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

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

Liquidity. The Partnership/Trading Company deposits its assets with MS&Co. as its clearing commodity broker in separate Futures Interests trading accounts established for the Trading Advisors. Such assets are used as margin to engage in trading and may be used as margin solely for the Partnership's/Trading Company's trading. The assets are held either in non-interestbearing bank accounts or in securities and instruments permitted by the CFTC for investment of customer segregated or secured funds. Since the Partnership's/Trading Company's sole purpose is to trade in futures, forwards and options, it is expected that the Partnership/Trading Company will continue to own such liquid assets for margin purposes.

The Partnership's/Trading Company's investment in Futures Interests and U.S. Treasury bills 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 from promptly liquidating its 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/Trading Company from trading in potentially profitable markets or prevent the Partnership/Trading Company from promptly liquidating unfavorable positions in such markets, subjecting it 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/Trading Company's assets. There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Partnership's/Trading Company's liquidity increasing or decreasing in any material way.

Capital Resources. The Partnership does not have, nor does it expect to have, any capital assets. The Partnership's only assets are its (i) investment in the Trading Company, (ii) redemptions receivable from the Trading Company, (iii) equity in trading account, consisting of restricted and unrestricted 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, as applicable, and (iv) interest receivable. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investments in Futures Interests and U.S. Treasury bills in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future inflows and outflows of Units.

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.

Results of Operations

General. The Partnership's results depend on the Trading Advisors and the ability of the Trading Advisors' trading programs to take advantage of price movements in the futures, forwards and options markets.

In allocating substantially all of the assets of the Partnership among the Trading Advisors, the General Partner considers, among other factors, the Trading 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 Trading Advisors and allocate assets to additional advisors at any time.

As of December 31, 2025 and September 30, 2025, the Partnership's Net Assets were allocated among the Advisors in the following approximate percentages:

Graham Capital Management L.P.

The K4D quantitative investment program has its origin in Graham's legacy trend-following trading systems, dating as far back as 1995. Graham's trend systems are designed to participate selectively in potential profit opportunities that can occur during periods of price trends in a diverse number of U.S. and international markets. The trend systems establish positions in markets where the price action of a particular market signals the computerized systems used by Graham that a potential trend in prices is occurring. The trend systems also employ proprietary risk management and trade filter strategies that seek to benefit from sustained price trends while reducing risk and volatility exposure. Each K4D program trades the same quantitative models in the same proportion, and differs only with respect to the annual volatility range targeted (with the K4D-10VProgram targeting an annual volatility range of 8% to 12%; the K4D-15VProgram targeting an annual volatility range of 12% to 18%; and the K4D-20VProgram targeting an annual volatility range of 16% to 24%).

Winton Capital Management Limited

The portion of the Partnership's assets that was allocated to Winton for trading are not invested in commodity interests directly. Winton's allocation of the Partnership's assets was invested in Winton Master. Winton trades the Diversified Macro Strategies (formerly, the Winton Futures Program), a proprietary, systematic trading program, on behalf of Winton Master.

The investment objective of the Diversified Macro Strategies is to achieve long-term investment growth.

The Diversified Macro Strategies (formerly, the Winton Futures Program) follows a disciplined investment process that is based on statistical analysis of historical data. The initial stage of the process involves collecting, cleaning and organizing large amounts of data. The Diversified Macro Strategies uses a wide variety of data inputs including factors that are intrinsic to markets, such as price, volume and open interest; and those that are external to markets, such as economic statistics, industrial and commodity data and public company financial data. Winton conducts statistical research into the data in an attempt to quantify the probability of particular markets rising or falling, conditional on a variety of quantifiable factors. Winton's research is used to develop mathematical models that attempt to forecast market returns, the variability or volatility associated with such returns (often described as "risk"), and the correlation between markets and transaction costs. These forecasts are used in investment strategies that determine what positions should be held to maximize profit within a certain range of risk. As a result of Winton's research, Winton expects that the investments made in accordance with this process will have an improved chance of being successful, which is expected to lead to profits over the long-term.

Winton's investment programs are operated as automated, computer-based investment systems. The programs are modified over time as Winton monitors its operation and undertakes further research. Changes to the programs occur as a result of, amongst other things, the discovery of new relationships, changes in market liquidity, the availability of new data or the reinterpretation of existing data.

Most of Winton's investment decisions are made strictly in accordance with the output of the programs. However, Winton may, in exceptional circumstances (such as the occurrence of events that fall outside the input parameters of the programs), make investment decisions based on other factors and take action to override the output of the programs to seek to protect the interests of investors.

EMC Capital Advisors, LLC

EMC will trade its Classic Program for the Partnership. EMC's investment strategies are technical rather than fundamental in nature. In other words, they are developed from analysis of patterns of actual monthly, weekly and daily price movements and are not based on analysis of fundamental supply and demand factors, general economic factors, or anticipated world events. EMC relies on historical analysis of these price patterns to interpret current market behavior and to evaluate technical indicators for trade initiations and liquidations. EMC's investment strategies used in its program are trend-following. This means that initiation and liquidation of positions in a particular market are generally in the direction of the price trend in that market, although at times counter-trend elements also may be employed. EMC employs an investment strategy which utilizes a blend of systems (or, stated another way, a number of systems simultaneously). The strategies are diversified in that its program follows a number of Futures Interests and often invests in more than ten different interests at one time.

Campbell& Company, LP

Campbell will trade the Partnerships assets in accordance with its Campbell Managed Futures Portfolio, a proprietary, systematic trading system. Campbell's trading models are designed to detect and exploit medium-term to long-term price changes, while also applying risk management and portfolio management principles.

Campbell believes that utilizing multiple trading models provides an important level of diversification and is most beneficial when multiple contracts of each market are traded. Every trading model may not trade every market. It is possible that one trading model may signal a long position while another trading model signals a short position in the same market. It is Campbell's intention to offset those signals to reduce unnecessary trading, but if the signals are not simultaneous, both trades will be taken and since it is unlikely that both positions would prove profitable, in retrospect, one or both trades will appear to have been unnecessary. It is Campbell's policy to follow trades signaled by each trading model independent of the other models.

For the period from January 1, 2025 through December 31, 2025, the average allocation by commodity market sector for CMF Winton was as follows:

The following presents a summary of the Partnership's operations for the years ended December 31, 2025, 2024 and 2023, and a general discussion of its trading activities during each period. It is important to note, however, that the Trading Advisors trade in various markets at different times and that prior activity in a particular market does not mean that such market will be actively traded by the Trading Advisors or will be profitable in the future. Consequently, the results of operations of the Partnership are difficult to discuss other than in the context of the Trading Advisors' trading activities on behalf of the Partnership during the period in question. Past performance is no guarantee of future results.

The Partnership's results of operations set forth in the financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), which require the use of certain accounting policies that affect the amounts reported in these financial statements, including the following: the contracts the Partnership trade are accounted for on a trade-date basis and marked to market on a daily basis. The difference between their original contract value and market value is recorded in the Consolidated Statements of Income and Expenses as "Net change in unrealized gains (losses) on open contracts" and recorded as "Net realized gains (losses) on closed contracts" when open positions are closed out. The sum of these amounts constitutes the Partnership's trading results. The market value of a futures contract is the settlement price on the exchange on which that futures contract is traded on a particular day. The value of a foreign currency forward contract is based on the spot rate as of approximately 3:00 P.M. (E.T.), the close of the business day. Interest income, as well as management fees, administrative and General Partner's fees and ongoing placement agent fees of the Partnership are recorded on an accrual basis.

The General Partner believes that, based on the nature of the operations of the Partnership, no assumptions relating to the application of critical accounting policies other than those presently used could reasonably affect reported amounts.

No forecast can be made as to the level of redemptions in any given period. A limited partner may require the Partnership to redeem its Units at the net asset value per Unit as of the end of any month on three business days' notice to the General Partner. There is no fee charged to limited partners in connection with redemptions. Redemptions are generally funded out of the Partnership's cash holdings. For the year ended December 31, 2025, 526,503.599 limited partner Units of Class A were redeemed totaling $15,135,894 and 10,989.011 General Partner Units of Class Z were redeemed totaling $140,000. For the year ended December 31, 2024, 334,352.620 limited partner Units of Class A were redeemed totaling $10,157,755 and 13,089.093 General Partner Units of Class Z were redeemed totaling $174,854. For the year ended December 31, 2023, 365,803.167 limited partner Units of Class A were redeemed totaling $10,596,272 and 6,183.017 General Partner Units of Class Z were redeemed totaling $75,000.

The Partnership continues to offer Units for each Class at their net asset value per Unit as of the end of each month. For the year ended December 31, 2025, there were no additional subscriptions of limited partner Units of Class A, General Partner Units of Class Z and limited partner Units of Class Z. For the year ended December 31, 2024, there were no additional subscriptions of limited partner Units of Class A, General Partner Units of Class Z and limited partner Units of Class Z. For the year ended December 31, 2023, there were no additional subscriptions of limited partner Units of Class A, General Partner Units of Class Z and limited partner Units of Class Z.

For the year ended December 31, 2025, the net asset value per Unit for Class A decreased 2.2% from $29.69 to $29.04. For the year ended December 31, 2025, the net asset value per Unit for Class Z decreased 1.5% from $12.93 to $12.74. For the year ended December 31, 2024, the net asset value per Unit for Class A increased 5.8% from $28.07 to $29.69. For the year ended December 31, 2024, the net asset value per Unit for Class Z increased 6.6% from $12.13 to $12.93. For the year ended December 31, 2023, the net asset value per Unit for Class A decreased 0.0% (due to rounding) from $28.08 to $28.07. For the year ended December 31, 2023, the net asset value per Unit for Class Z increased 0.7% from $12.04 to $12.13.

The Partnership experienced a net trading loss of $3,378,347 before fees and expenses for the year ended December 31, 2025. Losses were primarily attributable to the Partnership's trading of Futures Interests in the currencies, energy, grains, U.S. and non-U.S.interest rates sectors and were partially offset by gains in the indices, livestock, metals and softs sectors. The net trading gain (or loss) realized from the Partnership is disclosed under "Item 8. Financial Statements and Supplementary Data."

During the first quarter of 2025, the Partnership's largest gains occurred within metals during January and March, primarily from long positions in gold futures as prices strengthened amid a weakening U.S. dollar. Additional gains were recorded within the global stock index sector during January and February from long positions in European equity index futures, as prices were supported by expectations for aggressive interest rates policies. In the agricultural markets, gains were generated during January and March from long positions in live cattle futures as prices moved higher following a multi-year low in U.S. cattle slaughter. The Partnership's trading gains for the first quarter were largely offset by losses in the global fixed income sector during February from short positions in U.S. government debt futures, as increased investor demand pushed prices higher. Within the currency sector, losses were recorded throughout the quarter, primarily from short positions in the euro and Japanese yen versus the U.S. dollar, as the dollar weakened amid uncertainty surrounding U.S. economic policy. Additional losses occurred in the energy sector during January from long positions in natural gas and heating oil futures, as well as during February from long positions in crude oil futures.

During the second quarter of 2025, the Partnership's largest trading losses occurred in the energy sector throughout much of the quarter, driven by long positions in crude oil futures as prices declined following announced OPEC production increases. In the currency sector, losses were recorded during April and May from short positions in the Australian dollar, Canadian dollar, and Swiss franc versus the U.S. dollar. Losses in global fixed income markets were recorded during May and June from long positions in European and U.S. interest rate futures, as yields moved higher amid fiscal and tariff policy concerns. Within the metals sector, losses were incurred during April from long positions in copper futures as prices declined amid tariff-related concerns. A portion of the Partnership's overall second quarter losses was offset by gains in global stock index markets during May and June from long positions in global stock index futures, as prices were supported by moderating inflation and strong corporate earnings. Additional gains were achieved in the agricultural markets throughout the quarter from long positions in live cattle futures as prices advanced on lower U.S. herd figures.

During the third quarter of 2025, the Partnership's most notable gains occurred in the global stock index sector from long positions in U.S., Asian, and European equity index futures, as prices advanced on strong demand for artificial-intelligence-related stocks and expectations for central bank interest rate cuts. In the metals sector, gains were recorded during August and September from long positions in gold, silver, and platinum futures as prices increased investor demand for precious metals prices. The agricultural markets generated gains during July and August from long positions in livestock futures as prices continued to rise amid ongoing depletion of U.S. cattle supply. In the energy sector, gains were achieved during July from long futures positions in crude oil and its refined products as prices moved higher on a potential energy purchase agreement between the European Union and the U.S. A portion of the Partnership's third-quarter gains was offset by losses in the global fixed income sector from long positions in European government debt futures, as prices declined throughout much of the quarter. Currency sector losses were recorded during July from long positions in the British pound, which retreated against the U.S. dollar amid speculation of slowing economic momentum in the United Kingdom.

During the fourth quarter of 2025, the Partnership's most notable gains were generated in the metals sector throughout the quarter from long positions in gold and silver futures amid increased investor demand for precious metals, as well as from long positions in copper futures. Additional gains were recorded during October from long positions in U.S., European and Asian equity index futures as growing global demand for risk assets supported stock prices. A portion of the Partnership's fourth quarter gains was offset by losses incurred in the global fixed income markets during December from long positions in Canadian bond futures and three-month Euribor contracts, as speculation regarding central bank interest rate policies contributed to volatility across global bond markets. Additional losses occurred in the agricultural markets during December from long positions in soybean futures as prices declined, and from short positions in live cattle futures during October and November. In the energy sector, losses were incurred throughout the quarter from long positions in refined crude oil products, as near-record global oil production weighed on energy prices. Currency sector losses were incurred during October from long positions in the British pound versus the U.S. dollar as the value of the pound weakened amid signs of softness in the U.K. economy.

The Partnership experienced a net trading gain of $8,394,930 before fees and expenses for the year ended December 31, 2024. Gains were primarily attributable to the Partnership's trading of Futures Interests in the currencies, grains, indices and softs sectors and were partially offset by losses in the energy, U.S. and non-U.S.interest rates, livestock and metals sectors.

During the first quarter of 2024, the Partnership's largest gains were achieved within the global stock index sector during January, February and March from long positions in Asian, European, and U.S. equity index futures as prices rallied amid investor expectations for global central banks to be aggressive in cutting interest rates. In the agricultural markets, gains were recorded during each month of the first quarter from long positions in cocoa futures as cocoa prices surged amid concern extremely hot weather conditions in West African growing regions would damage crops. In currencies, the largest gains were achieved throughout the first quarter from short positions in the Japanese yen versus the U.S. dollar as the relative value of the yen weakened versus the dollar amid an outlook Japan's central bank would maintain easy interest rate policies relative to those of the Federal Reserve. Gains in the energies were achieved during March from long positions in crude oil and its refined products as geopolitical tensions and high shipping costs pushed prices higher. In the global fixed income sector, gains were recorded during February from short positions in U.S. fixed income futures. A portion of the Partnership's overall gains for the first quarter was offset by losses from short positions in gold futures as prices advanced late in the quarter amid investor demand for safe-haven assets. Additional losses within the metals sector were incurred during January and February from long positions in iron ore futures.

During the second quarter of 2024, the Partnership's largest trading losses were incurred within the energies during May from short positions in European and U.S. natural gas futures as prices rallied on tight supplies. Within global stock indices, losses were recorded during April from long positions in Asian, U.S., and European equity index futures as a "risk-off"sentiment weighed on stock prices. Additional losses for the second quarter were incurred within currencies during May from short positions in the euro, Norwegian krone, and Swiss franc versus the U.S. dollar as the relative value of the dollar dropped as the European Central Bank voiced a high commitment to cutting interest rates. A portion of the Partnership's overall losses for the second quarter was offset by gains achieved within global fixed income sector during April from short positions in U.S. and European fixed income futures as yields advanced. Further gains were recorded in the metals markets during April from long positions in copper futures as prices surged higher on strong demand and during May from long positions in silver futures. Gains in the agricultural markets were achieved during June from short positions in corn, wheat, and soybean futures as beneficial growing weather in the U.S. Midwest pushed grain prices lower.

During the third quarter of 2024, the Partnership's most notable losses were incurred during August within the global stock index sector from long positions in Asian, U.S., and European equity index futures as stock prices retreated as technology stocks fell under broad selling pressure. In the currencies, losses were recorded during July and August from short positions in the Japanese yen versus the U.S. dollar as the value of the yen surged higher as the Bank of Japan ("BOJ") raised interest rates. Further losses were incurred during July and August from short positions in U.S. fixed income futures as yields fell amid rising expectations for multiple interest rate cuts by the Fed. In the energies, losses were recorded throughout the third quarter from long positions in crude oil futures as prices declined amid high global inventories. Additional losses were experienced in the metals sector during July and August from long futures positions in industrial metals as prices slid on an outlook for slowing demand from China. A portion of the Partnership's losses for the third quarter was offset by gains achieved within the agricultural sector during July from short positions in soybeans, wheat, and corn futures as grain prices trended lower as industry reports predicted larger-than-expected crop harvests in the U.S. and South America.

During the fourth quarter of 2024, the Partnership's most notable gains were achieved within the currencies during December from short positions in the euro, Canadian dollar, Japanese yen, and New Zealand dollar versus the U.S. dollar as the relative value of the U.S. dollar strengthened. In the agriculturals, gains were recorded during November and December from long positions in cocoa futures as prices surged higher amid global supply concerns. Additional gains in the agricultural sector were achieved during October and November from short positions in soybean and wheat futures. A majority of the fourth quarter's gains was offset by losses incurred in the global fixed income markets from long positions in U.S., European, and Canadian fixed income futures during October as persistent inflation cast doubt regarding future central bank interest rate cuts. In the energies, losses were recorded during November and December from short positions in natural gas futures as prices advanced amid expectations for high winter consumption demand. Additional losses were incurred from long positions in global equity index futures throughout the fourth quarter, while losses in the metals were recorded during November from long positions in gold and silver futures.

The results of operations for the twelve months ended 2023 are discussed under "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." in the Partnership's Annual Report on Form 10-Kfor the fiscal year ended December 31, 2023.

The Partnership receives monthly interest on 100% of its average daily equity maintained in cash in the Partnership's account during each month at a rate equal to 100% of the monthly average of the 4-weekU.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership's cash account in excess of the amounts described above, if any, will be retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market fund securities will be retained by the Partnership, as applicable. Interest income for the three and twelve months ended December 31, 2025 decreased by $346,808 and $2,029,313, respectively, as compared to the corresponding periods in 2024. The decrease in interest income was primarily due to lower interest rates and lower average daily equity during the three and twelve months ended December 31, 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 depends 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. has control.

Certain clearing fees are based on the number of trades executed by the Trading Advisors for the Partnership. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees for the three and twelve months ended December 31, 2025 increased by $12,880 and decreased by $23,738, respectively, as compared to the corresponding periods in 2024. The increase in these clearing fees was primarily due to an increase in the number of trades made by the Partnership during the three months ended December 31, 2025 as compared to the corresponding period in 2024. The decrease in these clearing fees was primarily due to a decrease in the number of trades made by the Partnership during the twelve months ended December 31, 2025 as compared to the corresponding period in 2024.

Ongoing placement agent fees are calculated as a percentage of the Partnership's Class A adjusted net assets on the first 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 placement agent fees for the three and twelve months ended December 31, 2025 decreased by $27,708 and $151,746, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets of Class A during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Administrative and General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership. The Administrative and General Partner's fees are calculated as a percentage of the Partnership's adjusted net asset value as of the beginning of each month and are affected by trading performance and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Administrative and General Partner's fees for the three and twelve months ended December 31, 2025 decreased by $27,825 and $153,230, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets during the three and twelve months ended December 31, 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 beginning of each month and are affected by trading performance and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Management fees for the three and twelve months ended December 31, 2025 decreased by $61,176 and $308,246, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Incentive fees are based on the new trading profits generated by the Trading Advisors at the end of the year as defined in the management agreements among the Partnership, the General Partner and the relevant Trading Advisor. Trading performance for the three and twelve months ended December 31, 2025 resulted in incentive fees of $0 and $0, respectively. Trading performance for the three and twelve months ended December 31, 2024 resulted in incentive fees of $0 and $1,081,370, respectively. To the extent that a Trading Advisor incurs a loss for the Partnership, the Trading Advisor will not be paid incentive fees until such Trading Advisor recovers any net loss incurred and earns additional new trading profits for the Partnership.

The Partnership pays professional fees, which generally include professional fees made up of legal and accounting expenses, as well as certain offering costs and filing, administrative, reporting and data processing fees. Professional fees for the years ended December 31, 2025 and 2024 were $504,540 and $545,367, respectively.

For an analysis of unrealized gains and losses by contract type and a further description of 2025 trading results, refer to the Partnership's Annual Report to limited partners for the year ended December 31, 2025, which is included in "Item 8. Financial Statements and Supplementary Data." of this Form 10-K.

The Partnership's gains and losses are allocated among its partners for income tax purposes.

Market Risk.

The Partnership is a party to financial instruments with elements of off-balancesheet market and credit risk. The Partnership trades futures contracts, options on futures contracts and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products. In entering into these contracts, the Partnership is subject to the market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the positions held by the Partnership at the same time, and the Trading Advisors were unable to offset positions of the Partnership, the Partnership could lose all of its assets and the limited partners would realize a loss equal to 100% of their capital accounts.

In addition to the Trading Advisors' internal controls, each Trading Advisor must comply with the Partnership's trading policies that include standards for liquidity and leverage that must be maintained. Each Trading Advisor and Ceres monitor the Partnership's trading activities to ensure compliance with the trading policies and Ceres can require the Trading Advisors to modify positions of the Partnership if Ceres believes they violate the Partnership's trading policies.

Credit Risk.

In addition to market risk, in entering into futures, forward and option contracts, there is a credit risk to the Partnership that the counterparty on a contract will not be able to meet its obligations to the Partnership. The ultimate counterparty or guarantor of the Partnership for futures, forward and option contracts traded in the United States, and most foreign exchanges on which the Partnership trades, is the clearinghouse associated with such exchange. In general, a clearinghouse is backed by the membership of the exchange and will act in the event of non-performanceby one of its members or one of its member's customers, which should significantly reduce this credit risk. There is no assurance that a clearinghouse, exchange, or other exchange member will meet its obligations to the Partnership, and Ceres and the commodity broker will not indemnify the Partnership against a default by such parties. Further, the law is unclear as to whether a commodity broker has any obligation to protect its customers from loss in the event of an exchange or clearinghouse defaulting on trades effected for the broker's customers. In cases where the Partnership trades off-exchangeforward contracts with a counterparty, the sole recourse of the Partnership will be the forward contract's counterparty.

Ceres deals with these credit risks of the Partnership in several ways. First, Ceres monitors the Partnership's credit exposure to each exchange on a daily basis. The commodity broker informs the Partnership, as with all of their customers, of the Partnership's net margin requirements for all of its existing open positions, and Ceres has installed a system which permits it to monitor the Partnership's potential net credit exposure, exchange by exchange, by adding the unrealized trading gains on each exchange, if any, to the Partnership's margin liability thereon.

Second, the Partnership's trading policies limit the amount of its net assets that can be committed at any given time to futures contracts and require a minimum amount of diversification in the Partnership's trading, usually over several different products and exchanges. Historically, the Partnership's exposure to any one exchange has typically amounted to only a small percentage of its total net assets and, on those relatively few occasions where the Partnership's credit exposure climbs above such level, Ceres deals with the situation on a case by case basis, carefully weighing whether the increased level of credit exposure remains appropriate. Material changes to the trading policies may be made only with the prior written approval of the limited partners owning more than 50% of Units then outstanding.

Third, with respect to non-exchange-tradedforward contract trading, the Partnership trades with only those counterparties which Ceres, together with MS&Co., has determined to be creditworthy. The Partnership presently deals with MS&Co. as the sole counterparty on all trading of foreign currency forward contracts.

For additional information, see Note 4, "Financial Instruments" under "Notes to Financial Statements" in the Partnership's Annual Report to limited partners for the year ended December 31, 2025, which is included in "Item 8. Financial Statements and Supplementary Data." of this Form 10-K.

Inflation has not been a major factor in the Partnership's operations.

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 expenses during the reporting period. As a result, actual results could differ from these estimates. A summary of the Partnership's significant accounting policies is described in Note 2, "Basis of Presentation and Summary of Significant Account Policies" under "Notes to Financial Statements" in the Partnership's Annual Report to limited partners for the year ended December 31, 2025, which is included in "Item 8. Financial Statements and Supplementary Data." of this Form 10-K.

The Partnership's most significant accounting policy is the valuation of its investments in Futures Interests and U.S. Treasury bills, as applicable. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-tradedforeign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid prices received from independent pricing services as of the close of the last business day of the reporting period.