Financial Highlights

12 Months Ended

Dec. 31, 2015

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Financial Highlights

8. Financial Highlights

Financial highlights for the limited partner class as a whole for the years ended December 31, 2015, 2014 and 2013 are as follows:

Spectrum Currency

	2015		2014		2013
Net realized and unrealized gains (losses)	$	2.16	$	1.63	$	0.35
Net investment loss		(0.73)		(0.53)		(0.53)
Increase (decrease) for the year		1.43		1.10		(0.18)
Net asset value per Unit, beginning of year		8.49		7.39		7.57
Net asset value per Unit, end of year	$	9.92	$	8.49	$	7.39
Ratios to average net assets:
Net investment loss *		(8.0)%		(7.0)%		(7.2)%
Operating expenses before incentive fees		5.1 %		5.4 %		6.4 %
Incentive fees		2.9		1.6		0.8
Operating expenses after incentive fees		8.0 %		7.0 %		7.2 %
Total return:
Total return before incentive fees		19.9 %		16.6 %		(1.6)%
Incentive fees		(3.1)		(1.7)		(0.8)
Total return after incentive fees		16.8 %		14.9 %		(2.4)%

* 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 limited partner class using the limited partners’ share of income, expenses and average net assets of Spectrum Currency and includes income and expenses allocated from its investments in Cambridge Master Fund and KR Master Fund, as applicable.

Spectrum Select

	2015		2014		2013
Net realized and unrealized gains (losses)	$	(0.51)	$	5.34	$	0.88
Net investment loss		(1.74)		(1.64)		(2.16)
Increase (decrease) for the year		(2.25)		3.70		(1.28)
Net asset value per Unit, beginning of year		30.18		26.48		27.76
Net asset value per Unit, end of year	$	27.93	$	30.18	$	26.48
Ratios to average net assets:
Net investment loss *		(5.8)%		(6.3)%		(7.9)%
Operating expenses before incentive fees		5.8  %		6.3  %		8.0  %
Incentive fees		-		-		-
Operating expenses after incentive fees		5.8  %		6.3  %		8.0  %
Total return:
Total return before incentive fees		(7.5)%		14.0 %		(4.6)%
Incentive fees		-		-		-
Total return after incentive fees		(7.5) %		14.0  %		(4.6)%

* 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 limited partner class using the limited partners’ share of income, expenses and average net assets.

Spectrum Strategic

	2015		2014		2013
Net realized and unrealized gains (losses)	$	(1.51)	$	0.77	$	0.62
Net investment loss		(0.57)		(0.79)		(1.23)
Increase (decrease) for the year		(2.08)		(0.02)		(0.61)
Net asset value per Unit, beginning of year		13.62		13.64		14.25
Net asset value per Unit, end of year	$	11.54	$	13.62	$	13.64
Ratios to average net assets:
Net investment loss *		(4.7)%		(5.5)%		(8.9)%
Operating expenses before incentive fees		4.7%		5.4 %		9.0 %
Incentive fees		-		0.1		-
Operating expenses after incentive fees		4.7%		5.5 %		9.0 %
Total return:
Total return before incentive fees		(15.3)%		0.0%		(4.3)%
Incentive fees		-		(0.1)		-
Total return after incentive fees		(15.3)%		(0.1)%		(4.3)%

* 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 limited partner class using the limited partners’ share of income, expenses and average net assets of Spectrum Strategic and does not include income and expenses related to its investment in the Funds.

Spectrum Technical

	2015		2014		2013
Net realized and unrealized gains (losses)	$	1.13	$	3.61	$	1.07
Net investment loss		(1.25)		(1.09)		(1.23)
Increase (decrease) for the year		(0.12)		2.52		(0.16)
Net asset value per Unit, beginning of year		19.07		16.55		16.71
Net asset value per Unit, end of year	$	18.95	$	19.07	$	16.55
Ratios to average net assets:
Net investment loss *		(6.5)%		(6.6)%		(7.5)%
Operating expenses before incentive fees		5.6%		5.9%		7.5%
Incentive fees		0.9		0.7		-
Operating expenses after incentive fees		6.5%		6.6%		7.5%
Total return:
Total return before incentive fees		0.3%		15.9%		(1.0)%
Incentive fees		(0.9)		(0.7)		-
Total return after incentive fees		(0.6)%		15.2%		(1.0)%

* 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 limited partner class using the limited partners’ share of income, expenses and average net assets of Spectrum Technical and includes income and expenses allocated from its investments in SECOR Master Fund and Blackwater Master Fund, as applicable.