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 related party trading account, consisting of unrestricted cash, restricted cash, foreign cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts and 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 second quarter of 2026.

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 six months ended June 30, 2026, the Partnership's capital increased 2.1% from $43,284,792 to $44,183,120. This increase was attributable to a net income of $3,750,337, which was partially offset by redemptions of 2,944.7190 Class A limited partner Redeemable Units totaling $2,719,467, redemptions of 78.6040 Class D limited partner Redeemable Units totaling $92,542 and redemptions of 31.5220 Class Z General Partner Redeemable Units totaling $40,000. 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-Balance Sheet Arrangements and Contractual Obligations

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

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting 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 trading results or net realized gains (losses) on closed contracts and net change in unrealized gains (losses) on open contracts in the Statements of Income and Expenses.

Results of Operations

During the Partnership's second quarter of 2026, the Partnership's net asset value per Class A Redeemable Unit increased 2.3% from $929.08 to $950.85 as compared to an increase of 1.4% in the same period of 2025. During the Partnership's second quarter of 2026, the Partnership's net asset value per Class D Redeemable Unit increased 2.3% from $1,162.74 to $1,189.99 as compared to an increase of 1.4% in the same period of 2025. During the Partnership's second quarter of 2026, the Partnership's net asset value per Class Z Redeemable Unit increased 2.5% from $1,237.54 to $1,268.94 as compared to an increase of 1.6% in the same period of 2025. The Partnership experienced a net trading gain before fees and expenses in the second quarter of 2026 of $1,217,598. Gains were primarily attributable to the Partnership's trading in currencies, indices, U.S. interest rates and livestock and were partially offset by losses in energy, grains, non-U.S. interest rates, metals and softs. The Partnership experienced a net trading gain before fees and expenses in the second quarter of 2025 of $563,700. Gains were primarily attributable to the Partnership's trading in grains, indices, non-U.S. interest rates, livestock, metals and softs and were partially offset by losses in currencies, energy and U.S. interest rates.

During the second quarter, the Partnership's most meaningful gains were achieved within the currency sector during June from short positions in the euro, Japanese yen, New Zealand dollar, Canadian dollar, and Swiss franc versus the U.S. dollar, as the relative value of the U.S. currency strengthened amid expectations for a more hawkish interest rate policy stance from the Federal Reserve. Additional gains in the currency sector were recorded in April from long positions in the British pound and Australian dollar. In global stock index markets, gains were generated in April from long positions in U.S. and European equity index futures, as easing inflation concerns, strong corporate earnings, and strengthening investor sentiment boosted stock prices. Partially offsetting the Partnership's second-quarter trading gains were losses incurred in the energy markets during May and June from long futures positions in global crude oil and its refined products, as prices reversed lower amid signs that hostilities in the Middle East were easing. Additional losses were experienced during June in the metals markets from long positions in gold and silver futures, as a stronger U.S. dollar weighed on precious metals prices. Further losses were incurred in the agricultural markets in April from short positions in soybean oil, wheat, and cotton futures, as higher fertilizer costs and adverse weather conditions drove prices higher. The Partnership also recorded net losses in global fixed income futures during May from short positions in European fixed income futures.

During the Partnership's six months ended June 30, 2026, the Partnership's net asset value per Class A Redeemable Unit increased 8.8% from $873.57 to $950.85 as compared to a decrease of 0.8% in the same period of 2025. During the Partnership's six months ended June 30, 2026, the Partnership's net asset value per Class D Redeemable Unit increased 8.8% from $1,093.27 to $1,189.99 as compared to a decrease of 0.8% in the same period of 2025. During the Partnership's six months ended June 30, 2026, the Partnership's net asset value per Class Z Redeemable Unit increased 9.3% from $1,161.40 to $1,268.94 as compared to a decrease of 0.4% in the same period of 2025. The Partnership experienced a net trading gain before fees and expenses in the six months of 2026 of $4,055,671. Gains were primarily attributable to the Partnership's trading in currencies, energy, indices, U.S. and non-U.S. interest rates, livestock and metals and were partially offset by losses in grains and softs. The Partnership experienced a net trading loss before fees and expenses in the six months of 2025 of $466,956. Losses were primarily attributable to the Partnership's trading in currencies, energy, U.S. interest rates and softs and were partially offset by gains in grains, indices, non-U.S. interest rates, livestock and metals.

During the first six months of the year, the Partnership's most meaningful trading gains were generated in the energy sector from long futures positions in crude oil and refined products. Oil prices rose sharply throughout the first quarter amid supply-side concerns and the escalating military conflict in the Middle East. In the currency sector, gains were primarily recorded during June from short positions in the euro, Japanese yen, New Zealand dollar, Canadian dollar, and Swiss franc against the U.S. dollar, as the relative value of the U.S. currency strengthened amid expectations for a more hawkish Federal Reserve policy stance. In the global stock index markets, gains were generated from long positions during January and February in Asian and European equity index futures, as expectations for government measures to support regional economies lifted stock prices. Additional global stock index gains were generated during April from long positions in U.S. and European equity index futures, as easing inflation concerns, strong corporate earnings, and strengthening investor sentiment supported stock prices. Gains in the global fixed income sector were recorded during February from long positions in European and Canadian fixed income futures, as declining yields reflected investor expectations for the near-term monetary policy path of major central banks. Additional fixed income futures gains were generated in April from short positions in U.S. fixed income futures. In the metals markets, gains were recorded during January and February from long positions in gold futures, as increased investor demand helped push prices to record highs. Partially offsetting the Partnership's first-half trading gains were losses in the agricultural markets during January, February, and March from short positions in soybean oil futures, as prices increased amid sustained demand for biofuel production. Additional agricultural losses were recorded in April from short positions in soybean oil, wheat, and cotton futures, as higher fertilizer costs and adverse weather conditions drove prices higher.

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-week U.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 six months ended June 30, 2026 decreased by $66,026 and $141,893, respectively, as compared to the corresponding periods in 2025. The decrease in interest income was primarily due to lower 4-week U.S. Treasury bill discount rates during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership 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 six months ended June 30, 2026 increased by $2,908 and $10,548, respectively, as compared to the corresponding periods in 2025. The increase in these clearing fees was primarily due to an increase in the number of direct trades made by the Partnership during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Ongoing selling agent fees are calculated as a percentage of the Partnership's adjusted net 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 six months ended June 30, 2026 decreased by $1,108 and $4,970, respectively, as compared to the corresponding periods in 2025. 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 six months ended June 30, 2026 as compared to the corresponding periods in 2025.

General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership. 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 six months ended June 30, 2026 decreased by $1,329 and $5,943, respectively, as compared to the corresponding periods in 2025. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Management fees are calculated as a percentage of the Partnership's adjusted net 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 six months ended June 30, 2026 decreased by $1,650 and $7,415, respectively, as compared to the corresponding periods in 2025. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

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 six months ended June 30, 2026 resulted in incentive fees of $173,296 and $267,398, respectively. Trading performance for the three and six months ended June 30, 2025 did not result in any incentive fees. 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 June 30, 2026 and March 31, 2026, the Partnership's Net Assets were allocated among the Advisors in the following approximate percentages: