Exhibit 99.1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of Morgan Stanley Smith Barney Altis I, LLC (Trading Company in Liquidation):

We have audited the accompanying statement of financial condition (liquidation basis) of Morgan Stanley Smith Barney Altis I, LLC (Trading Company in Liquidation) (the “Trading Company”), including the condensed schedule of investments (liquidation basis), as of June 30, 2016 (termination of operations), and the related statements of income and expenses (liquidation basis) and changes in members’ capital (liquidation basis) for the period from January 1, 2016 to June 30, 2016 (termination of operations). In addition, we have audited the accompanying statement of financial condition of the Trading Company, including the condensed schedule of investments, as of December 31, 2015, and the related statements of income and expenses and changes in members’ capital for the years ended December 31, 2015 and 2014. These financial statements are the responsibility of the Trading Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

As discussed in Note 1 to the financial statements, the Trading Company terminated operations on June 30, 2016. As a result, the Trading Company changed its basis of accounting from the going concern basis to the liquidation basis.

In our opinion, such financial statements present fairly, in all material respects, (1) the financial position (liquidation basis) of Morgan Stanley Smith Barney Altis I, LLC (Trading Company in Liquidation) as of June 30, 2016 (termination of operations), (2) the results of its operations (liquidation basis) and changes in its members’ capital (liquidation basis) for the period from January 1, 2016 to June 30, 2016 (termination of operations), (3) its financial position as of December 31, 2015, and (4) the results of its operations and changes in its members’ capital for the years ended December 31, 2015 and 2014, in conformity with accounting principles generally accepted in the United States of America applied on the bases described in the preceding paragraph.

/s/ Deloitte & Touche LLP

New York, New York

September 21, 2016

Morgan Stanley Smith Barney Altis I, LLC

Statements of Financial Condition

June 30, 2016 (termination of operations) (liquidation basis)

and December 31, 2015

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Altis I, LLC

Condensed Schedule of Investments (liquidation basis)

June 30, 2016 (termination of operations)

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Altis I, LLC

Condensed Schedule of Investments

December 31, 2015

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Altis I, LLC

Statements of Income and Expenses

For the Period from January 1, 2016 to June 30, 2016 (termination of operations)

(liquidation basis) and For the Years Ended December 31, 2015 and 2014

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Altis I, LLC

Statements of Changes in Members’ Capital

For the Period from January 1, 2016 to June 30, 2016 (termination of operations)

(liquidation basis) and for the Years Ended December 31, 2015 and 2014

See accompanying notes to financial statements.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

1.  Organization:

Morgan Stanley Smith Barney Altis I, LLC (“Altis I, LLC” or the “Trading Company”) was formed on March 26, 2007, as a Delaware limited liability company under the Delaware Limited Liability Company Act (the “Act”), to engage in the speculative trading of commodities, domestic and foreign futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physical transactions, exchange of physical for futures contracts transactions, and any rights pertaining thereto (collectively, “Futures Interests”) (refer to Note 4, “Financial Instruments”). Prior to its liquidation, the Trading Manager (defined below) may have determined to invest up to all of the Trading Company’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Trading Company commenced operations on August 1, 2007.

Ceres Managed Futures LLC (“Ceres”, “Managing Member” or the “Trading Manager”) was the trading manager and the managing member of the Trading Company. Ceres had retained Altis Partners (Jersey) Limited (“Altis” or the “Trading Advisor”) to trade Futures Interests on behalf of the Trading Company. Each member (each investor in the Trading Company, a “Member”) invested its assets in the Trading Company, which allocated substantially all of its assets in the trading program of Altis, an unaffiliated commodity trading advisor registered with the Commodity Futures Trading Commission (“CFTC”), which made investment decisions for the Trading Company. Prior to June 30, 2016 (termination of operations), Polaris Futures Fund L.P. (“Polaris”) (a Delaware limited partnership) and Meritage Futures Fund L.P. (a Delaware limited partnership) were the Members of the Trading Company.

Ceres is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSBH and Citigroup Inc. indirectly owned a minority equity interest in MSSBH.

In July 2015, the Trading Manager delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnished certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintained certain books and records of the Trading Company.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

On June 24, 2016, the Trading Manager terminated the advisory agreement, dated as of April 30, 2007, as amended among the Trading Advisor, the Trading Company and the Trading Manager, pursuant to which the Trading Advisor traded the Trading Company’s assets. Consequently, the Trading Advisor ceased all Futures Interests trading on behalf of the Trading Company, and the Trading Manager determined to liquidate the Trading Company effective the close of business on June 30, 2016. As a result, the Trading Company changed its basis of accounting from the going concern basis to the liquidation basis. Liquidation basis accounting requires the Trading Company to record assets and liabilities at values to be received or paid in liquidation.

The clearing commodity broker for the Trading Company was Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acted as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”), is a principal subsidiary of MSSBH and previously acted as a non-clearing broker for the Trading Company. MS&Co. and its affiliates acted as the custodians of the Trading Company’s assets. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Trading Company also deposited a portion of its cash in a non-trading account at JP Morgan Chase Bank, N.A.

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

The financial statements of the Trading Company as of June 30, 2016 and for the period from January 1, 2016 to June 30, 2016, are prepared using the liquidation basis of accounting. The liquidation basis of accounting requires the Trading Company to record assets and liabilities at the values expected to be received or paid in liquidation. The change in basis of accounting from the going concern basis to the liquidation basis did not have a material effect on the Trading Company’s carrying value of assets and liabilities or its results of operations. All carrying values, including the net unrealized appreciation or depreciation on open contracts which are carried at fair value, are expected to be realized by management during liquidation. Also, the liquidation basis of accounting requires the financial statements to include a statement of net assets available to shareholders or changes in net assets available. The Statements of Changes in Members’ Capital (included herein) presents the same information and thus the financial statements include a statement of changes in net assets available to shareholders for the period January 1, 2016 to June 30, 2016.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

There were no administrative fees allocated to Polaris and Polaris’ Members’ Capital was excluded from the determination of the administrative fee.

The Trading Company, in its normal course of business, entered into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading resulted in unrealized gains or losses, these amounts were offset for the Trading Company and were reported on a net basis in the Statements of Financial Condition.

The Trading Company offset its unrealized gains or losses on forward contracts executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., as the counterparty on such contracts. The Trading Company consistently applied its right to offset.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

3.  Trading Advisor:

Ceres retained Altis to make all trading decisions for the Trading Company.

Fees paid to Altis by the Trading Company consisted of a management fee and an incentive fee as follows:

New Trading Profits represented the amount by which profits from Futures Interests trading exceeded losses after management fees, brokerage, clearing and transaction fees, and administrative fees were deducted. When Altis experienced losses with respect to the Members’ Capital as of the end of a calendar quarter, Altis had to recover such losses before it was eligible for an incentive fee in the future. Cumulative trading losses were reduced for capital withdrawn from the Trading Company.

4.  Financial Instruments:

The Trading Advisor traded Futures Interests on behalf of the Trading Company. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. The fair value of exchange-traded contracts was based on the settlement price quoted by the exchange on the day with respect to which fair value was 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. Futures Interests were fair valued as discussed in Note 6, “Fair Value Measurements.”

The Trading Company’s contracts were accounted for on a trade-date basis. Gains or losses were realized when contracts were liquidated and were determined using the first-in, first-out method.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

5.  Trading Activities:

The Trading Company’s objective was to profit from speculative trading in Futures Interests. Therefore, the Trading Advisor for the Trading Company would take speculative positions in Futures Interests where it felt the best profit opportunities existed for its trading strategy. As such, the average number of contracts outstanding in absolute quantity (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.

All of the commodity interest owned by the Trading Company were held for trading purposes. The monthly average number of futures contracts traded during the period from January 1, 2016 to June 30, 2016 (termination of operations) and the year ended December 31, 2015 were 1,993 and 2,017, respectively. The monthly average number of forward contracts traded during the period from January 1, 2016 to June 30, 2016 (termination of operations) and the year ended December 31, 2015 were 574 and 378, respectively.

The following tables summarize the gross and net amounts relating to assets and liabilities of the Trading Company’s derivatives and their offsetting subject to master netting agreements or similar agreements as of June 30, 2016 (termination of operations) and December 31, 2015, respectively.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

The following tables indicate the Trading Company’s gross fair values of derivative instruments on futures and forward contracts as separate assets and liabilities as of June 30, 2016 (termination of operations) and December 31, 2015, respectively.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

The following table indicates the trading gains and losses by market sector, on derivative instruments for the period from January 1, 2016 to June 30, 2016 (termination of operations) and for the years ended December 31, 2015, and 2014, respectively.

6.  Fair Value Measurements:

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

The fair value of exchange-traded futures, forward, swap and option contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

The Trading Company considered prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by broker quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of June 30, 2016 and December 31, 2015 and for the period from January 1, 2016 to June 30, 2016 (termination of operations) and the year ended December 31, 2015, the Trading Company did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the Trading Manager’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods there were no transfers of assets or liabilities between Level 1 and Level 2.

The following tables present information about the Trading Company’s assets and liabilities measured at fair value as of June 30, 2016 (termination of operations) and December 31, 2015:

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

7.  Financial Instrument Risk:

The Members’ investments in the Trading Company exposed the Members to various types of risks that are associated with Futures Interests trading and markets in which the Trading Company invests. The significant types of financial risks to which the Trading Company was exposed were market risk, liquidity risk, counterparty credit risk and changes in interest rates.

The rapid fluctuations in the market prices of Futures Interests in which the Trading Company invested and changes in interest rates made the Members’ investments volatile. If Altis incorrectly predicted the direction of prices in the Futures Interests in which it invested, large losses may have occurred.

Illiquidity in the markets in which the Trading Company invested may have caused less favorable trade prices. Although Altis generally purchased and sold actively traded contracts where last trade price information and quoted prices were readily available, the prices at which a sale or purchase occurred may have differed from the prices expected because there may have been a delay between receiving a quote and executing a trade, particularly in circumstances where a market had limited trading volume and prices were often quoted for relatively limited quantities.

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

The credit risk on Futures Interests arose from the potential inability of counterparties to perform under the terms of the contracts. The Trading Company had credit risk because MS&Co. acted as the commodity broker and/or the counterparty with respect to most of the Trading Company’s assets. The Trading Company’s exposure to credit risk associated with counterparty nonperformance was typically limited to the cash deposits with, or other form of collateral held by, the counterparty. The Trading Company’s assets deposited with MS&Co. or its affiliates were segregated or secured in accordance with the Commodity Exchange Act and the regulations of the CFTC and were expected to be largely held in non-interest bearing bank accounts at a U.S. bank or banks, but may also have been invested in any other instruments approved by the CFTC for investment of customer funds. Exchange-traded futures, exchange-traded forward and exchange-traded futures-styled option contracts were marked to market on a daily basis, with variations in value settled on a daily basis. With respect to the Trading Company’s off-exchange-traded forward currency contracts and forward currency option contracts, there were no daily settlements of variation in value, nor was there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Trading Company was required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Trading Company accounts with the counterparty, which was accomplished by daily maintenance of the cash balance in a custody account held at MS&Co. The Trading Company had total cash and net unrealized gain (loss) on open exchange-traded contracts with MS&Co., acting as a commodity broker for the Trading Company’s trading of Futures Interests, totaling $15,305,628 and $10,304,625 at June 30, 2016 (termination of operations) and December 31, 2015, respectively. With respect to those off-exchange-traded forward currency contracts, the Trading Company was at risk to the ability of MS&Co., the counterparty on all such contracts, to perform. The Trading Company had a netting agreement with MS&Co. This agreement, which sought to reduce both the Trading Company’s and MS&Co.’s exposure on off-exchange-traded forward currency contracts, were intended to materially decrease the Trading Company’s credit risk in the event of MS&Co.’s bankruptcy or insolvency.

8.  Members’ Capital:

Morgan Stanley Smith Barney Altis I, LLC

Notes to Financial Statements (Liquidation Basis)

9.  Financial Highlights:

Financial highlights for the non-managing Members as a whole for the period from January 1, 2016 to June 30, 2016 (termination of operations) and for the years ended December 31, 2015, and 2014 are as follows:

(1) Annualized, except for total return.

(2) Amounts less than 0.05%.

(3) Average members’ capital is calculated using pre-liquidation members’ capital.

(4) Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the non-managing Members’ share of income, expenses and average Members’ capital.

Initial payment of the Trading Company’s liquidation withdrawals payable to the Members was made on July 5, 2016 with the remainder paid on July 20, 2016.