Trading Advisors to the Trading Companies

9 Months Ended

Sep. 30, 2016

Trading Advisors to the Trading Companies

6.	Trading Advisors to the Trading Companies:

At September 30, 2016, the Partnership owned approximately 87.3% of Aspect I, LLC and 26.6% of Boronia I, LLC. At December 31, 2015, the Partnership owned approximately 2.3% of BHM I, LLC, 88.4% of Altis I, LLC, 88.5% of Aspect I, LLC and 23.5% of Boronia I, LLC.

The performance of the Partnership is directly affected by the performance of the Trading Companies.

The tables below represent summarized results of operations for the Trading Companies that the Partnership invests in for the three and nine months ended September 30, 2016 and 2015, respectively.


For the three months ended September 30, 2016	Net Investment Loss		Total Trading Results		Net Income (Loss)

Aspect I, LLC	$	(105,978)	$	(310,666)	$	(416,644)
Boronia I, LLC		(601,850)		(7,110,962)		(7,712,812)

For the nine months ended September 30, 2016	Net Investment Loss		Total Trading Results		Net Income (Loss)

BHM I, LLC*	$	(170,710)	$	(6,343,252)	$	(6,513,962)
Altis I, LLC**		(171,789)		(2,453,952)		(2,625,741)
Aspect I, LLC		(321,910)		(236,859)		(558,769)
Boronia I, LLC		(2,375,665)		4,386,573		2,010,908

For the three months Ended September 30, 2015	Net Investment Loss		Total Trading Results		Net Income (Loss)

BHM I, LLC	$	(810,136)	$	(3,890,612)	$	(4,700,748)
Altis I, LLC		(77,629)		1,184,113		1,106,484
Aspect I, LLC		(106,899)		2,097,234		1,990,335
Boronia I, LLC		(1,075,317)		8,917,469		7,842,152

For the nine months ended September 30, 2015	Net Investment Loss		Total Trading Results		Net Income (Loss)

BHM I, LLC	$	(3,198,829)	$	(29,947,615)	$	(33,146,444)
Altis I, LLC		(228,688)		258,864		30,176
Aspect I, LLC		(477,279)		1,645,611		1,168,332
Boronia I, LLC		(4,665,174)		(7,844,128)		(12,509,302)

*	From January 1, 2016 through January 31, 2016, the date the Partnership fully redeemed its interest in BHM I, LLC.

**	From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis I, LLC.

Summarized information reflecting the Partnership’s investment in, and the Partnership’s pro rata share of the results of operations of the Trading Companies is shown in the following tables.


	September 30, 2016					For the three months ended September 30, 2016
	% of Partnership’s Partners’ Capital			Fair Value		Net Income (Loss)		Management Fees		Incentive Fees		Administrative Fees		Investment Objective	Redemptions Permitted
Aspect I, LLC		64.12	%	$	21,677,273	$	(361,507)	$	85,823	$	-	$	-	Commodity Portfolio	Monthly
Boronia I, LLC		41.51	%		14,034,201		(2,005,660)		59,415		1,490		-	Commodity Portfolio	Monthly

	September 30, 2016					For the nine months ended September 30, 2016
	% of Partnership’s Partners’ Capital			Fair Value		Net Income (Loss)		Management Fees		Incentive Fees		Administrative Fees		Investment Objective	Redemptions Permitted
BHM I, LLC*		-	%	$	-	$	(159,081)	$	3,045	$	-	$	-	Commodity Portfolio	Monthly
Altis I, LLC**		-	%		-		(2,307,557)		97,207		-		-	Commodity Portfolio	Monthly
Aspect I, LLC		64.12	%		21,677,273		(486,805)		205,802		56,710		-	Commodity Portfolio	Monthly
Boronia I, LLC		41.51	%		14,034,201		287,850		167,453		146,049		-	Commodity Portfolio	Monthly

	December 31, 2015					For the three months ended September 30, 2015
	% of Partnership’s Partners’ Capital			Fair Value		Net Income (Loss)		Management Fees		Incentive Fees		Administrative Fees		Investment Objective	Redemptions Permitted
BHM I, LLC		3.62	%	$	1,826,797	$	(260,511)	$	31,205	$	-	$	-	Commodity Portfolio	Monthly
Altis I, LLC		30.29	%		15,287,207		974,618		45,374		-		-	Commodity Portfolio	Monthly
Aspect I, LLC		34.14	%		17,235,691		1,757,000		54,370		30,517		-	Commodity Portfolio	Monthly
Boronia I, LLC		34.54	%		17,436,746		1,533,772		74,487		-		-	Commodity Portfolio	Monthly

	December 31, 2015					For the nine months ended September 30, 2015
	% of Partnership’s Partners’ Capital			Fair Value		Net Income (Loss)		Management Fees		Incentive Fees		Administrative Fees		Investment Objective	Redemptions Permitted
BHM I, LLC		3.62	%	$	1,826,797	$	(2,557,452)	$	190,766	$	-	$	-	Commodity Portfolio	Monthly
Altis I, LLC		30.29	%		15,287,207		38,149		141,318		-		-	Commodity Portfolio	Monthly
Aspect I, LLC		34.14	%		17,235,691		1,034,243		141,631		258,547		-	Commodity Portfolio	Monthly
Boronia I, LLC		34.54	%		17,436,746		(2,404,155)		249,880		178,955		-	Commodity Portfolio	Monthly

*	From January 1, 2016 through January 31, 2016, the date the Partnership fully redeemed its interest in BHM I, LLC.

**	From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis I, LLC.

Polaris Futures Fund L.P. 10-Q