1. Organization: Managed Futures Premier Graham L.P. (Premier Graham or the Partnership) is a Delaware limited partnership organized in 1998 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, 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 4, Financial Instruments). 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. The General Partner 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. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (Morgan Stanley Wealth Management). This entity currently acts as the placement agent for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSD Holdings. Graham Capital Management, L.P. (Graham or the Trading Advisor) is the trading advisor to the Partnership and manages the assets of the Partnership pursuant to its K4D-15V Program, the Trading Advisors proprietary, trend-following trading program. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended June 30, 2020. During the reporting periods ended June 30, 2020 and 2019, the Partnerships commodity broker was Morgan Stanley &amp; Co. LLC (MS&amp;Co.), a registered futures commission merchant. MS&amp;Co. also acts as the counterparty on all trading of foreign currency forward contracts. MS&amp;Co. is a wholly-owned subsidiary of Morgan Stanley. As of June 30, 2020, units of limited partnership interest (Unit(s)) of the Partnership are being offered in three share classes (each, a Class or collectively, the Classes). The Class of Units that a limited partner receives generally depends on the aggregate subscription amount made by such limited partner in the Partnership, although the General Partner may determine to offer Units to investors at its discretion. Class of Units Aggregate Investment A Up to $4,999,999 D $5,000,000 and above Z All All Units issued prior to June 30, 2016 were deemed Class A Units. The rights, liabilities, risks, and fees associated with investment in the Class A Units did not change. Class Z Units were first issued on July 1, 2016 at $10 per Unit. Class Z Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Each of Class A, D and Z Units of the Partnership have the same investment exposure and rights except for the amount of the ongoing placement agent fee charged to each Class of Units; Class Z Units are not subject to an ongoing placement agent fee. Effective February 1, 2019, (i) the monthly management fee paid by the Partnership to the Trading Advisor was reduced to 1/12 th of 1.35% (1.35% annual rate) of the Partnerships net assets as of the first day of each month and (ii) the Partnership pays the Trading Advisor an incentive fee of 18% of new trading profits annually. The General Partner pays or reimburses the Partnership for all fees and costs charged or incurred by the commodity brokers for trades executed on behalf of the Partnership. 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 administrative and General Partners fee it receives, the ordinary administrative expenses of the Partnership, including the expenses related to the engagement of the Administrator.