|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |
|                                              |   |   |   |   |
| INDEX TO FINANCIAL STATEMENTS                     |
|                                              |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP      | Page |   |   |
|                                              |   |   |   |   |
| Independent Auditor's Report                      |   | 3 |   |   |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
| Financial Statements                              |   |   |   |   |
|                                              |   |   |   |   |
| Statements of Assets and Liabilities              |   | 4 |   |   |
|                                              |   |   |   |   |
| Statements of Operations                          |   | 5 |   |   |
|                                              |   |   |   |   |
| Statements of Changes in Partners' Capital        | 6 |   |   |
|                                              |   |   |   |   |
| Statements of Cash Flows                          |   | 7 |   |   |
|                                              |   |   |   |   |
| Notes to Financial Statements                     |   | 8 |   |   |
|                                              |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP |   |   |   |
|                                              |   |   |   |   |
| Independent Auditor's Report                      |   | 12 |   |   |
|                                              |   |   |   |   |
| Financial Statements                              |   |   |   |   |
|                                              |   |   |   |   |
| Statements of Assets and Liabilities              |   | 13 |   |   |
|                                              |   |   |   |   |
| Statements of Operations                          |   | 14 |   |   |
|                                              |   |   |   |   |
| Statements of Changes in Partners' Capital        | 15 |   |   |
|                                              |   |   |   |   |
| Statements of Cash Flows                          |   | 16 |   |   |
|                                              |   |   |   |   |
| Schedules of Investments                          |   | 17 |   |   |
|                                              |   |   |   |   |
| Notes to Financial Statements                     |   | 19 |   |   |

----

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|--------|
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|   |   |   |   |   |   |   |   |   |
|   | ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP |
|   |   |   |   |   |   |   |   |   |
|   | FINANCIAL STATEMENTS |
|   | AND |
|   | INDEPENDENT AUDITOR'S REPORT |
|   |   |
|   | FOR THE PERIOD FROM FROM JANUARY 1, 2016 THROUGH APRIL 30, 2016 (unaudited)AND COMMENCEMENT OF OPERATIONS (JANUARY 15, 2015) THROUGH DECEMBER 31, 2015 |
|   |
|   |
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----

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |
|                                         |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP |
|                                         |   |   |   |   |   |   |   |
| STATEMENTS OF ASSETS AND LIABILITIES         |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   | April 30, 2016 |   |   | December 31, 2015 |
|                                         |   |   |   | (unaudited) |   |   |   |
|                                         | Assets |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Investment in Master Fund, at fair value | $ | 100,633,090 |  |   | $ | 106,790,217 |  |
|                                         | Cash |   |   | 23,867 |  |   |   | 1,863 |  |
|                                         |   |   |   |   |   |   |   |
|                                         | Total assets |   |   | 100,656,957 |  |   |   | 106,792,080 |  |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Liabilities |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Capital withdrawals payable |   |   | 22,119 |  |   |   | — |  |
|                                         | Due to related party |   |   | 100 |  |   |   | 100 |  |
|                                         |   |   |   |   |   |   |   |
|                                         | Total liabilities |   |   | 22,219 |  |   |   | 100 |  |
|                                         |   |   |   |   |   |   |   |
|                                         | Partners' capital |   | $ | 100,634,738 |  |   | $ | 106,791,980 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |
| feeder                                       |   |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP |
|                                         |   |   |   |   |   |   |   |   |
| STATEMENTS OF OPERATIONS                     |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   | Period from January 1, 2016 through April 30, 2016 |   |   | Period from January 15, 2015 through December 31, 2015 |
|                                         |   |   |   |   | (unaudited) |   |   |   |
|                                         | Net investment income allocated from Master Fund |   |   |   |   |   |   |
|                                         | Interest income |   |   | $ | 5,815 |  |   | $ | 350,678 |  |
|                                         | Dividend income |   |   |   | 15,291 |  |   |   | 915,329 |  |
|                                         | Interest expense |   |   |   | (133,601 | ) |   |   | (42,187 | ) |
|                                         | Dividend expense |   |   |   | — |  |   |   | (18,517 | ) |
|                                         | Custody and clearing |   |   |   | — |  |   |   | (75,446 | ) |
|                                         | Management fees |   |   |   | (2,920 | ) |   |   | (9,134 | ) |
|                                         | Administrative fees |   |   |   | (38,894 | ) |   |   | — |  |
|                                         | Professional fees |   |   |   | (22,528 | ) |   |   | (172,293 | ) |
|                                         | Other expenses |   |   |   | (9,738 | ) |   |   | (32,389 | ) |
|                                         |   |   |   |   |   |   |   |   |
|                                         | Total income (loss) |   |   |   | (186,575 | ) |   |   | 916,041 |  |
|                                         |   |   |   |   |   |   |   |   |
|                                         |    Expenses reimbursed by the General Partner |   |   | — |  |   |   | 77,081 |  |
|                                         |   |   |   |   |   |   |   |   |
|                                         |      Net investment income (loss) allocated from Master Fund |   | (186,575 | ) |   |   | 993,122 |  |
|                                         |   |   |   |   |   |   |   |   |
|                                         | Fund expenses |   |   |   |   |   |   |   |
|                                         | Other expenses |   |   |   | (115 | ) |   |   | (237 | ) |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |
|                                         | Net investment income (loss) |   |   |   | (186,690 | ) |   |   | 992,885 |  |
|                                         |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |
|                                         | Realized and unrealized gain (loss) on investments in securities and derivative contracts allocated from Master Fund |   |   |   |   |   |
|                                         | Net realized loss on investments in securities and derivative contracts |   | (7,777,250 | ) |   |   | (5,102,807 | ) |
|                                         | Net unrealized appreciation (depreciation) on investments in securities and derivative contracts |   | 2,249,085 |  |   |   | (2,308,244 | ) |
|                                         |   |   |   |   |   |   |   |   |
|                                         | Net loss on investments in securities and derivative contracts allocated from Master Fund |   | (5,528,165 | ) |   |   | (7,411,051 | ) |
|                                         |   |   |   |   |   |   |   |   |
|                                         | Net loss |   |   | $ | (5,714,855 | ) |   | $ | (6,418,166 | ) |

----

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets_lp llc                                                                           |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP                                                |
|                                                                                        |   |   |   |   |   |   |
| STATEMENTS OF CHANGES IN PARTNERS' CAPITAL                                                  |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
| FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS (JANUARY 15, 2015) THROUGH DECEMBER 31, 2015 |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   | General Partner |   | Limited Partners |   | Total Partners' Capital |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Capital contributions | $ | — |  |   | $ | 113,210,146 |  |   | $ | 113,210,146 |  |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Net loss | — |  |   | (6,418,166 | ) |   | (6,418,166 | ) |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Partners' capital, end of period | $ | — |  |   | $ | 106,791,980 |  |   | $ | 106,791,980 |  |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
| FOR THE PERIOD FROM JANUARY 1, 2016 THROUGH APRIL 30, 2016 (unaudited)                      |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   | General Partner |   | Limited Partners |   | Total Partners' Capital |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Partners' capital, beginning of period | $ | — |  |   | $ | 106,791,980 |  |   | $ | 106,791,980 |  |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Capital withdrawals | — |  |   | (442,387 | ) |   | (442,387 | ) |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Net loss | — |  |   | (5,714,855 | ) |   | (5,714,855 | ) |
|                                                                                        |   |   |   |   |   |   |
|                                                                                        | Partners' capital, end of period | $ | — |  |   | $ | 100,634,738 |  |   | $ | 100,634,738 |  |
|                                                                                        |   |   |   |   |   |   |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |
| feeder                                       |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP |
|                                         |   |   |   |   |   |   |   |
| STATEMENTS OF CASH FLOWS                     |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   | Period from January 1, 2016 through April 30, 2016 |   |   | Period from January 15, 2015 through December 31, 2015 |
|                                         |   |   |   | (unaudited) |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Cash flows from operating activities |   |   |   |   |   |
|                                         | Net loss |   | $ | (5,714,855 | ) |   | $ | (6,418,166 | ) |
|                                         | Adjustments to reconcile net loss resulting |   |   |   |   |   |
|                                         | from operations to net cash provided by (used in) operating activities: |   |   |   |   |   |
|                                         | Net investment loss (income) allocated from Master Fund |   | 186,575 |  |   |   | (993,122 | ) |
|                                         | Net realized loss on investments allocated from Master Fund |   | 7,777,250 |  |   |   | 5,102,807 |  |
|                                         | Net change in unrealized depreciation (appreciation) on investments allocated from Master Fund |   | (2,249,085 | ) |   |   | 2,308,244 |  |
|                                         | Withdrawals from Master Fund |   |   | 442,387 |  |   |   | — |  |
|                                         | Investment in Master Fund |   |   | — |  |   |   | (2,576,133 | ) |
|                                         | Changes in operating assets and liabilities: |   |   |   |   |   |
|                                         | Due to related party |   |   | — |  |   |   | 100 |  |
|                                         | Net cash provided by (used in) operating activities |   | 442,272 |  |   |   | (2,576,270 | ) |
|                                         |   |   |   |   |   |   |   |
|                                         | Cash flows from financing activities |   |   |   |   |   |
|                                         | Capital contributions |   |   | — |  |   |   | 2,578,133 |  |
|                                         | Capital withdrawals, net of change in capital withdrawals payable |   | (420,268 | ) |   |   | — |  |
|                                         | Net cash provided by (used in) financing activities |   | (420,268 | ) |   |   | 2,578,133 |  |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Net change in cash |   |   | 22,004 |  |   |   | 1,863 |  |
|                                         |   |   |   |   |   |   |   |
|                                         | Cash, beginning of period |   |   | 1,863 |  |   |   | — |  |
|                                         | Cash, end of period |   | $ | 23,867 |  |   | $ | 1,863 |  |
|                                         |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Supplemental disclosure for noncash financing activities |   |   |   |   |   |
|                                         | Certain related party investors contributed investments in securities, government bonds, |   |   |   |   |   |
|                                         | amounts due to broker, and interest and dividends receivable in exchange for |   |   |   |   |   |
|                                         | limited partner interest in the Fund. This non cash contribution was then contributed |   |   |   |   |   |
|                                         | to the Master Fund in exchange for a limited partner interest in the Master Fund. |   |   |   |   |   |
|                                         | Contribution of investments in securities |   | $ | — |  |   | $ | 89,859,060 |  |
|                                         | Contribution of due to broker |   |   | — |  |   |   | (12,655,086 | ) |
|                                         | Contribution of government bonds |   |   | — |  |   |   | 33,286,896 |  |
|                                         | Contribution of interest and dividends receivable |   |   | — |  |   |   | 141,143 |  |
|                                         |   |   | $ | — |  |   | $ | 110,632,013 |  |

----

|    |                                                                     |
|----|---------------------------------------------------------------------|
| 1. | Nature of operations and summary of significant accounting policies |

----

|    |                         |
|----|-------------------------|
| 2. | Partners’ capital |

|    |                            |
|----|----------------------------|
| 3. | Related party transactions |

|    |                         |
|----|-------------------------|
| 4. | Administrative services |

|    |                      |
|----|----------------------|
| 5. | Financial highlights |

|                                            |
|--------------------------------------------|
|                                            |  |  |
| Total return                               |   | (5.35)% |
|                                       |   |   |
| Ratio to average limited partners' capital |   |   |
| Total expenses                             |   | 0.61% |
|                                       |   |  |
| Net investment loss                        |   | (0.55)% |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |
| Total return                               |   | (3.42)% |
|                                       |   |   |
| Ratio to average limited partners' capital |   |   |
| Total expenses                             |   | 0.54% |
| Expenses reimbursed by the General Partner |   | (0.12)% |
| Total expenses                             |   | 0.42% |
|                                       |   |  |
| Net investment income                      |   | 1.52% |

|    |                  |
|----|------------------|
| 6. | Subsequent event |

----

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|--------|
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|   |   |   |   |   |   |   |   |   |
|   | ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP |
|   |   |   |   |   |   |   |   |   |
|   | FINANCIAL STATEMENTS |
|   | AND |
|   | INDEPENDENT AUDITOR'S REPORT |
|   |   |
|   | FOR THE PERIOD FROM JANUARY 1, 2016 THROUGH APRIL 30, 2016 (unaudited)ANDCOMMENCEMENT OF OPERATIONS (JANUARY 15, 2015) THROUGH DECEMBER 31, 2015 |
|   |
|   |
|   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |
|                                              |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP |
|                                              |   |   |   |   |   |   |   |
| STATEMENTS OF ASSETS AND LIABILITIES              |
| Expressed in United States Dollars                |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   | April 30, 2016 |   |   | December 31, 2015 |
|                                              |   |   |   | (unaudited) |   |   |   |
|                                              | Assets |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              | Investments in securities, at fair value (cost: $82,182,793 at December 31, 2015) | $ | — |  |   | $ | 78,158,291 |  |
|                                              | Derivative contracts, at fair value (cost: $281,822 at April 30, 2016 and $3,167,560 at December 31, 2015) |   | 163,520 |  |   |   | 2,838,949 |  |
|                                              | Due from broker |   |   | 54,938,308 |  |   |   | 26,830,415 |  |
|                                              | Cash |   |   | 45,942,638 |  |   |   | 18,180 |  |
|                                              | Interest receivable |   |   | — |  |   |   | 133,458 |  |
|                                              | Dividends receivable |   |   | — |  |   |   | 116,292 |  |
|                                              | Other assets |   |   | 89,327 |  |   |   | 96,846 |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Total assets |   |   | 101,133,793 |  |   |   | 108,192,431 |  |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              | Liabilities |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              | Derivative liabilities, at fair value (proceeds: $111,774 at April 30, 2016 and $3,021,123 at December 31, 2015) |   | 57,450 |  |   |   | 983,377 |  |
|                                              | Capital withdrawals payable |   |   | 177,470 |  |   |   | — |  |
|                                              | Management fee payable |   |   | 3,473 |  |   |   | — |  |
|                                              | Due to related party |   |   | 64,239 |  |   |   | 64,239 |  |
|                                              | Accrued expenses |   |   | 198,071 |  |   |   | 167,452 |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Total liabilities |   |   | 500,703 |  |   |   | 1,215,068 |  |
|                                              | Partners' capital |   | $ | 100,633,090 |  |   | $ | 106,977,363 |  |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |
|                                              |   |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP |
|                                              |   |   |   |   |   |   |   |   |
| STATEMENTS OF OPERATIONS                          |
| Expressed in United States Dollars                |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
|                                              |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   | Period from January 1, 2016 through April 30, 2016 |   |   | Period from January 15, 2015 through December 31, 2015 |
|                                              |   |   |   |   | (unaudited) |   |   |   |
|                                              | Investment income |   |   |   |   |   |   |   |
|                                              | Interest |   |   | $ | 5,589 |  |   | $ | 351,497 |  |
|                                              | Dividends |   |   |   | 15,291 |  |   |   | 917,358 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Total investment income |   |   |   | 20,880 |  |   |   | 1,268,855 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Expenses |   |   |   |   |   |   |   |
|                                              | Interest |   |   |   | 133,601 |  |   |   | 42,287 |  |
|                                              | Dividends |   |   |   | — |  |   |   | 18,550 |  |
|                                              | Administrative fee |   |   |   | 38,928 |  |   |   | 104,641 |  |
|                                              | Foreign and U.S. withholding taxes |   |   |   | — |  |   |   | 876 |  |
|                                              | Custody and clearing |   |   |   | — |  |   |   | 75,579 |  |
|                                              | Management fee |   |   |   | 2,920 |  |   |   | 9,134 |  |
|                                              | Professional fees |   |   |   | 22,540 |  |   |   | 70,825 |  |
|                                              | Other |   |   |   | 9,364 |  |   |   | 33,009 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Total expenses |   |   |   | 207,353 |  |   |   | 354,901 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              |    Expenses reimbursed by the General Partner |   |   | — |  |   |   | (80,977 | ) |
|                                              |   |   |   |   |   |   |   |   |
|                                              |      Net expenses |   |   |   | 207,353 |  |   |   | 273,924 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Net investment income (loss) |   |   |   | (186,473 | ) |   |   | 994,931 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Realized and unrealized gain (loss) on investments |   |   |   |   |   |   |
|                                              |   in securities and derivative contracts |   |   |   |   |   |   |
|                                              | Net realized loss from investments in securities |   |   | (9,573,071 | ) |   |   | (6,684,752 | ) |
|                                              | Net realized gain from derivative contracts |   |   | 1,783,739 |  |   |   | 1,575,904 |  |
|                                              | Net unrealized appreciation (depreciation) on investments in securities |   | 4,024,502 |  |   |   | (4,024,502 | ) |
|                                              | Net unrealized appreciation (depreciation) on derivative contracts |   | (1,773,113 | ) |   |   | 1,709,136 |  |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Net realized and unrealized loss on investments |   |   |   |   |   |   |
|                                              |   in securities and derivative contracts |   |   | (5,537,943 | ) |   |   | (7,424,214 | ) |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
|                                              | Net loss |   |   | $ | (5,724,416 | ) |   | $ | (6,429,283 | ) |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Assets_ltd_v2                                                         |   |   |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP                         |
|                                                                      |   |   |   |   |   |   |   |   |   |
| STATEMENTS OF CHANGES IN PARTNERS' CAPITAL                                |
| Expressed in United States Dollars                                        |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
| FOR THE PERIOD FROM COMMENCEMENT OF OPERATIONS (JANUARY 15, 2015) THROUGH |
| December 31, 2015                                                         |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   | AIM REHEFUNDS GP, LP |   | ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP |   | AIM REAL ESTATE HEDGED EQUITY(CAYMAN) FUND, Ltd. |   | TOTAL PARTNERS' CAPITAL |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      | Capital contributions |   | $ | — |  |   | $ | 113,208,146 |  |   | $ | 198,500 |  |   | $ | 113,406,646 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      | Net loss |   | — |  |   | (6,417,929 | ) |   | (11,354 | ) |   | (6,429,283 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      | Partners' capital, end of period |   | $ | — |  |   | $ | 106,790,217 |  |   | $ | 187,146 |  |   | $ | 106,977,363 |  |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
| FOR THE PERIOD FROM JANUARY 1, 2016 THROUGH APRIL 30, 2016 (unaudited)    |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   | AIM REHEFUNDS GP, LP |   | ASHFORD QUANTITATIVE ALTERNATIVES (U.S.), LP |   | AIM REAL ESTATE HEDGED EQUITY(CAYMAN) FUND, Ltd. |   | TOTAL PARTNERS' CAPITAL |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      | Partners' capital, beginning of period |   | $ | — |  |   | $ | 106,790,217 |  |   | $ | 187,146 |  |   | $ | 106,977,363 |  |
|                                                                      | Capital withdrawals |   | — |  |   | (442,387 | ) |   | (177,470 | ) |   | (619,857 | ) |
|                                                                      | Net loss |   | — |  |   | (5,714,740 | ) |   | (9,676 | ) |   | (5,724,416 | ) |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      | Partners' capital, end of period |   | $ | — |  |   | $ | 100,633,090 |  |   | $ | — |  |   | $ | 100,633,090 |  |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |
|                                              |   |   |   |   |   |   |   |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP |
|                                              |   |   |   |   |   |   |   |
| STATEMENTS OF CASH FLOWS                          |
| Expressed in United States Dollars                |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   | Period from January 1, 2016 through April 30, 2016 |   |   | Period from January 15, 2015 through December 31, 2015 |
|                                              |   |   |   | (unaudited) |   |   |   |
|                                              | Cash flows from operating activities |   |   |   |   |   |
|                                              | Net loss |   | $ | (5,724,416 | ) |   | $ | (6,429,283 | ) |
|                                              | Adjustments to reconcile net loss resulting from operations |   |   |   |   |   |
|                                              | to net cash provided by (used in) operating activities: |   |   |   |   |   |
|                                              | Net realized loss from investments in securities |   | 9,573,071 |  |   |   | 6,684,752 |  |
|                                              | Net realized gain from derivative contracts |   | (1,783,739 | ) |   |   | (1,575,904 | ) |
|                                              | Net unrealized depreciation (appreciation) on investments in securities |   | (4,024,502 | ) |   |   | 4,024,502 |  |
|                                              | Net unrealized depreciation (appreciation) on derivative contracts |   | 1,773,113 |  |   |   | (1,709,136 | ) |
|                                              | Amortization of premiums and accretion of discounts on debt securities |   | (90 | ) |   |   | (663 | ) |
|                                              | Purchases of investments in securities |   | (61,457,390 | ) |   |   | (163,309,793 | ) |
|                                              | Purchases of investments in derivative contracts |   | (1,290,579 | ) |   |   | (18,194,307 | ) |
|                                              | Purchases to cover investments in securities sold short |   | (14,120,810 | ) |   |   | (5,263,793 | ) |
|                                              | Purchases to cover investments in derivative contracts sold short |   | (102,212 | ) |   |   | (3,132,650 | ) |
|                                              | Proceeds from sale of investments in securities |   | 133,039,506 |  |   |   | 188,063,617 |  |
|                                              | Proceeds from sale of investments in derivative contracts |   | 2,275,678 |  |   |   | 2,782,732 |  |
|                                              | Proceeds from investments in securities sold short |   | 15,148,506 |  |   |   | 5,192,484 |  |
|                                              | Proceeds from investments in options sold short |   | 877,241 |  |   |   | 16,915,166 |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Changes in operating assets and liabilities: |   |   |   |   |   |
|                                              | Due from broker |   |   | (28,107,893 | ) |   |   | (26,830,415 | ) |
|                                              | Interest receivable |   |   | 133,458 |  |   |   | (52,115 | ) |
|                                              | Dividends receivable |   |   | 116,292 |  |   |   | (56,492 | ) |
|                                              | Other assets |   |   | 7,519 |  |   |   | (96,846 | ) |
|                                              | Due to related party |   |   | 3,473 |  |   |   | 64,239 |  |
|                                              | Accrued expenses |   |   | 30,619 |  |   |   | 167,452 |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Net cash provided by (used in) operating activities |   | 46,366,845 |  |   |   | (2,756,453 | ) |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              | Cash flows from financing activities |   |   |   |   |   |
|                                              | Capital contributions |   |   | — |  |   |   | 2,774,633 |  |
|                                              | Capital withdrawals, net of change in capital withdrawals payable |   | (442,387 | ) |   |   | — |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Net cash provided by (used in) financing activities |   | (442,387 | ) |   |   | 2,774,633 |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Net change in cash |   |   | 45,924,458 |  |   |   | 18,180 |  |
|                                              | Cash, beginning of period |   |   | 18,180 |  |   |   | — |  |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              | Cash, end of period |   | $ | 45,942,638 |  |   | $ | 18,180 |  |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |
|                                              | Supplemental disclosure of cash flow information |   |   |   |   |   |
|                                              |  Cash paid during the year for interest | $ | 133,601 |  |   | $ | 42,287 |  |
|                                              |   |   |   |   |   |   |   |
|                                              | Supplemental disclosure for noncash financing activities |   |   |   |   |   |
|                                              | Ashford Quantitative Alternatives (U.S.), LP contributed investments in securities, government bonds, amounts due to broker, and interest and dividends receivable in exchange for a limited partner interest in the Master Fund. |   |   |   |   |   |
|                                              | Contribution of investments in securities | $ | — |  |   | $ | 89,859,060 |  |
|                                              | Contribution of due to broker |   | — |  |   |   | (12,655,086 | ) |
|                                              | Contribution of government bonds |   | — |  |   |   | 33,286,896 |  |
|                                              | Contribution of interest and dividends receivable |   | — |  |   |   | 141,143 |  |
|                                              |   |   | $ | — |  |   | $ | 110,632,013 |  |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP |
|                                              |   |   |   |   |
| CONDENSED SCHEDULES OF INVESTMENTS (unaudited)    |
| Expressed in United States Dollars                |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
| April 30, 2016                                    |   |   |   |   |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
| Description                                       |   |  % of Partners' Capital |  Cost ($) |  Fair Value ($) |
|                                              |   |   |   |   |
| Derivative Assets                                 |   |   |   |   |
|  Equity Option                               |   |   |   |   |
|    United States Of America        |   |   |   |   |
|       Funds         |   | 0.01 |  | $ | 31,822 |  | $ | 13,520 |  |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
|     Total - Equity Option     |   | 0.01 |  | $ | 31,822 |  | $ | 13,520 |  |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
|  Future Option                               |   |   |   |   |
|    United States Of America        |   |   |   |   |
|       Interest Rate |   | 0.15 |  | $ | 250,000 |  | $ | 150,000 |  |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
|     Total - Future Option     |   | 0.15 |  | $ | 250,000 |  | $ | 150,000 |  |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
| Total - Derivative Assets                         |   | 0.16 |  | $ | 281,822 |  | $ | 163,520 |  |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
| Derivative Liabilities                            |   |   |   |   |
|  Equity Option                               |   |   |   |   |
|    United States Of America        |   |   |   |   |
|       Funds         |   | 0.06 |  | $ | (111,774 | ) | $ | (57,450 | ) |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
|     Total - Equity Option     |   | 0.06 |  | $ | (111,774 | ) | $ | (57,450 | ) |
|                                              |   |   |   |   |
|                                              |   |   |   |   |
| Total - Derivative Liabilities                    |   | 0.06 |  | $ | (111,774 | ) | $ | (57,450 | ) |

----

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |
| ASHFORD QUANTITATIVE ALTERNATIVES MASTER FUND, LP                                   |
|                                                                                |
| CONDENSED SCHEDULES OF INVESTMENTS                                                  |
| Expressed in United States Dollars                                                  |
|                                                                                |   |   |   |   |
|                                                                                |   |   |   |   |
| December 31, 2015                                                                   |   |   |   |   |
|                                                                                |   |   |   |   |
|                                                                                |   |   |   |   |
| Description                                                                         | Principal Amount ($) |  % of Partners' Capital |  Cost ($) |  Fair Value ($) |
|                                                                                |   |   |   |   |
| Investments In Securities                                                           |   |   |   |   |
|  Common Stock                                                                  |   |   |   |   |
|    United States Of America                                          |   |   |   |   |
|       Communications                                  |   | 2.97 |  | $ | 2,738,461 |  | $ | 3,182,080 |  |
|       Consumer Cyclical                               |   | 17.17 |  | 19,395,458 |  | 18,370,308 |  |
|       Financial                                       |   | 11.37 |  | 12,638,075 |  | 11,631,574 |  |
|     Total - Common Stock                                        |   | 31.51 |  | $ | 34,771,994 |  | $ | 33,183,962 |  |
|                                                                                |   |   |   |   |
|  Government Bond                                                               |   |   |   |   |
|    United States Of America                                          |   |   |   |   |
|       Government                                      |   |   |   |   |
|          US Treasury 1.375% 05/31/2020 | 6,851,500 | 6.31 |  | $ | 6,829,559 |  | $ | 6,753,945 |  |
|          US Treasury 1.625% 08/15/2022 | 6,928,600 | 6.31 |  | 6,828,614 |  | 6,750,105 |  |
|          US Treasury 1.75% 10/31/2020  | 6,756,000 | 6.31 |  | 6,810,106 |  | 6,746,501 |  |
|          US Treasury 2% 02/15/2022     | 6,728,600 | 6.30 |  | 6,801,181 |  | 6,742,269 |  |
|          US Treasury 2% 05/31/2021     | 6,705,600 | 6.31 |  | 6,806,500 |  | 6,751,963 |  |
|     Total - Government Bond                                     |   | 31.54 |  | $ | 34,075,960 |  | $ | 33,744,783 |  |
|                                                                                |   |   |   |   |
|  Real Estate Investment Trust                                                  |   |   |   |   |
|    United States Of America                                          |   |   |   |   |
|       Financial                                       |   | 10.00 |  | $ | 13,334,839 |  | $ | 11,229,546 |  |
|     Total - Real Estate Investment Trust                        |   |   |   |   |
|                                                                                |   |   |   |   |
| Total - Investments In Securities                                                   |   | 73.06 |  | $ | 82,182,793 |  | $ | 78,158,291 |  |
|                                                                                |   |   |   |   |
| Derivative Assets                                                                   |   |   |   |   |
|  Equity Option                                                                 |   |   |   |   |
|    United States Of America                                          |   |   |   |   |
|       Communications                                  |   | 0.62 |  | $ | 529,992 |  | $ | 671,270 |  |
|       Consumer Cyclical                               |   | 1.47 |  | 1,931,139 |  | 1,570,975 |  |
|       Financial                                       |   | 0.42 |  | 456,429 |  | 446,704 |  |
|     Total - Equity Option                                       |   | 2.51 |  | $ | 2,917,559 |  | $ | 2,688,949 |  |
|                                                                                |   |   |   |   |
|  Future Option                                                                 |   |   |   |   |
|    United States Of America                                          |   |   |   |   |
|       Interest Rate                                   |   | 0.14 |  | $ | 250,000 |  | $ | 150,000 |  |
|     Total - Future Option                                       |   |   |   |   |
|                                                                                |   |   |   |   |
| Total - Derivative Assets                                                           |   | 2.65 |  | $ | 3,167,560 |  | $ | 2,838,949 |  |
|                                                                                |   |   |   |   |
| Derivative Liabilities                                                              |   |   |   |   |
|  Equity Option                                                                 |   |   |   |   |
|    United States Of America                                          |   |   |   |   |
|       Communications                                  |   | 0.12 |  | $ | (667,907 | ) | $ | (128,155 | ) |
|       Consumer Cyclical                               |   | 0.67 |  | (1,899,061 | ) | (720,721 | ) |
|       Financial                                       |   | 0.13 |  | (454,155 | ) | (134,501 | ) |
|     Total - Equity Option                                       |   | 0.92 |  | $ | (3,021,123 | ) | $ | (983,377 | ) |
|                                                                                |   |   |   |   |
| Total - Derivative Liabilities                                                      |   | 0.92 |  | $ | (3,021,123 | ) | $ | (983,377 | ) |

----

----

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets (at fair value)      |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                        |   |   |   |   |   |   |   |   |
| Derivative liabilities      |   |   |   |   |   |   |   |   |
| Equity option               |   | $ | 13,520 |  |   | $ | — |  |   | $ | — |  |   | $ | 13,520 |  |
| Future option               |   | 150,000 |  |   | — |  |   | — |  |   | 150,000 |  |
| Total liabilities           |   | $ | 163,520 |  |   | $ | — |  |   | $ | — |  |   | $ | 163,520 |  |
|                        |   |   |   |   |   |   |   |   |
| Liabilities (at fair value) |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                        |   |   |   |   |   |   |   |   |
| Derivative liabilities      |   |   |   |   |   |   |   |   |
| Equity option               |   | $ | 57,450 |  |   | $ | — |  |   | $ | — |  |   | $ | 57,450 |  |
| Total liabilities           |   | $ | 57,450 |  |   | $ | — |  |   | $ | — |  |   | $ | 57,450 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets (at fair value)          |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                            |   |   |   |   |   |   |   |   |
| Investments in securities       |   |   |   |   |   |   |   |   |
| Common stock                    |   | $ | 33,717,774 |  |   | $ | — |  |   | $ | — |  |   | $ | 33,717,774 |  |
| Government bond                 |   | 33,744,783 |  |   | — |  |   | — |  |   | 33,744,783 |  |
| Real estate investment trust    |   | 10,695,734 |  |   | — |  |   | — |  |   | 10,695,734 |  |
| Total investments in securities |   | $ | 78,158,291 |  |   | $ | — |  |   | $ | — |  |   | $ | 78,158,291 |  |
|                            |   |   |   |   |   |   |   |   |
| Derivative assets               |   |   |   |   |   |   |   |   |
| Equity option                   |   | $ | 2,028,290 |  |   | $ | 660,659 |  |   | $ | — |  |   | $ | 2,688,949 |  |
| Future option                   |   | 150,000 |  |   | — |  |   | — |  |   | 150,000 |  |
| Total derivative assets         |   | $ | 2,178,290 |  |   | $ | 660,659 |  |   | $ | — |  |   | $ | 2,838,949 |  |
|                            |   |   |   |   |   |   |   |   |
| Total Assets                    |   | $ | 80,336,581 |  |   | $ | 660,659 |  |   | $ | — |  |   | $ | 80,997,240 |  |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Liabilities (at fair value) |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                        |   |   |   |   |   |   |   |   |
| Derivative liabilities      |   |   |   |   |   |   |   |   |
| Equity option               |   | $ | (954,063 | ) |   | $ | (29,314 | ) |   | $ | — |  |   | $ | (983,377 | ) |
| Total liabilities           |   | $ | (954,063 | ) |   | $ | (29,314 | ) |   | $ | — |  |   | $ | (983,377 | ) |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (notional amounts in thousands) |   | Long exposure |   | Short exposure |
|                            |   |   |   |   |   |   |   |   |
| Primary underlying risk         |   | Notional amounts (a) |   | Number of contracts |   | Notional amounts (a) |   | Number of contracts |
| Equity price                    |   |   |   |   |   |   |   |   |
| Equity options                  |   | $ | 113 |  |   | 5,500 |  |   | $ | 113 |  |   | 5,500 |  |
|                            |   |   |   |   |   |   |   |   |
| Commodity price                 |   |   |   |   |   |   |   |   |
| Future options                  |   | 5,949 |  |   | 24,000 |  |   | — |  |   | — |  |
|                            |   |   |   |   |   |   |   |   |
| Total                           |   | $ | 6,062 |  |   | 29,500 |  |   | $ | 113 |  |   | 5,500 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (notional amounts in thousands) |   | Long exposure |   | Short exposure |
|                            |   |   |   |   |   |   |   |   |
| Primary underlying risk         |   | Notional amounts (a) |   | Number of contracts |   | Notional amounts (a) |   | Number of contracts |
| Equity price                    |   |   |   |   |   |   |   |  |
| Equity options                  |   | $ | 105,708 |  |   | 17,340 |  |   | $ | 114,007 |  |   | 27,352 |  |
|                            |   |   |   |   |   |   |   |   |
| Commodity price                 |   |   |   |   |   |   |   |   |
| Future options                  |   | 5,926,600 |  |   | 24,000 |  |   | — |  |   | — |  |
|                            |   |   |   |   |   |   |   |   |
| Total                           |   | $ | 6,032,308 |  |   | 41,340 |  |   | $ | 114,007 |  |   | 27,352 |  |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (amounts in thousands)  |   |   |   |   |   |   |   |   |
| Primary underlying risk |   | Derivative assets |   | Derivative liabilities |   | Net realized gain on derivative contracts |   | Net unrealized depreciation on derivative contracts |
| Equity price            |   |   |   |   |   |   |   |   |
| Equity options          |   | $ | 14 |  |   | $ | — |  |   | $ | 1,784 |  |   | $ | (1,773 | ) |
|                    |   |   |   |   |   |   |   |   |
| Commodity price         |   |   |   |   |   |   |   |   |
| Future options          |   | 150 |  |   | — |  |   | — |  |   | — |  |
|                    |   |   |   |   |   |   |   |   |
| Total                   |   | $ | 164 |  |   | $ | — |  |   | $ | 1,784 |  |   | $ | (1,773 | ) |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (amounts in thousands)  |   |   |   |   |   |   |   |   |
| Primary underlying risk |   | Derivative assets |   | Derivative liabilities |   | Net realized gain on derivative contracts |   | Net unrealized appreciation (depreciation) on derivative contracts |
| Equity price            |   |   |   |   |   |   |   |   |
| Equity options          |   | $ | 2,689 |  |   | $ | (983 | ) |   | $ | 1,576 |  |   | $ | 1,809 |  |
|                    |   |   |   |   |   |   |   |   |
| Commodity price         |   |   |   |   |   |   |   |   |
| Future options          |   | 150 |  |   | — |  |   | — |  |   | (100 | ) |
|                    |   |   |   |   |   |   |   |   |
| Total                   |   | $ | 2,839 |  |   | $ | (983 | ) |   | $ | 1,576 |  |   | $ | 1,709 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |
| Total return                               |   | (53.5)% |
|                                       |   |   |
| Ratio to average limited partners' capital |   |   |
| Total expenses                             |   | 0.61% |
|                                       |   |  |
| Net investment income                      |   | 0.55% |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |
| Total return                               |   | (3.4)% |
|                                       |   |   |
| Ratio to average limited partners' capital |   |   |
| Total expenses                             |   | 0.54% |
| Expenses reimbursed by the General Partner |   | (0.12)% |
| Total expenses                             |   | 0.42% |
|                                       |   |  |
| Net investment income                      |   | 1.52% |