Exhibit 99.4

To the Limited Partners of

Cambridge Master Fund L.P.

To the best of the knowledge and belief of the undersigned, the information contained herein is accurate and complete.

Report of Independent Registered Public Accounting Firm

To the General Partner of Cambridge Master Fund L.P. (in liquidation),

Opinion on the Financial Statements

We have audited the accompanying statements of financial condition of Cambridge Master Fund L.P. (in liquidation) (the “Partnership”), including the condensed schedule of investments, as of March 31, 2019, and the related statements of income and expenses and changes in partners’ capital for the period from January 1, 2019 to March 31, 2019, and the related notes. We have also audited the statements of financial condition, including the condensed schedule of investments, as of December 31, 2018, and the related statements of income and expenses and changes in partners’ capital for each of the two years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership at March 31, 2019 and December 31, 2018, and the results of its operations and changes in its partners’ capital for the period from January 1, 2019 to March 31, 2019 and each of the two years in the period ended December 31, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of the Partnership’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Liquidation Basis of Accounting

As described in Note 1 to the financial statements, the General Partner of the Partnership has decided to liquidate the Partnership and the Partnership determined liquidation is imminent. As a result, the Partnership changed its basis of accounting from the going concern basis to a liquidation basis. Our opinion is not modified with respect to this matter.

/s/ Ernst & Young LLP

We have served as the auditor of the Partnership since 2017.

Boston, MA

May 23, 2019

Cambridge Master Fund L.P.

Statements of Financial Condition

March 31, 2019 (Termination of Operations) (Liquidation Basis) and December 31, 2018

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Condensed Schedule of Investments

March 31, 2019 (Termination of Operations) (Liquidation Basis)

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Condensed Schedule of Investments

December 31, 2018

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Statements of Income and Expenses

For the Period From January 1, 2019 to March 31, 2019 (Termination of Operations) (Liquidation Basis)

and For the Years Ended December 31, 2018 and 2017

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Statements of Changes in Partners’ Capital

For the Period From January 1, 2019 to March 31, 2019 (Termination of Operations) (Liquidation Basis)

and For the Years Ended December 31, 2018 and 2017

See accompanying notes to financial statements.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Cambridge Master Fund L.P. (the “Master”) was a limited partnership organized under the partnership laws of the State of Delaware on July 30, 2012, to engage in the speculative trading of a portfolio of commodity interests, including futures, option, swap and forward contracts. The Master exclusively traded in the currency sector. The commodity interests that were traded by the Master were volatile and involved a high degree of market risk. The General Partner (as defined below) was permitted to invest up to all of the Master’s 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. On March 26, 2019, the General Partner terminated the management agreement (the “Management Agreement”) by and among the Advisor (as defined below), the Master and the General Partner effective the close of business on March 31, 2019. As a result, the Master terminated operations on March 31, 2019 and the Master changed its basis of accounting from the going concern basis to a liquidation basis. Liquidation basis accounting requires the Master to record assets and liabilities at values to be received or paid in liquidation. The Master was liquidated in accordance with the terms of its limited partnership agreement (the “Limited Partnership Agreement”).

Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (the “General Partner”) and commodity pool operator of the Master. 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. Prior to its termination on March 31, 2019, all trading decisions for the Master were made by the Advisor.

On September 1, 2012 (commencement of trading operations), Emerging CTA Portfolio L.P. (“Emerging CTA”) allocated a portion of its capital to the Master. On November 1, 2012, Ceres Tactical Global L.P. (formerly known as Ceres Tactical Currency L.P.) (“Ceres Tactical Global”) allocated a portion of its capital to the Master. On December 1, 2015, Managed Futures Custom Solutions Fund LP – Series A (formerly known as Morgan Stanley Managed Futures Custom Solutions Fund LP – Series A) (“Custom Solutions”), Ceres Tactical Systematic L.P. (formerly known as Tactical Diversified Futures Fund L.P.) (“Tactical Systematic”) and Institutional Futures Portfolio L.P. (“Institutional Portfolio”) each allocated a portion of their capital to the Master. On July 31, 2017, Custom Solutions redeemed its entire investment in the Master. On December 31, 2017, Institutional Portfolio redeemed its entire investment in the Master. On October 31, 2018, Emerging CTA redeemed its entire investment in the Master. On December 31, 2018, Ceres Tactical Global redeemed its entire investment in the Master. On March 31, 2019, Tactical Systematic redeemed its entire investment in the Master.

Effective October 1, 2018, the Master, the General Partner, The Cambridge Strategy (Asset Management) Limited (“Cambridge”), and Mesirow Financial International UK Limited (the “Advisor”), entered into a novation, assignment and assumption agreement, dated September 28, 2018, pursuant to which Cambridge transferred all of its future rights, obligations, and liabilities under that certain amended and restated management agreement, by and among the General Partner, the Master and Cambridge, dated as of December 1, 2015 (the “Initial Advisory Agreement”), to the Advisor. As of October 1, 2018 and up until its termination of operations effective March 31, 2019, the Advisor had undertaken to perform the Initial Advisory Agreement and was bound by its terms in every way as if it were the original party to it in place of Cambridge. Prior to October 1, 2018, the Master permitted commodity pools managed by Cambridge using the Asian Markets Alpha Programme and the Emerging Markets Alpha Programme, its proprietary, systematic trading systems, to invest together in one trading vehicle. References herein to the Advisor or the Advisors may also include, as relevant, reference to Cambridge.

During the periods covered by this report, the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) also was a foreign exchange forward contract counterparty for the Master. The Master deposited a portion of its cash in a non-trading bank account at JPMorgan.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Prior to its termination of operations effective March 31, 2019, the Master operated under a structure in which its investor consisted of Tactical Systematic (the “Feeder” or the “Fund”). References herein to a “Feeder” or the “Funds” may also include as relevant, reference to Ceres Tactical Global, Emerging CTA, Custom Solutions and Institutional Portfolio. Tactical Systematic owned 100% of the Master at December 31, 2018.

In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnished certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintained certain books and records of the Master.

The financial statements of the Master as of March 31, 2019 and for the period from January 1, 2019 to March 31, 2019 were prepared using the liquidation basis of accounting. The liquidation basis of accounting requires the Master to record assets and liabilities at the values expected to be received or paid in liquidation. The change in basis of accounting from the going concern basis to the liquidation basis did not have a material effect on the Master’s carrying value of assets and liabilities or its results of operations. All carrying values are expected to be realized by the Master during liquidation. The liquidation basis of accounting also requires the financial statements to include a statement of net assets or a statement of changes in net assets available to limited partners. The Statements of Changes in Partners’ Capital (included herein) present the same information and thus the financial statements include a statement of net assets available to limited partners for the period from January 1, 2019 to March 31, 2019.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Master’s Cash. The Master’s cash included cash denominated in foreign currencies of ($70) (proceeds of $72) and ($157) (proceeds of $119) at March 31, 2019 and December 31, 2018, respectively.

The General Partner administered the business and affairs of the Master, including selecting one or more advisors to make trading decisions for the Master. The Limited Partnership Agreement was in effect until March 31, 2019, when the Master terminated operations.

The General Partner, on behalf of the Master, had entered into a Management Agreement with the Advisor, a registered commodity trading advisor. The Advisor was not affiliated with the General Partner or MS&Co. and was not responsible for the organization or operation of the Master. The Management Agreement provided that the Advisor had sole discretion in determining the investment of the assets of the Master. All management fees in connection with the Management Agreement were borne by the Funds. The Management Agreement was in effect until March 31, 2019, when the Master terminated operations.

The Master had entered into a customer agreement with MS&Co. (the “Customer Agreement”) and a foreign exchange brokerage account agreement with MS&Co.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Under the Customer Agreement and the foreign exchange brokerage account agreement, the Master paid MS&Co. trading fees for the clearing and, where applicable, the execution of transactions. Further, all trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) were borne by the Master and allocated to the Funds. All other fees were borne directly by the Funds. The Master’s cash deposited with MS&Co. was held in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. The Master’s restricted cash was equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At March 31, 2019 and December 31, 2018, the amount of cash held by the Master for margin requirements was $75,330 and $4,615,439, respectively. Cash that was not classified as restricted cash was therefore classified as unrestricted cash. The Customer Agreement was in effect until March 31, 2019, when the Master terminated operations.

On July 12, 2017, the Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts. 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. Under the FX Agreement, JPMorgan charged a fee on the aggregate foreign currency transactions entered into on behalf of the Master during a month. These agreements were in effect until March 31, 2019, when the Master terminated operations.

The Master was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Master’s trading activities are shown in the Statements of Income and Expenses.

The Customer Agreement and/or foreign exchange brokerage account agreement gave the Master the legal right to net unrealized gains and losses on open futures and forward contracts. For financial reporting purposes, the Master netted the unrealized gains and losses on open futures and open forward contracts in the Statements of Financial Condition, since the criteria under ASC 210-20, “Balance Sheet,” were met.

All of the commodity interests owned by the Master were held for trading purposes. The monthly average notional values of currency forward contracts traded during the period from January 1, 2019 to March 31, 2019 (termination of operations) and the year ended December 31, 2018 were $1,471,653,146 and $2,103,018,533, respectively.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of March 31, 2019 (termination of operations) and December 31, 2018, respectively.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The following tables indicate the gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of March 31, 2019 (termination of operations) and December 31, 2018, respectively.

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the period from January 1, 2019 to March 31, 2019 (termination of operations) and for the years ended December 31, 2018 and 2017.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Master’s Fair Value Measurements. Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Master considered prices for commodity futures, exchange-traded swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derived fair values for those assets and liabilities from observable inputs (Level 2). As of March 31, 2019 (termination of operations) and December 31, 2018, for the period January 1, 2019 to March 31, 2019 (termination of operations) and for the year ended December 31, 2018, the Master did not hold any exchange-traded commodity futures, forward, swap and option contracts based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Subscriptions were accepted monthly from investors who became limited partners on the first day of the month after their subscriptions were processed. Distributions were made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date, except for distribution of interest income to feeder funds, as applicable. Generally, a limited partner withdrew all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request for redemption had been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals were classified as a liability when the limited partner elected to redeem and informed the Master. However, a limited partner also had the right to request a withdrawal as of the end of any day if such request was received by the General Partner at least three days in advance of the proposed withdrawal day.

Financial highlights for the limited partner class as a whole for the period from January 1, 2019 to March 31, 2019 (termination of operations) and for the years ended December 31, 2018 and 2017 were as follows:

The above ratios and total return may vary for individual investors based on the timing of capital transactions. Additionally, these ratios were calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

In the normal course of business, the Master was party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may have included forwards, futures, options and swaps whose values were based upon an underlying asset, index, or reference rate, and generally represented future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may have been traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, swap and option contracts. Certain swap contracts may have also been traded on a swap execution facility or OTC. OTC contracts were negotiated between contracting parties and also included certain forward and option contracts. Each of these instruments was subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts were greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimated that at any given time, approximately 100% of the Master’s contracts were traded OTC.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts were valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on foreign currency contracts were recognized in the period in which the contract was closed or the changes occurred, respectively, and are included in the Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master was exposed to a market risk equal to the value of futures and forward contracts held and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Master’s risk of loss in the event of counterparty default was typically limited to the amounts recognized in the Statements of Financial Condition and was not represented by the contract or notional amounts of the instruments. The Master’s risk of loss was reduced through the use of legally enforceable master netting agreements with counterparties that permitted the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Master had credit risk and concentration risk, as MS&Co., an MS&Co. affiliate, or JPMorgan were the counterparties or brokers with respect to the Master’s assets. Credit risk with respect to exchange-traded instruments was reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Master’s counterparty was an exchange or clearing organization.

The General Partner monitored and attempted to mitigate the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems and accordingly, believed it had effective procedures for evaluating and limiting the credit and market risks to which the Master may have been subject. These monitoring systems generally allowed the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provided account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments matured within one year of the inception date. However, due to the nature of the Master’s business, these instruments may not have been held to maturity.

In the ordinary course of business, the Master entered into contracts and agreements that contained various representations and warranties and which provided general indemnifications. The Master’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Master. The Master considered the risk of any future obligation relating to these indemnifications to be remote.

The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through May 23, 2019, the date the financial statements were available to be issued and has determined that, other than disclosed in Note 10, “Liquidation of the Master,” there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Cambridge Master Fund L.P.

Notes to Financial Statements (Liquidation Basis)

The payments of the Master’s liquidation redemptions payable to the Fund were made on or about April 8, 2019.