Quarterly Report for Quarter Ending June 30, 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) equity in related party trading account, consisting of unrestricted cash, restricted cash, foreign cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts and options purchased 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 direct investments and investment in the Fund. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the second quarter of 2026.

The Partnership's/Fund's 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/Fund from promptly liquidating their futures or option contracts and result in restrictions on redemptions.

Other than the risks inherent in commodity futures, forwards, options and swaps trading, and U.S. Treasury bills and money market mutual fund securities, the General Partner/Trading Manager knows of no trends, demands, commitments, events or uncertainties which will result in or which are reasonably likely to result in the Partnership's/Fund'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 realized and/or unrealized gains and 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 six months ended June 30, 2026, Partnership capital decreased 17.8% from $99,556,199 to $81,841,516. This decrease was attributable to redemptions of 7,071.7370 Class A limited partner Redeemable Units totaling $18,340,687, redemptions of 100.0580 Class D limited partner Redeemable Units totaling $207,889, redemptions of 73.7110 Class Z limited partner Redeemable Units totaling $162,149 and redemptions of 97.0120 Class Z general partner Redeemable Units totaling $209,979 which was partially offset by subscriptions of 100.0150 Class A limited partner Redeemable Units totaling $260,000 and subscriptions of 68.5340 Class Z limited partner Redeemable Units totaling $150,000 and net income of $796,021. Future redemptions can impact the amount of funds available for direct investments and investment in the Fund 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 and assumptions utilized in preparing the financial statements are reasonable. As a result, actual results could differ from those estimates. A summary of the Partnership's significant accounting policies is described in Note 2, "Basis of Presentation and Summary of Significant Accounting Policies," of the Financial Statements.

The Partnership records all investments at fair value in their financial statements, with changes in fair value reported as a component of trading results or net realized gains (losses) on closed contracts and net change in unrealized gains (losses) on open contracts in the Statements of Income and Expenses.

Results of Operations

During the Partnership's second quarter of 2026, the net asset value per Redeemable Unit for Class A decreased 3.1% from $2,651.51 to $2,569.82 as compared to a decrease of 1.3% in the second quarter of 2025. During the Partnership's second quarter of 2026, the net asset value per Redeemable Unit for Class Z decreased 2.9% from $2,229.08 to $2,164.46 as compared to a decrease of 1.1% in the second quarter of 2025. The Partnership experienced a net trading loss before fees and expenses during the second quarter of 2026 of $2,752,569. Losses were primarily attributable to the Partnership's/Fund's trading of commodity futures in energy, livestock, metals and softs and were partially offset by gains in currencies and grains. The Partnership experienced a net trading loss before fees and expenses during the second quarter of 2025 of $1,440,305. Losses were primarily attributable to the Partnership's/Fund's trading of commodity futures in currencies, energy, grains and metals and were partially offset by gains in livestock and softs.

During the second quarter, the Partnership's largest losses were incurred in the livestock sector during April and June from short positions in live cattle futures, as prices advanced amid tight beef production and tightening supplies in the U.S. and South America. In the metals sector, losses were recorded in June from long positions in aluminum, copper, and nickel futures, as prices moved lower amid uncertainty surrounding Chinese demand for industrial metals. In the energy sector, losses were recorded during May and June from long positions in crude oil futures. Smaller energy losses were incurred in June from positions in natural gas futures. In the soft commodities, losses were incurred in June from short positions in cocoa and coffee futures, as prices moved higher on signs of weak crop production in key global growing regions. Partially offsetting the Partnership's second-quarter losses were gains in the grains sector during June from short positions in corn, soybean, and wheat futures, as prices declined on reports of favorable growing conditions.

During the Partnership's six months ended June 30, 2026, the net asset value per Redeemable Unit for Class A increased 0.6% from $2,553.98 to $2,569.82 as compared to an increase of 1.9% during the six months ended June 30, 2025. During the Partnership's six months ended June 30, 2026, the net asset value per Redeemable Unit for Class Z increased 1.0% from $2,143.05 to $2,164.46 as compared to an increase of 2.3% during the six months ended June 30, 2025. The Partnership experienced a net trading gain before fees and expenses for the six months ended June 30, 2026 of $1,193,641. Gains were primarily attributable to the Partnership's/Fund's trading of commodity futures in currencies, energy, grains, metals and softs and were partially offset by losses in livestock. The Partnership experienced a net trading gain before fees and expenses for the six months ended June 30, 2025 of $2,689,359. Gains were primarily attributable to the Partnership's/Fund's trading of commodity futures in grains and metals and were partially offset by losses in currencies, energy, livestock and softs.

During the first six months of the year, the Partnership's most meaningful gains were recorded in the metals sector in January from long positions in gold and silver futures, as prices rallied to record highs amid continued investor demand for precious metals. Gains from short positions in gold and silver were also recorded in March, as a stronger U.S. dollar and rising yields pressured precious metals prices lower. In the energy sector, gains were generated in January from long futures positions in crude oil and its refined products, as supply concerns, geopolitical tensions, and strong demand drove prices higher. Additional gains were generated in the grain sector in June from short positions in corn, soybean, and wheat futures, as favorable growing conditions outweighed export demand for U.S. and South American grain products and pressured prices lower. In soft commodities, gains were recorded in January from short positions in cocoa futures, as favorable weather conditions in key West African growing regions led to lower prices. Further gains were recorded in February from short positions in coffee futures, as increasing global stockpiles weighed on prices. Partially offsetting the Partnership's trading gains for the first six months of that year were losses incurred in the livestock sector during January from spread trades in live cattle and feeder cattle futures, amid volatile action driven by changing tariff conditions and an uncertain U.S. cattle supply outlook. Additional losses were recorded in April and June from short positions in live cattle futures, as prices advanced amid tight beef production and tightening supplies in the U.S. and South America.

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase not only the risks involved in commodity trading, but also the possibility of profit. The profitability of the Partnership/Fund 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 factors, changing supply and demand relationships, weather, pandemics, epidemics and other health crises, 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/Fund expect to increase capital through operations.

Interest income on 100% of the average daily equity maintained in cash in the Partnership's (or the Partnership's allocable portion of the Fund's) brokerage account during each month is earned at a rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership/Fund 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 the Fund's 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 income earned on U.S. Treasury bills and money market mutual fund securities will be retained by the Partnership and/or the Fund, as applicable. Interest income earned for the three and six months ended June 30, 2026 decreased by $308,607 and $629,359, respectively, as compared to the corresponding periods in 2025. The decrease in interest income was primarily due to lower interest rates and lower average daily equity during the three and six months ended June 30, 2026 as compared to the corresponding periods 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 applicable Fund's accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Fund and (3) interest rates over which none of the Partnership, the Fund or MS&Co. has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Fund. 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 and six months ended June 30, 2026 decreased by $120,781 and $216,600, respectively, as compared to the corresponding periods in 2025. The decrease in these clearing fees was primarily due to a decrease in the number of direct trades made by the Partnership during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Ongoing selling agent fees are calculated as a percentage of the Partnership's adjusted Net Assets of Class A Redeemable Units and Class D Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Ongoing selling agent fees for the three and six months ended June 30, 2026 decreased by $50,172 and $97,479, respectively, as compared to the corresponding periods in 2025. The decrease was due to lower average adjusted net assets during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Management fees are calculated as a percentage of the Partnership's adjusted Net Assets as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Management fees for the three and six months ended June 30, 2026 decreased by $58,763 and $121,410, respectively, as compared to the corresponding periods in 2025. The decrease was due to lower average net assets during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

General Partner 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 assets as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. General Partner fees for the three and six months ended June 30, 2026 decreased by $49,904 and $96,949, respectively, as compared to the corresponding periods in 2025. This decrease was due to lower average net assets during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Incentive fees are based on the Net Trading Profits (as defined in the respective management agreements between the Partnership, the General Partner and each Advisor) generated by each Advisor at the end of each quarter, half year or year, as applicable. Trading performance for the three and six months ended June 30, 2026 resulted in incentive fees of $0 and $0, respectively. Trading performance for the three and six months ended June 30, 2025 resulted in incentive fees of $0 and $0, respectively. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid incentive fees until such 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 Advisors, the General Partner considers, among other factors, the 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 Advisors and allocate assets to additional advisors at any time.

As of June 30, 2026 and March 31, 2026, the Partnership's Net Assets were allocated among the Advisors in the following approximate percentages: