Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

(a)	Management's Discussion and Analysis of Financial Condition and Results of Operations

Reference is made to "Item 8: Financial Statements". The information contained therein is essential to, and should be read in conjunction with, the following analysis. The Fund does not engage in the sale of goods or services. The Fund's capital consists of capital contributions of the members, as increased or decreased by gains and losses from its investments in the Master Funds, interest, expenses and redemptions. Its only assets are its investments in the Master Funds. The Master Funds do not engage in the sale of goods or services. Their assets are comprised of the equity in their accounts with clearing brokers and OTC counterparties, in each case consisting of cash, open trade equity on derivatives and the net option premium paid or received. In the case of Graham Cash Assets LLC, the assets consist of investments in debt obligations guaranteed by the U.S. federal government, as well as cash and cash equivalents.

For the year ended December 31, 2025, the Core Macro Portfolio's Members' Capital value decreased by $4,804,241 or -13.5%. This decrease in Members' Capital was attributable to subscriptions of $2,031,250 or 5.7% and net income of $274,917 or 0.8%, offset by redemptions totaling $7,110,408 or -20.0%, for the year.

For the year ended December 31, 2024, the Core Macro Portfolio's Members' Capital value increased by $1,472,052 or 4.3%. This increase in Members' Capital was attributable to subscriptions of $6,042,000 or 17.8% and net income of $1,606,620 or 4.7%, offset by redemptions totaling $6,176,568 or -18.2%, for the year.

(i) Results of Operations

The Fund's success depends primarily upon the Manager's ability to recognize and capitalize on market trends in the different and varied sectors of the global financial markets in which it trades.

Core Macro Portfolio

2025 Summary

For the year ended December 31, 2025, the Core Macro Portfolio experienced trading gains of $196,676 attributable to the following sectors:

The Core Macro Portfolio recorded overall trading gains in 2025. Profits were mostly concentrated in commodities due to long positions in precious metals and base metals. Gains in commodities were partially offset by losses from trading in energy. In equities, net long positions in U.K., Asian, and U.S. benchmark indices led to gains. The portfolio recorded losses in fixed income from long and short positions in U.K., U.S., and Canadian long-term rates, with additional losses from short positions in Japanese government bonds during April. In currencies, losses resulted from mixed positions in the Swiss franc, the euro, the Australian dollar, and the British pound sterling versus various global currencies. Additional losses came from short positions in the Chinese yuan and the Canadian dollar versus the U.S. dollar.

Advisory and Sponsor Fees are calculated as a percentage of the Fund's Members' Capital value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the year ended December 31, 2025, Advisory Fees increased by $17,382 or 3.2%, Sponsor Fees decreased by $37,322 or -14.5%, and Administrator's Fees increased by $8,928 or 18.3% in the Core Macro Portfolio over the corresponding period of the preceding year. The movements are consistent with the timing of profit and loss and capital activity during the year. During the year ended December 31, 2025, interest income decreased by $243,924 or -15.2%. Interest was earned on free cash at an average annualized yield of 4.21% for the year ended December 31, 2025 compared to 4.97% for the year ended December 31, 2024.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the year ended December 31, 2025, the Incentive Allocation decreased by $163,282 or -85.5%. This was due to lower trading profits for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The following table illustrates the sector distribution of the Core Macro Portfolio's investments in Master Funds as of December 31, 2025 based on the fair value of the underlying assets and liabilities in each master fund including both long and short positions. Positive percentages represent net assets whereas negative percentages represent net liabilities.

2024 Summary

For the year ended December 31, 2024, the Core Macro Portfolio experienced trading gains of $1,417,167 attributable to the following sectors:

The Core Macro Portfolio recorded overall trading gains in 2024. The Portfolio produced profits in currencies from long positions in the U.S. dollar versus various global counterparts, particularly the euro, Swiss franc, Canadian dollar, Japanese yen, and Chinese yuan. Gains in commodities resulted mainly from long positions in soft commodities and gold, as well as short positions in grains. In equities, long positions in the NASDAQ Index and Japanese benchmark indices led to positive performance. The Portfolio incurred losses in fixed income due to evolving long and short positions across the yield curves in Europe, the U.K, and the U.S.

Advisory and Sponsor Fees are calculated as a percentage of the Fund's Members' Capital value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the year ended December 31, 2024, Advisory Fees increased by $19,756 or 3.8%, Sponsor Fees decreased by $4,248 or -1.6%, and Administrator's Fees increased by $5,005 or 11.4% in the Core Macro Portfolio over the corresponding period of the preceding year. The movements are consistent with the timing of profit and loss and capital activity during the year. During the year ended December 31, 2024, interest income increased by $283,475 or 21.4%. Interest was earned on free cash at an average annualized yield of 4.97% for the year ended December 31, 2024 compared to 3.96% for the year ended December 31, 2023.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the year ended December 31, 2024, the Incentive Allocation decreased by $186,105 or -49.4%. This was due to a higher loss carryforward that resulted in lower New High Trading Profits for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The following table illustrates the sector distribution of the Core Macro Portfolio's investments in Master Funds as of December 31, 2024 based on the fair value of the underlying assets and liabilities in each master fund including both long and short positions. Positive percentages represent net assets whereas negative percentages represent net liabilities.

Variables Affecting Performance

The performance of the portfolio of the Fund is affected by net profitability resulting from the trading operations of the master funds, the fees charged by the Fund, and interest income earned on cash and cash equivalents. The master funds acquire and liquidate long and short positions in futures contracts, forward contracts, spot currency contracts and associated derivative instruments such as options and swaps. These instruments are carried at fair value, which is heavily influenced by a wide variety of factors including, but not limited to the level and volatility of exchange rates, interest rates, equity prices, and commodity prices as well as global macro political events. These factors generate market movements affecting the fair value of these instruments and in turn the net gains and losses allocated from the master funds.

Brokerage, advisory and sponsor fees are calculated based on percentage of the net asset value of the portfolio. Changes in the net assets of the portfolio resulting from subscriptions, redemptions, interest and trading profits allocated from the master funds can therefore have a material impact in the fee expense of the portfolio.

A portion of the assets of the portfolio is held in cash and cash equivalents. Changes in the net assets of the portfolio as well as changes in the interest rates earned on these investments can have a material impact on interest income earned.

(ii)

Liquidity

A portion of the assets of the portfolio is generally held as cash or cash equivalents, which are used to margin the Fund's investments. It is expected that the average margin the Fund will be required to post to support the Fund's trading may range between 5% and 30% of the total assets of the portfolio, which will be segregated or secured by the futures brokers in accordance with the CEA and with CFTC regulations or be maintained on deposit with over-the-counter counterparties. In exceptional market conditions, this amount could increase. The master funds are subject to margin calls on a constant daily and intra-day basis, whether in connection with initiating new investment positions or as a result of changes in the value of current investment positions. These margin requirements are met through the posting of additional margin with the applicable futures broker or FX clearing broker, on an almost daily basis. The Manager generally expresses its margin requirements for the portfolios in terms of the aggregate of the margin requirements for the underlying strategies plus the net option premium costs for the underlying strategies. For the years ended December 31, 2025 and December 31, 2024, the margin requirements for the Core Macro Portfolio were 13.77% and 11.17%, respectively.

Other than any potential market-imposed limitations on liquidity, the Fund's assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Fund's futures trading. Through December 31, 2025, the Fund experienced no meaningful periods of illiquidity in any of the markets traded by the Manager on behalf of the Fund.

The Fund raises additional capital only through the sale of Units and capital is increased through trading profits (if any) and interest income. The Fund may borrow money from brokers or their affiliates and other lenders. Units may be offered for sale as of the beginning, and may be redeemed as of the end, of each month. The amount of capital raised for the Fund should not have a significant impact on its operations, as the Fund has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and expenses.

The Fund participates in the speculative trading of commodity futures contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Fund's brokers may require margin in excess of minimum exchange requirements. The Fund bears the risk of financial failure of the brokers through which it clears trades and maintains margin in respect of any such trades and of its counterparties for its foreign exchange and swap trades with whom it also maintains margin.

Use of Estimates- The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and all amounts are stated in U.S. dollars. The preparation of the financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Fund's significant accounting policies are described in detail in Note 2 of the financial statements.

Fair Value Measurement- The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The Fund reports the fair value of its investment-related assets and liabilities in accordance with the hierarchy established under U.S. GAAP.

The Fund records its investments in the Feeder Fund at fair value in accordance with U.S. GAAP. In determining its net asset value, the Feeder Fund records its investments in master funds at fair value in accordance with U.S. GAAP. The Fund records its proportionate share of the Feeder Funds' investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis. Purchases and sales of units in the Feeder Funds are recorded on a trade date basis.

The master funds record all their financial instruments at fair value, which is derived in accordance with U.S. GAAP. Unrealized appreciation and depreciation from these instruments are recorded based on changes in their fair value. Realized gains and losses are recorded when the positions are closed. All unrealized and realized gains and losses related to derivative financial instruments are included in net gain (loss) on investments in the master funds' statements of operations.

Cash Assets- The Feeder Fund invests a portion of their excess liquidity in Cash Assets, an entity for which the Manager is also the sole investment advisor. The financial information of Cash Assets is included in the notes to the Financial Statements of the Feeder Funds within Item 8.

Income Taxes- No provision for income taxes has been made in the Fund's financial statements, as each member is responsible for reporting income or loss based upon the member's respective share of the Fund's revenues and expenses for income tax purposes.

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Manager has evaluated the Fund's tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements. The Manager is not aware of any tax positions or interest/penalties for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months.