1. Organization: Ceres Tactical Global L.P. (the Partnership) is a Delaware limited partnership organized in 1999 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, Futures Interests) (refer to Note 7, Financial Instruments). The Futures Interests that are traded by the Partnership, either directly, through individually managed accounts, or indirectly, through its investment in the Funds (as defined below), are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Partnerships 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. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (Ceres or the General Partner) and commodity pool operator of the Partnership and is the general partner or trading manager (in such capacity, the Trading Manager) of each Fund. Ceres 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. During the reporting periods ended March 31, 2020 and 2019, the Partnerships and the Funds commodity broker was Morgan Stanley &amp; Co. LLC (MS&amp;Co.), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (JPMorgan) was also a foreign exchange forward or swap contract counterparty for certain Funds. Units of limited partnership interest (Unit(s)) of the Partnership were offered in two classes (each, a Class or collectively, the Classes): Class A Units and Class Z Units. Class A Units and Class Z Units are identical, except that Class Z Units are not subject to the monthly ongoing placement agent fee. Class A Units are subject to a monthly ongoing placement agent fee equal to 1/12 of 2.0% (a 2.0% annual rate) of adjusted beginning net assets of Class A. The rights, liabilities, risks, and fees associated with investment in the Class A Units were not changed. Class Z Units were offered to limited partners who received advisory services from Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (Morgan Stanley Wealth Management) and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). As of March 31, 2020, all trading decisions were made for the Partnership by P/E Global LLC (P/E Global), Greenwave Capital Management LLC (Greenwave) and ADG Capital Management LLP (ADG) (each, a Trading Advisor and collectively, the Trading Advisors), each of which is a registered commodity trading advisor. Effective June 30, 2019, SECOR Capital Advisors, LP (SECOR) ceased to act as a commodity trading advisor to the Partnership. On June 30, 2019, the Partnership fully redeemed its investment in SECOR Master Fund L.P. (SECOR Master). Effective April 3, 2019, the General Partner terminated AE Capital PTY Limited (AE Capital) as a commodity trading advisor to the Partnership. For the interim period from April 4, 2019 through April 30, 2019, the Partnerships assets previously allocated to AE Capital were not charged a management fee and was credited with interest income at a rate equal to the monthly average of the 4-Week U.S. Treasury bill discount rate. On April 30, 2019, the Partnership fully redeemed its investment in CMF AE Capital Master Fund LLC (AE Capital Master). On January 1, 2019, the Partnership allocated a portion of its assets to Willowbridge Associates Inc. (Willowbridge), which was invested in CMF Willowbridge Master Fund L.P. (Willowbridge Master). Effective January 31, 2019, Willowbridge ceased to act as a commodity trading advisor to the Partnership. On January 31, 2019, the Partnership fully redeemed its investment in Willowbridge Master. References herein to a Trading Advisor or the Trading Advisors may also include, as relevant, SECOR, AE Capital and Willowbridge. Each Trading Advisor is allocated a portion of the Partnerships assets to manage. The Partnership invests the portion of its assets allocated to each Trading Advisor either directly, through individually managed accounts in the Partnerships name, or indirectly, through its investments in the Funds. The Trading Advisors are not affiliated with one another, the General Partner or MS&amp;Co., and are not responsible for the organization or operation of the Partnership. P/E Global directly trades a portion of the Partnerships assets allocated to it through a managed account in the name of the Partnership pursuant to P/E Globals FX Strategy Standard  MS Program. Greenwave directly trades a portion of the Partnerships assets allocated to it through a managed account in the name of the Partnership pursuant to Greenwaves Flagship Plus Program. The Partnership and CMF ADG Master Fund LLC (ADG Master) have entered into futures brokerage account agreements with MS&amp;Co. Prior to their respective terminations, each of SECOR Master, AE Capital Master and Willowbridge Master had entered into futures brokerage account agreements and foreign exchange prime brokerage agreements with MS&amp;Co. References herein to Funds may also include, as relevant, SECOR Master, AE Capital Master and Willowbridge Master. Pursuant to these agreements, the Partnership, directly or indirectly through its investment in the Funds, pays MS&amp;Co. (or will reimburse MS&amp;Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, user, give-up, floor brokerage and National Futures Association fees (collectively, the clearing fees). Prior to their respective terminations, Willowbridge Master and SECOR Master each entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the referenced Funds and, indirectly, the Partnership. 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. In addition to Willowbridge Master and SECOR Master, Willowbridge and SECOR were parties to the FX Agreements for the Funds to which each acted as commodity trading advisor. Under each FX Agreement, JPMorgan charged a fee on the aggregate foreign currency transactions entered into on behalf of the respective Fund during a month. The General Partner fee, management fees, incentive fees and professional fees of the Partnership are allocated proportionally to each Class based on the net asset value of the Class. The General Partner has delegated certain administrative functions to SS&amp;C Technologies, Inc., a Delaware corporation, currently doing business as SS&amp;C GlobeOp (the Administrator). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The General Partner pays or reimburses the Partnership, from the General Partner fee it receives from the Partnership, the ordinary administrative expenses of the Partnership, to the extent these expenses exceed 0.85% annually of the net assets of the Partnership, including the expenses related to the engagement of the Administrator.