E.T.), the close of the business day. Interest income, as well as management fees, incentive fees, General Partner fees and ongoing placement agent fees of the Partnership are recorded on an accrual basis, as applicable.

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.

During the Partnership’s third quarter of 2018, the net asset value per Unit increased 3.3% from $22.27 to $23.00 as compared to a decrease of 2.1% in the third quarter of 2017. The Partnership experienced a net trading gain before fees and expenses in the third quarter of 2018 of $1,606,415. Gains were primarily attributable to the Partnership’s trading of Futures Interests in the commodity and equity sectors and were partially offset by losses in the currencies and interest rate sector. The Partnership experienced a net trading loss before fees and expenses in the third quarter of 2017 of $404,021. Losses were primarily attributable to the Partnership’s trading of Futures Interests in the commodity and interest rates sectors and were partially offset by gains in the equity and currencies sectors.

The most significant gains were achieved during July within the global stock index sector from long positions in U.S. and Asian equity index futures as stock prices rallied on positive global economic sentiment. Additional gains within the stock index sector were recorded from long positions in U.S. equity index futures during August. Further gains were experienced in the metals markets during July and August from short positions in gold and silver futures as a strengthening U.S. dollar diminished investor demand for precious metals. Within the energy markets, gains were experienced during August and September from long positions in crude oil and its refined products as prices moved higher on signs of persistent global supply shortfalls. Additional gains were experienced within the agriculturals during July and August from short positions in coffee and sugar futures as global supply stocks swelled. A portion of the Partnership’s gains during the third quarter was offset by losses incurred within the global interest rate markets during July from long positions in European fixed income futures as prices fell as Eurozone economies gained strength. Within the currency sector, losses were incurred during July from positions in the Canadian dollar and Mexican peso.

18

During the Partnership’s nine month ended September 30, 2018, the net asset value per Unit decreased 3.4% from $23.82 to $23.00 as compared to a decrease of 8.6% for the nine months ended September 30, 2017. The Partnership experienced a net trading loss before fees and expenses for the nine months ended September 30, 2018 of $221,011. Losses were primarily attributable to the Partnership’s trading of Futures Interests in the currencies and interest rates sectors and were partially offset by gains in the commodity and equity sectors. The Partnership experienced a net trading loss before fees and expenses for the nine months ended September 30, 2017 of $2,596,643. Losses were primarily attributable to the Partnership’s trading of Futures Interests in the commodity, currencies and interest rates sectors and were partially offset by gains in the equity sector.

The most notable losses were recorded within the global fixed income sector throughout the third quarter from long positions in European fixed income futures as prices fell as Eurozone economies gained strength. Additional losses within the global fixed income sector were experienced due to positions in U.S. fixed income futures during March and May. Within the currency sector, losses were incurred during April and May as a surging U.S. dollar negatively impacted the Partnership’s short positioning in the U.S. currency. Within the metals sector, losses were incurred during April and June from long positions in industrial metals as prices fell amid global trade tensions between the U.S. and China. Losses within the agricultural complex were recorded throughout the first nine months of the year due to positions in the grains markets. A portion of the Partnership’s losses during the first nine months of the year was offset by gains achieved during January, March, April, and May from long positions in crude oil and its refined products as global supply shortfalls generally pushed prices higher. Additional gains in the energies were achieved during August and September. Within the global stock index sector, gains were achieved during July from long positions in U.S. and Asian equity index futures as stock prices rallied on positive global economic sentiment. Additional gains within the stock index sector were recorded from long positions in U.S. equity index futures during January and August.

19

Item 3.     Quantitative and Qualitative Disclosures About Market Risk.

The Partnership is a commodity pool engaged primarily in speculative trading of futures, forwards and options. The market sensitive instruments held by the Partnership are acquired for speculative trading purposes, and all or substantially all of the Partnership’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

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

Market movements result in frequent changes in the fair value of the Partnership’s open positions and, consequently, in its earnings and cash balances. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open contracts and the liquidity of the markets in which it trades.

The Partnership rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

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 in the markets traded by the Partnership of market movements far exceeding expectations 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.

20

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of September 30, 2018 and December 31, 2017, and the highest, lowest and average values during the three months ended September 30, 2018 and for the twelve months ended December 31, 2017. 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 for the year ended December 31, 2017.

As of September 30, 2018, the Partnership’s total capitalization was $37,862,855.

September 30, 2018

	Value at Risk		% of Total Capitalization			Three Months Ended September 30, 2018
Market Sector						High Value at Risk			Low Value at Risk		Average Value at Risk*
Commodity	$	2,038,969		5.39	%	$	2,306,418		$	1,533,153	$	1,901,191
Equity		2,169,729		5.73			2,425,349			1,531,492		1,968,656
Currencies		2,561,780		6.77			3,296,206			1,869,694		2,402,468
Interest rates		1,677,671		4.43			1,733,699			1,017,063		1,346,882
Total	$	8,448,149		22.32	%
*  Average of daily Value at Risk.
As of December 31, 2017, the Partnership’s total capitalization was $46,498,213.
December 31, 2017
						Twelve Months Ended December 31, 2017
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk			Low Value at Risk		Average Value at Risk*
Commodity	$	2,193,598		4.72	%	$	3,981,712		$	2,048,544	$	2,890,975
Equity		2,058,191		4.43			4,896,602			1,975,935		3,523,262
Currencies		2,644,724		5.69			5,355,709			2,168,683		3,358,899
Interest rates		1,287,680		2.77			2,474,487			1,215,920		1,667,400
Total	$	8,184,193		17.61	%

* Annual average of daily Value at Risk.

21

Item 4.    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 September 30, 2018, 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.

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended September 30, 2018 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

22

PART II. OTHER INFORMATION

Item 1.     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 2017, 2016, 2015, 2014 and 2013. In addition, MS&Co. annually prepares an Audited, Consolidated Statement 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 – Legal section of MS&Co.’s 2017 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.

On February 25, 2015, the Company 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.

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

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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, 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.

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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.

On September 28, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. regarding violations of CFTC Rule 166.3 by failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on multiple exchanges. The order and settlement required MS&Co. to pay a $500,000 penalty and cease and desist from violating Rule 166.3.

On November 2, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. for non-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC. The order requires MS&Co. to pay a $350,000 penalty and cease and desist from further violations of the Commodity Exchange Act.

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. On June 27, 2018, the Firm filed a motion for summary judgment and spoliation sanctions against CDIB. Based on currently available information, MS&Co. believes it could incur a loss in this action 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. On January 18, 2017, the court entered an order dismissing all claims related to an additional securitization at issue. After those dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $65 million. At September 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $37 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 $37 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

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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 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 $133 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 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 September 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $23 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 $23 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 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.

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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.

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.

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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.

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

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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.

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 alleged 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 raised claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. 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. On July 13, 2018, the parties reached an agreement in principle to settle the litigation.

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 alleged 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 was approximately $634 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 26, 2018, the parties entered into an agreement to settle the litigation.

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.

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Item 1A. Risk Factors.

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors.” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and under Part II, Item 1A. “Risk Factors.” in the Partnership’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The Partnership no longer offers Units.

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
July 1, 2018 - July 31, 2018		26,054.575	$	22.05	N/A	N/A
August 1, 2018 - August 31, 2018		28,672.585	$	22.70	N/A	N/A
September 1, 2018 - September 30, 2018		22,937.692	$	23.00	N/A	N/A
		77,664.852	$	22.57

* 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.

Item 3. Defaults Upon Senior Securities. — None.

Item 4. Mine Safety Disclosures. — Not applicable.

Item 5. Other Information. — None.

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Item 6. Exhibits.

31.1	Certification of President and Director of Ceres Managed Futures LLC, the General Partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer and Director of Ceres Managed Futures LLC, the General Partner of the Partnership, pursuant to Section  302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of President and Director 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.
32.2	Certification of Chief Financial Officer and Director 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 Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Document
101.PRE*	XBRL Taxonomy Extension Presentation Document
101.DEF*	XBRL Taxonomy Extension Definition Document

Notes to Exhibits List

* Submitted electronically herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MORGAN STANLEY 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: November 8, 2018

By:	/s/ Steven Ross
	Steven Ross
	Chief Financial Officer and Director
	(Principal Accounting Officer)

Date: November 8, 2018

The General Partner which signed the above is the only party authorized to act for the registrant. The registrant has no principal executive officer, principal financial officer, controller, or principal accounting officer and has no Board of Directors.

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Patrick T. Egan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q 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: November 8, 2018

/s/ Patrick T. Egan

Patrick T. Egan

Ceres Managed Futures LLC

President and Director

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Steven Ross, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q 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: November 8, 2018

/s/ Steven Ross

Steven Ross

Ceres Managed Futures LLC

Chief Financial Officer and Director

EX-32.1

Exhibit 32.1

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 Quarterly Report of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) on Form 10-Q for the period ended September 30, 2018 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, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(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: November 8, 2018

EX-32.2

Exhibit 32.2

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 Quarterly Report of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) on Form 10-Q for the period ended September 30, 2018 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, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(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: November 8, 2018

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
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 Filer Category	Non-accelerated Filer
EntitySmallBusiness	false
Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		1,599,718.580

XML

Statements of Financial Condition - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Assets:
Unrestricted cash	$ 27,583,163	$ 37,297,383
Restricted cash	8,551,669	8,683,095
Net unrealized appreciation on open contracts	2,532,152	2,224,482
Total equity in trading account	38,666,984	48,204,960
Cash at bank		437
Interest receivable	39,267	36,496
Total assets	38,706,251	48,241,893
Liabilities:
Net unrealized depreciation on open contracts	143,582
Accrued expenses:
Ongoing placement agent fees	63,138	77,782
General Partner fees	63,138	77,782
Management fees	45,971	62,553
Redemptions payable to Limited Partners	527,567	1,525,563
Total liabilities	843,396	1,743,680
Partners' Capital:
General Partner	461,525	617,398
Limited Partners	37,401,330	45,880,815
Total partners' capital (net asset value)	37,862,855	46,498,213
Total liabilities and partners' capital	$ 38,706,251	$ 48,241,893
Net asset value per Unit	$ 23.00	$ 23.82
Futures Contracts [Member]
Assets:
Net unrealized appreciation on open contracts	$ 2,532,152	$ 1,738,051
Forward Contracts [Member]
Assets:
Net unrealized appreciation on open contracts		$ 486,431
Liabilities:
Net unrealized depreciation on open contracts	$ 143,582

XML

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
General Partner, Units outstanding	20,066.995	25,914.948
Limited Partners, Units outstanding	1,626,154.335	1,925,780.666

XML

Condensed Schedule of Investments	Sep. 30, 2018 USD ($) Contract	Dec. 31, 2017 USD ($) Contract
Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 3,195,935	$ 2,377,628
Unrealized Depreciation on Open Contracts	(663,783)	(639,577)
Net unrealized appreciation (depreciation) on open contracts	$ 2,532,152	$ 1,738,051
% of Partners' Capital	6.69%	3.74%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 394,721	$ 1,275,513
Unrealized Depreciation on Open Contracts	(538,303)	(789,082)
Net unrealized appreciation (depreciation) on open contracts	$ (143,582)	$ 486,431
% of Partners' Capital	(0.38%)	1.05%
Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	1.42%	1.70%
Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	1.04%	2.75%
Commodity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 1,484,033	$ 1,273,423
Unrealized Depreciation on Open Contracts	(33,064)	(187,625)
Commodity [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	97,294	897,185
Unrealized Depreciation on Open Contracts	$ (201,333)	$ (385,217)
Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	65	69
% of Partners' Capital	0.53%	0.83%
Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	51	177
% of Partners' Capital	0.26%	1.94%
Equity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 960,553	$ 489,126
Unrealized Depreciation on Open Contracts	(166,623)	(107,968)
Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	104,757	196,144
Unrealized Depreciation on Open Contracts	(155,450)	(3,001)
Currencies [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Notional Amount	20,621,057	40,275,705
Unrealized Appreciation on Open Contracts	297,427	378,328
Notional Amount	38,148,009	36,880,820
Unrealized Depreciation on Open Contracts	$ (336,970)	$ (403,865)
Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.89%	0.87%
Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.78%	0.81%
Interest Rates [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 646,592	$ 418,935
Unrealized Depreciation on Open Contracts	(308,646)	(340,983)
Long [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,581,082	$ 1,366,022
% of Partners' Capital	4.18%	2.94%
Long [Member] | Commodity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	319	332
Net unrealized appreciation (depreciation) on open contracts	$ 995,170	$ 1,018,011
% of Partners' Capital	2.63%	2.19%
Long [Member] | Equity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	318	374
Net unrealized appreciation (depreciation) on open contracts	$ 896,528	$ 379,994
% of Partners' Capital	2.37%	0.82%
Long [Member] | Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	99	115
Net unrealized appreciation (depreciation) on open contracts	$ (45,177)	$ 126,683
% of Partners' Capital	(0.12%)	0.27%
Long [Member] | Interest Rates [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	619	875
Net unrealized appreciation (depreciation) on open contracts	$ (265,439)	$ (158,666)
% of Partners' Capital	(0.70%)	(0.34%)
Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 951,070	$ 372,029
% of Partners' Capital	2.51%	0.80%
Short [Member] | Commodity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	425	597
Net unrealized appreciation (depreciation) on open contracts	$ 455,799	$ 67,787
% of Partners' Capital	1.20%	0.15%
Short [Member] | Equity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	59	38
Net unrealized appreciation (depreciation) on open contracts	$ (102,598)	$ 1,164
% of Partners' Capital	(0.27%)	0.00%	[1]
Short [Member] | Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	195	101
Net unrealized appreciation (depreciation) on open contracts	$ (5,516)	$ 66,460
% of Partners' Capital	(0.01%)	0.14%
Short [Member] | Interest Rates [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,700	1,257
Net unrealized appreciation (depreciation) on open contracts	$ 603,385	$ 236,618
% of Partners' Capital	1.59%	0.51%

[1] Due to rounding.

XML

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investment Income:
Interest income		$ 127,287	$ 90,931	$ 383,500	$ 231,975
Expenses:
General Partner fees		189,544	243,865	628,489	801,897
Ongoing placement agent fees		189,544	243,865	628,489	801,897
Management fees		137,803	200,021	456,877	664,990
Total expenses		516,891	687,751	1,713,855	2,268,784
Net investment loss		(389,604)	(596,820)	(1,330,355)	(2,036,809)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(283,817)	(1,634,224)	(394,714)	(778,994)
Net change in unrealized gains (losses) on open contracts		1,890,232	1,230,203	173,703	(1,817,649)
Total trading results		1,606,415	(404,021)	(221,011)	(2,596,643)
Net income (loss)		$ 1,216,811	$ (1,000,841)	$ (1,551,366)	$ (4,633,452)
Net income (loss) per Unit*	[1]	$ 0.73	$ (0.47)	$ (0.82)	$ (2.03)
Weighted average number of Units outstanding		1,696,958.937	2,195,874.127	1,805,984.228	2,332,885.846

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

XML

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]
Units of Partnership Interest, balance at Dec. 31, 2016	2,548,837.611
Redemptions (in units)		(422,388.292)	(2,169.197)
Units of Partnership Interest, balance at Sep. 30, 2017	2,124,280.122
Partners' Capital, balance at Dec. 31, 2016	$ 59,990,398	$ 59,329,412	$ 660,986
Redemptions-General Partner	(50,000)		(50,000)
Redemptions-Limited Partners	(9,618,401)	(9,618,401)
Net Income (Loss)	(4,633,452)	(4,579,831)	(53,621)
Partners' Capital, balance at Sep. 30, 2017	$ 45,688,545	$ 45,131,180	$ 557,365
Units of Partnership Interest, balance at Dec. 31, 2017	1,951,695.614
Redemptions (in units)		(299,626.331)	(5,847.953)
Units of Partnership Interest, balance at Sep. 30, 2018	1,646,221.330
Partners' Capital, balance at Dec. 31, 2017	$ 46,498,213	$ 45,880,815	$ 617,398
Redemptions-General Partner	(149,883)		(149,883)
Redemptions-Limited Partners	(6,934,109)	(6,934,109)
Net Income (Loss)	(1,551,366)	(1,545,376)	(5,990)
Partners' Capital, balance at Sep. 30, 2018	$ 37,862,855	$ 37,401,330	$ 461,525

XML

Organization

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization:

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”) (refer to Note 4, “Financial Instruments”). 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 and Morgan Stanley Smith Barney Spectrum Strategic L.P., and prior to December 31, 2017, Morgan Stanley Smith Barney Spectrum Technical L.P. and Ceres Tactical Global L.P. (formerly, Ceres Tactical Currency 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.

During the reporting periods ended September 30, 2018 and 2017, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. 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. During prior periods included in this report, the Partnership also deposited a portion of its cash in a non-trading account at JPMorgan Chase Bank N.A.

As of September 30, 2018, all the trading advisors to the Partnership were EMC Capital Management, Inc. (“EMC”) and Graham Capital Management, L.P. (“Graham”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”). Effective December 31, 2017, the General Partner terminated the management agreement among the Partnership, the General Partner and Rabar Market Research, Inc. (“Rabar”), pursuant to which Rabar traded a portion of the Partnership’s assets. Consequently, Rabar ceased all Futures Interest trading on behalf of the Partnership. References herein to the Trading Advisor or the Trading Advisors may also include, as relevant, Rabar.

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 the 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.

XML

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2018, the results of its operations for the three and nine months ended September 30, 2018 and 2017 and the changes in partners’ capital for the nine months ended September 30, 2018 and 2017. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2017. The December 31, 2017 information has been derived from the audited financial statements as of and for the year ended December 31, 2017.

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

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, and those differences could be material.

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

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2018 and 2017, the Partnership carried no debt and substantially all of the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership’s Investments. All Futures Interests of the Partnership, 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 6, “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 Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements of Income and Expenses. The Partnership does 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.

Restricted and Unrestricted Cash. The cash held by the Partnership available for trading in Futures Interests, if any, is on deposit in commodity brokerage accounts with MS&Co. As reflected in the Statements of Financial Condition, restricted cash equals 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 September 30, 2018 and December 31, 2017, the amount of cash held for margin requirements was $8,551,669 and $8,683,095, respectively. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(636,407) (proceeds of $638,846) and $977,236 (cost of $984,412) as of September 30, 2018 and December 31, 2017, respectively.

Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 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 Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership 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.

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities.

Net Income (Loss) per Unit. Net income (loss) per unit of limited partnership interest (“Unit(s)”) is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.

XML

Financial Highlights

9 Months Ended

Sep. 30, 2018

Investment Company [Abstract]

Financial Highlights

3. Financial Highlights:

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2018 and 2017 were as follows:

	For the Three Months Ended   September 30,				For the Nine Months Ended   September 30,
	2018		2017		2018		2017
Per Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	0.95	$	(0.20)	$	(0.08)	$	(1.16)
Net investment loss		(0.22)		(0.27)		(0.74)		(0.87)
Net increase (decrease) for the period		0.73		(0.47)		(0.82)		(2.03)
Net asset value per Unit, beginning of period		22.27		21.98		23.82		23.54
Net asset value per Unit, end of period	$	23.00	$	21.51	$	23.00	$	21.51
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(4.1)%		(4.9)%		(4.3)%		(5.2)%
Operating expenses before incentive fees		5.4 %		5.7 %		5.5 %		5.8 %
Incentive fees		- %		- %		- %		- %
Operating expenses after incentive fees		5.4 %		5.7 %		5.5 %		5.8 %
Total return:
Total return before incentive fees		3.3 %		(2.1)%		(3.4)%		(8.6)%
Incentive fees		- %		- %		- %		- %
Total return after incentive fees		3.3 %		(2.1)%		(3.4)%		(8.6)%

* Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. 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.

** Annualized (except for incentive fees, if applicable).

*** 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 period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

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Financial Instruments

9 Months Ended

Sep. 30, 2018

Investments, All Other Investments [Abstract]

Financial Instruments

4. Financial Instruments:

The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as 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 Statements of Income and Expenses. The Partnership’s contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. 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 non-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to a non-exchange-traded contract. The Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gain amounts reflected in the Statements of Financial Condition.

The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s 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 Partnership’s non-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 Partnership is required to meet margin requirements with the counterparty, which is accomplished by daily maintenance of the cash balance in custody accounts and U.S. Treasury bills held at MS&Co., for the benefit of MS&Co. With respect to those non-exchange-traded forward currency contracts, the Partnership is at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. The Partnership has a netting agreement with the counterparty. The primary terms are based on industry standard master netting agreements. This agreement, which seeks to reduce both the Partnership’s and the counterparty’s exposure on non-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s bankruptcy or insolvency.

The General Partner monitors and attempts to mitigate the Partnership’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 Partnership 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 Partnership, along with the U.S. Treasury bills held 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 non-exchange-traded forward currency contracts are settled upon termination of the contract.

In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote.

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Trading Activities

9 Months Ended

Sep. 30, 2018

Brokers and Dealers [Abstract]

Trading Activities

5. Trading Activities:

The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.

All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2018 and 2017 were 3,522 and 3,880, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2018 and 2017 were 3,313 and 4,419, respectively. The monthly average number of metal forward contracts traded during the three months ended September 30, 2018 and 2017 were 294 and 547, respectively. The monthly average number of metal forward contracts traded during the nine months ended September 30, 2018 and 2017 were 378 and 553, respectively. The monthly average notional value of currency forward contracts traded during the three months ended September 30, 2018 and 2017 were $77,621,980 and $146,467,394, respectively. The monthly average notional value of currency forward contracts traded during the nine months ended September 30, 2018 and 2017 were $99,889,209 and $144,212,140, respectively.

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar agreements as of September 30, 2018 and December 31, 2017, respectively.

			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
September 30, 2018	Gross Amounts Recognized						Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,195,935	$	(663,783)	$	2,532,152	$	-	$	-	$	2,532,152
Forwards		394,721		(394,721)		-		-		-		-
Total assets	$	3,590,656	$	(1,058,504)	$	2,532,152	$	-	$	-	$	2,532,152
Liabilities
Futures	$	(663,783)	$	663,783	$	-	$	-	$	-	$	-
Forwards		(538,303)		394,721		(143,582)		-		-		(143,582)
Total liabilities	$	(1,202,086)	$	1,058,504	$	(143,582)	$	-	$	-	$	(143,582)
Net fair value											$	2,388,570 *

			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
December 31, 2017	Gross Amounts Recognized						Financial Instruments		Cash Collateral Received/ 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	*

* In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’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.

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2018 and December 31, 2017, respectively.

	September 30, 2018
Assets
Futures Contracts
Commodity	$	1,484,033
Equity		960,553
Currencies		104,757
Interest rates		646,592
Total unrealized appreciation on open futures contracts		3,195,935
Liabilities
Futures Contracts
Commodity		(33,064)
Equity		(166,623)
Currencies		(155,450)
Interest rates		(308,646)
Total unrealized depreciation on open futures contracts		(663,783)
Net unrealized appreciation on open futures contracts	$	2,532,152	*
Assets
Forward Contracts
Commodity	$	97,294
Currencies		297,427
Total unrealized appreciation on open forward contracts		394,721
Liabilities
Forward Contracts
Commodity		(201,333)
Currencies		(336,970)
Total unrealized depreciation on open forward contracts		(538,303)
Net unrealized depreciation on open forward contracts	$	(143,582)	**

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

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

	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 the Statements of Financial Condition.

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

The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30,						Nine Months Ended September 30,
Sector	2018			2017			2018			2017
Commodity	$	971,122		$	(895,166)		$	132,767		$	(3,761,340)
Equity		1,236,875			1,728,930			1,118,265			7,564,217
Currencies		(79,098)			179,521			(760,753)			(2,949,031)
Interest rates		(522,484)			(1,417,306)			(711,290)			(3,450,489)
Total	$	1,606,415	***	$	(404,021)	***	$	(221,011)	***	$	(2,596,643)	***

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

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Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements:

Fair value is defined as the value 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, forward and option 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 Partnership considers prices for commodity futures, 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 pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2018 and December 31, 2017, and for the periods ended September 30, 2018 and 2017, the Partnership 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).

September 30, 2018	Total		Level 1		Level 2		Level 3
Assets
Futures	$	3,195,935	$	3,195,935	$	-	$	-
Forwards		394,721		-		394,721		-
Total assets	$	3,590,656	$	3,195,935	$	394,721	$	-
Liabilities
Futures	$	663,783	$	663,783	$	-	$	-
Forwards		538,303		-		538,303		-
Total liabilities	$	1,202,086	$	663,783	$	538,303	$	-
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	2,377,628	$	2,377,628	$	-	$	-
Forwards		1,275,513		-		1,275,513		-
Total assets	$	3,653,141	$	2,377,628	$	1,275,513	$	-
Liabilities
Futures	$	639,577	$	639,577	$	-	$	-
Forwards		789,082		-		789,082		-
Total liabilities	$	1,428,659	$	639,577	$	789,082	$	-

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events:

The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

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

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Use of Estimates

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, and those differences could be material.

Profit Allocation

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

Statement of Cash Flows

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended September 30, 2018 and 2017, the Partnership carried no debt and substantially all of the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnerships' Investments

Partnership’s Investments. All Futures Interests of the Partnership, 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 6, “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 Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements of Income and Expenses. The Partnership does 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.

Restricted and Unrestricted Cash

Restricted and Unrestricted Cash. The cash held by the Partnership available for trading in Futures Interests, if any, is on deposit in commodity brokerage accounts with MS&Co. As reflected in the Statements of Financial Condition, restricted cash equals 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 September 30, 2018 and December 31, 2017, the amount of cash held for margin requirements was $8,551,669 and $8,683,095, respectively. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(636,407) (proceeds of $638,846) and $977,236 (cost of $984,412) as of September 30, 2018 and December 31, 2017, respectively.

Investment Company Status

Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 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 Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership 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.

Income Taxes

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2014 through 2017 tax years remain subject to examination by U.S. federal and most state tax authorities.

Net Income (Loss) per Unit

Net Income (Loss) per Unit.Net income (loss) per unit of limited partnership interest (“Unit(s)”) is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2018

Investment Company [Abstract]

Financial Highlights

Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2018 and 2017 were as follows:

	For the Three Months Ended   September 30,				For the Nine Months Ended   September 30,
	2018		2017		2018		2017
Per Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	0.95	$	(0.20)	$	(0.08)	$	(1.16)
Net investment loss		(0.22)		(0.27)		(0.74)		(0.87)
Net increase (decrease) for the period		0.73		(0.47)		(0.82)		(2.03)
Net asset value per Unit, beginning of period		22.27		21.98		23.82		23.54
Net asset value per Unit, end of period	$	23.00	$	21.51	$	23.00	$	21.51
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(4.1)%		(4.9)%		(4.3)%		(5.2)%
Operating expenses before incentive fees		5.4 %		5.7 %		5.5 %		5.8 %
Incentive fees		- %		- %		- %		- %
Operating expenses after incentive fees		5.4 %		5.7 %		5.5 %		5.8 %
Total return:
Total return before incentive fees		3.3 %		(2.1)%		(3.4)%		(8.6)%
Incentive fees		- %		- %		- %		- %
Total return after incentive fees		3.3 %		(2.1)%		(3.4)%		(8.6)%

* Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. 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.

** Annualized (except for incentive fees, if applicable).

*** Interest income less total expenses.

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Trading Activities (Tables)

9 Months Ended

Sep. 30, 2018

Brokers and Dealers [Abstract]

Offsetting of Derivative Assets and Liabilities

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar agreements as of September 30, 2018 and December 31, 2017, respectively.

			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
September 30, 2018	Gross Amounts Recognized						Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,195,935	$	(663,783)	$	2,532,152	$	-	$	-	$	2,532,152
Forwards		394,721		(394,721)		-		-		-		-
Total assets	$	3,590,656	$	(1,058,504)	$	2,532,152	$	-	$	-	$	2,532,152
Liabilities
Futures	$	(663,783)	$	663,783	$	-	$	-	$	-	$	-
Forwards		(538,303)		394,721		(143,582)		-		-		(143,582)
Total liabilities	$	(1,202,086)	$	1,058,504	$	(143,582)	$	-	$	-	$	(143,582)
Net fair value											$	2,388,570 *

			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
December 31, 2017	Gross Amounts Recognized						Financial Instruments		Cash Collateral Received/ 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	*

* In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’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 derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2018 and December 31, 2017, respectively.

	September 30, 2018
Assets
Futures Contracts
Commodity	$	1,484,033
Equity		960,553
Currencies		104,757
Interest rates		646,592
Total unrealized appreciation on open futures contracts		3,195,935
Liabilities
Futures Contracts
Commodity		(33,064)
Equity		(166,623)
Currencies		(155,450)
Interest rates		(308,646)
Total unrealized depreciation on open futures contracts		(663,783)
Net unrealized appreciation on open futures contracts	$	2,532,152	*
Assets
Forward Contracts
Commodity	$	97,294
Currencies		297,427
Total unrealized appreciation on open forward contracts		394,721
Liabilities
Forward Contracts
Commodity		(201,333)
Currencies		(336,970)
Total unrealized depreciation on open forward contracts		(538,303)
Net unrealized depreciation on open forward contracts	$	(143,582)	**

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

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

	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 the Statements of Financial Condition.

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

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

he following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30,						Nine Months Ended September 30,
Sector	2018			2017			2018			2017
Commodity	$	971,122		$	(895,166)		$	132,767		$	(3,761,340)
Equity		1,236,875			1,728,930			1,118,265			7,564,217
Currencies		(79,098)			179,521			(760,753)			(2,949,031)
Interest rates		(522,484)			(1,417,306)			(711,290)			(3,450,489)
Total	$	1,606,415	***	$	(404,021)	***	$	(221,011)	***	$	(2,596,643)	***

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

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

September 30, 2018	Total		Level 1		Level 2		Level 3
Assets
Futures	$	3,195,935	$	3,195,935	$	-	$	-
Forwards		394,721		-		394,721		-
Total assets	$	3,590,656	$	3,195,935	$	394,721	$	-
Liabilities
Futures	$	663,783	$	663,783	$	-	$	-
Forwards		538,303		-		538,303		-
Total liabilities	$	1,202,086	$	663,783	$	538,303	$	-
December 31, 2017	Total		Level 1		Level 2		Level 3
Assets
Futures	$	2,377,628	$	2,377,628	$	-	$	-
Forwards		1,275,513		-		1,275,513		-
Total assets	$	3,653,141	$	2,377,628	$	1,275,513	$	-
Liabilities
Futures	$	639,577	$	639,577	$	-	$	-
Forwards		789,082		-		789,082		-
Total liabilities	$	1,428,659	$	639,577	$	789,082	$	-

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Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Restricted cash	$ 8,551,669	$ 8,683,095
Cash denominated in foreign currencies	(636,407)	977,236
Cash denominated in foreign currencies, proceeds	638,846
Cash denominated in foreign currencies, cost		$ 984,412
Provision for income tax	0
Uncertain tax position	$ 0
Open tax year	2014 2015 2016 2017

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Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period			$ 23.82
Net asset value per Unit, end of period	$ 23.00		23.00
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	0.95	$ (0.20)	(0.08)	$ (1.16)
Net investment loss	(0.22)	(0.27)	(0.74)	(0.87)
Net increase (decrease) for the period	0.73	(0.47)	(0.82)	(2.03)
Net asset value per Unit, beginning of period	22.27	21.98	23.82	23.54
Net asset value per Unit, end of period	$ 23.00	$ 21.51	$ 23.00	$ 21.51

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Financial Highlights - Ratios to Average Limited Partners' Capital (Detail) - Limited Partners [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Ratios to Average Limited Partners' Capital:
Net investment loss	(4.10%)	(4.90%)	(4.30%)	(5.20%)
Operating expenses before incentive fees	5.40%	5.70%	5.50%	5.80%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Operating expenses after incentive fees	5.40%	5.70%	5.50%	5.80%
Total return:
Total return before incentive fees	3.30%	(2.10%)	(3.40%)	(8.60%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	3.30%	(2.10%)	(3.40%)	(8.60%)

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Trading Activities - Additional Information (Detail) - Weighted Average [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) Contract	Sep. 30, 2017 USD ($) Contract	Sep. 30, 2018 USD ($) Contract	Sep. 30, 2017 USD ($) Contract
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	3,522	3,880	3,313	4,419
Forward Contracts [Member] | Commodity [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	294	547	378	553
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 77,621,980	$ 146,467,394	$ 99,889,209	$ 144,212,140

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Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 3,590,656	$ 3,653,141
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,058,504)	(1,428,659)
Amounts Presented in the Statements of Financial Condition, Assets	2,532,152	2,224,482
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	2,532,152	2,224,482
Gross Amounts Recognized, Liabilities	(1,202,086)	(1,428,659)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,058,504	1,428,659
Amounts Presented in the Statements of Financial Condition, Liabilities	(143,582)
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	(143,582)
Net fair value	2,388,570	2,224,482
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	3,195,935	2,377,628
Gross Amounts Offset in the Statements of Financial Condition, Assets	(663,783)	(639,577)
Amounts Presented in the Statements of Financial Condition, Assets	2,532,152	1,738,051
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	2,532,152	1,738,051
Gross Amounts Recognized, Liabilities	(663,783)	(639,577)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	663,783	639,577
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
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	394,721	1,275,513
Gross Amounts Offset in the Statements of Financial Condition, Assets	(394,721)	(789,082)
Amounts Presented in the Statements of Financial Condition, Assets		486,431
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		486,431
Gross Amounts Recognized, Liabilities	(538,303)	(789,082)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	394,721	789,082
Amounts Presented in the Statements of Financial Condition, Liabilities	(143,582)
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	$ (143,582)

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Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 3,195,935	$ 2,377,628
Total unrealized depreciation on open contracts	(663,783)	(639,577)
Net unrealized appreciation (depreciation) on open contracts	2,532,152	1,738,051
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,484,033	1,273,423
Total unrealized depreciation on open contracts	(33,064)	(187,625)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	960,553	489,126
Total unrealized depreciation on open contracts	(166,623)	(107,968)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	104,757	196,144
Total unrealized depreciation on open contracts	(155,450)	(3,001)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	646,592	418,935
Total unrealized depreciation on open contracts	(308,646)	(340,983)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	394,721	1,275,513
Total unrealized depreciation on open contracts	(538,303)	(789,082)
Net unrealized appreciation (depreciation) on open contracts	(143,582)	486,431
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	97,294	897,185
Total unrealized depreciation on open contracts	(201,333)	(385,217)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	297,427	378,328
Total unrealized depreciation on open contracts	$ (336,970)	$ (403,865)

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Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Total trading results	$ 1,606,415	$ (404,021)	$ (221,011)	$ (2,596,643)
Commodity [Member]
Derivative [Line Items]
Total trading results	971,122	(895,166)	132,767	(3,761,340)
Equity [Member]
Derivative [Line Items]
Total trading results	1,236,875	1,728,930	1,118,265	7,564,217
Currencies [Member]
Derivative [Line Items]
Total trading results	(79,098)	179,521	(760,753)	(2,949,031)
Interest Rates [Member]
Derivative [Line Items]
Total trading results	$ (522,484)	$ (1,417,306)	$ (711,290)	$ (3,450,489)

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Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument	Sep. 30, 2018	Dec. 31, 2017
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments held	0	0

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Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Assets
Total assets	$ 3,590,656	$ 3,653,141
Liabilities
Total liabilities	1,202,086	1,428,659
Futures Contracts [Member]
Assets
Total assets	3,195,935	2,377,628
Liabilities
Total liabilities	663,783	639,577
Forward Contracts [Member]
Assets
Total assets	394,721	1,275,513
Liabilities
Total liabilities	538,303	789,082
Level 1 [Member]
Assets
Total assets	3,195,935	2,377,628
Liabilities
Total liabilities	663,783	639,577
Level 1 [Member] | Futures Contracts [Member]
Assets
Total assets	3,195,935	2,377,628
Liabilities
Total liabilities	663,783	639,577
Level 2 [Member]
Assets
Total assets	394,721	1,275,513
Liabilities
Total liabilities	538,303	789,082
Level 2 [Member] | Forward Contracts [Member]
Assets
Total assets	394,721	1,275,513
Liabilities
Total liabilities	$ 538,303	$ 789,082