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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to Item 1, "Financial Statements." The information contained therein is essential to, and should be read in connection with, the following analysis.

OPERATIONAL OVERVIEW

The Partnership invests substantially all of its assets in the Master Fund. Due to the nature of the Master Fund's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the

global capital and commodity markets. The General Partner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Master Fund's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Master Fund, and its past performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Master Fund has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

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 Partnership should not have a significant impact on its operations, as the Partnership and the Master Fund have no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges. Within broad ranges of capitalization, the General Partner's trading positions should increase or decrease in approximate proportion to the size of the Master Fund (in which the Partnership participates).

The Partnership raises additional capital only through the sale of Units and capital is increased through trading profits (if any). Neither the Partnership nor the Master Fund engages in borrowing.

The Master Fund trades futures, forward, and spot contracts on interest rate instruments, agricultural commodities, currencies, metals, energy and stock indices, and forward contracts on currencies, and may trade options on the foregoing and swaps thereon. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account's net assets, though the amount may at any time be substantially higher; and (4) prohibiting pyramiding (that is, using unrealized profits in a particular market as margin for additional positions in the same market). The General Partner attempts to control credit risk by causing the Partnership and the Master Fund to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties.

The financial instruments traded by the Master Fund contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures, forward and spot contracts or the Master Fund's satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Master Fund.

Due to the nature of the Master Fund's business, substantially all its assets are represented by cash, cash equivalents and U.S. government obligations, while the Master Fund maintains its market exposure through open futures, forward and spot contract positions.

The Master Fund's futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Open futures positions are marked-to-market each trading day and the Master Fund's trading accounts are debited or credited accordingly. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Master Fund is assigned a position in the underlying future which is then settled by offset. The Master Fund's spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Master Fund's cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Master Fund's debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down market price trends, during which the Master Fund's profit potential generally increases. However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Master Fund is likely to suffer losses.

The Master Fund's assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other Commodity Futures Trading Commission-authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund's futures, forward, and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due to limited open interest in certain futures markets or to daily price fluctuation limits, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund's futures, forward and spot trading, the Master Fund's assets

are highly liquid and are expected to remain so. During its operations for the three and nine months ended September 30, 2025, the Partnership, through its investment in the Master Fund, experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

The Master Fund records its transactions in futures, forward and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Master Fund on the day with respect to which net assets are being determined. Open spot currency contracts are valued based on the current Spot Price. Open forward currency contracts are recorded at fair value, based on pricing models that consider the Spot Price and Forward Point. Spot Prices and Forward Points for open forward currency contracts are generally based on the median of the average midpoint of bid/ask quotations at the last minute ending at 3:00 P.M. New York time provided by widely used quotation service providers on the day with respect to which net assets are being determined. Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy to determine fair value for forward currency contracts involves first calculating the number of Months to Maturity, then identifying the Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, such as accrual of expenses, that affect the amounts and disclosures reported in the financial statements. Based on the nature of the business and operations of the Partnership, the General Partner believes that the estimates utilized in preparing the Partnership's financial statements are appropriate and reasonable, however actual results could differ from these estimates. The estimates used do not provide a range of possible results that would require the exercise of subjective judgment. The General Partner further believes that, based on the nature of the business and operations of the Partnership, no other reasonable assumptions relating to the application of the Partnership's critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

RESULTS OF OPERATIONS

Due to the nature of the Partnership's trading, through its investment in the Master Fund, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Periods ended September 30, 2025

THREE MONTHS ENDED SEPTEMBER 30, 2025

The decrease in the Partnership's net assets of $7,902,433 was attributable to net loss after profit share of $3,562,416 and withdrawals of $4,347,527 which were partially offset by contributions of $7,510.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2025 decreased $55,580 relative to the corresponding period in 2024.

The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended September 30, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended September 30, 2025 decreased $48,046 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the three months ended September 30, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2025 decreased $3,662 relative to the corresponding period in 2024. The decrease was due to a decrease in the

average net asset value of the Partnership during the three months ended September 30, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2025 decreased $436,833 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the three months ended September 30, 2025, relative to the corresponding period in 2024.

For the three months ended September 30, 2025, the Partnership, through its investment in the Master Fund, had net realized and unrealized losses of $3,625,357 from trading operations (including foreign exchange transactions and translations). Management fees of $462,976, selling commissions and platform fees of $470,281, administrative and operating expenses of $130,132, and custody fees and other expenses of $7,973. Interest income of $1,134,303 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $3,562,416.

An analysis of the Master Fund's trading gain (loss) by sector is as follows:

NINE MONTHS ENDED SEPTEMBER 30, 2025

The decrease in the Partnership's net assets of $16,571,555 was attributable to net loss after profit share of $5,729,954 and withdrawals of $11,160,102 which were partially offset by contributions of $318,501.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2025 decreased $192,606 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the nine months ended September 30, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the nine months ended September 30, 2025 decreased $185,247 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in the average net asset value of

commission paying investors of the Partnership during the nine months ended September 30, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2025 increased $13,479 relative to the corresponding period in 2024. The increase was due to an increase in audit, tax, consulting, and marketing fees charged to the Partnership during the nine months ended September 30, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2025 decreased $1,259,777 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the nine months ended September 30, 2025, relative to the corresponding period in 2024.

For the nine months ended September 30, 2025, the Partnership, through its investment in the Master Fund, had net realized and unrealized losses of $6,036,231 from trading operations (including foreign exchange transactions and translations). Management fees of $1,452,164, selling commissions and platform fees of $1,465,604, administrative and operating expenses of $395,084, custody fees and other expenses of $20,691, and profit share of $1,277 were incurred. Interest income of $3,641,097 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $5,729,954.

An analysis of the Master Fund's trading gain (loss) by sector is as follows:

MANAGEMENT DISCUSSION -2025

Three months ended September 30, 2025

The Partnership was unprofitable during the quarter as losses from trading interest rate and equity index futures far outpaced the gain from

trading currency forwards. Meanwhile, trading of commodity futures was nearly flat as profits from trading grain and soft commodity futures

were marginally bigger than the losses from trading energy and metal futures.

Interest rates were volatile in the July-September period. Short-term interest rates generally declined as central banks cut official interest rates following receding inflation and concerns about slowing growth and employment, although sticky services, housing inflation and tariff uncertainties at times seemingly interrupted the declines. Meanwhile, medium- and long-term interest rates tended to rise amid concerns about the sustainability of fiscal policy agendas globally-especially in the United Kingdom ("U.K."), France, Germany, Japan and the U.S.-although growth worries possibly limited the rise. Trading of French, Italian, German, U.K., U.S. and Australian interest rate futures was unprofitable.

Optimism around capital expenditure spending on artificial intelligence ("AI"), power and electricity, and defense and infrastructure, together with declines in official interest rates, seemed to strengthen equities during the quarter, although concerns about tariffs, trade, global growth, threats to Federal Reserve ("Fed") independence and a looming U.S. government shutdown appeared to dampen investor enthusiasm at times. Against this background and China's anti-involution program, long positions in Korean, Chinese, Hong Kong, Taiwanese and Singaporean

stock index futures were profitable. On the other hand, short positions in U.S., U.K., European and Brazilian equity futures posted fractionally larger losses.

The U.S. dollar, fell during the first half of 2025, rebounded in July, and resumed its decline in August and September. Growth concerns and signs of a slowing U.S. labor market coincided with the Fed's rate cut cycle restart, concerns about Fed independence and expectations of an impending U.S. government shutdown. Short U.S. dollar trades versus the high-yielding Mexican peso and Brazilian real were profitable. Trading the U.S. dollar against the Swiss franc and British pound were also profitable. Similarly, long U.S. dollar positions relative to the New Zealand and Canadian dollars were profitable amid marked economic slowdowns in New Zealand and Canada, possibly impacted by trade difficulties. Comparatively, trading the U.S. dollar against the Chilean peso, Chinese renminbi and Singapore dollar registered partially offsetting losses.

Ample grain supplies and trade and tariff policy effects seemed to weigh on grain prices. For example, China's decisions to discontinue its purchases of U.S. soybeans and to impose a provisional anti-dumping duty on Canadian canola effectively blocked access to the Chinese market for those products. Short positions in soybeans, wheat, corn and soybean oil were profitable.

Arabica Coffee prices rose late in the quarter, possibly impacted by a continued decline in certified stocks. At the same time, U.S. roasters searched for alternatives following the imposition of a 50% tariff on coffee exports from Brazil. Meanwhile, Brazil's coffee-growing regions continued to face challenging weather conditions, including drought, irregular rainfall, and cold snaps, all of which typically threaten crop yields. A long Arabica futures trade was profitable.

Energy prices were volatile during the quarter. Prices decreased at times, possibly due to concerns over a global supply glut following the Internation Energy Agency's forecast that supply will outpace demand in coming quarters and Organization of the Petroleum Exporting Countries' ("OPEC+") effort to restore idle capacity. Additional pressure seemingly came from expectations of reduced fuel consumption as the summer driving season came to an end. Comparatively, geopolitical tensions and supply risks surrounding events in Russia, Ukraine and India, together with stronger than expected U.S. growth data, appeared to help support oil prices. Long positions in crude oil and heating oil, along with trading of RBOB gasoline and carbon emissions, were unprofitable. Trading in European Title Transfer Facility (TTF) gas was also unprofitable as prices were volatile amid supply uncertainties surrounding geopolitical tensions from Russia's war on Ukraine. On the other hand, a short U.S. natural gas trade was profitable as natural gas prices fell in volatile trading in July amid high production and inventory levels and moderate temperatures that seemingly impacted demand. A long London gas oil trade was also profitable in July.

Metal prices continued to be volatile amid tariff, trade, geopolitical and macroeconomic factors. A long Chicago copper trade was unprofitable in July when prices decreased as President Trump indicated that refined copper would be exempt from U.S. tariffs. Prices for metals with both precious and industrial uses, like platinum and silver, which had been seemingly weighed down by concerns about industrial demand, increased during the quarter, and short positions posted sizable losses. On the other hand, long gold trades were profitable as prices, completing their seventh straight weekly advance, closed the quarter at an all-time high near $3900/oz. amid a weaker dollar, hopes for lower U.S. interest rates and safe-haven demand. Buyers included central banks, institutional investors and retail investors.

Three months ended June 30, 2025

The Partnership was unprofitable during the quarter as losses from trading energy futures, currency forwards and, to a lesser extent, soft commodity futures outpaced the gains from trading equity, interest rate, metal and agricultural commodity futures.

Financial and commodity markets were volatile during the second quarter amidst a number of events including: the Trump administration's announcement of tariffs despite a 90-day delay to facilitate bilateral negotiations; concerns about the expected deficit and debt implications of the tax and spending within the "One Big Beautiful Bill"; and the Israeli and U.S. attacks on Iran's uranium enrichment and weapons programs and subsequent ceasefire.

Energy prices were highly volatile during the quarter. For example, Brent crude oil started the quarter near $75/barrel but fell sharply to $60/barrel at the end of April as the U.S.-China trade dispute led economists and analysts to lower their forecasts for global growth, oil demand and prices. Additionally, Organization of the Petroleum Exporting Countries ("OPEC+") suggested its program of output hikes could be accelerated in coming months. Then, after a period of stability, prices soared above $77/barrel during the 12-day conflict between Iran and Israel/the U.S. Finally, as the ceasefire in that conflict took hold, the price dropped back near $67/barrel. Long positions in Brent and WTI crude oil were unprofitable. Natural gas prices also proved volatile during the quarter. U.S. and United Kingdom ("U.K.") natural gas prices experienced multi-month lows in April amidst warm temperatures in the U.S. and Europe, healthy natural gas inventories and strong U.S. production. However, during May, prices rose as Europe looked to replenish its depleted reserves and the U.S.-China trade accord seemingly impacted global energy demand, at least temporarily. In June, prices spiked higher during the Israel-Iran conflict and decreased toward the lowest levels of the quarter as a ceasefire was implemented. Amidst the volatility, losses were sustained trading U.S. and European Title Transfer Facility (TTF). Elsewhere, a long position in RBOB gasoline was profitable.

Uncertainty surrounding the structure, goals and ultimate impact of the Trump tariffs, worries over the Federal Reserve ("Fed") independence and fears about the U.S. fiscal deficits and debt possibly contributed to a shift away from the U.S. dollar. The economic outlook for Europe

seemingly due in part to expanding defense and infrastructure spending, especially from Germany, also possibly weighed on the U.S. dollar. The U.S. dollar dropped in April, stabilized somewhat in May and drifted lower again in June, declining about 7% overall during the quarter as measured by the Bloomberg Dollar Index Spot (DXY) spot rate and Bloomberg Dollar Spot Index (BBDXY). Long U.S. dollar trades versus the Swiss franc, Korean won, Israeli shekel, U.K. pound, New Zealand, Australian and Canadian dollars and a few other currencies posted losses, especially in April. Meanwhile, long positions in the high-yield Brazilian real, Mexican peso and Polish zloty and a few other currencies against the U.S. dollar produced partially offsetting profits. A long U.S. dollar trade relative to the Japanese yen early in April was also profitable.

Coffee futures prices experienced volatility during the quarter. In April, concerns over Brazil's 2025/26 coffee crop, low inventories and tariff issues seemed to strengthen prices. Later, prices seemed to weaken amidst strong harvest progress in Brazil for the 2025/26 crop and expectations of abundant global supply, particularly from top producer Vietnam. A long Arabica coffee position was unprofitable and was significantly reduced. Meanwhile, long cocoa futures positions registered partially offsetting profits as prices rose early in the quarter, coinciding with supply concerns in West Africa and unexpectedly strong demand from Europe, the U.S., and Asia.

Equity markets were volatile during the quarter. Early in the period, global equity markets sold off amid U.S. tariff announcements. Subsequently, however, they rebounded while implementation delays were announced and negotiations tentatively ensued. Amid concerns about U.S. fiscal policy initiatives, global monetary policy and geopolitical hotspots, the recovery was not smooth. On balance, long positions in U.S., Japanese, Taiwanese, Singaporean and Korean equity futures, and trading of the emerging markets EEM index futures were profitable. On the other hand, long positions in European and Chinese stock index futures, and trading of Brazilian and Indian index futures posted largely offsetting losses.

Trading of interest rate futures was mixed and slightly profitable from April through June. Long positions in short-term U.S., British, Australian and Italian interest rate futures were profitable, especially early in the period amidst economic, political and geopolitical uncertainties. A short Japanese government bond trade was also profitable as market participants seemed to be wary of a Bank of Japan rate hike. A short U.K. gilt position was also profitable as the Bank of England did not cut official rates. Conversely, trading of German, French, U.S. and Canadian note and bond futures generated largely offsetting losses as the Fed did not cut interest rates, the U.S. and China reached a temporary trade compromise and there were concerns about government deficits and debt globally and geopolitical risks.

Metal prices were volatile during the period. Early in the quarter, worries about the impact of tariffs on trade and economic growth seemed to weigh down prices of copper, aluminum and silver, palladium and platinummetals that have significant industrial uses. Meanwhile, gold prices increased amid economic, political and geopolitical uncertainties. Later in the quarter, however, silver and platinum prices, which had trailed behind gold's persistent rally, increased to over 10-year highs, possibly impacted by safe-haven demand amid heightened Middle East tensions and a tight supply background. Copper and aluminum prices also pushed higher, possibly reflecting tariff-related squeezes and expectations that manufacturing demand would remain robust this year. Meanwhile, gold prices decreased as the U.S. brokered a ceasefire to the 12-day Iran-Israel/U.S. conflict. On balance, gains from trading gold and silver were slightly larger than the losses from trading copper, aluminum and platinum.

Short corn, soybean and wheat positions were profitable while prices declined alongside ample supply prospects for the U.S., Brazil and Russia. On the other hand, trading soybean oil, during a period of concern about U.S. and Indonesian biofuel blending mandates, resulted in a largely offsetting loss.

Three months ended March 31, 2025

The Partnership was unprofitable during the quarter as losses from trading currency forwards and stock index futures outpaced profits from trading interest rate and commodity futures.

A series of Trump administration policy initiatives announced during the first quarter were primarily focused on tariffs, immigration and fiscal spending while additional initiatives targeted at tax policy and deregulation seemed likely to be implemented later in the year. This sequencing seemingly weighed on consumer and business confidence, depressed growth expectations and raised inflation concerns. Financial and commodity markets were unsettled amid these developments and the Trump administration's foreign policy efforts to end Russia's war on Ukraine and the Israeli-Hamas conflict.

Weakening growth expectations for the U.S., juxtaposed against slight improvements in the prospects for Europe and China and combined with a narrowing of interest rate differentials favoring the U.S. seemingly weighed on the U.S. currency. Long U.S. dollar positions against the euro, United Kingdom pound sterling, Japanese yen, Norwegian krone, Swedish krona, Swiss franc, Chinese renminbi and Singapore, Australian, New Zealand and Canadian dollars were unprofitable. On the other hand, long positions in the high-yielding Brazilian real, Indian rupee and Polish zloty and trading the Korean won relative to the U.S. dollar generated partially offsetting profits.

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S.

policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean, Korean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Partnership generated partially offsetting gains on long positions in European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi met with corporate leaders, particularly ahead of the March National People's Congress.

Interest rates faced conflicting forces during the quarter. In America, the deployment of tariffs and use of the Department of Government Efficiency to reduce government spending coincided with consumer and business uncertainty, as well as slower growth and lower interest rates. Conversely, in Germany, newly elected Chancellor Merz's policy initiatives coincided with a change in government borrowing and spending, higher growth and interest rates. Short positions in German, French and Italian note and bond interest rate futures were profitable. On the other hand, trading of U.K., European and U.S. short-term interest rate futures produced partially offsetting losses. A long position in Japanese government bond futures was also slightly unprofitable, amid concern from market participants that the Bank of Japan might raise official interest rates.

Long gold positions were profitable as prices, as demand for safe-haven assets amid tariff uncertainties, geopolitical tensions and continuing central bank diversification demand, rose to record highs during the quarter. Long platinum and aluminum trades were also slightly profitable. Elsewhere, trading of copper, nickel, zinc and silver produced partially offsetting losses as prices vacillated alongside trade and tariff uncertainties, an unsettled U.S. dollar and changing global growth and inflation outlooks.

Energy prices were volatile during the quarter amid conflicting influences. President Trump threatened to impose tighter sanctions and/or secondary tariffs on buyers of Russian crude oil if President Putin blocked President Trump's Ukraine peace initiative and to impose additional tariffs and military strikes on Iran if Tehran failed to reach an agreement with the U.S. regarding its nuclear program. Improving growth in China also possibly impacted product price in a positive way. On the other hand, President Trump's policies seeking lower oil prices and the non-Organization of the Petroleum Exporting Countries' ("OPEC+") announcement of impending increased production starting in April seemingly weighed on prices. Concerns about the strength of the U.S. economy and worries that that Trump Administration's trade and tariff policies could dampen global growth possibly constrained prices as well. On balance, long crude oil trades were profitable. A long U.S. natural gas trade was also profitable as prices continued to increase on strong export demand from Europe and Asia. However, a long Dutch Title Transfer Facility (TTF) natural gas position was unprofitable as prices fell from recent one-year highs when the winter heating season reached an end.

A long Arabica coffee position performed well as prices increased to record highs, while adverse weather conditions reportedly damaged crops in Brazil and Vietnam, the world's two largest producers. Furthermore, the world has consumed more coffee than it produced for the past four years, decreasing inventory levels. On the other hand, cocoa prices, which had risen sharply between November and January, declined throughout the quarter as recent rains improved the outlook for Ivory Coast's April-to-September mid-crop, making long positions unprofitable. Trading sugar futures was also unprofitable.

Grain prices were volatile during the quarter, coinciding with uncertainties generated by the Trump administration's trade and tariff policies and its foreign policy initiatives toward Russia, Ukraine and the Black Sea trade corridor. A short soybean oil trade registered a loss as prices rose when an increase in crude palm oil prices pushed up demand for soybean oil as a substitute. Trading of corn was also unprofitable. On the other hand, short wheat and soybean meal positions posted partially offsetting profits.

Periods ended September 30, 2024

THREE MONTHS ENDED SEPTEMBER 30, 2024

The decrease in the Partnership's net assets of $11,588,085 was attributable to net loss after profit share of $10,269,036 and withdrawals of $1,541,218 which were partially offset by contributions of $222,169.

The Partnership, through its investment in the Master Fund, bears all trade-related commission and clearing charges due to third-party brokers. Brokerage commissions, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2024 decreased $1,527 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended September 30, 2024, relative to the corresponding period in 2023.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2024 decreased $52,952 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of management fee paying investors of the Partnership during the three months ended September 30, 2024, relative to the corresponding period in 2023.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended September 30, 2024 decreased $57,671 relative to the corresponding period in 2023. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the three months ended September 30, 2024, relative to the corresponding period in 2023.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2024 decreased $26,699 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended September 30, 2024, relative to the corresponding period in 2023.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the three months ended September 30, 2024 decreased $4,488 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the Partnership partially offset by an increase in short-term U.S. treasury yields during the three months ended September 30, 2024, relative to the corresponding period in 2023.

For the three months ended September 30, 2024, the Partnership, through its investment in the Master Fund, had net realized and unrealized losses of $11,374,369 from trading operations (including foreign exchange transactions and translations). Management fees of $518,556, brokerage commissions of $126,475, selling commissions and platform fees of $518,327, administrative and operating expenses of $133,794, custody fees and other expenses of $5,478 were incurred. Interest income of $1,571,136 and the reversal of accrued profit share to the General Partner of $836,827 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $10,269,036.

An analysis of the Master Fund's trading gain (loss) by sector is as follows:

NINE MONTHS ENDED SEPTEMBER 30, 2024

The decrease in the Partnership's net assets of $5,967,763 was attributable to withdrawals of $10,363,746 which were partially offset by net income after profit share of $4,003,322 and contributions of $392,661.

The Partnership, through its investment in the Master Fund, bears all trade-related commission and clearing charges due to third-party brokers. Brokerage commissions, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2024 increased $17,186 relative to the corresponding period in 2023. The increase was due mostly to an increase in trading volume during the nine months ended September 30, 2024, relative to the corresponding period in 2023..

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2024 decreased $72,525 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the management fee paying investors of the Partnership during the nine months ended September 30, 2024, relative to the corresponding period in 2023.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the nine months ended September 30, 2024 decreased $68,062 relative to the corresponding period in 2023. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the nine months ended September 30, 2024, relative to the corresponding period in 2023.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2024 decreased $27,815 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the Partnership during the nine months ended September 30, 2024, relative to the corresponding period in 2023.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the nine months ended September 30, 2024 increased $781,737 relative to the corresponding period in 2023. The increase was due predominantly to an increase in short-term U.S. Treasury yields during the nine months ended September 30, 2024, relative to the corresponding period in 2023.

For the nine months ended September 30, 2024, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $3,248,914 from trading operations (including foreign exchange transactions and translations). Management fees of $1,644,770, brokerage commissions of $416,040, selling commissions and platform fees of $1,650,851, administrative and operating expenses of $381,605, custody fees and other expenses of $17,395, and profit share of $36,135. Interest income of $4,901,204 offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share of $4,003,322.

An analysis of the Master Fund's trading gain (loss) by sector is as follows:

MANAGEMENT DISCUSSION - 2024

Three months ended September 30, 2024

The Partnership was unprofitable during the quarter as losses from trading energy and interest rate futures and currency forwards far outpaced paced small gains from trading non-energy futures and stock index futures.

Global market interest rates fell and yield curves steepened during the quarter as market participants reacted to actual and anticipated reductions in official interest rates among major developed market central banks in response to, among other things, moderating inflation, growth and employment statistics. For example, the policy-sensitive U.S. two-year Treasury note fell from 4.77% at the start of July to about 3.5% in September. Consequently, short positions in U.S., German, French and British note and bond futures were unprofitable, especially during July. Meanwhile, long positions in U.S. and European short-term interest rate futures generated partially offsetting profits. Trading of the Japanese government bond future and a long position in the Italian 10-year bond were also somewhat profitable.

Declining interest rates seemingly weighed on the U.S. dollar and long dollar trades against the Japanese yen, euro, Swiss franc, Brazilian real, pound sterling and Australian, Canadian and New Zealand dollars were unprofitable. A long position in the high-yield Mexican peso was also unprofitable partly resulting from political turbulence and weakening growth in Mexico.

Energy prices fell during the quarter. For example, Brent crude oil, after reaching $87.50/barrel in early July, dropped below $70/barrel in early September before closing the quarter at about $71/barrel. Deflation in China, sluggish growth in Europe, and moderating growth in the U.S., particularly in the manufacturing sectors, seemed to weigh on energy demand. The continued transition toward EV's, although slowing somewhat recently, also may have dented demand. At the same time, non-Organization of the Petroleum Exporting Countries ("OPEC+") supplies continued to grow and OPEC+ struggled to maintain production and export constraints on all its members. In fact, late in the quarter, top producer and exporter Saudi Arabia indicated that it was dropping its unofficial price target and readying to increase production and seek a greater market share. Even broad easing of monetary policies globally and surprise monetary and fiscal policy support measures from China appear to have failed to give energy prices much support. As a result, long Brent and WTI crude oil positions and trading of RBOB gasoline, London gas oil and TTF natural gas futures were unprofitable.

Declining interest rates and optimism around artificial intelligence helped to underpin equities during the quarter, while concerns about high valuations, softening U.S. growth, stagnation in Europe, deflation in China and wars in the Middle East and Europe aided in restraining the price gains. Late in the quarter, surprise monetary and fiscal policy support measures from China that were intended to stimulate economic activity, boost financial markets and stabilize property markets together with indications that OPEC+ soon would boost production significantly, provided some additional support to equities. Results were mixed but positive overall for the quarter. Short positions in Chinese equity futures were profitable early in the period amidst a continuing grim economic outlook, but then long positions in these same futures were profitable late in September after the surprise stimulus moves by Chinese authorities. Long positions in Taiwanese, Korean, Spanish, Italian and Brazilian index futures, trading of British and U.S. NASDAQ and S&P futures and a short emerging markets index futures trade were also profitable. On the other hand, short volatility, South African and EURO STOXX equity index futures positions and trading of U.S. Russell and mid-cap equity index futures posted partially offsetting losses.

Within non-energy commodities, early in the quarter, short silver and platinum positions were profitable as prices declined amid a negative industrial outlook and persistent demand concerns in top consumer China. Furthermore, the increasing share of new energy vehicles in major global auto markets contributed to a decreased demand for platinum in catalytic converters for internal combustion engines, also pressuring prices. Subsequently, actual and anticipated interest rate declines, especially after the Federal Reserves' larger than anticipated 50 basis point reduction in the Federal funds rate, together with China's unexpected monetary and fiscal stimulus measures, helped boost metal prices broadly. A surge in Indian gold imports following a tax reduction added to demand for this precious metal. Consequently, long gold and platinum positions were profitable. Adverse weather conditions in Brazil and Vietnam and rising shipping costs have assisted in pushing global coffee prices to record highs, producing profits on long Arabica coffee positions. Meanwhile, Grain prices, which have been falling for much of the past year, rebounded in September driven partly by supply risks, including uncertainty around Brazilian planting conditions, disappointing crop outlooks in Europe and Australia, and concerns over poor harvests in the U.S. Plains resulting from dry conditions and in the Black Sea region due to geopolitical difficulties. Hence, short positions in soybeans, soybean oil and soybean meal were unprofitable for the quarter.

Three months ended June 30, 2024

The Partnership was profitable during the quarter as gains from trading financial futures, especially in April, grain futures and soft commodity futures outdistanced the losses from trading energy and metal futures. Trading of livestock futures was marginally negative too.

Interest rates were volatile throughout the quarter, which seemed to reflect the variability of economic data. The U.S. ten-year treasury note vacillated in a 4.2% to 4.7% range. When data evidenced moderating inflation, wages, growth and employment, interest rates appeared to

decline. On the other hand, as data indicated sticky inflation and wages, and strong growth and labor markets, interest rates appeared to rise. Major global central banks continued to stress that the peak in rates had probably been reached, but that cuts required more certainty about the paths of inflation and growth. During the quarter, the European Central Bank, Bank of Canada, Swiss National Bank, Swedish Riksbank and Danish National Bank each lowered official interest rates by ¼ of a percentage point. Meanwhile, the Federal Reserve ("Fed") and Bank of England continued to hold off on cutting rates likely due to apparent concern about "sticky" inflation and wages, and analysts seems to suggest that the Reserve Bank of Australia might raise official interest rates in coming months after recent inflation data surprised to the upside. Meanwhile, concerns about government deficits and debt/GDP levels globally continues to cloud the interest rate outlook. On balance, interest rates increased during the quarter and short positions in U.S., German, French and Australian interest rate futures were profitable, especially in April.

Currency markets were also volatile during the quarter, but favorable U.S. interest rate differentials, European political uncertainties,

particularly in France and the U.K. and fiscal policy worries around Mexico and Latin America seemed to help underpin the U.S. dollar. Long U.S. dollar positions versus the Japanese yen, Swiss franc, pound sterling, Korean won, South African rand and Canadian dollar were profitable. On the other hand, a long position in the high-yield Mexican peso was unprofitable following the Mexican presidential election. Long U.S. dollar trades against the Norwegian, Swedish, Singaporean and Australian currencies also produced partially offsetting losses during May when the U.S. dollar weakened along with U.S. interest rates.

Equity markets were volatile during the quarter and trading of global equity futures was mixed but profitable. Changing inflation and growth

dynamics across countries and regions, uncertainty concerning the outlook for monetary policy among major developed market central banks,

and bifurcation of performance and valuations across markets and individual stocks, especially as related to artificial intelligence phenomena,

confronted market participants. A modest improvement in the growth outlook for Europe combined with attractive equity market valuations helped lead to profits in long positions in European equity index futures. Trading of U.S., Chinese and Taiwanese stock index futures was also quite profitable. A short Brazilian Bovespa position was also profitable, which seemed to reflect market participants concerns about the government's commitment to fiscal policy consolidation and, hence, the central bank's ability to lower official interest rates further. A short vix volatility index futures trade was profitable too. On the other hand, trading of Japanese, Indian and Korean stock index futures registered partially offsetting losses.

Grain prices were volatile during the quarter as difficult weather conditions globally seemed to muddle the supply outlooks in many markets. Early in the quarter, worries about supply disruptions from bad weather in Russia, Brazil and the U.S. likely helped to push up grain prices to their highest levels in nearly half a year and a long soybean position was slightly profitable. During the latter half of the quarter, however, favorable reports about U.S. wheat production seemed to confront news about the production decreases in Russia, Ukraine, and the EU and wheat prices declined. Consequently, short wheat positions were broadly profitable. Short positions in corn futures were also profitable as it appears prices fell once USDA forecasts indicated that U.S. corn inventories could hit a six-year peak by September 2025.

Early in the quarter, a long Arabica coffee futures position was profitable as prices remained elevated seemingly due to concerns over potential rain damage to coffee crops in Brazil. Sugar prices declined in April and May due in part to apparent expectations of robust supply from Brazil, the leading exporter globally. This better supply outlook for Brazil appears to have helped offset concerns about shortages in Asia, particularly in countries like India and Thailand. Consequently, a short sugar futures trade was profitable in April and May, although some price recovery in June reduced the overall quarterly profit. Meanwhile, trading of cotton futures was slightly unprofitable.

Energy prices were volatile throughout the quarter while edging lower on balance. Geopolitical frictions in the Middle East appear to continue to underpin energy prices, while demand-side uncertainties and increasing supply from non Organization of the Petroleum Exporting Countries ("OPEC+") sources seem to pressure prices lower. Overall, trading of RBOB gasoline, London gas oil, heating oil and WTI crude oil were

unprofitable. A short carbon emissions trade was also unprofitable. On the other hand, trading of Brent crude produced a partially offsetting

gain.

Silver prices jumped sharply during April and May, rising to their highest levels in 11 years. An expanding solar power industry is helping to drive a growth in industrial demand for silver. Safe haven demand for precious metals and expectations of interest rate cuts by major central banks later this year also appear to have helped support the price advance. Consequently, a short silver trade was unprofitable, although the loss was scaled back somewhat when prices eased back in June as growing uncertainty on the outlook for US Federal Reserve interest rate cuts and signs of softening industrial demand, especially from top silver consumer China, likely weighed on metal prices. Elsewhere, short NYMEX copper and London aluminum futures trades were unprofitable as U.S. and U.K. sanctions that ban the trading of new Russian metals supplies, worries about the long-term availability of metals needed for the energy transition, concerns about short-term metal supplies due to several mine closures and emerging signs of improving growth in Europe seem to push metal prices higher.

Three months ended March 31, 2024

The Partnership was profitable during the quarter as gains from trading interest rate futures, energy futures, currency forwards and grain futures outdistanced losses from trading soft commodity and metals futures. Trading of equity futures was nearly flat.

Financial and commodity market prices vacillated during the quarter as market participants reacted to impacts of uncertainty about the timing and pace of expected central bank interest rate cuts, disparate regional growth and inflation outlooks and the influence of developments surrounding the use of artificial intelligence (AI).

Interest rates were volatile during the quarter. They rose broadly as developed market central banks, led by the Federal Reserve ("Fed"), pushed back against market expectations of early and official interest rate cuts. Concerns about "sticky" inflation and strong wage data and labor markets seemingly helped support this higher-for-longer interest rate narrative. However, interest rates did ease a bit during March as developed market central banks, following recent meetings, seemed more willing to take longer to return to their target inflation levels than had previously been the case to avoid a hard growth landing. Overall, short positions in medium- and long-term U.S. and German note and bond futures were broadly profitable. A short position in the U.S. short-term interest rate future was also profitable. On the other hand, during January, long positions in British, U.S. and European short-term interest rate futures, and in Italian short-term and long-term interest rate futures, registered partially offsetting losses. A short position in the Japanese government bond future was also slightly unprofitable as the Bank of Japan executed a "dovish" end to its zero-interest rate and yield curve control policies.

Relative strength in U.S. growth, equity markets and interest rate differentials seemingly helped buoy the U.S. dollar. Long U.S. dollar positions versus the Japanese, Swiss, New Zealand, Canadian and Australian currencies were profitable. Elsewhere, a short U.S. dollar trade against the euro in January and trading the U.S. dollar relative to the Brazilian real and Singapore dollar produced partially offsetting losses.

Energy prices rose during the quarter as Middle East tensions, including a drone attack by Iran-backed militants that killed U.S. troops in Jordan and an expansion of Houthi missile strikes in the Red Sea on a Trafigura-operated fuel tanker carrying Russian products, stoked fears of supply disruptions. The continuation of production cuts by Organization of the Petroleum Exporting Countries ("OPEC+") and Ukrainian attacks on Russian oil refineries also likely contributed to supply worries. On the demand side, stronger-than-expected US economic data and fresh stimulus in China seemed to strengthen the outlook in two of the world's largest oil consumers. In this environment, long positions in Brent crude, WTI crude, RBOB gasoline, London gasoil and heating oil were profitable. A short carbon emissions trade was also profitable as the recent slowdown in the electric vehicle market weighed on demand for emission credits.

Ample supplies of grain from South America, Russia, Ukraine and the U.S. likely impacted prices and short wheat and soybean positions were profitable, especially early in the quarter. In March, amid reports of destructive rain and hail across crucial grain-producing regions in Argentina supporting soybean prices, a long soybean trade was profitable.

Sugar prices, following a sharp drop late last year, rebounded in January amid concerns about hot weather damaging crops in southeast Asia, particularly in India and New Delhi extended its export ban. A short sugar trade was unprofitable as prices rose. Cocoa prices rallied to an historic high as weather and disease afflicted cocoa trees in the world's main growing regions in West Africa, raising supply concerns. A short cocoa trade was unprofitable. Trading of coffee and cotton were also slightly unprofitable.

Silver prices were buoyed amid expectations that developed market central banks would embark on an interest rate easing cycle. Indeed, the Swiss National Bank announced a quarter point cut in its official interest rate in March. Consequently, a short silver trade was unprofitable. Trading of gold, platinum and zinc also posted small losses.

Trading of stock index futures was mixed and flat during the quarter. Improving growth, inflation and corporate earnings outlooks in Japan seemingly contributed to strong profits on long Japanese equity index futures positions. A long Spanish IBEX equity futures position and a short Brazilian equity index futures trade were also profitable. On the other hand, in the U.S., where AI optimism, growth and central bank rate cut prospects seemed to support equities, losses on short positions in Russell, MIDCAP 400 and Dow Jones index futures outdistanced profits from trading the NASDAQ index futures. Short positions in European, Singaporean and emerging market equity index futures, a long Korean index futures position, and trading of Australian and Canadian index futures registered offsetting losses too.

OFF-BALANCE SHEET ARRANGEMENTS

Neither the Partnership nor the Master Fund engages in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

Neither the Partnership nor the Master Fund enters into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership's sole business, through its investment in the Master Fund, is trading futures, forward currency, spot and swap contracts, both long (contracts to buy) and short (contacts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Master Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Master Fund present a condensed schedules of investments setting forth open futures, forward and other contracts at September 30, 2025 and December 31, 2024.