6.	Investment in the Funds:

On December 1, 2015, the assets allocated to Cambridge for trading were invested in Cambridge Master, a limited partnership organized under the partnership laws of the State of Delaware. Effective October 1, 2018, Mesirow has undertaken to perform the Cambridge 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. Cambridge Master permits accounts managed by Mesirow, and permitted accounts managed by Cambridge, using the Asian Markets Alpha Programme and the 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. Individual and pooled accounts currently managed by Mesirow, and previously managed by Cambridge, including the Partnership, are or were permitted to be limited partners of Cambridge Master. The General Partner and Mesirow believe, and Cambridge believed, that trading through this structure promotes or promoted efficiency and economy in the trading process. The General Partner and Mesirow have agreed that Mesirow will trade the Partnership’s assets allocated to Mesirow utilizing up to 1.5 times the leverage normally applied to both programs. The amount of leverage may be increased or decreased in the future. However, in no event will the amount of leverage be greater than 2.0 times the amount of assets allocated. The General Partner and Cambridge previously agreed to the same terms.

On January 1, 2018, the assets allocated to SECOR for trading were invested in SECOR Master, a limited partnership organized under the partnership laws of the State of Delaware. SECOR Master permits accounts managed by SECOR using a variation of the program traded by SECOR Alpha Master Fund L.P., a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of SECOR Master. Individual and pooled accounts currently managed by SECOR are permitted to be limited partners of SECOR Master. The General Partner and SECOR believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. The General Partner and SECOR have agreed that SECOR will trade the Partnership’s assets allocated to SECOR at a level that is up to 1.5 times the leverage applied to the assets of SECOR Alpha Master Fund, L.P.

On January 12, 2018, approximately 49% of the assets allocated to FORT for trading were invested in FORT Contrarian Master, a limited liability company organized under the limited liability company laws of the State of Delaware. FORT Contrarian Master permits accounts managed by FORT using its Global Contrarian Trading Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the Trading Manager of FORT Contrarian Master. Individual and pooled accounts currently managed by FORT are permitted to be members of FORT Contrarian Master. The Trading Manager and FORT believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. The Trading Manager and FORT have agreed that FORT will trade the Partnership’s assets allocated to FORT at a level that is up to 1.25 times the assets allocated. The amount of leverage may be increased or decreased in the future.

On February 1, 2018, the assets allocated to AE Capital for trading were invested in AE Capital Master, a limited liability company organized under the limited liability company laws of the State of Delaware. AE Capital Master permits accounts managed by AE Capital using its AE Systematic FX Fund Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the Trading Manager of AE Capital Master. Individual and pooled accounts currently managed by AE Capital are permitted to be members of AE Capital Master. The Trading Manager and AE Capital believe that trading through this master/feeder structure promotes efficiency and economy in the trading process.

On July 1, 2005, the assets allocated to Willowbridge for trading were invested in Willowbridge Master, a limited partnership organized under the partnership laws of the State of New York. Willowbridge Master permitted accounts managed by Willowbridge using its wPraxis Futures Trading Approach, a proprietary, discretionary trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Willowbridge Master on December 31, 2017.

On March 1, 2005, the assets allocated to Aspect for trading were invested in Aspect Master, a limited partnership organized under the partnership laws of the State of New York. Aspect Master permitted accounts managed by Aspect using the Diversified Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Aspect Master on December 31, 2017.

On June 1, 2006, the assets allocated to Graham for trading were invested in Graham Master, a limited partnership organized under the partnership laws of the State of New York. Graham Master permitted accounts managed by Graham using the K4D-15V Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Graham Master on December 31, 2017.

On January 1, 2013, the assets allocated to Boronia for trading were invested in Boronia I, LLC, a limited liability company organized under the limited liability company laws of the State of Delaware. Boronia I, LLC permitted accounts managed by Boronia using the Boronia Diversified Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Boronia I, LLC on December 31, 2017.

On May 1, 2011, the assets allocated to Altis for trading were invested in Altis Master, a limited partnership organized under the partnership laws of the State of New York. Altis Master permitted commodity pools managed by Altis using the Global Futures Portfolio Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Altis Master on June 30, 2016.

On August 1, 2013, the assets allocated to JE Moody for trading were invested in JEM Master, a limited partnership organized under the partnership laws of the State of Delaware. JEM Master permitted accounts managed by JE Moody using the JEM Commodity Relative Value Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The Partnership fully redeemed its investment in JEM Master on September 30, 2016.

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

The Funds’ and the Partnership’s trading of futures, forward and option contracts, as applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Funds and the Partnership engaged in such trading through commodity brokerage accounts maintained with MS&Co.

Generally, a limited partner/member in the Funds withdraws all or part of its capital contribution and undistributed profits, if any, from the Funds 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 Funds. However, 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, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level, except for management and incentive fees payable to Boronia (prior to its termination on December 31, 2017), which were charged at the Boronia Trading Company level. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners/non-managing members, including the Partnership. Clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level.

As of December 31, 2018, the Partnership owned approximately 100.0% of Cambridge Master, 84.7% of SECOR Master, 11.5% of FORT Contrarian Master and 79.2% of AE Capital Master. Prior to the close of business on December 31, 2017, the Partnership owned approximately 8.1% of Willowbridge Master, 44.9% of Aspect Master, 65.7% of Graham Master, 35.0% of Boronia I, LLC and 65.9% of Cambridge Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of 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	$	21,433,817	$	4,151,814	$	17,282,003
SECOR Master		37,347,676		2,170,539		35,177,137
FORT Contrarian Master		180,042,210		1,648,773		178,393,437
AE Capital Master		19,758,302		99,954		19,658,348

	December 31, 2017
	Total Assets		Total Liabilities		Total Capital
Willowbridge Master	$	336,101,673	$	39,096,772	$	297,004,901
Aspect Master		31,265,102		16,568,191		14,696,911
Graham Master		17,461,265		11,507,153		5,954,112
Boronia I, LLC		20,339,272		20,339,272		—
Cambridge Master		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	$	371,194		$	(3,386,331	)	$	(3,015,137	)
SECOR Master		(184,045	)		8,191,065			8,007,020
FORT Contrarian Master		2,172,289			(12,008,806	)		(9,836,517	)
AE Capital Master ^(a)		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)
Willowbridge Master	$	1,244,821		$	(27,512,190	)	$	(26,267,369	)
Aspect Master		86,824			237,022			323,846
Graham Master		17,954			1,841,308			1,859,262
Boronia I, LLC		(1,350,616	)		(7,153,817	)		(8,504,433	)
Cambridge Master		141,596			1,967,437			2,109,033

(a)	From February 1, 2018, commencement of operations for AE Capital Master, 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
									Expenses
Funds	% of Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Management Fee		Incentive Fee		Net Income (Loss)			Investment Objective		Redemptions Permitted
Cambridge Master		12.90	%	$	17,284,725	$	(2,882,082	)	$	81,191	$	61,444	$	—	$	—	$	(3,024,717	)		Commodity Portfolio		Monthly
SECOR Master		22.27	%		29,850,097		7,163,555			516,774		55,367		—		—		6,591,414			Commodity Portfolio		Monthly
FORT Contrarian Master		15.30	%		20,501,423		(1,174,034	)		72,292		14,941		—		—		(1,261,267	)		Commodity Portfolio		Monthly
AE Capital Master ^(a)		11.64	%		15,603,718		(548,257	)		102,075		46,782		—		—		(697,114	)		Commodity Portfolio		Monthly

Total				$	83,239,963	$	2,559,182		$	772,332	$	178,534	$	—	$	—	$	1,608,316


	December 31, 2017					For the year ended December 31, 2017
									Expenses
Funds	% of Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Management Fee		Incentive Fee		Net Income (Loss)			Investment Objective		Redemptions Permitted
Willowbridge Master		0.00	%	$	—	$	(2,262,268	)	$	129,443	$	6,247	$	—	$	—	$	(2,397,958	)		Commodity Portfolio		Monthly
Aspect Master		0.00	%		—		217,908			48,096		27,426		—		—		142,386			Commodity Portfolio		Monthly
Graham Master		0.00	%		—		1,326,851			40,258		43,405		—		—		1,243,188			Commodity Portfolio		Monthly
Boronia I, LLC		0.00	%		—		(2,296,906	)		336,343		36,937		157,165		—		(2,827,351	)		Commodity Portfolio		Monthly
Cambridge Master		21.66	%		19,891,353		668,519			63,273		31,548		—		—		573,698			Commodity Portfolio		Monthly

Total				$	19,891,353	$	(2,345,896	)	$	617,413	$	145,563	$	157,165	$	—	$	(3,266,037	)

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