Trading Activities

12 Months Ended

Dec. 31, 2025

4.	Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The Partnership also invests certain of its assets through a “master/feeder” structure. The Partnership’s

pro-rata

share of the results of the Funds’ trading activities is shown in the Partnership’s Statements of Income and Expenses.

The Partnership Customer Agreement and the Funds’ futures brokerage account agreements with MS&Co. (the “Master Customer Agreements” and, together with the Partnership Customer Agreement, the “Customer Agreements”) give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in their respective Statements of Financial Condition, as the criteria under ASC

210-20,

“Balance Sheet,”

have been met.

All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the years ended December 31, 2025 and 2024 were 5,835 and 5,983, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the years ended December 31, 2025 and 2024 were 869 and 1,077, respectively. The monthly average number of option contracts traded directly by the Partnership during the years ended December 31, 2025 and 2024 were 5,622 and 4,291, respectively.

Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s respective percentage ownership of each Fund.

All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds for indirect trading and allocated to the Funds’ members, including the Partnership.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of December 31, 2025 and 2024, respectively.


				Gross Amounts			Amounts		Gross Amounts Not Offset in the
				Offset in the			Presented in the		Statements of Financial Condition
	Gross			Statements of			Statements of				Cash Collateral
	Amounts			Financial			Financial		Financial		Received/
December 31, 2025	Recognized			Condition			Condition		Instruments		Pledged*		Net Amount
Assets
Futures	$	2,253,532		$	(1,746,832	)	$	506,700	$	-	$	-	$	506,700
Forwards		2,864,559			(2,314,197	)		550,362		-		-		550,362

Total assets	$	5,118,091		$	(4,061,029	)	$	1,057,062	$	-	$	-	$	1,057,062

Liabilities
Futures	$	(1,746,832	)	$	1,746,832		$	-	$	-	$	-	$	-
Forwards		(2,314,197	)		2,314,197			-		-		-		-

Total liabilities	$	(4,061,029	)	$	4,061,029		$	-	$	-	$	-	$	-

Net fair value													$	1,057,062	*


				Gross Amounts			Amounts			Gross Amounts Not Offset in the
				Offset in the			Presented in the			Statements of Financial Condition
	Gross			Statements of			Statements of					Cash Collateral
	Amounts			Financial			Financial			Financial		Received/
December 31, 2024	Recognized			Condition			Condition			Instruments		Pledged*		Net Amount
Assets
Futures	$	3,546,893		$	(3,546,893	)	$	-		$	-	$	-	$	-
Forwards		1,162,363			(1,162,363	)		-			-		-		-

Total assets	$	4,709,256		$	(4,709,256	)	$	-		$	-	$	-	$	-

Liabilities
Futures	$	(3,747,830	)	$	3,546,893		$	(200,937	)	$	-	$	200,937	$	-
Forwards		(1,360,291	)		1,162,363			(197,928	)		-		197,928		-

Total liabilities	$	(5,108,121	)	$	4,709,256		$	(398,865	)	$	-	$	398,865	$	-

Net fair value														$	-	*

In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s

non-exchange-traded

contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts held directly by the Partnership as separate assets and liabilities as of December 31, 2025 and 2024, respectively.


	December 31, 2025
Assets
Futures Contracts
Energy	$	1,009,142
Grains		509,437
Livestock		37,022
Metals		355,281
Softs		342,650

Total unrealized appreciation on open futures contracts		2,253,532

Liabilities
Futures Contracts
Energy		(858,303)
Grains		(327,036)
Livestock		(14,540)
Metals		(313,318)
Softs		(233,635)

Total unrealized depreciation on open futures contracts		(1,746,832)

Net unrealized appreciation on open futures contracts	$	506,700	*

Assets
Forward Contracts
Metals	$	2,864,559

Total unrealized appreciation on open forward contracts		2,864,559

Liabilities
Forward Contracts
Metals		(2,314,197)

Total unrealized depreciation on open forward contracts		(2,314,197)

Net unrealized appreciation on open forward contracts	$	550,362	**

Assets
Options Purchased
Grains	$	3,142,898
Livestock		2,998,800
Metals		455,894
Softs		76,481

Total options purchased	$	6,674,073	***

Liabilities
Options Written
Energy	$	(179,580)
Grains		(1,123,233)
Livestock		(1,300,628)
Metals		(474,185)
Softs		(56,025)

Total options written	$	(3,133,651)	****

*	This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.

**	This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition.

***	This amount is in “Options purchased, at fair value” in the Statements of Financial Condition.

****	This amount is in “Options written, at fair value” in the Statements of Financial Condition.


	December 31, 2024
Assets
Futures Contracts
Energy	$	2,071,134
Grains		586,692
Livestock		64,240
Metals		110,929
Softs		713,898

Total unrealized appreciation on open futures contracts		3,546,893

Liabilities
Futures Contracts
Currencies		(12,919)
Energy		(1,660,132)
Grains		(1,164,930)
Livestock		(52,820)
Metals		(382,085)
Softs		(474,944)

Total unrealized depreciation on open futures contracts		(3,747,830)

Net unrealized depreciation on open futures contracts	$	(200,937)	*

Assets
Forward Contracts
Metals	$	1,162,363

Total unrealized appreciation on open forward contracts		1,162,363

Liabilities
Forward Contracts
Metals		(1,360,291)

Total unrealized depreciation on open forward contracts		(1,360,291)

Net unrealized depreciation on open forward contracts	$	(197,928)	**

Assets
Options Purchased
Energy	$	3,650
Grains		4,396,540
Livestock		877,700
Metals		34,897
Softs		41,584

Total options purchased	$	5,354,371	***

Liabilities
Options Written
Grains	$	(2,680,452)
Livestock		(176,040)
Metals		(74,893)
Softs		(350,330)

Total options written	$	(3,281,715)	****

*	This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition.

**	This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.

***	This amount is in “Options purchased, at fair value” in the Statements of Financial Condition.

****	This amount is in “Options written, at fair value” in the Statements of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the years ended December 31, 2025, 2024 and 2023, respectively.


Sector	2025			2024			2023
Currencies	$	59,047		$	(265,309)		$	(664,782)
Energy		(1,765,241)			(1,767,369)			507,482
Grains		(1,002,473)			7,146,281			1,074,428
Livestock		(1,543,423)			(530,748)			345,532
Metals		2,080,804			(1,409,630)			(437,448)
Softs		(649,312)			(4,108,530)			1,463,260

Total	$	(2,820,598)	*****	$	(935,305)	*****	$	2,288,472	*****

*****

This amount is included in “Total trading results” in the Statements of Income and Expenses.