Exhibit 99.3

To the Limited Partners of

CMF Willowbridge Master Fund L.P.

To the best of the knowledge and belief of the undersigned, the information contained herein is accurate and complete.

By:		Patrick T. Egan
		President and Director
		Ceres Managed Futures LLC
		General Partner,
		CMF Willowbridge Master Fund L.P.
Ceres Managed Futures LLC 522 Fifth Avenue New York, NY 10036 (855) 672-4468

Report of Independent Registered Public Accounting Firm

To the General Partner of CMF Willowbridge Master Fund L.P. (in liquidation),

Opinion on the Financial Statements

We have audited the accompanying statements of financial condition of CMF Willowbridge Master Fund L.P. (in liquidation) (the “Partnership”), including the condensed schedule of investments, as of January 31, 2019, and the related statements of income and expenses and changes in partners’ capital for the period from January 1, 2019 to January 31, 2019, and the related notes. We have also audited the statements of financial condition, including the condensed schedule of investments, as of December 31, 2018, and the related statements of income and expenses and changes in partners’ capital for each of the two years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership at January 31, 2019 and December 31, 2018, and the results of its operations and changes in its partners’ capital for the period from January 1, 2019 to January 31, 2019 and each of the two years in the period ended December 31, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of the Partnership’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Liquidation Basis of Accounting

As described in Note 1 to the financial statements, the General Partner of the Partnership has decided to liquidate the Partnership and the Partnership determined liquidation is imminent. As a result, the Partnership changed its basis of accounting from the going concern basis to a liquidation basis. Our opinion is not modified with respect to this matter.

/s/ Ernst & Young LLP

We have served as the auditor of the Partnership since 2017.

Boston, MA

April 12, 2019

CMF Willowbridge Master Fund L.P.

Statements of Financial Condition

January 31, 2019 (termination of operations) (liquidation basis)

and December 31, 2018

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Condensed Schedule of Investments

January 31, 2019 (termination of operations) (liquidation basis)

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2018

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Statements of Income and Expenses

For the Period From January 1, 2019 to January 31, 2019 (Termination of Operations)

(Liquidation Basis) and For the Years Ended December 31, 2018 and 2017

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Statements of Changes in Partners’ Capital

For the Period From January 1, 2019 to January 31, 2019 (Termination of Operations)

(Liquidation Basis) and For the Years Ended December 31, 2018 and 2017

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

CMF Willowbridge Master Fund L.P. (the “Master”) was a limited partnership organized under the partnership laws of the State of New York on May 11, 2005, to engage in the speculative trading of a diversified portfolio of commodity interests, including futures, option, swap and forward contracts. The sectors traded included currencies, energy, grains, indices, U.S. and non-U.S. interest rates, metals and softs. The commodity interests that were traded by the Master were volatile and involved a high degree of market risk. The General Partner (as defined below) may have also determined to invest up to all of the Master’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Master could have sold an unlimited number of redeemable units of limited partnership interest (“Redeemable Units”). The Redeemable Units of the Master were used solely for accounting purposes and did not represent units issued legally. On January 18, 2019, the General Partner terminated the management agreement (the “Management Agreement”) by and among the Advisor (as defined below), the Master and the General Partner effective the close of business on January 31, 2019. As a result, the Master terminated operations on January 31, 2019 and the Master changed its basis of accounting from the going concern basis to a liquidation basis. Liquidation basis accounting requires the Master to record assets and liabilities at values to be received or paid in liquidation. The Master was liquidated in accordance with the terms of its limited partnership agreement (the “Limited Partnership Agreement”).

Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (the “General Partner”) and commodity pool operator of the Master. The General Partner is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to its termination on January 31, 2019, all trading decisions for the Master were made by the Advisor.

On July 1, 2005, (commencement of trading operations), Diversified Multi-Advisor Futures Fund L.P. (“Diversified”), Diversified Multi-Advisor Futures Fund L.P. II (“Diversified II”), Ceres Orion L.P. (formerly, Orion Futures Fund L.P.) (“Orion”), Institutional Futures Portfolio L.P. (“Institutional Portfolio”) and Ceres Tactical Systematic L.P. (formerly, Tactical Diversified Futures Fund L.P.) (“Tactical Systematic”) each allocated a portion of their capital to the Master. On April 1, 2009, Orion Futures Fund (Cayman) Ltd. (“Orion Cayman”) allocated a portion of its capital to the Master. On May 31, 2011, Orion redeemed its investment in the Master. On November 30, 2011, Institutional Portfolio fully redeemed its investment in the Master. On January 1, 2013, Orion Cayman fully redeemed its investment in the Master. On January 1, 2013, Emerging CTA Portfolio L.P. (“ECTA”) allocated a portion of its capital to the Master. On December 31, 2013, Diversified fully redeemed its investment in the Master. On August 1, 2014, Orion allocated a portion of its capital to the Master. On December 31, 2014, Diversified II fully redeemed its investment in the Master. On February 1, 2016, Ceres Tactical Macro L.P. (“Tactical Macro”) allocated a portion of its capital to the Master. On February 28, 2017, ECTA fully redeemed its investment in the Master. On December 31, 2017, Tactical Systematic fully redeemed its investment in the Master. On December 31, 2018, Tactical Macro fully redeemed its investment in the Master. On January 1, 2019, Ceres Tactical Global L.P. (formerly, Ceres Tactical Currency L.P.) (“Tactical Global”) allocated a portion of its capital to the Master. On January 31, 2019, Orion and Tactical Global fully redeemed their respective investments in the Master. The Master was formed to permit commodity pools managed by Willowbridge Associates Inc. (the “Advisor”) using its wPraxis Futures Trading Approach, a proprietary discretionary trading program, to invest together in one trading vehicle.

During the periods covered by this report, the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) also was a foreign exchange forward contract counterparty for the Master. During prior periods covered by this report, the Master deposited a portion of its cash in a non-trading bank account at JPMorgan.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Prior to its termination of operations effective January 31, 2019, the Master operated under a structure in which its investors consisted of Orion and Tactical Global (each a “Feeder” or collectively, the “Funds”). References herein to a “Feeder” or the “Funds” may also include as relevant, reference to Tactical Systematic, Tactical Macro and ECTA. As of December 31, 2018, Orion owned 100% of the Master.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnished certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintained certain books and records of the Master.

The financial statements of the Master as of January 31, 2019 and for the period from January 1, 2019 to January 31, 2019 are prepared using the liquidation basis of accounting. The liquidation basis of accounting requires the Master to record assets and liabilities at the values expected to be received or paid in liquidation. The change in basis of accounting from the going concern basis to the liquidation basis did not have a material effect on the Master’s carrying value of assets and liabilities or its results of operations. All carrying values are expected to be realized by the Master during liquidation. The liquidation basis of accounting also requires the financial statements to include a statement of net assets or a statement of changes in net assets available to limited partners. The Statements of Changes in Partners’ Capital (included herein) present the same information and thus the financial statements include a statement of net assets available to limited partners for the period from January 1, 2019 to January 31, 2019.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The General Partner administered the business and affairs of the Master, including selecting one or more advisors to make trading decisions for the Master. The Limited Partnership Agreement was in effect until January 31, 2019, when the Master terminated operations.

The General Partner, on behalf of the Master, had entered into the Management Agreement with the Advisor, a registered commodity trading advisor. The Advisor was not affiliated with the General Partner or MS&Co. and was not responsible for the organization or operation of the Master. The Management Agreement provided that the Advisor had sole discretion in determining the investment of the assets of the Master. All management fees in connection with the Management Agreement were borne by the Funds. The Management Agreement was in effect until January 31, 2019, when the Master terminated operations.

The Master had entered into a customer agreement with MS&Co. (the “Customer Agreement”) and a foreign exchange brokerage account agreement with MS&Co.

Under the Customer Agreement and the foreign exchange brokerage account agreement, the Master paid MS&Co. (or reimbursed MS&Co., if previously paid) trading fees for the clearing and, where applicable, the execution of transactions. Further, all trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) were borne by the Master and allocated to the Funds. All other fees were borne directly by the Funds. The Master’s cash deposited with MS&Co. was held in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. The Master’s restricted cash was equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. and/or JPMorgan, as applicable. At January 31, 2019 and December 31, 2018, the amount of cash held by the Master for margin requirements was $239,925 and $23,236,000, respectively. Cash that was not classified as restricted cash was therefore classified as unrestricted cash. The Customer Agreement was in effect until January 31, 2019, when the Master terminated operations.

On July 12, 2017, the Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts. These agreements included a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under the FX Agreement, JPMorgan charged a fee on the aggregate foreign currency transactions entered into on behalf of the Master during a month. These agreements were in effect until January 31, 2019, when the Master terminated operations.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The Master was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Master’s trading activities are shown in the Statements of Income and Expenses.

The Customer Agreement gave the Master the legal right to net unrealized gains and losses on open futures and forward contracts. The Master netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition, as the criteria under ASC 210-20, “Balance Sheet,” had been met.

All of the commodity interests owned by the Master were held for trading purposes. The average number of futures contracts traded during the period from January 1, 2019 to January 31, 2019 (termination of operations) and the year ended December 31, 2018 were 219 and 7,430, respectively. The average number of metals forward contracts traded during the period from January 1, 2019 to January 31, 2019 (termination of operations) and the year ended December 31, 2018 were 59 and 914, respectively. The average number of option contracts traded during the period from January 1, 2019 to January 31, 2019 (termination of operations) and year ended December 31, 2018 were 319 and 6,118, respectively. The average notional values of currency forward contracts traded during the period from January 1, 2019 to January 31, 2019 (termination of operations) and the year ended December 31, 2018 were $1,290,698 and $1,003,831,052, respectively.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of January 31, 2019 (termination of operations) and December 31, 2018, respectively.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts, as applicable, as separate assets and liabilities as of January 31, 2019 (termination of operations) and December 31, 2018, respectively.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the period from January 1, 2019 to January 31, 2019 (termination of operations) and for the years ended December 31, 2018 and 2017.

Master’s Fair Value Measurements. Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Master considered prices for commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of January 31, 2019 (termination of operations) and December 31, 2018, for the period from January 1, 2019 to January 31, 2019 (termination of operations) and for the year ended December 31, 2018, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Subscriptions were accepted monthly from investors who became limited partners on the first day of the month after their subscriptions were processed. Distributions were made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date, except for distribution of interest income to feeder funds, as applicable. Generally, a limited partner withdrew all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request for redemption had been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals were classified as a liability when the limited partner elected to redeem and informed the Master. However, a limited partner also had the right to request a withdrawal as of the end of any day if such request was received by the General Partner at least three days in advance of the proposed withdrawal day.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Financial highlights for the limited partner class as a whole for the period from January 1, 2019 to January 31, 2019 (termination of operations) and for the years ended December 31, 2018 and 2017 were as follows:

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the years ending December 31, 2018 and 2017. Additionally, these ratios were calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

In the normal course of business, the Master was party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may have included forwards, futures, options and swaps, whose values were based upon an underlying asset, index, or reference rate, and generally represented future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may have been traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward and option contracts. OTC contracts were negotiated between contracting parties and also included certain forward and option contracts. Each of these instruments was subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts were greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that prior to its termination of operations effective January 31, 2019, approximately 14.7% to 95.9% of the Master’s contracts were traded OTC.

Futures Contracts. The Master traded futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may have been made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and were recorded as unrealized gains or losses by the Master. When the contract was closed, the Master recorded a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses.

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts were valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on foreign currency contracts were recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses.

London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represented a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Master were cash settled based on prompt dates published by the LME. Variation margin may have been made or received by the Master on each business day, depending on the daily fluctuations in the value of the underlying contracts, and were recorded as unrealized gains or losses by the Master. A contract was considered offset when all long positions had been matched with a like number of short positions settling on the same prompt date. When the contract was closed at the prompt date, the Master recorded a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and net change in unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Options. The Master may have purchased or wrote (sold) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Master wrote an option, the premium received was recorded as a liability in the Statements of Financial Condition and marked-to-market daily. When the Master purchased an option, the premium paid was recorded as an asset in the Statements of Financial Condition and marked-to-market daily. Net realized gains (losses) and net change in unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses.

As both a buyer and seller of options, the Master paid or received a premium at the outset and then bore the risk of unfavorable changes in the price of the contract underlying the option. Written options exposed the Master to potentially unlimited liability; for purchased options the risk of loss was limited to the premiums paid. Certain written put options permitted cash settlement and did not require the option holder to own the reference asset. The Master did not consider these contracts to be guarantees.

Futures-style Options. The Master may have traded futures-style option contracts. Unlike traditional option contracts, the premiums for futures-style option contracts were not received or paid upon the onset of the trade. The premiums were recognized and received or paid as part of the sales price when the contract was closed. Similar to a futures contract, variation margin for the futures-style option contract may have been made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and were recorded as unrealized gains or losses by the Master. Transactions in futures-style option contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Futures-style option contracts are presented as part of “Net unrealized appreciation on open futures contracts” or “Net unrealized depreciation on open futures contracts,” as applicable, in the Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on futures-style option contracts are included in the Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master was exposed to market risk equal to the value of futures and forward contracts held and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Master’s risk of loss in the event of a counterparty default was typically limited to the amounts recognized in the Statements of Financial Condition and was not represented by the contract or notional amounts of the instruments. The Master’s risk of loss was reduced through the use of legally enforceable master netting agreements with counterparties that permitted the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Master had credit risk and concentration risk as MS&Co., an MS&Co. affiliate or JPMorgan were the counterparties or brokers with respect to the Master’s assets. Credit risk with respect to exchange-traded instruments was reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Master’s counterparty was an exchange or clearing organization.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The General Partner monitored and attempted to mitigate the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believed that it had effective procedures for evaluating and limiting the credit and market risks to which the Master may have been subject. These monitoring systems generally allowed the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provided account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments matured within one year of the inception date. However, due to the nature of the Master’s business, these instruments may not have been held to maturity.

In the ordinary course of business, the Master entered into contracts and agreements that contained various representations and warranties and which provided general indemnifications. The Master’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Master. The Master considered the risk of any future obligation relating to these indemnifications to be remote.

The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through April 12, 2019, the date the financial statements were available to be issued and has determined that, other than disclosed in Note 10, “Liquidation of the Master,” there were no subsequent events requiring adjustment to or disclosure in the financial statements.

The payments of the Master’s liquidation redemptions payable to the Funds were made on or about February 4, 2019.