Morgan Stanley Smith Barney Spectrum Select (DWSF) 10-Q13 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014
Document and Entity Information [Abstract]	'
Entity Registrant Name	'MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT LP
Entity Central Index Key	'0000873799
Current Fiscal Year End Date	'--12-31
Entity Well-known Seasoned Issuer	'No
Entity Voluntary Filers	'No
Entity Current Reporting Status	'Yes
Entity Filer Category	'Non-accelerated Filer
Entity Common Stock, Shares Outstanding	4,523,055.58
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	30-Jun-14

STATEMENTS_OF_FINANCIAL_CONDIT

STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Trading Equity:	'	'
Unrestricted cash	$91,922,428	$117,701,386
Restricted cash	21,801,588	26,703,038
Total cash	113,724,016	144,404,424
Net unrealized gain on open contracts	5,755,747	6,652,432
Total Trading Equity	119,479,763	151,056,856
Interest receivable	1,665	1,354
Total Assets	119,481,428	151,058,210
Liabilities:	'	'
Redemptions payable	3,259,492	3,447,262
Accrued brokerage fees	385,805	750,593
Accrued management fees	153,659	205,988
Payable to MS&Co.	0	127,622
Total Liabilities	3,798,956	4,531,465
Partners' Capital:	'	'
Limited Partners (4,523,055.584 and 5,462,815.917 Units, respectively)	113,899,077	144,651,488
General Partner (70,819.769 and 70,819.769 Units, respectively)	1,783,395	1,875,257
Total Partners' Capital	115,682,472	146,526,745
Total Liabilities and Partners' Capital	$119,481,428	$151,058,210
NET ASSET VALUE PER UNIT (in dollars per unit)	$25.18	$26.48

STATEMENTS_OF_FINANCIAL_CONDIT1

STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical)	Jun. 30, 2014	Dec. 31, 2013
Partners' Capital:	'	'
Limited Partners, Units (in units)	4,523,055.58	5,462,815.92
General Partner, Units (in units)	70,819.77	70,819.77

CONDENSED_SCHEDULE_OF_INVESTME

CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	$5,755,747	$6,652,432
Percentage of Partners' Capital (in hundredths)	4.98%	4.54%
Unrealized currency loss	-659,250	-689,577
Unrealized currency loss percentage of Partners' Capital (in hundredths)	-0.57%	-0.47%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	7,047,379	3,023,628
Percentage of Partners' Capital (in hundredths)	6.09%	2.07%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Commodity Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	3,419,802	-1,214,349
Percentage of Partners' Capital (in hundredths)	2.96%	-0.82%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Equity Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	209,056	3,462,235
Percentage of Partners' Capital (in hundredths)	0.18%	2.36%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Foreign Currency Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	1,632,010	1,349,914
Percentage of Partners' Capital (in hundredths)	1.41%	0.92%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Interest Rate Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	1,786,511	-574,172
Percentage of Partners' Capital (in hundredths)	1.54%	-0.39%
Contracts Sold [Member] \| Futures And Forward Contracts [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	-632,382	4,318,381
Percentage of Partners' Capital (in hundredths)	-0.54%	2.94%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Commodity Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	-418,242	2,107,872
Percentage of Partners' Capital (in hundredths)	-0.36%	1.44%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Equity Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	-22,844	32,409
Percentage of Partners' Capital (in hundredths)	-0.02%	0.02%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Foreign Currency Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	-97,733	927,755
Percentage of Partners' Capital (in hundredths)	-0.08%	0.63%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Interest Rate Contract [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gain/(loss) on open contracts	($93,563)	$1,250,345
Percentage of Partners' Capital (in hundredths)	-0.08%	0.85%

STATEMENTS_OF_INCOME_AND_EXPEN

STATEMENTS OF INCOME AND EXPENSES (Unaudited) (USD $)	3 Months Ended				6 Months Ended
STATEMENTS OF INCOME AND EXPENSES (Unaudited) (USD $)	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
INVESTMENT INCOME	'		'		'		'
Interest income	$4,090		$13,859		$12,896		$46,385
EXPENSES	'		'		'		'
Brokerage fees	1,188,823		2,818,855		3,258,496		5,764,071
Management fees	476,234		853,869		1,043,541		1,748,803
Total Expenses	1,665,057		3,672,724		4,302,037		7,512,874
NET INVESTMENT LOSS	-1,660,967		-3,658,865		-4,289,141		-7,466,489
Trading profit (loss):	'		'		'		'
Net realized	2,830,671		-3,371,881		-2,410,188		5,507,184
Net change in unrealized	2,572,227		2,809,361		-896,685		2,201,209
Total Trading Results	5,402,898		-562,520		-3,306,873		7,708,393
NET INCOME (LOSS)	3,741,931		-4,221,385		-7,596,014		241,904
NET INCOME (LOSS) ALLOCATION	'		'		'		'
Limited Partners	3,685,912		-4,173,758		-7,504,152		243,135
General Partner	$56,019		($47,627)		($91,862)		($1,231)
NET INCOME (LOSS) PER UNIT	'		'		'		'
Limited Partners (in dollars per unit)	$0.79	[1]	($0.67)	[1]	($1.30)	[1]	($0.05)	[1],[2]
General Partner (in dollars per unit)	$0.79	[1]	($0.67)	[1]	($1.30)	[1]	($0.05)	[1],[2]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	4,869,998.70		8,413,502.10		5,131,264.27		6,753,050.50

[1]	Based on change in net asset value per Unit.
[2]	The decrease in the net asset value per Unit while the Partnership incurred net income for the six months ended June 30, 2013, is due to the timing of redemptions of Units throughout the period.

STATEMENTS_OF_CHANGES_IN_PARTN

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) (USD $)	Limited Partners [Member]	General Partner [Member]	Total
Balance at Dec. 31, 2012	$193,760,270	$2,213,811	$195,974,081
Balance (in units) at Dec. 31, 2012	'	'	7,059,632.49
Increase/(decrease) in Partners' Capital [Roll Forward]	'	'	'
Net Income/(Loss)	243,135	-1,231	241,904
Redemptions	-19,974,556	-250,012	-20,224,568
Redemptions (in units)	'	'	-708,936.62
Balance at Jun. 30, 2013	174,028,849	1,962,568	175,991,417
Balance (in units) at Jun. 30, 2013	'	'	6,350,695.87
Balance at Dec. 31, 2013	144,651,488	1,875,257	146,526,745
Balance (in units) at Dec. 31, 2013	'	'	5,533,635.69
Increase/(decrease) in Partners' Capital [Roll Forward]	'	'	'
Net Income/(Loss)	-7,504,152	-91,862	-7,596,014
Redemptions	-23,248,259	0	-23,248,259
Redemptions (in units)	'	'	-939,810.33
Balance at Jun. 30, 2014	$113,899,077	$1,783,395	$115,682,472
Balance (in units) at Jun. 30, 2014	'	'	4,593,825.35

Managements_Opinion

Management's Opinion	6 Months Ended
Management's Opinion	Jun. 30, 2014
Management's Opinion [Abstract]	'
Management's Opinion	'
Management's Opinion	The unaudited financial statements contained herein include, in the opinion of management, all adjustments necessary for a fair presentation of the financial condition and results of operations of Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”). The financial statements and condensed notes herein should be read in conjunction with the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Form 10-K”).

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2014
Organization [Abstract]	'
Organization	'
	1. Organization

	Morgan Stanley Smith Barney Spectrum Select L.P. is a Delaware limited partnership organized in 1991 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 4. Financial Instruments). The Partnership is one of the Morgan Stanley Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith Barney Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan Stanley Smith Barney Spectrum Technical L.P. (collectively, the “Spectrum Series”).

	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. 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 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 trading advisors to the Partnership are Altis Partners (Jersey) Limited (“Altis”), EMC Capital Management, Inc. (“EMC”), Graham Capital Management, L.P. (“Graham”), Northfield Trading L.P. (“Northfield”) and Rabar Market Research, Inc. (“Rabar”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”).

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

Financial_Highlights

Financial Highlights	6 Months Ended
Financial Highlights	Jun. 30, 2014
Financial Highlights [Abstract]	'
Financial Highlights	'
	2	Financial Highlights

	Financial Highlights for the three and six months ended June 30, 2014 and 2013 were as follows

			For the Three						For the Six
			Months Ended June 30,						Months Ended June 30,
			2014			2013			2014			2013
	Per Unit operating performance:
	Net asset value at the beginning of the period:		$	24.39		$	28.38		$	26.48		$	27.76

	Interest Income			–	(3)		–	(3)		–	(3)		0.01
	Expenses			(0.35	)		(0.56	)		(0.86	)		(1.12	)
	Realized/Unrealized Income (Loss) (1)			1.14			(0.11	)		(0.44	)		1.06
	Net Income (Loss)			0.79			(0.67	)		(1.30	)		(0.05	)

	Net asset value, June 30:		$	25.18		$	27.71		$	25.18		$	27.71

	Ratios to average net assets:
	Net Investment Loss (2)			(5.7	)%		(8.0	)%		(7.0	)%		(8.0	)%
	Expenses before Incentive Fees (2)			5.7	%		8	%		7	%		8	%
	Expenses after Incentive Fees (2)			5.7	%		8	%		7	%		8	%
	Total return before incentive fees			3.2	%		(2.4	)%		(4.9	)%		(0.2	)%
	Total return after incentive fees			3.2	%		(2.4	)%		(4.9	)%		(0.2	)%

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

	-3		Amount less than $0.005 per Unit.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	3. Related Party Transactions

	The Partnership’s cash is on deposit in commodity brokerage accounts with Morgan Stanley. Monthly, MS&Co. pays the Partnership interest income on 100% of the average daily equity maintained in cash in the Partnership’s account 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 Partnership. For purposes of such interest payments, net assets do not include monies due to the Partnership on Futures Interests that have not been received. The Partnership pays brokerage fees to Morgan Stanley Wealth Management and/or its affiliates.

Financial_Instruments

Financial Instruments

6 Months Ended

Jun. 30, 2014

Financial Instruments [Abstract]

Financial Instruments

4. Financial Instruments

The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized gain or loss on open 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 ward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility.

The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty.

The Partnership’s contracts are accounted for on a trade-date basis. The Partnership accounts for its derivative investments as described in Note 5. Derivatives and Hedging as required by the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”). A derivative is defined as a financial instrument or other contract that has all three of the following characteristics:

a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both;

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

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 on open contracts, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Net Unrealized Gains on Open Contracts

Longest Maturities

Date

Exchange-Traded

Off-Exchange-Traded

Total

Exchange-Traded

Off-Exchange-Traded

Jun. 30, 2014

5,410,557

345,190

5,755,747

Sep. 2018

Sep. 2014

Dec. 31, 2013

6,193,496

458,936

6,652,432

Dec. 2017

Mar. 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 Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gains (losses) amounts reflected in the Partnership’s Statements of Financial Condition. The net unrealized gains (losses) on open contracts are further disclosed gross by type of contract and corresponding fair value level in Note 6. Fair Value Measurements and Disclosures.

The Partnership also has credit risk because MS&Co. and/or MSCG act as the futures commission merchants or the counterparties, with respect to most of the Partnership’s 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 the 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 (“CFTC”), 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 on all open exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, which, in the aggregate, totaled $119,134,573 and $150,597,920 at June 30, 2014 and December 31, 2013, respectively. With respect to the 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, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership’s accounts 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 Partnership is 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 Partnership is at risk to the ability of MSCG, the sole counterparty on all such contracts, to perform. The 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 Partnership’s and the counterparties’ exposure on off-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s or MSCG’s bankruptcy or insolvency.

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

The futures, forwards and options 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 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.

Derivatives_and_Hedging

Derivatives and Hedging	6 Months Ended
Derivatives and Hedging	Jun. 30, 2014
Derivatives and Hedging [Abstract]	'
Derivatives and Hedging	'
	5. 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 strategy. 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 disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of accounting principles generally accepted in the United States of America (“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 Partnership’s financial statements.

	The following tables summarize the valuation of the Partnership’s investments as of June 30, 2014 and December 31, 2013, respectively.

	Offsetting of Derivative Assets and Liabilities as of June 30, 2014:

			Gross Amounts				Gross Amounts				Net Amounts
			Recognized				Offset in the				Presented in the
							Statements of				Statements of
							Financial				Financial
							Condition				Condition
				$				$				$
	Assets
	Futures			8,291,961				(2,173,996	)			6,117,965
	Forwards			2,016,050				(1,719,018	)			297,032

	Total Assets			10,308,011				(3,893,014	)			6,414,997

	Liabilities
	Futures			(2,173,996	)			2,173,996				–
	Forwards			(1,719,018	)			1,719,018				–

	Total Liabilities			(3,893,014	)			3,893,014				–

	Unrealized currency loss											(659,250	)

	Total net unrealized gain on open contracts											5,755,747

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

			Gross Amounts				Gross Amounts				Net Amounts
			Recognized				Offset in the				Presented in the
							Statements of				Statements of
							Financial				Financial
							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	)

	Net unrealized gain on open contracts											6,652,432

	The effect of Trading Activities on the Statements of Financial Condition as of June 30, 2014:

	Futures and Forward Contracts		Long				Long				Short				Short				Net			Average
			Unrealized				Unrealized				Unrealized				Unrealized				Unrealized			number of
			Gain				Loss				Gain				Loss				Gain/(Loss)			contracts
																						outstanding
																						for the six
																			months
																			(absolute
																			quantity)
				$				$				$				$			$				$

Commodity				4,902,046				(1,482,244	)			788,787				(1,207,029	)			3,001,560			4,765
Equity			671,547				(462,491	)			11,955				(34,799	)			186,212			1,292
Foreign currency			1,868,586				(236,576	)			177,876				(275,609	)			1,534,277			1,993
Interest rate			1,846,643				(60,132	)			40,571				(134,134	)			1,692,948			5,200
Total			9,288,822				(2,241,443	)			1,019,189				(1,651,571	)			6,414,997

Unrealized currency loss																			(659,250	)
Net unrealized gain on open contracts																			5,755,747

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

Futures and Forward Contracts		Long				Long				Short				Short				Net			Average
		Unrealized				Unrealized				Unrealized				Unrealized				Unrealized			number of
		Gain				Loss				Gain				Loss				Gain/(Loss)			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	)
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

The following tables summarize the net trading results of the Partnership for the three and six months ended June 30, 2014 and 2013, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2014 included in Total Trading Results:

		For the Three Months				For the Six Months
		Ended June 30, 2014				Ended June 30, 2014
Type of Instrument			$				$

Commodity			698,027				165,054
Equity			2,333,672				(1,912,823	)
Foreign currency			(997,847	)			(3,011,764	)
Interest rate			3,379,639				1,422,335
Unrealized currency gain/(loss)			(10,593	)			30,325
Total			5,402,898				(3,306,873	)

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2014:

		For the Three Months				For the Six Months
		Ended June 30, 2014				Ended June 30, 2014
Trading Results			$				$

Net realized			2,830,671				(2,410,188	)
Net change in unrealized			2,572,227				(896,685	)
Total Trading Results			5,402,898				(3,306,873	)

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2013 included in Total Trading Results:

		For the Three Months				For the Six Months
		Ended June 30, 2013				Ended June 30, 2013
Type of Instrument			$				$

Commodity			4,738,141				1,571,415
Equity			283,521				9,453,363
Foreign currency			(4,394,227	)			(1,415,311	)
Interest rate			(1,191,293	)			(1,912,407	)
Unrealized currency gain			1,338				11,333
Total			(562,520	)			7,708,393

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2013:

		For the Three Months				For the Six Months
		Ended June 30, 2013				Ended June 30, 2013
Trading Results			$				$

Net realized			(3,371,881	)			5,507,184
Net change in unrealized			2,809,361				2,201,209
Total Trading Results			(562,520	)			7,708,393

Fair_Value_Measurements_and_Di

Fair Value Measurements and Disclosures

6 Months Ended

Jun. 30, 2014

Fair Value Measurements and Disclosures [Abstract]

Fair Value Measurements and Disclosures

6. 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 Partnership’s 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 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.

30-Jun-14

Unadjusted

Significant

Total

Quoted Prices in

Other

Unobservable

Active Markets

Observable

Inputs

for Identical

Inputs

(Level 3)

Assets/Liabilities

(Level 2)

(Level 1)

Assets

Futures

8,291,961

–

8,291,961

Forwards

1,389,536

626,514

2,016,050

Total Assets

9,681,497

626,514

10,308,011

Liabilities

Futures

2,173,996

–

2,173,996

Forwards

1,437,694

281,324

1,719,018

Total Liabilities

3,611,690

281,324

3,893,014

Unrealized currency loss

(659,250

)

*Net fair value

6,069,807

345,190

5,755,747

31-Dec-13

Unadjusted

Significant

Total

Quoted Prices in

Other

Unobservable

Active Markets

Observable

Inputs

for Identical

Inputs

(Level 3)

Assets/Liabilities

(Level 2)

(Level 1)

Assets

Futures

9,894,085

–

9,894,085

Forwards

–

528,063

Total Assets

9,894,085

528,063

10,422,148

Liabilities

Futures

3,011,012

–

3,011,012

Forwards

–

69,127

Total Liabilities

3,011,012

69,127

3,080,139

Unrealized currency loss

(689,577

)

*Net fair value

6,883,073

458,936

6,652,432

* This amount comprises the “Net unrealized gain on open contracts” on the Statements of Financial Condition.

During the period from January 1, 2014 to June 30, 2014, and the twelve months ended December 31, 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_Company_Status

Investment Company Status	6 Months Ended
Investment Company Status	Jun. 30, 2014
Investment Company Status [Abstract]	'
Investment Company Status	'
	7. Investment Company Status

	Effective January 1, 2014, the Partnership adopted 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 Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.

Restricted_and_Unrestricted_Ca

Restricted and Unrestricted Cash	6 Months Ended
Restricted and Unrestricted Cash	Jun. 30, 2014
Restricted and Unrestricted Cash [Abstract]	'
Restricted and Unrestricted Cash	'
	8. Restricted and Unrestricted Cash

	As reflected on the Partnership’s 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 only on 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.

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	9. 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 the Partnership’s revenues and expenses for income tax purposes. The Partnership files 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 the 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 Partnership has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of June 30, 2014 and December 31, 2013. If applicable, the Partnership recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	10. 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 other than those disclosed below.

	Effective October1, 2014, the flat rate brokerage fee, currently equal to an annual rate of 4.0% of the Partnership's net assets, will be separated into (i) a general partner administrative fee payable to the General Partner equal to an annual rate of 2.0% of the Partner'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, will not exceed the flat rate brokerage fee and, accordingly, there will be no change to the aggregate fees incurred by the Partnership.

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

Financial_Highlights_Tables

Financial Highlights (Tables)	6 Months Ended
Financial Highlights (Tables)	Jun. 30, 2014
Financial Highlights [Abstract]	'
Financial Information Additional Disclosure	'
	Financial Highlights for the three and six months ended June 30, 2014 and 2013 were as follows

		For the Three						For the Six
		Months Ended June 30,						Months Ended June 30,
		2014			2013			2014			2013
	Per Unit operating performance:
	Net asset value at the beginning of the period:	$	24.39		$	28.38		$	26.48		$	27.76

	Interest Income		–	(3)		–	(3)		–	(3)		0.01
	Expenses		(0.35	)		(0.56	)		(0.86	)		(1.12	)
	Realized/Unrealized Income (Loss) (1)		1.14			(0.11	)		(0.44	)		1.06
	Net Income (Loss)		0.79			(0.67	)		(1.30	)		(0.05	)

	Net asset value, June 30:	$	25.18		$	27.71		$	25.18		$	27.71

	Ratios to average net assets:
	Net Investment Loss (2)		(5.7	)%		(8.0	)%		(7.0	)%		(8.0	)%
	Expenses before Incentive Fees (2)		5.7	%		8	%		7	%		8	%
	Expenses after Incentive Fees (2)		5.7	%		8	%		7	%		8	%
	Total return before incentive fees		3.2	%		(2.4	)%		(4.9	)%		(0.2	)%
	Total return after incentive fees		3.2	%		(2.4	)%		(4.9	)%		(0.2	)%

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

	-3	Amount less than $0.005 per Unit.

Financial_Instruments_Tables

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Financial Instruments [Abstract]

Net Unrealized Gains on Open Contracts

The net unrealized gains on open contracts, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Net Unrealized Gains on Open Contracts

Longest Maturities

Date

Exchange-Traded

Off-Exchange-Traded

Total

Exchange-Traded

Off-Exchange-Traded

Jun. 30, 2014

5,410,557

345,190

5,755,747

Sep. 2018

Sep. 2014

Dec. 31, 2013

6,193,496

458,936

6,652,432

Dec. 2017

Mar. 2014

Derivatives_and_Hedging_Tables

Derivatives and Hedging (Tables)	6 Months Ended
Derivatives and Hedging (Tables)	Jun. 30, 2014
Derivatives and Hedging [Abstract]	'
Offsetting of Derivative Assets and Liabilities	'
	The following tables summarize the valuation of the Partnership’s investments as of June 30, 2014 and December 31, 2013, respectively.

	Offsetting of Derivative Assets and Liabilities as of June 30, 2014:

		Gross Amounts			Gross Amounts			Net Amounts
		Recognized			Offset in the			Presented in the
					Statements of			Statements of
					Financial			Financial
					Condition			Condition
			$			$			$
	Assets
	Futures		8,291,961			(2,173,996	)		6,117,965
	Forwards		2,016,050			(1,719,018	)		297,032

	Total Assets		10,308,011			(3,893,014	)		6,414,997

	Liabilities
	Futures		(2,173,996	)		2,173,996			–
	Forwards		(1,719,018	)		1,719,018			–

	Total Liabilities		(3,893,014	)		3,893,014			–

	Unrealized currency loss								(659,250	)

	Total net unrealized gain on open contracts								5,755,747

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

		Gross Amounts			Gross Amounts			Net Amounts
		Recognized			Offset in the			Presented in the
					Statements of			Statements of
					Financial			Financial
					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	)

	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 June 30, 2014:

	Futures and Forward Contracts	Long			Long			Short			Short			Net			Average
		Unrealized			Unrealized			Unrealized			Unrealized			Unrealized			number of
		Gain			Loss			Gain			Loss			Gain/(Loss)			contracts
																	outstanding
																	for the six
																	months
																	(absolute
																	quantity)
			$			$			$			$		$				$

	Commodity		4,902,046			(1,482,244	)		788,787			(1,207,029	)		3,001,560			4,765
	Equity		671,547			(462,491	)		11,955			(34,799	)		186,212			1,292
	Foreign currency		1,868,586			(236,576	)		177,876			(275,609	)		1,534,277			1,993
	Interest rate		1,846,643			(60,132	)		40,571			(134,134	)		1,692,948			5,200
	Total		9,288,822			(2,241,443	)		1,019,189			(1,651,571	)		6,414,997

	Unrealized currency loss														(659,250	)
	Net unrealized gain on open contracts														5,755,747

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

	Futures and Forward Contracts	Long			Long			Short			Short			Net			Average
		Unrealized			Unrealized			Unrealized			Unrealized			Unrealized			number of
		Gain			Loss			Gain			Loss			Gain/(Loss)			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	)
	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	'
	The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2014 included in Total Trading Results:

		For the Three Months			For the Six Months
		Ended June 30, 2014			Ended June 30, 2014
	Type of Instrument		$			$

	Commodity		698,027			165,054
	Equity		2,333,672			(1,912,823	)
	Foreign currency		(997,847	)		(3,011,764	)
	Interest rate		3,379,639			1,422,335
	Unrealized currency gain/(loss)		(10,593	)		30,325
	Total		5,402,898			(3,306,873	)

	Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2014:

		For the Three Months			For the Six Months
		Ended June 30, 2014			Ended June 30, 2014
	Trading Results		$			$

	Net realized		2,830,671			(2,410,188	)
	Net change in unrealized		2,572,227			(896,685	)
	Total Trading Results		5,402,898			(3,306,873	)

	The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2013 included in Total Trading Results:

		For the Three Months			For the Six Months
		Ended June 30, 2013			Ended June 30, 2013
	Type of Instrument		$			$

	Commodity		4,738,141			1,571,415
	Equity		283,521			9,453,363
	Foreign currency		(4,394,227	)		(1,415,311	)
	Interest rate		(1,191,293	)		(1,912,407	)
	Unrealized currency gain		1,338			11,333
	Total		(562,520	)		7,708,393

	Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2013:

		For the Three Months			For the Six Months
		Ended June 30, 2013			Ended June 30, 2013
	Trading Results		$			$

	Net realized		(3,371,881	)		5,507,184
	Net change in unrealized		2,809,361			2,201,209
	Total Trading Results		(562,520	)		7,708,393

Fair_Value_Measurements_and_Di1

Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements and Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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.

30-Jun-14

Unadjusted

Significant

Total

Quoted Prices in

Other

Unobservable

Active Markets

Observable

Inputs

for Identical

Inputs

(Level 3)

Assets/Liabilities

(Level 2)

(Level 1)

Assets

Futures

8,291,961

–

8,291,961

Forwards

1,389,536

626,514

2,016,050

Total Assets

9,681,497

626,514

10,308,011

Liabilities

Futures

2,173,996

–

2,173,996

Forwards

1,437,694

281,324

1,719,018

Total Liabilities

3,611,690

281,324

3,893,014

Unrealized currency loss

(659,250

)

*Net fair value

6,069,807

345,190

5,755,747

31-Dec-13

Unadjusted

Significant

Total

Quoted Prices in

Other

Unobservable

Active Markets

Observable

Inputs

for Identical

Inputs

(Level 3)

Assets/Liabilities

(Level 2)

(Level 1)

Assets

Futures

9,894,085

–

9,894,085

Forwards

–

528,063

Total Assets

9,894,085

528,063

10,422,148

Liabilities

Futures

3,011,012

–

3,011,012

Forwards

–

69,127

Total Liabilities

3,011,012

69,127

3,080,139

Unrealized currency loss

(689,577

)

*Net fair value

6,883,073

458,936

6,652,432

* This amount comprises the “Net unrealized gain on open contracts” on the Statements of Financial Condition.

Organization_Details

Organization (Details)	3 Months Ended
Organization (Details)	Jun. 30, 2014	Mar. 31, 2014
Organization [Abstract]	'	'
Annual flat rate brokerage fees for the Partnerships (in hundredths)	4.00%	6.00%

Financial_Highlights_Details

Financial Highlights (Details) (USD $)	3 Months Ended				6 Months Ended
Financial Highlights (Details) (USD $)	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Per Unit operating performance: [Abstract]	'		'		'		'
Net asset value, period start (in dollars per unit)	$24.39		$28.38		$26.48		$27.76
Interest Income (in dollars per unit)	$0	[1]	$0	[1]	$0	[1]	$0.01
Expenses (in dollars per unit)	($0.35)		($0.56)		($0.86)		($1.12)
Realized/Unrealized Income (Loss) (in dollars per unit)	$1.14	[2]	($0.11)	[2]	($0.44)	[2]	$1.06	[2]
Net Income (Loss) (in dollars per unit)	$0.79	[3]	($0.67)	[3]	($1.30)	[3]	($0.05)	[3],[4]
Net asset value, period end (in dollars per unit)	$25.18		$27.71		$25.18		$27.71
Ratios to average net assets: [Abstract]	'		'		'		'
Net Investment Loss (in hundredths)	-5.70%	[5]	-8.00%	[5]	-7.00%	[5]	-8.00%	[5]
Expenses before Incentive Fees (in hundredths)	5.70%	[5]	8.00%	[5]	7.00%	[5]	8.00%	[5]
Expenses after Incentive Fees (in hundredths)	5.70%	[5]	8.00%	[5]	7.00%	[5]	8.00%	[5]
Total return before incentive fees (in hundredths)	3.20%		-2.40%		-4.90%		-0.20%
Total return after incentive fees (in hundredths)	3.20%		-2.40%		-4.90%		-0.20%

[1]	Amounts less than $0.005 per Unit.
[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]	The decrease in the net asset value per Unit while the Partnership incurred net income for the six months ended June 30, 2013, is due to the timing of redemptions of Units throughout the period.
[5]	Annualized (except for incentive fees, if applicable).

Related_Party_Transactions_Det

Related Party Transactions (Details)	6 Months Ended
Related Party Transactions (Details)	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Cash holdings percentage for margin requirements used in interest income calculation (in hundredths)	100.00%
Percentage of monthly average of 4-week U.S. treasury bill discount rate as rate from partnership interest income (in hundredths)	80.00%

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	6 Months Ended	12 Months Ended
Financial Instruments (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Investment Holdings [Line Items]	'	'
Net unrealized gains on open contracts	$5,755,747	$6,652,432
Cash held by acting commodity futures brokers administrating open contracts	119,134,573	150,597,920
Exchange-Traded [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gains on open contracts	5,410,557	6,193,496
Longest maturity date	30-Sep-18	31-Dec-17
Off-Exchange-Traded [Member]	'	'
Investment Holdings [Line Items]	'	'
Net unrealized gains on open contracts	$345,190	$458,936
Longest maturity date	30-Sep-14	31-Mar-14

Derivatives_and_Hedging_Offset

Derivatives and Hedging, Offsetting Assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Offsetting Assets [Line Items]	'	'
Gross Amounts Recognized	$10,308,011	$10,422,148
Gross Amounts Offset in the Statements of Financial Condition	-3,893,014	-3,080,139
Net Amounts Presented in the Statement of Financial Condition	6,414,997	7,342,009
Future Contract [Member]	'	'
Offsetting Assets [Line Items]	'	'
Gross Amounts Recognized	8,291,961	9,894,085
Gross Amounts Offset in the Statements of Financial Condition	-2,173,996	-3,011,012
Net Amounts Presented in the Statement of Financial Condition	6,117,965	6,883,073
Forward Contracts [Member]	'	'
Offsetting Assets [Line Items]	'	'
Gross Amounts Recognized	2,016,050	528,063
Gross Amounts Offset in the Statements of Financial Condition	-1,719,018	-69,127
Net Amounts Presented in the Statement of Financial Condition	$297,032	$458,936

Derivatives_and_Hedging_Offset1

Derivatives and Hedging, Offsetting Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Offsetting Liabilities [Line Items]	'	'
Gross Amounts Recognized	($3,893,014)	($3,080,139)
Gross Amounts Offset in the Statement of Financial Condition	3,893,014	3,080,139
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency loss	-659,250	-689,577
Net unrealized gain on open contracts	5,755,747	6,652,432
Future Contract [Member]	'	'
Offsetting Liabilities [Line Items]	'	'
Gross Amounts Recognized	-2,173,996	-3,011,012
Gross Amounts Offset in the Statement of Financial Condition	2,173,996	3,011,012
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency loss	-659,250	-689,577
Net unrealized gain on open contracts	5,755,747	6,652,432
Forward Contracts [Member]	'	'
Offsetting Liabilities [Line Items]	'	'
Gross Amounts Recognized	-1,719,018	-69,127
Gross Amounts Offset in the Statement of Financial Condition	1,719,018	69,127
Net Amounts Presented in the Statement of Financial Condition	$0	$0

Derivatives_and_Hedging_Effect

Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized currency loss	($659,250)	'	($659,250)	'	($689,577)
Net unrealized gain on open contracts	5,755,747	'	5,755,747	'	6,652,432
Options Contracts At Fair Value [Abstract]	'	'	'	'	'
Options purchased	6,414,997	'	6,414,997	'	7,342,009
Options written	0	'	0	'	0
Effect of Trading Activities on Statements of Income [Abstract]	'	'	'	'	'
Unrealized currency gain (loss)	-10,593	1,338	30,325	11,333	'
Net realized	2,830,671	-3,371,881	-2,410,188	5,507,184	'
Net change in unrealized	2,572,227	2,809,361	-896,685	2,201,209	'
Total Trading Results	5,402,898	-562,520	-3,306,873	7,708,393	'
Commodity [Member]	'	'	'	'	'
Effect of Trading Activities on Statements of Income [Abstract]	'	'	'	'	'
Trading results	698,027	4,738,141	165,054	1,571,415	'
Equity [Member]	'	'	'	'	'
Effect of Trading Activities on Statements of Income [Abstract]	'	'	'	'	'
Trading results	2,333,672	283,521	-1,912,823	9,453,363	'
Foreign Currency [Member]	'	'	'	'	'
Effect of Trading Activities on Statements of Income [Abstract]	'	'	'	'	'
Trading results	-997,847	-4,394,227	-3,011,764	-1,415,311	'
Interest Rate [Member]	'	'	'	'	'
Effect of Trading Activities on Statements of Income [Abstract]	'	'	'	'	'
Trading results	3,379,639	-1,191,293	1,422,335	-1,912,407	'
Long [Member] \| Options [Member]	'	'	'	'	'
Options Contracts At Fair Value [Abstract]	'	'	'	'	'
Options purchased	'	'	'	'	0
Average contracts outstanding [Abstract]	'	'	'	'	'
Average number of contracts outstanding	'	'	'	'	3
Short [Member] \| Options [Member]	'	'	'	'	'
Options Contracts At Fair Value [Abstract]	'	'	'	'	'
Options written	'	'	'	'	0
Average contracts outstanding [Abstract]	'	'	'	'	'
Average number of contracts outstanding	'	'	'	'	2
Futures and Forward Contracts [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Net Unrealized Gain/(Loss)	6,414,997	'	6,414,997	'	7,342,009
Unrealized currency loss	-659,250	'	-659,250	'	-689,577
Net unrealized gain on open contracts	5,755,747	'	5,755,747	'	6,652,432
Options Contracts At Fair Value [Abstract]	'	'	'	'	'
Options purchased	6,117,965	'	6,117,965	'	6,883,073
Options written	0	'	0	'	0
Futures and Forward Contracts [Member] \| Commodity [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Net Unrealized Gain/(Loss)	3,001,560	'	3,001,560	'	893,523
Average contracts outstanding [Abstract]	'	'	'	'	'
Average number of contracts outstanding	4,765	'	4,765	'	4,153
Futures and Forward Contracts [Member] \| Equity [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Net Unrealized Gain/(Loss)	186,212	'	186,212	'	3,494,644
Average contracts outstanding [Abstract]	'	'	'	'	'
Average number of contracts outstanding	1,292	'	1,292	'	1,717
Futures and Forward Contracts [Member] \| Foreign Currency [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Net Unrealized Gain/(Loss)	1,534,277	'	1,534,277	'	2,277,669
Average contracts outstanding [Abstract]	'	'	'	'	'
Average number of contracts outstanding	1,993	'	1,993	'	3,214
Futures and Forward Contracts [Member] \| Interest Rate [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Net Unrealized Gain/(Loss)	1,692,948	'	1,692,948	'	676,173
Average contracts outstanding [Abstract]	'	'	'	'	'
Average number of contracts outstanding	5,200	'	5,200	'	5,741
Futures and Forward Contracts [Member] \| Long [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	9,288,822	'	9,288,822	'	5,560,057
Unrealized loss	-2,241,443	'	-2,241,443	'	-2,536,429
Futures and Forward Contracts [Member] \| Long [Member] \| Commodity [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	4,902,046	'	4,902,046	'	561,914
Unrealized loss	-1,482,244	'	-1,482,244	'	-1,776,263
Futures and Forward Contracts [Member] \| Long [Member] \| Equity [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	671,547	'	671,547	'	3,462,235
Unrealized loss	-462,491	'	-462,491	'	0
Futures and Forward Contracts [Member] \| Long [Member] \| Foreign Currency [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	1,868,586	'	1,868,586	'	1,474,046
Unrealized loss	-236,576	'	-236,576	'	-124,132
Futures and Forward Contracts [Member] \| Long [Member] \| Interest Rate [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	1,846,643	'	1,846,643	'	61,862
Unrealized loss	-60,132	'	-60,132	'	-636,034
Futures and Forward Contracts [Member] \| Short [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	1,019,189	'	1,019,189	'	4,862,091
Unrealized loss	-1,651,571	'	-1,651,571	'	-543,710
Futures and Forward Contracts [Member] \| Short [Member] \| Commodity [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	788,787	'	788,787	'	2,430,029
Unrealized loss	-1,207,029	'	-1,207,029	'	-322,157
Futures and Forward Contracts [Member] \| Short [Member] \| Equity [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	11,955	'	11,955	'	36,105
Unrealized loss	-34,799	'	-34,799	'	-3,696
Futures and Forward Contracts [Member] \| Short [Member] \| Foreign Currency [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	177,876	'	177,876	'	986,884
Unrealized loss	-275,609	'	-275,609	'	-59,129
Futures and Forward Contracts [Member] \| Short [Member] \| Interest Rate [Member]	'	'	'	'	'
Futures and Forward Contracts [Abstract]	'	'	'	'	'
Unrealized gain	40,571	'	40,571	'	1,409,073
Unrealized loss	($134,134)	'	($134,134)	'	($158,728)

Fair_Value_Measurements_and_Di2

Fair Value Measurements and Disclosures (Details) (Fair Value Measured on a Recurring Basis [Member], USD $)	Jun. 30, 2014		Dec. 31, 2013
Assets [Abstract]	'		'
Futures	$8,291,961		$9,894,085
Forwards	2,016,050		528,063
Total Assets	10,308,011		10,422,148
Liabilities [Abstract]	'		'
Futures	2,173,996		3,011,012
Forwards	1,719,018		69,127
Total Liabilities	3,893,014		3,080,139
Assets and Liabilities Measured at Fair Value [Abstract]	'		'
Unrealized currency loss	-659,250		-689,577
Net fair value	5,755,747	[1]	6,652,432	[1]
Unadjusted Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]	'		'
Assets [Abstract]	'		'
Futures	8,291,961		9,894,085
Forwards	1,389,536		0
Total Assets	9,681,497		9,894,085
Liabilities [Abstract]	'		'
Futures	2,173,996		3,011,012
Forwards	1,437,694		0
Total Liabilities	3,611,690		3,011,012
Assets and Liabilities Measured at Fair Value [Abstract]	'		'
Net fair value	6,069,807	[1]	6,883,073	[1]
Significant Other Observable Inputs (Level 2) [Member]	'		'
Assets [Abstract]	'		'
Futures	0		0
Forwards	626,514		528,063
Total Assets	626,514		528,063
Liabilities [Abstract]	'		'
Futures	0		0
Forwards	281,324		69,127
Total Liabilities	281,324		69,127
Assets and Liabilities Measured at Fair Value [Abstract]	'		'
Net fair value	345,190	[1]	458,936	[1]
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]

[1]	This amount comprises the bNet unrealized gain on open contractsb on the Statements of Financial Condition.

Subsequent_Events_Details

Subsequent Events (Details)	3 Months Ended
Subsequent Events (Details)	Jun. 30, 2014	Mar. 31, 2014
Flat Rate Brokerage Fee [Abstract]	'	'
Annual flat rate brokerage fees for the Partnerships (in hundredths)	4.00%	6.00%
Subsequent Event - Separated Payable [Member] \| General Partner [Member]	'	'
Effective October 1, 2014 fees [Abstract]	'	'
Future flat rate administrative fee, annual (in hundredths)	2.00%	'
Subsequent Event - Separated Payable [Member] \| Morgan Stanley Wealth Management [Member]	'	'
Effective October 1, 2014 fees [Abstract]	'	'
Future placement agent fee, annual (in hundredths)	2.00%	'