Note 1. Organization and Structure Galaxy Plus Fund  Quest FIT Master Fund (535) LLC (the Master Fund) was formed in Delaware as a limited liability company on June 23, 2016 and commenced operations on September 19, 2016. The Master Fund was created to serve as the trading entity managed by Quest Partners L.L.C. (the Trading Advisor) pursuant to its Quest Fixed Income Hedge Program (the Program). The Program is a quantitative trading program designed to capture short-term, medium-term, and long-term trends in various markets. The Master Fund and other separately formed Delaware limited liability companies (Other Master Funds), are investment vehicles available under the Galaxy Plus Managed Account Platform (the Platform). The Master Fund and the Platform are sponsored by Gemini Alternative Funds, LLC (the Sponsor or GAF) as a means of making available, to qualified high net-worth individuals and institutional investors (including fund of hedge funds) (Investors), a variety of third-party professional managed futures and foreign exchange advisors (Advisors). The Trading Advisor is not affiliated with the Sponsor. GAF was formed in October 2013 and its principal office is located in Chicago, Illinois. GAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association (NFA). Galaxy Plus Fund LLC, a Delaware Series Limited Liability Company (the Onshore Platform), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the Offshore Platform) serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios (each a Fund) in the Master Fund or other Master Funds. Galaxy Plus Fund  Quest FIT Feeder Fund (535) (LLC535), a separated series of the Onshore Platform and Galaxy Plus Fund  Quest FIT Offshore Feeder Fund (535) Segregated Portfolio (SPC535), a segregated portfolio of the Offshore Platform, each can invest in the Master Fund. As of December 31, 2018, SPC535 had not yet commenced operations and LLC535 is the sole member. LLC535 and SPC535 are collectively hereafter referred to as the Feeder Funds. Subscriptions and redemptions into the Feeder Funds and the corresponding transactions with the Master Fund and are governed by the Onshore Platforms and the Offshore Platforms respective Confidential Offering Memorandums. The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the LLC Agreement) as the managing member of the Master Fund. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by either the Sponsor or the Platform upon not less than sixty (60) days prior written notice. In certain circumstances (for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately terminated by either party. The Master Fund and the Sponsor have entered into a tri-party contract (the Trading Agreement) with the Trading Advisor pursuant to which the Master Funds trading accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or contracts traded in the Master Funds trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund and the Sponsor of any material change to the Trading Advisors Program. From time to time, the Trading Advisor (or its affiliates) may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund, including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates) may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder Funds, and for this reason are not recorded as expenses of the Master Fund.