Note 1. Organization and Structure Galaxy Plus Fund LLC (the Onshore Platform) was formed in Delaware as a series limited liability company on April 14, 2014. The Onshore Platform is part of the Galaxy Plus Managed Account Platform (the Platform). Both are sponsored by Gemini Alternatives 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) in an investment environment which facilitates access to multiple Advisors without having to negotiate individually with any Advisor, meet their account minimums, or establish futures and forward dealing accounts. Each of the Onshore Platforms respective series (each a Fund, collectively the Funds) invest in a separately formed Delaware limited liability company (each a Master Fund, collectively the Master Funds). Unless specified otherwise, each Master Fund is managed by a different Advisor. Collectively, the Advisors implement a wide range of trading strategies, trade entirely independently from each other and are not affiliated with the Sponsor. The structure of the Platform permits the Funds to offer Investors a choice of trading leverage levels as well as the ability to adjust such levels in response to changes in Advisor performance, general market conditions and the Investors own portfolio objectives. Each Investors selected trading leverage is managed by the Sponsor by allocating the Investors subscription proceeds between the Funds bank accounts and the corresponding Master Funds. Galaxy Plus Fund SPC (the Offshore Platform) is part of the Platform and is sponsored by GAF primarily for non-U.S. Investors. The Offshore Platform operates in substantially the same manner as the Onshore Platform and also invests in the same Master Funds. 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). The Platform has appointed the Sponsor, under the terms of the Limited Liability Company Agreement (the LLC Agreement) as the managing member of the Onshore Platform. In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Onshore Platform including the authority to select the administrator for the Onshore Platform. 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. Capitalized terms throughout these notes are defined in the LLC Agreement. In accordance with Delaware law, the assets held in each Fund shall be applied and held solely for the benefit of the members in such Fund and no member of another Fund shall have any claim or right to any asset allocated to another Fund. The assets of each Fund shall be applied solely to satisfy only that respective Funds liabilities. If an asset is not attributable to any particular Fund, the Sponsor shall have the discretion to determine the basis upon which such asset shall be allocated among the Funds and the Sponsor shall have the absolute discretion to vary such allocation. If the assets not attributable to any Fund give rise to any net profits, the Sponsor may, in its absolute discretion, allocate the net profits to any Fund. During 2018, the Onshore Platform consisted, in part, of the Funds described below. The Funds listed, herein, contain Class EF interest. That interest was created specifically for a strategic investor (see Note 3). The Funds are considered significant subsidiaries of that strategic investor under S-X 3-09. The financial statement for each of the Master Funds referenced below are attached to this report and should be read in conjunction with each Funds financial statements. The financial statement for each of the Master Funds referenced below are attached to this report and should be read in conjunction with each Funds financial statements. Galaxy Plus Fund  FORT Contrarian Feeder Fund (510) LLC (510)  On its inception date, August 6, 2015, 510 invested its assets in Galaxy Plus Fund  FORT Contrarian Master Fund (510) LLC, a Delaware limited liability company. As of December 31, 2018, 510 owned 100% of its Master Fund. Galaxy Plus Fund  Emil van Essen STP Feeder Fund (516) LLC (516)  On its inception date, April 15, 2016, 516 invested its assets in Galaxy Plus Fund  Emil van Essen STP Master Fund (516) LLC, a Delaware limited liability company. As of December 31, 2018, 516 owned 100% of its Master Fund. Galaxy Plus Fund  Quest Feeder Fund (517) LLC (517)  On its inception date, June 29, 2016, 517 invested its assets in Galaxy Plus Fund  Quest Master Fund (517) LLC, a Delaware limited liability company. As of December 31, 2018, 517 owned 100% of its Master Fund. Galaxy Plus Fund  LRR Feeder Fund (522) LLC (522)  On its inception date, April 28, 2016, 522 invested its assets in Galaxy Plus Fund  LRR Master Fund (522) LLC, a Delaware limited liability company. As of December 31, 2017, 522 owned 100% of its Master Fund. Galaxy Plus Fund  QIM Feeder Fund (526) LLC (526)  On its inception date, June 22, 2016, 526 invested its assets in Galaxy Plus Fund  QIM Master Fund (526) LLC, a Delaware limited liability company. As of December 31, 2018, 526 owned 100% of its Master Fund. Galaxy Plus Fund  Quantmetrics Feeder Fund (527) LLC (527)  On its inception date, June 13, 2016, 527 invested its assets in Galaxy Plus Fund  Quantmetrics Master Fund (527) LLC, a Delaware limited liability company. As of December 31, 2018, 527 owned 100% of its Master Fund. In February 2019, the investors in 527 fully redeemed their equity from 527 raising substantial doubt that the Fund will be able to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Sponsor has elected to keep 527 open and plans to find new seed capital so that trading can recommence in its Master Fund. As a result, and based on the fact that a formal liquidation plan has not been adopted by the Sponsor, 527 has not adopted the liquidation basis of accounting under FASB ASC 205-30 Presentation of Financial Statements-Liquidation Basis of Accounting. Galaxy Plus Fund  Doherty Feeder Fund (528) LLC (528)  On its inception date, July 19, 2016, 528 invested its assets in Galaxy Plus Fund  Doherty Master Fund (528) LLC, a Delaware limited liability company. As of December 31, 2018, 528 owned 100% of its Master Fund. Galaxy Plus Fund  TT Feeder Fund (531) LLC (531)  On its inception date, May 10, 2017, 531 invested its assets in Galaxy Plus Fund  TT Master Fund (531) LLC, a Delaware limited liability company. As of December 31, 2018, 531 owned 100% of its Master Fund. Galaxy Plus Fund Aspect Feeder Fund (532) LLC (532)  On its inception date, December 16, 2016, 532 invested its assets in Galaxy Plus Fund  Aspect Master Fund (532) LLC, a Delaware limited liability company. As of December 31, 2018, 532 owned 100% of its Master Fund. Galaxy Plus Fund  Quest FIT Feeder Fund (535) LLC (535)  On its inception date, September 19, 2016, 535 invested its assets in Galaxy Plus Fund  Quest FIT Master Fund (535) LLC, a Delaware limited liability company. As of December 31, 2018, 535 owned 100% of its Master Fund. Galaxy Plus Fund  Welton GDP Feeder Fund (538) LLC (538W)  On its inception date, March 28, 2017, 538W invested its assets in Galaxy Plus Fund  Welton GDP Master Fund (538) LLC, a Delaware limited liability company. As of December 31, 2018, 538W owned 100% of its Master Fund.