Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

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

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

OPERATIONAL OVERVIEW

The Partnership invests substantially all of its assets in the Master Fund. Due to the nature of the Master Fund's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Master Fund's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Master Fund, and its past

performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Master Fund has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

Units may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

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

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

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

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

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

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

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

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

The Master Fund's assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other Commodity Futures Trading Commission-authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund's futures, forward, and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due to limited open interest in certain futures markets or to daily price fluctuation limits, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund's futures, forward and spot trading, the Master Fund's assets are highly liquid and are expected to remain so. During its operations for the three and six months ended June 30, 2025, the Partnership, through its investment in the Master Fund, experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

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

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

RESULTS OF OPERATIONS

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

Periods ended June 30, 2026

THREE MONTHS ENDED JUNE 30, 2026

The decrease in the Partnership's net assets of $3,594,938 was attributable to net loss after profit share of $1,381,355 and withdrawals of $2,237,714, which were partially offset by contributions of $24,131.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the three months ended June 30, 2026 decreased $21,482 relative to the corresponding period in 2025. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended June 30, 2026 decreased $12,345 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the three months ended June 30, 2026 decreased $2,923 relative to the corresponding period in 2025. The decrease was due to a decrease in audit, tax, consulting, and marketing fees charged to the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the three months ended June 30, 2026 decreased $189,610 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the three months ended June 30, 2026, relative to the corresponding period in 2025.

For the three months ended June 30, 2026, the Partnership, through its investment in the Master Fund, incurred net realized and unrealized losses of $1,643,632 from trading operations (including foreign exchange transactions and translations). Management fees of $461,281, selling commissions and platform fees of $474,104, administrative and operating expenses of $133,251, and custody fees and other expenses of $8,411. Interest income of $1,000,372 and profit share from the Master Fund of $338,952 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $1,381,355.

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

SIX MONTHS ENDED JUNE 30, 2026

The increase in the Partnership's net assets of $4,261,381 was attributable to net income after profit share of $10,969,020 and contributions of $290,995, which were partially offset by withdrawals of $6,998,634.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the six months ended June 30, 2026 decreased $66,227 relative to the corresponding period in 2025. The decrease was due to a decrease in the average net asset value of the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the six months ended June 30, 2026 decreased $48,842 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the six months ended June 30, 2026 decreased $2,273 relative to the corresponding period in 2025. The decrease was due to a decrease in audit, tax, consulting, and marketing fees charged to the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the six months ended June 30, 2026 decreased $537,908 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the six months ended June 30, 2026, relative to the corresponding period in 2025.

For the six months ended June 30, 2026, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $12,152,715 from trading operations (including foreign exchange transactions and translations). Management fees of $922,961, selling commissions and platform fees of $946,481, administrative and operating expenses of $262,679, custody fees and other expenses of $16,240, and profit share of $1,004,220 were incurred. Interest income of $1,968,886 offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share of $10,969,020.

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

MANAGEMENT DISCUSSION -2026

Three months ended June 30, 2026

The Partnership was unprofitable during the quarter as losses trading interest rate, energy, metal and soft commodity futures outpaced the profits from trading currency forwards and grain futures. Trading of equity futures and livestock futures were each nearly flat.

Global interest rates, which had risen in March after the start of U.S.-Iran hostilities, were volatile throughout the second quarter, amid uncertainty regarding the U.S.-Iran conflict. Higher rates coincided with rising inflation and supply disruptions involving the closure of the Strait of Hormuz; reported worries about government deficits and debt levels globally; expanding private demand for capital to fund capital expenditure trends; and the shift towards tighter central bank monetary policies. However, interest rates later declined alongside reports that Iran and the U.S. were seeking a deal to extend their existing ceasefire to work towards an agreement to end the ongoing conflict. In mid-June, the U.S. and Iran signed a Memorandum of Understanding ("MOU"). Short positions in German, Italian, French, British, Canadian and long-term U.S. interest rate futures were unprofitable. Conversely, short positions in short- and medium-term U.S. interest rate futures posted partially offsetting gains, which seemed to reflect a hawkish shift in U.S. monetary policy, coinciding with new Federal Reserve ("Fed") Chairman Kevin Warsh's first post-meeting press conference.

The continued U.S.-Iran hostilities and the Strait of Hormuz closure were accompanied by volatile trading during the first half of the quarter, with energy prices holding near one-year highs. However, energy prices later declined toward pre-conflict levels amid reported improvements in negotiations between the warring parties and the signing of the MOU. Long futures positions in Brent crude, WTI crude, London gas oil and U.S. and European Title Transfer Facility (TTF) natural gas were unprofitable. A short heating oil position was also unprofitable in April, as was a short carbon emissions trade in May. Conversely, a short RBOB gasoline trade was profitable during May and June.

Early in the quarter, metal prices generally remained elevated amid reported optimism regarding long-term capital expenditure trends. By May, however, metal prices declined during a period characterized by high interest rates, a strong and volatile U.S. dollar, Middle East turmoil, weaker demand from China, uncertainty regarding global growth, the signing of the MOU, and a relatively hawkish press conference from new Fed Chairman Kevin Warsh. Long copper and aluminum positions were unprofitable, especially in May and June. Long gold trades were also unprofitable. On the other hand, a short platinum position and trading of nickel registered partially offsetting gains.

During the quarter, cocoa prices increased, alongside supply and quality concerns, amid reports of heavy rains and flooding in key West African cocoa-growing regions, worries regarding El Niño-related climate risks and higher fertilizer and shipping costs. Short cocoa positions produced losses. A short coffee position was also unprofitable as prices increased amid weather concerns.

The U.S. dollar advanced broadly in volatile trading during the quarter. During the same period, U.S. interest rates increased and market participants seemed to anticipate a Fed rate increase. The U.S. dollar continued to strengthen late in June, and Fed Chairman Kevin Warsh delivered remarks reaffirming the Fed's commitment to addressing inflation. The Fed raised its 2026 Personal Consumption Expenditures Index (PCE) inflation projections, and headline PCE inflation measured 4.1% in May. The signing of the MOU by the U.S. and Iran and continued investment in artificial intelligence (AI) also coincided with a strong U.S. dollar. Long U.S. dollar positions versus the Canadian dollar, New Zealand dollar, Swiss franc, European euro, Swedish krona, Japanese yen and Mexican peso were profitable. Short U.S. dollar trades early in the quarter against the high-yielding Brazilian real and South African rand, and energy-related Norwegian krone were also profitable.

Grain prices were volatile during the quarter amid changing expectations regarding global trade, geopolitical developments and weather concerns. Early in the quarter, grain prices increased. During the same period, market participants seemed to be concerned with drought in the U.S., rising fertilizer and transportation costs associated with supply disruptions in the Strait of Hormuz and potential El Niño-related weather impacts. By June, however, grain futures prices declined alongside lower war-risk premiums and transportation costs, improving global supply prospects, a stronger U.S. dollar, reduced demand for corn as a biofuel feedstock and the signing of the MOU by the U.S. and Iran. A long soybean oil trade was profitable as soybean oil prices rose in April and May amid demand for its use in biofuels. A short corn trade generated a sizable gain during late May and June as prices declined along with biofuel feedstock demand. Conversely, short wheat and soybean positions posted partially offsetting losses early in the quarter.

Trading in equity futures was mixed and marginally negative on balance during the quarter amid a range of macroeconomic and geopolitical developments. On the one hand, market participants seemed to focus on geopolitical developments in the Middle East and related energy, growth, inflation and interest rate concerns, together with substantial investment financing needs and the SpaceX IPO, which coincided with tighter market liquidity. On the other hand, market participants also appeared to focus on the long-term capital expenditure trends encompassing AI, energy expansion and transition, defense and security, and supply chain initiatives, together with solid earnings growth. Short positions in U.S. and Euro STOXX index futures and trading in Korean, Japanese, Singaporean and Chinese A-50 index futures were unprofitable. Meanwhile, long positions in United Kingdom, Spanish, Canadian, and Taiwanese equity index futures, short positions in Chinese, Australian, Brazilian and U.S. S&P 500 index futures, and trading in South African equity index futures posted largely offsetting profits.

Three months ended March 31, 2026

The Partnership was profitable during the quarter as gains from trading interest rate, stock index, currency, energy and metals futures exceeded losses from trading grain futures. Trading of soft commodity and livestock futures was marginally negative.

During February, increased geopolitical tension between the U.S/Israel and Iran was accompanied by safe-haven demand for government bonds and declining interest rates. Expectations that official interest rate cuts would be forthcoming from the European Central Bank, the U.S. Federal Reserve and the Bank of England in 2026 also coincided with lower global interest rates. Long positions in European, Canadian, Japanese and short-term British interest rate futures, were profitable. However, in March, short positions in interest rate futures were profitable as inflation concerns increased amid higher prices of energy and energy-related products, coupled with supply disruptions related to the Middle East conflict. Short positions in U.S., German, Italian, British, Canadian and Australian interest rate futures across the yield curve were profitable. A shift towards tighter monetary policy by monetary authorities around the globe also accompanied these higher rates, especially in shorter term tenors.

Trading of equity index futures was mixed but positive during the quarter. Early on, capital expenditure spending for artificial intelligence ("AI"), energy and electricity, growing inter-regional trade and institutional reforms coincided with gains in Asian equities. A rotation away from large capitalization technology stocks, especially U.S. equities, toward non-U.S. and smaller capitalization equities was also reflected in positive equity results in January and February. Subsequently, however, concerns about rising inflation, higher interest rates, slowing growth and AI and private credit risks occurred alongside declines in equity markets during most of March, although there was an equity rally at month end amid reports of a possible end to Iran hostilities. Overall, trading of U.S., Korean, Indian, Japanese Tokyo Stock Price Index (TOPIX), iShares MSCI Emerging Markets ETF (EEM), German and British equity index futures was profitable. Conversely, trading of Brazilian, Chinese, Singaporean, Japanese Nikkei, and Euro Stoxx stock index futures posted partially offsetting losses.

The U.S. dollar was volatile during the quarter. It declined in January and February as market participants seemed to anticipate improved growth outside the U.S. and rotating away from concentration in U.S. large technology stocks toward non-U.S. regions and small and mid-capitalization equities. Then, amid the Middle East conflict, the U.S. dollar increased. Short U.S. dollar trades versus the high-yielding Brazilian real, South African rand and British pound were profitable, especially early in the quarter. A short U.S. dollar/long Norwegian krone trade was profitable as oil prices increased. Later in the period, long U.S. dollar trades against the Swiss franc, euro, Korean won, Canadian dollar and Swedish krona registered gains. Conversely, early in the quarter, long U.S. dollar trades against Australian, New Zealand and Japanese currencies posted partially offsetting losses. Trading the U.S. dollar versus the Mexican peso was slightly unprofitable as well.

During January and February, crude oil and crude oil product prices increased amid a rising geopolitical risk premium surrounding U.S./Iran tensions following U.S./Venezuela developments. Production outages in Kazakhstan, U.S. production freeze-offs and tightening U.S. restrictions on purchases of Russian oil also coincided with higher prices, despite reported expectations of significant oversupply. Then, as

March opened, energy prices increased following the U.S.-Israeli intervention into Iran, the closure of the Strait of Hormuz and associated supply disruptions for crude oil, crude oil products and energy related goods, such as petrochemicals, fertilizers, sulfur and helium. Long positions in Brent crude, West Texas Crude (WTI), heating oil and London gas oil were profitable. A short U.S. natural gas position and trading carbon emissions were unprofitable.

At the start of 2026, declining interest rates, a weak U.S. dollar, central bank reserve diversification, geopolitical tensions and haven demand, tariff influences, idiosyncratic supply problems, and strong demand related to AI and electricity usage coincided with increases in both precious and industrial metal prices. Long positions in gold, silver and copper were profitable. As prices rose to record highs, Millburn's risk models, late in January, resulted in position reductions and/or reversals in several markets. These actions preceded a broad profit-taking price retreat across the metals complex at month end and were followed by the preservation of, or additional, profits in certain markets. Then, in March, precious and industrial metals declined as the Middle East conflict coincided with increasing energy prices and supply disruptions that were associated with stagflation concerns, increasing expectations that major central banks could hike interest rates this year rather than lower them as was expected prior to the start of the intervention, rising bond yields and a stronger U.S. dollar. Short gold, silver, platinum and copper futures positions were profitable. A long aluminum trade was also profitable as Iranian attacks on Gulf neighbors seemed to damage production capabilities.

Short wheat futures positions were unprofitable as prices reached the highest level since June 2024 alongside frost threats in the Black Sea region, drought concerns in the U.S. and farmers scaled back plantings globally as the availability and cost of key crop nutrients became problematic amid the prolonged Middle East conflict. A short corn trade was also unprofitable as rising diesel and nitrogen fertilizer costs coincided with pressure on farmer margins, increased prices and reduced planting intentions. Trading in soybean and soybean meal futures was also unprofitable, as tariff concerns, together with the availability of cheaper Brazilian supplies, seemed to affect Chinese demand for U.S. soybeans. On the other hand, a long soybean oil position produced a partially offsetting gain as Middle East turmoil occurred alongside higher prices for this key feedstock for biodiesel and renewable diesel. Favorable new U.S. government biofuel mandates came during a period of higher soybean oil prices.

Periods ended June 30, 2025

THREE MONTHS ENDED JUNE 30, 2025

The decrease in the Partnership's net assets of $3,713,097 was attributable to net loss after profit share of $1,653,691 and withdrawals of $2,066,905 which were partially offset by contributions of $7,499.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the three months ended June 30, 2025 decreased $93,824 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended June 30, 2025 decreased $91,434 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the three months ended June 30, 2025 increased $20,039 relative to the corresponding period in 2024. The increase was due to an increase in audit, tax, consulting, and marketing fees charged to the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the three months ended June 30, 2025 decreased $520,557 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the three months ended June 30, 2025, relative to the corresponding period in 2024.

For the three months ended June 30, 2025, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $1,731,916 from trading operations (including foreign exchange transactions and translations). Management fees of $482,763, selling commissions and platform fees of $486,449, administrative and operating expenses of $136,174, and custody fees and other expenses of $6,371. Interest income of $1,189,982 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $1,653,691.

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

SIX MONTHS ENDED JUNE 30, 2025

The decrease in the Partnership's net assets of $8,669,122 was attributable to net loss after profit share of $2,167,538 and withdrawals of $6,812,575 which were partially offset by contributions of $310,991.

Management fees, through the Partnership's investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership's investment in the Master Fund, for the six months ended June 30, 2025 decreased $137,026 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the six months ended June 30, 2025 decreased $137,201 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in the average net asset value of commission paying investors of the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership's investment in the Master Fund, for the six months ended June 30, 2025 increased $17,141 relative to the corresponding period in 2024. The increase was due to an increase in audit, tax, consulting, and marketing fees charged to the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership's investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund's brokers and custodian. Interest income, through the Partnership's investment in the Master Fund, for the six months ended June

30, 2025 decreased $822,944 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the average net asset value of the Partnership during the six months ended June 30, 2025, relative to the corresponding period in 2024.

For the six months ended June 30, 2025, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $2,410,874 from trading operations (including foreign exchange transactions and translations). Management fees of $989,188, selling commissions and platform fees of $995,323, administrative and operating expenses of $264,952, custody fees and other expenses of $12,718, and profit share of $1,277 were incurred. Interest income of $2,506,794 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $2,167,538.

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

MANAGEMENT DISCUSSION -2025

Three months ended June 30, 2025

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

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

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

Uncertainty surrounding the structure, goals and ultimate impact of the Trump tariffs, worries over the Federal Reserve ("Fed") independence and fears about the U.S. fiscal deficits and debt possibly contributed to a shift away from the U.S. dollar. The economic outlook for Europe seemingly due in part to expanding defense and infrastructure spending, especially from Germany, also possibly weighed on the U.S. dollar. The U.S. dollar dropped in April, stabilized somewhat in May and drifted lower again in June, declining about 7% overall during the quarter as measured by the Bloomberg Dollar Index Spot (DXY) spot rate and Bloomberg Dollar Spot Index (BBDXY). Long U.S. dollar trades versus the Swiss franc, Korean won, Israeli shekel, U.K. pound, New Zealand, Australian and Canadian dollars and a few other currencies posted losses, especially in April. Meanwhile, long positions in the high-yield Brazilian real, Mexican peso and Polish zloty and a few other currencies

against the U.S. dollar produced partially offsetting profits. A long U.S. dollar trade relative to the Japanese yen early in April was also profitable.

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

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

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

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

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

Three months ended March 31, 2025

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

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

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

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S. policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean, Korean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Partnership generated partially offsetting gains on long positions in

European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi met with corporate leaders, particularly ahead of the March National People's Congress.

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

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

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

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

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

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

Neither the Partnership nor the Master Fund enters into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership's sole business, through its investment in the Master Fund, is trading futures, forward currency, spot and swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Master Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Master Fund present a Condensed Schedule of Investments setting forth open futures, forward and other contracts at June 30, 2026 and December 31, 2025.