|   | MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY 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. EmployerIdentification No.) |
|                                     |                                                                                                          |       |                                |
| Ceres Managed Futures LLC                |                                                                                                          |       |
| 522 Fifth Avenue, 14th Floor             |                                                                                                          |       |
| New York, NY                             |                                                                                                          | 10036      |
| (Address of principal executive offices) |                                                                                                          | (Zip Code) |

| Registrant’s telephone number, including area code    |   | (212) 296-1999        |
|-------------------------------------------------------------|--------|-----------------------|
|                                                        |   |                  |
| Securities registered pursuant to Section 12(b) of the Act: |   |                  |
|                                                        |   |                  |
| Title of each class                                         |   | Name of each exchange |
|                                                        |   | on which registered   |
|                                                        |   |                  |
| None                                                        |   | None                  |
|                                                        |   |                  |

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

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| DOCUMENTS INCORPORATED BY REFERENCE | ..................................................................... | 1 |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|

| Part I.   |                                                                                                                          |   |
|-----------|-------------------------------------------------------------------------------------------------------------------------------|--------|
|      |                                                                                                                          |   |
| Item 1.   | Business                                                                                                                      | 2-6    |
|      |                                                                                                                          |   |
| Item 1A.  | Risk Factors                                                                                                                  | 6-7    |
|      |                                                                                                                          |   |
| Item 1B.  | Unresolved Staff Comments                                                                                                     | 7      |
|      |                                                                                                                          |   |
| Item 2.   | Properties                                                                                                                    | 7      |
|      |                                                                                                                          |   |
| Item 3.   | Legal Proceedings                                                                                                             | 7      |
|      |                                                                                                                          |   |
| Item 4.   | (Removed and Reserved)                                                                                                        | 7      |
|      |                                                                                                                          |   |
|      |                                                                                                                          |   |
| Part II.  |                                                                                                                          |   |
|      |                                                                                                                          |   |
| Item 5.   | Market for Registrant’s Common Equity, Related Stockholder Matters  and Issuer Purchases of Equity Securities | 8      |
|      |                                                                                                                          |   |
| Item 6.   | Selected Financial Data                                                                                                       | 9      |
|      |                                                                                                                          |   |
| Item 7.   | Management’s Discussion  and Analysis of Financial Condition and Results of Operations                        | 10-29  |
|      |                                                                                                                          |   |
| Item 7A.  | Quantitative and Qualitative Disclosures About Market Risk                                                                    | 29-38  |
|      |                                                                                                                          |   |
| Item 8.   | Financial Statements and Supplementary Data                                                                                   | 38     |
|      |                                                                                                                          |   |
| Item 9.   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                                          | 39     |
|      |                                                                                                                          |   |
| Item 9A.  | Controls and Procedures                                                                                                       | 39-41  |
|      |                                                                                                                          |   |
| Item 9B.  | Other Information                                                                                                             | 41     |
|      |                                                                                                                          |   |
|      |                                                                                                                          |   |
| Part III. |                                                                                                                          |   |
|      |                                                                                                                          |   |
| Item 10.  | Directors, Executive Officers and Corporate Governance                                                                        | 42-51  |
|      |                                                                                                                          |   |
| Item 11.  | Executive Compensation                                                                                                        | 51     |
|      |                                                                                                                          |   |
| Item 12.  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                                | 51     |
|      |                                                                                                                          |   |
| Item 13.  | Certain Relationships and Related Transactions, and Director Independence                                                     | 52     |
|      |                                                                                                                          |   |
| Item 14.  | Principal Accountant Fees and Services                                                                                        | 52-53  |
|      |                                                                                                                          |   |
| Part IV.  |                                                                                                                          |   |
|      |                                                                                                                          |   |
| Item 15.  | Exhibits, Financial Statement Schedules                                                                                       | 54     |

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| Facets of Business                                       |                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                     |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 1.  Summary                                    | 1. “Summary” (Pages 1-10 of the Prospectus and Page S-1 of the Supplement).                                                                                                                                                                                                                                                                                                                     |
|                                                     |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 2. Futures, Options and Forwards Markets                 | 2. “The Futures, Options and Forwards Markets” (Pages 198-202 of the Prospectus).                                                                                                                                                                                                                                                                                                               |
|                                                     |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 3. Partnership’s Trading Arrangements and Policies | 3. “Use of Proceeds” (Pages 31-33 of the Prospectus).  “The Trading Advisors” (Pages 83-172 of the Prospectus and Pages S-2 – S-4 of  the Supplement).                                                                                                                                                                                                    |
|                                                     |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 4. Management of the Partnership                         |     4. “The Trading Advisors – Management Agreements” – (Page 83 of the Prospectus).  “The General Partner” (Pages 79-82 of the Prospectus and Page S-2 of the Supplement). “The Commodity Brokers” (Pages 174-175 of the Prospectus) and “The Limited Partnership Agreements” (Pages 180-183 of the Prospectus). |
|                                                     |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 5. Taxation of the Partnership’s Limited Partners  | 5. “Material Federal Income Tax Considerations” and “State and Local Income Tax Aspects” (Pages 190-196 of the Prospectus and pages S-4 – S-5 of the Supplement).                                                                                                                                                                                                             |

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

|   |              AND ISSUER PURCHASES OF EQUITY SECURITIES |
|--------|--------------------------------------------------------------------------------------------------------------------|

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|   |                                                                                              |     For the Years Ended December 31, |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|--------|

|                          |     2010                                                                                    | 2009                                                  | 2008                                                  | 2007                                                                                  |        2006                                            |
|-------------------------------|------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------|---------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|
|                          | $                                                   | $                                                     | $                                                     | $                                                                                     |  $                                                                              |
| Total Trading Results         |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| including interest income     |        886,767                                                               |    (2,972,125)                              |       19,415,745             | (10,793,211)                                                                          |         3,120,675                                 |
|                          |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Net Income (Loss)             |   (2,678,835)                                                                                         |    (7,690,824)                              |       12,531,300             | (19,991,189)                                                                          |        (8,575,168)                                     |
|                          |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Net Income (Loss) Per         |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Unit (Limited & General   |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Partners)                     |   (0.46)                                                                               |     (1.13)         |          1.32 |    (1.54)            | (0.40)                                            |
|                          |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Total Assets                  |  49,050,720                                                                                           |    61,246,059                               |       93,074,766             | 113,293,630                    | 168,591,117                                       |
|                          |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Total Limited Partners’ |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Capital                       |  47,504,374                                                                                           |    59,798,213                               |       87,533,608             | 106,178,308                    |       161,303,764        |
|                          |                                                                                                       |                                                  |                                                  |                                                                                  |                                                                                 |
| Net Asset Value Per Unit      | 9.57                  | 10.03         |    11.16                                    | 9.84                           | 11.38                                             |

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

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| December 31, 2010                    | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                 | Significant Other Observable Inputs(Level 2)                                                                                                                                                                                      | Significant Unobservable Inputs(Level 3)             |   | Total                                                                                                                                                                                                                                   |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 | $                                                                                                                                                                                       | $                                                                                                                                                                                                                                 | $                                                    |   | $                                                                                                                                                                                                                                       |
| Assets                               |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
| Futures                              |      74,100                                                                                                                                                    |                              –                         |          n/a |   |              74,100                                                                                                                                                         |
|   Forwards                 |                          –       | 1,227,677                                                                                                                                                                                                                         | n/a                                                  |   |     1,227,677                                                                                                                                                                                                       |
|   Options Purchased        |                          –       |                              4,459                                               | n/a                                                  |   |                               4,459                                               |
|                                 |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
|   Total Assets             |       74,100                                                                                                                                              |   1,232,136                                                                                                                                                                                                             | n/a                                                  |   |   1,306,236                                                                                                                                                                                                                   |
|                                 |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
|   Liabilities              |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
| Futures                              |                          –       |                                 –       |          n/a |   |                                  –       |
|   Forwards                 |                          –       |      291,624                                                                                                                                                                                             | n/a                                                  |   |     291,624                                                                                                                                                                                                         |
|                                 |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
|   Total Liabilities        |                          –       |       291,624                                                                                                                                                                                       | n/a                                                  |   |     291,624                                                                                                                                                                                                         |
|                                 |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
|   Unrealized currency gain |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |     108,283                                                                                                                                                                                                         |
|                                 |                                                                                                                                                                                    |                                                                                                                                                                                                                              |                                                 |   |                                                                                                                                                                                                                                    |
| *Net fair value                      |       74,100                                                                                                                                              |    940,512                                                                                                                                                                                                         | n/a                                                  |   |   1,122,895                                                                                                                                                                                                                   |

| December 31, 2009 **                        | UnadjustedQuoted Prices in Active Markets for Identical Assets(Level 1)                                                                                                                             | Significant Other Observable Inputs(Level 2)                                                                                                                                            | Significant Unobservable Inputs(Level 3) |   | Total                                                                                                                                                                                                    |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        | $                                                                                                                                                                          | $                                                                                                                                                                                       | $                                        |   | $                                                                                                                                                                                                        |
| Assets                                      |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
| Futures                                     |                             -                                |                      –                               |    n/a                         |   |                      –             |
|     Forwards                 |                            –       |   500,091                                                                                                                   | n/a                       |   |       500,091                                                                                                                 |
|     Options Purchased        |                            –       |                       121                                                 | n/a                       |   |                         121                                                           |
|                                        |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
|     Total Assets             |                            –       |     500,212                                                                                                       | n/a                            |   |    500,212                                                                                                                                   |
|                                        |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
|     Liabilities              |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
|  Futures                               |                           –             |                          –       |        n/a |   |                         –                              |
|      Forwards           |                           –             |      1,041,034                                                                                               | n/a                                 |   |   1,041,034                                                                                                                                            |
|                                        |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
|     Total Liabilities        |                           –             |     1,041,034                                                                                                          | n/a                                 |   |   1,041,034                                                                                                                                            |
|                                        |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
|     Unrealized currency gain |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |       78,317                                                                                                                       |
|                                        |                                                                                                                                                                                                |                                                                                                                                                                                    |                                     |   |                                                                                                                                                                                                     |
|   *Net fair value                      |                         –                         |      (540,822)                                                                                                         | n/a                                      |   |  (462,505)                                                                                                                                                       |

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| Futures and Forward Contracts               | Long UnrealizedGain   | LongUnrealizedLoss   |  ShortUnrealizedGain |   Short UnrealizedLoss | Net   Unrealized Gain | Average number of contractsoutstandingfor the year (absolute quantity) |
|---------------------------------------------|-----------------------|----------------------|---------------------------|----------------------------------|-------------------------------------------|-----------------------------------------------------------------------------|
|                                        | $                     | $                    | $                         | $                                | $                                         |                                                                        |
|                                        |                  |                 |                      |                             |                                      |                                                                        |
| Foreign currency                            | 1,132,624             |   (43,007) |   169,153       |   (248,617)            |   1,010,153                     | 6,867                                                                       |
| Total                                       |   1,132,624 |   (43,007) |   169,153       |  (248,617)                  | 1,010,153                                 |                                                                        |
|                                        |                  |                 |                      |                             |                                      |                                                                        |
| Unrealized currency gain                    |                  |                 |                      |                             |      108,283     |                                                                        |
| Total net unrealized gain on open contracts |                  |                 |                      |                             |     1,118,436         |                                                                        |

|                           |   Fair | Average number ofcontracts outstanding for the year                                                                                                                                                                   |
|--------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           | Value            | (absolute quantities)                                                                                                                                                                                                      |
| Option Contracts at Fair Value |   $    |                                                                                                                                                                                                                       |
| Options purchased              | 4,459            |                                      3 |
| Options written                | —          |                                      2 |

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| Futures and Forward Contracts               | Long UnrealizedGain       | LongUnrealizedLoss    |  ShortUnrealizedGain |   Short UnrealizedLoss | Net   Unrealized Gain/(Loss) | *Average number of contractsoutstandingfor the year (absolute quantity) |
|---------------------------------------------|---------------------------|-----------------------|---------------------------|----------------------------------|--------------------------------------------------|------------------------------------------------------------------------------|
|                                        | $                         | $                     | $                         | $                                | $                                                |                                                                         |
|                                        |                      |                  |                      |                             |                                             |                                                                         |
| Foreign currency                            |    322,002 |   (671,027) |   178,089       |   (370,007)            |   (540,943)                            | 5,740                                                                        |
| Total                                       |   322,002       |   (671,027) |   178,089       |   (370,007)            | (540,943)                                        |                                                                         |
|                                        |                      |                  |                      |                             |                                             |                                                                         |
| Unrealized currency gain                    |                      |                  |                      |                             |     78,317                   |                                                                         |
| Total net unrealized loss on open contracts |                      |                  |                      |                             |    (462,626)                      |                                                                         |

|                           |   Fair    | *Average number ofcontracts outstanding for the year |
|--------------------------------|---------------------|-----------------------------------------------------------|
|                           | Value               | (absolute quantities)                                     |
| Option Contracts at Fair Value |   $       |                                                      |
| Options purchased              | 121                 |  2                                                   |
| Options written                |   — | 1                                                         |

|                     |                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Type of Instrument       |                                                             $ |
|                     |                                                                                                                                                                                                                                                                                                                                                                 |
| Foreign currency         | 808,671                                                                                                                                                                                                                                                                                                                                                              |
| Unrealized currency gain |      29,966                                                                                                                                                                                                                                                                                                                                 |
| Total                    |    838,637                                                                                                                                                                                                                                                                                                                                            |

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| Trading Results          |                                                            $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                           |
| Realized                 | (745,965)                                                                                                                                                                                                                                                                                                                                                      |
| Net change in unrealized |    1,584,602                                                                                                                                                                                                                                                                                                                                    |
| Total Trading Results    |       838,637                                                                                                                                                                                                                                                                                                                    |

| Type of Instrument       |                                                                            $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Foreign currency         | (2,979,122)                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Unrealized currency loss |      (52,641)                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Total                    |   (3,031,763)                                                                                                                                                                                                                                                                                                                                                                                                                                        |

| Trading Results          |                                                            $ |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                                                                                                                                                                                                                                                                                                                                                           |
| Realized                 | (2,992,672)                                                                                                                                                                                                                                                                                                                                                    |
| Net change in unrealized |       (39,091)                                                                                                                                                                                                                                                                                                                   |
| Total Trading Results    |   (3,031,763)                                                                                                                                                                                                                                                                                                                                        |
|                     |                                                                                                                                                                                                                                                                                                                                                           |

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| Primary Market | December 31, 2010 | December 31, 2009 |
|----------------|-------------------|-------------------|
| Risk Category  | Value at Risk     | Value at Risk     |
|           |              |              |
| Currency       | (1.13)%           | (1.01)%           |

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| December 31, 2010            |    |    |    |
|------------------------------|---------|---------|---------|
| Primary Market Risk Category | High    | Low     | Average |
| Currency                     | (1.59)% | (1.11)% | (1.27)% |

| December 31, 2009            |    |    |    |
|------------------------------|---------|---------|---------|
| Primary Market Risk Category | High    | Low     | Average |
| Currency                     | (1.03)% | (0.42)% | (0.80)% |

| ·   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|          | Total Trading Results                                                                                                      | Net                                                                                |                         Net Income/                                                              |
|---------------|----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Quarter Ended | including interest income                                                                                                  | Income/(Loss)                                                                      |                       (Loss) Per Unit                                                                      |
|          |                                                                                                                       |                                                                               |                                                                                                                                                                                                                |
| 2010          |                                                                                                                       |                                                                               |                                                                                                                                                                                                                |
| March 31      |     $291,588                                                                                           |    $(686,707)          | $(0.12)                                                                                                                                                                                                             |
| June 30       |                 (1,025,181)                     | (1,948,505)                                                                        |                                    (0.34) |
| September 30  |                     498,200 |   (349,914)                                                              | (0.06)                                                                                                                                                                                                              |
| December 31   |         1,122,160                                                                       |     306,291                                                    |    0.06                                                                                                                                                                                              |
|          |                                                                                                                       |                                                                               |                                                                                                                                                                                                                |
| Total         |         $886,767                                                                        |           $(2,678,835)                | $(0.46)                                                                                                                                                                                                             |
|          |                                                                                                                       |                                                                               |                                                                                                                                                                                                                |
| 2009          |                                                                                                                       |                                                                               |                                                                                                                                                                                                                |
| March 31      | $(1,901,306)                                                                                                               | $(3,287,178)                     | $(0.44)                                                                                                                                                                                                             |
| June 30       |                  1,185,103                 |        (7,064)                                       | —                                                                                                                                                                                                             |
| September 30  |                (1,389,496)                           | (2,489,283)                                                                        | (0.39)                                                                                                                                                                                                              |
| December 31   |          (866,426)                                                                 |  (1,907,299)                                                                  |   (0.30)                                                                                                                                                                                                  |
|          |                                                                                                                       |                                                                               |                                                                                                                                                                                                                |
| Total         |     $(2,972,125)                                                                                            |            $(7,690,824)          | $(1.13)                                                                                                                                                                                                             |

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

| ·   | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that the Partnership’s transactions are being made only in accordance with authorizations of Management and directors of Ceres (Demeter, prior to December 1, 2010); and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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|   | Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND |
|--------|-------------------------------------------------------------------------|

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

|   | - | Statements of Financial Condition, including the Condensed Schedules of Investments, as of December 31, 2010 and 2009. |
|--------|---|------------------------------------------------------------------------------------------------------------------------|

|   | - | Statements of Operations and Changes in Partners' Capital for the years ended December 31, 2010, 2009, and 2008. |
|--------|---|------------------------------------------------------------------------------------------------------------------|

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|           | MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY L.P. |
|----------------|----------------------------------------------------|
|           | (Registrant)                                       |
|           |                                               |   |
|           | By:                                                | Ceres Managed Futures LLC |
|           |                                               | (General Partner) |
|           |                                               |   |
| March 28, 2011 | By:                                                | /s/Walter Davis |
|           |                                               | Walter Davis, |
|           |                                               | President |

| BY:    | /s/    | Walter Davis                                     |   | March 28, 2011 |
|--------|--------|--------------------------------------------------|--------|----------------|
|   |   | Walter Davis, President                          |   |           |
|   |   |                                             |   |           |
|   | /s/    | Jennifer Magro                                   |   | March 28, 2011 |
|   |   | Jennifer Magro, Chief Financial Office, Director |   |           |
|   |   |                                             |   |           |
|   | /s/    | Ian Bernstein                                    |   | March 28, 2011 |
|   |   | Ian Bernstein, Director                          |   |           |
|   |   |                                             |   |           |
|   | /s/    | Alper Daglioglu                                  |   | March 28, 2011 |
|   |   | Alper Daglioglu, Director                        |   |           |
|   |   |                                             |   |           |
|   | /s/    | Patrick T. Egan                                  |   | March 28, 2011 |
|   |   | Patrick T. Egan, Director                        |   |           |
|   |   |                                             |   |           |
|   | /s/    | Harry Handler                                    |   | March 28, 2011 |
|   |   | Harry Handler, Director                          |   |           |
|   |   |                                             |   |           |
|   | /s/    | Douglas J. Ketterer                              |   | March 28, 2011 |
|   |   | Douglas J. Ketterer, Director                    |   |           |
|   |   |                                             |   |           |
|   | /s/    | Michael P. McGrath                               |   | March 28, 2011 |
|   |   | Michael P. McGrath, Director                     |   |           |

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| 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 1, 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. |
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| 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. |
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| 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. |
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| 3.06 | 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. |
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| 10.01 | Management Agreement among the Partnership, the General Partner, and John W. Henry & Company, Inc., dated as of March 6, 2000, is incorporated by reference to Exhibit 10.01 of the Partnership’s Quarterly Report on Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on November 14, 2000. |
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| 10.01(a) | Amendment to Management Agreement, dated as of November 30, 2000, among the Partnership, John W. Henry, Inc., and the General Partner 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 January 3, 2001. |
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|   | E-1 |
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| 10.02 | Management Agreement among the Partnership, the General Partner, and Sunrise Capital Partners, LLC, dated as of March 6, 2000, is incorporated by reference to Exhibit 10.02 of the Partnership's Quarterly Report on Form 10-Q (File No. 0-31563) filed with the Securities and Exchange Commission on November 14, 2000. |
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| 10.02(a) | Amendment to Management Agreement, dated as of November 30, 2000, among the Partnership, Sunrise Capital Partners, LLC, and the General Partner is incorporated by reference to Exhibit 10.02 of the Partnership's Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on January 3, 2001. |
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| 10.05 | 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. |
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| 10.06 | 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. |
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| 10.08 | 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. |
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| 10.09 | 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. |
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| 10.09 (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. |
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| 10.10 | Commodity Futures Customer Agreement between MS&Co. and the Partnership, and acknowledged and agreed to by Morgan Stanley DW, dated as of June 6, 2000, is incorporated by reference to Exhibit 10.02 of the Partnership’s Form 8-K (File No. 0-31563) filed with the Securities and Exchange Commission on November 1, 2001. |
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| 10.12 | 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. |
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|   | E-2 |
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| 10.13 | 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. |
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| 10.14 | Management Agreement, dated as of October 9, 2007, among the Partnership, Demeter, and DKR Fusion Management L.P., 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 October 15, 2007. |
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| 10.16 | 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. |
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| 10.17 | 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. |
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| 10.18 | 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. |
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| 10.19 | 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. |
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|   | E-3 |
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