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


	January 31, 2019*		December 31, 2018
Assets:
Equity in trading accounts:
Unrestricted cash (Note 3c)	$	165,130,566	$	168,521,311
Restricted cash (Note 3c)		239,925		23,236,000
Options purchased, at fair value (premiums paid $0 and $1,106,370 at January 31, 2019 and December 31, 2018, respectively)		-		453,854

Total assets	$	165,370,491	$	192,211,165


Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open futures contracts	$	-	$	4,547,298
Net unrealized depreciation on open forward contracts		238,233		1,648,478
Options written, at fair value (premiums received $0 and $4,654,630 at January 31, 2019 and December 31, 2018, respectively)		-		5,343,400
Accrued expenses:
Professional fees		55,573		47,269
Redemptions payable (Note 6)		-		32,242,733
Liquidation redemptions payable (Note 10)		165,076,685		-

Total liabilities		165,370,491		43,829,178

Partners’ Capital:
General Partner, 0.0000 Redeemable Units outstanding at January 31, 2019 and December 31, 2018		-		-
Limited Partners, 0.0000 and 56,635.9690 Redeemable Units outstanding at January 31, 2019 and December 31, 2018, respectively		-		148,381,987

Total partners’ capital (net asset value)		-		148,381,987

Total liabilities and partners’ capital	$	165,370,491	$	192,211,165

Net asset value per Redeemable Unit	$	-	$	2,619.92

*	Presented on a liquidation basis of accounting.

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Condensed Schedule of Investments

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


	Notional ($) / Number of Contracts		Fair Value		% of Partners’ Capital*
Unrealized Appreciation on Open Forward Contracts
Currencies	$	36,968,808	$	1,782		0.00	% **
Metals		442		1,789,962		1.09

Total unrealized appreciation on open forward contracts				1,791,744		1.09

Unrealized Depreciation on Open Forward Contracts
Currencies	$	36,925,494		(45,096)		(0.03)
Metals		586		(1,984,881)		(1.20)

Total unrealized depreciation on open forward contracts				(2,029,977)		(1.23)

Net unrealized depreciation on open forward contracts			$	(238,233)		(0.14)	%

*	Calculated based on pre-liquidation partners’ capital.

**	Due to rounding.

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2018


	Notional ($) / Number of Contracts		Fair Value		% of Partners’ Capital
Futures Contracts Purchased
Energy		399	$	(4,547,298)		(3.06)	%

Total futures contracts purchased				(4,547,298)		(3.06)

Net unrealized depreciation on open futures contracts			$	(4,547,298)		(3.06)	%


Unrealized Appreciation on Open Forward Contracts
Currencies	$	42,359,746	$	48,666		0.03	%
Metals		807		2,794,474		1.89

Total unrealized appreciation on open forward contracts				2,843,140		1.92


Unrealized Depreciation on Open Forward Contracts
Currencies	$	58,116,134		(10,624)		(0.01)
Metals		807		(4,480,994)		(3.02)

Total unrealized depreciation on open forward contracts				(4,491,618)		(3.03)

Net unrealized depreciation on open forward contracts			$	(1,648,478)		(1.11)	%


Options Purchased
Calls
Energy		4,230	$	453,854		0.31	%

Total options purchased (premiums paid $1,106,370)			$	453,854		0.31	%


Options Written
Calls
Energy		362	$	(10,860)		(0.01)	%
Puts
Energy		1,451		(5,332,540)		(3.59)

Total options written (premiums received $4,654,630)			$	(5,343,400)		(3.60)	%

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


	2019*		2018		2017

Investment Income:
Interest income	$	319,930	$	3,685,153	$	2,763,726


Expenses:
Clearing fees (Note 3c)		93,832		2,705,404		1,450,021
Professional fees		5,667		73,276		68,884

Total expenses		99,499		2,778,680		1,518,905

Net investment income (loss)		220,431		906,473		1,244,821

Trading Results:
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(8,058,769)		615,335		(23,128,019)
Net change in unrealized gains (losses) on open contracts		7,298,830		(5,458,856)		(4,384,171)

Total trading results		(759,939)		(4,843,521)		(27,512,190)

Net income (loss)	$	(539,508)	$	(3,937,048)	$	(26,267,369)

Net income (loss) per Redeemable Unit (Note 7)**	$	(8.51)	$	(83.87)	$	(205.06)

Weighted average Redeemable Units outstanding		63,328.4226		80,384.8610		127,142.8530

*	Presented on a liquidation basis of accounting.

**	Represents the change in net asset value per Redeemable Unit during the period before distribution of interest income to feeder funds and 2019 liquidation redemption.

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


	Partners’ Capital

Partners’ Capital, December 31, 2016	$	391,498,613

Subscriptions of 14,030.2290 Redeemable Units		40,521,325

Redemptions of 37,711.6079 Redeemable Units		(106,349,630)

Distribution of interest income to feeder funds		(2,398,038)

Net income (loss)		(26,267,369)


Partners’ Capital, December 31, 2017		297,004,901

Subscriptions of 3,221.8466 Redeemable Units		8,733,609

Redemptions of 54,896.5033 Redeemable Units		(150,334,857)

Distribution of interest income to feeder funds		(3,084,618)

Net income (loss)		(3,937,048)


Partners’ Capital, December 31, 2018		148,381,987

Subscriptions of 6,595.6393 Redeemable Units		17,280,074

Redemptions of 63,231.6083 Redeemable Units		(164,823,070)

Distribution of interest income to feeder funds		(299,483)

Net income (loss)		(539,508)


Partners’ Capital, January 31, 2019	$	-


Net asset value per Redeemable Unit:
2017:			$ 2,742.16
2018:			$ 2,619.92
2019*:			$ 2,606.68

*	Pre-liquidation net asset value per Redeemable Unit.

See accompanying notes to financial statements.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

1.	Organization:

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.

2.	Basis of Presentation and Summary of Significant Accounting Policies:

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material.

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.

Statement of Cash Flows. The Master did not provide a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and for the period from January 1, 2019 to January 31, 2019 and for the years ended December 31, 2018 and 2017, the Master carried no debt and all of the Master’s investments were carried at fair value and classified as Level 1 or Level 2 measurements.

Master’s Investments. All commodity interests of the Master, including derivative financial instruments and derivative commodity instruments, were held for trading purposes. The commodity interests were recorded on trade date and open contracts were recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies were translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses were realized when contracts were liquidated and were determined using the first-in, first-out method. Net unrealized gains or losses on open contracts were included as a component of equity in trading accounts in the Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses were included in the Statements of Income and Expenses. The Master did not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations were included in total trading results in the Statements of Income and Expenses.

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Income and Expenses Recognition. All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests were determined on each valuation day and allocated pro-rata among the Funds at the time of such determination.

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Master’s income and expenses. The Master followed the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Master’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would have been recorded as a tax benefit or liability in the Master’s Statements of Financial Condition for the current period. If a tax position did not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, was recognized in the Statements of Income and Expenses in the periods in which the position was claimed or was expected to be claimed. The General Partner has concluded that there were no significant uncertain tax positions that would have required recognition in the financial statements. The Master filed U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2015 through 2018 tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status. Effective January 1, 2014, the Master adopted Accounting Standards Update 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Master had been deemed to be an investment company since inception. Accordingly, the Master followed the investment company accounting and reporting guidance of Topic 946 and reflected its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit was calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 7, “Financial Highlights.”

CMF Willowbridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

3.	Agreements:

Limited Partnership Agreement:

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.

Management Agreement:

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.

Customer Agreement:

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.

FX Agreement:

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)

4.	Trading Activities:

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.


				Gross Amounts			Net Amounts			Gross Amounts Not Offset in the
				Offset in the			Presented in the			Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/
January 31, 2019	Recognized			Condition			Condition			Instruments		Pledged*		Net Amount
Assets
MS&Co.
Forwards	$	1,789,962		$	(1,789,962	)	$	-		$	-	$	-	$	-
JPMorgan
Forwards		1,782			(1,782	)		-			-		-		-

Total assets	$	1,791,744		$	(1,791,744	)	$	-		$	-	$	-	$	-


Liabilities
MS&Co.
Forwards	$	(1,984,881	)	$	1,789,962		$	(194,919	)	$	-	$	-	$	(194,919)
JPMorgan
Forwards		(45,096	)		1,782			(43,314	)		-		-		(43,314)

Total liabilities	$	(2,029,977	)	$	1,791,744		$	(238,233	)	$	-	$	-	$	(238,233)

Net fair value														$	(238,233)	*


				Gross Amounts			Net Amounts			Gross Amounts Not Offset in the
				Offset in the			Presented in the			Statements of Financial Condition
				Statements of			Statements of					Cash Collateral
	Gross Amounts			Financial			Financial			Financial		Received/
December 31, 2018	Recognized			Condition			Condition			Instruments		Pledged*		Net Amount
Assets
MS&Co.
Forwards	$	2,794,474		$	(2,794,474	)	$	-		$	-	$	-	$	-
JPMorgan
Forwards		48,666			(10,624	)		38,042			-		-		38,042

Total assets	$	2,843,140		$	(2,805,098	)	$	38,042		$	-	$	-	$	38,042


Liabilities
MS&Co.
Futures	$	(4,547,298	)	$	-		$	(4,547,298	)	$	-	$	-	$	(4,547,298)
Forwards		(4,480,994	)		2,794,474			(1,686,520	)		-		-		(1,686,520)

		(9,028,292	)		2,794,474			(6,233,818	)		-		-		(6,233,818)
JPMorgan
Forwards		(10,624	)		10,624			-			-		-		-

Total liabilities	$	(9,038,916	)	$	2,805,098		$	(6,233,818	)	$	-	$	-	$	(6,233,818)

Net fair value														$	(6,195,776)	*

In the event of default by the Master, MS&Co., the Master’s commodity futures broker and a counterparty to certain of the Master’s non-exchange-traded contracts, as applicable, and JPMorgan, as a counterparty to certain of the Master’s non-exchange-traded contracts, each had the right to offset the Master’s obligation with the Master’s cash and/or U.S. Treasury bills held by MS&Co. or JPMorgan, as applicable, thereby minimizing MS&Co.’s and JPMorgan’s risk of loss. In certain instances, a counterparty may not have posted collateral and as such, in the event of default by such counterparty, the Master would have been exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may have been reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may have been available in the event of a default.

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.


	January 31, 2019
Assets
Forward Contracts
Currencies	$	1,782
Metals		1,789,962

Total unrealized appreciation on open forward contracts		1,791,744


Liabilities
Forward Contracts
Currencies		(45,096)
Metals		(1,984,881)

Total unrealized depreciation on open forward contracts		(2,029,977)

Net unrealized depreciation on open forward contracts	$	(238,233)	*

*	This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.


	December 31, 2018
Liabilities
Futures Contracts
Energy	$	(4,547,298)

Total unrealized depreciation on open futures contracts		(4,547,298)

Net unrealized depreciation on open futures contracts	$	(4,547,298)	*


Assets
Forward Contracts
Currencies	$	48,666
Metals		2,794,474

Total unrealized appreciation on open forward contracts		2,843,140


Liabilities
Forward Contracts
Currencies		(10,624)
Metals		(4,480,994)

Total unrealized depreciation on open forward contracts		(4,491,618)

Net unrealized depreciation on open forward contracts	$	(1,648,478)	**


Assets
Options Purchased
Energy	$	453,854

Total options purchased	$	453,854	***


Liabilities
Options Written
Energy	$	(5,343,400)

Total options written	$	(5,343,400)	****

*	This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition.

**	This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.

***	This amount is in “Options purchased, at fair value” in the Statements of Financial Condition.

****	This amount is in “Options written, at fair value” in the Statements of Financial Condition.

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.


Sector	2019			2018			2017
Currencies	$	(381,595)		$	6,303,998		$	(5,054,707)
Energy		2,108,030			(9,421,359)			(209,969)
Grains		-			(1,569,058)			-
Indices		(1,513,499)			(1,539,819)			(19,065,570)
Interest Rates U.S.		(275,483)			2,982,460			(2,912,422)
Interest Rates Non-U.S.		(659,573)			821,973			3,859,202
Livestock		-			(260,229)			-
Metals		(37,819)			(2,041,184)			(4,128,724)
Softs		-			(120,303)			-


Total	$	(759,939)	*	$	(4,843,521)	*	$	(27,512,190)	*

*	This amount is in “Total trading results” in the Statements of Income and Expenses.

5.	Fair Value Measurements:

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)


January 31, 2019	Total		Level 1		Level 2		Level 3
Assets
Forwards	$	1,791,744	$	-	$	1,791,744	$	-

Total assets	$	1,791,744	$	-	$	1,791,744	$	-


Liabilities
Forwards	$	2,029,977	$	-	$	2,029,977	$	-

Total liabilities	$	2,029,977	$	-	$	2,029,977	$	-


December 31, 2018	Total		Level 1		Level 2		Level 3
Assets
Forwards	$	2,843,140	$	-	$	2,843,140	$	-
Options purchased		453,854		453,854		-		-

Total assets	$	3,296,994	$	453,854	$	2,843,140	$	-


Liabilities
Futures	$	4,547,298	$	4,547,298	$	-	$	-
Forwards		4,491,618		-		4,491,618		-
Options written		5,343,400		5,343,400		-		-

Total liabilities	$	14,382,316	$	9,890,698	$	4,491,618	$	-

6.	Subscriptions, Distributions and Redemptions:

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)

7.	Financial Highlights:

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:


	2019			2018			2017
Per Redeemable Unit Performance (for a unit outstanding throughout the period/year):*
Net realized and unrealized gains (losses)	$	(11.99)		$	(95.15)		$	(214.85)
Net investment income (loss)		3.48			11.28			9.79

Increase (decrease) for the period/year		(8.51)			(83.87)			(205.06)
Distribution of interest income to feeder funds		(4.73)			(38.37)			(18.86)
Net asset value per Redeemable Unit, beginning of period/year		2,619.92			2,742.16			2,966.08

Net asset value per Redeemable Unit, end of period/year**		2,606.68			2,619.92			2,742.16
Liquidation redemption per Redeemable Unit at January 31, 2019		(2,606.68)			-			-

Ending net asset value per Redeemable Unit	$	-		$	2,619.92		$	2,742.16


	2019			2018			2017
Ratios to Average Limited Partners’ Capital:
Net investment income (loss)****		1.7	% ***		0.4	%		0.3	%

Operating expenses		0.7	% ***		1.2	%		0.4	%

Total return		(0.3)	%		(3.1)	%		(6.9)	%

Net investment income (loss) per Redeemable Unit was calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period/year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information.

**	Calculated based on pre-liquidation net asset value per Redeemable Unit.

***	Average partners’ capital is calculated using pre-liquidation partners’ capital and ratios have been annualized.

****	Interest income less total expenses.

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)

8.	Financial Instrument Risks:

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.

9.	Subsequent Events:

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.

10.

Liquidation of the Master:

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

CERES TACTICAL GLOBAL L.P. 10-K