Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2020

Financial highlights for the limited partner classes as a whole for the three and six months ended June 30, 2020 and 2019 were as follows:


	Three Months Ended June 30,
	2020						2019

Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A		Class D		Class Z		Class A		Class D		Class Z
Net realized and unrealized gains (losses)	$	(120.06)	$	(119.23)	$	(125.07)	$	(13.56)	$	(13.34)	$	(13.93)
Net investment loss		(13.22)		(9.79)		(8.17)		(9.50)		(5.26)		(2.92)

Increase (decrease) for the period		(133.28)		(129.02)		(133.24)		(23.06)		(18.60)		(16.85)
Net asset value per Redeemable Unit, beginning of period		1,140.38		1,130.80		1,185.10		1,318.94		1,291.57		1,343.45

Net asset value per Redeemable Unit, end of period	$	1,007.10	$	1,001.78	$	1,051.86	$	1,295.88	$	1,272.97	$	1,326.60


	Six Months Ended June 30,
	2020						2019

Per Redeemable Unit Performance (for a unit outstanding throughout the period):*		Class A		Class D		Class Z		Class A		Class D		Class Z
Net realized and unrealized gains (losses)	$	(279.37)	$	(276.88)	$	(290.11)	$	1.22	$	1.19	$	1.18
Net investment loss		(25.28)		(18.00)		(14.40)		(18.38)		(9.99)		(5.34)

Increase (decrease) for the period		(304.65)		(294.88)		(304.51)		(17.16)		(8.80)		(4.16)
Net asset value per Redeemable Unit, beginning of period		1,311.75		1,296.66		1,356.37		1,313.04		1,281.77		1,330.76

Net asset value per Redeemable Unit, end of period	$	1,007.10	$	1,001.78	$	1,051.86	$	1,295.88	$	1,272.97	$	1,326.60


	Three Months Ended June 30,
	2020									2019
	Class A			Class D			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(5.0)	%		(3.7)	%		(3.1)	%		(2.9)	%		(1.6)	%		(0.9)	%


Operating expenses		5.1	%		3.8	%		3.2	%		5.1	%		3.7	%		3.1	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%

Total expenses		5.1	%		3.8	%		3.2	%		5.1	%		3.7	%		3.1	%


Total return:
Total return before incentive fees		(11.7)	%		(11.4)	%		(11.2)	%		(1.7)	%		(1.4)	%		(1.3)	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%

Total return after incentive fees		(11.7)	%		(11.4)	%		(11.2)	%		(1.7)	%		(1.4)	%		(1.3)	%


	Six Months Ended June 30,
	2020									2019
	Class A			Class D			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment loss***		(4.4)	%		(3.1)	%		(2.5)	%		(2.9)	%		(1.6)	%		(0.8)	%


Operating expenses		5.1	%		3.8	%		3.1	%		5.0	%		3.7	%		3.0	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%

Total expenses		5.1	%		3.8	%		3.1	%		5.0	%		3.7	%		3.0	%


Total return:
Total return before incentive fees		(23.2)	%		(22.7)	%		(22.5)	%		(1.3)	%		(0.7)	%		(0.3)	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%

Total return after incentive fees		(23.2)	%		(22.7)	%		(22.5)	%		(1.3)	%		(0.7)	%		(0.3)	%

Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. 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.

**	Annualized (except for incentive fees).

***	Interest income allocated from the Master less total expenses.

CMF Winton Master L.P. [Member]

Financial Highlights

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class for the Classes using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and include the income and expenses allocated from the Master.

Financial Highlights of the Master:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	(391.15)		$	(42.97)		$	(904.15)		$	3.63
Net investment income (loss)		(1.22)			19.94			8.34			40.63

Increase (decrease) for the period		(392.37)			(23.03)			(895.81)			44.26
Distribution of interest income to feeder funds		(0.72)			(20.83)			(12.47)			(42.16)
Net asset value per Redeemable Unit, beginning of period		3,689.80			4,130.18			4,204.99			4,084.22

Net asset value per Redeemable Unit, end of period	$	3,296.71		$	4,086.32		$	3,296.71		$	4,086.32


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Ratios to Average Limited Partners’ Capital:**
Net investment income (loss)***		(0.1)	%		1.9	%		0.4	%		2.0	%

Operating expenses		0.2	%		0.2	%		0.3	%		0.2	%


Total return		(10.6)	%		(0.6)	%		(21.3)	%		1.1	%

Net investment income (loss) per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. 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.

**	Annualized.

***	Interest income less total expenses.

CERES ABINGDON L.P. 10-Q