10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended December 31, 2014 or

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

For the transition period from __________________to__________________

Commission file number: 000-31563

		MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY AND COMMODITY L.P.
		(Exact name of registrant as specified in its charter)
	Delaware		13-4084211
	State or other jurisdiction of      incorporation or organization		(I.R.S. Employer Identification No.)
Ceres Managed Futures LLC
522 Fifth Avenue
New York, NY			10036
(Address of principal executive offices)			(Zip Code)

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

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

Units of Limited Partnership Interest

(Title of Class)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

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

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

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

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

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

State the aggregate market value of the Units of Limited Partnership Interest held by non-affiliates of the registrant.  The aggregate market value shall be computed by reference to the price at which Units were sold as of the last business day of the registrant’s most recently completed second fiscal quarter: $13,689,215 at June 30, 2014.

As of February 28, 2015, 1,551,125.475 Limited Partnership Units were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

(See Page 1)

MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY AND COMMODITY L.P.

INDEX TO ANNUAL REPORT ON FORM 10-K

December 31, 2014

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

Part I.
Item 1.	Business	2-7
Item 1A.	Risk Factors	7-37
Item 1B.	Unresolved Staff Comments	37
Item 2.	Properties	37
Item 3.	Legal Proceedings	37-55
Item 4.	Mine Safety Disclosures	55
Part II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters  and Issuer Purchases of Equity Securities	56
Item 6.	Selected Financial Data	57
Item 7.	Management’s Discussion  and Analysis of Financial Condition and Results of Operations	58-79
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	79-87
Item 8.	Financial Statements and Supplementary Data	87-88
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	88
Item 9A.	Controls and Procedures	88-90
Item 9B.	Other Information	90
Part III.
Item 10.	Directors, Executive Officers and Corporate Governance	91-105
Item 11.	Executive Compensation	105
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	105
Item 13.	Certain Relationships and Related Transactions, and Director Independence	105-106
Item 14.	Principal Accountant Fees and Services	106
Part IV.
Item 15.	Exhibits, Financial Statement Schedules	107

DOCUMENTS INCORPORATED BY REFERENCE

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

     Documents Incorporated                                                                                                                   Part of Form 10-K

Annual Report to Morgan Stanley 

Spectrum Series Limited Partners                                                                                     

for the year ended December 31, 2014                                                                                                               II, III, and IV

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PART I

Item 1.  BUSINESS

(a) General Development of Business. Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (the “Partnership”) is a Delaware limited partnership organized in 1999 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts in global currency markets (collectively, “Futures Interests”).  The Partnership commenced trading operations on July 3, 2000.  The Partnership is one of the Morgan Stanley Spectrum Series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Select L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P. and Morgan Stanley Smith Barney Spectrum Technical L.P..

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator for the Partnership.  Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”).  MSSBH is wholly-owned indirectly by Morgan Stanley.  Prior to June 28, 2013, Citigroup Inc. was the indirect minority owner of MSSBH.  Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”).  Morgan Stanley Wealth Management is a principal subsidiary of MSSBH.

The clearing commodity broker for the Partnership is Morgan Stanley & Co. LLC (“MS&Co.”).  MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts.  Morgan

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Stanley Capital Group Inc. (“MSCG”) acts as the counterparty on all trading of foreign currency forward contracts.  MS&Co. and MSCG are wholly-owned subsidiaries of Morgan Stanley.

The trading advisor to the Partnership is The Cambridge Strategy (Asset Management) Limited (“Cambridge”), and, prior to December 31, 2014, Krom River  Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, “Krom River”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”).   A description of the trading activities and focus of each Trading Advisor begins on pages 61 to 63 under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Effective December 31, 2014, the Partnership fully redeemed its investment from KR Master Fund L.P. (“KR Master Fund”).  In addition, Krom River no longer acts as a commodity trading advisor to the Partnership.  Effective on or about January 1, 2015, the Partnership reallocated the assets allocated to Krom River to Cambridge.

Effective December 9, 2014, Cambridge, trading advisor to the Cambridge Master Fund L.P. (“Cambridge Master Fund”), in consultation with the General Partner for the Partnership, agreed to increase the amount of leverage applied to the assets allocated to Cambridge by the General Partner via Cambridge Master Fund to 2.0 times the assets allocated to Cambridge by the General Partner via Cambridge Master Fund and traded pursuant to Cambridge’s Asian Markets Alpha Programme and the Emerging Markets Alpha Programme.

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Effective October 1, 2014, the flat rate brokerage fee, equal to an annual rate of 3.6% of the Partnership’s net assets, was separated into (i) a general partner administrative fee payable to the General Partner equal to an annual rate of 1.6% of the Partnership’s net assets, and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of the Partnership’s net assets.  The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by the Partnership.

Effective April 1, 2014, the flat rate brokerage fee for the Partnership was reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of the Partnership’s net assets.

Cambridge manages the assets of the Partnership through the Partnership investment in Cambridge Master Fund.   Krom River managed the assets of the Partnership through the Partnership’s investment in KR Master Fund.

Ceres is the general partner to Cambridge Master Fund and, prior to termination on December 31, 2014, was the general partner to KR Master Fund.

The General Partner uses a trading strategy in which the Trading Advisors employ proprietary trading models and methodologies that seek to identify favorable price relationships between and among various global currency and commodity markets through the analysis of technical market

information.  The Partnership aims to achieve capital appreciation through speculative trading, directly

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and indirectly, in U.S. and international markets for currencies, agricultural and energy products and precious and base metals.  The Partnership may employ futures, options on futures, and forward contracts in those markets.

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

The management fee for the Partnership is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated on the first day of each month to Cambridge and, prior to termination on December 31, 2014, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the last day of each month.

In addition, the Partnership pays an incentive fee equal to 15% of the trading profits experienced with respect to  Cambridge’s allocated net assets at the end of each calendar quarter and, prior to termination on December 31, 2014, 20% of the trading profits experienced with respect to Krom River’s allocated net assets as of the end of each calendar quarter.

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Trading profits represent the amount by which profits from futures, forwards and options trading exceed losses after brokerage and management fees are deducted.  For the Trading Advisor with trading losses, no incentive fee is paid in subsequent months until all such losses are recovered.

Cumulative trading losses are adjusted on a pro rata basis for the net amount of each month’s redemptions.

The current term of the Management Agreement with Cambridge will expire June 30, 2015 and will renew annually unless terminated by the General Partner or the Trading Advisor.  In general, the Management Agreement may be terminated upon notice by either party.

The Partnership began the year at a net asset value per unit of limited partnership interest (“Unit(s)”) of $7.39 and returned 14.9% to $8.49 per Unit on December 31, 2014.  For a more detailed description of the Partnership’s business see subparagraph (c).

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

(c)  Narrative Description of Business.  The Partnership is in the business of speculative trading of futures, forwards and options on such contracts pursuant to trading instructions provided by the

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

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

(e)  Available Information.  The Partnership files an annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to these reports with the Securities and Exchange Commission (“SEC”).  You may read and copy any document filed by the Partnership at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.  Please call the SEC at 1-800-SEC-0330 for information on the Public Reference Room. The Partnership does not maintain an internet website; however, the Partnership’s SEC filings are available to the public from the EDGAR database on the SEC’s website at http://www.sec.gov.  The Partnership’s CIK number is 0001097396.

Item 1A.  RISK FACTORS

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

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

Risks Relating to the Partnership

Possible Consequences of Using Multiple Trading Advisors. Each Trading Advisor makes trading decisions independent of the other Trading Advisors for the Partnership. Thus, it is possible that the Partnership could hold opposite positions in the same or similar futures, forwards, and options, thereby offsetting any potential for profit from these positions.  Each such position would cost the Partnership transactional expenses (such as brokerage commissions and National Futures Association (fees) but could not generate any recognized gain or loss.  Moreover, the General Partner may reallocate the Partnership’s assets among the current Trading Advisors, terminate one or more or select additional Trading Advisors at any time.  Any such reallocation could adversely affect the performance of the Partnership or any one Trading Advisor.

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

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

The Partnership Incurs Substantial Charges. The Partnership must pay substantial charges, and must generate profits and interest income which exceed its fixed costs in order to avoid depletion of its assets. The Partnership is required to pay brokerage commissions and monthly management fees to the Trading Advisors regardless of the performance of the Partnership. In addition, the Partnership pays each Trading Advisor an incentive fee. In addition, the Partnership pays the ongoing administrative and operating expenses of the Partnership as such expenses are incurred.

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

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allocated to such Trading Advisor suffer a loss for the year. Because each Trading Advisor receives an incentive fee based on the new trading profits earned by the Trading Advisor, the Trading Advisors may have an incentive to make investments that are riskier than would be the case in the absence of such an incentive fee being paid to the Trading Advisors based on new trading profits.

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

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

The Partnership’s Structure Has Conflicts of Interest.

· The General Partner, Morgan Stanley Investment Management, Morgan Stanley Wealth Management, MS&Co., MSCG, and Morgan Stanley & Co. International plc (“MSIP”) are affiliates. As a result, the fees and other compensation received by these parties and other terms relating to the operation of the Partnership and the sale of Units have not been negotiated independently.  The officers and directors of the General Partner are also employees of Morgan Stanley or one of its subsidiaries and may have a conflict of interest between their responsibility to the General Partner and the commodity pools it operates.  Some of the compensation for such officers and directors of the General Partner may be based in part on the profitability of the managed futures business operated by the General Partner.    

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

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

No specific policies regarding conflicts of interest have been adopted by the General Partner, the Partnership, or any of their affiliates, and you will be dependent on the good faith of, and legal and fiduciary obligations imposed on the parties involved with such conflicts to resolve them equitably.

An Investment in Units May Not Diversify an Overall Portfolio.  Because futures, forwards and options have historically performed independently of traditional investments in equities and bonds, the General Partner believes that managed futures funds like the Partnership can diversify a traditional portfolio of equities and bonds.  However, the General Partner cannot assure you that the Partnership will perform with a significant degree of non- or low-correlation to your other investments in the future.

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

Risks Related to Regulation of the Partnership and General Partner

The Federal Reserve Board’s Regulation of Morgan Stanley Could Affect the Activities of the Partnership. As a bank holding company that has elected financial holding company (“FHC”) status under the Bank Holding Company Act of 1956 (“BHCA”), Morgan Stanley and its affiliates are subject to the comprehensive, consolidated supervision and regulation of the Board of Governors of the Federal Reserve System (“Federal Reserve”). A significant focus of this regulatory framework is the operation of Morgan Stanley and its subsidiaries in a safe and sound manner, with sufficient capital, earnings and liquidity that Morgan Stanley may serve as a source of financial and managerial strength to Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association (the “Banks”). These Banks must remain well capitalized and well managed if Morgan Stanley is to maintain its FHC status and continue to engage in the widest range of permissible financial activities. In addition, the general exercise by the Federal Reserve of its regulatory, supervisory and enforcement authority with respect to Morgan Stanley and certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank

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Act” or the “Act”) could result in changes to Morgan Stanley’s business practices or the scope of its current lines of business, including certain limited divestitures. Although such changes could have an impact on and consequences for Morgan Stanley, the General Partner and the Partnership, any limited divestiture should not directly involve the Partnership.

The enactment of the Dodd-Frank Act on July 21, 2010 has and will continue to result in enhanced regulation by the Federal Reserve and, with respect to the Banks, may result in enhanced regulation of certain affiliates of Morgan Stanley by the Office of the Comptroller of the Currency. Specifically, the Act amended the BHCA to require that, effective July 21, 2011, a bank holding company that has elected FHC status, such as Morgan Stanley, must remain well-capitalized and well-managed for the election to continue to be effective.  Prior to the Dodd-Frank Act, this requirement had applied only to depository institution subsidiaries of a FHC, such as the Banks.  In addition to extending this requirement to apply to FHCs, the Dodd-Frank Act expanded the Federal Reserve’s supervisory and enforcement authority over nonbank subsidiaries of a bank holding company. Additionally, because it is a bank holding company with more than $50 billion in consolidated assets, Morgan Stanley is subject to enhanced Federal Reserve supervision and more stringent prudential standards. In July 2013, the Federal Reserve issued a final rule adopting the regulatory capital reforms agreed upon by the Basel Committee (“Basel III”).  The Basel III capital framework introduced a new minimum common equity tier 1 (“CET 1”) capital ratio of 4.5 percent and a CET 1 capital conservation buffer of 2.5 percent, raised the minimum tier 1 capital ratio from 4 percent to 6 percent, required all banking organizations to meet a minimum 4 percent leverage ratio, and introduced a standardized approach for calculating risk-weighted assets.  In February

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2014, the Federal Reserve formally adopted a number of previously-issued capital planning and stress testing requirements as “enhanced prudential standards.”  For bank holding companies with total consolidated assets of $50 billion or more, such as Morgan Stanley, the enhanced prudential standards include periodic capital planning and stress testing procedures, including the requirement to submit to the Federal Reserve an annual capital plan that demonstrates the holding company’s ability to maintain minimum capital levels under both baseline and stressed conditions.  Bank holding companies subject to the rule were required  to comply by January 1, 2015.

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

Effect on the Partnership of the “Volcker Rule.”  InDecember 2013, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the FDIC, the SEC and the Commodity Futures Trading Commission (“CFTC”) each adopted a final rule (“Final Rule”) implementing Section 619 of the Dodd-Frank Act (which section is commonly referred to as the Volcker Rule).  The Final Rule became effective on April 1, 2014.  Among other things, the Final Rule limits the ability of “banking entities” (which term includes any insured depository institution, any company controlling an insured depository institution or any affiliate or subsidiary of either) to acquire or retain an equity or other ownership interest in, or “sponsor”, “covered funds,” which include certain types of collective investment vehicles, such as the Partnership.  The Final Rule, however, permits banking entities to organize and offer a covered fund if several conditions are

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satisfied, including the requirement that the banking entity does not acquire an equity or other ownership interest in the covered fund except for a de minimis investment.  Moreover, with certain limited exceptions, all banking entities engaging in proprietary trading or covered funds activities subject to the Final Rule must adopt a compliance program by July 21, 2015, including meeting certain documentation and reporting requirements.  The Final Rule makes clear that the terms, scope and detail of the compliance program depend on the types, size, scope and complexity of the activities and business structure of the banking entity.  Larger banking entities are subject to increased compliance program requirements.

Morgan Stanley is continuing to assess the impact of the Final Rule on itself and all of its subsidiaries and affiliates.  The Final Rule could, among other things, limit or prohibit certain employees of Morgan Stanley and its subsidiaries and affiliates, including the General Partner, and their investment vehicles from investing in or co-investing with the Partnership.  Structural changes to the Partnership could also be required.  To the extent that the General Partner determines that any activities or investments of the Partnership are impermissible under the Final Rule, the General Partner is required to make good faith efforts to unwind such activities and investments by certain deadlines. The deadline to conform investments in and relationships with covered funds that were in place prior to December 31, 2013 is July 21, 2016, but the Federal Reserve has announced its intention to extend this deadline to July 21, 2017 later this year.  The deadline to conform any investments in and relationships with covered funds that were not in place prior to December 31, 2013 isJuly 21, 2015.  It should be noted that each of the regulators has discretion to interpret the Final Rule with respect to the entities regulated by each such regulator, and there are numerous

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interpretive questions to be resolved in regulatory commentary, so there remains some uncertainty as to how various aspects of the Final Rule may be applied.

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

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

 Assets Held in Accounts at U.S. Banks May Not Be Fully Insured. The assets of the Partnership that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The FDIC insures deposits held at insured depository institutions for up to $250,000 (including principal and accrued interest) for each insurable capacity (e.g., individual

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accounts, joint accounts, corporate accounts, etc.), though deposits in separate branches of an insured institution are not separately insured. If the FDIC were to become receiver of an insured U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates, then it is uncertain whether the commodity broker, the affiliate involved, the Partnership, or the investor would be able to reclaim cash in the deposit accounts above $250,000.

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

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

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Risks Relating to Futures Interests Trading and the Futures Interests Markets

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

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

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

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

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

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

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

·   exchange-imposed price fluctuation limits;

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

·   market disruptions.

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

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

Trading on Foreign Exchanges Presents Greater Risks to the Partnership than Trading on U.S. Exchanges. The Partnership trades on exchanges located outside the United States. Trading on U.S. exchanges is subject to CFTC regulation and oversight, including, for example, minimum capital requirements for commodity brokers, segregation of customer funds, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements, and other requirements and restrictions for the purpose of preventing price manipulation and other disruptions to market integrity, avoiding systemic risk, preventing fraud and promoting innovation, competition and financial integrity of transactions. Trading on foreign exchanges is not regulated by the CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and may be less vigorously enforced than regulations in the U.S.

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

Lack of Investor Protection Regulation

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

Possible Governmental Intervention

Generally, foreign brokers are not subject to the jurisdiction of the CFTC or any other U.S. regulator.  In addition, the Partnership’s assets held outside of the United States to margin transactions on foreign exchanges are held in accordance with the client assets protection regime and the insolvency laws of the applicable jurisdiction.  A foreign government might halt trading in a market and/or take possession of the Partnership’s assets maintained in its country in which case the assets may never be recovered.  The General Partner might have little or no notice that such events were happening.  In such circumstances, the General Partner may not be able to obtain the Partnership’s assets.

Relatively New Markets

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

Exchange-Rate Exposure

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

Risks Associated with Affiliates

The Partnership’s clearing broker may use an affiliate to carry and clear transactions on foreign exchanges.  While the use of affiliates can provide certain benefits, it can also pose certain risks.  In particular, if a clearing broker or an affiliated foreign broker were to fail, it is likely that all of its affiliated companies would fail or be placed in administration within a relatively brief period of time.  Each of these companies would be liquidated in accordance with the bankruptcy laws of the local jurisdiction.  Moreover, return of the Partnership’s assets held at affiliated foreign brokers would be delayed, perhaps for a significant period of time, and would be subject to additional administrative costs.  If, on the other hand, a clearing broker had cleared its customers’ foreign

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futures and foreign options transactions through unaffiliated foreign brokers, such broker likely would not have failed and the clearing broker’s bankruptcy trustee could have directed the foreign broker to liquidate all of the Partnership’s positions and return the balance to the trustee for distribution to the Partnership.

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

The Unregulated Nature of Uncleared Trades in the OTC Markets Creates Counterparty Risks that Do Not Exist in Futures Trading on Exchanges or in Cleared Swaps. Unlike futures contracts and cleared swaps, uncleared trades, such as forward contracts, some swaps and some OTC “spot” contracts, are entered into between private parties off an exchange or other trading platform and are not subject to clearing. As a result, the performance of those contracts is not guaranteed by an exchange or its clearinghouse, and the Partnership is at risk with respect to the ability of the counterparty to perform on the contract, including the creditworthiness of the counterparty. Trading of foreign exchange spot contracts or foreign exchange forwards and foreign exchange swaps (as such terms are defined in the Dodd-Frank Act), and of uncleared swaps is not regulated or is subject to limited regulation; therefore, there are limited or no specific standards or regulatory supervision of trade pricing and other trading activities that occur in those markets. The Partnership trades such contracts with MS&Co. and MSCG and is at risk with respect to the creditworthiness and trading practices of each of MS&Co. and MSCG as the counterparty to the contracts.

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

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

Trading Swaps Creates Distinctive Risks. The Trading Advisors may trade in certain swaps.  Unlike futures and options on futures contracts, most swap contracts currently are not

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

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

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

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

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

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

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system in general and on the Partnership’s positions in particular is uncertain but could be significant and could affect a large portion of the market.

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

The Partnershipis Subject to Speculative Position Limits. U.S. futures exchanges have established speculative position limits (referred to as “position limits”) on the maximum net long or net short position, which any person or group of persons may hold or control in particular futures and options on futures.  Most exchanges also limit the amount of fluctuation in commodity futures contract prices on a single trading day.  Therefore, a Trading Advisor may have to modify its trading instructions or reduce the size of its position in one or more futures or options contracts in order to avoid exceeding such position limits, which could adversely affect the  profitability of the

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Partnership.  The futures exchange may amend or adjust these position limits or the interpretation of how such limits are applied, adversely affecting the profitability of the Partnership.  In addition, in October 2011, the CFTC adopted rules governing position limits on futures (and options on futures) on a number of agricultural, energy and metals commodities, as well as on swaps that perform a significant price discovery function with respect to those futures and options.  In September 2012, the CFTC’s rules were vacated by the United States District Court for the District of Columbia and remanded to the CFTC for further consideration.  The CFTC proposed revised position limits rules late in 2013.  The comment period for the rules closed in February 2014, and the CFTC subsequently reopened comment periods for comments about certain issues related to futures and options contracts on agricultural commodities only.  Those comment periods have also closed, and the date for the CFTC’s final rules is unknown.  It is possible that these rules may take effect in some form.  If so, these rules could have an adverse effect on the Partnership’s trading.

The Partnershiphas Credit Risk to the Commodity Brokers. The Partnership has credit risk because the commodity brokers act as the futures commission merchants for futures transactions or the counterparties of OTC transactions, with respect to most of the Partnership’s assets. As such, in the event that the commodity brokers are unable to perform, the Partnership’s assets are at risk and, in such event, the Partnership may only recover a portion of its investment or nothing at all. Exchange-traded futures and futures-styled option contracts are marked to market on a daily basis, with variations in value credited or charged to the Partnership’s account on a daily basis. The commodity brokers, as futures commission merchants for the Partnership’s exchange-traded contracts, are required, pursuant to CFTC regulations, to segregate from their own assets, and for

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the sole benefit of their commodity customers, all funds held by them with respect to exchange-traded futures and futures-styled options contracts, including an amount equal to the net unrealized gain on all open futures and futures-styled options contracts. Similar requirements apply with respect to funds held in connection with cleared swap contracts.  In the event of a shortfall in segregated customer funds held by the futures commission merchant, the Partnership’s assets on account with the futures commission merchant may be at risk in the event of the futures commission merchant’s bankruptcy or insolvency, and in such event, the Partnership may only recover a portion of the available customer funds.  If no property is available for distribution, the Partnership would not recover any of its assets.  With respect to the Partnership’s OTC foreign exchange contracts and uncleared swaps with MS&Co. and MSCG prior to the implementation of the Dodd-Frank Act’s provisions, there was no requirement to segregate funds held with respect to such contracts.  There is still no requirement to segregate funds held as variation margin posted by a party engaging in uncleared swaps with a swap dealer or major swap participant; however, a party engaging in uncleared swaps with a swap dealer or major swap participant can ask that the initial margin posted by such party be held with an independent third party custodian.  Generally, the party requesting segregation will pay the costs of such custodial arrangement.  There may also be costs and delays involved in negotiating the custodial arrangement and related contractual terms.

Risks Relating to the Trading Advisors

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

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Reliance on the Trading Advisors to Trade Successfully. The Trading Advisors are responsible for making all futures, forwards, and options trading decisions on behalf of the Partnership. The General Partner has no control over the specific trades the Trading Advisors may make, leverage used, risks and/or concentrations assumed or whether the Trading Advisors will act in accordance with the disclosure documents or descriptive materials furnished by them to the General Partner. The General Partner can provide no assurance that the trading program employed by the Trading Advisors will be successful. The Trading Advisors, in turn, are dependent upon the services of a limited number of persons to develop and refine their trading approaches and strategies and execute the trading transactions. The loss of the services of any of the Trading Advisors’ principals or key employees, or the failure of those principals or key employees to function effectively as a team, may have an adverse effect on the Trading Advisors’ ability to manage their trading activities successfully, or may cause a Trading Advisor to cease operations entirely. This, in turn, could negatively affect the Partnership’s performance.

Market Factors May Adversely Influence the Trading Advisors’ Trading Programs. In the past, there have been periods when market conditions have not been favorable to the Trading Advisors’ respective strategies, and such periods may recur. The past performance of such trading strategies is not necessarily indicative of their future profitability, and no trading program can consistently determine which commodity to trade or when to enter into the trade. Often, the most unprofitable market conditions for the Partnership are those in which prices “whipsaw,” that is, such price moves quickly upward (or downward), then reverses, then moves upward (or downward) again, then reverses again. In such conditions, the Trading Advisors may establish positions based

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on incorrectly identifying both the brief upward or downward price movements as trends, whereas in fact no trends sufficient to generate profits develop. Any factor which may lessen the prospect of favorable conditions in the future (such as lack of major price trends or increased governmental control of, or participation in, the markets) may reduce the Trading Advisors’ ability to trade profitably in the future.

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

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

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

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

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

Partnership Performance May Be Hindered by Increased Competition for Positions. Assets in managed futures have grown from an estimated $300 million in 1980 to over $325 billion in March, 2014. This has resulted in increased trading competition. Since futures are traded in an auction-like market, the more competition there is for some contracts, the more difficult it is for the Trading Advisors to obtain the best prices for the Partnership. The Trading Advisors are required to use an allocation methodology that is fair to all customers.

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

Taxation Risks

You May Have Tax Liability Attributable To Your Interest in the Partnership Even If You Have Received No Distributions and Redeemed No Units and Even if the Partnership Generated a Loss. If the Partnership has profit for a taxable year, the profit will be includible in your taxable income, whether or not cash or other property is actually distributed to you by the Partnership. The General Partner presently does not intend to make any distributions from the Partnership. Accordingly, it is anticipated that U.S. federal income taxes on your allocable share of the Partnership’s profits will exceed the amount of distributions to you, if any, for a taxable year, so that you must be prepared to fund any tax liability from redemptions of Units or other sources. In addition, the Partnership may have capital losses from trading activities that cannot be deducted against the Partnership’s ordinary income (e.g., interest income, periodic net swap payments) so that you may have to pay taxes on ordinary income even if the Partnership generates a net loss.

The Partnership’s Tax Returns Could be Audited. The Internal Revenue Service (“IRS”) could audit the Partnership’s U.S. federal income tax returns. If an audit results in an adjustment to

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the Partnership’s tax return, limited partners in the Partnership could be required to file amended returns and pay additional tax.

You Will Recognize Short-Term Capital Gain. Profits on futures contracts traded in regulated U.S. and some foreign exchanges, foreign currency contracts traded in the interbank market, and U.S. and some foreign exchange-traded options on commodities are generally taxed as short-term capital gain to the extent of 40% of gains with respect to section 1256 contracts and at least 50% of the gain arising from a mixed straddle account and are currently taxed at a maximum marginal ordinary U.S. federal income tax rate of 39.6%.

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

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

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

Item 1B.  UNRESOLVED STAFF COMMENTS

Not applicable.

Item 2.  PROPERTIES

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

Item 3.  LEGAL PROCEEDINGS

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

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

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MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company.  Morgan Stanley files periodic reports with the SEC as required by the Securities Exchange Act of 1934 (“Exchange Act”), which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including MS&Co.  As a consolidated subsidiary of Morgan Stanley, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations.  As a result, please refer to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for 2014, 2013, 2012, 2011 and 2010.

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.

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

Regulatory and Governmental Matters.

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

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On February 25, 2015, MS&Co. reached an agreement in principle with the United States Department of Justice, Civil Division and the United States Attorney’s Office for the Northern

District of California, Civil Division (collectively, the “Civil Division”) to pay $2.6 billion to resolve certain claims that the Civil Division indicated it intended to bring against MS&Co.  While MS&Co. and the Civil Division have reached an agreement in principle to resolve this matter, there can be no assurance that MS&Co. and the Civil Division will agree on the final documentation of the settlement.

In May 2014, the California Attorney General’s Office (“CAAG”), which is one of the members of the RMBS Working Group, indicated that it has made certain preliminary conclusions that MS&Co. made knowing and material misrepresentations regarding RMBS and that it knowingly caused material misrepresentations to be made regarding the Cheyne SIV, which issued securities marketed to the California Public Employees Retirement System. The CAAG has further indicated that it believes MS&Co.’s conduct violated California law and that it may seek treble damages, penalties and injunctive relief. MS&Co. does not agree with these conclusions and has presented defenses to them to the CAAG.

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 alleges that MS&Co. and the other defendants knowingly made

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misrepresentations and omissions related to the loans backing RMBS purchased by the Virginia

Retirement System (“VRS”). The complaint alleges VRS suffered total losses of approximately $384 million on these securities, but does not specify the amount of alleged losses attributable to RMBS sponsored or underwritten by MS&Co. 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 20, 2015, the defendants filed a demurrer to the complaint and a plea in bar seeking dismissal of the complaint.

In October 2014, the Illinois Attorney General’s Office (“IL AG”) 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 the IL AG approximately $88 million. MS&Co. does not agree with these allegations and has presented defenses to them to the IL AG.

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 intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by MS&Co.  The NYAG indicated that the lawsuit would allege that MS&Co. misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. MS&Co. does not agree with the NYAG’s allegations and has presented defenses to them to the NYAG.

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

On 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 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, 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 lacked the corresponding

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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 Commodity Exchange Act, as amended, and CFTC Regulations.  Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. accepted and consented to entry of findings and the imposition of a cease and desist order, a fine of $5,000,000, and undertakings related to public statements, cooperation and payment of the fine.  MS&Co. entered into corresponding and related settlements with the CME and CBOT in which the CME found that MS&Co. violated CME Rules 432.Q and 538 and fined MS&Co. $750,000 and CBOT found that MS&Co. violated CBOT Rules 432.Q and 538 and fined MS&Co. $1,000,000.

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

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Other 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 October 18, 2010, defendants filed a motion to dismiss the action.  By orders dated June 23, 2011 and July 18, 2011, the court denied defendants’ omnibus motion to dismiss plaintiff’s amended complaint and on August 15, 2011, the court denied MS&Co.’s individual motion to dismiss the amended complaint.  On March 7, 2013, the court granted defendants’ motion to strike plaintiff’s demand for a jury trial.  At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $53 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 $53 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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On March 15, 2010, the Federal Home Loan Bank of San Francisco filed two complaints against MS&Co. and other defendants in the Superior Court of the State of California. These actions are styled Federal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al., and Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. et al., respectively. Amended complaints filed on June 10, 2010 allege that defendants made untrue statements and material omissions in connection with the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to plaintiff by MS&Co. in these cases was approximately $704 million and $276 million, respectively. The complaints raise claims under both the federal securities laws and California law and seek, among other things, to rescind the plaintiff’s purchase of such certificates.  On August 11, 2011, plaintiff’s federal securities law claims were dismissed with prejudice. The defendants filed answers to the amended complaints on October 7, 2011.  On February 9, 2012, defendants’ demurrers with respect to all other claims were overruled.  On December 20, 2013, plaintiff’s negligent misrepresentation claims were dismissed with prejudice.  A bellwether trial was scheduled to begin in January 2015.  MS&Co. was not a defendant in connection with the securitizations at issue in that trial.  On May 23, 2014, plaintiff and the defendants in the bellwether trial filed motions for summary adjudication. On October 15, 2014, these motions were denied. On December 29, 2014 and January 13, 2015, the defendants in the bellwether trial informed the court that they had reached a settlement in principle with plaintiff. At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in these cases was approximately $283 million, and the certificates had incurred actual losses of approximately $7 million.  Based on currently available information MS&Co. believes it could

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incur a loss for this action up to the difference between the $283 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 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 NY. The complaint relates to a $275 million credit default swap referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that MS&Co. misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that MS&Co. knew that the assets backing the CDO were of poor quality when it entered into the credit default swap with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the credit default swap, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied MS&Co.’s motion to dismiss the complaint. Based on currently available information, MS&Co. believes it could incur a loss of up to approximately $240 million plus pre- and post-judgment interest, fees and costs.

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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.  The corrected amended complaint alleges that defendants made untrue statements and material omissions in the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS&Co. at issue in the action was approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s purchase of such certificates.  The defendants filed a motion to dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012.  On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue.  After that dismissal, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $78 million. At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $54 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 $54 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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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. The amended complaint raises claims under the Ohio Securities Act, federal securities laws, and common law and seeks, among other things, to rescind the plaintiffs’ purchases of such certificates.  On May 21, 2012, the Morgan Stanley defendants filed a motion to dismiss the amended complaint, which was denied on August 3, 2012. MS&Co. filed its answer on August 17, 2012.  MS&Co. filed a motion for summary judgment on January 20, 2015.  Trial is currently scheduled to begin in July 2015.  At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $110 million, and the certificates had incurred actual losses of approximately $2 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $110 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 an offset for interest received by the plaintiff prior to a judgment.

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On November 4, 2011, the 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. The complaints each raised claims under both federal securities law and the Texas Securities Act and each seeks, among other things, compensatory damages associated with plaintiff’s purchase of such certificates. On June 7, 2012, the two cases were consolidated. MS&Co. filed a motion for summary judgment and special exceptions, which was denied in substantial part on April 26, 2013. The FDIC filed a second amended consolidated complaint on May 3, 2013. MS&Co. filed a motion for leave to file an interlocutory appeal as to the court’s order denying its motion for summary judgment and special exceptions, which was denied on August 1, 2013. On October 7, 2014, the court denied MS&Co.’s motion for reconsideration of the court’s order denying its motion for summary judgment and special exceptions and granted its motion for reconsideration of the court’s order denying leave to file an interlocutory appeal. On November 21, 2014, MS&Co. filed a motion for summary judgment, which was denied on February 10, 2015. The Texas Fourteenth Court of Appeals denied Morgan Stanley’s petition for interlocutory appeal on November 25, 2014. Trial is currently scheduled to begin in July 2015.

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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 alleges that defendants made untrue statements and material omissions in connection with the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. is 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 March 15, 2013, the court denied the defendants’ motion to dismiss the amended complaint. On January 2, 2015, the court denied defendants’ renewed motion to dismiss the amended complaint. At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $605 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 $605 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

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On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against MS&Co. and other defendants in the Superior Court of the Commonwealth of Massachusetts styled Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al. An amended complaint was filed on June 29, 2012 and alleges that defendants made untrue statements and material omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $385 million. The amended complaint raises claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On May 26, 2011, defendants removed the case to the United States District Court for the District of Massachusetts.  On October 11, 2012, defendants filed motions to dismiss the amended complaint, which were granted in part and denied in part on September 30, 2013.  The defendants filed an answer to the amended complaint on December 16, 2013. Plaintiff has voluntarily dismissed its claims against MS&Co. with respect to two of the securitizations at issue, such that the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. is approximately $358 million. At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $65 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 $65 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

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offset for interest received by the plaintiff prior to a judgment. 

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. 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 April 22, 2014, the defendants’ motion to dismiss was denied in substantial part. On August 29, 2014, MS&Co. filed its answer to the complaint, and on September 18, 2014, MS&Co. filed a notice of appeal from the ruling denying defendants’ motion to dismiss. At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $72 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 $72 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. 

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On May 3, 2013, plaintiffs in Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to plaintiff was approximately $694 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages.  On June 10, 2014, the court denied the defendants’ motion to dismiss the case. On July 10, 2014, MS&Co. filed a renewed motion to dismiss with respect to two certificates at issue in the case. On August 4, 2014, claims regarding two certificates were dismissed by stipulation.  After these dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $644 million. On October 13, 2014, MS&Co. filed its answer to the complaint. At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $294 million, and the certificates had incurred actual losses of approximately $79 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $294 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus pre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses.

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On 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 United States District Court for the Southern District of New York. The complaint alleges that defendants made untrue statements of material fact or omitted to state material facts in the sale to the plaintiff of certain mortgage pass-through certificates issued by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the plaintiff was approximately $417 million. The complaint alleges causes of action against MS&Co. for violations of Section 11 and Section 12(a)(2) of the Securities Act, violations of the Texas Securities Act, and violations of the Illinois Securities Law of 1953 and seeks, among other things, rescissory and compensatory damages.  The defendants filed a motion to dismiss the complaint on November 13, 2013.  On January 22, 2014 the court granted defendants’ motion to dismiss with respect to claims arising under the Securities Act and denied defendants’ motion to dismiss with respect to claims arising under Texas Securities Act and the Illinois Securities Law of 1953. On November 17, 2014, the plaintiff filed an amended complaint.  On December 15, 2014, defendants answered the amended complaint.  At December 25, 2014, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $208 million, and the certificates had incurred actual losses of $27 million.  Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $208 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.

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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 connections with such actions.

Item 4.  MINE SAFETY DISCLOSURES

Not applicable.

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PART II

Item 5.  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS

 AND ISSUER PURCHASES OF EQUITY SECURITIES

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

(b)  Holders.  The number of holders of Units at February 28, 2015, was approximately 2,879.

(c)  Distributions.  No distributions have been made by the Partnership since it commenced trading operations on July 3, 2000.  Ceres has sole discretion to decide what distributions, if any, shall be made to investors in the Partnership.  Ceres currently does not intend to make any distributions of the Partnership’s profits.

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Item 6.  SELECTED FINANCIAL DATA (in dollars)

    For the Years Ended December 31,

	2014	2013	2012	2011	2010
	$	$	$	$	$
Total Trading Results
including interest income	2,936,544	983,659	(1,923,022)	(1,679,490)	886,767
Net Income (Loss)	1,907,525	(486,331)	(3,816,430)	(4,419,139)	(2,678,835)
Net Income (Loss) Per
Unit (Limited & General
Partners)	1.10	(0.18)	(1.06)	(0.94)	(0.46)
Total Assets	14,172,143	18,589,620	23,862,421	35,732,050	49,050,720
Total Limited Partners’
Capital	13,623,087	17,703,845	23,041,527	34,396,076	47,504,374
Net Asset Value Per Unit	8.49	7.39	7.57	8.63	9.57

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

As of December 31, 2014, the percentage of assets allocated to each market sector was approximately as follows: Currency 100%.

Liquidity.  The Partnership deposits its assets with MS&Co. as clearing commodity broker in separate futures, forwards and options trading accounts established for each Trading Advisor.  Such assets are used as margin to engage in trading and may be used as margin solely for the Partnership’s trading.  The assets are held either in non-interest bearing bank accounts or in securities and instruments permitted by the CFTC for investment of customer segregated or secured funds.  Since the Partnership’s sole purpose is to trade in futures, forwards and options, it is expected that the Partnership will continue to own such liquid assets for margin purposes.

The Partnership’s investment in futures, forwards and options may, from time to time, be illiquid.  Most U.S. futures exchanges limit fluctuations in prices during a single trading day by regulations referred to as “daily price fluctuations limits” or “daily limits”.  Trades may not be executed at prices beyond the daily limit.  If the price for a particular futures or options contract has increased or decreased by an amount equal to the daily limit, positions in that futures or options contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit.  Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading.  These market conditions could prevent the Partnership from promptly liquidating its futures or options contracts and result in restrictions on redemptions.

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There is no limitation on daily price moves in trading forward contracts on foreign currencies.  The markets for some world currencies have low trading volume and are illiquid, which may prevent the Partnership from trading in potentially profitable markets or prevent the Partnership from promptly liquidating unfavorable positions in such markets, subjecting it to substantial losses.  Either of these market conditions could result in restrictions on redemptions.  For the periods covered by this report, illiquidity has not materially affected the Partnership’s assets.

There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Partnership’s liquidity increasing or decreasing in any material way.

Capital Resources.  The Partnership does not have, nor does it expect to have, any capital assets.  Redemptions of Units in the future will affect the amount of funds available for investments in futures, forwards and options in subsequent periods.  It is not possible to estimate the amount, and therefore the impact, of future outflows of Units.

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

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Results of Operations

General.  The Partnership’s results depend on the Trading Advisors and the ability of each Trading Advisor’s trading program to take advantage of price movements in the futures, forwards and options markets.

Krom River traded its Krom Commodity Program on behalf of the Partnership.  The Krom Commodity Program traded in around 20 different markets including base metals, precious metals, energy, agricultural and softs. The trade types included long volatility, directional and relative value. The trading instruments were exchange-listed futures and options, which were traded on both fundamental and technical basis. The Krom Commodity Program did not trade over-the-counter instruments or take physical deliveries.

Cambridge trades in its Asian Markets Alpha Programme and its Emerging Markets Alpha Programme on behalf of the Partnership.

Cambridge‘s Asian Markets Alpha Programme employs a series of systematic proprietary decision tools to identify trading opportunities in the global currency markets.  The process combines three types of trading strategies; a Systematic Technical Strategy, a Systematic Fundamental Strategy and a Market Information Strategy.  These trading tools are utilized in a set of systematic strategies which are combined into investment portfolios and are designed to perform across diverse market environments.  The Systematic Fundamental Strategy is used in the Asian currency section of Cambridge’s portfolios

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and reflects a predetermined set of positions designed to reflect “market” views on the relative attractiveness of Asian currencies versus the U.S. dollar.  Assets are allocated to the Systematic Fundamental Strategy based on a proprietary measure of volatility in the global currency markets (in highly volatile markets the allocation is reduced and, when volatility is low, the allocation is increased).  The Market Information Strategy leverages the experience and global network of the portfolio managers to understand and exploit the behavior of other market participants and to participate in hedging and investment flows.  Cambridge believes that long run success is achieved through successful mitigation of downside returns with risk controlled at the portfolio, strategy and individual trade levels.

Cambridge’s Emerging Markets Alpha Programme aims to profit from short and medium term moves in the developing markets’ currency pairs.  To achieve this, the strategy employs a largely systematic approach, designed to perform across diverse market environments.  The process combines three decision making tools: a Systematic Technical Strategy, a Systematic Fundamental Strategy and a Market Information Strategy.

During periods of higher volatility, the Systematic Technical Strategy uses a series of proprietary trading algorithms operating over multiple timeframes.  The algorithms combine trend continuation and trend reversal signals.  During periods of lower volatility, the Systematic Fundamental Strategy reflects a predetermined set of positions designed to reflect “market” views on the relative attractiveness of

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currencies versus the U.S. dollar thereby realizing the inherent benefits of the carry trade.  The Market Information Strategy leverages the experience and global network of Cambridge’s portfolio managers to understand and exploit the behavior of other market participants and to participate in hedging and investment flows.

Cambridge believes that long run success is achieved through successful mitigation of downside returns (with risk controlled at the portfolio, strategy and individual trade levels).  While a daily value-at-risk (“VaR”) limit is enforced at both the aggregate portfolio and sub-strategy level, a further layer of risk mitigation is incorporated within each strategy.  For the Systematic Technical and Market Information Strategies “left side” tail risk is monitored using a proprietary methodology grounded in Extreme Value Theory.  Within the Systematic Fundamental Strategy, the aggregate net U.S. dollar exposure is maintained at zero.

The following chart sets forth the percentage and the amount of the Partnership’s net assets allocated to each Trading Advisor for the periods ended December 31, 2014, and September 30, 2014, respectively, and the change during the applicable period.

Trading Advisor	Allocations as of December 31,  2014(%)	Allocations as of September 30, 2014(%)	Allocations as of December 31,  2014($)	Allocations as of September 30, 2014($)	Change during the period (%)
Cambridge	100.00	81.10	12,133,251	11,519,927	5.32
Krom River	−	18.90	−	2,684,815	(100.00)

The following presents a summary of the Partnership’s operations for each of the three years in the period ended December 31, 2014, and a general discussion of its trading activities during each period.  It is

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important to note, however, that the Trading Advisors trade in various markets at different times and that prior activity in a particular market does not mean that such market will be actively traded by the Trading Advisors or will be profitable in the future.  Consequently, the results of operations of the Partnership are difficult to discuss other than in the context of the Trading Advisors’ trading activities on behalf of the Partnership during the period in question.  Past performance is no guarantee of future results.

The Partnership’s results of operations set forth in the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which requires the use of certain accounting policies that affect the amounts reported in these financial statements, including the following:  the contracts the Partnership trades are accounted for on a trade-date basis and marked to market on a daily basis. The difference between their original contract value and market value is recorded on the Statements of Income and Expenses as “Net change in unrealized trading profit (loss)” and “Net change in unrealized appreciation (depreciation) on investment in KR Master Fund, Cambridge Master Fund and FL Master Fund L.P.”, for open contracts, and recorded as “Net realized trading profit (loss)” and “Net realized income (loss) on investment in KR Master Fund, Cambridge Master Fund and FL Master Fund L.P.”, respectively, 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 and brokerage fees, of the Partnership are recorded on an accrual basis.

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

The Partnership recorded total trading results including interest income totaling $2,936,544 and expenses totaling $1,029,019, resulting in net income of $1,907,525 for the year ended December 31, 2014.  The Partnership’s net asset value per Unit increased from $7.39 at December 31, 2013, to $8.49 at December 31, 2014.  Total redemptions for the year were $6,107,266, and the Partnership’s ending capital was $13,769,331 at December 31, 2014, a decrease of $4,199,741 from ending capital at December 31, 2013, of $17,969,072.

During the year, the Partnership posted a gain in net asset value per Unit as profits in the currency, agricultural, and metals sectors more than offset losses in the energy sector.  The most significant gains were recorded within the currency sector in September from short positions in the euro and Japanese yen versus the U.S. dollar.  In September, the value of the U.S. dollar advanced against a majority of its counterparts as the U.S. employment rate fell to its lowest level since 2008 and the economy added more jobs than forecast, bolstering the case for the U.S. Federal Reserve to raise interest rates in 2015.   Additional gains in this sector were recorded throughout much of the year from positions in the Indonesian rupiah, Indian rupee, Czech koruna, and Polish zloty. Within the agricultural sector, gains were recorded in March from long positions in wheat futures as prices advanced to a 10-month high on speculation that cold, dry weather was reducing yield potential in the U.S.  Additional gains were recorded in January from

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long positions in live cattle futures as prices climbed sharply higher.  Smaller gains were recorded from trading in coffee and sugar futures.  Within the metals sector, gains were experienced in May from long positions in nickel and copper futures as prices advanced on speculation that demand will climb after gauges of manufacturing advanced more than estimated in China. Additional gains in metals were recorded from long positions in palladium futures during February, March, and April as prices rose amid concerns regarding supplies.  A portion of the Partnership’s gains during the year was offset by trading losses within the energy complex during January from short positions in natural gas futures as prices advanced following a U.S. government report that showed a record drop in U.S. inventories after cold weather boosted heating demand.   Additional losses were incurred during September from long positions in gasoline futures as prices declined amid signs that supplies from Russia, Saudi Arabia and the U.S. are outstripping demand.

The Partnership recorded total trading results including interest income totaling $983,659 and expenses totaling $1,469,990, resulting in a net loss of $486,331 for the year ended December 31, 2013.  The Partnership’s net asset value per Unit decreased from $7.57 at December 31, 2012, to $7.39 at December 31, 2013.  Total redemptions for the year were $4,857,782 and the Partnership’s ending capital was $17,969,072 at December 31, 2013, a decrease of $5,344,113 from ending capital at December 31, 2012, of  $23,313,185.

During the year, the Partnership posted a loss in net asset value as losses from trading in energies and agriculturals offset gains from currencies and metals trading.  The most significant losses were incurred in the energy sector, primarily during February and April, from long positions in crude oil and its distillate

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products as prices fell on reports of an increase in stockpiles and slower-than-expected U.S. economic growth.  Losses in the sector were also incurred during June from short positions in crude oil as prices rose after the Syrian conflict spurred concern that the flow of supplies from the Middle East might be disrupted.  Within the agricultural markets, losses were incurred primary during February and March from long positions in corn futures as prices declined as winter snowstorms in the Great Plains eased concern that drought would hurt crops in the U.S. Additional losses in the agricultural sector resulted from long positions in soybean futures in March as prices fell after government reports indicated that U.S. inventories would exceed previous forecasts.  The Partnership’s losses during the year were offset by gains experienced within the currency sector, primarily during May, from short positions in the Japanese yen versus the U.S. dollar as the value of the Japanese yen weakened beyond 100 per U.S. dollar for the first time in four years as the Bank of Japan’s deflation-fighting measures had the currency headed for its longest streak of monthly declines in almost two decades.  Additional gains were recorded during April, November, and December from short Japanese yen positions.  Further currency gains were recorded in January from long positions in the Thai baht versus the U.S. dollar as the value of the Thai currency increased on speculation that policy makers in the Asian country would tolerate currency strength to counter inflation.  Within the metals sector, gains were experienced primarily during April from short positions in gold and silver futures as precious metals prices fell sharply at mid-month on fears Cyprus and other crisis-hit countries might be forced to sell their gold reserves.  Additional metals gains were recorded in January from long positions in platinum futures as prices increased on supply concerns from South Africa.

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The Partnership recorded total trading results including interest income totaling $(1,923,022) and expenses totaling $1,893,408, resulting in a net loss of $3,816,430 for the year ended December 31, 2012.  The Partnership’s net asset value per Unit decreased from $8.63 at December 31, 2011, to $7.57 at December 31, 2012.  Total redemptions for the year were $7,684,689 and the Partnership’s ending capital was $23,313,185 at December 31, 2012, a decrease of $11,501,119 from ending capital at December 31, 2011, of $34,814,304.

The most significant trading losses during the year were recorded within the agricultural markets, primarily in September and October, from short positions in wheat futures as prices advanced as the U.S. Federal Reserve’s third round of stimulus measures to bolster the U.S. economy signaled increasing demand for crops amid shrinking supplies. Losses were also experienced in this sector during October from long positions in corn and soybean futures as prices moved lower amid speculation of strong harvests in the U.S. combined with improving weather conditions in South America that helped to ease supply concerns. Further losses within this sector were recorded in April from short positions in soybean futures as prices advanced on speculation that reduced output in Europe and South America would increase demand for supplies in the

U.S. Within metals, losses were incurred in March from long positions in gold and silver positions as prices fell on a rally in the U.S. dollar, which curbed demand for the metals. A similar rally in the U.S. dollar caused further losses for long gold and silver futures positions in October. Within the energy sector, losses were incurred in June from short positions in natural gas futures as prices advanced to the highest level since January on forecasts of above-normal temperatures across the U.S. Prices continued to rise after a U.S. government report revealed a smaller-than-expected gain in inventories. During September, short positions

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in natural gas futures also recorded losses as prices climbed higher on speculation U.S. government data would show a smaller-than-normal increase in stockpiles following production shutdowns due to Hurricane Isaac. In April, losses were recorded in this sector from long positions in crude oil futures as prices declined on signs of a slowing Chinese and European manufacturing base, raising concerns of a stalled global recovery. A portion of the Partnership’s losses during the year was offset by gains achieved within the currency sector in the fourth quarter from short positions in the Japanese yen versus the U.S. dollar as the newly elected Liberal Democratic Party leadership pledged to weaken the yen in an effort to strengthen the Japanese economy. Gains were also recorded during the first quarter from long positions in the Canadian dollar and Japanese yen versus the U.S. dollar as the value of the U.S. dollar weakened following the U.S. Federal Reserve’s suggestion they would likely keep short-term interest rates low through 2014.  During March, further gains were incurred from short positions in the Japanese yen and Australian dollar versus the U.S. dollar as concern over earnings in China reduced demand for these currencies.

For an analysis of unrealized gains and losses by contract type and a further description of 2014 trading results, refer to the Partnership’s Annual Report to Limited Partners for the year ended December 31, 2014, which is incorporated by reference to Exhibit 13.01 of this Form 10-K.

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

Off-Balance Sheet Arrangements and Contractual Obligations.

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

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Market Risk.

The Partnership is a party to financial instruments with elements of off-balance sheet market and credit risk.  The Partnership trades futures contracts, options on futures and forward contracts, and forward contracts in global currency markets.  In entering into these contracts, the Partnership is subject to the market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the positions held by the Partnership at the same time, and the Trading Advisors were unable to offset positions of the Partnership, the Partnership could lose all of its assets and the limited partners would realize a loss equal to 100% of their capital accounts.

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

Credit Risk.

In addition to market risk, in entering into futures, forward and options contracts, there is a credit risk to the Partnership that the counterparty on a contract will not be able to meet its obligations to the Partnership.  The ultimate counterparty or guarantor of the Partnership for futures, forward and options contracts traded in the United States, and most foreign exchanges on which the Partnership trades, is the clearinghouse associated

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

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

Second, the Partnership’s trading policies limit the amount of its net assets that can be committed at any given time to futures contracts and require a minimum amount of diversification in the Partnership’s trading, usually over several different products and exchanges.  Historically, the Partnership’s exposure to any one exchange has typically amounted to only a small percentage of its total net assets and, on those relatively few

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occasions where the Partnership’s credit exposure climbs above such level, Ceres deals with the situation on a case by case basis, carefully weighing whether the increased level of credit exposure remains appropriate.  Material changes to the trading policies may be made only with the prior written approval of the limited partners owning more than 50% of Units then outstanding.

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

For additional information, see the “Financial Instruments” section under “Notes to Financial Statements” in the Partnership’s Annual Report to Limited Partners for the year ended December 31, 2014, which is incorporated by reference to Exhibit 13.01 of this Form 10-K.

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

Fair Value Measurements and Disclosures.

Financial instruments are carried at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  Assets and liabilities carried at fair value are classified and disclosed in the following three levels: Level 1 – unadjusted quoted

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market prices in active markets for identical assets and liabilities; Level 2 – if the Partnership has the ability to redeem its investment in an underlying fund at the net asset value per share (or its equivalent) at the measurement date or within the near term and there are no other liquidity restrictions, the Partnership’s investment in the underlying fund is considered Level 2; and Level 3 – any investment in an underlying fund that is currently subject to liquidity restrictions that will not be lifted in the near term is considered Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.  The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and consideration of factors specific to the investment.

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

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
	$	$	$	$
Assets
Investment in Cambridge Master Fund	–	12,289,754	n/a	12,289,754
*Total Investment	–	12,289,754	n/a	12,289,754

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

* This amount comprises of the “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition.

During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2.

Investment in KR Master Fund, Cambridge Master Fund and FL Master Fund

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

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On January 1, 2012, the assets allocated to Krom River for trading were invested in the KR Master Fund, a limited partnership organized under the partnership laws of the State of Delaware.  KR Master Fund was formed in order to permit commodity pools managed now or in the future by Krom River using the Commodity Program at 150% Leverage, a fundamental and technical trading system, to invest together in one trading vehicle.  The General Partner was also the general partner of KR Master Fund.  Individual and pooled accounts currently managed by Krom River, including the Partnership, were permitted to be limited partners of KR Master Fund.  The General Partner and Krom River believed that trading through this structure should promote efficiency and economy in the trading process.  The Partnership fully redeemed its investment in KR Master Fund as of December 31, 2014.

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

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Summarized information for the Partnership, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2014 and 2013, is shown in the following tables.

            December 31, 2014

	Total Assets	Total Liabilities	Total Capital
KR Master Fund	$12,415,386	$12,415,386	–
Cambridge Master Fund	39,046,641	48,456	38,998,185
	$51,462,027	$12,463,842	$38,998,185

                                  December 31, 2013

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

Summarized information for the Partnership’s investment in Cambridge Master Fund and KR Master Fund  for the periods ended December 31, 2014 and 2013, is as follows:

For the period ended December 31, 2014 Investment	% of the       Partnership’s    Net Assets	Fair Value	Partnership’s  pro rata Net Income	Investment   Objective	Redemption    Permitted
	%	$	$
Cambridge Master Fund	89.3	12,289,754	2,777,719	Commodity	Monthly
				Portfolio
KR Master Fund	−−	−−	156,509	Commodity	Monthly
				Portfolio

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

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Cambridge Master Fund does not pay, and KR Master Fund did not pay any management, incentive, or administrative fees related to the Partnership’s investments.  These fees are accrued and paid by the Partnership.  The Partnership reimburses Cambridge Master Fund, and reimbursed KR Master Fund, for all brokerage related fees borne by Cambridge Master Fund KR Master Fund on behalf of the Partnership’s investments.

As of December 31, 2014 and 2013, the Partnership owned approximately 31.51% and 0% and  30.11% and 17.11% of Cambridge Master Fund and KR Master Fund, respectively.  It is the Partnership’s intention to continue to invest in Cambridge Master Fund.  The performance of the Partnership is directly affected by the performance of Cambridge Master Fund and, prior to termination on December 31, 2014, KR Master Fund.

The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2014, 2013, and 2012, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment            Income	Net                     Investment Loss	Total               Trading Results	Net               Income
	$	$	$	$
Cambridge Master Fund	6,641	(154,743)	9,610,031	9,455,288
KR Master Fund	3,785	(159,030)	893,723	734,693

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

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

Derivatives and Hedging

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

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

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disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. 

As of December 31, 2014, approximately 100% of the Partnership’s total investment exposure is in forward contracts which are off-exchange traded.

As of December 31, 2014, the Partnership held no futures and forward contracts; therefore, there were no net unrealized gains or losses on futures and forward contracts.

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

Futures and Forward Contracts	Long Unrealized Gain	Long Unrealized Loss	Short Unrealized Gain	Short Unrealized Loss		Net Unrealized Gain (Loss)		Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$	$	$	$		$
Foreign currency	–	–	–	–		–		826
Total	–	–	–	–		–
Unrealized currency gain (loss)						–
Total net unrealized gain (loss) on  open contracts						–
							Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
					$
Options purchased					–		1

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Investment Company Status

Effective January 1, 2014, the Partnership adopted ASU 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company.  ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013.  The adoption of this ASU did not have a material impact on the Partnership’s financial statements.  Based on management’s assessment, the Partnership has been deemed to be an investment company since inception.

Subsequent Events

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

Item 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Introduction

The Partnership is a commodity pool engaged primarily in the speculative trading of futures, forwards and

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

The futures, forwards and options on such contracts traded by the Partnership involve varying degrees of related market risk.  Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow.  Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts and forward currency options contracts are settled daily through variation margin.  Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed upon settlement date.

The Partnership’s total market risk may increase or decrease as it is influenced by a wide variety of factors, including, but not limited to, the diversification among the Partnership’s open positions, the volatility present within the markets, and the liquidity of the markets.

The face value of the market sector instruments held by the Partnership is typically many times the applicable margin requirements.  Margin requirements generally range between 2% and 15% of contract

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face value.  Additionally, the use of leverage causes the face value of the market sector instruments held by the Partnership typically to be many times the total capitalization of the Partnership.

The Partnership’s past performance is no guarantee of its future results.  Any attempt to numerically quantify the Partnership’s market risk is limited by the uncertainty of its speculative trading.  The Partnership’s speculative trading and use of leverage may cause future losses and volatility (i.e., “risk of ruin”) that far exceed the Partnership’s experience to date under the “Partnership’s Value at Risk in Different Market Sectors” section and significantly exceed the VaR tables disclosed.

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

Quantifying the Partnership’s Trading Value at Risk

The following quantitative disclosures regarding the Partnership’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the

Securities Act and Section 21E of the Exchange Act).  All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

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The Partnership accounts for open positions on the basis of fair value accounting principles.  Any loss in the market value of the Partnership’s open positions is directly reflected in the Partnership’s earnings and cash flow.

The Partnership’s risk exposure in the market sectors traded by the Trading Advisors is estimated below in terms of VaR.  Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by either Ceres or the Trading Advisors in their daily risk management activities.

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

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

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

The Partnership’s Value at Risk in Different Market Sectors

The following tables indicate the trading VaR associated with the Partnership’s open positions by market category as of December 31, 2014 and 2013,  and the highest, lowest and average values during the twelve months ended December 31, 2014 and 2013.  All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below.

As of December 31, 2014, the Partnership’s total capitalization was approximately $14 million.

December 31, 2014

Primary Market		% of
Risk Category	VaR	Total Capitalization
Currency	$3,086,285	22.41%
Total	$3,086,285	22.41%

Twelve Months Ended December 31, 2014

Market Sector	High VaR	Low VaR	Average VaR*
Currency	$8,155,128	$1,579,172	$4,829,691
Commodity	$558,037	–	$160,725
*Average of month-end VaR.

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As of December 31, 2013, the Partnership’s total capitalization was approximately $18 million.

December 31, 2013

Primary Market		% of
Risk Category	VaR	Total Capitalization
Currency	$2,119,849	11.80%
Commodity	434,339	2.42%
Total	$2,554,188	14.22%

Twelve Months Ended December 31, 2013

Market Sector	High VaR	Low VaR	Average VaR*
Currency	$7,391,093	$1,206,933	$4,310,205
Commodity	$718,329	–	$467,598
*Average of month-end VaR.

Limitations on Value at Risk as an Assessment of Market Risk

VaR models permit estimation of a portfolio’s aggregate market risk exposure, incorporating a range of varied market risks, reflect risk reduction due to portfolio diversification or hedging activities, and can cover

a wide range of portfolio assets.  However, VaR risk measures should be viewed in light of the methodology’s limitations, which include, but may not be limited to, the following:

·   past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

·   changes in portfolio value caused by market movements may differ from those of the VaR model;

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·   VaR results reflect past market fluctuations applied to current trading positions while future risk depends on future positions;

·   VaR using a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and

·   the historical market risk factor data used for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

Non-Trading Risk

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

A decline in short-term interest rates would result in a decline in the Partnership’s cash management income. This cash flow risk is not considered to be material.

Materiality, as used throughout this section, is based on an assessment of reasonably possible market movements and any associated potential losses, taking into account the leverage, optionality, and multiplier features of the Partnership’s market-sensitive instruments, in relation to the Partnership’s net assets.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership’s market risk exposures – except for (A) those disclosures that are statements of historical fact and (B) the descriptions of how the Partnership manages its primary market risk exposures – constitute forward-looking statements within the meaning of

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Section 27A of the Securities Act and Section 21E of the Exchange Act.  The Partnership’s primary market risk exposures, as well as the strategies used and to be used by Ceres and the Trading Advisors for managing such exposures, are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership’s risk controls to differ materially from the objectives of such strategies.  Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation, and many other factors could result in material losses, as well as in material changes to the risk exposures and the risk management strategies of the Partnership.  Investors must be prepared to lose all or substantially all of their investment in the Partnership.

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

The following were the primary trading risk exposures of the Partnership at December 31, 2014 by market sector. It may be anticipated, however, that these market exposures will vary materially over time.

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

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Qualitative Disclosures Regarding Means of Managing Risk Exposure

The Partnership and the Trading Advisors, separately, attempt to manage the risk of the Partnership’s open positions in essentially the same manner in all market categories traded.  Ceres attempts to manage market exposure by diversifying the Partnership’s assets among different market sectors and trading approaches through the selection of commodity trading advisors and by daily monitoring their performance. In addition, the Trading Advisors establish diversification guidelines, often set in terms of the maximum margin to be committed to positions in any one market sector or market-sensitive instrument.

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

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Financial Statements are incorporated by reference to the Partnership's December 31, 2014 Annual Report, which is filed as Exhibit 13.01 hereto.

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

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Summary of Quarterly Results (Unaudited)

	Total Trading Results	Net	Net Income/
Quarter Ended	including interest income	Income/(Loss)	(Loss) Per Unit
2014
March 31	$226,548	$(28,864)	– (1)
June 30	2,821	(187,148)	(0.10)
September 30	1,925,861	1,621,372	0.89
December 31	781,314	502,165	0.31
Total	$2,936,544	$1,907,525	$1.10
2013
March 31	$562,308	$128,083	$0.04
June 30	792,654	348,139	0.13
September 30	(1,372,245)	(1,689,940)	(0.63)
December 31	1,000,942	727,387	0.28
Total	$983,659	$(486,331)	$(0.18)

(1) Amount less than 0.005%.

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

None.

Item 9A.  CONTROLS AND PROCEDURES

Under the supervision and with the participation of the management of Ceres, Ceres’ President (Ceres’ principal executive officer) and Chief Financial Officer (Ceres’ principal financial officer) have evaluated the effectiveness of the design and operation of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2014.  The Partnership’s

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disclosure controls and procedures are designed to provide reasonable assurance that information the Partnership is required to disclose in the reports that the Partnership files or submits under the Exchange Act are recorded, processed, summarized and reported within the time period specified in the applicable rules and forms.  Based on this evaluation, the President and Chief Financial Officer of Ceres have concluded that the disclosure controls and procedures of the Partnership were effective at December 31, 2014.

Management’s Report on Internal Control Over Financial Reporting

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

Ceres has assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2014.  In making this assessment, Ceres used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission, known as COSO, in Internal Control-Integrated

Framework 2013. Ceres has concluded that, as of December 31, 2014, the Partnership’s internal control over financial reporting is effective based on these criteria.  This report shall not be deemed to be filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section.  This

annual report does not include an attestation report of the Partnership’s independent registered public accounting firm regarding internal control over financial reporting pursuant to SEC rules that permit the Partnership, as a non-accelerated filer, to provide only management’s report in this annual report.

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Changes in Internal Control over Financial Reporting

There have been no changes during the period covered by this annual report in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected or are reasonably likely to materially affect the Partnership’s internal control over financial reporting.

Limitations on the Effectiveness of Controls

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

Item 9B.  OTHER INFORMATION

None.

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PART III

Item 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

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

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

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

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Patrick T. Egan, age 45, has been a Director of the General Partner since December 2010. Since December 2010, Mr. Egan has been a principal and registered as an associated person of the General Partner, and is an associate member of NFA, and since August 2013, Mr. Egan has been registered as a swap associated person of the General Partner. Since October 2014, Mr. Egan has served as President and Chairman of the Board of Directors of the General Partner, and since January 2015, Mr. Egan has been employed by the General Partner. From September 2013 to May 2014, Mr. Egan served as a Vice President of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds. From September 2013 to May 2014, Mr. Egan was registered as an associated person and listed as a principal of each such entity. Since January 2013, each such entity has been registered as a commodity pool operator with the CFTC. Mr. Egan was responsible for overseeing the implementation of certain CFTC and NFA regulatory requirements applicable to such entities.  From June 2009 to December 2014, Mr. Egan was employed by Morgan Stanley Wealth Management, a financial services firm, where his responsibilities have included serving as Executive Director and as Co-Chief Investment Officer for Morgan Stanley Managed Futures from June 2009 through June 2011, as Chief Risk Officer for Morgan Stanley Managed Futures from June 2011 through October 2014, and as Head of Morgan Stanley Managed Futures since October 2014.  From November 2010 to October 2014, Mr. Egan was registered as an associated person of Morgan Stanley Wealth Management.  From April 2007 through June 2009, Mr. Egan was employed by MS&Co., a financial services firm, where his responsibilities included serving as Head of Due Diligence and Manager Research for Morgan Stanley’s Managed Futures Department.

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From April 2007 through November 2010, Mr. Egan was registered as an associated person of MS&Co. From March 1993 through April 2007, Mr. Egan was employed by Morgan Stanley DW Inc., a financial services firm, where his initial responsibilities included serving as an analyst and manager within the Managed Futures Department (with primary responsibilities for product development, due diligence, investment analysis and risk management of the firm’s commodity pools) and later included serving as Head of Due Diligence and Manager Research for Morgan Stanley’s Managed Futures Department. From February 1998 through April 2007, Mr. Egan was registered as an associated person of Morgan Stanley DW Inc. From August 1991 through March 1993, Mr. Egan was employed by Dean Witter Intercapital, the asset management arm of Dean Witter Reynolds, Inc., where his responsibilities included serving as a mutual fund administration associate. Mr. Egan also served as a Director from November 2004 through October 2006, and from November 2006 through October 2008 of the Managed Funds Association’s Board of Directors, a position he was elected to by industry peers for two consecutive two-year terms. Mr. Egan earned his Bachelor of Business Administration degree with a concentration in Finance in May 1991 from the University of Notre Dame.

Steven Ross, age 43, has been Chief Financial Officer and a principal of the General Partner since July 2014.  Mr. Ross has been employed by Morgan Stanley Investment Management, a financial services firm, since September 2005, where his responsibilities include serving as an Assistant Treasurer of Morgan Stanley with respect to certain investment vehicles publicly offered by Morgan Stanley.  Mr. Ross is also an Executive Director of the Morgan Stanley Fund Administration Group where he is responsible for finance and accounting matters for certain private funds offered by Morgan Stanley.

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Before joining Morgan Stanley Investment Management, Mr. Ross was employed by JPMorgan Investor Services Co., a financial services firm, from December 1997 through September 2005, where his responsibilities included serving as a Vice President responsible for the accounting of certain funds sponsored by JP Morgan Chase & Co. and other large fund families serviced by JPMorgan Investor Services Co.  From April 1997 to December 1997, Mr. Ross was employed by Investors Bank & Trust, a financial services firm, where his responsibilities included performing mutual fund accounting for financial services firms.  Mr. Ross began his career at Putnam Investments LLC, a financial services firm, where he was responsible for providing broker services for certain funds sponsored by Putnam Investments LLC from August 1996 to April 1997.  Mr. Ross received a B.S. in Accounting from Rhode Island College in May 1995.

Alper Daglioglu, age 38, has been a Director, and listed as a principal, of the General Partner since December 2010.  He served as President of the General Partner from August 2013 through September 2014.  Since October 2013, Mr. Daglioglu has also been registered as an associated person of the General Partner, and is an associate member of NFA.  Since November 2013, Mr. Daglioglu has been registered as a swap associated person of the General Partner.  Since May 2014, Mr. Daglioglu has been listed as a principal and registered as an associated person of each of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds.  Mr. Daglioglu was appointed Deputy Chief Investment Officer for the Alternative Investments Group at Morgan Stanley Smith Barney LLC, a financial services firm, in

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

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Jeremy Beal, age 40, has been a Director and listed as a principal of the General Partner since August 2013.  From August 2013 through September 2014, Mr. Beal served as Chairman of the Board of Directors of the General Partner. Since May 2013, Mr. Beal has been employed by Morgan Stanley, a financial services firm, where his responsibilities include serving as the Head of Product Strategy and Development, Global Alternative Investments. Mr. Beal has been a Vice President and Director since June 2013, and listed as a principal since July 2013, of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities. Mr. Beal has also been a Vice President and Director since June 2013, and listed as a principal since August 2013, of Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds. Since January 2013, each of Morgan Stanley GWM Feeder Strategies LLC and Morgan Stanley HedgePremier GP LLC has been registered as a commodity pool operator with the CFTC. Mr. Beal is responsible for general management and oversight with respect to such entities.  Mr. Beal has also been employed by Morgan Stanley Smith Barney Private Management LLC, Morgan Stanley Smith Barney Private Management II LLC, and Morgan Stanley Smith Barney Venture Services LLC, each an investment management company, since June 2013, where his responsibilities include acting as Vice President and Director. In October 2012, Mr. Beal was appointed Chief Operating Officer of JE Moody & Company LLC, a hedge fund and commodity trading advisor, although he did not exercise all authorities associated with the role prior to his departure in May 2013.  Prior to joining JE Moody & Company LLC, Mr. Beal was employed by Morgan Stanley Smith Barney LLC, a financial services firm, where his responsibilities included serving as Chief Operating Officer, Global Alternative Investments from July 2009 through September 2012, and acting as Head

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of Product Development and Management, Alternative Investments for Morgan Stanley from May 2007 through July 2009. From March 2002 through May 2007, Mr. Beal was employed by Morgan Stanley, where his responsibilities included acting as Head of Product Development, Managed Futures for Morgan Stanley from May 2005 through May 2007, and acting as Senior Associate, Managed Futures from March 2002 through May 2005. Mr. Beal earned his Bachelor of Science degree in Business Administration in May 1997 from Pacific University and his Juris Doctor and Master of Business Administration degree in May 2001 from Willamette University.

Colbert Narcisse, age 49, has been a Director of the General Partner since December 2011 and listed as a principal of the General Partner since February 2012.  Since December 2012, Mr. Narcisse has been a Director on the Board of Directors and listed as a principal of Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds.  Since January 2013, each such entity has been registered as a commodity pool operator with the CFTC.  Since February 2011, Mr. Narcisse has been a Managing Director at Morgan Stanley Smith Barney LLC, a financial services firm, where his responsibilities have included serving as Head of the Alternative Investment Group, Head of the Corporate Equity Solutions Group, and Chief Operating Officer of the Investment Strategy and Client Solutions Division.  From July 2009 until February 2011, Mr. Narcisse served as Chief Executive Officer of Gold Bullion International, a business services company that enables retail investors to acquire, manage and store physical precious metals through their financial advisor.  From March 2009 until July 2009, Mr. Narcisse took personal leave.  From August 1990 until March 2009, Mr. Narcisse was employed by Merrill Lynch & Co., Inc.,

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a financial services firm, where his responsibilities included serving as Chief Operating Officer of Americas Investment Banking, Chief Operating Officer of the Global Wealth Management Division, and as an investment banker in both the Financial Institutions and Public Finance Groups.  From July 1987 until August 1990, Mr. Narcisse was employed by the Federal Reserve Bank of New York, where his responsibilities included serving as a Bank Examiner.  Additionally, Mr. Narcisse serves on the Board of Harlem RBI, as the Vice Chair of Finance for the Montclair Cooperative School Board of Trustees, as an Audit Committee Member of the New York City Housing Authority, and as a Member of the Executive Leadership Council.  Mr. Narcisse received his Bachelor of Science degree in Finance in June 1987 from New York University.  He received his Master of Business Administration degree in July 1992 from Harvard Business School.

Harry Handler, age 56, has been a Director of the General Partner since December 2010.  Since December 2010, Mr. Handler has been registered as an associated person and listed as a principal of the General Partner, and is an associate member of NFA.  Mr. Handler was listed as a principal of Demeter from May 2005, and was registered as an associated person of Demeter from April 2006, until Demeter’s combination with the General Partner in December 2010.  Mr. Handler was registered as an associated person of Morgan Stanley DW Inc., a financial services firm, from February 1984 until on or about April 2007, when, because of the merger of Morgan Stanley DW Inc. into MS&Co., he became registered as an associated person of MS&Co. due to the transfer of his original registration as an associated person of Morgan Stanley DW Inc.  Mr. Handler withdrew as an associated person of MS&Co. in June 2009.  Mr. Handler has been registered as an associated person of Morgan Stanley Smith Barney LLC since June 2009 and listed as a branch office manager since February 2013.

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

Kevin Klingert, age 51, has been a Director of the General Partner since October 2014.  Mr. Klingert has also served as Managing Director of Morgan Stanley Investment Management, a financial services firm, since December 2007, where his responsibilities include serving as head of the Morgan Stanley

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Investment Management Liquidity business since July 2010 and as Chief Operating Officer of Morgan Stanley Investment Management’s Traditional Asset Management business, including Long-Only, Alternative Investment Partners, and Global Liquidity, since February 2013.  Mr. Klingert has been listed as a principal of Morgan Stanley Investment Management since May 2013.  Mr. Klingert has been listed as a principal of the General Partner since October 2014.  From June 2008 through July 2010, Mr. Klingert served as the Vice President of the U.S. registered mutual fund family managed by Morgan Stanley Investment Management, where his responsibilities included handling certain administrative matters related to the funds.  From April 2008 until July 2010, Mr. Klingert served as the Global Head, Chief Operating Officer and Acting Chief Investment Officer of the Fixed Income Group of Morgan Stanley Investment Management.  From December 2007 through July 2010, Mr. Klingert served as the Head of Global Liquidity Portfolio Management and Co-Head of Liquidity Credit Research of Morgan Stanley Investment Management.  Mr. Klingert was listed as a principal of Morgan Stanley Hedge Fund Partners Cayman Ltd., a commodity pool operator, from September 2009 to September 2011, where his responsibilities included, along with the company’s other directors, making all management decisions on behalf of the company.  From February 2007 until November 2007, Mr. Klingert was on sabbatical.  Prior to joining Morgan Stanley Investment Management, Mr. Klingert was Managing Director on the Management Committee and head of Municipal Portfolio Management and Liquidity at BlackRock, Inc., a financial services firm, from October 1991 through January 2007.  From March 1985 until October 1991, Mr. Klingert was an Assistant Vice President Municipal Portfolio Manager at Merrill Lynch & Co., Inc., an investment bank.  Mr. Klingert

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received a B.S. in Business Administration from SUNY Oswego in May 1984 and an M.B.A. in Finance from New York University in February 1990.

M. Paul Martin, age 55, has been a Director of the General Partner since October 2014.  Mr. Martin has also served as Managing Director – Global Operations of Morgan Stanley Investment Management, a financial services firm, since June 2006, where his responsibilities include managing all elements of in-sourced and out-sourced global operations, and serving as a senior member of Morgan Stanley Investment Management’s Management, Risk Management, & New Products Committees.  Mr. Martin has been listed as a principal of the General Partner since October 2014.  Mr. Martin previously served as the Managing Director and Chief Operating Officer of Morgan Stanley Fund Services, a financial services firm, where his responsibilities included launching the Hedge Fund Administration business and being responsible for operations, fund accounting and administration, technology and compliance, from May 2004 through May 2006.  Previously, Mr. Martin served as Managing Director – Institutional Investment Operations of Morgan Stanley Investment Management from January 1995 until April 2004, where his responsibilities included trading room support, portfolio administration, service provider management, and derivatives processing and control.  From April 1994 through January 1995, Mr. Martin served as Senior Vice President and Head of Custody Operations for Fidelity Investments, a financial services firm.  From October 1989 through April 1994, Mr. Martin served as Executive Director and Head of Global Operations for Morgan Stanley Trust Company, a financial services firm.  Mr. Martin also served as Vice President – Information Technology for MS&Co., a financial services firm, from June 1984 through October 1989, where his

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responsibilities included acting as Senior Developer and Programming Manager – Prime Brokerage and Securities Clearance Systems, and as Part-time Manager – IT Training Program.  From February 1984 through May 1984, Mr. Martin served as a Senior Analyst in the Financial Control Group of Shearson Lehman Brothers, Inc., a financial services firm.  From October 1980 through January 1984, Mr. Martin served as a Senior Consultant – Management Information Consulting Division at Arthur Andersen & Co., an accounting firm, where his responsibilities included programming and programming supervisory roles at large governmental agencies.  Mr. Martin received a B.S. in Business Administration - Finance from Georgetown University in May 1980 and an M.B.A. in Finance from New York University in June 1993.

Frank Smith, age 48, has been a Director of the General Partner since October 2014.  Mr. Smith  has also served as an Executive Director of Morgan Stanley Investment Management, a financial services firm, since August 2000, where his responsibilities include serving as Treasurer and Chief Financial Officer of Morgan Stanley Funds as well as Executive Director of U.S. Fund Administration.  Mr. Smith has been listed as a principal of the General Partner since October 2014.  Mr. Smith previously served as a senior manager of the audit group at PricewaterhouseCoopers, an accounting firm, from December 1997 to August 2000.  Mr. Smith was responsible for managing the audits of multiple clients while at PricewaterhouseCoopers LLP.  Prior to PricewaterhouseCoopers, Mr. Smith was a Fund Administration manager at BlackRock, Inc., a mutual fund complex, from July 1996 to December 1997.  At BlackRock he oversaw multiple vendors who performed accounting services for the funds.  From December 1994 to July 1996, Mr. Smith served as an audit manager at Coopers & Lybrand, an accounting firm, where he was responsible for managing multiple client audits.

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After college, Mr. Smith began his career at McGladrey & Pullen, LLP, certified public accountants, where he served as an audit manager from June 1987 to December 1994.  At McGladrey & Pullen, he was responsible for managing multiple client audits.  Mr. Smith received a B.S. in Accounting from St. John’s University in May 1987.

Feta Zabeli, age 54, has been a Director of the General Partner since October 2014.  Mr. Zabeli is also Global Head of Risk for Morgan Stanley Investment Management’s Traditional Asset Management business where he is responsible for investment risk of all equity, fixed income, money market, multi-asset class and alternatives portfolios. He is also responsible for counterparty and quantitative model risk for the traditional asset management business.  He joined Morgan Stanley in January 2012.  Mr. Zabeli was appointed to the Board of Directors of MSIM Inc., an affiliate of the General Partner, effective January 30, 2015.  Mr. Zabeli has been listed as a principal of the General Partner since October 2014.  Mr. Zabeli was on garden leave in December 2011.  From February 2006 to November 2011, Mr. Zabeli was Senior Vice President, and most recently Global Co-Head of Risk, for AllianceBernstein L.P., a global investment firm, with various risk management assignments in Hong Kong, Tokyo, London and New York.  From August 2006 to April 2009, Mr. Zabeli was based in Hong Kong for AllianceBernstein as the Director of Risk Management for Asia Pacific.  From April 2009 to July 2011, he was based in Tokyo for AllianceBernstein as both Director of Risk Management for Asia Pacific and Head of Risk Management for Japan.  From July 2011 to November 2011, he was based in London for AllianceBernstein as Global Head of Operational & Credit/Counterparty Risk.  In these roles at AllianceBernstein he was responsible for the full range of risk management functions including

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investment, operational and credit/counterparty risk.  Prior to his Risk Management roles at Morgan Stanley and AllianceBernstein, Mr. Zabeli held positions as a managing director at Citigroup Asset Management, the asset management division of Citigroup, an international financial services company, from April 1998 to January 2006, where he worked as a quantitative research analyst and portfolio manager, and director at BARRA Inc., a global provider of risk analytic tools to investment institutions, from September 1993 to March 1998, where he developed risk models and applications.  Mr. Zabeli received a B.S. in Aerospace Engineering from Rensselaer Polytechnic Institute in May 1982, an M.S. in Electrical Engineering from the University of Southern California in May 1988 and an M.B.A. from the University of California at Los Angeles in August 1992.

Section 16(a) Beneficial Ownership Reporting Compliance

To the Partnership’s knowledge, all required Section 16(a) filings during the fiscal year ended December 31, 2014 were timely and correctly made.

Code of Ethics

The Partnership has not adopted a code of ethics that applies to the Partnership’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  The Partnership is operated by its general partner, Ceres.  The President, Chief Financial Officer, and each member of the Board of Directors of Ceres are employees of Morgan Stanley and are subject to the code of ethics adopted by Morgan Stanley, the text of which can be viewed on Morgan Stanley’s website at http://www.morganstanley.com/individual/ourcommitment/codeofconduct. html.

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The Audit Committee

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

Item 11.  EXECUTIVE COMPENSATION

The Partnership has no directors and executive officers.  As a limited partnership, the business of the Partnership is managed by Ceres, which is responsible for the administration of the business affairs of the Partnership.  The Partnership pays Ceres a general partner administrative fee equal to an annual rate of 2.0% (paid monthly) of the Partnership’s net assets.

Item 12.      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

  MANAGEMENT AND RELATED STOCKHOLDER MATTERS

(a)  Security Ownership of Certain Beneficial Owners – At December 31, 2014, there were no persons known to be beneficial owners of more than 5 percent of the Units.

(b)  Security Ownership of Management – At December 31, 2014, Ceres owned 17,219.120  Units of general partnership interest, representing a 1.06 percent interest in the Partnership.

(c)  Changes in Control – None.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Refer to Note 2.  Summary of Significant Accounting Policies, Note 4. Related Party Transactions, and Note 5. Trading Advisors of “Notes to Financial Statements”, in the accompanying Annual Report to Limited Partners for the year ended December 31, 2014, which is incorporated by reference to Exhibit

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13.01 of this Form 10-K.  In its capacity as the Partnership’s retail commodity broker, MS&Co. received commodity brokerage fees (paid and accrued by the Partnership) of $459,790 for the year ended December 31, 2014.

Item 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

MS&Co., on behalf of the Partnership, pays all accounting fees.  The Partnership reimburses MS&Co. through the brokerage fees it pays, as discussed in the Notes to Financial Statements in the Annual Report to the Limited Partners for the year ended December 31, 2014.

(1)  Audit Fees.  The aggregate fees for professional services rendered by Deloitte & Touche LLP (“D&T”) in connection with their audit of the Partnership’s financial statements and review of the financial statements included in the Quarterly Reports on Form 10-Q and in connection with statutory and regulatory filings were approximately $52,400 for the year ended December 31, 2014, and $81,809 for the year ended December 31, 2013.

(2)  Audit-Related Fees.  None.

(3)  Tax Fees. The Partnership did not pay D&T any amounts in 2014 and 2013 for professional services in connection with tax compliance, tax advice, and tax planning.

(4)  All Other Fees.  None.

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PART IV

Item 15.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES

1. Listing of Financial Statements

The following financial statements and report of independent registered public accounting firm, all appearing in the accompanying Annual Report to Limited Partners for the year ended December 31, 2014, are incorporated by reference to Exhibit 13.01 of this Form 10-K:

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

- Statements of Financial Condition as of December 31, 2014 and 2013.

- Statements of Income and Expenses and Changes in Partners' Capital for the years ended December 31, 2014, 2013, and 2012.

-               Notes to Financial Statements.

With the exception of the aforementioned information and the information incorporated in Items 7, 8, and 13, the Annual Report to Limited Partners for the year ended December 31, 2014 is not deemed to be filed with this report.

2. Listing of Financial Statement Schedules

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

3. Exhibits

For the exhibits incorporated by reference or filed herewith to this report, refer to Exhibit Index on Pages E-1 to E-4.

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY AND COMMODITY L.P.
	(Registrant)
	By:	Ceres Managed Futures LLC
		(General Partner)
March 30, 2015	By:	/s/Patrick T. Egan
		Patrick T. Egan
		President and Director

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

Ceres Managed Futures LLC

BY:	/s/	Patrick T. Egan	March 30, 2015
		Patrick T. Egan, President, Director
	/s/	Steven Ross	March 30, 2015
		Steven Ross, Chief Financial Officer, Principal Accounting
		Officer
	/s/	Alper Daglioglu	March 30, 2015
		Alper Daglioglu, Director
	/s/	Harry Handler	March 30, 2015
		Harry Handler, Director
	/s/	Jeremy Beal	March 30, 2015
		Jeremy Beal, Director
	/s/	Colbert Narcisse	March 30, 2015
		Colbert Narcisse, Director
	/s/	M. Paul Martin	March 30, 2015
		M. Paul Martin, Director
	/s/	Frank Smith	March 30, 2015
		Frank Smith, Director
	/s/	Feta H. Zabeli	March 30, 2015
		Feta H. Zabeli, Director

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 EXHIBIT INDEX

ITEM

3.01 Form of Amended and Restated Limited Partnership Agreement of the Partnership is incorporated by reference to Exhibit A of the Partnership’s Prospectus, dated May 1, 2008, filed with the Securities and Exchange Commission pursuant to Rule 424(b)(3) under the Securities Act of 1933 on May 8, 2008.

3.01(a) Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of the Partnership, dated May 31, 2009, is incorporated by reference to Exhibit 3.01(a) of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on June 4, 2009.

3.02 Certificate of Limited Partnership, dated October 20, 1999, is incorporated by reference to Exhibit 3.02 of the Partnership’s Registration Statement on Form S-1 (File No. 333-90485) filed with the Securities and Exchange Commission on November 5, 1999.

3.03   Certificate of Amendment of Certificate of Limited Partnership, dated November 1, 2001 (changing its name from Dean Witter Spectrum Currency L.P.) is incorporated by reference to Exhibit 3.01 of the Partnership's Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on November 1, 2001.

3.04   Certificate of Amendment of Certificate of Limited Partnership, dated June 1, 2009, (changing the name and mailing address of the general partner of the Partnership), is incorporated by reference to Exhibit 3.04 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on June 4, 2009.

3.05 Certificate of Amendment of Certificate of Limited Partnership, dated September 29, 2009 (changing its name from Morgan Stanley Spectrum Currency L.P., to Morgan Stanley Smith Barney Spectrum Currency L.P.), is incorporated by reference to Exhibit 3.06 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on October 5, 2009.

3.06 Certificate of Amendment of Certificate of Limited Partnership, dated December 30, 2011, (changing its name from Morgan Stanley Smith Barney Spectrum Currency L.P. to Morgan Stanley Smith Barney Spectrum Currency L.P. to Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.) is incorporated by reference to Exhibit 3.07 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on January 6, 2012.

E-1

10.01 Management Agreement, dated as of January 1, 2012, among the Partnership, the General Partner, Krom River Investment Management (Cayman) Limited and Krom River Trading AG is incorporated by reference to Exhibit 10.04 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on January 6, 2012.

10.01 (a) First Amendment to the Management Agreement, dated as of September 24, 2013, among the Partnership, the General Partner, Krom River Investment Management (Cayman) Limited and Krom River Trading AG, is incorporated by reference to Exhibit 10.01(a) of the Partnership’s Form 10-K (File No. 0-31563) filed with the Securities and Exchange Commission on March 28, 2014.

10.02 Management Agreement, dated as of October 22, 2012, among the General Partner, the Partnership and Cambridge Strategy (Asset Management) Limited is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on November 13, 2012.

10.02 (a) First Amendment to Management Agreement among the General Partner, the Partnership, and Cambridge Strategy (Asset Management) Limited, dated as of October 23, 2012 is incorporated by reference to Exhibit 10.02 of the Partnership’s Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on November 13, 2012.

10.02 (b) Second Amendment to Management Agreement, among the General Partner, the Partnership, and The Cambridge Strategy (Asset Management) Limited, dated October 1, 2013, is incorporated by reference to Exhibit 10.02(b) of the Partnership’s Form 10-K (File No. 0-31563) filed with the Securities and Exchange Commission on March 28, 2014.

10.03 Escrow Agreement, dated as of July 25, 2007, among The Bank of New York, the General Partner, and Morgan Stanley & Co. Incorporated, is incorporated by reference to Exhibit 10.05 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on July 31, 2007.

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

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

10.06 Customer Agreement between the Partnership and Morgan Stanley DW, dated as of June 30, 2000, is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on November 1, 2001.

E-2

10.06 (a) Amendment No. 1 to the Amended and Restated Customer Agreement between the Partnership and Morgan Stanley DW Inc., dated July 1, 2005, is incorporated by reference to Exhibit 10.09(a) of the Partnership’s Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on August 10, 2005.

10.07 Amended and Restated Commodity Futures Customer Agreement, between MS&Co. and the Funds listed on Appendix A thereto, dated as of November 12, 2013, is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on November 14, 2013.

10.08 Securities Account Control Agreement between the Partnership and MS&Co., dated as of June 6, 2000, is incorporated by reference to Exhibit 10.03 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on November 1, 2001.

10.09 Management Agreement, dated as of October 9, 2007, among the Partnership, Demeter, and C-View International Limited, is incorporated by reference to Exhibit 10.13 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on October 15, 2007.

10.10 Foreign Exchange and Options Master Agreement, dated as of November 28, 2007, between Morgan Stanley & Co. Incorporated and Demeter, in its capacity as general partner of the Partnership, is incorporated by reference to Exhibit 10.13 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on December 4, 2007.

10.11 Foreign Exchange and Options Master Agreement, dated as of November 28, 2007, between Morgan Stanley Capital Group Inc. and Demeter, in its capacity as general partner of the Partnership, is incorporated by reference to Exhibit 10.14 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on December 4, 2007.

10.12 Customer FX Prime Brokerage Agreement, dated as of November 27, 2007, between Morgan Stanley & Co. Incorporated and Demeter, in its capacity as general partner of the Partnership, is incorporated by reference to Exhibit 10.15 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on December 4, 2007.

10.13 Customer FX Prime Brokerage Agreement, dated as of November 27, 2007, between Morgan Stanley Capital Group Inc. and Demeter, in its capacity as general partner of the Partnership, is incorporated by reference to Exhibit 10.16 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on December 4, 2007.

E-3

10.14 Alternative Investment Placement Agent Agreement, dated as of October 1, 2014, by and among the General Partner, Morgan Stanley Wealth Management and the partnerships listed on Schedule 1 thereto, is incorporated by reference to Exhibit 10.01 of the Partnership’s Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on August 14, 2014.

13.01 December 31, 2014, Annual Report to Limited Partners is filed herewith.

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

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

32.01 Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.02 Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.1 December 31, 2014, Cambridge Master Fund L.P. Financial Statements are filed herewith.

99.2  December 31, 2014, KR Master Fund L.P. Financial Statements are filed herewith.

101.INS^ XBRL Instance Document

101.SCH^ XBRL Taxonomy Extension Schema

101.CAL^ XBRL Taxonomy Extension Calculation Linkbase

101.DEF^ XBRL Taxonomy Extension Definition Linkbase

101.LAB^ XBRL Taxonomy Extension Label Linkbase

101.PRE^ XBRL Taxonomy Extension Presentation Linkbase

^  Submitted electronically herewith.

E-4

EX-31.01

EXHIBIT 31.01

CERTIFICATIONS

I,  Patrick T. Egan, certify that:

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

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed  under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably  likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect  the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:   March 30, 2015                                                       /s Patrick T. Egan                      

Patrick T. Egan

President and Director

Ceres Managed Futures LLC,

General Partner of the registrant

EX-31.02

EXHIBIT 31.02

CERTIFICATIONS

I, Steven Ross, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed   under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this  report is being prepared;

 b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably  likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:   March 30, 2015                                                      /s/ Steven Ross                      

Steven Ross

Chief Financial Officer

Ceres Managed Futures LLC,

General Partner of the registrant

EX-32.01

  EXHIBIT 32.01

CERTIFICATION OF PRESIDENT PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patrick T. Egan, President and Director of Ceres Managed Futures LLC, the general partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

By:                    /s/ Patrick T. Egan                                                                                                           

Name:                    Patrick T. Egan

Title:                      President and Director of Ceres Managed Futures LLC,

General Partner of the registrant

Date:                      March 30, 2015

EX-32.02

  EXHIBIT 32.02

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Ross, Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

By:                   /s/ Steven Ross                                                                                                           

Name:                    Steven Ross

Title:                      Chief Financial Officer of Ceres Managed Futures LLC,

General Partner of the registrant

Date:                      March 30, 2015

EX-99.1

Cambridge Master Fund L.P.

Annual Report

December 31, 2014

Pursuant to Commodity Futures Trading Commission Rule 4.7, Ceres Managed Futures LLC has claimed an exemption with respect to Cambridge Master Fund L.P. from certain reporting requirements.

CERES MANAGED FUTURES LLC

To the Limited Partners of

Cambridge Master Fund L.P.

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

/s/ Patrick T. Egan
By:		Patrick T. Egan
	President and Director Ceres Managed Futures LLC General Partner, Cambridge Master Fund L.P.

Ceres Managed Futures LLC

522 Fifth Avenue

New York, NY 10036

855-672-4468

REPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

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

We have audited the accompanying statements of  financial  condition  of  Cambridge  Master Fund L.P. (the "Partnership"), including the condensed schedules of investments, as of December 31, 2014 and 2013, and the related statements of income and expenses and changes in partners’ capital for each of the two years in the period ended December 31, 2014 and the period September 1, 2012 (commencement of trading operations) to December 31, 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.  

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

In our opinion, such financial statements present fairly, in all material respects, the financial position of Cambridge Master Fund L.P. as of December 31, 2014 and 2013, and the results of its operations and changes in its partners’ capital for each of the two years in the period ended December 31, 2014 and for the period September 1, 2012 (commencement of trading operations) to December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

New York, New York

March 25, 2015

Cambridge Master Fund L.P.

Statements of Financial Condition

December 31, 2014

	December 31, 2014	December 31, 2013
Assets:
Equity in trading account:
Cash (Note 3c)	$26,503,935	$30,157,397
Cash margin (Note 3c)	9,794,931	7,040,583
Net unrealized appreciation on open forward contracts	2,739,853	349,532
Total Trading Equity	39,038,719	37,547,512
Expense Reimbursement	7,922	2,452
Total assets	$39,046,641	$37,549,964
Liabilities and Partners’ Capital:
Accrued expenses:
Professional fees	48,456	28,580
Total liabilities	48,456	28,580
Partners’ Capital:
General Partner	—	—
Limited Partners	38,998,185	37,521,384
Total liabilities and partners’ capital	$39,046,641	$37,549,964

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2014

	Notional ($)	Fair Value	% of Partners’    Capital
Unrealized Appreciation on Open Forward Contracts
Currencies	$391,686,862	$5,969,177	15.31%
Total unrealized appreciation on open forward contracts		5,969,177	15.31
Unrealized Depreciation on Open Forward Contracts
Currencies	$284,639,685	(3,229,324)	(8.28)
Total unrealized depreciation on open forward contracts		(3,229,324)	(8.28)
Net fair value		$2,739,853	7.03%

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2013

	Notional ($)	Fair Value	% of Partners’ Capital
Unrealized Appreciation on Open Forward Contracts
Currencies	$349,054,134	$3,781,929	10.08%
Total unrealized appreciation on open forward contracts		3,781,929	10.08
Unrealized Depreciation on Open Forward Contracts
Currencies	$269,586,152	(3,432,397)	(9.15)
Total unrealized depreciation on open forward contracts		(3,432,397)	(9.15)
Net fair value		$                   349,532	0.93%

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Statements of Income and Expenses

for the years ended December 31, 2014, 2013, and

for the period September 1, 2012

(commencement of trading operations)

to December 31, 2012

	2014	2013	2012
Investment Income:
Interest income	$                    6,641	$                    9,306	$                2,095
Expenses:
Clearing fees	112,699	27,122	0
Professional fees	115,700	103,414	33,200
Total expenses	228,399	130,536	33,200
Expense reimbursements	(67,015)	(54,928)	(14,519)
Net expenses	161,384	75,608	18,681
Net investment income (loss)	(154,743)	(66,302)	(16,586)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	7,219,710	3,113,012	243,915
Change in net unrealized gains (losses) on open contracts	2,390,321	53,843	295,689
Total trading results	9,610,031	3,166,855	539,604
Net income (loss)	$9,455,288	$3,100,553	$523,018

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Statements of Changes in Partners’ Capital

for the years ended December 31, 2014, 2013, and

for the period September 1, 2012

(commencement of trading operations)

to December 31, 2012

	Partners’  Capital
Initial capital contributions from Limited Partners at September 1, 2012	$ 3,000,000
Net income (loss)	523,018
Subscriptions	10,911,485
Redemptions	(91,522)
Distribution of interest income to feeder funds	(2,095)
Partners’ Capital at December 31, 2012	14,340,886
Net income (loss)	3,100,553
Subscriptions	22,700,539
Redemptions	(2,611,288)
Distribution of interest income to feeder funds	(9,306)
Partners’ Capital at December 31, 2013	$37,521,384
Net income (loss)	9,455,288
Subscriptions	6,500,000
Redemptions	(14,471,846)
Distribution of interest income to feeder funds	(6,641)
Partners’ Capital at December 31, 2014	$38,998,185

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Notes to Financial Statements

December 31, 2014

1. Partnership Organization:

Cambridge Master Fund L.P. (the “Master”) is a limited partnership organized under the partnership laws of the State of Delaware on July 30, 2012, to engage in the speculative trading of a portfolio of commodity interests, including futures contracts, options, swaps and forward contracts. Cambridge Master exclusively trades in the currency sector. The commodity interests that are traded by the Master are volatile and involve a high degree of market risk.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Master. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc. As of December 31, 2014, all trading decisions for the Master are made by the Advisor (defined below).

On September 1, 2012 (commencement of trading operations), Emerging CTA Portfolio L.P. (“Emerging CTA”), allocated a portion of its capital to the Master. On November 1, 2012, Morgan Stanley Spectrum Currency and Commodity L.P. (“Spectrum Currency and Commodity”), allocated a portion of their capital to the Master. Emerging CTA purchased an interest in the Master with cash equal to $3,000,000, and Spectrum Currency and Commodity purchased an interest in the Master with cash equal to $3,355,672. The Master permits commodity pools managed now or in the future by The Cambridge Strategy (Asset Management) Limited (the “Advisor”) using the Asian Markets Alpha Programme and the Emerging Markets Alpha Programme, the Advisor’s proprietary, systematic trading systems, to invest together in one trading vehicle.

During the year ended December 31, 2014, the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as commodity broker.

The Master operates under a structure where its investors consist of Emerging CTA and Spectrum Currency and Commodity (each a “Feeder”, and collectively the “Funds”). Emerging CTA and Spectrum Currency and Commodity owned approximately 68.5% and 31.5% of the Master at December 31, 2014, respectively. Emerging CTA and Spectrum Currency and Commodity owned approximately 69.9% and 30.1% of the Master at December 31, 2013, respectively.

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

2. Accounting Policies:

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

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

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

Master’s Fair Value Measurements.    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that, based on available information in the marketplace, the Master’s Level 1 assets and liabilities are actively traded.

The Master will separately present purchases, sales, issuances, and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and makes disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Master considers prices for exchange-traded commodity futures, forwards, swaps and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the years ended December 31, 2014 and December 31, 2013, the Master did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or 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). During the years ended December 31, 2014 and December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	December 31, 2014		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Forwards		$5,969,177		$                        —		$                        5,969,177		$                   —
Total Assets		5,969,177		—		5,969,177		—
Liabilities
Forwards		3,229,324		—		3,229,324		—
Total Liabilities		3,229,324		—		3,229,324		—
Net fair value		$2,739,853		$                         —		$                        2,739,853		$                   —

	December 31, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Forwards		$3,781,929		$                         —		$                    3,781,929		$                   —
Total Assets		3,781,929		—		3,781,929		—
Liabilities
Forwards		3,432,397		—		3,432,397		—
Total Liabilities		3,432,397		—		3,432,397		—
Net fair value		$                   349,532		$                         —		$                      349,532		$                   —

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

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

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

f. Income Taxes.    Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Master’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Master’s financial statements.

The Master files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2012 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

g. Investment Company Status.    Effective January 1, 2014, the Master adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Master’s financial statements. Based on the General Partner’s assessment, the Master has been deemed to be an investment company since inception.

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

3. Agreements:

a. Limited Partnership Agreement:

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

b. Management Agreement:

The General Partner, on behalf of the Master, has entered into a management agreement (the “Management Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with the General Partner, MS&Co. or CGM, and is not responsible for the organization or operation of the Master. The Management Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master. All management fees in connection with the Management Agreement are borne by the Funds. The Management Agreement may be terminated upon notice by either party under certain circumstances defined in the Management Agreement.

c. Customer Agreement:

Prior to and during part of the third quarter of 2013, the Master was party to a Customer Agreement with CGM (the “CGM Customer Agreement”). During the third quarter of 2013, the Master entered into a Customer Agreement with MS&Co. (the “MS&Co. Customer Agreement”) and terminated the CGM Customer Agreement. During the second quarter of 2013, the Master also entered into a foreign exchange brokerage account agreement with MS&Co.

Under the CGM Customer Agreement, CGM provided services to the Master, including, among other things, the execution and clearing of transactions for the Master’s account in accordance with orders placed by the Advisor. All exchange, clearing, service, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively the “CGM clearing fees”) were borne by the Master and allocated to the Funds. All other fees including CGM’s direct brokerage fees were borne by the Funds. During the term of the CGM Customer Agreement, all of the Master’s assets were deposited in the Master’s account at CGM. The Master’s cash was deposited by CGM in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations.

Under the MS&Co. Customer Agreement and the foreign exchange brokerage account agreement, the Master pays MS&Co. trading fees for the clearing and, where applicable, the execution of transactions. Further, all trading, exchange, clearing, user, give-up, floor brokerage and NFA fees (collectively the “MS&Co. clearing fees” and together with the CGM clearing fees, the “clearing fees”) are borne by the Master and allocated to the Funds. All other fees are borne by the Funds. All of the Master’s assets are deposited in the Master’s account at MS&Co. The Master’s cash is deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. At December 31, 2014 and December 31, 2013, the amount of cash held by the Master for margin requirements was $9,794,931 and $7,040,583, respectively. The MS&Co. Customer Agreement may generally be terminated upon notice by either party.

For the period April 1, 2014 to September 30, 2014, Spectrum Currency and Commodity paid MS&Co. a flat rate brokerage fee of 1/12 of 3.6% per month (a 3.6% annual rate), and prior to that this fee was charged at a flat rate of 1/12 of 4.6% per month (a 4.6% annual rate). For the period October 1, 2014 to December 31, 2014, Spectrum Currency and Commodity pays an ongoing placement agent fee to Morgan Stanley Wealth Management at a flat rate of 1/12 of 2% per month (a 2% annual rate) of the net assets of Spectrum Currency and Commodity allocated to the Advisor as of the first day of each month. Such fee includes clearing fees that are charged to the Master, therefore, the Master receives monthly expense reimbursements on clearing fees from MS&Co. incurred during such month, as shown on the Statements of Income and Expenses as expense reimbursements, based on the beginning of the month Partners’ capital allocation percentage of Spectrum Currency and Commodity in the Master.

4. Trading Activities:

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

The MS&Co. Customer Agreement gives, and the CGM Customer Agreement gave, the Master the legal right to net unrealized gains and losses on open futures and forwards contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” have been met.

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of notional values of currency forward contracts traded for the years ended December 31, 2014 and December 31, 2013 were $2,127,047,182 and $1,482,257,366, respectively.

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

The following tables summarize the valuation of the Master’s investments as of December 31, 2014 and December 31, 2013.

December 31, 2014	Gross Amounts Recognized	Gross Amounts Offset in the Statements of Financial Condition	Net Amounts Presented in                 the Statements of Financial                             Condition
Assets
Forwards	$ 5,969,177	$ (3,229,324)	$                                  2,739,853
Total Assets	$ 5,969,177	$ (3,229,324)	$                                  2,739,853
Liabilities
Forwards	$(3,229,324)	$                              3,229,324	$                                             —
Total Liabilities	$(3,229,324)	$                              3,229,324	$                                             —
Net unrealized appreciation on open forwards contracts			$                                  2,739,853
December 31, 2013	Gross Amounts Recognized	Gross Amounts Offset in the Statements of Financial Condition	Net Amounts Presented in                             the Statements of Financial                               Condition
Assets
Forwards	$ 3,781,929	$ (3,432,397)	$                                  349,532
Total Assets	$ 3,781,929	$ (3,432,397)	$                                  349,532
Liabilities
Forwards	$(3,432,397)	$                             3,432,397	$                                         —
Total Liabilities	$(3,432,397)	$                             3,432,397	$                                        —
Net unrealized appreciation on open forwards contracts			$                                 349,532

The following tables indicate the gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of December 31, 2014 and December 31, 2013.

Assets	December 31, 2014
Forward Contracts
Currencies	$5,969,177
Total unrealized appreciation on open forward contracts	$5,969,177
Liabilities
Forward Contracts
Currencies	$(3,229,324)
Total unrealized depreciation on open forward contracts	$(3,229,324)
Net unrealized appreciation on open forward contracts	$2,739,853*

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

	December 31, 2013
Assets
Forward Contracts
Currencies	$3,781,929
Total unrealized appreciation on open forward contracts	$3,781,929
Liabilities
Forward Contracts
Currencies	$(3,432,397)
Total unrealized depreciation on open forward contracts	$(3,432,397)
Net unrealized appreciation on open forward contracts	$ 349,532*

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

The following tables indicate the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2014 and December 31, 2013, and for the period ended December 31, 2012.

Sector	2014	2013	2012
Currencies	$9,610,031	$3,166,855	$539,604
Total	$9,610,031**	$3,166,855**	$539,604**

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

5. Subscriptions, Distributions and Redemptions:

Subscriptions are accepted monthly from investors and they become limited partners on the first day of the month after their subscription is processed. A limited partner may withdraw all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any day (the “Redemption Date”) after a request for redemption has been made to the General Partner at least three business days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Master.

6. Financial Highlights:

Ratios to average net assets for the years ended December 31, 2014 and 2013, and for the period ended December 31, 2012 were as follows:

	2014	2013	2012
Ratios to average net assets:
Net investment income (loss)*	(0.4)%	(0.3)%	(0.7)%**
Operating expenses***	0.4%	0.3%	0.8%**
Total return	27.4%	15.7%	4.1%

* Interest income less total expenses.

** Annualized.

*** Percentages are after expense reimbursements (equal to 0.2%, 0.2% and 0.6% for 2014, 2013 and 2012, respectively).

The above ratios 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 net assets.

7. Financial Instrument Risks:

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

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

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Master’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Master had credit risk and concentration risk during the reporting period and prior periods, as MS&Co. and/or CGM or their affiliates were the counterparties or brokers with respect to the Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. and/or CGM, the Master’s counterparty is an exchange or clearing organization. The Master continues to be subject to such risks with respect to MS&Co.

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

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

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CERES MANAGED FUTURES LLC

522 Fifth Avenue

New York, NY 10036

© 2014 Morgan Stanley

EX-99.2

KR Master Fund L.P.

(Master in Liquidation)

Termination Report

December 31, 2014

(Termination of Operations)

Pursuant to Commodity Futures Trading Commission Rule 4.7, Ceres Managed

Futures LLC has claimed an exemption with respect to KR Master Fund L.P.

from certain reporting requirements.

CERES MANAGED FUTURES LLC

To the Limited Partners of

KR Master Fund L.P.

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

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

REPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

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

We have audited the accompanying statement of financial condition (liquidation basis), including the condensed schedule of investments (liquidation basis), of KR Master Fund L.P. (the "Partnership"), as of December 31, 2014 (termination of operations), and the related statements of income and expenses (liquidation basis) and changes in partners’ capital (liquidation basis) for the year ended December 31, 2014. In addition, we have audited the accompanying statement of financial condition, including the condensed schedule of investments, of the Partnership as of December 31, 2013, and the related statements of income and expenses and changes in partners’ capital for the years ended December 31, 2013 and 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.  

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

As discussed in Note 1 to the financial statements, the Partnership terminated operations on December 31, 2014. As a result, the Partnership changed its basis of accounting from the going concern basis to the liquidation basis.  

In our opinion, such financial statements present fairly, in all material respects, (1) the financial position (liquidation basis) of KR Master Fund L.P. as of December 31, 2014 (termination of operations), (2) the results of its operations (liquidation basis) and changes in its partners’ capital (liquidation basis) for the year ended December 31, 2014, (3) the financial position as of December 31, 2013, and (4) the results of its operations and changes in its partners’ capital for the years ended December 31 2013 and 2012, in conformity with accounting principles generally accepted in the United States of America applied on the bases described in the preceding paragraph.

/s/ Deloitte & Touche LLP

New York, New York

March 25, 2015

KR Master Fund L.P.

Statements of Financial Condition

December 31, 2014 (termination of operations) (liquidation basis) and 2013

	December 31, 2014*	December 31, 2013
Assets:
Equity in trading account:
Cash (Note 3c)	$12,413,495	$41,024,193
Cash margin (Note 3c)	—	2,322,125
Options purchased, at fair value (cost $0 and $2,559,422, respectively)	—	694,598
Total trading equity	12,413,495	44,040,916
Expense reimbursements	1,891	2,929
Total assets	$12,415,386	$44,043,845
Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open futures contracts	$                    —	$                    630,148
Net unrealized depreciation on open forward contracts	238,782	668,793
Options premium received, at fair value (premium $0 and $181,240, respectively)	—	127,950
Accrued expenses:
Professional fees	48,670	28,684
Clearing fees due to MS&Co.	264	1,210
Liquidation redemptions payable	12,127,670	—
Total liabilities	12,415,386	1,456,785
Partners’ Capital:
General Partner	—	—
Limited Partners	—	42,587,060
Total liabilities and partners’ capital	$12,415,386	$44,043,845

* Presented on a liquidation basis of accounting.

See accompanying notes to financial statements.

KR Master Fund L.P.

Condensed Schedule of Investments (liquidation basis)

December 31, 2014

(termination of operations)

	Number of Contracts	Fair Value	% of Partners’ Capital*
Unrealized Appreciation on Open Forward Contracts
Metals	255	1,170,683	9.65%
Total unrealized appreciation on open forward contracts		1,170,683	9.65%
Unrealized Depreciation on Open Forward Contracts
Metals	273	(1,409,465)	(11.62)%
Total unrealized depreciation on open forward contracts		(1,409,465)	(11.62)%
Net fair value		$ (238,782)	(1.97)%

* Calculated based on pre-liquidation redemption.

See accompanying notes to financial statements.

KR Master Fund L.P.

Condensed Schedule of Investments

December 31, 2013

	Number of             Contracts	Fair Value	% of Partners’ Capital
Futures Contracts Purchased
Energy	25	$ (16,543)	(0.04)%
Grains	85	(14,820)	(0.03)
Livestock	57	36,790	0.09
Metals	21	(12,615)	(0.03)
Total futures contracts purchased		(7,188)	(0.01)
Futures Contracts Sold
Energy	34	(15,840)	(0.04)
Grains	115	90,320	0.21
Livestock	43	40,310	0.09
Metals	208	(737,750)	(1.73)
Total futures contracts sold		(622,960)	(1.47)
Net unrealized depreciation on open futures contracts		(630,148)	(1.48)
Unrealized Appreciation on Open Forward Contracts
Metals	800	3,982,786	9.35
Total unrealized appreciation on open forward contracts		3,982,786	9.35
Unrealized Depreciation on Open Forward Contracts
Metals	812	(4,651,579)	(10.92)
Total unrealized depreciation on open forward contracts		(4,651,579)	(10.92)
Net unrealized depreciation on open forward contracts		(668,793)	(1.57)
Options Purchased
Call
Energy	452	660,180	1.55
Call options purchased		660,180	1.55
Put
Grains	170	5,038	0.01
Livestock	226	29,380	0.07
Put options purchased		34,418	0.08
Total options purchased		694,598	1.63
Options Premium Received
Call
Energy	68	(103,800)	(0.24)
Call options premium received		(103,800)	(0.24)
Put
Energy	23	(24,150)	(0.06)
Put options premium received		(24,150)	(0.06)
Total options premium received		(127,950)	(0.30)
Net fair value		$ (732,293)	(1.72)%

See accompanying notes to financial statements.

KR Master Fund L.P.

Statements of Income and Expenses

for the years ended December 31, 2014 (termination of operations)

(liquidation basis), 2013 and 2012

	2014*	2013	2012
Investment Income:
Interest income	$                   3,785	$                   25,093	$                   59,059
Expenses:
Clearing fees	93,544	260,783	512,271
Professional fees	103,906	86,464	66,157
Total expenses	197,450	347,247	578,428
Expense reimbursements	(34,635)	(40,589)	(57,161)
Net expenses	162,815	306,658	521,267
Net investment income (loss)	(159,030)	(281,565)	(462,208)
Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(1,977,970)	(4,286,195)	(5,263,717)
Change in net unrealized gains (losses) on open contracts	2,871,693	(888,854)	721,125
Total trading results	893,723	(5,175,049)	(4,542,592)
Net income (loss)	$                   734,693	$(5,456,614)	$(5,004,800)

* Presented on a liquidation basis of accounting.

See accompanying notes to financial statements.

KR Master Fund L.P.

Statements of Changes in Partners’ Capital

for the years ended December 31, 2014 (termination of operations)

(liquidation basis), 2013 and 2012

	Partners’ Capital
Partners’ Capital at December 31, 2011	111,938,551
Net income (loss)	(5,004,800)
Subscriptions	40,929,684
Redemptions	(32,914,139)
Distribution of interest income to feeder funds	(59,059)
Partners’ Capital at December 31, 2012	114,890,237
Net income (loss)	(5,456,614)
Subscriptions	4,878,753
Redemptions	(71,700,223)
Distribution of interest income to feeder funds	(25,093)
Partners’ Capital at December 31, 2013	$42,587,060
Net income (loss)	734,693
Subscriptions	3,300,000
Redemptions	(46,617,968)
Distribution of interest income to feeder funds	(3,785)
Partners’ Capital at December 31, 2014*	$                      —

* Presented on a liquidation basis of accounting.

See accompanying notes to financial statements.

KR Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

December 31, 2014

1. Partnership Organization:

KR Master Fund L.P. (the “Master”) was a limited partnership organized under the partnership laws of the State of Delaware on April 21, 2011, to engage in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options, swaps and forward contracts. The sectors traded included energy, grains, livestock, metals and softs. The commodity interests that were traded by the Master were volatile and involved a high degree of market risk. The Master terminated operations on December 31, 2014. As a result, the Master changed the basis of accounting from the going concern basis to a liquidation basis. Liquidation basis accounting requires the Master to record assets and liabilities at values to be received in liquidation.

Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (the “General Partner”) and commodity pool operator of the Master. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc.

On May 1, 2011 (commencement of trading operations), Commodity Advisors Fund L.P. (“Commodity Advisors”) and Tactical Diversified Futures Fund L.P. (“Tactical”) each allocated a portion of their capital to the Master. Commodity Advisors allocated a portion of its capital with cash equal to $13,913,306 and Tactical allocated a portion of its capital with cash equal to $65,000,000. On January 1, 2012, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (“Spectrum Currency”) allocated a portion of its capital to the Master with cash equal to $13,925,721. The Master was formed to permit commodity pools managed by Krom River Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, the “Advisor”) using the Krom River Commodity Program, the Advisor’s proprietary, systematic trading system which was traded on both a fundamental and technical basis, to invest together in one trading vehicle. The General Partner and the Advisor had agreed that the Advisor could have traded the Master’s assets at a level that was up to 1.5 times the amount of such assets.

During the year ended December 31, 2014, the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker.

Prior to its termination on December 31, 2014, the Master operated under a structure where its investors consisted of Commodity Advisors, Tactical and Spectrum Currency (each a “Feeder”, collectively the “Funds”). Commodity Advisors, Tactical and Spectrum Currency owned approximately 11.1%, 73.4% and 15.5% of the Master at December 31, 2014, respectively. Commodity Advisors, Tactical and Spectrum Currency owned approximately 11.8%, 71.1% and 17.1% of the Master at December 31, 2013, respectively.

2. Accounting Policies:

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

The liquidation basis of accounting requires the Master to record assets and liabilities at values expected to be received in liquidation. The change in basis of accounting from the going concern basis to the liquidation basis did not have a material effect on the Master’s carrying value of assets and liabilities or its results of operations. All carrying values, whether market or fair values, are expected to be realized by the General Partner during liquidation. Also, the liquidation basis of accounting requires the financial statements to include a statement of net assets available to shareholders or changes in net assets available. The Statements of Changes in Partners’ Capital (included herein) presents the same information and thus the financial statements include a statement of net assets available to shareholders for the period January 1, 2014 to December 31, 2014.

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

c. Master’s Investments.    All commodity interests of the Master, including derivative financial instruments and derivative commodity instruments, were held for trading purposes. The commodity interests were recorded on trade date and open contracts were recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies were translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses were realized when contracts were liquidated. Unrealized gains or losses on open contracts were included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses were included in the Statements of Income and Expenses.

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

Where applicable, the Master separately presented purchases, sales, issuances, and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis) and made disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Master considered prices for exchange-traded commodity futures, forwards, swaps and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the years ended December 31, 2014 and 2013, the Master did not hold any derivative instruments for which market quotations were not readily available and that were priced by broker-dealers who derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using observable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2014 and 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.

	December 31, 2014	Quoted Prices in                     Active markets for                        Identical Assets                        and Liabilities                           (Level 1)	Significant Other Observable Inputs (Level 2)	Significant             Unobservable           Inputs              (Level 3)
Assets
Forwards	$1,170,683	$                       1,170,683	$                       —	$                  —
Total assets	1,170,683	1,170,683	—	—
Liabilities
Forwards	$1,409,465	$                       1,409,465	$                       —	$                  —
Total liabilities	1,409,465	1,409,465	—	—
Net fair value	$(238,782)	$ (238,782)	$                      —	$                   —

	December 31, 2013	Quoted Prices in Active markets for Identical Assets and Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets
Futures	$                  181,606	$                       181,606	$                       —	$                  —
Forwards	3,982,786	3,982,786	—	—
Options purchased	694,598	694,598	—	—
Total assets	4,858,990	4,858,990	—	—
Liabilities
Futures	$                  811,754	$                       811,754	$                       —	$                  —
Forwards	4,651,579	4,651,579	—	—
Options premium received	127,950	127,950	—	—
Total liabilities	5,591,283	5,591,283	—	—
Net fair value	$(732,293)	$                      (732,293)	$                        —	$                  —

d. Futures Contracts.    The Master traded futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) were made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and were recorded as unrealized gains or losses by the Master. When the contract was closed, the Master recorded a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses.

e. London Metals Exchange Forward Contracts.    Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Master were cash settled based on prompt dates published by the LME. Payments (“variation margin”) may have been made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and were recorded as unrealized gains or losses by the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Master recorded a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses.

f. Options.     The Master was permitted to purchase and write (sell), both exchange-listed and over-the-counter (“OTC”), options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Master wrote an option, the premium received was recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Master purchased an option, the premium paid was recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses.

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

h. Income Taxes.    Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Master’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The General Partner concluded that no provision for income tax is required in the Master’s financial statements.

The Master files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.

i. Investment Company Status.    Effective January 1, 2014, the Master adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Master’s financial statements. Based on the General Partner’s assessment, the Master has been deemed to be an investment company since inception.

j. Subsequent Events.    The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that, other than that referenced in Note 8 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements.

3. Agreements:

a. Limited Partnership Agreement:

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

b. Management Agreement:

The General Partner, on behalf of the Master, entered into a management agreement (the “Management Agreement”) with the Advisor. The Advisor was not affiliated with the General Partner or MS&Co./CGM and was not responsible for the organization or operation of the Master. The Management Agreement provided that the Advisor had sole discretion in determining the investment of the assets of the Master. All management fees in connection with the Management Agreement were borne by the Funds. The Management Agreement was in effect until December 31, 2014 (termination of operations).

c. Customer Agreement:

Prior to and during part of the third quarter of 2013, the Master was party to a Customer Agreement with CGM (the “CGM Customer Agreement”). During the third quarter of 2013, the Master entered into a Customer Agreement with MS&Co. (the “MS&Co. Customer Agreement”) and terminated the CGM Customer Agreement.

Under the CGM Customer Agreement, CGM provided services to the Master, including, among other things, the execution and clearing of transactions for the Master’s account in accordance with orders placed by the Advisor. All exchange, clearing, service, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively the “CGM clearing fees”) were borne by the Master and allocated to the Funds. All other fees including CGM’s direct brokerage fees were borne by the Funds. During the term of the CGM Customer Agreement, all of the Master’s assets were deposited in the Master’s account at CGM. The Master’s cash was deposited by CGM in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations.

Under the MS&Co. Customer Agreement, the Master paid MS&Co. trading fees for the clearing and, where applicable, the execution of transactions. Further all trading, exchange, clearing, user, give-up, floor brokerage and NFA fees (collectively the “MS&Co. clearing fees” and together with the CGM clearing fees, the “clearing fees”) were borne by the Master and allocated to the Funds. All other fees were borne by the Funds. All of the Master’s assets were deposited in the Master’s account at MS&Co. The Master’s cash was deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. At December 31, 2014 (termination of operations) and December 31, 2013, the amount of cash held by the Master for margin requirements was $0 and $2,322,125, respectively.

For the period April 1, 2014 to September 30, 2014, Spectrum Currency paid MS&Co. a flat rate brokerage fee of 1/12 of 3.6% per month (a 3.6% annual rate), and prior to that this fee was charged at a flat rate of 1/12 of 4.6% per month (a 4.6% annual rate). For the period October 1, 2014 to December 31, 2014, Spectrum Currency paid an ongoing placement agent fee to Morgan Stanley Wealth Management at a flat rate of 1/12 of 2% per month (a 2% annual rate) of the net assets of Spectrum Currency allocated to the Advisor as of the first day of each month. Such fee included clearing fees that were charged to the Master, therefore, the Master received monthly expense reimbursements on clearing fees from MS&Co. incurred during such month, as shown on the Statements of Income and Expenses as expense reimbursements, based on the beginning of the month Partners’ capital allocation percentage of Spectrum Currency in the Master.

4. Trading Activities:

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

The MS&Co. Customer Agreement and the CGM Customer Agreement each gave the Master the legal right to net unrealized gains and losses on open futures and forward contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” have been met.

All of the commodity interests owned by the Master were held for trading purposes. The monthly average number of futures contracts traded during the years ended December 31, 2014 and 2013 were 336 and 1,224, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2014 and 2013 were 991 and 2,794, respectively. The monthly average number of options contracts traded during the years ended December 31, 2014 and 2013 were 342 and 1,773, respectively.

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

The following tables summarize the valuation of the Master’s investments as of December 31, 2014 (termination of operations) and 2013.

December 31, 2014	Gross Amounts Recognized	Gross Amounts Offset in the Statements of Financial Condition	Net Amounts Presented in the   Statements of Financial Condition
Assets
Forwards	$1,170,683	$(1,170,683)	$                        —
Total Assets	$1,170,683	$(1,170,683)	$                        —
Liabilities
Forwards	$(1,409,465)	$1,170,683	$ (238,782)
Total Liabilities	$(1,409,465)	$1,170,683	$ (238,782)
Net fair value			$ (238,782)

				Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2013	Gross Amounts Recognized	Gross Amounts Offset in the Statements of Financial Condition	Amounts Presented in the Statements of Financial Condition	Financial Instruments	Cash Collateral	Net Amount
Assets
Futures	$                     181,606	$ (181,606)	$                              —	$               —	$                            —	$               —
Forwards	3,982,786	(3,982,786)	—	—	—	—
Options purchased	694,598	—	694,598	(127,950)	—	566,648
Total Assets	4,858,990	(4,164,392)	694,598	(127,950)	—	566,648
Liabilities
Futures	$ (811,754)	$                    181,606	$ (630,148)	$               —	$                   —	$(630,148)
Forwards	(4,651,579)	3,982,786	(668,793)	—	—	(668,793)
Options premium received	(127,950)	—	(127,950)	127,950	—	—
Total Liabilities	(5,591,283)	4,164,392	(1,426,891)	127,950	—	(1,298,941)
Net fair value						$(732,293)

The following tables indicate the gross fair values of derivative instruments of futures, forwards and option contracts as separate assets and liabilities as of December 31, 2014 (termination of operations) and 2013.

Assets	December 31, 2014
Forward Contracts
Metals	$                         1,170,683
Total unrealized appreciation on open forward contracts	$                         1,170,683
Liabilities
Forward Contracts
Metals	$                            (1,409,465)
Total unrealized depreciation on open forward contracts	$                           (1,409,465)
Net unrealized depreciation on open forward contracts	$                            (238,782)*

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

Assets	December 31, 2013
Futures Contracts
Energy	$                         1,650
Grains	92,491
Livestock	81,480
Metals	5,985
Total unrealized appreciation on open futures contracts	$                         181,606
Liabilities
Futures Contracts
Energy	$ (34,033)
Grains	(16,991)
Livestock	(4,380)
Metals	(756,350)
Total unrealized depreciation on open futures contracts	$ (811,754)
Net unrealized depreciation on open futures contracts	$ (630,148)*
Assets
Forward Contracts
Metals	$                         3,982,786
Total unrealized appreciation on open forward contracts	$                         3,982,786
Liabilities
Forward Contracts
Metals	$ (4,651,579)
Total unrealized depreciation on open forward contracts	$ (4,651,579)
Net unrealized depreciation on open forward contracts	$ (668,793)**
Assets
Options Purchased
Energy	$                          660,180
Grains	5,038
Livestock	29,380
Total options purchased	$ 694,598***
Liabilities
Options Premium Received
Energy	$ (127,950)
Total options premium received	$ (127,950)****

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

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

*** This amount is included in “Options purchased, at fair value" on the Statements of Financial Condition.

**** This amount is included in “Options premium received, at fair value" on the Statements of Financial Condition.

The following tables indicate the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2014 (termination of operations), 2013 and 2012.

	2014	2013	2012
Sector
Currencies	$                         —	$ (363,491)	$ (564,129)
Energy	(1,150,407)	(4,059,953)	(2,594,826)
Grains	171,607	(2,997,657)	2,298,579
Livestock	527,720	(722,752)	(1,839,345)
Metals	1,110,159	2,661,755	(248,241)
Softs	234,644	307,049	(1,594,630)
Total	$ 893,723*****	$ (5,175,049)*****	$(4,542,592)*****

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

5. Subscriptions, Distributions and Redemptions:

Subscriptions were accepted monthly from investors and they became limited partners on the first day of the month after their subscription is processed. A limited partner had the right to withdraw all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any day (the “Redemption Date”) after a request had been made to the General Partner at least three business days in advance of the Redemption Date. Such withdrawals were classified as a liability when the limited partner elected to redeem and informed the Master.

6. Financial Highlights:

Ratios to average net assets for the years ended December 31, 2014 (termination of operations), 2013 and 2012 were as follows:

	2014	2013	2012
Net investment income (loss)*	(0.7)%	(0.4)%	(0.4)%
Operating expenses**	0.7%	0.4%	0.4%
Total return	1.2%	(6.0)%	(4.2)%

* Interest income less total expenses.

** Percentages are after expense reimbursement (equal to 0.1% for the year ended December 31, 2014 (termination of operations), and 0% due to rounding for both 2013 and 2012).

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

7. Financial Instrument Risks:

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

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

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

As both a buyer and seller of options, the Master paid or received a premium at the outset and then bore the risk of unfavorable changes in the price of the contract underlying the option. Written options exposed the Master to potentially unlimited liability; for purchased options the risk of loss was limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Master did not consider these contracts to be guarantees.

The General Partner monitored and attempted to control the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems and accordingly, believed that it had effective procedures for evaluating and limiting the credit and market risks to which the Master may have been subject. These monitoring systems generally allowed the General Partner to analyze statistically actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provided account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

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

8. Liquidation of the Master:

Distribution of the Master’s capital to the Feeders was made on January 5, 2015, January 20, 2015 and January 28, 2015.

CERES MANAGED FUTURES LLC

522 Fifth Avenue

New York, NY 10036

© 2014 Morgan Stanley

EX-13.01

                         Morgan Stanley
                         Spectrum Series

                         Annual Report
                         December 31, 2014

                         CERES MANAGED FUTURES LLC




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

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

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

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



                 Management's Report on Internal Control Over
                              Financial Reporting

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

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

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

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

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

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



   Management has assessed the effectiveness of the Partnerships' internal
control over financial reporting as of December 31, 2014. In making this
assessment, Management used the criteria set forth in the Internal
Control-Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on its assessment, Management
concluded that the Partnerships maintained effective internal control over
financial reporting as of December 31, 2014, based on the criteria referred to
above.


/s/ Patrick T. Egan                      /s/ Steven Ross
---------------------------------------  --------------------------------------
Patrick T. Egan                          Steven Ross
President and Director                   Chief Financial Officer
Ceres Managed Futures LLC                Ceres Managed Futures LLC
General Partner                          General Partner

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

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

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

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



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statements of financial condition of Morgan
Stanley Smith Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith
Barney Spectrum Select L.P., Morgan Stanley Smith Barney Spectrum Strategic
L.P., and Morgan Stanley Smith Barney Spectrum Technical L.P. (collectively,
the "Partnerships"), including the condensed schedules of investments of Morgan
Stanley Smith Barney Spectrum Select L.P., and Morgan Stanley Smith Barney
Spectrum Technical L.P. as of December 31, 2014 and 2013, and the related
statements of income and expenses and changes in partners' capital of the
Partnerships for each of the three years in the period ended December 31, 2014.
These financial statements are the responsibility of the Partnerships'
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

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

In our opinion, such financial statements present fairly, in all material
respects, the financial position of Morgan Stanley Smith Barney Spectrum
Currency and Commodity L.P., Morgan Stanley Smith Barney Spectrum Select L.P.,
Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan Stanley Smith
Barney Spectrum Technical L.P. as of December 31, 2014 and 2013, and the
results of their operations and changes in their partners' capital for each of
the three years in the period ended December 31, 2014, in conformity with
accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP
New York, New York
March 25, 2015



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



                                                                            December 31,
                                                                        ---------------------
                                                                           2014       2013
                                                                        ---------- ----------
                                                                            $          $
                                                                             
                                ASSETS
Investment in Cambridge Master Fund.................................... 12,289,754 11,299,138
Investment in KR Master Fund...........................................         --  7,290,317
                                                                        ---------- ----------
   Total Investments in Master Funds................................... 12,289,754 18,589,455
                                                                        ---------- ----------
Redemptions receivable from KR Master Fund.............................  1,882,328         --
Interest receivable....................................................         61        165
                                                                        ---------- ----------
   Total Assets........................................................ 14,172,143 18,589,620
                                                                        ========== ==========
                  LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable....................................................    238,966    529,590
Accrued incentive fees.................................................    108,183         --
Accrued ongoing placement agent fee....................................     22,139         --
Accrued administrative fees............................................     17,712         --
Accrued management fees................................................     15,812     20,064
Accrued brokerage fee..................................................         --     70,894
                                                                        ---------- ----------
   Total Liabilities...................................................    402,812    620,548
                                                                        ---------- ----------
PARTNERS' CAPITAL
Limited Partners (1,604,009.847 and 2,394,803.341 Units, respectively). 13,623,087 17,703,845
General Partner (17,219.120 and 35,877.343 Units, respectively)........    146,244    265,227
                                                                        ---------- ----------
 Total Partners' Capital............................................... 13,769,331 17,969,072
                                                                        ---------- ----------
 Total Liabilities and Partners' Capital............................... 14,172,143 18,589,620
                                                                        ========== ==========
NET ASSET VALUE PER UNIT...............................................       8.49       7.39
                                                                        ========== ==========


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



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



                                                             For the Years Ended December 31,
                                                       -------------------------------------------
                                                           2014           2013           2012
                                                       -------------  -------------  -------------
                                                             $              $              $
                                                                            
INVESTMENT INCOME
 Interest income......................................         2,318          9,149         17,704
                                                       -------------  -------------  -------------
EXPENSES
 Brokerage fees.......................................       459,790        958,464      1,345,522
 Incentive fees.......................................       240,978        165,296             --
 Management fees......................................       205,572        346,230        547,886
 Ongoing placement agent fee..........................        68,155             --             --
 Administrative fees..................................        54,524             --             --
                                                       -------------  -------------  -------------
   Total Expenses.....................................     1,029,019      1,469,990      1,893,408
                                                       -------------  -------------  -------------
NET INVESTMENT LOSS...................................    (1,026,701)    (1,460,841)    (1,875,704)
                                                       -------------  -------------  -------------
TRADING RESULTS
Trading profit (loss):
 Net realized.........................................            --        444,474       (199,068)
 Net change in unrealized.............................            --        (43,205)       133,331
 Net realized loss on investment in KR Master Fund....      (405,824)      (551,662)      (488,412)
 Net realized income (loss) on investment in
   Cambridge Master Fund..............................     2,258,243      1,188,237        (44,139)
 Net realized loss on investment in FL Master Fund....            --             --     (2,033,985)
 Net change in unrealized appreciation (depreciation)
   on investment in KR Master Fund....................       562,331        (23,816)        52,939
 Net change in unrealized appreciation (depreciation)
   on investment in Cambridge Master Fund.............       519,476        (39,518)       123,978
 Net change in unrealized appreciation on investment
   in FL Master Fund..................................            --             --        514,630
                                                       -------------  -------------  -------------
   Total Trading Results..............................     2,934,226        974,510     (1,940,726)
                                                       -------------  -------------  -------------
NET INCOME (LOSS).....................................     1,907,525       (486,331)    (3,816,430)
                                                       =============  =============  =============
Net Income (Loss) Allocation
Limited Partners......................................     1,885,964       (479,900)    (3,769,861)
General Partner.......................................        21,561         (6,431)       (46,569)

Net Income (Loss) Per Unit*
Limited Partners......................................          1.10          (0.18)         (1.06)
General Partner.......................................          1.10          (0.18)         (1.06)

                                                           Units          Units          Units
                                                       -------------  -------------  -------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING......................................... 1,991,023.150  2,774,112.516  3,584,790.785


* Based on change in net asset value per Unit.

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



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



                                                                      December 31,
                                                                 -----------------------
                                                                    2014        2013
                                                                 ----------- -----------
                                                                     $           $
                                                                       
                            ASSETS
Trading Equity:
 Unrestricted cash.............................................. 101,238,145 117,701,386
 Restricted cash................................................  13,490,625  26,703,038
                                                                 ----------- -----------
   Total cash................................................... 114,728,770 144,404,424
 Net unrealized gain on open contracts..........................   5,792,535   6,652,432
                                                                 ----------- -----------
   Total Trading Equity......................................... 120,521,305 151,056,856
Interest receivable.............................................         565       1,354
                                                                 ----------- -----------
   Total Assets................................................. 120,521,870 151,058,210
                                                                 =========== ===========
               LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable.............................................   2,079,936   3,447,262
Accrued ongoing placement agent fee.............................     195,005          --
Accrued administrative fees.....................................     195,005          --
Accrued management fees.........................................     169,133     205,988
Payable to MS&Co................................................          --     127,622
Accrued brokerage fee...........................................          --     750,593
                                                                 ----------- -----------
   Total Liabilities............................................   2,639,079   4,531,465
                                                                 ----------- -----------
PARTNERS' CAPITAL
Limited Partners (3,861,976.161 and 5,462,815.917 Units,
  respectively)................................................. 116,569,858 144,651,488
General Partner (43,497.666 and 70,819.769 Units, respectively).   1,312,933   1,875,257
                                                                 ----------- -----------
 Total Partners' Capital........................................ 117,882,791 146,526,745
                                                                 ----------- -----------
 Total Liabilities and Partners' Capital........................ 120,521,870 151,058,210
                                                                 =========== ===========
NET ASSET VALUE PER UNIT........................................       30.18       26.48
                                                                 =========== ===========


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



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



                                         For the Years Ended December 31,
                                   -------------------------------------------
                                       2014           2013           2012
                                   -------------  -------------  -------------
                                         $              $              $
                                                        
 INVESTMENT INCOME
  Interest income.................        19,055         78,343        153,597
                                   -------------  -------------  -------------
 EXPENSES
  Brokerage fees..................     4,378,408     10,576,864     15,124,033
  Management fees.................     1,984,202      3,176,170      4,610,705
  Administrative fees.............       571,137             --             --
  Ongoing placement agent fee.....       571,137             --             --
                                   -------------  -------------  -------------
    Total Expenses................     7,504,884     13,753,034     19,734,738
                                   -------------  -------------  -------------
 NET INVESTMENT LOSS..............    (7,485,829)   (13,674,691)   (19,581,141)
                                   -------------  -------------  -------------
 TRADING RESULTS
 Trading profit (loss):
  Net realized....................    21,564,894      1,840,569     (2,747,878)
  Net change in unrealized........      (859,897)     4,101,078     (3,850,545)
                                   -------------  -------------  -------------
    Total Trading Results.........    20,704,997      5,941,647     (6,598,423)
                                   -------------  -------------  -------------
 NET INCOME (LOSS)................    13,219,168     (7,733,044)   (26,179,564)
                                   =============  =============  =============
 Net Income (Loss) Allocation
 Limited Partners.................    13,077,451     (7,644,502)   (25,885,258)
 General Partner..................       141,717        (88,542)      (294,306)

 Net Income (Loss) Per Unit*
 Limited Partners.................          3.70          (1.28)         (3.48)
 General Partner..................          3.70          (1.28)         (3.48)

                                       Units          Units          Units
                                   -------------  -------------  -------------
 WEIGHTED AVERAGE NUMBER OF UNITS
   OUTSTANDING.................... 4,702,032.014  6,392,736.584  8,177,824.370


* Based on change in net asset value per Unit.

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



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



                                                                            December 31,
                                                                        ---------------------
                                                                           2014       2013
                                                                        ---------- ----------
                                                                            $          $
                                                                             
                                ASSETS
Investments:
Investment in BHM I, LLC............................................... 28,236,607 46,985,018
Investment in PGR Master Fund..........................................  5,291,425  3,327,454
Investment in MB Master Fund...........................................  3,502,992  4,183,031
                                                                        ---------- ----------
   Total Investments (cost $7,147,767and $7,622,350)................... 37,031,024 54,495,503
Interest receivable....................................................        182        494
                                                                        ---------- ----------
   Total Assets........................................................ 37,031,206 54,495,997
                                                                        ========== ==========
                  LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable to Limited Partners................................  1,091,038         --
Redemptions payable to General Partner.................................     50,000  1,159,681
Accrued ongoing placement agent fee....................................     61,272         --
Accrued administrative fee.............................................     61,272         --
Accrued incentive fee..................................................     53,508         --
Accrued management fees................................................      7,729    124,834
Accrued brokerage fee..................................................         --    270,566
                                                                        ---------- ----------
   Total Liabilities...................................................  1,324,819  1,555,081
                                                                        ---------- ----------
PARTNERS' CAPITAL
Limited Partners (2,592,477.838 and 3,829,652.114 Units, respectively). 35,306,899 52,246,247
General Partner (29,333.202 and 50,919.274 Units, respectively)........    399,488    694,669
                                                                        ---------- ----------
 Total Partners' Capital............................................... 35,706,387 52,940,916
                                                                        ---------- ----------
 Total Liabilities and Partners' Capital............................... 37,031,206 54,495,997
                                                                        ========== ==========
NET ASSET VALUE PER UNIT...............................................      13.62      13.64
                                                                        ========== ==========


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



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



                                                             For the Years Ended December 31,
                                                       -------------------------------------------
                                                           2014           2013           2012
                                                       -------------  -------------  -------------
                                                             $              $              $
                                                                            
INVESTMENT INCOME
 Interest income......................................         7,178         28,668         57,466
                                                       -------------  -------------  -------------
EXPENSES
 Brokerage fees.......................................     1,724,317      3,855,868      5,825,816
 Management fees......................................       312,606      1,753,124      2,647,299
 Administrative fees..................................       194,376             --             --
 Ongoing placement agent fee..........................       194,376             --             --
 Incentive fees.......................................        53,508             --             --
                                                       -------------  -------------  -------------
   Total Expenses.....................................     2,479,183      5,608,992      8,473,115
                                                       -------------  -------------  -------------
NET INVESTMENT LOSS...................................    (2,472,005)    (5,580,324)    (8,415,649)
                                                       -------------  -------------  -------------
TRADING RESULTS
Trading profit (loss):
 Net realized gain (loss) on investment in BHM I,
   LLC................................................    20,180,635        559,473       (429,295)
 Net realized gain (loss) on investment in PGR Master
   Fund...............................................       (26,049)         5,825        (25,751)
 Net realized gain on investment in MB Master
   Fund...............................................        11,573         22,738          3,838
 Net change in unrealized appreciation (depreciation)
   on investment in BHM I, LLC........................   (18,299,332)       981,916       (687,951)
 Net change in unrealized appreciation (depreciation)
   on investment in PGR Master Fund...................     1,252,383      1,092,727     (1,252,834)
 Net change in unrealized appreciation on investment
   in MB Master Fund..................................        57,061        216,643        160,465
                                                       -------------  -------------  -------------
   Total Trading Results..............................     3,176,271      2,879,322     (2,231,528)
                                                       -------------  -------------  -------------
NET INCOME (LOSS).....................................       704,266     (2,701,002)   (10,647,177)
                                                       =============  =============  =============
Net Income (Loss) Allocation
Limited Partners......................................       677,750     (2,668,922)   (10,517,888)
General Partner.......................................        26,516        (32,080)      (129,289)

Net Income (Loss) Per Unit*
Limited Partners......................................         (0.02)         (0.61)         (1.77)
General Partner.......................................         (0.02)         (0.61)         (1.77)

                                                           Units          Units          Units
                                                       -------------  -------------  -------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING......................................... 3,243,727.489  4,582,116.588  6,273,402.856


* Based on change in net asset value per Unit.

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



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



                                                                       December 31,
                                                                  -----------------------
                                                                     2014        2013
                                                                  ----------- -----------
                                                                      $           $
                                                                        
                             ASSETS
Trading Equity:
Investment in Blackwater Master Fund.............................  16,901,955  33,548,272
 Unrestricted cash...............................................  87,743,638  91,751,066
 Restricted cash.................................................   7,277,235  12,312,414
                                                                  ----------- -----------
   Total cash....................................................  95,020,873 104,063,480
                                                                  ----------- -----------
 Net unrealized gain on open contracts...........................     604,870   1,225,590
                                                                  ----------- -----------
   Total Trading Equity.......................................... 112,527,698 138,837,342
Interest receivable..............................................         536       1,241
                                                                  ----------- -----------
   Total Assets.................................................. 112,528,234 138,838,583
                                                                  =========== ===========
               LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Redemptions payable to Limited Partners..........................   2,596,957   3,062,360
Redemptions payable to General Partner...........................      50,005          --
Accrued ongoing placement agent fee..............................     182,210          --
Accrued administrative fee.......................................     182,210          --
Accrued management fees..........................................     117,826     142,659
Accrued incentive fees...........................................      50,229          --
Accrued brokerage fee............................................          --     687,693
                                                                  ----------- -----------
   Total Liabilities.............................................   3,179,437   3,892,712
                                                                  ----------- -----------
PARTNERS' CAPITAL
Limited Partners (5,670,382.719 and 8,052,816.352 Units,
  respectively).................................................. 108,125,693 133,281,088
General Partner (64,142.656 and 100,585.879 Units, respectively).   1,223,104   1,664,783
                                                                  ----------- -----------
 Total Partners' Capital......................................... 109,348,797 134,945,871
                                                                  ----------- -----------
 Total Liabilities and Partners' Capital......................... 112,528,234 138,838,583
                                                                  =========== ===========
NET ASSET VALUE PER UNIT.........................................       19.07       16.55
                                                                  =========== ===========


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



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



                                                     For the Years Ended December 31,
                                               --------------------------------------------
                                                   2014           2013            2012
                                               -------------  -------------  --------------
                                                     $              $               $
                                                                    
INVESTMENT INCOME
 Interest income..............................        17,849         69,030         133,904
                                               -------------  -------------  --------------
EXPENSES
 Brokerage fees...............................     4,133,321      9,353,028      13,307,993
 Management fees..............................     1,431,344      2,127,948       3,384,253
 Incentive fees...............................       719,326             --              --
 Administrative fees..........................       534,640             --              --
 Ongoing placement agent fee..................       534,640             --              --
                                               -------------  -------------  --------------
   Total Expenses.............................     7,353,271     11,480,976      16,692,246
 Management fee waived........................            --             --         (83,982)
                                               -------------  -------------  --------------
   Net Expenses...............................     7,353,271     11,480,976      16,608,264
                                               -------------  -------------  --------------
NET INVESTMENT LOSS...........................    (7,335,422)   (11,411,946)    (16,474,360)
                                               -------------  -------------  --------------
TRADING RESULTS
Trading profit (loss):
 Net realized.................................    22,532,708      7,217,969      (6,219,265)
 Net change in unrealized.....................      (620,720)     2,267,134      (9,809,697)
 Net realized gain (loss) on Investment in
   Blackwater Master Fund.....................       668,573        396,051      (4,657,167)
 Net change in unrealized appreciation
   (depreciation) on Investment in Blackwater
   Master Fund................................      (807,350)        63,604         898,526
                                               -------------  -------------  --------------
   Total Trading Results......................    21,773,211      9,944,758     (19,787,603)
                                               -------------  -------------  --------------
NET INCOME (LOSS).............................    14,437,789     (1,467,188)    (36,261,963)
                                               =============  =============  ==============
Net Income (Loss) Allocation
Limited Partners..............................    14,253,756     (1,451,095)    (35,829,461)
General Partner...............................       184,033        (16,093)       (432,502)

Net Income (Loss) Per Unit*
Limited Partners..............................          2.52          (0.16)          (2.94)
General Partner...............................          2.52          (0.16)          (2.94)

                                                   Units          Units           Units
                                               -------------  -------------  --------------
WEIGHTED AVERAGE NUMBER OF UNITS
  OUTSTANDING................................. 6,923,660.693  9,350,648.660  12,156,580.269


*  Based on change in net asset value per Unit.

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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                       Condensed Schedule of Investments
                               December 31, 2014



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................   (1,909,532)        (1.62)
Equity........................................      236,709          0.20
Foreign currency..............................       52,035          0.04
Interest rate.................................    2,928,753          2.48
                                                 ----------         -----
Total Futures and Forward Contracts Purchased.    1,307,965          1.11
                                                 ----------         -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................    4,259,593          3.61
Equity........................................      (97,922)        (0.08)
Foreign currency..............................      991,501          0.84
Interest rate.................................        1,345            --(1)
                                                 ----------         -----
Total Futures and Forward Contracts Sold......    5,154,517          4.37
                                                 ----------         -----
 Unrealized Currency Loss.....................     (669,947)        (0.57)
                                                 ----------         -----
Net fair value................................    5,792,535          4.91
                                                 ==========         =====


(1)Amount less than 0.005%.


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



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



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

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


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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                       Condensed Schedule of Investments
                               December 31, 2014



                                               Net unrealized
                                               gain/(loss) on       % of
Futures and Forward Contracts Purchased        open contracts Partners' Capital
---------------------------------------        -------------- -----------------
                                                     $
                                                        
Commodity.....................................     (605,582)        (0.55)
Equity........................................      539,849          0.49
Foreign currency..............................     (775,708)        (0.71)
Interest rate.................................    1,680,723          1.54
                                                 ----------         -----
Total Futures and Forward Contracts Purchased.      839,282          0.77
                                                 ----------         -----

Futures and Forward Contracts Sold
----------------------------------
Commodity.....................................    1,735,517          1.58
Equity........................................      (58,649)        (0.05)
Foreign currency..............................    1,565,204          1.43
Interest rate.................................      (10,887)        (0.01)
                                                 ----------         -----
Total Futures and Forward Contracts Sold......    3,231,185          2.95
                                                 ----------         -----
 Unrealized Currency Loss.....................   (3,465,597)        (3.17)
                                                 ----------         -----
Net fair value................................      604,870          0.55
                                                 ==========         =====


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



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



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

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


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



       Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2014, 2013, and 2012



                                        Units of
                                       Partnership    Limited     General
                                        Interest      Partners    Partner     Total
                                      -------------  ----------  --------  ----------
                                                         $           $          $
                                                               
Partners' Capital, December 31, 2011. 4,032,291.402  34,396,076   418,228  34,814,304
Net Loss.............................            --  (3,769,861)  (46,569) (3,816,430)
Redemptions..........................  (953,365.724) (7,584,688) (100,001) (7,684,689)
                                      -------------  ----------  --------  ----------
Partners' Capital, December 31, 2012. 3,078,925.678  23,041,527   271,658  23,313,185
Net Loss.............................            --    (479,900)   (6,431)   (486,331)
Redemptions..........................  (648,244.994) (4,857,782)       --  (4,857,782)
                                      -------------  ----------  --------  ----------
Partners' Capital, December 31, 2013. 2,430,680.684  17,703,845   265,227  17,969,072
Net Income...........................            --   1,885,964    21,561   1,907,525
Redemptions..........................  (809,451.717) (5,966,722) (140,544) (6,107,266)
                                      -------------  ----------  --------  ----------
Partners' Capital, December 31, 2014. 1,621,228.967  13,623,087   146,244  13,769,331
                                      =============  ==========  ========  ==========


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



               Morgan Stanley Smith Barney Spectrum Select L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2014, 2013, and 2012



                                         Units of
                                        Partnership     Limited     General
                                         Interest       Partners    Partner      Total
                                      --------------  -----------  ---------  -----------
                                                           $           $           $
                                                                  
Partners' Capital, December 31, 2011.  9,158,617.900  283,036,281  3,108,127  286,144,408
Net Loss.............................             --  (25,885,258)  (294,306) (26,179,564)
Redemptions.......................... (2,098,985.408) (63,390,753)  (600,010) (63,990,763)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2012.  7,059,632.492  193,760,270  2,213,811  195,974,081
Net Loss.............................             --   (7,644,502)   (88,542)  (7,733,044)
Redemptions.......................... (1,525,996.806) (41,464,280)  (250,012) (41,714,292)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2013.  5,533,635.686  144,651,488  1,875,257  146,526,745
Net Income...........................             --   13,077,451    141,717   13,219,168
Redemptions.......................... (1,628,161.859) (41,159,081)  (704,041) (41,863,122)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2014.  3,905,473.827  116,569,858  1,312,933  117,882,791
                                      ==============  ===========  =========  ===========


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



              Morgan Stanley Smith Barney Spectrum Strategic L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2014, 2013, and 2012



                                         Units of
                                        Partnership     Limited     General
                                         Interest       Partners    Partner      Total
-                                     --------------  -----------  ---------  -----------
                                                           $           $           $
                                                                  
Partners' Capital, December 31, 2011.  7,289,766.853  115,518,403  1,256,122  116,774,525
Net Loss.............................             --  (10,517,888)  (129,289) (10,647,177)
Redemptions.......................... (2,090,891.777) (31,767,800)  (300,076) (32,067,876)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2012.  5,198,875.076   73,232,715    826,757   74,059,472
Net Loss.............................             --   (2,668,922)   (32,080)  (2,701,002)
Redemptions.......................... (1,318,303.688) (18,317,546)  (100,008) (18,417,554)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2013.  3,880,571.388   52,246,247    694,669   52,940,916
Net Income...........................             --      677,750     26,516      704,266
Redemptions.......................... (1,258,760.348) (17,617,098)  (321,697) (17,938,795)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2014.  2,621,811.040   35,306,899    399,488   35,706,387
                                      ==============  ===========  =========  ===========


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



              Morgan Stanley Smith Barney Spectrum Technical L.P.
                  Statements of Changes in Partners' Capital
             For the Years Ended December 31, 2014, 2013, and 2012



                                         Units of
                                        Partnership     Limited     General
                                         Interest       Partners    Partner      Total
-                                     --------------  -----------  ---------  -----------
                                                           $           $           $
                                                                  
Partners' Capital, December 31, 2011. 13,634,214.779  264,947,461  2,963,401  267,910,862
Net Loss.............................             --  (35,829,461)  (432,502) (36,261,963)
Redemptions.......................... (3,290,451.193) (58,266,505)  (500,004) (58,766,509)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2012. 10,343,763.586  170,851,495  2,030,895  172,882,390
Net Loss.............................             --   (1,451,095)   (16,093)  (1,467,188)
Redemptions.......................... (2,190,361.355) (36,119,312)  (350,019) (36,469,331)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2013.  8,153,402.231  133,281,088  1,664,783  134,945,871
Net Income...........................             --   14,253,756    184,033   14,437,789
Redemptions.......................... (2,418,876.856) (39,409,151)  (625,712) (40,034,863)
                                      --------------  -----------  ---------  -----------
Partners' Capital, December 31, 2014.  5,734,525.375  108,125,693  1,223,104  109,348,797
                                      ==============  ===========  =========  ===========


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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

1. Organization

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

   Ceres Managed Futures LLC, a Delaware limited liability company, acts as the
general partner ("Ceres" or the "General Partner") and commodity pool operator
of the Partnerships. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith
Barney Holdings LLC ("MSSBH"). MSSBH is wholly-owned indirectly by Morgan
Stanley. Prior to June 28, 2013, Citigroup Inc. was the indirect minority owner
of MSSBH. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley
Wealth Management ("Morgan Stanley Wealth Management"). This entity, previously
acted as a non-clearing commodity broker for the Partnerships. Morgan Stanley
Wealth Management is a principal subsidiary of MSSBH.

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

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

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

   Effective December 31, 2014, Spectrum Currency fully redeemed its investment
from KR Master Fund L.P. ("KR Master Fund"). In addition, Krom River Investment
Management (Cayman) Limited and Krom River Trading AG (together, and each
separately, "Krom River") no longer act as commodity trading advisors to
Spectrum Currency. Effective on or about January 1, 2015, Spectrum Currency
reallocated the assets allocated to Krom River to the existing commodity
trading advisor in Spectrum Currency.

   Effective December 9, 2014, Cambridge Strategy (Asset Management) Limited
("Cambridge"), trading advisor to the Cambridge Master Fund L.P. (the
"Cambridge Master Fund"), in consultation with the General Partner for Spectrum
Currency, agreed to increase the amount of leverage applied to the assets of
the Cambridge Master Fund allocated to Cambridge by the General Partner to 2.0
times the assets of the Cambridge Master Fund allocated to Cambridge by the
General Partner and traded pursuant to Cambridge's Asian Markets Alpha
Programme and the Emerging Markets Alpha Programme.

   Effective October 1, 2014, the flat rate brokerage fee, equal to an annual
rate of 3.6% of Spectrum Currency's net assets, was separated into (i) a
general partner administrative fee payable to the General Partner equal to an
annual rate of 1.6% of the Spectrum Currency's net assets, and (ii) an ongoing
placement agent fee payable to Morgan Stanley Wealth Management equal to an
annual rate of 2.0% of the Spectrum Currency's net assets. The October 1, 2014
fee changes, in the aggregate, did not exceed the flat rate brokerage fee and,
accordingly, there was no change to the aggregate fees incurred by Spectrum
Currency.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


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

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

   Effective June 1, 2014, the management fee payable by Spectrum Technical to
Campbell & Company, Inc. ("Campbell") was reduced from a monthly management fee
rate equal to 1/12th of 2% (a 2% annual rate) per month of net assets allocated
to Campbell on the first day of each month to a monthly management fee rate
equal to 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated
to Campbell on a first day of each month.

   Effective April 1, 2014, the flat rate brokerage fee for Spectrum Currency
was reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid
monthly) of Spectrum Currency's net assets.

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

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

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

   Effective March 1, 2014, Spectrum Strategic directly pays Morgan Stanley
Smith Barney BHM I, LLC ("BHM I, LLC") for its pro rata portion of incentive,
management and administrative fees.

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

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

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

   Effective October 1, 2013, the management fee payable by Spectrum Currency
to Krom River was reduced from a monthly management fee rate equal to 1/12th of
2% (a 2% annual rate) per month of net assets allocated to Krom River on the
first day of each month to a monthly management fee rate equal to 1/12th of 1%
(a 1% annual rate) per month of net assets allocated to Krom River on the first
day of each month.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Effective October 1, 2013, the General Partner determined that Spectrum
Currency's assets allocated to Cambridge would be allocated 50% to Cambridge's
Asian Markets Alpha Programme, and 50% to Cambridge's Emerging Markets Alpha
Programme.

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

   Effective June 28, 2013, Ceres terminated the management agreement among
Ceres, Sunrise Capital Management, Inc. ("Sunrise Capital") and Spectrum
Select, pursuant to which Sunrise Capital ceased all Futures Interest trading
on behalf of Spectrum Select.

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

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

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

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

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

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

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

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

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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

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

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

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

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

2. Summary of Significant Accounting Policies

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

   Valuation -- Futures Interests are open commitments until the settlement
date, at which time they are realized. They are valued at fair value, generally
on a daily basis, and the unrealized gains and losses on open contracts (the
difference between contract trade price and market price) are reported in the
Statements of Financial Condition as net unrealized gain or loss on open
contracts. The resulting net change in unrealized gains and losses is reflected
in the "Net change in unrealized trading profit (loss)" on open contracts from
one period to the next on the Statements of Income and Expenses. The fair value
of exchange-traded futures, options and forward contracts is determined by the
various futures exchanges, and reflects the settlement price for each contract
as of the close of business on the last business day of the reporting period.
The fair value of foreign currency forward contracts is extrapolated on a
forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.)
on the last business day of the reporting period from various exchanges. The
fair value of non-exchange-traded foreign currency option contracts is
calculated by applying an industry standard model application for options
valuation of foreign currency options, using as inputs the spot prices,
interest rates, and option implied volatilities quoted as of approximately
3:00 P.M. (E.T.) on the last business day of the reporting period. The fair
value of an off-exchange-traded contract is based on the fair value quoted by
the counterparty. Risk arises from changes in the value of these contracts and
the potential inability of counterparties to perform under the terms of the
contracts. There are numerous factors which may significantly influence the
fair value of these contracts, including interest rate volatility.

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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


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

   The Partnerships may buy or write put and call options through listed
exchanges and the over-the-counter market. The buyer of an option has the right
to purchase (in the case of a call option) or sell (in the case of a put
option) a specified quantity of a specific Futures Interest on the underlying
asset at a specified price prior to or on a specified expiration date. The
writer of an option is exposed to the risk of loss if the fair value of the
Futures Interest on the underlying asset declines (in the case of a put option)
or increases (in the case of a call option). The writer of an option can never
profit by more than the premium paid by the buyer but can potentially lose an
unlimited amount.

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

   Revenue Recognition -- Monthly, MS&Co. pays each Partnership interest income
on 100% of the average daily equity maintained in the Partnership' accounts
during each month at a rate equal to 80% of the monthly average of the 4-week
U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess
of the interest paid to the Partnerships. For purposes of such interest
payments, net assets do not include monies due to the Partnerships on Futures
Interests that have not been received. The Partnerships each pay a flat rate
brokerage fee to Morgan Stanley Wealth Management and flat rate administrative
fee to the General Partner. The General Partner pays or reimburses the
Partnerships for all fees and costs charged or incurred by MS&Co., the General
Partner and/or their affiliates or any other entity acting as a commodity
broker for the Partnerships.

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

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

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

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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements



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

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

   Restricted and Unrestricted Cash -- As reflected on the Partnerships'
Statements of Financial Condition, restricted cash equals the cash portion of
assets on deposit to meet margin requirements plus the cash required to offset
unrealized losses on foreign currency forwards and options contracts and offset
unrealized losses on only the offsetting London Metal Exchange positions. All
of these amounts are maintained separately. Cash that is not classified as
restricted cash is therefore classified as unrestricted cash.

   Brokerage and Related Transaction Fees and Costs -- Spectrum Currency pays a
general partner administrative fee to General Partner equal to 1/12th of 1.6%
(a 1.6% annual rate) of its net assets, and an ongoing placement agent fee to
Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate)
of its net assets. Spectrum Select, Spectrum Strategic, and Spectrum Technical
each pay a general partner administrative fee to the General Partner equal to
1/12th of 2.0% (a 2.0% annual rate) of their net assets, and an ongoing
placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0%
(a 2.0% annual rate) of their net assets. Administrative fees currently cover
all brokerage fees, transaction fees and costs, and ordinary administrative
expenses.

   Effective October 1, 2014, the flat rate brokerage fees for Spectrum
Currency were reduced from 4.60% per annum (paid monthly) to 3.60% per annum
(paid monthly) of its net assets.

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

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

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

   Income Taxes -- No provision for income taxes has been made in the
accompanying financial statements, as partners are individually responsible for
reporting income or loss based upon their respective share of each
Partnership's revenue and expenses for income tax purposes. The Partnerships
file U.S. federal and state tax returns.

   The guidance issued by the FASB on income taxes, clarifies the accounting
for uncertainty in income taxes recognized in each Partnership's financial
statements, and prescribes a recognition threshold and measurement attribute
for financial statement recognition and measurement of a tax position taken or
expected to be taken. The Partnerships have concluded that there were no
significant uncertain tax positions that would require recognition in the
financial statements as of December 31,



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

2014 and 2013. If applicable, the Partnerships recognize interest accrued
related to unrecognized tax benefits in interest expense and penalties in other
expenses in the Statements of Income and Expenses. Generally, the 2011 through
2014 tax years remain subject to examination by U.S. federal and most state tax
authorities. No income tax returns are currently under examination.

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

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

  Investment Company Status

   Effective January 1, 2014, the Partnerships adopted Accounting Standards
Update ("ASU") 2013-08, "Financial Services - Investments Companies (Topic
946): Amendments to the Scope, Measurement and Disclosure Requirements". ASU
2013-08 changes the approach to the investment company assessment, requires
non-controlling ownership interests in other investment companies to be
measured at fair value, and requires additional disclosures about the
investment company's status as an investment company. ASU 2013-08 is effective
for interim and annual reporting periods beginning after December 15, 2013. The
adoption of this ASU did not have a material impact on the Partnerships'
financial statements. Based on Management's assessment, the Partnerships have
been deemed to be the investment companies since inception.

3. Investments

a. Spectrum Strategic's investments in affiliated underlying funds

   Effective December 1, 2011, Spectrum Strategic invested a portion of its
assets in MB Master Fund L.P. ("MB Master Fund") and PGR Master Fund L.P. ("PGR
Master Fund"). Spectrum Strategic's investment in MB Master Fund represents
approximately 9.8% and 7.9%, and investment in PGR Master Fund represents
approximately 14.8% and 6.3%, respectively, of the net asset value of Spectrum
Strategic as of December 31, 2014, and 2013, respectively.

   Effective January 1, 2008, Spectrum Strategic invested a portion of its
assets in BHM I, LLC. Spectrum Strategic's investment in BHM I, LLC represents
approximately 79.1% and 88.7% of the net asset value of Spectrum Strategic at
December 31, 2014, and 2013, respectively.

   Summarized information for Spectrum Strategic's investment in BHM I, LLC,
PGR Master Fund and MB Master Fund, as of December 31, 2014 and 2013, is as
follows:

December 31, 2014



               % of               Partnership's
             Spectrum               pro rata
            Strategic    Fair          Net          Investment      Management Incentive Administrative
Investment  Net Assets   Value       Income         Objective          Fees      Fees         Fees
----------  ---------- ---------- ------------- ------------------- ---------- --------- --------------
                %          $            $                               $          $           $
                                                                    
BHM I,
  LLC......    79.1    28,236,607   1,881,303   Commodity Portfolio    n/a        n/a         n/a
PGR Master
  Fund.....    14.8     5,291,425   1,226,334   Commodity Portfolio    n/a        n/a         n/a
MB Master
  Fund.....     9.8     3,502,992      68,634   Commodity Portfolio    n/a        n/a         n/a




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


December 31, 2013



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


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

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

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

   As of December 31, 2014 and 2013, there have been no suspended redemptions,
"lock up" periods or gate provisions imposed before a withdrawal can be made by
Spectrum Strategic.

   The tables below represent summarized Income Statement information for BHM
I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31,
2014, 2013 and 2012, respectively, to meet the requirements of Regulation S-X
Rule 3-09:



                                       Net
                         Investment Investment       Total
      December 31, 2014    Income      Loss     Trading Results Net Income
      -----------------  ---------- ----------  --------------- ----------
                             $          $              $            $
                                                    
      BHM I, LLC........       --   (6,707,413)   11,593,435    4,886,022
      PGR Master Fund...    1,816      (92,435)    2,790,730    2,698,295
      MB Master Fund....   41,225   (4,655,303)    7,309,353    2,654,050




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




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


b. Spectrum Technical's investment in Blackwater Master Fund

   On December 1, 2011, Spectrum Technical invested a portion of its assets in
Blackwater Master Fund L.P. ("Blackwater Master Fund"), a limited partnership
organized under the partnership laws of



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

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

   Summarized information reflecting the total assets, liabilities and capital
of Blackwater Master Fund as of December 31, 2014 and 2013 is shown in the
following tables.



                                           December 31, 2014
                              --------------------------------------------
                              Total Assets Total Liabilities Total Capital
                              ------------ ----------------- -------------
                                                    
      Blackwater Master Fund. $24,973,305       $43,208       $24,930,097




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


   Summarized information for Spectrum Technical's investment in, and the
operations of, Blackwater Master Fund as of December 31, 2014 and 2013, is as
follows:



                           % of               Partnership's
                         Spectrum               pro rata
                        Technical    Fair          Net          Investment      Redemption
December 31, 2014       Net Assets   Value        Loss          Objective       Permitted
-----------------       ---------- ---------- ------------- ------------------- ----------
                            %          $            $
                                                                 
Blackwater Master Fund.    15.5    16,901,955   (138,777)   Commodity Portfolio  Monthly




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


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

   On December 31, 2014 and 2013, Spectrum Technical owned approximately 67.8%
and 53.0%, respectively, of Blackwater Master Fund. It is Spectrum Technical's
intention to continue to invest in Blackwater Master Fund. The performance of
Spectrum Technical is directly affected by the performance of Blackwater Master
Fund.

   The tables below represent summarized income statement information for
Blackwater Master Fund for the years ended December 31, 2014, 2013 and 2012
respectively, to meet the requirements of Regulation S-X Rule 3-09:



                                          Net
                            Investment Investment      Total        Net
    December 31, 2014         Income      Loss    Trading Results   Loss
    -----------------       ---------- ---------- --------------- --------
                                $          $             $           $
                                                      
    Blackwater Master Fund.   7,048     (72,105)     (545,462)    (617,567)




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements





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




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


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

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

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

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

   Summarized information for Spectrum Currency, reflecting the total assets,
liabilities and capital of KR Master Fund and Cambridge Master Fund as of
December 31, 2014 and 2013, is shown in the following tables.



                                          December 31, 2014
                             --------------------------------------------
                             Total Assets Total Liabilities Total Capital
                             ------------ ----------------- -------------
                                                   
      KR Master Fund........ $12,415,386     $12,415,386              --
      Cambridge Master Fund.  39,046,641          48,456      38,998,185
                             -----------     -----------     -----------
                             $51,462,027     $12,463,842     $38,998,185
                             ===========     ===========     ===========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




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


   Summarized information for Spectrum Currency's investment in KR Master Fund
and Cambridge Master Fund for the period ended December 31, 2014 and 2013, is
as follows:



                          % of               Partnership's
For the year ended      Spectrum               pro rata
December 31, 2014       Currency    Fair          Net          Investment      Redemption
Investment             Net Assets   Value       Income         Objective       Permitted
------------------     ---------- ---------- ------------- ------------------- ----------
                           %          $            $
                                                                
Cambridge Master Fund.    89.3    12,289,754   2,777,719   Commodity Portfolio  Monthly
KR Master Fund........      --            --     156,509   Commodity Portfolio  Monthly




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


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

   As of December 31, 2014 and 2013, Spectrum Currency owned approximately
31.51% and 0%, and 30.11% and 17.11% of Cambridge Master Fund and KR Master
Fund, respectively. It is Spectrum Currency's intention to continue to invest
in Cambridge Master Fund. The performance of Spectrum Currency is directly
affected by the performance of Cambridge Master Fund and prior to termination
on December 31, 2014, KR Master Fund.

   The tables below represent summarized Income Statement information for
Cambridge Master Fund and KR Master Fund for the year ended December 31, 2014,
2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09:



                         Investment       Net            Total        Net
  December 31, 2014        Income   Investment Loss Trading Results  Income
  -----------------      ---------- --------------- --------------- ---------
                             $             $               $           $
                                                        
  Cambridge Master Fund.   6,641       (154,743)       9,610,031    9,455,288
  KR Master Fund........   3,785       (159,030)         893,723      734,693




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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




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


4. Related Party Transactions

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

5. Trading Advisors

   Ceres, on behalf of each Partnership, retains certain unaffiliated commodity
trading advisors, which are registered with the Commodity Futures Trading
Commission, to make all trading decisions for the Partnerships. The trading
advisors for each Partnership at December 31, 2014, were as follows:

   Spectrum Currency
   Cambridge

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

   Spectrum Strategic
   Aventis
   Blenheim
   PGR Capital L.P.

   Spectrum Technical
   Aspect Capital Limited ("Aspect")
   Blackwater Capital Management LLC
   Campbell
   Winton Capital Management Limited ("Winton")

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

   Management Fee -- The management fee for Spectrum Currency is accrued at a
rate of 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated
to Cambridge on the first day of each month and prior to termination on
December 31, 2014, 1/12th of 1% (a 1% annual rate) per month of net assets
allocated to Krom River on the first day of each month.

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

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

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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


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

   The monthly management fee payable to Northfield prior to termination on
August 8, 2014 was 1/12th of 1% (a 1% annual rate) per month of net assets
allocated to Northfield on the first day of each month.

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

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

   The management fee for Spectrum Strategic is accrued at a rate of 1/12th of
2% (a 2% annual rate) per month of net assets allocated to Blenheim on the
first day of each month, 1/12th of 1% (a 1% annual rate) per month of net
assets allocated to PGR on the first day of each month, and 1/12th of 1.25% (a
1.25% annual rate) per month of net assets allocated to Aventis on the first
day of each month.

   Prior to March 1, 2014, the monthly management fee payable to Blenheim was
1/4th of 1% (a 3% annual rate) of net assets allocated to Blenheim on the first
day of each month.

   Prior to March 1, 2014, the management fee payable to Aventis was 1/12th of
1.5% (a 1.5% annual rate) of net assets allocated to Aventis on the first day
of each month.

   The management fee for Spectrum Technical is accrued at a rate of 1/12th of
1.5% (a 1.5% annual rate) per month of net assets allocated to Aspect and
Winton on the first day of each month, 1/6th of 1% (a 2% annual rate) per month
of net assets allocated to Campbell on the first day of each month, 1/12th of
0.75% (a 0.75% annual rate) per month of net assets allocated to Blackwater a
on the first day of each month, and, prior to December 31, 2014, 1/12th of 1%
(a 1% annual rate) per month of net assets allocated to Rotella on the first
day of each month.

   Prior to June 1, 2014, the management fee payable to Campbell was 1/12th of
2% (a 2% annual rate) per month of net assets allocated to Campbell on the
first day of each month.

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

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

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

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

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

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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Incentive Fee -- Spectrum Currency pays a monthly incentive fee equal to 15%
of the trading profits experienced with respect to Cambridge's allocated net
assets at the end of each calendar quarter and prior to termination on
December 31, 2014, 20% of the trading profits experienced with respect to Krom
River's allocated net assets as of the end of each calendar quarter.

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

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

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

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

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

   Prior to March 1, 2014, Spectrum Strategic paid a monthly incentive fee
equal to 15% of the trading profits experienced with respect to the net assets
allocated to Blenheim as of the end of each calendar month.

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

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

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

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

6. Financial Instruments

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

   The fair value of 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.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


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

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

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

      (3) Terms that require or permit net settlement.

   Generally, derivatives include futures, forward, swaps or options contracts,
and other financial instruments with similar characteristics such as caps,
floors, and collars.

   The net unrealized gains (losses) on open contracts at December 31, 2014 and
2013, respectively, reported as a component of "Trading Equity" on the
Statements of Financial Condition, and their longest contract maturities were
as follows:

Spectrum Select



         Net Unrealized Gains on Open Contracts             Longest Maturities
-     --------------------------------------------- -----------------------------------
Year  Exchange-Traded Off-Exchange-Traded   Total   Exchange-Traded Off-Exchange-Traded
----  --------------- ------------------- --------- --------------- -------------------
             $                 $              $
                                                     
2014.    5,296,681          495,854       5,792,535    Mar. 2019         Mar. 2015
2013.    6,193,496          458,936       6,652,432    Dec. 2017         Mar. 2014


Spectrum Technical



         Net Unrealized Gains on Open Contracts             Longest Maturities
-     --------------------------------------------- -----------------------------------
Year  Exchange-Traded Off-Exchange-Traded   Total   Exchange-Traded Off-Exchange-Traded
----  --------------- ------------------- --------- --------------- -------------------
             $                 $              $
                                                     
2014.     172,160           432,710         604,870    Mar. 2018         Jun. 2015
2013.     817,366           408,224       1,225,590    Jun. 2018         Jun. 2014


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

   The Partnerships also have credit risk because MS&Co. and/or MSCG act as the
futures commission merchants or the counterparties, with respect to most of the
Partnerships' assets. Exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts are fair valued on a daily
basis, with variations in value settled on a daily basis. MS&Co., which is
acting as a commodity futures broker for each Partnership's exchange-traded
futures, exchange-traded forward, and exchange-traded futures-styled options
contracts, is required, pursuant to regulations of the Commodity Futures
Trading Commission, to segregate from its own assets, and for the sole benefit
of its commodity customers, total cash held by it with respect to
exchange-traded futures, exchange-traded forward, and exchange-traded
futures-styled options contracts, including an amount equal to the net
unrealized gains (losses) on all open exchange-traded futures, exchange-traded
forward, and exchange-traded futures-styled options contracts, which in the
aggregate, totaled $120,025,451 and $150,597,920 for Spectrum Select and
$95,193,033 and $104,880,846 for



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

Spectrum Technical at December 31, 2014 and 2013, respectively. With respect to
each Partnership's off-exchange-traded forward currency contracts and forward
currency options contracts, there are no daily settlements of variation in
value, nor is there any requirement that an amount equal to the net unrealized
gains (losses) on such contracts be segregated. However, each Partnership is
required to meet margin requirements equal to the net unrealized loss on open
forward currency contracts in each Partnership's account with the counterparty,
which is accomplished by daily maintenance of the cash balance in a custody
account held at MS&Co., for the benefit of MS&Co. With respect to those
off-exchange-traded forward currency contracts, the Partnerships are at risk to
the ability of MS&Co., the sole counterparty on all such contracts, to perform.
With respect to those off-exchange-traded forward currency options contracts,
the Partnerships are at risk to the ability of MSCG, the sole counterparty on
all such contracts, to perform. Each Partnership has a netting agreement with
each counterparty. The primary terms are based on industry standard master
netting agreements. These agreements, which seek to reduce both the
Partnerships' and the counterparties' exposure on off-exchange-traded forward
currency contracts, including options on such contracts, should materially
decrease the Partnerships' credit risk in the event of MS&Co.'s or MSCG's
bankruptcy or insolvency.

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

   The futures, forwards and options traded by the Partnerships involve varying
degrees of related market risk. Market risk is often dependent upon changes in
the level or volatility of interest rates, exchange rates, and prices of
financial instruments and commodities, factors that result in frequent changes
in the fair value of the Partnerships' open positions, and consequently in
their earnings, whether realized or unrealized, and cash flow. Gains and losses
on open positions of exchange-traded futures, exchange-traded forward, and
exchange-traded futures-styled options contracts are settled daily through
variation margin. Gains and losses on off-exchange-traded forward currency
contracts are settled upon termination of the contract. Gains and losses on
off-exchange-traded forward currency options contracts are settled on an
agreed-upon settlement date.

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

7. Derivatives and Hedging

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

   On January 1, 2013, the Partnerships adopted ASU 2011-11, "Disclosure about
Offsetting Assets and Liabilities" and ASU 2013-01, "Clarifying the Scope of
Disclosures about Offsetting Assets and Liabilities". ASU 2011-11 created a new
disclosure requirement about the nature of an entity's rights to setoff and the
related arrangements associated with its financial instruments and derivative



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

instruments, while ASU 2013-01 clarified the types of instruments and
transactions that are subject to the offsetting disclosure requirements
established by ASU 2011-11. Entities are required to disclose both gross
information and net information about both instruments and transactions
eligible for offset in the statement of financial position and instruments and
transactions subject to an agreement similar to a master netting arrangement.
The objective of these disclosures is to facilitate comparison between those
entities that prepare their financial statements on the basis of U.S. GAAP and
those entities that prepare their financial statements on the basis of
International Financial Reporting Standards. The new guidance did not have a
significant impact on the Partnerships' financial statements.

   As of December 31, 2014, approximately 100% of Spectrum Currency's total
investments are forward contracts which are off-exchange traded.

   As of December 31, 2014, approximately 84.14% of Spectrum Select's total
investments are futures contracts which are exchange-traded while approximately
15.86% are forward contracts which are off-exchange traded.

   As of December 31, 2014, approximately 100% of Spectrum Strategic's total
investments are futures contracts which are exchange-traded.

   As of December 31, 2014, approximately 74.64% of Spectrum Technical's total
investments are futures contracts which are exchange-traded while approximately
25.36% are forward contracts which are off-exchange traded.

   The following tables summarize the valuation of each Partnership's
investments as of December 31, 2014 and 2013.

Spectrum Currency

As of December 31, 2014, Spectrum Currency held no futures and forward
contracts; therefore, there were no net unrealized gains and losses on futures
and forward contracts.

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



                                                                                         Average
                                                                                        Number of
                                                                                        Contracts
                                                                                       Outstanding
                                  Long       Long      Short      Short        Net     for the Year
                               Unrealized Unrealized Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss       Gain       Loss    Gain (Loss)  Quantity)
-----------------------------  ---------- ---------- ---------- ---------- ----------- ------------
                                   $          $          $          $           $
                                                                     

Foreign currency..............     --         --         --         --         --          826
                                   --         --         --         --         --
 Total........................     --         --         --         --         --
                                   ==         ==         ==         ==         ==
 Unrealized currency gain
   (loss).....................                                                 --
                                                                               --
 Total net unrealized gain
   (loss) on open contracts...                                                 --
                                                                               ==




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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Select

   Offsetting of Derivative Assets and Liabilities as of December 31, 2014:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................   7,228,527    (1,519,724)     5,708,803
Forwards....................................   2,346,025    (1,592,346)       753,679
                                              ----------    ----------      ---------
Total Assets................................   9,574,552    (3,112,070)     6,462,482
                                              ----------    ----------      ---------
Liabilities
Futures.....................................  (1,519,724)    1,519,724             --
Forwards....................................  (1,592,346)    1,592,346             --
                                              ----------    ----------      ---------
Total Liabilities...........................  (3,112,070)    3,112,070             --
                                              ----------    ----------      ---------
Unrealized currency loss....................                                 (669,947)
                                                                            ---------
Total net unrealized gain on open contracts.                                5,792,535
                                                                            =========


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



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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2014 and 2013:

   December 31, 2014



                                                                                          Average
                                                                                         Number of
                                                                                         Contracts
                                                                                        Outstanding
                                  Long       Long       Short      Short        Net     for the Year
                               Unrealized Unrealized  Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss        Gain       Loss    Gain/(Loss)  Quantity)
-----------------------------  ---------- ----------  ---------- ---------- ----------- ------------
                                   $          $           $          $           $
                                                                      
 Commodity....................   282,336  (2,191,868) 4,475,726   (216,133)  2,350,061     4,302
 Equity.......................   515,619    (278,910)     7,778   (105,700)    138,787     1,107
 Foreign currency.............   161,381    (109,346) 1,083,928    (92,427)  1,043,536     1,707
 Interest rate................ 3,045,534    (116,781)     2,250       (905)  2,930,098     4,621
                               ---------  ----------  ---------   --------   ---------
  Total....................... 4,004,870  (2,696,905) 5,569,682   (415,165)  6,462,482
                               =========  ==========  =========   ========
  Unrealized currency
    loss......................                                                (669,947)
                                                                             ---------
 Total net unrealized gain
    on open contracts.........                                               5,792,535
                                                                             =========


   December 31, 2013



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




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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


Spectrum Technical

   Offsetting of Derivative Assets and Liabilities as of December 31, 2014:



                                                           Gross Amounts   Net Amounts
                                                           Offset in the Presented in the
                                                           Statements of  Statements of
                                             Gross Amounts   Financial      Financial
                                              Recognized     Condition      Condition
                                             ------------- ------------- ----------------
                                                   $             $              $
                                                                
Assets
Futures.....................................   4,533,559      (797,767)      3,735,792
Forwards....................................   2,011,895    (1,677,220)        334,675
                                              ----------    ----------      ----------
Total Assets................................   6,545,454    (2,474,987)      4,070,467
                                              ----------    ----------      ----------
Liabilities
Futures.....................................    (797,767)      797,767              --
Forwards....................................  (1,677,220)    1,677,220              --
                                              ----------    ----------      ----------
Total Liabilities...........................  (2,474,987)    2,474,987              --
                                              ----------    ----------      ----------
Unrealized currency loss....................                                (3,465,597)
                                                                            ----------
Total net unrealized gain on open contracts.                                   604,870
                                                                            ==========


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



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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The effect of Trading Activities on the Statements of Financial Condition as
of December 31, 2014 and 2013:

   December 31, 2014



                                                                                          Average
                                                                                         Number of
                                                                                         Contracts
                                                                                        Outstanding
                                  Long       Long       Short      Short        Net     for the Year
                               Unrealized Unrealized  Unrealized Unrealized Unrealized   (Absolute
Futures and Forward Contracts     Gain       Loss        Gain       Loss    Gain/(Loss)  Quantity)
-----------------------------  ---------- ----------  ---------- ---------- ----------- ------------
                                   $          $           $          $           $
                                                                      
 Commodity....................    35,163    (640,745) 1,817,116    (81,599)  1,129,935     1,561
 Equity.......................   713,684    (173,835)    17,967    (76,616)    481,200     1,203
 Foreign currency.............   267,933  (1,043,641) 1,855,362   (290,158)    789,496     1,355
 Interest rate................ 1,829,953    (149,230)     8,276    (19,163)  1,669,836     4,328
                               ---------  ----------  ---------   --------  ----------
  Total....................... 2,846,733  (2,007,451) 3,698,721   (467,536)  4,070,467
                               =========  ==========  =========   ========
  Unrealized currency
    loss......................                                              (3,465,597)
                                                                            ----------
 Total net unrealized gain
    on open contracts.........                                                 604,870
                                                                            ==========


   December 31, 2013



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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   The following tables summarize the net trading results of each Partnership
for the years ended December 31, 2014, 2013, and 2012, respectively.

Spectrum Select

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2014, 2013, and 2012, included in Total
Trading Results:



                                               December 31,
                                   -----------------------------------
                                      2014        2013         2012
                                   ----------  ----------  -----------
         Type of Instrument
         ------------------            $           $            $
                                                  
         Commodity................ 11,295,753  (8,240,610) (12,872,729)
         Equity................... (3,990,077) 17,236,173    6,993,095
         Foreign currency.........  4,165,976      69,245   (2,206,555)
         Interest rate............  9,213,718  (3,637,449)   1,388,041
         Unrealized currency gain.     19,627     514,288       99,725
                                   ----------  ----------  -----------
          Total................... 20,704,997   5,941,647   (6,598,423)
                                   ==========  ==========  ===========


   Line items on the Statements of Income and Expenses for the years ended
December 31, 2014, 2013, and 2012:



                                              December 31,
                                    --------------------------------
                                       2014       2013       2012
                                    ----------  --------- ----------
          Trading Results
          ---------------               $          $          $
                                                 
          Net realized............. 21,564,894  1,840,569 (2,747,878)
          Net change in unrealized.   (859,897) 4,101,078 (3,850,545)
                                    ----------  --------- ----------
           Total................... 20,704,997  5,941,647 (6,598,423)
                                    ==========  ========= ==========


Spectrum Technical

   The effect of Trading Activities on the Statements of Income and Expenses
for the years ended December 31, 2014, 2013, and 2012, included in Total
Trading Results:



                                                  December 31,
                                      ------------------------------------
                                         2014         2013         2012
                                      ----------  -----------  -----------
     Type of Instrument
     ------------------                   $            $            $
                                                      
     Commodity.......................  3,173,650    1,447,554    7,806,061
     Equity..........................  3,873,373   16,778,460  (58,323,819)
     Foreign currency................ (6,165,114)   1,893,467  (30,995,834)
     Interest rate................... 20,943,980  (10,210,043)  68,102,911
     Unrealized currency gain (loss).    (52,678)      35,320   (6,376,922)
                                      ----------  -----------  -----------
      Total.......................... 21,773,211    9,944,758  (19,787,603)
                                      ==========  ===========  ===========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   Line items on the Statements of Income and Expenses for the years ended
December 31, 2014, 2013, and 2012:



                                                                    December 31,
                                                         ---------------------------------
                                                            2014       2013        2012
                                                         ----------  --------- -----------
Trading Results
---------------                                              $          $           $
                                                                      
Net realized............................................ 22,532,708  7,217,969  (6,219,265)
Net change in unrealized................................   (620,720) 2,267,134  (9,809,697)
Realized gain (loss) on Investment in Blackwater Master
  Fund..................................................    668,573    396,051  (4,657,167)
Unrealized appreciation (depreciation) on Investment in
  Blackwater Master Fund................................   (807,350)    63,604     898,526
                                                         ----------  --------- -----------
 Total Trading Results.................................. 21,773,211  9,944,758 (19,787,603)
                                                         ==========  ========= ===========


8. Fair Value Measurements and Disclosures

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

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

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

Spectrum Currency



                                        Unadjusted
                                     Quoted Prices in
                                      Active Markets  Significant
                                      for Identical      Other    Significant
                                        Assets and    Observable  Unobservable
                                       Liabilities      Inputs       Inputs
December 31, 2014                       (Level 1)      (Level 2)   (Level 3)     Total
-----------------                    ---------------- ----------- ------------ ----------
                                            $              $           $           $
                                                                   
Assets
Investment in Cambridge Master Fund.        --        12,289,754      n/a      12,289,754
                                            --        ----------               ----------
Total Investments...................        --        12,289,754      n/a      12,289,754
                                            ==        ==========               ==========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




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


*  This amount comprises of "Investment in Cambridge Master Fund and KR Master
   Fund" on the Statements of Financial Condition.

   During the twelve months ended December 31, 2014 and 2013, there were no
   Level 3 assets and liabilities, and there were no transfers of assets or
   liabilities between Level 1 and Level 2 for Spectrum Currency.

Spectrum Select



                              Unadjusted
                           Quoted Prices in
                            Active Markets  Significant
                            for Identical      Other    Significant
                              Assets and    Observable  Unobservable
                             Liabilities      Inputs       Inputs
 December 31, 2014            (Level 1)      (Level 2)   (Level 3)     Total
 -----------------         ---------------- ----------- ------------ ---------
                                  $              $           $           $
                                                         
 Assets
 Futures..................    7,228,527            --       n/a      7,228,527
 Forwards.................    1,699,736       646,289       n/a      2,346,025
                              ---------       -------                ---------
 Total Assets.............    8,928,263       646,289       n/a      9,574,552
                              ---------       -------                ---------
 Liabilities
 Futures..................    1,519,724            --       n/a      1,519,724
 Forwards.................    1,441,911       150,435       n/a      1,592,346
                              ---------       -------                ---------
 Total Liabilities........    2,961,635       150,435       n/a      3,112,070
                              ---------       -------                ---------
 Unrealized currency loss.                                            (669,947)
                                                                     ---------
 *Net fair value..........    5,966,628       495,854       n/a      5,792,535
                              =========       =======                =========




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements




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


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

   During the twelve months ended December 31, 2014 and 2013, there were no
   Level 3 assets and liabilities, and there were no transfers of assets or
   liabilities between Level 1 and Level 2 for Spectrum Select.

Spectrum Strategic



                                  Unadjusted
                               Quoted Prices in
                                Active Markets  Significant
                                for Identical      Other    Significant
                                  Assets and    Observable  Unobservable
                                 Liabilities      Inputs       Inputs
December 31, 2014                 (Level 1)      (Level 2)   (Level 3)     Total
-----------------              ---------------- ----------- ------------ ----------
                                      $              $           $           $
                                                             
Assets
Investment in BHM I, LLC......        --        28,236,607      n/a      28,236,607
Investment in PGR Master Fund.        --         5,291,425      n/a       5,291,425
Investment in MB Master Fund..        --         3,502,992      n/a       3,502,992
                                      --        ----------               ----------
Total Investments.............        --        37,031,024      n/a      37,031,024
                                      ==        ==========               ==========




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




                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements


   During the twelve months ended December 31, 2014 and 2013, there were no
   Level 3 assets and liabilities, and there were no transfers of assets or
   liabilities between Level 1 and Level 2 for Spectrum Strategic.

Spectrum Technical



                                         Unadjusted
                                      Quoted Prices in
                                       Active Markets  Significant
                                       for Identical      Other    Significant
                                         Assets and    Observable  Unobservable
                                        Liabilities      Inputs       Inputs
December 31, 2014                        (Level 1)      (Level 2)   (Level 3)      Total
-----------------                     ---------------- ----------- ------------ ----------
                                             $              $           $            $
                                                                    
Assets
Investment in Blackwater Master Fund.           --     16,901,955      n/a      16,901,955
Futures..............................    4,533,559             --      n/a       4,533,559
Forwards.............................      274,957      1,736,938      n/a       2,011,895
                                         ---------     ----------               ----------
Total Assets.........................    4,808,516     18,638,893      n/a      23,447,409
                                         ---------     ----------               ----------
Liabilities
Futures..............................      797,767             --      n/a         797,767
Forwards.............................      372,992      1,304,228      n/a       1,677,220
                                         ---------     ----------               ----------
Total Liabilities....................    1,170,759      1,304,228      n/a       2,474,987
                                         ---------     ----------               ----------
Unrealized currency loss.............                                           (3,465,597)
                                                                                ----------
*Net fair value......................    3,637,757     17,334,665      n/a      17,506,825
                                         =========     ==========               ==========




                                         Unadjusted
                                      Quoted Prices in
                                       Active Markets  Significant
                                       for Identical      Other    Significant
                                         Assets and    Observable  Unobservable
                                        Liabilities      Inputs       Inputs
December 31, 2013                        (Level 1)      (Level 2)   (Level 3)      Total
-----------------                     ---------------- ----------- ------------ ----------
                                             $              $           $            $
                                                                    
Assets
Investment in Blackwater Master Fund.           --     33,548,272      n/a      33,548,272
Futures..............................    5,404,721             --      n/a       5,404,721
Forwards.............................           --        728,738      n/a         728,738
                                         ---------     ----------               ----------
Total Assets.........................    5,404,721     34,277,010      n/a      39,681,731
                                         ---------     ----------               ----------
Liabilities
Futures..............................    1,139,524             --      n/a       1,139,524
Forwards.............................           --        320,514      n/a         320,514
                                         ---------     ----------               ----------
Total Liabilities....................    1,139,524        320,514      n/a       1,460,038
                                         ---------     ----------               ----------
Unrealized currency loss.............                                           (3,447,831)
                                                                                ----------
*Net fair value......................    4,265,197     33,956,496      n/a      34,773,862
                                         =========     ==========               ==========


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

   During the twelve months ended December 31, 2014 and 2013, there were no
   Level 3 assets and liabilities, and there were no transfers of assets or
   liabilities between Level 1 and Level 2 for Spectrum Technical.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

9. Financial Highlights

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

Spectrum Currency



                                                2014      2013      2012
                                              ------    ------    ------
                                                         
      Per Unit operating performance:
      Net asset value, January 1:............ $ 7.39    $ 7.57    $ 8.63
                                              ------    ------    ------
        Interest Income......................     --(2)     --(2)     --(2)
        Expenses.............................  (0.53)    (0.53)    (0.53)
        Realized/Unrealized Income (Loss)(1).   1.63      0.35     (0.53)
                                              ------    ------    ------
        Net Income (Loss)....................   1.10     (0.18)    (1.06)
                                              ------    ------    ------
      Net asset value, December 31:.......... $ 8.49    $ 7.39    $ 7.57
                                              ======    ======    ======
     For the Calendar Year:
      Ratios to average net assets:
        Net Investment Gain (Loss/ /)........   (7.0)%    (7.2)%    (6.6)%
        Expenses before Incentive Fees.......    5.4%      6.4%      6.7%
        Expenses after Incentive Fees........    7.0%      7.2%      6.7%
      Total return before incentive fees.....   16.6%     (1.6)%   (12.3)%
      Total return after incentive fees......   14.9%     (2.4)%   (12.3)%


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

(2)Amount less than 0.005%.

Spectrum Select



                                                 2014      2013     2012
                                               ------    ------   ------
                                                         
       Per Unit operating performance:
       Net asset value, January 1:............ $26.48    $27.76   $31.24
                                               ------    ------   ------
         Interest Income......................     --(2)   0.01     0.02
         Expenses.............................  (1.64)    (2.17)   (2.44)
         Realized/Unrealized Income (Loss)(1).   5.34      0.88    (1.06)
                                               ------    ------   ------
         Net Income (Loss)....................   3.70     (1.28)   (3.48)
                                               ------    ------   ------
       Net asset value, December 31:.......... $30.18    $26.48   $27.76
                                               ======    ======   ======
      For the Calendar Year:
       Ratios to average net assets:
         Net Investment Loss/ /...............   (6.3)%    (7.9)%   (8.0)%
         Expenses before Incentive Fees.......    6.3%      8.0%     8.1%
         Expenses after Incentive Fees........    6.3%      8.0%     8.1%
       Total return before incentive fees.....   14.0%     (4.6)%  (11.1)%
       Total return after incentive fees......   14.0%     (4.6)%  (11.1)%


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

(2)Amount less than 0.005%.



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

Spectrum Strategic



                                                 2014      2013     2012
                                               ------    ------   ------
                                                         
       Per Unit operating performance:
       Net asset value, January 1:............ $13.64    $14.25   $16.02
                                               ------    ------   ------
         Interest Income......................     --      0.01     0.01
         Expenses.............................  (0.79)    (1.24)   (1.37)
         Realized/Unrealized Income (Loss)(1).   0.77      0.62    (0.41)
                                               ------    ------   ------
         Net Loss.............................  (0.02)    (0.61)   (1.77)
                                               ------    ------   ------
       Net asset value, December 31:.......... $13.62    $13.64   $14.25
                                               ======    ======   ======
      For the Calendar Year:
       Ratios to average net assets:
         Net Investment Loss/ /...............   (5.5)%    (8.9)%   (9.0)%
         Expenses before Incentive Fees.......    5.4%      9.0%     9.1%
         Expenses after Incentive Fees........    5.5%      9.0%     9.1%
       Total return before incentive fees.....     --(2)   (4.3)%  (11.0)%
       Total return after incentive fees......   (0.1)%    (4.3)%  (11.0)%


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

(2)Amount less than 0.005%.

Spectrum Technical



                                                2014      2013     2012
                                              ------    ------   ------
                                                        
      Per Unit operating performance:
      Net asset value, January 1:............ $16.55    $16.71   $19.65
                                              ------    ------   ------
        Interest Income......................     --(2)   0.01     0.01
        Expenses.............................  (1.09)    (1.24)   (1.38)+
        Realized/Unrealized Income (Loss)(1).   3.61      1.07    (1.57)
                                              ------    ------   ------
        Net Income (Loss)....................   2.52     (0.16)   (2.94)
                                              ------    ------   ------
      Net asset value, December 31:.......... $19.07    $16.55   $16.71
                                              ======    ======   ======
     For the Calendar Year:
      Ratios to average net assets:
        Net Investment Loss/ /...............   (6.6)%    (7.5)%   (7.7)%
        Expenses before Incentive Fees.......    5.9%      7.5%     7.8%++
        Expenses after Incentive Fees........    6.6%      7.5%     7.8%++
      Total return before incentive fees.....   15.9%     (1.0)%  (15.0)%
      Total return after incentive fees......   15.2%     (1.0)%  (15.0)%


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

(2)Amount less than 0.005%.

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



                  Morgan Stanley Smith Barney Spectrum Series
                         Notes to Financial Statements

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

10.Subsequent Events

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

   Ceres, SECOR Capital Advisors, L.P. ("SECOR") and Spectrum Technical entered
into a management agreement pursuant to which, as of January 1, 2015, SECOR
serves as a trading advisor to Spectrum Technical and trades its allocated
portion of Spectrum Technical's net assets through the Partnership's investment
in SECOR Master Fund, L.P. pursuant to the SECOR Alpha Program.



                           CERES MANAGED FUTURES LLC
                               522 Fifth Avenue
                              New York, NY 10036

                                Publication #07

                                Morgan Stanley

(C) 2014 Morgan Stanley

XML

Financial Highlights (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 7.39		$ 7.57		$ 8.63
Interest Income (in dollars per unit)	$ 0	[1]	$ 0	[1]	$ 0	[1]
Expenses (in dollars per unit)	$ (0.53)		$ (0.53)		$ (0.53)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 1.63	[2]	$ 0.35	[2]	$ (0.53)	[2]
Net Income (Loss)	$ 1.10	[3]	$ (0.18)	[3]	$ (1.06)	[3]
Net asset value, period end (in dollars per unit)	$ 8.49		$ 7.39		$ 7.57
Ratios to average net assets [Abstract]
Net Investment Gain (Loss) (in hundredths)	(7.00%)		(7.20%)		(6.60%)
Expenses before Incentive Fees (in hundredths)	5.40%		6.40%		6.70%
Expenses after Incentive Fees (in hundredths)	7.00%		7.20%		6.70%
Total return before incentive fees (in hundredths)	16.60%		(1.60%)		(12.30%)
Total return after incentive fees (in hundredths)	14.90%		(2.40%)		(12.30%)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 26.48		$ 27.76		$ 31.24
Interest Income (in dollars per unit)	$ 0	[1]	$ 0.01		$ 0.02
Expenses (in dollars per unit)	$ (1.64)		$ (2.17)		$ (2.44)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 5.34	[2]	$ 0.88	[2]	$ (1.06)	[2]
Net Income (Loss)	$ 3.70	[3]	$ (1.28)	[3]	$ (3.48)	[3]
Net asset value, period end (in dollars per unit)	$ 30.18		$ 26.48		$ 27.76
Ratios to average net assets [Abstract]
Net Investment Gain (Loss) (in hundredths)	(6.30%)		(7.90%)		(8.00%)
Expenses before Incentive Fees (in hundredths)	6.30%		8.00%		8.10%
Expenses after Incentive Fees (in hundredths)	6.30%		8.00%		8.10%
Total return before incentive fees (in hundredths)	14.00%		(4.60%)		(11.10%)
Total return after incentive fees (in hundredths)	14.00%		(4.60%)		(11.10%)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 13.64		$ 14.25		$ 16.02
Interest Income (in dollars per unit)	$ 0		$ 0.01		$ 0.01
Expenses (in dollars per unit)	$ (0.79)		$ (1.24)		$ (1.37)
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 0.77	[2]	$ 0.62	[2]	$ (0.41)	[2]
Net Income (Loss)	$ (0.02)	[3]	$ (0.61)	[3]	$ (1.77)	[3]
Net asset value, period end (in dollars per unit)	$ 13.62		$ 13.64		$ 14.25
Ratios to average net assets [Abstract]
Net Investment Gain (Loss) (in hundredths)	(5.50%)		(8.90%)		(9.00%)
Expenses before Incentive Fees (in hundredths)	5.40%		9.00%		9.10%
Expenses after Incentive Fees (in hundredths)	5.50%		9.00%		9.10%
Total return before incentive fees (in hundredths)	0.00%	[1]	(4.30%)		(11.00%)
Total return after incentive fees (in hundredths)	(0.10%)		(4.30%)		(11.00%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$ 16.55		$ 16.71		$ 19.65
Interest Income (in dollars per unit)	$ 0	[1]	$ 0.01		$ 0.01
Expenses (in dollars per unit)	$ (1.09)		$ (1.24)		$ (1.38)	[4]
Realized/Unrealized Income (Loss) (in dollars per unit)	$ 3.61	[2]	$ 1.07	[2]	$ (1.57)	[2]
Net Income (Loss)	$ 2.52	[3]	$ (0.16)	[3]	$ (2.94)	[3]
Net asset value, period end (in dollars per unit)	$ 19.07		$ 16.55		$ 16.71
Ratios to average net assets [Abstract]
Net Investment Gain (Loss) (in hundredths)	(6.60%)		(7.50%)		(7.70%)
Expenses before Incentive Fees (in hundredths)	5.90%		7.50%		7.80%	[5]
Expenses after Incentive Fees (in hundredths)	6.60%		7.50%		7.80%	[5]
Total return before incentive fees (in hundredths)	15.90%		(1.00%)		(15.00%)
Total return after incentive fees (in hundredths)	15.20%		(1.00%)		(15.00%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake [Member]
Per Unit operating performance [Abstract]
Expense per Unit waived, provisional management fee (in dollars per unit)					$ (1.39)
Waived management fees as a portion of average net assets (in hundredths)					0.04%

[1] Amount less than 0.005%.

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

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

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

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

XML

Investments (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 Vehicle	Dec. 31, 2013	Dec. 31, 2012
Information for investments [Abstract]
Fair Value	$ 12,289,754	$ 18,589,455
Total Assets, Liabilities and Capital [Abstract]
Total Assets	14,172,143	18,589,620
Total Liabilities	402,812	620,548
KR Master Fund [Member]
Information for investments [Abstract]
Percentage of Partnership Net Assets (in hundredths)	0.00%	40.60%
Fair Value	0	7,290,317
Partnership's pro rata Net Income (Loss)	156,509	(575,477)
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemption Permitted	Monthly	Monthly
Income statement information [Abstract]
Investment Income / (Loss)	3,785	25,093	59,059
Net Investment Loss	(159,030)	(281,565)	(462,208)
Total Trading Results	893,723	(5,175,049)	(4,542,592)
Net Income (Loss)	734,693	(5,456,614)	(5,004,800)
Total Assets, Liabilities and Capital [Abstract]
Total Assets	12,415,386	44,043,845
Total Liabilities	12,415,386	1,456,785
Total Capital	0	42,587,060
Percentage of fund owned (in hundredths)	30.11%	17.11%
Commodity Program leverage permitted (in hundredths)	150.00%
Number of trading vehicle	1
Cambridge Master Fund [Member]
Information for investments [Abstract]
Percentage of Partnership Net Assets (in hundredths)	89.30%	62.90%
Fair Value	12,289,754	11,299,138
Partnership's pro rata Net Income (Loss)	2,777,719	1,148,720
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemption Permitted	Monthly	Monthly
Income statement information [Abstract]
Investment Income / (Loss)	6,641	9,306	2,095
Net Investment Loss	(154,743)	(66,302)	(16,586)
Total Trading Results	9,610,031	3,166,855	539,604
Net Income (Loss)	9,455,288	3,100,553	523,018
Total Assets, Liabilities and Capital [Abstract]
Total Assets	39,046,641	37,549,964
Total Liabilities	48,456	28,580
Total Capital	38,998,185	37,521,384
Percentage of fund owned (in hundredths)	31.51%	0.00%
Number of trading vehicle	1
FL Master Fund [Member]
Total Assets, Liabilities and Capital [Abstract]
Number of trading vehicle	1
KR Master Fund and Cambridge Master Fund [Member]
Total Assets, Liabilities and Capital [Abstract]
Total Assets	51,462,027	81,593,809
Total Liabilities	12,463,842	1,485,365
Total Capital	38,998,185	80,108,444
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Total Assets, Liabilities and Capital [Abstract]
Total Assets	120,521,870	151,058,210
Total Liabilities	2,639,079	4,531,465
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Information for investments [Abstract]
Fair Value	37,031,024	54,495,503
Total Assets, Liabilities and Capital [Abstract]
Total Assets	37,031,206	54,495,997
Total Liabilities	1,324,819	1,555,081
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
Information for investments [Abstract]
Percentage of Partnership Net Assets (in hundredths)	79.10%	88.70%
Fair Value	28,236,607	46,985,018
Partnership's pro rata Net Income (Loss)	1,881,303	1,541,390
Investment Objective	Commodity Portfolio	Commodity Portfolio
Income statement information [Abstract]
Investment Income / (Loss)	0	2,258	(48,368)
Net Investment Loss	(6,707,413)	(6,908,153)	(8,182,509)
Total Trading Results	11,593,435	10,136,795	(9,518,219)
Net Income (Loss)	4,886,022	3,228,642	(17,700,728)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
Information for investments [Abstract]
Percentage of Partnership Net Assets (in hundredths)	9.80%	7.90%
Fair Value	3,502,992	4,183,031
Partnership's pro rata Net Income (Loss)	68,634	239,381
Investment Objective	Commodity Portfolio	Commodity Portfolio
Income statement information [Abstract]
Investment Income / (Loss)	41,225	92,224	30,442
Net Investment Loss	(4,655,303)	(5,087,972)	(691,180)
Total Trading Results	7,309,353	14,221,096	(261,679)
Net Income (Loss)	2,654,050	9,133,124	(952,859)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
Information for investments [Abstract]
Percentage of Partnership Net Assets (in hundredths)	14.80%	6.30%
Fair Value	5,291,425	3,327,454
Partnership's pro rata Net Income (Loss)	1,226,334	1,098,551
Investment Objective	Commodity Portfolio	Commodity Portfolio
Income statement information [Abstract]
Investment Income / (Loss)	1,816	12,279	26,436
Net Investment Loss	(92,435)	(134,731)	(126,749)
Total Trading Results	2,790,730	8,544,764	(8,963,355)
Net Income (Loss)	2,698,295	8,410,033	(9,090,104)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Total Assets, Liabilities and Capital [Abstract]
Total Assets	112,528,234	138,838,583
Total Liabilities	3,179,437	3,892,712
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Information for investments [Abstract]
Percentage of Partnership Net Assets (in hundredths)	15.50%	24.90%
Fair Value	16,901,955	33,548,272
Partnership's pro rata Net Income (Loss)	(138,777)	459,654
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemption Permitted	Monthly	Monthly
Income statement information [Abstract]
Investment Income / (Loss)	7,048	28,776	48,607
Net Investment Loss	(72,105)	(89,483)	(110,152)
Total Trading Results	(545,462)	886,883	(8,076,139)
Net Income (Loss)	(617,567)	797,400	(8,186,291)
Total Assets, Liabilities and Capital [Abstract]
Total Assets	24,973,305	63,936,601
Total Liabilities	43,208	610,828
Total Capital	$ 24,930,097	$ 63,325,773
Percentage of fund owned (in hundredths)	67.80%	53.00%
Number of trading vehicle	1

XML

Investments

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Investments

3.  Investments

a. Spectrum Strategic’s investments in affiliated underlying funds

Effective December 1, 2011, Spectrum Strategic invested a portion of its assets in MB Master Fund L.P. (“MB Master Fund”) and PGR Master Fund L.P. (“PGR Master Fund”).  Spectrum Strategic’s investment in MB Master Fund represents approximately 9.8% and 7.9%, and investment in PGR Master Fund represents approximately 14.8% and 6.3%, respectively, of the net asset value of Spectrum Strategic as of December 31, 2014, and 2013, respectively.

Effective January 1, 2008, Spectrum Strategic invested a portion of its assets in BHM I, LLC.  Spectrum Strategic’s investment in BHM I, LLC represents approximately 79.1% and 88.7% of the net asset value of Spectrum Strategic at December 31, 2014, and 2013, respectively.

Summarized information for Spectrum Strategic’s investment in BHM I, LLC, PGR Master Fund and MB Master Fund, as of December 31, 2014 and 2013, is as follows:

December 31, 2014

Investment

% of Spectrum Strategic Net Assets

Fair Value

Partnership’s pro rata Net Income

Investment Objective

Management Fees

Incentive Fees

Administrative Fees

%

$

$

$

$

$

BHM I, LLC

79.1

28,236,607

1,881,303

Commodity Portfolio

n/a

n/a

n/a

PGR Master Fund

14.8

5,291,425

1,226,334

Commodity Portfolio

n/a

n/a

n/a

MB Master Fund

9.8

3,502,992

68,634

Commodity Portfolio

n/a

n/a

n/a

December 31, 2013

Investment

% of Spectrum Strategic Net Assets

Fair Value

Partnership’s pro rata Net Income

Investment Objective

Management Fees

Incentive Fees

Administrative Fees

%

$

$

$

$

$

BHM I, LLC

88.7

46,985,018

1,541,390

Commodity Portfolio

n/a

n/a

n/a

MB Master Fund

7.9

4,183,031

239,381

Commodity Portfolio

n/a

n/a

n/a

PGR Master Fund

6.3

3,327,454

1,098,551

Commodity Portfolio

n/a

n/a

n/a

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

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

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

As of December 31, 2014 and 2013, there have been no suspended redemptions, “lock up” periods or gate provisions imposed before a withdrawal can be made by Spectrum Strategic.

The tables below represent summarized Income Statement information for BHM I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31, 2014, 2013 and 2012, respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
BHM I, LLC		−		(6,707,413	)		11,593,435		4,886,022
PGR Master Fund		1,816		(92,435	)		2,790,730		2,698,295
MB Master Fund		41,225		(4,655,303	)		7,309,353		2,654,050

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

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

b. Spectrum Technical’s investment in Blackwater Master Fund

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

Summarized information reflecting the total assets, liabilities and capital of Blackwater Master Fund as of December 31, 2014 and 2013 is shown in the following tables.

	December 31, 2014
	Total Assets		Total Liabilities		Total Capital
Blackwater Master Fund	$	24,973,305	$	43,208	$	24,930,097

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

Summarized information for Spectrum Technical’s investment in, and the operations of, Blackwater Master Fund as of December 31, 2014 and 2013, is as follows:

December 31, 2014	% of Spectrum Technical Net Assets		Fair Value		Partnership’s pro rata Net Loss			Investment Objective	Redemption Permitted
	%		$		$
Blackwater Master Fund		15.5		16,901,955		(138,777	)	Commodity Portfolio	Monthly

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

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

On December 31, 2014 and 2013, Spectrum Technical owned approximately 67.8% and 53.0%, respectively, of Blackwater Master Fund. It is Spectrum Technical’s intention to continue to invest in Blackwater Master Fund. The performance of Spectrum Technical is directly affected by the performance of Blackwater Master Fund.

The tables below represent summarized income statement information for Blackwater Master Fund for the years ended December 31, 2014, 2013 and 2012 respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment Income		Net Investment Loss			Total Trading Results			Net Loss
	$		$			$			$
Blackwater Master Fund		7,048		(72,105	)		(545,462	)		(617,567	)

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

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

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

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

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

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

Summarized information for Spectrum Currency, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2014 and 2013, is shown in the following tables.

	December 31, 2014
	Total Assets		Total Liabilities		Total Capital
KR Master Fund	$	12,415,386	$	12,415,386		–
Cambridge Master Fund		39,046,641		48,456		38,998,185
	$	51,462,027	$	12,463,842	$	38,998,185

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

Summarized information for Spectrum Currency’s investment in KR Master Fund and Cambridge Master Fund for the period ended December 31, 2014 and 2013, is as follows:

For the year ended December 31, 2014 Investment	% of Spectrum Currency Net Assets		Fair Value		Partnership’s pro rata Net Income		Investment Objective	Redemption Permitted
	%		$		$
Cambridge Master Fund		89.3		12,289,754		2,777,719	Commodity Portfolio	Monthly
KR Master Fund		–		–		156,509	Commodity Portfolio	Monthly

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

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

As of December 31, 2014 and 2013, Spectrum Currency owned approximately 31.51% and 0%, and 30.11% and 17.11% of Cambridge Master Fund and KR Master Fund, respectively. It is Spectrum Currency’s intention to continue to invest in Cambridge Master Fund.  The performance of Spectrum Currency is directly affected by the performance of Cambridge Master Fund and prior to termination on December 31, 2014, KR Master Fund.

The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2014, 2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
Cambridge Master Fund		6,641		(154,743	)		9,610,031		9,455,288
KR Master Fund		3,785		(159,030	)		893,723		734,693

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

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

XML

Derivatives and Hedging, Offsetting Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	$ 9,574,552	$ 10,422,148
Gross Amounts Offset in the Statements of Financial Condition	(3,112,070)	(3,080,139)
Net Amounts Presented in the Statement of Financial Condition	6,462,482	7,342,009
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	7,228,527	9,894,085
Gross Amounts Offset in the Statements of Financial Condition	(1,519,724)	(3,011,012)
Net Amounts Presented in the Statement of Financial Condition	5,708,803	6,883,073
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	2,346,025	528,063
Gross Amounts Offset in the Statements of Financial Condition	(1,592,346)	(69,127)
Net Amounts Presented in the Statement of Financial Condition	753,679	458,936
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	6,545,454	6,133,459
Gross Amounts Offset in the Statements of Financial Condition	(2,474,987)	(1,460,038)
Net Amounts Presented in the Statement of Financial Condition	4,070,467	4,673,421
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	4,533,559	5,404,721
Gross Amounts Offset in the Statements of Financial Condition	(797,767)	(1,139,524)
Net Amounts Presented in the Statement of Financial Condition	3,735,792	4,265,197
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	2,011,895	728,738
Gross Amounts Offset in the Statements of Financial Condition	(1,677,220)	(320,514)
Net Amounts Presented in the Statement of Financial Condition	$ 334,675	$ 408,224

XML

Derivatives and Hedging (Details)	Dec. 31, 2014
Forward Contracts [Member] | Off-Exchange-Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	100.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Future Contract [Member] | Exchange Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	84.14%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Forward Contracts [Member] | Off-Exchange-Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	15.86%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Future Contract [Member] | Exchange Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	100.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member] | Exchange Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	74.64%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Off-Exchange-Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	25.36%

XML

Derivatives and Hedging, Offsetting Liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Offsetting of Derivative Liabilities [Line Items]
Unrealized currency loss		$ 0
Total net unrealized gain on open contracts		0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(3,112,070)	(3,080,139)
Gross Amounts Offset in the Statement of Financial Condition	3,112,070	3,080,139
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency loss	(669,947)	(689,577)
Total net unrealized gain on open contracts	5,792,535	6,652,432
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(1,519,724)	(3,011,012)
Gross Amounts Offset in the Statement of Financial Condition	1,519,724	3,011,012
Net Amounts Presented in the Statement of Financial Condition	0	0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(1,592,346)	(69,127)
Gross Amounts Offset in the Statement of Financial Condition	1,592,346	69,127
Net Amounts Presented in the Statement of Financial Condition	0	0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(2,474,987)	(1,460,038)
Gross Amounts Offset in the Statement of Financial Condition	2,474,987	1,460,038
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency loss	(3,465,597)	(3,447,831)
Total net unrealized gain on open contracts	604,870	1,225,590
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(797,767)	(1,139,524)
Gross Amounts Offset in the Statement of Financial Condition	797,767	1,139,524
Net Amounts Presented in the Statement of Financial Condition	0	0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	(1,677,220)	(320,514)
Gross Amounts Offset in the Statement of Financial Condition	1,677,220	320,514
Net Amounts Presented in the Statement of Financial Condition	$ 0	$ 0

XML

Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Futures and Forward Contracts [Abstract]
Unrealized currency loss		$ 0
Total net unrealized gain on open contracts		0
Long [Member] | Options [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding		1
Options Contracts at Fair Value [Abstract]
Options purchased		0
Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)		0
Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)		0
Average number of contracts outstanding		826
Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain		0
Unrealized loss		0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Futures and Forward Contracts [Abstract]
Unrealized currency loss	(669,947)	(689,577)
Total net unrealized gain on open contracts	5,792,535	6,652,432
Options Contracts at Fair Value [Abstract]
Options purchased	6,462,482	7,342,009
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	20,704,997	5,941,647	(6,598,423)
Unrealized currency gain (loss)	19,627	514,288	99,725
Net realized	21,564,894	1,840,569	(2,747,878)
Net change in unrealized	(859,897)	4,101,078	(3,850,545)
Total Trading Results	20,704,997	5,941,647	(6,598,423)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	11,295,753	(8,240,610)	(12,872,729)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Equity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(3,990,077)	17,236,173	6,993,095
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	4,165,976	69,245	(2,206,555)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Interest Rate [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	9,213,718	(3,637,449)	1,388,041
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Long [Member] | Options [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding		3
Options Contracts at Fair Value [Abstract]
Options purchased		0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Short [Member] | Options [Member]
Futures and Forward Contracts [Abstract]
Average number of contracts outstanding		2
Options Contracts at Fair Value [Abstract]
Options written		0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	6,462,482	7,342,009
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	2,350,061	893,523
Average number of contracts outstanding	4,302	4,153
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	138,787	3,494,644
Average number of contracts outstanding	1,107	1,717
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	1,043,536	2,277,669
Average number of contracts outstanding	1,707	3,214
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	2,930,098	676,173
Average number of contracts outstanding	4,621	5,741
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	4,004,870	5,560,057
Unrealized loss	(2,696,905)	(2,536,429)
Total net unrealized gain on open contracts	1,307,965	3,023,628
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	282,336	561,914
Unrealized loss	(2,191,868)	(1,776,263)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	515,619	3,462,235
Unrealized loss	(278,910)	0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	161,381	1,474,046
Unrealized loss	(109,346)	(124,132)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	3,045,534	61,862
Unrealized loss	(116,781)	(636,034)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	5,569,682	4,862,091
Unrealized loss	(415,165)	(543,710)
Total net unrealized gain on open contracts	5,154,517	4,318,381
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	4,475,726	2,430,029
Unrealized loss	(216,133)	(322,157)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	7,778	36,105
Unrealized loss	(105,700)	(3,696)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,083,928	986,884
Unrealized loss	(92,427)	(59,129)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	2,250	1,409,073
Unrealized loss	(905)	(158,728)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Futures and Forward Contracts [Abstract]
Unrealized currency loss	(3,465,597)	(3,447,831)
Total net unrealized gain on open contracts	604,870	1,225,590
Options Contracts at Fair Value [Abstract]
Options purchased	4,070,467	4,673,421
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	21,773,211	9,944,758	(19,787,603)
Unrealized currency gain (loss)	(52,678)	35,320	(6,376,922)
Net realized	22,532,708	7,217,969	(6,219,265)
Net change in unrealized	(620,720)	2,267,134	(9,809,697)
Total Trading Results	21,773,211	9,944,758	(19,787,603)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	3,173,650	1,447,554	7,806,061
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Equity [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	3,873,373	16,778,460	(58,323,819)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Foreign Currency [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	(6,165,114)	1,893,467	(30,995,834)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Interest Rate [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Trading results	20,943,980	(10,210,043)	68,102,911
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	4,070,467	4,673,421
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	1,129,935	563,916
Average number of contracts outstanding	1,561	1,300
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	481,200	3,132,697
Average number of contracts outstanding	1,203	1,458
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	789,496	798,291
Average number of contracts outstanding	1,355	4,080
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain/(loss)	1,669,836	178,517
Average number of contracts outstanding	4,328	3,501
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	2,846,733	3,985,807
Unrealized loss	(2,007,451)	(1,180,500)
Total net unrealized gain on open contracts	839,282	2,805,307
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	35,163	182,135
Unrealized loss	(640,745)	(386,829)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	713,684	3,110,927
Unrealized loss	(173,835)	(1,174)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	267,933	539,752
Unrealized loss	(1,043,641)	(239,072)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,829,953	152,993
Unrealized loss	(149,230)	(553,425)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	3,698,721	2,147,652
Unrealized loss	(467,536)	(279,538)
Total net unrealized gain on open contracts	3,231,185	1,868,114
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,817,116	893,327
Unrealized loss	(81,599)	(124,717)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	17,967	28,444
Unrealized loss	(76,616)	(5,500)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,855,362	601,972
Unrealized loss	(290,158)	(104,361)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	8,276	623,909
Unrealized loss	(19,163)	(44,960)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
Effect of Trading Activities on Statements of Income [Abstract]
Realized gain (loss) on Investment	668,573	396,051	(4,657,167)
Unrealized appreciation (depreciation) on investment	$ (807,350)	$ 63,604	$ 898,526

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.  Summary of Significant Accounting Policies

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

Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized trading profit (loss)” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period.  The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty.  Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts.  There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility.

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

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

The Partnerships may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option has the right to purchase (in the case of a call option) or sell (in the case of a put option) a specified quantity of a specific Futures Interest on the underlying asset at a specified price prior to or on a specified expiration date. The writer of an option is exposed to the risk of loss if the fair value of the Futures Interest on the underlying asset declines (in the case of a put option) or increases (in the case of a call option). The writer of an option can never profit by more than the premium paid by the buyer but can potentially lose an unlimited amount.

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

Revenue Recognition — Monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnership’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate.  MS&Co. retains any interest earned in excess of the interest paid to the Partnerships.  For purposes of such interest payments, net assets do not include monies due to the Partnerships on Futures Interests that have not been received.  The Partnerships each pay a flat rate brokerage fee to Morgan Stanley Wealth Management and flat rate administrative fee to the General Partner.  The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships.

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

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

Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for investment companies as illustrated in the Financial Highlights footnote (refer to Note 9. Financial Highlights).

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

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

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

Restricted and Unrestricted Cash — As reflected on the Partnerships’ Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forwards and options contracts and offset unrealized losses on only the offsetting London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash.

Brokerage and Related Transaction Fees and Costs — Spectrum Currency pays a general partner administrative fee to General Partner equal to 1/12th of 1.6% (a 1.6% annual rate) of its net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of its net assets.  Spectrum Select, Spectrum Strategic, and Spectrum Technical each pay a general partner administrative fee to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of their  net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of their net assets. Administrative fees currently cover all brokerage fees, transaction fees and costs, and ordinary administrative expenses.

Effective October 1, 2014, the flat rate brokerage fees for Spectrum Currency were reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of its  net assets.

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

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

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

Income Taxes — No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of each Partnership’s revenue and expenses for income tax purposes. The Partnerships file U.S. federal and state tax returns.

The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in each Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnerships have concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2014 and 2013. If applicable, the Partnerships recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.

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

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

Investment Company Status

Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company.  ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013.  The adoption of this ASU did not have a material impact on the Partnerships’ financial statements.  Based on Management’s assessment, the Partnerships have been deemed to be the investment companies since inception. 

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Fair Value Measurements and Disclosures (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	$ 0		$ 0
Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	12,289,754		18,589,455
Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	12,289,754		18,589,455
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments			7,290,317
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments			0
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments			7,290,317
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	12,289,754		11,299,138
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	12,289,754		11,299,138
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Futures	7,228,527		9,894,085
Forwards	2,346,025		528,063
Total Assets	9,574,552		10,422,148
Liabilities [Abstract]
Futures	1,519,724		3,011,012
Forwards	1,592,346		69,127
Total Liabilities	3,112,070		3,080,139
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency loss	(669,947)		(689,577)
Net fair value	5,792,535	[1]	6,652,432	[1]
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Futures	7,228,527		9,894,085
Forwards	1,699,736		0
Total Assets	8,928,263		9,894,085
Liabilities [Abstract]
Futures	1,519,724		3,011,012
Forwards	1,441,911		0
Total Liabilities	2,961,635		3,011,012
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	5,966,628	[1]	6,883,073	[1]
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Futures	0		0
Forwards	646,289		528,063
Total Assets	646,289		528,063
Liabilities [Abstract]
Futures	0		0
Forwards	150,435		69,127
Total Liabilities	150,435		69,127
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	495,854	[1]	458,936	[1]
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Futures
Forwards
Total Assets
Liabilities [Abstract]
Futures
Forwards
Total Liabilities
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value		[1]		[1]
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	37,031,024		54,495,503
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	37,031,024		54,495,503
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	28,236,607		46,985,018
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	28,236,607		46,985,018
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	5,291,425		3,327,454
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	5,291,425		3,327,454
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	3,502,992		4,183,031
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	3,502,992		4,183,031
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	0		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Futures	4,533,559		5,404,721
Forwards	2,011,895		728,738
Total Assets	23,447,409		39,681,731
Liabilities [Abstract]
Futures	797,767		1,139,524
Forwards	1,677,220		320,514
Total Liabilities	2,474,987		1,460,038
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency loss	(3,465,597)		(3,447,831)
Net fair value	17,506,825	[2]	34,773,862	[2]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Futures	4,533,559		5,404,721
Forwards	274,957		0
Total Assets	4,808,516		5,404,721
Liabilities [Abstract]
Futures	797,767		1,139,524
Forwards	372,992		0
Total Liabilities	1,170,759		1,139,524
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	3,637,757	[2]	4,265,197	[2]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Futures	0		0
Forwards	1,736,938		728,738
Total Assets	18,638,893		34,277,010
Liabilities [Abstract]
Futures	0		0
Forwards	1,304,228		320,514
Total Liabilities	1,304,228		320,514
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	17,334,665	[2]	33,956,496	[2]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Futures
Forwards
Total Assets
Liabilities [Abstract]
Futures
Forwards
Total Liabilities
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value		[2]		[2]
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Total Investments	16,901,955		33,548,272
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Investments	0		0
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Investments	16,901,955		33,548,272
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Investments

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

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

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Statements of Financial Condition (USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Investments	$ 12,289,754	$ 18,589,455
Trading Equity:
Net unrealized gain/(loss) on open contracts		0
Interest receivable	61	165
Total Assets	14,172,143	18,589,620
LIABILITIES
Redemptions payable	238,966	529,590
Accrued incentive fees	108,183	0
Accrued ongoing placement agent fee	22,139	0
Accrued administrative fees	17,712	0
Accrued management fees	15,812	20,064
Accrued brokerage fees	0	70,894
Total Liabilities	402,812	620,548
PARTNERS' CAPITAL
Limited Partners	13,623,087	17,703,845
General Partner	146,244	265,227
Total Partners' Capital	13,769,331	17,969,072
Total Liabilities and Partners' Capital	14,172,143	18,589,620
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 8.49	$ 7.39
Cambridge Master Fund [Member]
ASSETS
Investments	12,289,754	11,299,138
Trading Equity:
Total Assets	39,046,641	37,549,964
LIABILITIES
Total Liabilities	48,456	28,580
KR Master Fund [Member]
ASSETS
Investments	0	7,290,317
Trading Equity:
Redemptions receivable	1,882,328	0
Total Assets	12,415,386	44,043,845
LIABILITIES
Total Liabilities	12,415,386	1,456,785
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Trading Equity:
Unrestricted cash	101,238,145	117,701,386
Restricted cash	13,490,625	26,703,038
Total cash	114,728,770	144,404,424
Net unrealized gain/(loss) on open contracts	5,792,535	6,652,432
Total Trading Equity	120,521,305	151,056,856
Interest receivable	565	1,354
Total Assets	120,521,870	151,058,210
LIABILITIES
Redemptions payable	2,079,936	3,447,262
Accrued ongoing placement agent fee	195,005	0
Accrued administrative fees	195,005	0
Accrued management fees	169,133	205,988
Payable to MS&Co.	0	127,622
Accrued brokerage fees	0	750,593
Total Liabilities	2,639,079	4,531,465
PARTNERS' CAPITAL
Limited Partners	116,569,858	144,651,488
General Partner	1,312,933	1,875,257
Total Partners' Capital	117,882,791	146,526,745
Total Liabilities and Partners' Capital	120,521,870	151,058,210
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 30.18	$ 26.48
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
ASSETS
Investments	37,031,024	54,495,503
Trading Equity:
Interest receivable	182	494
Total Assets	37,031,206	54,495,997
LIABILITIES
Redemptions payable to Limited Partners	1,091,038	0
Redemptions payable to General Partner	50,000	1,159,681
Accrued incentive fees	53,508	0
Accrued ongoing placement agent fee	61,272	0
Accrued administrative fees	61,272	0
Accrued management fees	7,729	124,834
Accrued brokerage fees	0	270,566
Total Liabilities	1,324,819	1,555,081
PARTNERS' CAPITAL
Limited Partners	35,306,899	52,246,247
General Partner	399,488	694,669
Total Partners' Capital	35,706,387	52,940,916
Total Liabilities and Partners' Capital	37,031,206	54,495,997
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 13.62	$ 13.64
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
ASSETS
Investments	28,236,607	46,985,018
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
ASSETS
Investments	5,291,425	3,327,454
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
ASSETS
Investments	3,502,992	4,183,031
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Trading Equity:
Unrestricted cash	87,743,638	91,751,066
Restricted cash	7,277,235	12,312,414
Total cash	95,020,873	104,063,480
Net unrealized gain/(loss) on open contracts	604,870	1,225,590
Total Trading Equity	112,527,698	138,837,342
Interest receivable	536	1,241
Total Assets	112,528,234	138,838,583
LIABILITIES
Redemptions payable to Limited Partners	2,596,957	3,062,360
Redemptions payable to General Partner	50,005	0
Accrued incentive fees	50,229	0
Accrued ongoing placement agent fee	182,210	0
Accrued administrative fees	182,210	0
Accrued management fees	117,826	142,659
Accrued brokerage fees	0	687,693
Total Liabilities	3,179,437	3,892,712
PARTNERS' CAPITAL
Limited Partners	108,125,693	133,281,088
General Partner	1,223,104	1,664,783
Total Partners' Capital	109,348,797	134,945,871
Total Liabilities and Partners' Capital	112,528,234	138,838,583
NET ASSET VALUE PER UNIT (in dollars per unit)	$ 19.07	$ 16.55
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member]
ASSETS
Investments	16,901,955	33,548,272
Trading Equity:
Total Assets	24,973,305	63,936,601
LIABILITIES
Total Liabilities	$ 43,208	$ 610,828

XML

Statements of Changes in Partners' Capital (USD $)	Limited Partners [Member]	General Partner [Member]	Total	Morgan Stanley Smith Barney Spectrum Select L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Select L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Select L.P. [Member]	Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]	Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] Limited Partners [Member]	Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] General Partner [Member]	Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Balance at Dec. 31, 2011	$ 34,396,076	$ 418,228	$ 34,814,304	$ 283,036,281	$ 3,108,127	$ 286,144,408	$ 115,518,403	$ 1,256,122	$ 116,774,525	$ 264,947,461	$ 2,963,401	$ 267,910,862
Balance (in units) at Dec. 31, 2011			4,032,291.402			9,158,617.900			7,289,766.853			13,634,214.779
Increase/(decrease) in Partners' Capital [Roll Forward]
Net Income (Loss)	(3,769,861)	(46,569)	(3,816,430)	(25,885,258)	(294,306)	(26,179,564)	(10,517,888)	(129,289)	(10,647,177)	(35,829,461)	(432,502)	(36,261,963)
Redemptions	(7,584,688)	(100,001)	(7,684,689)	(63,390,753)	(600,010)	(63,990,763)	(31,767,800)	(300,076)	(32,067,876)	(58,266,505)	(500,004)	(58,766,509)
Redemptions (in units)			(953,365.724)			(2,098,985.408)			(2,090,891.777)			(3,290,451.193)
Balance at Dec. 31, 2012	23,041,527	271,658	23,313,185	193,760,270	2,213,811	195,974,081	73,232,715	826,757	74,059,472	170,851,495	2,030,895	172,882,390
Balance (in units) at Dec. 31, 2012			3,078,925.678			7,059,632.492			5,198,875.076			10,343,763.586
Increase/(decrease) in Partners' Capital [Roll Forward]
Net Income (Loss)	(479,900)	(6,431)	(486,331)	(7,644,502)	(88,542)	(7,733,044)	(2,668,922)	(32,080)	(2,701,002)	(1,451,095)	(16,093)	(1,467,188)
Redemptions	(4,857,782)	0	(4,857,782)	(41,464,280)	(250,012)	(41,714,292)	(18,317,546)	(100,008)	(18,417,554)	(36,119,312)	(350,019)	(36,469,331)
Redemptions (in units)			(648,244.994)			(1,525,996.806)			(1,318,303.688)			(2,190,361.355)
Balance at Dec. 31, 2013	17,703,845	265,227	17,969,072	144,651,488	1,875,257	146,526,745	52,246,247	694,669	52,940,916	133,281,088	1,664,783	134,945,871
Balance (in units) at Dec. 31, 2013			2,430,680.684			5,533,635.686			3,880,571.388			8,153,402.231
Increase/(decrease) in Partners' Capital [Roll Forward]
Net Income (Loss)	1,885,964	21,561	1,907,525	13,077,451	141,717	13,219,168	677,750	26,516	704,266	14,253,756	184,033	14,437,789
Redemptions	(5,966,722)	(140,544)	(6,107,266)	(41,159,081)	(704,041)	(41,863,122)	(17,617,098)	(321,697)	(17,938,795)	(39,409,151)	(625,712)	(40,034,863)
Redemptions (in units)			(809,451.717)			(1,628,161.859)			(1,258,760.348)			(2,418,876.856)
Balance at Dec. 31, 2014	$ 13,623,087	$ 146,244	$ 13,769,331	$ 116,569,858	$ 1,312,933	$ 117,882,791	$ 35,306,899	$ 399,488	$ 35,706,387	$ 108,125,693	$ 1,223,104	$ 109,348,797
Balance (in units) at Dec. 31, 2014			1,621,228.967			3,905,473.827			2,621,811.040			5,734,525.375

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Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2014

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

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

Spectrum Currency

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	7.39		$	7.57		$	8.63
Interest Income		–	(2)		–	(2)		–	(2)
Expenses		(0.53	)		(0.53	)		(0.53	)
Realized/Unrealized Income (Loss) (1)		1.63			0.35			(0.53	)
Net Income (Loss)		1.10			(0.18	)		(1.06	)
Net asset value, December 31:	$	8.49		$	7.39		$	7.57
For the Calendar Year:
Ratios to average net assets:
Net Investment Gain (Loss)		(7.0)	%		(7.2	)%		(6.6	)%
Expenses before Incentive Fees		5.4	%		6.4	%		6.7	%
Expenses after Incentive Fees		7.0	%		7.2	%		6.7	%
Total return before incentive fees		16.6	%		(1.6	)%		(12.3	)%
Total return after incentive fees		14.9	%		(2.4	)%		(12.3	)%

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

⁽²⁾ Amount less than 0.005%.

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

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Select

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	26.48		$	27.76		$	31.24
Interest Income		–	(2)		0.01			0.02
Expenses		(1.64	)		(2.17	)		(2.44	)
Realized/Unrealized Income (Loss) (1)		5.34			0.88			(1.06	)
Net Income (Loss)		3.70			(1.28	)		(3.48	)
Net asset value, December 31:	$	30.18		$	26.48		$	27.76
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.3	)%		(7.9	)%		(8.0	)%
Expenses before Incentive Fees		6.3	%		8.0	%		8.1	%
Expenses after Incentive Fees		6.3	%		8.0	%		8.1	%
Total return before incentive fees		14.0	%		(4.6	)%		(11.1	)%
Total return after incentive fees		14.0	%		(4.6	)%		(11.1	)%

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

⁽²⁾ Amount less than 0.005%.

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

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Strategic

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	13.64		$	14.25		$	16.02
Interest Income		−			0.01			0.01
Expenses		(0.79	)		(1.24	)		(1.37	)
Realized/Unrealized Income (Loss) (1)		0.77			0.62			(0.41	)
Net Loss		(0.02	)		(0.61	)		(1.77	)
Net asset value, December 31:	$	13.62		$	13.64		$	14.25
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(5.5	)%		(8.9	)%		(9.0	)%
Expenses before Incentive Fees		5.4	%		9.0	%		9.1	%
Expenses after Incentive Fees		5.5	%		9.0	%		9.1	%
Total return before incentive fees		−	(2)		(4.3	)%		(11.0	)%
Total return after incentive fees		(0.1	)%		(4.3	)%		(11.0	)%

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

⁽²⁾ Amount less than 0.005%.

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

Financial Information Additional Disclosures, Disclosures [Line Items]

Financial Information Additional Disclosure

Spectrum Technical

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	16.55		$	16.71		$	19.65
Interest Income		–	(2)		0.01			0.01
Expenses		(1.09	)		(1.24	)		(1.38	)†
Realized/Unrealized Income (Loss) (1)		3.61			1.07			(1.57	)
Net Income (Loss)		2.52			(0.16	)		(2.94	)
Net asset value, December 31:	$	19.07		$	16.55		$	16.71
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.6	)%		(7.5	)%		(7.7	)%
Expenses before Incentive Fees		5.9	%		7.5	%		7.8	%††
Expenses after Incentive Fees		6.6	%		7.5	%		7.8	%††
Total return before incentive fees		15.9	%		(1.0	)%		(15.0	)%
Total return after incentive fees		15.2	%		(1.0	)%		(15.0	)%

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

⁽²⁾ Amount less than 0.005%.

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

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

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Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Percentage basis of funds on deposit for interest income recognition (in hundredths)			100.00%
Partnership assets percentage not deposited as margin credit for interest income (in hundredths)			80.00%
General partner administrative fee monthly (in hundredths)			0.133%
Annualized general partner administrative fee (in hundredths)	1.60%		1.60%
Monthly ongoing placement agent fee (in hundredths)			0.1667%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Annualized flat rate brokerage fee (in hundredths)	3.60%	4.60%
Limited partners unit that can be redeemed (in hundredths)	100.00%		100.00%		100.00%
Whole Units required per redemption (in units)			50
Distributions			$ 0
Provision for income taxes			0
Unrecognized tax benefit	$ 0		$ 0		0	$ 0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Schedule of Equity Method Investments [Line Items]
General partner administrative fee monthly (in hundredths)			0.1667%
Annualized general partner administrative fee (in hundredths)	2.00%		2.00%
Monthly ongoing placement agent fee (in hundredths)			0.1667%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Annualized flat rate brokerage fee (in hundredths)	4.00%			6.00%	4.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Schedule of Equity Method Investments [Line Items]
General partner administrative fee monthly (in hundredths)			0.1667%
Annualized general partner administrative fee (in hundredths)	2.00%		2.00%
Monthly ongoing placement agent fee (in hundredths)			0.1667%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Annualized flat rate brokerage fee (in hundredths)	4.00%			6.00%	4.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Schedule of Equity Method Investments [Line Items]
General partner administrative fee monthly (in hundredths)			0.1667%
Annualized general partner administrative fee (in hundredths)	2.00%		2.00%
Monthly ongoing placement agent fee (in hundredths)			0.1667%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Annualized flat rate brokerage fee (in hundredths)	4.00%			6.00%	4.00%

XML

Organization

12 Months Ended

Dec. 31, 2014

Organization [Abstract]

Organization

1.  Organization

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

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnerships. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”).  MSSBH is wholly-owned indirectly by Morgan Stanley.  Prior to June 28, 2013, Citigroup Inc. was the indirect minority owner of MSSBH.  Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”).  This entity, previously acted as a non-clearing commodity broker for the Partnerships.  Morgan Stanley Wealth Management is a principal subsidiary of MSSBH.

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

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

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

Effective December 31, 2014, Spectrum Currency fully redeemed its investment from KR Master Fund L.P. (“KR Master Fund”).  In addition, Krom River Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, “Krom River”) no longer act as commodity trading advisors to Spectrum Currency.  Effective on or about January 1, 2015, Spectrum Currency reallocated the assets allocated to Krom River to the existing commodity trading advisor in Spectrum Currency.

Effective December 9, 2014, Cambridge Strategy (Asset Management) Limited (“Cambridge”), trading advisor to the Cambridge Master Fund L.P. (the “Cambridge Master Fund”), in consultation with the General Partner for Spectrum Currency, agreed to increase the amount of leverage applied to the assets of the Cambridge Master Fund allocated to Cambridge by the General Partner to 2.0 times the assets of the Cambridge Master Fund allocated to Cambridge by the General Partner and traded pursuant to Cambridge’s Asian Markets Alpha Programme and the Emerging Markets Alpha Programme.

Effective October 1, 2014, the flat rate brokerage fee, equal to an annual rate of 3.6% of Spectrum Currency’s net assets, was separated into (i) a general partner administrative fee payable to the General Partner equal to an annual rate of 1.6% of the Spectrum Currency’s net assets, and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of the Spectrum Currency’s net assets.  The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by Spectrum Currency.

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

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

Effective June 1, 2014, the management fee payable by Spectrum Technical to Campbell & Company, Inc. (“Campbell”) was reduced from a monthly management fee rate equal to 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Campbell on the first day of each month to a monthly management fee rate equal to 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Campbell on a first day of each month.

Effective October 1, 2014, the flat rate brokerage fee for Spectrum Currency was reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of Spectrum Currency’s net assets.

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

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

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

Effective March 1, 2014, Spectrum Strategic directly pays Morgan Stanley Smith Barney BHM I, LLC (“BHM I, LLC”) for its pro rata portion of incentive, management and administrative fees.

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

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

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

Effective October 1, 2013, the management fee payable by Spectrum Currency to Krom River was reduced from a monthly management fee rate equal to 1/12th  of 2% (a 2% annual rate) per month of net assets allocated to Krom River on the first day of each month to a monthly management fee rate equal to 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the first day of each month.

Effective October 1, 2013, the General Partner determined that Spectrum Currency’s assets allocated to Cambridge would be allocated 50% to Cambridge’s Asian Markets Alpha Programme, and 50% to Cambridge’s Emerging Markets Alpha Programme.

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

Effective June 28, 2013, Ceres terminated the management agreement among Ceres, Sunrise Capital Management, Inc. (“Sunrise Capital”) and Spectrum Select, pursuant to which Sunrise Capital ceased all Futures Interest trading on behalf of  Spectrum Select.

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

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

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

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

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

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

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

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

As of January 2, 2012, the General Partner changed the trading strategy of Spectrum Currency to a strategy in which the trading advisors employ proprietary trading models and methodologies that seek to identify favorable price relationships between and among various global currency and commodity markets through the analysis of technical market information.  Spectrum Currency aims to achieve capital appreciation through speculative trading directly and indirectly, in U.S. and international markets for currencies, agricultural and energy products and precious and base metals.  Spectrum Currency may employ futures, options on futures, and forward contracts in those markets.

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

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

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

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Statements of Financial Condition (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	1,604,009.847	2,394,803.341
General Partner, Units (in units)	17,219.120	35,877.343
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	3,861,976.161	5,462,815.917
General Partner, Units (in units)	43,497.666	70,819.769
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
ASSETS
Investments, cost	7,147,767	7,622,350
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	2,592,477.838	3,829,652.114
General Partner, Units (in units)	29,333.202	50,919.274
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
LIABILITIES AND PARTNERS' CAPITAL
Limited Partners, Units (in units)	5,670,382.719	8,052,816.352
General Partner, Units (in units)	64,142.656	100,585.879

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Summary of Significant Accounting Policies [Abstract]

Use of Estimates

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

Valuation

Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized trading profit (loss)” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period.  The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty.  Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts.  There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility.

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

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

The Partnerships may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option has the right to purchase (in the case of a call option) or sell (in the case of a put option) a specified quantity of a specific Futures Interest on the underlying asset at a specified price prior to or on a specified expiration date. The writer of an option is exposed to the risk of loss if the fair value of the Futures Interest on the underlying asset declines (in the case of a put option) or increases (in the case of a call option). The writer of an option can never profit by more than the premium paid by the buyer but can potentially lose an unlimited amount.

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

Revenue Recognition

Revenue Recognition — Monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnership’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate.  MS&Co. retains any interest earned in excess of the interest paid to the Partnerships.  For purposes of such interest payments, net assets do not include monies due to the Partnerships on Futures Interests that have not been received.  The Partnerships each pay a flat rate brokerage fee to Morgan Stanley Wealth Management and flat rate administrative fee to the General Partner.  The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships.

Fair Value of Financial Instruments

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

Foreign Currency Transactions and Translation

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

Net Income (Loss) per Unit

Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for investment companies as illustrated in the Financial Highlights footnote (refer to Note 9. Financial Highlights).

Trading Equity

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

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

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

Restricted and Unrestricted Cash

Restricted and Unrestricted Cash — As reflected on the Partnerships’ Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forwards and options contracts and offset unrealized losses on only the offsetting London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash.

Brokerage and Related Transaction Fees and Costs

Brokerage and Related Transaction Fees and Costs — Spectrum Currency pays a general partner administrative fee to General Partner equal to 1/12th of 1.6% (a 1.6% annual rate) of its net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of its net assets.  Spectrum Select, Spectrum Strategic, and Spectrum Technical each pay a general partner administrative fee to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of their  net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of their net assets. Administrative fees currently cover all brokerage fees, transaction fees and costs, and ordinary administrative expenses.

Effective October 1, 2014, the flat rate brokerage fees for Spectrum Currency were reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of its  net assets.

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

Redemptions

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

Distributions

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

Income Taxes

Income Taxes — No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of each Partnership’s revenue and expenses for income tax purposes. The Partnerships file U.S. federal and state tax returns.

The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in each Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnerships have concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2014 and 2013. If applicable, the Partnerships recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.

Dissolution of the Partnerships

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

Investment Company Status

Investment Company Status

Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company.  ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013.  The adoption of this ASU did not have a material impact on the Partnerships’ financial statements.  Based on Management’s assessment, the Partnerships have been deemed to be the investment companies since inception. 

XML

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 28, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY & COMMODITY L.P.
Entity Central Index Key	0001097396
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 13,689,215
Entity Common Stock, Shares Outstanding		1,551,125.475
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014

XML

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investment Information in Affiliated Funds, Disclosures [Line Items]

Summary of Partnership's Investments

Summarized information for Spectrum Currency’s investment in KR Master Fund and Cambridge Master Fund for the period ended December 31, 2014 and 2013, is as follows:

For the year ended December 31, 2014 Investment	% of Spectrum Currency Net Assets		Fair Value		Partnership’s pro rata Net Income		Investment Objective	Redemption Permitted
	%		$		$
Cambridge Master Fund		89.3		12,289,754		2,777,719	Commodity Portfolio	Monthly
KR Master Fund		–		–		156,509	Commodity Portfolio	Monthly

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

Income Statement Information of Investments

The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2014, 2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
Cambridge Master Fund		6,641		(154,743	)		9,610,031		9,455,288
KR Master Fund		3,785		(159,030	)		893,723		734,693

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

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

Summary of Total Assets, Liabilities and Capital

Summarized information for Spectrum Currency, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2014 and 2013, is shown in the following tables.

	December 31, 2014
	Total Assets		Total Liabilities		Total Capital
KR Master Fund	$	12,415,386	$	12,415,386		–
Cambridge Master Fund		39,046,641		48,456		38,998,185
	$	51,462,027	$	12,463,842	$	38,998,185

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

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

Investment Information in Affiliated Funds, Disclosures [Line Items]

Summary of Partnership's Investments

Summarized information for Spectrum Strategic’s investment in BHM I, LLC, PGR Master Fund and MB Master Fund, as of December 31, 2014 and 2013, is as follows:

December 31, 2014

Investment

% of Spectrum Strategic Net Assets

Fair Value

Partnership’s pro rata Net Income

Investment Objective

Management Fees

Incentive Fees

Administrative Fees

%

$

$

$

$

$

BHM I, LLC

79.1

28,236,607

1,881,303

Commodity Portfolio

n/a

n/a

n/a

PGR Master Fund

14.8

5,291,425

1,226,334

Commodity Portfolio

n/a

n/a

n/a

MB Master Fund

9.8

3,502,992

68,634

Commodity Portfolio

n/a

n/a

n/a

December 31, 2013

Investment

% of Spectrum Strategic Net Assets

Fair Value

Partnership’s pro rata Net Income

Investment Objective

Management Fees

Incentive Fees

Administrative Fees

%

$

$

$

$

$

BHM I, LLC

88.7

46,985,018

1,541,390

Commodity Portfolio

n/a

n/a

n/a

MB Master Fund

7.9

4,183,031

239,381

Commodity Portfolio

n/a

n/a

n/a

PGR Master Fund

6.3

3,327,454

1,098,551

Commodity Portfolio

n/a

n/a

n/a

Income Statement Information of Investments

The tables below represent summarized Income Statement information for BHM I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31, 2014, 2013 and 2012, respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment Income		Net Investment Loss			Total Trading Results		Net Income
	$		$			$		$
BHM I, LLC		−		(6,707,413	)		11,593,435		4,886,022
PGR Master Fund		1,816		(92,435	)		2,790,730		2,698,295
MB Master Fund		41,225		(4,655,303	)		7,309,353		2,654,050

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

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

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

Investment Information in Affiliated Funds, Disclosures [Line Items]

Summary of Partnership's Investments

Summarized information for Spectrum Technical’s investment in, and the operations of, Blackwater Master Fund as of December 31, 2014 and 2013, is as follows:

December 31, 2014	% of Spectrum Technical Net Assets		Fair Value		Partnership’s pro rata Net Loss			Investment Objective	Redemption Permitted
	%		$		$
Blackwater Master Fund		15.5		16,901,955		(138,777	)	Commodity Portfolio	Monthly

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

Income Statement Information of Investments

The tables below represent summarized income statement information for Blackwater Master Fund for the years ended December 31, 2014, 2013 and 2012 respectively, to meet the requirements of Regulation S-X Rule 3-09:

December 31, 2014	Investment Income		Net Investment Loss			Total Trading Results			Net Loss
	$		$			$			$
Blackwater Master Fund		7,048		(72,105	)		(545,462	)		(617,567	)

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

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

Summary of Total Assets, Liabilities and Capital

Summarized information reflecting the total assets, liabilities and capital of Blackwater Master Fund as of December 31, 2014 and 2013 is shown in the following tables.

	December 31, 2014
	Total Assets		Total Liabilities		Total Capital
Blackwater Master Fund	$	24,973,305	$	43,208	$	24,930,097

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

XML

Statements of Income and Expenses (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
INVESTMENT INCOME
Interest income	$ 2,318		$ 9,149		$ 17,704
EXPENSES
Brokerage fees	459,790		958,464		1,345,522
Incentive fees	240,978		165,296		0
Management fees	205,572		346,230		547,886
Ongoing placement agent fee	68,155		0		0
Administrative fees	54,524		0		0
Total Expenses	1,029,019		1,469,990		1,893,408
NET INVESTMENT LOSS	(1,026,701)		(1,460,841)		(1,875,704)
Trading profit (loss):
Net realized	0		444,474		(199,068)
Net change in unrealized	0		(43,205)		133,331
Total Trading Results	2,934,226		974,510		(1,940,726)
NET INCOME (LOSS)	1,907,525		(486,331)		(3,816,430)
Net Income (Loss) Allocation
Limited Partners	1,885,964		(479,900)		(3,769,861)
General Partner	21,561		(6,431)		(46,569)
Net Income (Loss) Per Unit
Limited Partners (in dollars per unit)	$ 1.10	[1]	$ (0.18)	[1]	$ (1.06)	[1]
General Partner (in dollars per unit)	$ 1.10	[1]	$ (0.18)	[1]	$ (1.06)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	1,991,023.150		2,774,112.516		3,584,790.785
KR Master Fund [Member]
Trading profit (loss):
Net realized income (loss) on investment	(405,824)		(551,662)		(488,412)
Net change in unrealized appreciation (depreciation) on investment	562,331		(23,816)		52,939
Cambridge Master Fund [Member]
Trading profit (loss):
Net realized income (loss) on investment	2,258,243		1,188,237		(44,139)
Net change in unrealized appreciation (depreciation) on investment	519,476		(39,518)		123,978
FL Master Fund [Member]
Trading profit (loss):
Net realized income (loss) on investment	0		0		(2,033,985)
Net change in unrealized appreciation (depreciation) on investment	0		0		514,630
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
INVESTMENT INCOME
Interest income	19,055		78,343		153,597
EXPENSES
Brokerage fees	4,378,408		10,576,864		15,124,033
Management fees	1,984,202		3,176,170		4,610,705
Ongoing placement agent fee	571,137		0		0
Administrative fees	571,137		0		0
Total Expenses	7,504,884		13,753,034		19,734,738
NET INVESTMENT LOSS	(7,485,829)		(13,674,691)		(19,581,141)
Trading profit (loss):
Net realized	21,564,894		1,840,569		(2,747,878)
Net change in unrealized	(859,897)		4,101,078		(3,850,545)
Total Trading Results	20,704,997		5,941,647		(6,598,423)
NET INCOME (LOSS)	13,219,168		(7,733,044)		(26,179,564)
Net Income (Loss) Allocation
Limited Partners	13,077,451		(7,644,502)		(25,885,258)
General Partner	141,717		(88,542)		(294,306)
Net Income (Loss) Per Unit
Limited Partners (in dollars per unit)	$ 3.70	[1]	$ (1.28)	[1]	$ (3.48)	[1]
General Partner (in dollars per unit)	$ 3.70	[1]	$ (1.28)	[1]	$ (3.48)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	4,702,032.014		6,392,736.584		8,177,824.370
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
INVESTMENT INCOME
Interest income	7,178		28,668		57,466
EXPENSES
Brokerage fees	1,724,317		3,855,868		5,825,816
Incentive fees	53,508		0		0
Management fees	312,606		1,753,124		2,647,299
Ongoing placement agent fee	194,376		0		0
Administrative fees	194,376		0		0
Total Expenses	2,479,183		5,608,992		8,473,115
NET INVESTMENT LOSS	(2,472,005)		(5,580,324)		(8,415,649)
Trading profit (loss):
Total Trading Results	3,176,271		2,879,322		(2,231,528)
NET INCOME (LOSS)	704,266		(2,701,002)		(10,647,177)
Net Income (Loss) Allocation
Limited Partners	677,750		(2,668,922)		(10,517,888)
General Partner	26,516		(32,080)		(129,289)
Net Income (Loss) Per Unit
Limited Partners (in dollars per unit)	$ (0.02)	[1]	$ (0.61)	[1]	$ (1.77)	[1]
General Partner (in dollars per unit)	$ (0.02)	[1]	$ (0.61)	[1]	$ (1.77)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	3,243,727.489		4,582,116.588		6,273,402.856
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member]
Trading profit (loss):
Net realized income (loss) on investment	20,180,635		559,473		(429,295)
Net change in unrealized appreciation (depreciation) on investment	(18,299,332)		981,916		(687,951)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member]
Trading profit (loss):
Net realized income (loss) on investment	(26,049)		5,825		(25,751)
Net change in unrealized appreciation (depreciation) on investment	1,252,383		1,092,727		(1,252,834)
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member]
Trading profit (loss):
Net realized income (loss) on investment	11,573		22,738		3,838
Net change in unrealized appreciation (depreciation) on investment	57,061		216,643		160,465
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
INVESTMENT INCOME
Interest income	17,849		69,030		133,904
EXPENSES
Brokerage fees	4,133,321		9,353,028		13,307,993
Incentive fees	719,326		0		0
Management fees	1,431,344		2,127,948		3,384,253
Ongoing placement agent fee	534,640		0		0
Administrative fees	534,640		0		0
Total Expenses	7,353,271		11,480,976		16,692,246
Management fee waived	0		0		(83,982)
Net Expenses	7,353,271		11,480,976		16,608,264
NET INVESTMENT LOSS	(7,335,422)		(11,411,946)		(16,474,360)
Trading profit (loss):
Net realized	22,532,708		7,217,969		(6,219,265)
Net change in unrealized	(620,720)		2,267,134		(9,809,697)
Total Trading Results	21,773,211		9,944,758		(19,787,603)
NET INCOME (LOSS)	14,437,789		(1,467,188)		(36,261,963)
Net Income (Loss) Allocation
Limited Partners	14,253,756		(1,451,095)		(35,829,461)
General Partner	184,033		(16,093)		(432,502)
Net Income (Loss) Per Unit
Limited Partners (in dollars per unit)	$ 2.52	[1]	$ (0.16)	[1]	$ (2.94)	[1]
General Partner (in dollars per unit)	$ 2.52	[1]	$ (0.16)	[1]	$ (2.94)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	6,923,660.693		9,350,648.660		12,156,580.269
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Investment Fund [Member]
Trading profit (loss):
Net realized income (loss) on investment	668,573		396,051		(4,657,167)
Net change in unrealized appreciation (depreciation) on investment	$ (807,350)		$ 63,604		$ 898,526

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

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Financial Instruments

12 Months Ended

Dec. 31, 2014

Financial Instruments [Abstract]

Financial Instruments

6.  Financial Instruments

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

The fair value of 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.

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

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

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

(3) Terms that require or permit net settlement.

Generally, derivatives include futures, forward, swaps or options contracts, and other financial instruments with similar characteristics such as caps, floors, and collars.

The net unrealized gains (losses) on open contracts at December 31, 2014 and 2013, respectively, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Spectrum Select

	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2014		5,296,681		495,854		5,792,535	Mar. 2019	Mar. 2015
2013		6,193,496		458,936		6,652,432	Dec. 2017	Mar. 2014

Spectrum Technical

	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2014		172,160		432,710		604,870	Mar. 2018	Jun. 2015
2013		817,366		408,224		1,225,590	Jun. 2018	Jun. 2014

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

  The Partnerships also have credit risk because MS&Co. and/or MSCG act as the futures commission merchants or the counterparties, with respect to most of the Partnerships’ assets.  Exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are fair valued on a daily basis, with variations in value settled on a daily basis. MS&Co., which is acting as a commodity futures broker for each Partnership’s exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, is required, pursuant to regulations of the Commodity Futures Trading Commission, to segregate from its own assets, and for the sole benefit of its commodity customers, total cash held by it with respect to exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, including an amount equal to the net unrealized gains (losses) on all open exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, which in the aggregate, totaled $120,025,451 and $150,597,920 for Spectrum Select and $95,193,033 and $104,880,846 for Spectrum Technical at December 31, 2014 and 2013, respectively.  With respect to each Partnership’s off-exchange-traded forward currency contracts and forward currency options contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated.  However, each Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in each Partnership’s account with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MS&Co., for the benefit of MS&Co.  With respect to those off-exchange-traded forward currency contracts, the Partnerships are at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform.  With respect to those off-exchange-traded forward currency options contracts, the Partnerships are at risk to the ability of MSCG, the sole counterparty on all such contracts, to perform.  Each Partnership has a netting agreement with each counterparty.  The primary terms are based on industry standard master netting agreements.  These agreements, which seek to reduce both the Partnerships’ and the counterparties’ exposure on off-exchange-traded forward currency contracts, including options on such contracts, should materially decrease the Partnerships’ credit risk in the event of MS&Co.’s or MSCG’s bankruptcy or insolvency.

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

The futures, forwards and options traded by the Partnerships involve varying degrees of related market risk.  Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnerships’ open positions, and consequently in their earnings, whether realized or unrealized, and cash flow.  Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin.  Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract.  Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement date.

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

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Trading Advisors

12 Months Ended

Dec. 31, 2014

Trading Advisors [Abstract]

Trading Advisors

5.  Trading Advisors

Ceres, on behalf of each Partnership, retains certain unaffiliated commodity trading advisors, which are registered with the Commodity Futures Trading Commission, to make all trading decisions for the Partnerships.  The trading advisors for each Partnership at December 31, 2014, were as follows:

Spectrum Currency

Cambridge

Spectrum Select

Altis Partners (Jersey) Limited

EMC Capital Advisors, LLC

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

Rabar Market Research, Inc. (“Rabar”)

Spectrum Strategic

Aventis

Blenheim

PGR Capital L.P.

Spectrum Technical

Aspect Capital Limited (“Aspect”)

Blackwater Capital Management LLC

Campbell

Winton Capital Management Limited (“Winton”)

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

Management Fee — The management fee for Spectrum Currency is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Cambridge on the first day of each month and prior to termination on December 31, 2014, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the first day of each month.

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

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

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

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

The monthly management fee payable to Northfield prior to termination on August 8, 2014 was 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Northfield on the first day of each month.

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

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

The management fee for Spectrum Strategic is accrued at a rate of 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Blenheim on the first day of each month, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to PGR on the first day of each month, and 1/12th  of 1.25% (a 1.25% annual rate) per month of net assets allocated to Aventis on the first day of each month.

Prior to March 1, 2014, the monthly management fee payable to Blenheim was 1/4th of 1% (a 3% annual rate) of net assets allocated to Blenheim on the first day of each month.

Prior to March 1, 2014, the management fee payable to Aventis was 1/12th of 1.5% (a 1.5% annual rate) of net assets allocated to Aventis on the first day of each month.

The management fee for Spectrum Technical is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Aspect and Winton on the first day of each month, 1/6th of 1% (a 2% annual rate) per month of net assets allocated to Campbell on the first day of each month, 1/12th of 0.75% (a 0.75% annual rate) per month of net assets allocated to Blackwater a on the first day of each month, and, prior to December 31, 2014, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Rotella on the first day of each month.

Prior to June 1, 2014, the management fee payable to Campbell was 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Campbell on the first day of each month.

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

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

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

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

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

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

Incentive Fee — Spectrum Currency pays a monthly incentive fee equal to 15% of the trading profits experienced with respect to Cambridge’s allocated net assets at the end of each calendar quarter and prior to termination on December 31, 2014, 20% of the trading profits experienced with respect to Krom River’s allocated net assets as of the end of each calendar quarter.

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

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

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

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

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

Prior to March 1, 2014, Spectrum Strategic paid a monthly incentive fee equal to 15% of the trading profits experienced with respect to the net assets allocated to Blenheim as of the end of each calendar month.

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

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

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

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

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Organization (Details)	3 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended	7 Months Ended	11 Months Ended	5 Months Ended	10 Months Ended	2 Months Ended	5 Months Ended	7 Months Ended	10 Months Ended	12 Months Ended	4 Months Ended	5 Months Ended	7 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2014	Sep. 30, 2013	Mar. 31, 2014	Dec. 31, 2014	Aug. 07, 2014	Nov. 30, 2013	May 21, 2012	Dec. 31, 2014	Feb. 28, 2014	May 31, 2012	Dec. 31, 2012	Oct. 30, 2012	Dec. 31, 2011	May 31, 2014	May 31, 2014	Dec. 31, 2014
Schedule of Trading Advisors [Line Items]
Annualized flat rate brokerage fee (in hundredths)	3.60%	4.60%
Annualized general partner administrative fee (in hundredths)	1.60%		1.60%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Krom River [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Management fee, monthly basis (in hundredths)			0.0833%	0.1667%
Management fee, annual basis (in hundredths)			1.00%	2.00%
Cambridge [Member]
Schedule of Trading Advisors [Line Items]
Leverage applied to assets (in hundredths)			200.00%
Incentive fee, monthly trading profits basis (in hundredths)			15.00%
Management fee, monthly basis (in hundredths)			0.125%
Management fee, annual basis (in hundredths)			1.50%
Cambridge [Member] | Asian Markets Alpha Programme [Member]
Schedule of Trading Advisors [Line Items]
Asset allocation (in hundredths)			50.00%
Cambridge [Member] | Emerging Markets Alpha Programme [Member]
Schedule of Trading Advisors [Line Items]
Asset allocation (in hundredths)			50.00%
Ceres Managed Futures [Member]
Schedule of Trading Advisors [Line Items]
Required interest in the equity of each Partnership (in hundredths)	1.00%		1.00%			1.00%				1.00%								1.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Schedule of Trading Advisors [Line Items]
Annualized flat rate brokerage fee (in hundredths)	4.00%				6.00%	4.00%
Annualized general partner administrative fee (in hundredths)	2.00%		2.00%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Northfield [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)							20.00%
Management fee, monthly basis (in hundredths)			0.0833%				0.0833%	0.1667%
Management fee, annual basis (in hundredths)			1.00%				1.00%	2.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
Schedule of Trading Advisors [Line Items]
Annualized flat rate brokerage fee (in hundredths)	4.00%				6.00%	4.00%
Annualized general partner administrative fee (in hundredths)	2.00%		2.00%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Asian Markets Alpha Programme [Member]
Schedule of Trading Advisors [Line Items]
Leverage applied to assets (in hundredths)									75.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Emerging Markets Alpha Programme [Member]
Schedule of Trading Advisors [Line Items]
Leverage applied to assets (in hundredths)									75.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blackwater Capital Management LLC [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)										20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blenheim Capital Management, L.L.C. [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%								15.00%
Management fee, monthly basis (in hundredths)			0.1667%							0.1667%	0.25%
Management fee, annual basis (in hundredths)			2.00%							2.00%	3.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Aventis Asset Management LLC [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Management fee, monthly basis (in hundredths)			0.1042%							0.1042%	0.125%
Management fee, annual basis (in hundredths)			1.25%							1.25%	1.50%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Schedule of Trading Advisors [Line Items]
Annualized flat rate brokerage fee (in hundredths)	4.00%				6.00%	4.00%
Annualized general partner administrative fee (in hundredths)	2.00%		2.00%
Annualized ongoing placement agent fee (in hundredths)	2.00%		2.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Asian Markets Alpha Programme [Member]
Schedule of Trading Advisors [Line Items]
Leverage applied to assets (in hundredths)			50.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Emerging Markets Alpha Programme [Member]
Schedule of Trading Advisors [Line Items]
Leverage applied to assets (in hundredths)			50.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Capital Management LLC [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Management fee, monthly basis (in hundredths)			0.0625%					0.1042%
Management fee, annual basis (in hundredths)			0.75%					1.25%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake Capital Corporation [Member]
Schedule of Trading Advisors [Line Items]
Leverage applied to assets (in hundredths)			50.00%						75.00%				50.00%
Incentive fee, monthly trading profits basis (in hundredths)														19.00%
Management fee, monthly basis (in hundredths)			0.0833%									0.1667%		0.1667%
Management fee, annual basis (in hundredths)			1.00%									2.00%		2.00%
Change in leverage applied to assets (in hundredths)													(33.33%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Aspect Capital Limited [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Management fee, monthly basis (in hundredths)			0.125%									0.1667%
Management fee, annual basis (in hundredths)			1.50%									2.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Winton Capital Management Limited [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Management fee, monthly basis (in hundredths)			0.125%												0.1667%
Management fee, annual basis (in hundredths)			1.50%												2.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Campbell & Company, Inc. [Member]
Schedule of Trading Advisors [Line Items]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Management fee, monthly basis (in hundredths)			0.1667%													0.1667%	0.1667%	0.125%
Management fee, annual basis (in hundredths)			2.00%													2.00%	2.00%	1.50%

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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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

Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items]

Net Unrealized Gain (Loss) on Open Contracts

The net unrealized gains (losses) on open contracts at December 31, 2014 and 2013, respectively, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Spectrum Select

	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2014		5,296,681		495,854		5,792,535	Mar. 2019	Mar. 2015
2013		6,193,496		458,936		6,652,432	Dec. 2017	Mar. 2014

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

Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items]

Net Unrealized Gain (Loss) on Open Contracts

Spectrum Technical

	Net Unrealized Gains on Open Contracts						Longest Maturities
Year	Exchange-Traded		Off-Exchange-Traded		Total		Exchange-Traded	Off-Exchange-Traded
	$		$		$
2014		172,160		432,710		604,870	Mar. 2018	Jun. 2015
2013		817,366		408,224		1,225,590	Jun. 2018	Jun. 2014

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Financial Highlights

12 Months Ended

Dec. 31, 2014

Financial Highlights [Abstract]

Financial Highlights

9.  Financial Highlights

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

Spectrum Currency

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	7.39		$	7.57		$	8.63
Interest Income		–	(2)		–	(2)		–	(2)
Expenses		(0.53	)		(0.53	)		(0.53	)
Realized/Unrealized Income (Loss) (1)		1.63			0.35			(0.53	)
Net Income (Loss)		1.10			(0.18	)		(1.06	)
Net asset value, December 31:	$	8.49		$	7.39		$	7.57
For the Calendar Year:
Ratios to average net assets:
Net Investment Gain (Loss)		(7.0)	%		(7.2	)%		(6.6	)%
Expenses before Incentive Fees		5.4	%		6.4	%		6.7	%
Expenses after Incentive Fees		7.0	%		7.2	%		6.7	%
Total return before incentive fees		16.6	%		(1.6	)%		(12.3	)%
Total return after incentive fees		14.9	%		(2.4	)%		(12.3	)%

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

⁽²⁾ Amount less than 0.005%.

Spectrum Select

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	26.48		$	27.76		$	31.24
Interest Income		–	(2)		0.01			0.02
Expenses		(1.64	)		(2.17	)		(2.44	)
Realized/Unrealized Income (Loss) (1)		5.34			0.88			(1.06	)
Net Income (Loss)		3.70			(1.28	)		(3.48	)
Net asset value, December 31:	$	30.18		$	26.48		$	27.76
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.3	)%		(7.9	)%		(8.0	)%
Expenses before Incentive Fees		6.3	%		8.0	%		8.1	%
Expenses after Incentive Fees		6.3	%		8.0	%		8.1	%
Total return before incentive fees		14.0	%		(4.6	)%		(11.1	)%
Total return after incentive fees		14.0	%		(4.6	)%		(11.1	)%

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

⁽²⁾ Amount less than 0.005%.

Spectrum Strategic

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	13.64		$	14.25		$	16.02
Interest Income		−			0.01			0.01
Expenses		(0.79	)		(1.24	)		(1.37	)
Realized/Unrealized Income (Loss) (1)		0.77			0.62			(0.41	)
Net Loss		(0.02	)		(0.61	)		(1.77	)
Net asset value, December 31:	$	13.62		$	13.64		$	14.25
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(5.5	)%		(8.9	)%		(9.0	)%
Expenses before Incentive Fees		5.4	%		9.0	%		9.1	%
Expenses after Incentive Fees		5.5	%		9.0	%		9.1	%
Total return before incentive fees		−	(2)		(4.3	)%		(11.0	)%
Total return after incentive fees		(0.1	)%		(4.3	)%		(11.0	)%

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

⁽²⁾ Amount less than 0.005%.

Spectrum Technical

	2014			2013			2012
Per Unit operating performance:
Net asset value, January 1:	$	16.55		$	16.71		$	19.65
Interest Income		–	(2)		0.01			0.01
Expenses		(1.09	)		(1.24	)		(1.38	)†
Realized/Unrealized Income (Loss) (1)		3.61			1.07			(1.57	)
Net Income (Loss)		2.52			(0.16	)		(2.94	)
Net asset value, December 31:	$	19.07		$	16.55		$	16.71
For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.6	)%		(7.5	)%		(7.7	)%
Expenses before Incentive Fees		5.9	%		7.5	%		7.8	%††
Expenses after Incentive Fees		6.6	%		7.5	%		7.8	%††
Total return before incentive fees		15.9	%		(1.0	)%		(15.0	)%
Total return after incentive fees		15.2	%		(1.0	)%		(15.0	)%

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

⁽²⁾ Amount less than 0.005%.

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

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

XML

Derivatives and Hedging

12 Months Ended

Dec. 31, 2014

Derivatives and Hedging [Abstract]

Derivatives and Hedging

7.  Derivatives and Hedging

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

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

As of December 31, 2014, approximately 100% of Spectrum Currency’s total investments are forward contracts which are off-exchange traded.

As of December 31, 2014, approximately 84.14% of Spectrum Select’s total investments are futures contracts which are exchange-traded while approximately 15.86% are forward contracts which are off-exchange traded.

As of December 31, 2014, approximately 100% of Spectrum Strategic’s total investments are futures contracts which are exchange-traded.

As of December 31, 2014, approximately 74.64% of Spectrum Technical’s total investments are futures contracts which are exchange-traded while approximately 25.36% are forward contracts which are off-exchange traded.

The following tables summarize the valuation of each Partnership’s investments as of December 31, 2014 and 2013.

Spectrum Currency

As of December 31, 2014, Spectrum Currency held no futures and forward contracts; therefore, there were no net unrealized gains and losses on futures and forward contracts.

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

Futures and Forward Contracts

Long Unrealized Gain

Long Unrealized Loss

Short Unrealized Gain

Short Unrealized Loss

Net Unrealized Gain (Loss)

Average Number of Contracts Outstanding for the Year (Absolute Quantity)

$

$

$

$

$

Foreign currency

–

–

–

–

–

826

Total

–

–

–

–

–

Unrealized currency gain (loss)

–

Total net unrealized gain (loss) on open contracts

–

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

Spectrum Select

Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		7,228,527			(1,519,724	)		5,708,803
Forwards		2,346,025			(1,592,346	)		753,679
Total Assets		9,574,552			(3,112,070	)		6,462,482
Liabilities
Futures		(1,519,724	)		1,519,724			–
Forwards		(1,592,346	)		1,592,346			–
Total Liabilities		(3,112,070	)		3,112,070			–
Unrealized currency loss								(669,947	)
Total net unrealized gain on open contracts								5,792,535

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

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

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013:

December 31, 2014

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		282,336		(2,191,868	)		4,475,726		(216,133	)		2,350,061			4,302
Equity		515,619		(278,910	)		7,778		(105,700	)		138,787			1,107
Foreign currency		161,381		(109,346	)		1,083,928		(92,427	)		1,043,536			1,707
Interest rate		3,045,534		(116,781	)		2,250		(905	)		2,930,098			4,621
Total		4,004,870		(2,696,905	)		5,569,682		(415,165	)		6,462,482
Unrealized currency loss												(669,947	)
Total net unrealized gain on open contracts												5,792,535

December 31, 2013

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

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

Spectrum Technical

Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		4,533,559			(797,767	)		3,735,792
Forwards		2,011,895			(1,677,220	)		334,675
Total Assets		6,545,454			(2,474,987	)		4,070,467
Liabilities
Futures		(797,767	)		797,767			–
Forwards		(1,677,220	)		1,677,220			–
Total Liabilities		(2,474,987	)		2,474,987			–
Unrealized currency loss								(3,465,597	)
Total net unrealized gain on open contracts								604,870

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

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

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013:

December 31, 2014

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		35,163		(640,745	)		1,817,116		(81,599	)		1,129,935			1,561
Equity		713,684		(173,835	)		17,967		(76,616	)		481,200			1,203
Foreign currency		267,933		(1,043,641	)		1,855,362		(290,158	)		789,496			1,355
Interest rate		1,829,953		(149,230	)		8,276		(19,163	)		1,669,836			4,328
Total		2,846,733		(2,007,451	)		3,698,721		(467,536	)		4,070,467
Unrealized currency loss												(3,465,597	)
Total net unrealized gain on open contracts												604,870

December 31, 2013

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

The following tables summarize the net trading results of each Partnership for the years ended December 31, 2014, 2013, and 2012, respectively.

Spectrum Select

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results:

	December 31,
	2014			2013			2012
Type of Instrument	$			$			$
Commodity		11,295,753			(8,240,610	)		(12,872,729	)
Equity		(3,990,077	)		17,236,173			6,993,095
Foreign currency		4,165,976			69,245			(2,206,555	)
Interest rate		9,213,718			(3,637,449	)		1,388,041
Unrealized currency gain		19,627			514,288			99,725
Total		20,704,997			5,941,647			(6,598,423	)

Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012:

	December 31,
	2014			2013		2012
Trading Results	$			$		$
Net realized		21,564,894			1,840,569		(2,747,878	)
Net change in unrealized		(859,897	)		4,101,078		(3,850,545	)
Total		20,704,997			5,941,647		(6,598,423	)

Spectrum Technical

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results:

	December 31,
	2014			2013			2012
Type of Instrument	$			$			$
Commodity		3,173,650			1,447,554			7,806,061
Equity		3,873,373			16,778,460			(58,323,819	)
Foreign currency		(6,165,114	)		1,893,467			(30,995,834	)
Interest rate		20,943,980			(10,210,043	)		68,102,911
Unrealized currency gain (loss)		(52,678	)		35,320			(6,376,922	)
Total		21,773,211			9,944,758			(19,787,603	)

Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012:

	December 31,
	2014			2013		2012
Trading Results	$			$		$
Net realized		22,532,708			7,217,969		(6,219,265	)
Net change in unrealized		(620,720	)		2,267,134		(9,809,697	)
Realized gain (loss) on Investment in Blackwater Master Fund		668,573			396,051		(4,657,167	)
Unrealized appreciation (depreciation) on Investment in Blackwater Master Fund		(807,350	)		63,604		898,526
Total Trading Results		21,773,211			9,944,758		(19,787,603	)

XML

Fair Value Measurements and Disclosures

12 Months Ended

Dec. 31, 2014

Fair Value Measurements and Disclosures [Abstract]

Fair Value Measurements and Disclosures

8.  Fair Value Measurements and Disclosures

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

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

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

Spectrum Currency

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Cambridge Master Fund		–		12,289,754		n/a		12,289,754
Total Investments		–		12,289,754		n/a		12,289,754

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

* This amount comprises of “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition.

During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Currency.

Spectrum Select

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		7,228,527		–		n/a		7,228,527
Forwards		1,699,736		646,289		n/a		2,346,025
Total Assets		8,928,263		646,289		n/a		9,574,552
Liabilities
Futures		1,519,724		–		n/a		1,519,724
Forwards		1,441,911		150,435		n/a		1,592,346
Total Liabilities		2,961,635		150,435		n/a		3,112,070
Unrealized currency loss								(669,947	)
*Net fair value		5,966,628		495,854		n/a		5,792,535

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

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

During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Select.

Spectrum Strategic

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in BHM I, LLC		–		28,236,607		n/a		28,236,607
Investment in PGR Master Fund		–		5,291,425		n/a		5,291,425
Investment in MB Master Fund		–		3,502,992		n/a		3,502,992
Total Investments		–		37,031,024		n/a		37,031,024

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

During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Strategic.

Spectrum Technical

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		16,901,955		n/a		16,901,955
Futures		4,533,559		–		n/a		4,533,559
Forwards		274,957		1,736,938		n/a		2,011,895
Total Assets		4,808,516		18,638,893		n/a		23,447,409
Liabilities
Futures		797,767		–		n/a		797,767
Forwards		372,992		1,304,228		n/a		1,677,220
Total Liabilities		1,170,759		1,304,228		n/a		2,474,987
Unrealized currency loss								(3,465,597	)
*Net fair value		3,637,757		17,334,665		n/a		17,506,825

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		33,548,272		n/a		33,548,272
Futures		5,404,721		–		n/a		5,404,721
Forwards		–		728,738		n/a		728,738
Total Assets		5,404,721		34,277,010		n/a		39,681,731
Liabilities
Futures		1,139,524		–		n/a		1,139,524
Forwards		–		320,514		n/a		320,514
Total Liabilities		1,139,524		320,514		n/a		1,460,038
Unrealized currency loss								(3,447,831	)
*Net fair value		4,265,197		33,956,496		n/a		34,773,862

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

During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Technical.

XML

Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

10.  Subsequent Events

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

Ceres, SECOR Capital Advisors, L.P. (“SECOR”) and Spectrum Technical entered into a management agreement pursuant to which, as of January 1, 2015, SECOR serves as a trading advisor to Spectrum Technical and trades its allocated portion of Spectrum Technical’s net assets through the Partnership’s investment in SECOR Master Fund, L.P. pursuant to the SECOR Alpha Program.

XML

Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Spectrum Currency

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Cambridge Master Fund		–		12,289,754		n/a		12,289,754
Total Investments		–		12,289,754		n/a		12,289,754

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

* This amount comprises of “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition.

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

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Select

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		7,228,527		–		n/a		7,228,527
Forwards		1,699,736		646,289		n/a		2,346,025
Total Assets		8,928,263		646,289		n/a		9,574,552
Liabilities
Futures		1,519,724		–		n/a		1,519,724
Forwards		1,441,911		150,435		n/a		1,592,346
Total Liabilities		2,961,635		150,435		n/a		3,112,070
Unrealized currency loss								(669,947	)
*Net fair value		5,966,628		495,854		n/a		5,792,535

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

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

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

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Strategic

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in BHM I, LLC		–		28,236,607		n/a		28,236,607
Investment in PGR Master Fund		–		5,291,425		n/a		5,291,425
Investment in MB Master Fund		–		3,502,992		n/a		3,502,992
Total Investments		–		37,031,024		n/a		37,031,024

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

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

Fair Value Measurements and Disclosures, Disclosure [Line Items]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Spectrum Technical

December 31, 2014	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		16,901,955		n/a		16,901,955
Futures		4,533,559		–		n/a		4,533,559
Forwards		274,957		1,736,938		n/a		2,011,895
Total Assets		4,808,516		18,638,893		n/a		23,447,409
Liabilities
Futures		797,767		–		n/a		797,767
Forwards		372,992		1,304,228		n/a		1,677,220
Total Liabilities		1,170,759		1,304,228		n/a		2,474,987
Unrealized currency loss								(3,465,597	)
*Net fair value		3,637,757		17,334,665		n/a		17,506,825

December 31, 2013	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Investment in Blackwater Master Fund		–		33,548,272		n/a		33,548,272
Futures		5,404,721		–		n/a		5,404,721
Forwards		–		728,738		n/a		728,738
Total Assets		5,404,721		34,277,010		n/a		39,681,731
Liabilities
Futures		1,139,524		–		n/a		1,139,524
Forwards		–		320,514		n/a		320,514
Total Liabilities		1,139,524		320,514		n/a		1,460,038
Unrealized currency loss								(3,447,831	)
*Net fair value		4,265,197		33,956,496		n/a		34,773,862

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

XML

Trading Advisors (Details)	5 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	7 Months Ended	11 Months Ended	6 Months Ended	2 Months Ended	10 Months Ended	5 Months Ended	4 Months Ended	5 Months Ended	7 Months Ended	5 Months Ended	10 Months Ended	12 Months Ended
	May 30, 2013	Sep. 30, 2013	Dec. 31, 2014	Oct. 09, 2012	Aug. 07, 2014	Nov. 30, 2013	Jun. 27, 2013	Feb. 28, 2014	Dec. 31, 2014	May 31, 2012	May 31, 2014	May 31, 2014	Dec. 31, 2014	Oct. 30, 2012	Oct. 30, 2012	Dec. 31, 2011
C-View [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)	0.1667%
Management fee, annual basis (in hundredths)	2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)	20.00%
Krom River [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)		0.1667%	0.0833%
Management fee, annual basis (in hundredths)		2.00%	1.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Cambridge [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Cambridge
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.125%
Management fee, annual basis (in hundredths)			1.50%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			15.00%
Flintlock [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)				0.125%
Management fee, annual basis (in hundredths)				1.50%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)				20.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Altis [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Altis Partners (Jersey) Limited
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1042%
Management fee, annual basis (in hundredths)			1.25%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | EMC [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			EMC Capital Advisors, LLC
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1667%
Management fee, annual basis (in hundredths)			2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Graham [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Graham Capital Management, L.P. ("Graham")
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1667%
Management fee, annual basis (in hundredths)			2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Northfield [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.0833%		0.0833%	0.1667%
Management fee, annual basis (in hundredths)			1.00%		1.00%	2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)					20.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Rabar [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Rabar Market Research, Inc. ("Rabar")
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1667%
Management fee, annual basis (in hundredths)			2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Sunrise Capital [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)							0.1667%
Management fee, annual basis (in hundredths)							2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)							20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Aventis [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Aventis
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1042%					0.125%	0.1042%
Management fee, annual basis (in hundredths)			1.25%					1.50%	1.25%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blenheim [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Blenheim
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1667%					0.25%	0.1667%
Management fee, annual basis (in hundredths)			2.00%					3.00%	2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%					15.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			PGR Capital L.P.
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.0833%
Management fee, annual basis (in hundredths)			1.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blackwater [Member]
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)									20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Aspect [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Aspect Capital Limited (“Aspect”)
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.125%							0.1667%
Management fee, annual basis (in hundredths)			1.50%							2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Blackwater Capital Management LLC
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.0625%			0.1042%
Management fee, annual basis (in hundredths)			0.75%			1.25%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Campbell [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Campbell
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.1667%								0.1667%	0.1667%	0.125%
Management fee, annual basis (in hundredths)			2.00%								2.00%	2.00%	1.50%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.0833%							0.1667%					0.1667%
Management fee, annual basis (in hundredths)			1.00%							2.00%					2.00%
Temporarily reduced management fee, annual basis (in hundredths)														1.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)															19.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | JWH [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)															0.1667%
Management fee, annual basis (in hundredths)															2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)															20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Rotella [Member]
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.0833%
Management fee, annual basis (in hundredths)			1.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Winton [Member]
Trading Advisors for Partnership [Line Items]
Trading advisor name			Winton Capital Management Limited
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)			0.125%													0.1667%
Management fee, annual basis (in hundredths)			1.50%													2.00%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%

XML

Condensed Schedule of Investments (USD $)	Dec. 31, 2014		Dec. 31, 2013
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts			$ 0
Unrealized Currency Loss			0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	5,792,535		6,652,432
Unrealized Currency Loss	(669,947)		(689,577)
Unrealized Currency Loss Percentage of Partners' Capital (in hundredths)	(0.57%)		(0.47%)
Net fair value	5,792,535		6,652,432
Fair value Percentage of Partners' Capital (in hundredths)	4.91%		4.54%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,307,965		3,023,628
Percentage of Partners' Capital (in hundredths)	1.11%		2.07%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(1,909,532)		(1,214,349)
Percentage of Partners' Capital (in hundredths)	(1.62%)		(0.82%)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	236,709		3,462,235
Percentage of Partners' Capital (in hundredths)	0.20%		2.36%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	52,035		1,349,914
Percentage of Partners' Capital (in hundredths)	0.04%		0.92%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	2,928,753		(574,172)
Percentage of Partners' Capital (in hundredths)	2.48%		(0.39%)
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	5,154,517		4,318,381
Percentage of Partners' Capital (in hundredths)	4.37%		2.94%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	4,259,593		2,107,872
Percentage of Partners' Capital (in hundredths)	3.61%		1.44%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(97,922)		32,409
Percentage of Partners' Capital (in hundredths)	(0.08%)		0.02%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	991,501		927,755
Percentage of Partners' Capital (in hundredths)	0.84%		0.63%
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,345		1,250,345
Percentage of Partners' Capital (in hundredths)	0.00%	[1]	0.85%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	604,870		1,225,590
Unrealized Currency Loss	(3,465,597)		(3,447,831)
Unrealized Currency Loss Percentage of Partners' Capital (in hundredths)	(3.17%)		(2.56%)
Net fair value	604,870		1,225,590
Fair value Percentage of Partners' Capital (in hundredths)	0.55%		0.91%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	839,282		2,805,307
Percentage of Partners' Capital (in hundredths)	0.77%		2.08%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(605,582)		(204,694)
Percentage of Partners' Capital (in hundredths)	(0.55%)		(0.15%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	539,849		3,109,753
Percentage of Partners' Capital (in hundredths)	0.49%		2.31%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(775,708)		300,680
Percentage of Partners' Capital (in hundredths)	(0.71%)		0.22%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,680,723		(400,432)
Percentage of Partners' Capital (in hundredths)	1.54%		(0.30%)
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	3,231,185		1,868,114
Percentage of Partners' Capital (in hundredths)	2.95%		1.39%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,735,517		768,610
Percentage of Partners' Capital (in hundredths)	1.58%		0.57%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	(58,649)		22,944
Percentage of Partners' Capital (in hundredths)	(0.05%)		0.02%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,565,204		497,611
Percentage of Partners' Capital (in hundredths)	1.43%		0.37%
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	$ (10,887)		$ 578,949
Percentage of Partners' Capital (in hundredths)	(0.01%)		0.43%

[1] Amount less than 0.005%.

XML

Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

4.  Related Party Transactions

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

XML

Financial Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts		$ 0
Morgan Stanley Smith Barney Spectrum Select L.P. [Member]
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts	5,792,535	6,652,432
Cash held by acting commodity futures brokers administrating open contracts	120,025,451	150,597,920
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Exchange-Traded [Member]
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts	5,296,681	6,193,496
Longest Maturities Date	Mar. 31, 2019	Dec. 31, 2017
Morgan Stanley Smith Barney Spectrum Select L.P. [Member] | Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts	495,854	458,936
Longest Maturities Date	Mar. 31, 2015	Mar. 31, 2014
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts	604,870	1,225,590
Cash held by acting commodity futures brokers administrating open contracts	95,193,033	104,880,846
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Exchange-Traded [Member]
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts	172,160	817,366
Longest Maturities Date	Mar. 31, 2018	Jun. 30, 2018
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net Unrealized Gains on Open Contracts	$ 432,710	$ 408,224
Longest Maturities Date	Jun. 30, 2015	Jun. 30, 2014

XML

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Schedule of Effect of Trading Activities on the Statements of Financial Condition

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

Futures and Forward Contracts

Long Unrealized Gain

Long Unrealized Loss

Short Unrealized Gain

Short Unrealized Loss

Net Unrealized Gain (Loss)

Average Number of Contracts Outstanding for the Year (Absolute Quantity)

$

$

$

$

$

Foreign currency

–

–

–

–

–

826

Total

–

–

–

–

–

Unrealized currency gain (loss)

–

Total net unrealized gain (loss) on open contracts

–

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

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

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Select

Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		7,228,527			(1,519,724	)		5,708,803
Forwards		2,346,025			(1,592,346	)		753,679
Total Assets		9,574,552			(3,112,070	)		6,462,482
Liabilities
Futures		(1,519,724	)		1,519,724			–
Forwards		(1,592,346	)		1,592,346			–
Total Liabilities		(3,112,070	)		3,112,070			–
Unrealized currency loss								(669,947	)
Total net unrealized gain on open contracts								5,792,535

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

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

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013:

December 31, 2014

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		282,336		(2,191,868	)		4,475,726		(216,133	)		2,350,061			4,302
Equity		515,619		(278,910	)		7,778		(105,700	)		138,787			1,107
Foreign currency		161,381		(109,346	)		1,083,928		(92,427	)		1,043,536			1,707
Interest rate		3,045,534		(116,781	)		2,250		(905	)		2,930,098			4,621
Total		4,004,870		(2,696,905	)		5,569,682		(415,165	)		6,462,482
Unrealized currency loss												(669,947	)
Total net unrealized gain on open contracts												5,792,535

December 31, 2013

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

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

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Select

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results:

	December 31,
	2014			2013			2012
Type of Instrument	$			$			$
Commodity		11,295,753			(8,240,610	)		(12,872,729	)
Equity		(3,990,077	)		17,236,173			6,993,095
Foreign currency		4,165,976			69,245			(2,206,555	)
Interest rate		9,213,718			(3,637,449	)		1,388,041
Unrealized currency gain		19,627			514,288			99,725
Total		20,704,997			5,941,647			(6,598,423	)

Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012:

	December 31,
	2014			2013		2012
Trading Results	$			$		$
Net realized		21,564,894			1,840,569		(2,747,878	)
Net change in unrealized		(859,897	)		4,101,078		(3,850,545	)
Total		20,704,997			5,941,647		(6,598,423	)

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

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Technical

Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		4,533,559			(797,767	)		3,735,792
Forwards		2,011,895			(1,677,220	)		334,675
Total Assets		6,545,454			(2,474,987	)		4,070,467
Liabilities
Futures		(797,767	)		797,767			–
Forwards		(1,677,220	)		1,677,220			–
Total Liabilities		(2,474,987	)		2,474,987			–
Unrealized currency loss								(3,465,597	)
Total net unrealized gain on open contracts								604,870

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

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

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013:

December 31, 2014

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short Unrealized Loss			Net Unrealized Gain/(Loss)			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
	$		$			$		$			$
Commodity		35,163		(640,745	)		1,817,116		(81,599	)		1,129,935			1,561
Equity		713,684		(173,835	)		17,967		(76,616	)		481,200			1,203
Foreign currency		267,933		(1,043,641	)		1,855,362		(290,158	)		789,496			1,355
Interest rate		1,829,953		(149,230	)		8,276		(19,163	)		1,669,836			4,328
Total		2,846,733		(2,007,451	)		3,698,721		(467,536	)		4,070,467
Unrealized currency loss												(3,465,597	)
Total net unrealized gain on open contracts												604,870

December 31, 2013

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

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Technical

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results:

	December 31,
	2014			2013			2012
Type of Instrument	$			$			$
Commodity		3,173,650			1,447,554			7,806,061
Equity		3,873,373			16,778,460			(58,323,819	)
Foreign currency		(6,165,114	)		1,893,467			(30,995,834	)
Interest rate		20,943,980			(10,210,043	)		68,102,911
Unrealized currency gain (loss)		(52,678	)		35,320			(6,376,922	)
Total		21,773,211			9,944,758			(19,787,603	)

Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012:

	December 31,
	2014			2013		2012
Trading Results	$			$		$
Net realized		22,532,708			7,217,969		(6,219,265	)
Net change in unrealized		(620,720	)		2,267,134		(9,809,697	)
Realized gain (loss) on Investment in Blackwater Master Fund		668,573			396,051		(4,657,167	)
Unrealized appreciation (depreciation) on Investment in Blackwater Master Fund		(807,350	)		63,604		898,526
Total Trading Results		21,773,211			9,944,758		(19,787,603	)