My current Aperture library should have 100% of the photos managed as referenced files.

I am using a Smart Album in Aperture (File status = Managed) to display all Managed photos.

No photos are showing in this Smart Alum which confirms that all photos are reference and none are Managed.

 

However when converting Aperture to Lightroom about 4525 masters are created in the Masters folder.
When I navigate to the Aperture Library master folder (⁨Aperture 3 Library.aplibrary⁩ ▸ ⁨Masters⁩) I can see many folders and photos in the hierarchy.

Why is my Smart Album not displaying the Masters that seem to be in the library (⁨Aperture 3 Library.aplibrary⁩ ▸ ⁨Masters⁩)  ?

I am trying to relocate all managed photos to reference files before I migrate using Avalanche.

Thanks all

JM