6.	Investment in the Funds:

On January 1, 2018, the Partnership allocated a portion of its assets to Harbour Square Master, a limited liability company organized under the limited liability company laws of the State of Delaware. 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 also the trading manager of 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 should promote 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, 2013, the Partnership allocated substantially all of its capital to MB Master, a limited partnership organized under the partnership laws of the State of Delaware. Effective November 30, 2018, the Partnership fully redeemed its investment in MB Master.

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 Partnership’s/Funds’ trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Partnership/Funds 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, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. 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 68.7% of Harbour Square Master. Prior to the close of business on December 31, 2017, the Partnership owned approximately 89.3% of MB Master. It is the Partnership’s intention to continue to invest in the 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 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
Harbour Square Master	$	10,504,910	$	2,532,233	$	7,972,677

	December 31, 2017
	Total Assets		Total Liabilities		Total Capital
MB Master	$	87,348,208	$	9,978,681	$	77,369,527

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			Total Trading
	Income (Loss)			Results			Net Income (Loss)
MB Master^(a)	$	52,415		$	(951,117	)	$	(898,702	)
Harbour Square Master		244,803			416,882			661,685

	For the year ended December 31, 2017
	Net Investment			Total Trading
	Income (Loss)			Results			Net Income (Loss)
MB Master	$	(523,086	)	$	(106,303	)	$	(629,389	)

^(a) Summarized information presented is for the twelve months ended December 31, 2018. The Partnership was invested in MB Master from January 1, 2018 to November 30, 2018.

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
	% of							Expenses				Net
	Partners’		Fair		Income			Clearing		Professional		Income			Investment		Redemptions
Funds	Capital		Value		(Loss)			Fees		Fees		(Loss)			Objective		Permitted
MB Master^(a)		-	$	-	$	(384,502	)	$	172,975	$	30,426	$	(587,903	)		Commodity Portfolio		Monthly
Harbour Square Master		9.43%		5,489,732		571,941			74,003		41,460		456,478			Commodity Portfolio		Monthly

Total			$	5,489,732	$	187,439		$	246,978	$	71,886	$	(131,425	)


	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
MB Master		99.95%	$	69,682,811	$	564,298		$	1,216,893	$	56,368	$	(708,963	)		Commodity Portfolio		Monthly

Total			$	69,682,811	$	564,298		$	1,216,893	$	56,368	$	(708,963	)

^(a) The Partnership fully redeemed its investment in MB Master as of November 30, 2018.