Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. Its assets are its (i) equity in trading account, consisting of restricted and unrestricted cash, net unrealized appreciation on open futures contracts and net unrealized appreciation on open forward contracts, as applicable, and (ii) interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership, through its direct investments. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2025.

The Partnership's/Trading Company's investment in Futures Interests may, from time to time, be illiquid. Most U.S. futures exchanges limit fluctuations in prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Trades may not be executed at prices beyond the daily limit. If the price for a particular futures or option contract has increased or decreased by an amount equal to the daily limit, positions in that futures or option contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. These market conditions could prevent the Partnership/Trading Company from promptly liquidating its futures or option contracts and result in restrictions on redemptions.

There is no limitation on daily price movements in trading forward contracts on foreign currencies. The markets for some world currencies have low trading volume and are illiquid, which may prevent the Partnership/Trading Company from trading in potentially profitable markets or prevent the Partnership/Trading Company from promptly liquidating unfavorable positions in such markets, subjecting it to substantial losses. Either of these market conditions could result in restrictions on redemptions. For the periods covered by this report, illiquidity has not materially affected the Partnership's/Trading Company's assets.

Other than the risks inherent in commodity futures, forwards, options, swaps and other derivatives trading and U.S. Treasury bills and money market mutual fund securities, the General Partner knows of no trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Partnership's/Trading Company's liquidity increasing or decreasing in any material way.

The Partnership's capital consists of the capital contributions of the partners as increased or decreased by net realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions and redemptions of Units. The Partnership's primary need for capital resources is for Futures Interests trading.

For the nine months ended September 30, 2025, the Partnership's capital decreased 10.1% from $145,640,538 to $130,864,104. This decrease was attributable to redemptions of 388,042.714 Class A limited partner Units totaling $11,116,680 and a net loss of $3,659,754. Future redemptions could impact the amount of funds available for investments in commodity contract positions in subsequent periods.

Other than as discussed above, there are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Partnership's capital resource arrangements at the present time.

Off-BalanceSheet Arrangements and Contractual Obligations

The Partnership does not have any off-balancesheet arrangements, nor does it have contractual obligations or commercial commitments to make future payments, that would affect its liquidity or capital resources.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting periods. The General Partner believes that the estimates utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership's significant accounting policies are described in detail in Note 2, "Basis of Presentation and Summary of Significant Accounting Policies," of the Financial Statements.

The Partnership/Trading Company records all investments at fair value in its financial statements, with changes in fair value reported as a component of net realized gains (losses) and net change in unrealized gains (losses) in the Consolidated Statements of Income and Expenses.

Results of Operations

During the Partnership's third quarter of 2025, the net asset value per Unit for Class A increased 4.5% from $27.72 to $28.97 as compared to a decrease of 6.0% during the third quarter of 2024. During the Partnership's third quarter of 2025, the net asset value per Unit for Class Z increased 4.6% from $12.12 to $12.68 as compared to a decrease of 5.8% during the third quarter of 2024. The Partnership experienced a net trading gain before fees and expenses in the third quarter of 2025 of $5,619,430. Gains were primarily attributable to the Partnership's trading of Futures Interests in energy, grains, indices, livestock, metals and softs and were partially offset by losses in currencies, U.S. and non-U.S.interest rates. The Partnership experienced a net trading loss before fees and expenses in the third quarter of 2024 of $9,943,247. Losses were primarily attributable to the Partnership's trading of Futures Interests in currencies, energy, indices, U.S. interest rates, livestock and metals and were partially offset by gains in grains, non-U.S.interest rates and softs.

During the third quarter, the Partnership's most notable gains were achieved in the global stock index sector throughout the quarter from long positions in U.S., Asian, and European equity index futures, as prices moved higher, driven by demand for artificial intelligence stocks and expectations of central bank interest rate cuts. In the metals sector, gains were recorded during August and September from long positions in gold, silver, and platinum futures as prices rallied on increased investor demand for precious metals. The agricultural sector saw gains during July and August from long positions in livestock futures, as prices continued to advance amid a depletion of U.S. cattle supply. Further gains in the sector came during July and September from short futures positions in soybeans, soybean meal, and wheat. In the energy sector, gains were achieved during July from long futures positions in crude oil and its refined products, as prices rallied on a potential energy purchase agreement between the European Union and the U.S., and following the U.S. announcement of sanctions on Russian oil exports. Additional profits in the energy sector during July were achieved from short positions in natural gas futures, as prices trended lower. A portion of the Partnership's gains for the third quarter was offset by losses incurred within the global fixed income sector, stemming from long positions in European government debt futures as prices declined throughout much of the quarter. Further losses in this sector were experienced during August and September from short positions in U.S. Treasury note futures, driven by expectations the Federal Reserve would cut interest rates at a faster-than-anticipated pace. Currency sector losses were recorded during July from long positions in the British pound, which pulled back against the U.S. dollar amid speculation of softer economic momentum in the U.K.

During the Partnership's nine months ended September 30, 2025, the net asset value per Unit for Class A decreased 2.4% from $29.69 to $28.97 as compared to an increase of 5.8% during the nine months ended September 30, 2024. During the Partnership's nine months ended September 30, 2025, the net asset value per Unit for Class Z decreased 1.9% from $12.93 to $12.68 as compared to an increase of 6.4% during the nine months ended September 30, 2024. The Partnership experienced a net trading loss before fees and expenses in the nine months ended September 30, 2025 of $3,792,480. Losses were primarily attributable to the Partnership's trading of Futures Interests in currencies, energy, U.S. and non-U.S.interest rates and softs and were partially offset by gains in grains, indices, livestock and metals. The Partnership experienced a net trading gain before fees and expenses in the nine months ended September 30, 2024 of $8,692,178. Gains were primarily attributable to the Partnership's trading of Futures Interests in grains, indices and softs and were partially offset by losses in currencies, energy, U.S. and non-U.S.interest rates, livestock and metals.

During the first nine months of the year, the Partnership's largest trading losses were incurred from positions in U.S. and European fixed income futures, as inconsistent signals from central banks regarding interest rate policies led to volatile global debt prices throughout the first three quarters. Losses were also recorded in the energy sector during April, May, and June from long positions in crude oil futures, as prices fell amid concerns about the global economy and OPEC's announcement of production increases. In the currency sector, losses were recorded during April and May from short positions in the Australian dollar, Canadian dollar, and Swiss franc versus the U.S. dollar as the relative value of the U.S. currency weakened amid speculation that widespread tariff implementation by the Trump Administration would negatively impact the U.S. economy. Additional losses in the currency sector occurred during July from long positions in British pound, which declined against the U.S. dollar amid speculation of softer economic momentum in the U.K. A portion of the Partnership's trading losses was offset by gains in the global stock index sector during January from long positions in European equity index futures, as prices were buoyed by expectations of aggressive interest rate cuts by the European Central Bank. Additional gains were achieved during May, June, July and September from long positions in U.S. and Asian equity index futures.

In the metals sector, gains were recorded during August and September from long positions in gold, silver, and platinum futures, as prices rallied on increased investor demand for precious metals. Further gains in the metals sector were achieved during January and March, primarily from long positions in gold futures, as prices rose on a weakening U.S. dollar and concerns about the strength of the global economy. The agricultural sector experienced gains throughout much of the first three quarters of the year from long positions in live cattle futures, as prices trended higher amid tight U.S. cattle supplies.

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase not only the risk involved in commodity trading, but also the possibility of profit. The profitability of the Partnership depends on the existence of major price trends and the ability of the Trading Advisor to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Trading Advisor is able to identify them, the Partnership expects to increase capital through operations.

The Partnership receives monthly interest on 100% of the average daily equity maintained in cash in the Partnership's account during each month at a rate equal to 100% of the monthly average of the 4-weekU.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership's cash account in excess of the amounts described above, if any, will be retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market fund securities will be retained by the Partnership, as applicable. Interest income for the three and nine months ended September 30, 2025 decreased by $568,188 and $1,682,505, respectively, as compared to the corresponding periods in 2024. The decrease in interest income was primarily due to lower interest rates and lower average daily equity during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends on (1) the average daily equity maintained in cash in the Partnership's accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and (3) interest rates over which none of the Partnership or MS&Co. has control.

Certain clearing fees are based on the number of trades executed by the Trading Advisors for the Partnership. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees for the three and nine months ended September 30, 2025 decreased by $15,774 and $36,618, respectively, as compared to the corresponding periods in 2024. The decrease in clearing fees was primarily due to a decrease in the number of trades made by the Partnership during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Ongoing placement agent fees are calculated as a percentage of the Partnership's Class A adjusted net assets on the first day of each month and are affected by trading performance, subscriptions, and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Ongoing placement agent fees for the three and nine months ended September 30, 2025 decreased by $50,142 and $124,038, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in Class A adjusted net assets during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Administrative and General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership. The Administrative and General Partner's fees are calculated as a percentage of the Partnership's adjusted net asset value as of the beginning of each month and are affected by trading performance and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Administrative and General Partner's fees for the three and nine months ended September 30, 2025 decreased by $50,557 and $125,405, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024. Effective January 1, 2021, the Partnership directly pays the brokerage fees and other transaction-related fees and expenses, as incurred and also pays its ongoing administrative, operating, offering and organizational expenses (including, but not limited to, periodic legal, accounting, administrative, filing, reporting and data processing fees) and its pro rata share of such expenses of any trading company to which the Partnership has allocated assets.

Management fees are calculated as a percentage of the Partnership's adjusted net asset value as of the beginning of each month and are affected by trading performance and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Management fees for the three and nine months ended September 30, 2025 decreased by $99,191 and $247,070, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Incentive fees are based on the new trading profits generated by the Trading Advisors at the end of the year as defined in the management agreement among the Partnership, the General Partner and the relevant Trading Advisor. Trading performance for the three and nine months ended September 30, 2025 resulted in incentive fees of $0 and $0, respectively. Trading performance for the three and nine months ended September 30, 2024 resulted in incentive fees of $0 and $1,081,370, respectively. To the extent that a Trading Advisor incurs a loss for the Partnership, the Trading Advisor will not be paid incentive fees until such Trading Advisor recovers any net loss incurred and earns additional new trading profits for the Partnership.

In allocating substantially all of the assets of the Partnership among the Trading Advisors, the General Partner considers, among other factors, the Trading Advisors' past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Trading Advisors and allocate assets to additional advisors at any time.

As of September 30, 2025 and June 30, 2025, the Partnership's Net Assets were allocated among the Trading Advisors in the following approximate percentages: