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

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

Liquidity and Capital Resources

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

The Partnership's investment in futures, forwards and options may or could have been, 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 from promptly liquidating their futures or option contracts and result in restrictions on redemptions.

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

Other than the risks inherent in commodity futures, forwards, options, swaps and other derivatives trading and U.S. Treasury bills and money market mutual fund securities, the Partnership knows of no trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Partnership'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 or losses on trading and by expenses, interest income, subscriptions, 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 nine months ended September 30, 2025, the Partnership's capital decreased 4.6% from $48,049,570 to $45,822,224. This decrease was attributable to redemptions of 4,166.2970 Class A limited partner Redeemable Units totaling $3,492,978 and redemptions of 186.8340 Class D limited partner Redeemable Units totaling $198,948, which was partially offset by a net income of $1,464,580. Future redemptions can impact the amount of funds available for investment in subsequent periods.

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

Off-BalanceSheet Arrangements and Contractual Obligations

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

Critical Accounting Policies

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

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

Results of Operations

During the Partnership's third quarter of 2025, the Partnership's net asset value per Class A Redeemable Unit increased 4.1% from $832.51 to $866.50 as compared to a decrease of 10.0% in the same period of 2024. During the Partnership's third quarter of 2025, the Partnership's net asset value per Class D Redeemable Unit increased 4.1% from $1,041.89 to $1,084.43 as compared to a decrease of 10.0% in the same period of 2024. During the Partnership's third quarter of 2025, the Partnership's net asset value per Class Z Redeemable Unit increased 4.3% from $1,102.65 to $1,149.84 as compared to a decrease of 9.8% in the same period of 2024. The Partnership experienced a net trading gain before fees and expenses in the third quarter of 2025 of $1,801,893. Gains were primarily attributable to the Partnership's trading in grains, indices, livestock and metals and were partially offset by losses in currencies, energy, U.S. and non-U.S.interest rates and softs. The Partnership experienced a net trading loss before fees and expenses in the third quarter of 2024 of $6,056,958. Losses were primarily attributable to the Partnership's trading in currencies, energy, grains, indices, U.S. and non-U.S.interest rates and softs and were partially offset by gains in livestock and metals.

During the third quarter, the Partnership's most significant gains were achieved within the metals sector during August and September from long positions in gold and silver futures as increased investor demand for precious metals boosted prices. In the agricultural sector, gains were recorded throughout the quarter from short positions in wheat futures as prices declined amid signs of higher-than-expected crop output in the U.S. and South America. Additional gains in the agricultural sector were experienced during July and August from long positions in live cattle futures. Further gains were achieved during July and September in the global stock index sector from long positions in Asian, U.S., and European equity index futures, as demand for artificial intelligence stocks and strong corporate earnings rallied stock prices. A portion of the Partnership's gains for the third quarter was offset by losses incurred within the global fixed income sector during August, from positions in U.S. and European government debt futures, as uncertainty over future central bank interest rate policies resulted in choppy price action in global bond markets. Additional losses were recorded during July in the currency sector from long positions in the British pound as the value of the pound fell against the U.S. dollar amid an outlook for weaker economic momentum in the U.K. In the energy sector, losses were recorded during August from long positions in global crude oil futures as growing stockpiles and increased production weighed on prices.

During the Partnership's nine months ended September 30, 2025, the Partnership's net asset value per Class A Redeemable Unit increased 3.3% from $838.89 to $866.50 as compared to an increase of 1.9% in the same period of 2024. During the Partnership's nine months ended September 30, 2025, the Partnership's net asset value per Class D Redeemable Unit increased 3.3% from $1,049.87 to $1,084.43 as compared to an increase of 1.9% in the same period of 2024. During the Partnership's nine months ended September 30, 2025, the Partnership's net asset value per Class Z Redeemable Unit increased 3.9% from $1,106.92 to $1,149.84 as compared to an increase of 2.5% in the same period of 2024. The Partnership experienced a net trading gain before fees and expenses in the nine months of 2025 of $1,334,937. Gains were primarily attributable to the Partnership's trading in grains, indices, livestock and metals and were partially offset by losses in currencies, energy, U.S. and non-U.S.interest rates and softs. The Partnership experienced a net trading gain before fees and expenses in the nine months of 2024 of $833,856. Gains were primarily attributable to the Partnership's trading in grains, indices, U.S. and non-U.S.interest rates, livestock, metals and softs and were partially offset by losses in currencies and energy.

During the first nine months of the year, the Partnership's most notable trading gains were achieved in the metals sector from long positions in gold futures as geopolitical uncertainty and concerns for the global economy spurred investor demand for precious metals throughout much of the year. In the agricultural sector, gains were recorded throughout the third quarter from short positions in wheat futures as prices declined amid signs of higher-than-expected crop output in the U.S. and South America. Additional gains in the agricultural sector were experienced from March through August due to long positions in live cattle futures. Gains were also achieved within the global stock index sector during April from long positions in U.S. Volatility Index ("VIX") futures as prices spiked amid widespread equity sector turmoil in the fallout of the U.S. tariff announcements. Gains in the equity index markets were also achieved during January, June, and September from long positions in U.S., Asian, and European stock index futures. A portion of the Partnership's overall trading gains for the first nine months of the year was offset by losses incurred within the energy sector during February, April, August and September from long positions in crude oil and gasoline futures as prices fell amid concerns a global trade war would have a negative effect on energy demand and amid OPEC+ production increases. Losses within the global fixed income sector were incurred throughout much of the first three quarters from positions in U.S. government debt futures as uncertainty over the Fed's course of action on interest rate policies created a choppy price environment in the debt markets. Within the currency sector, losses were recorded during February from short positions in the Japanese yen versus the U.S. dollar as the value of yen advanced as the Bank of Japan instituted policies to shore up the yen's value. Additional currency losses were experienced during March and April from short positions in the Swiss franc and euro against the U.S dollar.

Commodity futures 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 depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events, changes in interest rates, pandemics, epidemics and other public health crises. To the extent that market trends exist and the Advisors are able to identify them, the Partnership expects to increase capital through operations.

The Partnership receives monthly interest on 100% of the average daily equity maintained in cash in the Partnership's brokerage account at MS&Co. during each month at a rate equal to the monthly average of the 4-weekU.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership did not receive interest on amounts in the futures brokerage accounts that were committed to margin. Any interest earned on the Partnership's cash account in excess of the amounts described above, if any, was retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market mutual fund securities was retained by the Partnership as applicable. Interest income for the three and nine months ended September 30, 2025 decreased by $180,085 and $577,647, respectively, as compared to the corresponding periods in 2024. The decrease in interest income was primarily due to lower 4-weekU.S. Treasury bill discount rates during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depended on (1) the average daily equity maintained in cash in the Partnership's accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and (3) interest rates over which none of the Partnership or MS&Co. had control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership. 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 nine months ended September 30, 2025 decreased by $7,267 and $52,406, respectively, as compared to the corresponding periods in 2024. 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 nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Ongoing selling agent fees are calculated as a percentage of the Partnership's adjusted net asset value of Class A and Class D Redeemable Units on the last day of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Ongoing selling agent fees for the three and nine months ended September 30, 2025 decreased by $10,317 and $51,881, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets attributable to Class A and Class D Redeemable Units during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership. General Partner fees are calculated as a percentage of the Partnership's adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. General Partner fees for the three and nine months ended September 30, 2025 decreased by $12,066 and $61,151, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Management fees are calculated as a percentage of the Partnership's adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Management fees for the three and nine months ended September 30, 2025 decreased by $9,825 and $50,262, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Incentive fees are based on the new trading profits generated by each Advisor at the end of the quarter, half-year or year, as applicable, as defined in the respective management agreements between the Partnership, the General Partner and each Advisor. Trading performance for the three and nine months ended September 30, 2025 resulted in incentive fees of $5,214. Trading performance for the three and nine months ended September 30, 2024 resulted in a reversal of incentive fees of $274,563 and incentive fees of $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 by the Advisor and earns additional new trading profits for the Partnership.

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

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