6.	Investment in the Funds:

On August 1, 2013, 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 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 August 1, 2016, the Partnership allocated a portion of its assets to Harbour Square, which until December 31, 2017 were managed and traded directly by Harbour Square pursuant to Harbour Square’s Discretionary Energy Program through a trading account in the Partnership’s name. Effective January 1, 2018, the assets allocated to Harbour Square were transferred into Harbour Square Master, a limited liability company organized under the limited liability company laws of the State of Delaware, through which they are managed and traded by Harbour Square pursuant to the same strategy. Harbour Square Master permits accounts managed by Harbour Square using Harbour Square’s Discretionary Energy Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is the trading manager to Harbour Square Master. Individual and pooled accounts currently managed by Harbour Square, including the Partnership, are permitted to be members of Harbour Square Master. The Trading Manager and Harbour Square believe that trading through this structure promotes efficiency and economy in the trading process. The Trading Manager and Harbour Square have agreed that Harbour Square will trade the Partnership’s assets allocated to Harbour Square Master at a level that is up to 1.5 times the amount of the assets allocated. The amount of leverage may be changed in the future.

On February 1, 2017, the Partnership allocated a portion of its assets to AE Capital, which were managed and traded directly by AE Capital pursuant to AE Capital’s AE Systematic FX Fund Program through a trading account in the Partnership’s name from March 1, 2017 until January 31, 2018. Effective February 1, 2018, the assets allocated to AE Capital were transferred into AE Capital Master, a limited liability company organized under the limited liability company laws of the State of Delaware, through which they are managed and traded by AE Capital pursuant to the same strategy. AE Capital Master permits accounts managed by AE Capital using AE Capital’s AE Systematic FX Fund Program, a proprietary systematic strategy, to invest together in one trading vehicle. The General Partner is also the trading manager to AE Capital Master. Individual and pooled accounts currently managed by AE Capital, including the Partnership, 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 September 1, 2012, 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. From October 1, 2018 until its termination effective October 31, 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. Effective October 31, 2018, the Partnership fully redeemed its investment in Cambridge Master.

Effective January 1, 2013, the assets traded directly by Willowbridge using its wPraxis Futures Trading Approach were invested in Willowbridge Master, a limited partnership organized under the partnership laws of the State of New York. Effective February 28, 2017, the Partnership fully redeemed its investment in Willowbridge Master.

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, as 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, 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, the General Partner fees and incentive fees are charged at the Partnership level. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly.

As of December 31, 2018, the Partnership owned approximately 15.3% of SECOR Master, 31.3% of Harbour Square Master and 13.2% of AE Capital Master. Prior to the close of business on December 31, 2017, the Partnership owned approximately 27.2% of SECOR Master and 4.9% of Cambridge Master. It is the Partnership’s intention to continue to invest in the Funds (except Willowbridge Master and Cambridge Master). 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
SECOR Master	$	37,347,676	$	2,170,539	$	35,177,137
Harbour Square Master		10,504,910		2,532,233		7,972,677
AE Capital Master		19,758,302		99,954		19,658,348

	December 31, 2017
	Total Assets		Total Liabilities		Total Capital
SECOR Master	$	22,831,484	$	18,066,303	$	4,765,181
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)
SECOR Master	$	(184,045	)	$	8,191,065		$	8,007,020
Harbour Square Master		244,803			416,882			661,685
AE Capital Master ^(a)		180,229			(1,180,663	)		(1,000,434	)
Cambridge Master ^(b)		371,194			(3,386,331	)		(3,015,137	)

	For the year ended December 31, 2017
	Net Investment Income (Loss)			Total Trading Results			Net Income (Loss)
SECOR Master	$	18,180		$	(2,107,396	)	$	(2,089,216	)
Cambridge Master		141,596			1,967,437			2,109,033
Willowbridge Master ^(c)		155,028			(5,302,674	)		(5,147,646	)

(a)	From February 1, 2018, commencement of operations for AE Capital Master, through December 31, 2018.

(b)	Summarized information presented is for the twelve months ended December 31, 2018. The Partnership was invested in Cambridge Master from January 1, 2018 through October 31, 2018.

(c)	From January 1, 2017 through February 28, 2017, the date the Partnership fully redeemed its interest in Willowbridge Master.

Summarized information reflecting the Partnership’s investments 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
Funds	% of Partners’ Capital			Fair Value		Income (Loss)		Expenses				Net Income (Loss)		Investment Objective		Redemptions Permitted
Funds	% of Partners’ Capital			Fair Value		Income (Loss)		Clearing Fees		Professional Fees		Net Income (Loss)		Investment Objective		Redemptions Permitted
SECOR Master		18.00	%	$	5,373,355	$	1,549,537	$	121,023	$	12,908	$	1,415,606		Commodity Portfolio		Monthly
Harbour Square Master		8.39	%		2,505,301		275,727		43,893		26,628		205,206		Commodity Portfolio		Monthly
AE Capital Master ^(a)		8.71	%		2,600,215		(174,841)		24,500		11,796		(211,137)		Commodity Portfolio		Monthly
Cambridge Master ^(b)		-	%		-		(41,066)		2,668		1,831		(45,565)		Commodity Portfolio		Monthly

Total				$	10,478,871	$	1,609,357	$	192,084	$	53,163	$	1,364,110


	December 31, 2017					For the year ended December 31, 2017
Funds	% of Partners’ Capital			Fair Value		Income (Loss)		Expenses				Net Income (Loss)		Investment Objective		Redemptions Permitted
Funds	% of Partners’ Capital			Fair Value		Income (Loss)		Clearing Fees		Professional Fees		Net Income (Loss)		Investment Objective		Redemptions Permitted
SECOR Master		11.43	%	$	4,770,275	$	(374,306)	$	165,557	$	24,321	$	(564,184)		Commodity Portfolio		Monthly
Cambridge Master		0.87	%		362,125		870,647		16,622		8,753		845,272		Commodity Portfolio		Monthly
Willowbridge Master ^(c)		-	%		-		(11,539)		612		62		(12,213)		Commodity Portfolio		Monthly

Total				$	5,132,400	$	484,802	$	182,791	$	33,136	$	268,875

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

(b) From January 1, 2018 through October 31, 2018, the date the Partnership fully redeemed its interest in Cambridge Master.

(c) From January 1, 2017 through February 28, 2017, the date the Partnership fully redeemed its interest in Willowbridge Master.