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

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

Overview

The Partnership seeks to achieve substantial capital appreciation through speculative trading, directly or indirectly through its investment in the Funds, in U.S. and international markets for currencies, interest rates, stock indices, agricultural and energy products and precious and base metals. The Partnership/Funds may employ futures, options on futures and forward contracts in those markets. The Partnership/Funds may also engage in swap transactions and other derivative transactions with the approval of the General Partner/Trading Manager.

The General Partner/Trading Manager manages all business of the Partnership/Funds. The General Partner has delegated its responsibility for the investment of the Partnership's capital to the Advisors. The General Partner/Trading Manager engages a team of approximately 9 professionals whose primary emphasis is on attempting to maintain quality control among the Advisors to the funds operated or managed by the General Partner/Trading Manager. A full-time staff of due diligence professionals use proprietary technology and on-siteevaluations to monitor new and existing futures money managers. The accounting and operations staff provide processing of subscriptions and redemptions and reporting to limited partners and regulatory authorities. The General Partner also engages staff involved in marketing and sales support.

Responsibilities of the General Partner include:

In addition, the General Partner/Trading Manager will prepare, or will assist the Administrator in preparing, the books and records and will provide, or will assist the Administrator in providing, the administrative and compliance services that are required by law or regulation, from time to time, in connection with the operation of the Partnership/Funds. While the Partnership and the Funds have the right to seek lower commission rates from other commodity brokers at any time, the General Partner/Trading Manager believes that the customer agreements and other arrangements with the commodity broker are fair, reasonable, and competitive.

The programs traded by each Advisor on behalf of the Partnership are: Opus - Opus Advanced Ag Program; Drakewood - Drakewood Prospect Fund Strategy; Breakout - an enhanced version of Breakout's Propeller Program; Quantica - Quantica Managed Futures Program; Transtrend - Diversified Trend Program - Enhanced Risk Portfolio (US Dollar); Northlander - Northlander Commodity Program; JSCL - Systematic Strategy Program. As of December 31, 2025 and September 30, 2025, the Partnership's Net Assets were allocated among the Advisors in the following approximate percentages:

Opus Futures, LLC

Opus trades the Partnership's assets allocated to it directly pursuant to Opus's Advanced Ag Program (the "Program"). The General Partner and Opus have agreed that Opus will trade the Partnership's assets allocated to Opus at 1.5 times the amount of the assets allocated. The Program is a fundamental discretionary strategy primarily focused on agricultural commodities, specifically grains, oilseeds, and livestock. Opus takes a medium-to-longterm outlook, typically holding trades for several weeks up to several months, depending on the opportunity set.

Opus only trades on liquid North American exchanges, using both futures and options on futures to express ideas using directional positions and, occasionally, using spread trades, such as inter-commodity and calendar spreads. Typically trades focus on 'old crop vs, new crop', weather and cyclical seasonality. Fundamental analysis is used in forecasting U.S. and world supply and demand tables, monitoring U.S. and world weather, studying domestic and international freight values, and tracking underlying cash values associated with agriculture futures markets.

The portfolio is intentionally concentrated on a limited number of grains and livestock markets. Position and risk management are at the trader's discretion, meaning there are no hard-coded portfolio or position stop-outs.

Breakout Funds, LLC

The portion of the Partnership's assets that were allocated to Breakout were traded directly in a managed account in the name of the Partnership pursuant to an enhanced version of Breakout's Propeller Program.

The Propeller Program is a discretionary global macro strategy that utilizes both fundamental and quantitative methods to identify market opportunities. Breakout aims to improve upon the traditional global macro strategy by using more of a tactical approach, with a shorter-term time horizon. At any given time, Breakout develops and monitors 1 to 7 high conviction themes, with a time horizon of 1 to 10 days. Independent of trade conviction, the portfolio manager will not engage in a trade without a minimum of a three to one expected reward/risk ratio. Key differentiators include low downside volatility and low historical drawdowns. In order to control downside volatility, Breakout engages in rigorous risk management with a focus on liquid markets and defined risk. The returns are uncorrelated to actively managed macro, CTA, and equity strategies.

Quantica Capital AG

The portion of the Partnership's assets that are allocated to Quantica are traded directly in a managed account in the name of the Partnership pursuant to the Quantica Managed Futures Program. The Quantica Managed Futures Program is a fully systematic investment program that aims to detect medium-term trend-following market inefficiencies in a diversified, liquid investment universe. Quantica's investment philosophy centers on the belief that quality risk-adjusted returns can be systematically captured from liquid markets by statistically analyzing risk-adjusted outperformance of one market versus other markets in the investment universe. The goal of the investment philosophy is to generate optimized long-term risk-adjusted compounded returns that are largely uncorrelated to traditional asset classes such as stocks and bonds. To achieve this goal, Quantica employs a unique and proprietary, fully systematic approach to medium term trend-following that is based on risk-adjusted, relative trend identification that delivers style-consistent trend-following returns with the ability to enhance efficiency and diversification.

Drakewood Capital Management Limited

Drakewood trades the Partnership's assets allocated to it pursuant to the Drakewood Prospect Fund Strategy. Pursuant to the Drakewood Prospect Fund Strategy, Drakewood invests the Partnership's assets primarily in a portfolio of risk positions in precious, non-ferrousand ferrous metal futures, forward contracts and related options, and derivative instruments. Other commodities may be traded from time to time, and may also invest in LME warrants, although these instruments are expected to constitute a relatively minor part of the portfolio. Investments made pursuant to the Drakewood Prospect Fund Strategy investments are expected to be concentrated in precious, non-ferrousand ferrous metal strategies and the Program's investments are not expected to be diversified.

The Drakewood Prospect Fund Strategy is designed to gain exposure to opportunities in the majority of actively traded metals while limiting exposure in any one particular metal. The intent of this strategy is to increase opportunities for gain, while managing risk in order to provide more consistent returns.

Based on the fundamentally driven investment approach of the Drakewood Prospect Fund Strategy, Drakewood will often hold generally directional positions - either predominantly long or short depending on price drivers for each individual metal. The Drakewood Prospect Fund Strategy is expected to be neither long nor short biased through the cycle but rather to take a fundamental view over a one, two, five and ten year time frame and take positions accordingly. Long long-term core positions will be augmented by shorter shorter-term trading positions around each core position to manage short short-term price risk. In normal circumstances there may be daily trading activity on the portfolio even though the core fundamental view will persist for a year or more. Due to the nature of commodities futures trading, gross exposures may be much higher than net asset value due to the nature of having numerous offsetting positions, such as calendar spreads.

Transtrend B.V.

The portion of the Partnership's assets that are currently allocated to Transtrend for trading are not invested in commodity interests directly. Transtrend's allocation of the Partnership's assets is currently invested in Transtrend Master. Transtrend trades Transtrend Master's assets, and thereby the Partnership's assets, in accordance with its Diversified Trend Program-Enhanced Risk Profile (US Dollar), a proprietary, systematic trading system. Transtrend generally trades its Enhanced Risk Profile using 1.5 times the leverage employed by the Standard Risk Profile.

Transtrend Master currently trades Financial Instruments (i.e., futures, options, options on futures, swaps, swaps on futures, forward contracts on foreign exchange, interest rates, interest rates instruments, commodities and equity related indices and instruments and other indices) on U.S. and non-U.S.exchanges, other venues and/or OTC markets. One of the potential strengths of the program is the disciplined, systematic and dynamic nature of market participation. The overall performance is determined by the entirety of all markets and all trades. In a systematic market approach, the disciplined application by Transtrend and a consistent participation by the client are both essential to realize the pursued returns over the course of time, although profitability cannot be guaranteed and clients may incur substantial losses on their investment.

Transtrend's market approach attempts to benefit from directional price moves in outright Financial Instruments and in intra-market and inter-market combinations of Financial Instruments.

Under the Diversified Trend Program's Standard Risk Profile, Transtrend generally commits an average of approximately 16% of the assets in a client's account as margin or a premium for Financial Instruments positions. Such percentage has varied, however, and is affected by various factors including, without limitation, nominal account size, market conditions, traded markets or the level of margins set by brokers and clearing houses. The Diversified Trend Program's Enhanced Risk Profile generally includes 1.5 times the leverage, and as such the average margin commitments, of the Standard Risk Profile.

Northlander Commodity Advisors LLP

The portion of the Partnership's assets that were allocated to Northlander for trading were not invested in commodity interests directly. Northlander's allocation of the Partnership's assets was invested in NL Master. Northlander trades the Partnership's assets allocated to it pursuant to its Northlander Commodity Program. The Northlander Commodity Program was a commodity focused trading program which invested in energy products globally, but with an emphasis on European power, European gas, European emissions, and international coal markets. The program was an absolute return strategy which seeks to identify value in mispriced markets through careful fundamental analysis by focusing on market dynamics and market structure and then expressing its thesis through its proprietary portfolio construction and risk management procedures.

John Street Capital Limited/John Street Capital LLP

The portion of the Partnership's assets that are allocated to JSCL (and prior to the JSCL Novation Agreement, John Street) are traded directly in a managed account in the name of the Partnership pursuant to JSCL's/John Street's Systematic Strategy Program. The Systematic Strategy Program seeks to profit from price movements in global markets and employs a systematic approach to trading. This means that the vast majority of the Systematic Strategy Program's trades will be made without discretion, based on the orders generated by the advisor's proprietary trading system. The Systematic Strategy Program employs a multi-model approach, applying different trading methods across different time horizons with the goal of having a diversified mix of potential return drivers within the strategy.

The Systematic Strategy Program trades exchange-traded futures and OTC derivatives. The exchange-traded futures represent a wide range of underlying asset classes, including, but not limited to, equities, bonds, interest rates, currencies, energies, metals and agricultural products.

Specific Fund level performance information is included in Note 6 to the Partnership's consolidated financial statements included in "Item 8. Consolidated Financial Statements and Supplementary Data."

For the period January 1, 2025 through December 31, 2025, the average allocation by commodity market sector for each of the Funds was as follows:

Transtrend Master

Drakewood Master

(a) Liquidity.

The Partnership does not engage in sales of goods or services. Its assets are its (i) investment in the Funds, (ii) redemptions receivable from the Funds, (iii) equity in trading account, consisting of unrestricted and restricted cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, options purchased at fair value and investment in U.S. Treasury bills at fair value, if applicable, and (iv) interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership, through its investment in the Funds and direct investments. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred during the year ended December 31, 2025.

To minimize the risk relating to low margin deposits, the Partnership and Funds follow certain trading policies, including:

From January 1, 2025 through December 31, 2025, the Partnership's average margin to equity ratio (i.e., the percentage of assets on deposit required for margin) was approximately 7.6%. The foregoing margin to equity ratio takes into account cash held in the Partnership's name, as well as the allocable value of the positions and cash held on behalf of the Partnership in the name of the Funds.

In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance-sheetrisk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options, and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter("OTC"). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

As both a buyer and seller of options, the Partnership/Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Funds to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Funds do not consider these contracts to be guarantees.

The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership's/Funds' Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Funds are exposed to market risk equal to the value of the futures and forward contracts held and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership's/Funds' risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Partnership's/Funds' Consolidated Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership's/Funds' risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Partnership's and the Funds' assets. For certain OTC contracts traded by certain Funds, JPMorgan is the counterparty with respect to those assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership's/Funds' counterparty is an exchange or clearing organization.

The General Partner/Trading Manager monitors and attempts to mitigate the Partnership's/Funds' risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner/Trading Manager to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, exchange-cleared swaps, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. (See also "Item 8. Consolidated Financial Statements and Supplementary Data." for further information on financial instrument risk included in the notes to consolidated financial statements.)

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership's/Funds' business, these instruments may not be held to maturity.

The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership's net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

Other than the risks inherent in U.S. Treasury bills, money market mutual fund securities, commodity futures, forward, option and swap contracts, the Partnership and the Funds know of no trends, demands, commitments, events or uncertainties which will result in or which are reasonably likely to result in the Partnership's/Funds' liquidity increasing or decreasing in any material way. The Limited Partnership Agreement provides that the Partnership shall terminate under certain circumstances including a decrease in net asset value per Redeemable Unit to less than $400 as of the close of business on any business day. In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the Partnership's aggregate net assets decline to less than $1,000,000.

(b) Capital Resources.

(i) The Partnership has made no material commitments for capital expenditures.

(ii) The Partnership's capital consists of the capital contributions of the partners, as increased or decreased by net income or losses on trading and by expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any. Gains or losses on trading cannot be predicted. Market movements in commodities are dependent upon fundamental and technical factors which the Advisors may or may not be able to identify, such as changing supply and demand relationships, pandemics, epidemics and other public health crises, weather, government, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. Partnership expenses consist of, among other things, clearing fees, ongoing selling agent fees, management fees, the General Partner fee and expenses allocated from Funds. The level of these expenses is dependent upon trading performance and the level of net assets maintained. In addition, the amount of interest income earned by the Partnership/Funds is dependent upon (1) the average daily equity maintained in cash in the Partnership's and/or the Funds' accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds, MS&Co. or JPMorgan has control.

No forecast can be made as to the level of redemptions in any given period. A limited partner may require the Partnership to redeem some or all of their Redeemable Units at the net asset value per Redeemable Unit as of the end of each 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 and/or redemptions from the Funds. For the year ended December 31, 2025, 17,740.2230 limited partner Redeemable Units of Class A were redeemed totaling $56,165,667, 711.0850 limited partner Redeemable Units of Class Z were redeemed totaling $943,824 and 397.3650 General Partner Redeemable Units of Class Z were redeemed totaling $570,000. For the year ended December 31, 2024, 13,997.9410 limited partner Redeemable Units of Class A were redeemed totaling $47,555,135, 667.5770 limited partner Redeemable Units of Class Z were redeemed totaling $943,147 and 404.4100 General Partner Redeemable Units of Class Z were redeemed totaling $575,430. For the year ended December 31, 2023, 10,668.0200 limited partner Redeemable Units of Class A were redeemed totaling $37,489,122, 1,047.3910 limited partner Redeemable Units of Class Z were redeemed totaling $1,566,196 and 178.3530 General Partner Redeemable Units of Class Z were redeemed totaling $250,016.

The Partnership continues to offer Redeemable Units at the net asset value per Redeemable Unit as of the end of each month. For the year ended December 31, 2025, there were subscriptions of 1,530.0500 limited partner Redeemable Units of Class A totaling $4,710,000 and 79.8200 limited partner Redeemable Units of Class Z totaling $100,000. For the year ended December 31, 2024, there were subscriptions of 1,340.4160 limited partner Redeemable Units of Class A totaling $4,501,680 and 151.3150 limited partner Redeemable Units of Class Z totaling $204,425. For the year ended December 31, 2023, there were subscriptions of 3,537.2660 limited partner Redeemable Units of Class A totaling $12,751,279 and 329.3770 limited partner Redeemable Units of Class Z totaling $495,000.

(c)Results of Operations.

For the year ended December 31, 2025, the net asset value per Redeemable Unit for Class A increased 4.2% from $3,236.88 to $3,373.18. For the year ended December 31, 2025, the net asset value per Redeemable Unit for Class Z increased 5.0% from $1,366.17 to $1,434.45. For the year ended December 31, 2024, the net asset value per Redeemable Unit for Class A decreased 3.3% from $3,346.39 to $3,236.88. For the year ended December 31, 2024, the net asset value per Redeemable Unit for Class Z decreased 2.5% from $1,401.81 to $1,366.17. For the year ended December 31, 2023, the net asset value per Redeemable Unit for Class A decreased 7.5% from $3,618.20 to $3,346.39. For the year ended December 31, 2023, the net asset value per Redeemable Unit for Class Z decreased 6.8% from $1,504.31 to $1,401.81.

The Partnership experienced a net trading gain of $10,326,399 before fees and expenses in 2025. Gains were primarily attributable to the Partnership's/Funds' trading in indices, livestock and metals and were partially offset by losses in currencies, energy, grains, U.S. and non-U.S.interest rates and softs.

During the first quarter of 2025, the Partnership's largest losses were incurred within the currency sector throughout the period, primarily from short positions in the euro and Japanese yen versus the U.S. dollar, as the dollar weakened amid uncertainty surrounding the effects that trade tariffs would have on the U.S. economy. In the energy sector, losses were recorded during January and February from long positions in European electricity futures and global carbon emission futures as weakening power demand pushed prices lower. Further losses were recorded in the global fixed income sector during February from short positions in U.S. fixed income futures as prices advanced on increased investor demand. In the global stock index markets, losses were incurred during March from long positions in European, U.S., and Asian equity index futures as investors assessed the potential impacts of a global trade war. Additional losses were experienced during March in the agricultural markets from positions in corn futures as volatile, choppy price action roiled the grains markets. Small losses from long positions in shipping freight index futures were recorded during January and March. A portion of the Partnership's overall first quarter losses was offset by gains in the metals markets during each month of the quarter from long positions in gold futures, as investor demand for precious metals strengthened amid concerns about the global economic outlook.

During the second quarter of 2025, the Partnership's largest losses were recorded in April in the energy markets from long positions in Brent crude oil futures, as prices fell sharply following a surprise production increase announced by the OPEC+ nations. In currencies, losses were incurred during April from short positions in the Canadian dollar and Swiss franc versus the U.S. dollar as the relative value of the U.S. currency declined sharply. Long positions in European and Asian equity index futures also recorded losses during April as the prospect of widespread tariff implementation weighed on stock prices. Within the global fixed income markets, losses were recorded during May from long positions in short-term U.S. and European interest rate futures as yields moved higher. In the metals markets, losses were incurred during May from long positions in gold and platinum futures as prices reversed lower amid weakening investor demand for precious metals. Losses from short positions in the global freight index sector were recorded during June as prices advanced. A portion of the Partnership's second quarter losses was offset by gains in the agricultural sector during May and June from long positions in live cattle futures, as prices rallied on tightening U.S. cattle herd production.

During the third quarter of 2025, the Partnership's most notable gains were achieved in the global stock index sector throughout all three months of the quarter from long positions in Asian and U.S. equity index futures, as demand for artificial intelligence-related stocks and expectations for central bank interest rate cuts supported investor appetite for risk assets. Gains were also recorded in the agricultural sector during July and August from long positions in livestock futures as prices advanced. In the metals sector, gains were generated during August and September from long positions in gold, silver, and platinum futures as increased investor demand for precious metals pushed prices higher. Additional gains were achieved in the energy sector during July from long positions in crude oil and its refined products as proposed tariffs contributed to rising prices. In the currency sector, gains were recorded during September from short positions in Japanese yen, Canadian dollar, and various European cross-currency pairs. Gains were also experienced during August and September from long positions in global shipping futures. A portion of the Partnership's third quarter gains was offset by losses in the global fixed income sector during September from positions in long-term and short-term U.S. fixed income futures, amid uncertainty about the future path of interest rates.

During the fourth quarter of 2025, the Partnership's most notable gains were achieved throughout all three months of the quarter from long positions in gold and silver futures, as prices rallied on increased investor demand for precious metals. In the currency sector, gains were recorded during October from short positions in Japanese yen versus the U.S. dollar, as the dollar rebounded strongly. Additional gains were recorded during October from long positions in Asian, U.S., and European equity index futures as stock prices advanced on optimism for global trade negotiations. In the energy markets, gains were achieved during December from positions in European coal, electrical power, and carbon emission futures. A portion of the Partnership's fourth quarter gains was offset by losses incurred during October in the agricultural sector from short futures positions in the grains as prices moved higher amid speculation that ongoing tariff negotiations would boost demand for U.S. grain exports, as well as from long positions in live cattle futures. Further losses were recorded during December in the global fixed income sector from long positions in three-month Secured Overnight Financing Rate ("SOFR") futures and Canadian bond futures as prices moved lower.

The Partnership experienced a net trading loss of $8,792,019 before fees and expenses in 2024. Losses were primarily attributable to the Partnership's/Funds' trading in currencies, energy, grains, livestock, metals and non-U.S.interest rates and were partially offset by gains in indices, U.S. interest rates and softs.

During the first quarter of 2024, the Partnership's largest gains were achieved within the agricultural markets from long positions in cocoa futures as prices surged higher during each month of the first quarter amid concerns extremely hot weather in key West African growing regions would damage crops. Gains within the global stock index sector were also achieved during each month of the first quarter from long positions in Asian, European, and U.S. equity index futures amid an outlook for global central banks to be aggressive in cutting interest rates. Additional gains for the first quarter were achieved within the currency sector during January, February and March primarily from short positions in the Japanese yen versus the U.S. dollar as the dollar strengthened relative to the yen. In the energies, gains were recorded throughout the first quarter from long positions in Brent crude oil futures as oil prices moved higher amid strengthening demand and on concerns mounting geopolitical tensions could curtail oil production. Gains were also achieved throughout the first quarter from long positions in shipping freight index futures as attacks on shipping tankers in the Red Sea pushed prices higher. A portion of the Partnership's overall gains for the first quarter was offset by losses incurred within the global fixed income sector primarily during January and February from long positions in European fixed income futures amid a murky outlook on Eurozone central bank actions to battle inflation.

During the second quarter of 2024, the Partnership's largest losses were recorded in the energies from long positions in crude oil futures and its refined products during April, May, and June as prices reversed lower amid data indicating growing inventories. In the global stock index markets, losses were recorded during April from long positions in U.S., Asian, and European stock index futures amid a "risk-off"move by investors. Losses in the agriculturals were also experienced in the second quarter from short positions in wheat futures during April and June as prices advanced amid high demand for U.S. grain exports. Further losses were experienced within the global fixed income markets from short positions in European fixed income futures during April and June and from short positions in U.S. Treasury bond and Treasury note futures during May and June. In currencies, losses were incurred primarily during June from long positions in the Mexican peso as the value of peso dropped after proposed government reform's spooked investors. A portion of the losses for the second quarter was offset by gains achieved within the metals sector during April and May from long positions in copper futures as prices rallied amid speculation of Chinese stimulus measures. Additional gains were experienced during April from long positions in global shipping freight index futures as continued attacks on tankers in the Red Sea boosted prices.

During the third quarter of 2024, the Partnership's most notable losses were incurred within the currency sector during July and August from short positions in the Japanese yen versus the U.S. dollar as the relative value of the yen surged higher as the Bank of Japan raised interest rates. In the energies, losses were recorded from long positions in crude oil futures throughout the quarter as oil prices steadily declined amid high global inventories. Losses in the global stock index sector were experienced primarily during August from long positions in Asian, European, and U.S. equity index futures as stock prices dropped amid a sell-offin technology stocks. In the agricultural complex, losses were incurred during September from short positions in soybean, wheat, and corn futures as grain prices reversed higher amid a wave of global buying. In the metals, losses were experienced during July from long positions in copper futures as prices declined. A portion of the Partnership's losses for the third quarter was offset by gains achieved within the global fixed income sector during September from long positions in U.S., Canadian, and European fixed income futures as prices rose and interest rate yields across the globe fell. Additional gains were recorded in July and September from long positions in shipping freight futures as prices rallied amid concerns growing tensions in the Middle East would disrupt key trade routes.

During the fourth quarter 2024, the Partnership's most significant losses were incurred during October from long positions in U.S., Canadian and European fixed income futures as persistent inflation cast doubt on future interest rate cuts by global central banks. In the energies, losses were recorded during November and December from short positions in European electrical power futures. Losses in the global stock index markets for the fourth quarter were incurred during October and December from long positions in U.S. equity index futures as investors pulled back from stock purchasing. Additional losses during the fourth quarter were recorded in November from long positions in gold futures. A portion of the Partnership's losses for the fourth quarter was offset by gains achieved in currencies during December from short positions in the Canadian dollar and euro versus the U.S. dollar. Gains in the agricultural markets were recorded during November and December from long positions in cocoa futures as continued adverse weather threatened crops in Africa. Gains from long positions in global freight futures were also experienced throughout the fourth quarter.

The results of operations for the twelve months ended 2023 is 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.

Interest income is earned on 100% of the average daily equity maintained in cash in the Partnership's (or the Partnership's allocable portion of a Fund's, except for Transtrend Master's) brokerage account during each month at the rate equal to the monthly average of the 4-weekU.S. Treasury bill discount rate. MS&Co. will pay monthly interest to Transtrend Master on 100% of the average daily equity maintained in cash in Transtrend Master's brokerage account during each month at the rate equal to the monthly average of the 4-weekU.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. For the avoidance of doubt, the Partnership/Funds will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership's and/or each Fund'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 mutual fund securities will be retained by the Partnership and/or the Funds, as applicable. Any interest income earned on collateral or excess cash deposited by certain of the Funds and held by JPMorgan in its capacity as such Funds' forward foreign currency counterparty will be retained by such Funds, and the Partnership will receive its allocable portion of such interest from the applicable Fund. Interest income earned by the Partnership for the three and twelve months ended December 31, 2025 decreased by $775,705 and $5,081,947, respectively, as compared to the corresponding periods in 2024. The decrease in interest income is primarily due to lower interest rates 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 and/or the Funds' accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds, MS&Co. or JPMorgan has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Funds. 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 twelve months ended December 31, 2025 increased by $144,660 and $263,173, respectively, as compared to the corresponding periods in 2024. The increase in these clearing fees is primarily due to an increase in the number of direct trades made by the Partnership during the three and twelve months ended December 31, 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 for Class A Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Ongoing selling agent fees for the three and twelve months ended December 31, 2025 decreased by $73,412 and $506,398, respectively, as compared to the corresponding periods in 2024. The decrease in ongoing selling agent fees is primarily due to lower average adjusted net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Management fees, except fees payable to Transtrend, 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 payable to Transtrend are charged at the Transtrend Master level and are affected by trading performance, subscriptions and redemptions of Transtrend Master. Management fees for the three and twelve months ended December 31, 2025 decreased by $122,362 and $888,451, respectively, as compared to the corresponding periods in 2024. The decrease in management fees is due to lower average adjusted net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership's commodity trading advisors, (ii) allocating and reallocating the Partnership's assets among the commodity trading advisors and (iii) monitoring the activities of the commodity trading advisors. These fees are calculated as a percentage of the Partnership's adjusted net 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. The General Partner fee for the three and twelve months ended December 31, 2025 decreased by $75,191 and $519,956, respectively, as compared to the corresponding periods in 2024. The decrease in the General Partner fee is due to lower average adjusted net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Incentive fees paid by the Partnership are based on the New Trading Profits, as defined in the respective Management Agreements among the Partnership, the General Partner and each Advisor, generated by each Advisor at the end of the quarter, calendar half year or annually, as applicable. Trading performance for the three and twelve months ended December 31, 2025 resulted in incentive fees of $72,771 and $72,771, respectively. Trading performance for the three and twelve months ended December 31, 2024 resulted in incentive fees of $165,306 and $1,178,462, respectively. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid an incentive fee until such Advisor recovers any net loss incurred by the Advisor and earns additional new trading profits for the Partnership.

The Partnership pays professional fees, which generally include legal, accounting expenses, administrative, filing, reporting and data processing fees. Professional fees for the years ended December 31, 2025 and 2024 were $852,859 and $994,763, respectively.

In the General Partner's opinion, the Partnership's Advisors continue to employ trading methods consistent with the objectives of the Partnership. The General Partner monitors the Advisors' performance on a daily, weekly, monthly and annual basis to assure these objectives are met.

Commodity futures markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility of profit. The profitability of the Partnership/Funds 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, pandemics, epidemics, and other health crises, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Advisors are able to identify them, the Funds and the Partnership expect to increase capital through operations.

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. Each Advisor's percentage allocation and trading program is described in the "Overview" section of this Item 7.

(d) Off-balance Sheet Arrangements. None.

(e) Contractual Obligations. None.

(f) Operational Risk.

The Partnership, directly or indirectly through its investment in the Funds, is exposed to market risk and credit risk, which arise in the normal course of its business activities. Slightly less direct, but of critical importance, are risks pertaining to operational and back office support. This is particularly the case in a rapidly changing and increasingly global environment with increasing transaction volumes and an expansion in the number and complexity of products in the marketplace.

Such risks include:

Operational/Settlement Risk - the risk of financial and opportunity loss and legal liability attributable to operational problems, such as inaccurate pricing of transactions, untimely trade execution, clearance and/or settlement, or the inability to process large volumes of transactions. The Partnership/Funds are subject to increased risks with respect to their trading activities in emerging market instruments, where clearance, settlement, and/or custodial risks are often greater than in more established markets.

Technological Risk - the risk of loss attributable to technological limitations or hardware failure that constrain the Partnership's/Funds' ability to gather, process, and communicate information efficiently and securely, without interruption, to customers and in the markets where the Partnership/Funds participate. Additionally, the General Partner's computer systems may be vulnerable to unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks and other events that could have a security impact on such systems. If one or more of such events occur, this potentially could jeopardize a limited partner's personal, confidential, proprietary or other information processed and stored in, and transmitted through, the General Partner's

computer systems, and adversely affect the Partnership's business, financial condition or results of operations.

Legal/Documentation Risk - the risk of loss attributable to deficiencies in the documentation of transactions (such as trade confirmations) and customer relationships (such as master netting agreements) or errors that result in non-compliancewith applicable legal and regulatory requirements.

Financial Control Risk - the risk of loss attributable to limitations in financial systems and controls. Strong financial systems and controls ensure that assets are safeguarded, that transactions are executed in accordance with the General Partner's authorization, and that financial information utilized by the General Partner and communicated to external parties, including the Partnership's Redeemable Unit holders, creditors, and regulators, is free of material errors.

(g)Critical Accounting Policies.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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 consolidated 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 to the Partnership's consolidated financial statements included in "Item 8. Consolidated Financial Statements and Supplementary Data."

The Partnership's most significant accounting policy is the valuation of its investment in the Funds and in futures, option and forward contracts and U.S. Treasury bills, as applicable. As of and for the year ended December 31, 2025 and 2024, the Partnership carries its investment in Drakewood Master based on the Partnership's (1) net contributions to Drakewood Master and (2) its allocated share of the undistributed profit and losses, including realized gains (losses) and net change in unrealized gains (losses) of NL Master and Drakewood Master. As of and for the year ended December 31, 2023, the Partnership carries its investment in NL Master and Drakewood Master based on the Partnership's (1) net contributions to NL Master and Drakewood Master and (2) its allocated share of the undistributed profits and losses, including realized gains (losses) and net change in unrealized gains (losses), of NL Master and Drakewood Master. 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 price received from independent pricing services as of the close of the last business day of the reporting period.