6.	Investment in the Funds:

On or about February 1, 2018, the Partnership allocated a portion of its assets to AE Capital for trading through investment in AE Capital Master Fund, a Delaware limited liability company. AE Capital Master Fund permits accounts managed by AE Capital using its AE Systematic FX Fund Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. Individual and pooled accounts currently managed by AE Capital, including the Partnership, are permitted to be limited partners of AE Capital Master Fund. The General Partner and AE Capital believe that trading through this master/feeder structure promotes efficiency and economy in the trading process.

On November 1, 2012, the Partnership’s assets allocated to Cambridge for trading were invested in Cambridge Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. As of and after October 1, 2018, Mesirow had undertaken to perform the Initial Advisory Agreement and be bound by its terms in every way as if it were the original party to it in place of Cambridge. Prior to October 1, 2018, Cambridge Master Fund permitted accounts managed by Cambridge using the Cambridge Asian Markets Alpha Programme and, from October 1, 2013, Cambridge Emerging Markets Alpha Programme, each a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Cambridge Master Fund. Individual and pooled accounts that were managed by Mesirow, including the Partnership, were permitted to be limited partners of Cambridge Master Fund. The General Partner and Mesirow believed that trading through this master/feeder structure would promote efficiency and economy in the trading process. The General Partner and Mesirow agreed that Mesirow would trade the Partnership’s assets allocated to Mesirow at a level that was up to 1.5 times the amount of assets allocated. The Partnership fully redeemed its investment in Cambridge Master Fund on December 31, 2018.

The General Partner is not aware of any material changes to any of the trading programs discussed above or in Note 1, “Organization” during the year ended December 31, 2018.

Generally, a limited partner/member in a Fund withdraws all or part of its capital contribution and undistributed profits, if any, from the Fund as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner/member elects to redeem and informs the Fund. However, for each Fund a limited partner/member may request a withdrawal as of the end of any day if such request is received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day.

Management fees, ongoing placement agent fees, General Partner fees and incentive fees are charged at the Partnership level. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Effective January 1, 2018, clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership, and effective January 1, 2018, also charged directly at the Partnership level. Effective January 1, 2018, the General Partner reimburses the Partnership for clearing fees and professional fees to the extent that these fees exceed 0.85% annually of the net assets of the Partnership.

At December 31, 2018, the Partnership owned approximately 7.6% of AE Capital Master Fund. Prior to the close of business on December 31, 2017, the Partnership owned approximately 22.9% of Cambridge Master Fund. It is the Partnership’s intention to continue to invest in AE Capital Master Fund. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds are approximately the same as they would be if the Partnership traded directly and the redemption rights are not affected.

Summarized information reflecting the total assets, liabilities and partners’/members’ capital of the Funds is shown in the following tables:



	December 31, 2018
	Total Assets		Total Liabilities		Total Capital
Cambridge Master Fund	$	21,433,817	$	4,151,814	$	17,282,003
AE Capital Master Fund		19,758,302		99,954		19,658,348

	December 31, 2017
	Total Assets		Total Liabilities		Total Capital
Cambridge Master Fund	$	31,063,463	$	4,384,639	$	26,678,824

Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables:


	For the year ended December 31, 2018
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Cambridge Master Fund	$	371,194	$	(3,386,331	)	$	(3,015,137	)
AE Capital Master Fund ⁽¹⁾		180,229		(1,180,663	)		(1,000,434	)

	For the year ended December 31, 2017
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Cambridge Master Fund	$	141,596	$	1,967,437		$	2,109,033

(1)	From February 1, 2018, the date the Partnership invested into AE Capital Master Fund, through December 31, 2018.

Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata share of the results of operations of the Funds is shown in the following tables:


	December 31, 2018				For the year ended December 31, 2018
	% of						Expenses				Net
	Partners’		Fair		Income		Clearing		Professional		Income		Investment		Redemptions
Funds	Capital		Value		(Loss)		Fees		Fees		(Loss)		Objective		Permitted
Cambridge Master Fund		-%	$	-	$	57,162	$	1,001	$	1,017	$	55,144		Commodity Portfolio		Monthly
AE Capital Master Fund ⁽¹⁾		28.94%		1,492,447		(75,196)		11,474		5,511		(92,181)		Commodity Portfolio		Monthly


Total			$	1,492,447	$	(18,034)	$	12,475	$	6,528	$	(37,037)


	December 31, 2017				For the year ended December 31, 2017
	% of						Expenses				Net
	Partners’		Fair		Income		Clearing		Professional		Income		Investment		Redemptions
Fund	Capital		Value		(Loss)		Fees		Fees		(Loss)		Objective		Permitted
Cambridge Master Fund		99.96%	$	6,430,471	$	295,465	$	-	$	-	$	295,465		Commodity Portfolio		Monthly


Total			$	6,430,471	$	295,465	$	-	$	-	$	295,465

(1)	From February 1, 2018, the date the Partnership invested into AE Capital Master Fund, through December 31, 2018.