6.	Investment in the Funds:

On November 1, 2004, the assets allocated to Winton for trading were invested in Winton Master, a limited partnership organized under the partnership laws of the State of New York. Winton Master permits accounts managed by Winton using the Winton Futures Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Winton Master. Individual and pooled accounts currently managed by Winton, including the Partnership, are permitted to be limited partners of Winton Master. The General Partner and Winton believe that trading through this structure promotes efficiency and economy in the trading process. The General Partner and Winton have agreed that Winton will trade the Partnership’s assets allocated to Winton at a level that is up to 1.5 times the amount of assets allocated.

On June 1, 2011, the Partnership allocated a portion of its assets to Transtrend Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Transtrend Master permits accounts managed by Transtrend using the Diversified Trend Program-Enhanced Risk Profile (US Dollar), a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of Transtrend Master. Individual and pooled accounts managed by Transtrend, including the Partnership, are permitted to be members of Transtrend Master. The Trading Manager and Transtrend believe that trading through this structure promotes efficiency and economy in the trading process.

On August 1, 2014, 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 permits accounts managed by Willowbridge using its wPraxis Futures Trading Approach, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Willowbridge Master. Individual and pooled accounts currently managed by Willowbridge, including the Partnership, are permitted to be limited partners of Willowbridge Master. The General Partner and Willowbridge believe that trading through this structure promotes efficiency and economy in the trading process. The General Partner and Willowbridge have agreed that Willowbridge will trade the Partnership’s assets at a level that is up to 3.0 times the amount of the assets allocated.

On February 1, 2018, 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, including the Partnership, are permitted to be members of FORT Contrarian Master. The Trading Manager and FORT believe that trading through this 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 amount of the assets allocated.

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.

The Funds’ and the Partnership’s trading of futures, forward, swap, and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Funds and the Partnership engage 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, for all Funds other than Winton Master, 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 selling agent fees, General Partner fees and incentive fees are charged at the Partnership level, except for management and incentive fees payable to Transtrend which are charged at the Transtrend Master 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.

At December 31, 2018, the Partnership owned approximately 45.1% of Winton Master, 99.2% of Transtrend Master, 100.0% of Willowbridge Master and 87.3% of FORT Contrarian Master. Prior to the close of business on December 31, 2017, the Partnership owned approximately 45.8% of Winton Master, 95.8% of Transtrend Master and 82.5% of Willowbridge 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 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
Winton Master	$	352,978,637	$	13,779,023	$	339,199,614
Transtrend Master		150,331,839		533,135		149,798,704
Willowbridge Master		192,211,165		43,829,178		148,381,987
FORT Contrarian Master		180,042,210		1,648,773		178,393,437

	December 31, 2017
	Total Assets		Total Liabilities		Total Capital
Winton Master	$	408,725,040	$	11,076,733	$	397,648,307
Transtrend Master		217,045,353		15,335,906		201,709,447
Willowbridge Master		336,101,673		39,096,772		297,004,901

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)
Winton Master	$	5,588,690		$	(7,829,505	)	$	(2,240,815	)
Transtrend Master		(299,102	)		(17,683,526	)		(17,982,628	)
Willowbridge Master		906,473			(4,843,521	)		(3,937,048	)
FORT Contrarian Master ^(a)		2,172,289			(12,008,806	)		(9,836,517	)

	For the year ended December 31, 2017
	Net Investment Income (Loss)			Total Trading Results			Net Income (Loss)
Winton Master	$	2,498,543		$	41,177,241		$	43,675,784
Transtrend Master		(2,170,265	)		(2,700,598	)		(4,870,863	)
Willowbridge Master		1,244,821			(27,512,190	)		(26,267,369	)

(a)	Summarized information presented is for the twelve months ended December 31, 2018. The Partnership was invested in Fort Contrarian Master from February 1, 2018 to December 31, 2018.

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


	December 31, 2018					For the year ended December 31, 2018
	% of								Expenses								Net
	Partners’					Income			Clearing		Professional		Management		Incentive		Income			Investment		Redemptions
Funds	Capital			Fair Value		(Loss)			Fees		Fees		Fees		Fee		(Loss)			Objective		Permitted
Winton Master		25.30	%	$	153,304,033	$	241,406		$	214,137	$	30,606	$	—	$	—	$	(3,337	)		Commodity Portfolio		Monthly
Transtrend Master		24.51	%		148,573,425		(15,288,450	)		1,039,887		274		1,449,384		47,039		(17,825,034	)		Commodity Portfolio		Monthly
Willowbridge Master		24.53	%		148,663,921		(825,674	)		2,381,900		64,577		—		—		(3,272,151	)		Commodity Portfolio		Monthly
FORT Contrarian Master (a)		25.75	%		156,038,134		(7,949,280	)		398,224		52,933		—		—		(8,400,437	)		Commodity Portfolio		Monthly

Total				$	606,579,513	$	(23,821,998	)	$	4,034,148	$	148,390	$	1,449,384	$	47,039	$	(29,500,959	)


	December 31, 2017					For the year ended December 31, 2017
	% of								Expenses								Net
	Partners’					Income			Clearing		Professional		Management		Incentive		Income			Investment		Redemptions
Funds	Capital			Fair Value		(Loss)			Fees		Fees		Fees		Fee		(Loss)			Objective		Permitted
Winton Master		23.38	%	$	186,666,465	$	20,307,233		$	235,397	$	29,118	$	—	$	—	$	20,042,718			Commodity Portfolio		Monthly
Transtrend Master		25.26	%		201,709,447		(857,440	)		1,529,471		839		1,961,681		25,157		(4,374,588	)		Commodity Portfolio		Monthly
Willowbridge Master		33.58	%		268,119,462		(19,867,278	)		1,170,473		55,300		—		—		(21,093,051	)		Commodity Portfolio		Monthly

Total				$	656,495,374	$	(417,485	)	$	2,935,341	$	85,257	$	1,961,681	$	25,157	$	(5,424,921	)

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