Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2018, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2018 and 2017. These financial statements present the results for interim periods and do not include all of the disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investment. Funds’ Investments. first-in, first-out Fund’s Cash Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Net Income (Loss) per Redeemable Unit “Financial Services-Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K Aspect Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2018 and December 31, 2017 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2018 and 2017 are presented below: CMF Aspect Master Fund L.P. Statements of Financial Condition September 30, 2018 December 31, 2017 (Unaudited) Assets: Equity in trading account: Unrestricted cash $ ` 10,564,283 $ 26,880,632 Restricted cash 3,164,028 4,297,134 Net unrealized appreciation on open futures contracts 772,460 32,846 Net unrealized appreciation on open forward contracts - 54,106 Total equity in trading account 14,500,771 31,264,718 Cash at bank - 384 Total assets $ 14,500,771 $ 31,265,102 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ 313,152 $ - Accrued expenses: Professional fees 53,272 46,418 Redemptions payable 3,238,584 16,521,773 Total liabilities 3,605,008 16,568,191 Partners’ Capital: General Partner, 0.0000 Redeemable Units outstanding at September 30, 2018 and December 31, 2017 - - Limited Partners, 3,793.4157 and 4,952.2118 Redeemable Units outstanding at September 30, 2018 and December 31, 2017, respectively 10,895,763 14,696,911 Total partners’ capital (net asset value) 10,895,763 14,696,911 Total liabilities and partners’ capital $ 14,500,771 $ 31,265,102 Net asset value per Redeemable Unit $ 2,872.28 $ 2,967.75 CMF Aspect Master Fund L.P. Condensed Schedule of Investments September 30, 2018 (Unaudited) Notional ($)/ Fair Value % of Partners’ Futures Contracts Purchased Energy 82 $ 281,463 2.58 % Grains 19 (2,470) (0.02) Indices 214 93,349 0.86 Interest Rates Non-U.S. 144 (38,051) (0.35) Livestock 5 3,750 0.03 Metals 12 10,038 0.09 Softs 22 (26,522) (0.24) Total futures contracts purchased 321,557 2.95 Futures Contracts Sold Currencies 4 3,010 0.03 Energy 7 (20,365) (0.19) Grains 115 38,238 0.35 Indices 31 8,137 0.07 Interest Rates U.S. 240 155,453 1.43 Interest Rates Non-U.S. 388 71,596 0.66 Livestock 14 (29,278) (0.27) Metals 29 69,134 0.64 Softs 95 154,978 1.42 Total futures contracts sold 450,903 4.14 Net unrealized appreciation on open futures contracts $ 772,460 7.09 % Unrealized Appreciation on Open Forward Contracts Currencies $ 24,428,799 $ 294,221 2.70 % Metals 28 74,531 0.68 Total unrealized appreciation on open forward contracts 368,752 3.38 Unrealized Depreciation on Open Forward Contracts Currencies $ 41,907,753 (570,237) (5.23) Metals 38 (111,667) (1.02) Total unrealized depreciation on open forward contracts (681,904) (6.25) Net unrealized depreciation on open forward contracts $ (313,152) (2.87) % CMF Aspect Master Fund L.P. Condensed Schedule of Investments December 31, 2017 Notional ($)/ Fair Value % of Partners’ Futures Contracts Purchased Energy 86 $ 288,488 1.96 % Grains 2 (2,437) (0.02) Indices 218 80,993 0.55 Interest Rates U.S. 2 (2,032) (0.01) Interest Rates Non-U.S. 448 (348,421) (2.37) Livestock 3 755 0.01 Metals 27 78,338 0.53 Softs 16 22,739 0.16 Total futures contracts purchased 118,423 0.81 Futures Contracts Sold Currencies 2 (2,006) (0.01) Energy 53 (120,995) (0.82) Grains 180 29,947 0.20 Indices 29 (3,165) (0.02) Interest Rates U.S. 156 (7,351) (0.05) Interest Rates Non-U.S. 310 36,276 0.25 Metals 4 (19,017) (0.13) Softs 57 734 (0.01) Total futures contracts sold (85,577) (0.59) Net unrealized appreciation on open futures contracts $ 32,846 0.22 % Unrealized Appreciation on Open Forward Contracts Currencies $ 89,105,772 $ 1,100,324 7.48 % Metals 61 367,024 2.50 Total unrealized appreciation on open forward contracts 1,467,348 9.98 Unrealized Depreciation on Open Forward Contracts Currencies $ 89,761,562 (1,172,261) (7.97) Metals 44 (240,981) (1.64) Total unrealized depreciation on open forward contracts (1,413,242) (9.61) Net unrealized appreciation on open forward contracts $ 54,106 0.37 % CMF Aspect Master Fund L.P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended Nine Months Ended 2018 2017 2018 2017 Investment Income: Interest income $ 48,196 $ 70,133 $ 139,599 $ 188,476 Expenses: Clearing fees 15,050 28,968 43,839 82,762 Professional fees 17,000 15,947 51,195 47,839 Total expenses 32,050 44,915 95,034 130,601 Net investment income (loss) 16,146 25,218 44,565 57,875 Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts 172,176 (1,097,275) (717,827) (2,063,127) Net change in unrealized gains (losses) on open contracts (125,289) 819,345 370,173 (867,337) Total trading results 46,887 (277,930) (347,654) (2,930,464) Net income (loss) 63,033 (252,712) (303,089) (2,872,589) Subscriptions—Limited Partners - - 2,793,227 250,000 Redemptions—Limited Partners (3,905,844) (5,461,228) (6,187,518) (17,035,537) Distribution of interest income to feeder funds (36,253) (65,921) (103,768) (183,160) Net increase (decrease) in Partners’ Capital (3,879,064) (5,779,861) (3,801,148) (19,841,286) Partners’ Capital, beginning of period 14,774,827 39,567,943 14,696,911 53,629,368 Partners’ Capital, end of period $ 10,895,763 $ 33,788,082 $ 10,895,763 $ 33,788,082 Net asset value per Redeemable Unit (3,793.4157 and 12,517.3438 Redeemable Units outstanding at September 30, 2018 and 2017, respectively) $ 2,872.28 $ 2,699.30 $ 2,872.28 $ 2,699.30 Net income (loss) per Redeemable Unit* $ 12.06 $ (24.69) $ (76.00) $ (198.61) Weighted average Redeemable Units outstanding 5,050.4968 13,143.1841 5,329.7866 14,868.4258 * Represents the change in net asset value per Redeemable Unit during the period before distribution of interest income to feeder funds. |