Financial Highlights

12 Months Ended

Dec. 31, 2013

9.	Financial Highlights

The following ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner’s share of income, expenses and average net assets.

Spectrum Currency

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	7.57		$	8.63		$	9.57

Interest Income		–	⁽²⁾		–	⁽²⁾		–	⁽²⁾
Expenses		(0.53	)		(0.53	)		(0.60	)
Realized/Unrealized Income (Loss) ⁽¹⁾		0.35			(0.53	)		(0.34	)

Net Loss		(0.18	)		(1.06	)		(0.94	)

Net asset value, December 31:	$	7.39		$	7.57		$	8.63

For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.2	)%		(6.6	)%		(6.7	)%
Expenses before Incentive Fees		6.4	%		6.7	%		6.8	%
Expenses after Incentive Fees		7.2	%		6.7	%		6.8	%
Net Loss		(2.4	)%		(13.5	)%		(10.9	)%
Total return before incentive fees		(1.6	)%		(12.3	)%		(9.8	)%
Total return after incentive fees		(2.4	)%		(12.3	)%		(9.8	)%

⁽¹⁾	Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

⁽²⁾	Amount less than 0.005%.

Spectrum Global Balanced

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	14.06		$	14.83		$	17.12

Interest Income		0.01			0.01			0.01
Expenses		(0.84	)		(0.90	)		(0.96	)
Realized/Unrealized Income (Loss) ⁽¹⁾		0.06			0.12			(1.34	)

Net Loss		(0.77	)		(0.77	)		(2.29	)

Net asset value, December 31:	$	13.29		$	14.06		$	14.83

For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(6.0	)%		(6.1	)%		(6.2	)%
Expenses before Incentive Fees		6.1	%		6.2	%		6.3	%
Expenses after Incentive Fees		6.1	%		6.2	%		6.3	%
Net Loss		(5.2	)%		(5.2	)%		(15.4	)%
Total return before incentive fees		(5.5	)%		(5.2	)%		(13.4	)%
Total return after incentive fees		(5.5	)%		(5.2	)%		(13.4	)%

⁽¹⁾	Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Spectrum Select

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	27.76		$	31.24		$	38.03

Interest Income		0.01			0.02			0.01
Expenses		(2.17	)		(2.44	)		(3.07	)
Realized/Unrealized Income (Loss) ⁽¹⁾		0.88			(1.06	)		(3.73	)

Net Loss		(1.28	)		(3.48	)		(6.79	)

Net asset value, December 31:	$	26.48		$	27.76		$	31.24

For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.9	)%		(8.0	)%		(8.8	)%
Expenses before Incentive Fees		8.0	%		8.1	%		8.3	%
Expenses after Incentive Fees		8.0	%		8.1	%		8.9	%
Net Loss		(4.5	)%		(10.7	)%		(19.6	)%
Total return before incentive fees		(4.6	)%		(11.1	)%		(17.3	)%
Total return after incentive fees		(4.6	)%		(11.1	)%		(17.9	)%

⁽¹⁾	Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Spectrum Strategic

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	14.25		$	16.02		$	21.49

Interest Income		0.01			0.01			0.01
Expenses		(1.24	)		(1.37	)		(1.87	)
Realized/Unrealized Income (Loss) ⁽¹⁾		0.62			(0.41	)		(3.61	)

Net Loss		(0.61	)		(1.77	)		(5.47	)

Net asset value, December 31:	$	13.64		$	14.25		$	16.02

For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(8.9	)%		(9.0	)%		(9.8	)%
Expenses before Incentive Fees		9.0	%		9.1	%		9.0	%
Expenses after Incentive Fees		9.0	%		9.1	%		9.8	%
Net Loss		(4.3	)%		(11.4	)%		(28.6	)%
Total return before incentive fees		(4.3	)%		(11.0	)%		(24.7	)%
Total return after incentive fees		(4.3	)%		(11.0	)%		(25.5	)%

⁽¹⁾	Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

Spectrum Technical

	2013			2012			2011
Per Unit operating performance:
Net asset value, January 1:	$	16.71		$	19.65		$	21.33

Interest Income		0.01			0.01			0.01
Expenses		(1.24	)		(1.38	) †		(1.68	)
Realized/Unrealized Income (Loss) ⁽¹⁾		1.07			(1.57	)		(0.01	)

Net Loss		(0.16	)		(2.94	)		(1.68	)

Net asset value, December 31:	$	16.55		$	16.71		$	19.65

For the Calendar Year:
Ratios to average net assets:
Net Investment Loss		(7.5	)%		(7.7	)%		(8.1	)%
Expenses before Incentive Fees		7.5	%		7.8	%††		8.2	%
Expenses after Incentive Fees		7.5	%		7.8	%††		8.2	%
Net Loss		(1.0	)%		(17.0	)%		(8.0	)%
Total return before incentive fees		(1.0	)%		(15.0	)%		(7.8	)%
Total return after incentive fees		(1.0	)%		(15.0	)%		(7.9	)%

⁽¹⁾	Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.

†	Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake.

††	Such percentage is after waiver of management fees. Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets).

MORGAN STANLEY SMITH BARNEY SPECTRUM GLOBAL BALANCED LP 10-K