Quarterly Report for Quarter Ending March 31, 2026 (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) investment in the Fund, (ii) redemptions receivable from the Fund, (iii) its equity in trading account, consisting of unrestricted cash, restricted cash, foreign cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, options purchased at fair value and investment in U.S. Treasury bills at fair value, if applicable and (iv) 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 investment in the Fund and direct investments. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred during the first quarter of 2026.

The Partnership's/Funds' investment in futures, forwards and options 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 and/or the Funds from promptly liquidating their 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 and/or the Funds from trading in potentially profitable markets or prevent the Partnership and/or the Funds from promptly liquidating unfavorable positions in such markets, subjecting them 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 or the Funds' 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 Partnership and the Funds know of no trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Partnership's or the Funds' 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 realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions and redemptions of Redeemable Units and distributions of profits, if any. The Partnership's primary need for capital resources is for Futures Interests trading.

For the three months ended March 31, 2026, the Partnership's capital increased 2.0% from $231,783,151 to $236,315,680. This increase was attributable to subscriptions of 856.0890 Class A limited partner Redeemable Units totaling $2,979,000 and a net income of $12,483,446, which was partially offset by redemptions of 3,053.0050 Class A limited partner Redeemable Units totaling $10,876,572 and 34.5720 Class Z limited partner Redeemable Units totaling $53,345. Future redemptions can impact the amount of funds available for investment 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-Balance Sheet Arrangements and Contractual Obligations

The Partnership does not have any off-balance sheet 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 and the Funds record all investments at fair value in their 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 first quarter of 2026, the net asset value per Redeemable Unit for Class A increased 5.3% from $3,373.18 to $3,553.36, as compared to a decrease of 1.5% in the first quarter of 2025. During the Partnership's first quarter of 2026, the net asset value per Redeemable Unit for Class Z increased 5.5% from $1,434.45 to $1,513.92, as compared to a decrease of 1.3% in the first quarter of 2025. The Partnership experienced a net trading gain before fees and expenses in the first quarter of 2026 of $13,190,874. Gains were primarily attributable to the Partnership's/Funds' trading of commodity futures in currencies, energy, indices, livestock and metals and were partially offset by losses in grains, U.S. and non-U.S. interest rates and softs. The Partnership experienced a net trading loss before fees and expenses in the first quarter of 2025 of $3,756,100. Losses were primarily attributable to the Partnership's/Funds' trading of commodity futures in currencies, energy, grains, indices, and U.S. interest rates and were partially offset by gains in livestock, metals, non-U.S. interest rates and softs.

The Partnership's largest gains during the first quarter were achieved throughout the first three months of the year from long futures positions in Brent crude oil, heating oil, and gas oil. Oil prices rose sharply as geopolitical turmoil and subsequent hostilities in the Middle East threatened global energy supplies. In the metals markets, gains were recorded during January and February from long positions in gold and silver futures, as prices surged to record highs amid increased investor demand for precious metals. Additional gains were generated in the global stock index markets during January and February from long positions in Asian, European, and U.S. equity index futures, supported by an improved earnings outlook, reduced tariff uncertainty, and accommodative central bank policies. In the currency markets, gains were recorded during March from short positions in the euro, Canadian dollar, and Swiss franc versus the U.S. dollar, as the value of the U.S. currency strengthened against several of its counterparts. Additional currency gains were recorded during the quarter from positions in the Indian rupee and Korean won. In global freight futures, gains were recorded during January and February from long positions, as threats to tankers along key Middle Eastern shipping routes supported higher freight rates. A portion of the Partnership's overall first-quarter gains was offset by losses in the agricultural sector during January from short positions in soybean and wheat futures, as prices increased following reports that U.S. farmers would reduce acreage dedicated to grain harvests in 2026. Additional losses in the sector were incurred during March from short positions in sugar futures, as sugar prices reversed higher. Losses were also recorded in the global fixed income markets during March from long positions in Canadian fixed income futures, as prices declined amid investor concerns over inflation and uncertain monetary policy from the Bank of Canada.

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility for profit. The profitability of the Partnership/Funds depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, public health epidemics, 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 Advisors are able to identify them, the Partnership/Funds expect to increase capital through operations.

As of March 31, 2026, interest income was earned on 100% of the average daily equity maintained in cash in the Partnership's (or the Partnership's allocable portion of a Fund's, except for Transtrend Master's) brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. will pay monthly interest to Transtrend Master on 100% of the average daily equity maintained in cash in Transtrend Master's brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. For the avoidance of doubt, the Partnership/Funds will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership's and/or each Fund'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 mutual fund securities will be retained by the Partnership and/or the Funds, as applicable. Any interest income earned on collateral or excess cash deposited by certain of the Funds and held by JPMorgan in its capacity as such Funds' forward foreign currency counterparty will be retained by such Funds, and the Partnership will receive its allocable portion of such interest from the applicable Fund. Interest income earned by the Partnership for the three months ended March 31, 2026 decreased by $454,039 as compared to the corresponding period in 2025. The decrease in interest income was primarily due to lower 4-week U.S. Treasury bill discount rates during the three months ended March 31, 2026 as compared to the corresponding period in 2025. 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 and/or the Funds' accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds, MS&Co. or JPMorgan has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Funds. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees related to direct investments for the three months ended March 31, 2026 increased by $173,869 as compared to the corresponding period in 2025. The increase in these clearing fees was primarily due to an increase in the number of direct trades made by the Partnership during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Ongoing selling agent fees are calculated as a percentage of the Partnership's adjusted net asset value for Class A Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Ongoing selling agent fees for the three months ended March 31, 2026 decreased by $50,514 as compared to the corresponding period in 2025. The decrease in ongoing selling agent fees was primarily due to lower average adjusted net assets during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Management fees, except fees payable to Transtrend, are calculated as a percentage of the Partnership's adjusted net asset value as of the end 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. Management fees payable to Transtrend are charged at the Transtrend Master level and are affected by trading performance, subscriptions and redemptions of Transtrend Master. Management fees for the three months ended March 31, 2026 decreased by $104,094 as compared to the corresponding period in 2025. The decrease in management fees was due to lower average adjusted net assets during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership's commodity trading advisors, (ii) allocating and reallocating the Partnership's assets among the commodity trading advisors and (iii) monitoring the activities of the commodity trading advisors. These fees are calculated as a percentage of the Partnership's adjusted net asset value as of the end 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. The General Partner fees for the three months ended March 31, 2026 decreased by $52,005 as compared to the corresponding period in 2025. The decrease in the General Partner fees was due to lower average adjusted net assets during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Incentive fees paid by the Partnership are based on the new trading profits, as defined in the respective management agreements among the Partnership, the General Partner/Trading Manager and each Advisor, generated by each Advisor at the end of the quarter, calendar half year or annually, as applicable. Trading performance for the three months ended March 31, 2026 resulted in incentive fees of $0. Trading performance for the three months ended March 31, 2025 resulted in incentive fees of $0. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid an incentive fee until such Advisor recovers any net loss incurred by the Advisor and earns additional new trading profits for the Partnership.

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

As of March 31, 2026 and December 31, 2025, the Partnership's Net Assets were allocated among the Advisors in the following approximate percentages: