Assets and Condensed Schedule of Investments by Class of Units (Tables)

12 Months Ended

Dec. 31, 2025

Assets and Condensed Schedule of Investments by Class of Units

Class A Units


Assets by Class of Units	December 31, 2025
Equity in brokers' trading accounts:
Cash	$	541,489
Net unrealized gain on open futures contracts		196,650
Total equity in brokers' trading accounts		738,139
Cash and cash equivalents		1,602,537
Securities owned, at fair value (cost $1,458,965)		1,459,396
Total assets	$	3,800,072

Class A Units


Assets by Class of Units	December 31, 2024
Equity in brokers' trading accounts:
Cash	$	489,170
Net unrealized gain on open futures contracts		117,398
Net unrealized loss on open futures contracts		(4,455)
Total equity in brokers' trading accounts		602,113
Cash and cash equivalents		2,482,175
Securities owned, at fair value (cost $214,462)		214,722
Interest receivable, net		533
Total assets	$	3,299,543

Schedule of unrealized gain (loss) on futures, forwards, and swap contracts

Futures Contracts owned by Class A Units at December 31, 2025


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	(2,258)		(0.07)	%	$	17,255		0.52	%	$	14,997		0.45	%
Currencies		14,411		0.43	%		10,254		0.30	%		24,665		0.73	%
Energy		(9,544)		(0.28)	%		5,132		0.15	%		(4,412)		(0.13)	%
Interest rates		(3,073)		(0.09)	%		8,300		0.25	%		5,227		0.16	%
Meats		325		0.01	%		—		—	%		325		0.01	%
Metals		65,378		1.94	%		744		0.02	%		66,122		1.96	%
Soft commodities		(49)		—	%		12,641		0.38	%		12,592		0.37	%
Stock indices		(1,843)		(0.06)	%		1,992		0.06	%		149		—	%
Total U.S. Futures Positions		63,347					56,318					119,665

Foreign Futures Positions:
Agriculturals		—		—	%		257		0.01	%		257		0.01	%
Currencies		158		—	%		4,799		0.14	%		4,957		0.15	%
Energy		502		0.02	%		8,138		0.24	%		8,640		0.26	%
Interest rates		(2,886)		(0.09)	%		15,202		0.45	%		12,316		0.36	%
Metals		53,699		1.60	%		(22,408)		(0.67)	%		31,291		0.93	%
Soft commodities		—		—	%		(1,976)		(0.06)	%		(1,976)		(0.06)	%
Stock indices		21,500		0.64	%		—		—	%		21,500		0.64	%
Total Foreign Futures Positions		72,973					4,012					76,985
Total Futures Contracts	$	136,320		4.05	%	$	60,330		1.79	%	$	196,650		5.84	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Futures Contracts owned by Class A Units at December 31, 2024


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	385		0.01	%	$	(2,222)		(0.07)	%	$	(1,837)		(0.06)	%
Currencies		1,005		0.03	%		61,467		1.91	%		62,472		1.94	%
Energy		7,594		0.23	%		(7,556)		(0.23)	%		38		—	%
Interest rates		(1,516)		(0.04)	%		13,684		0.42	%		12,168		0.38	%
Meats		6,729		0.21	%		—		—	%		6,729		0.21	%
Metals		(7,338)		(0.23)	%		6,281		0.20	%		(1,057)		(0.03)	%
Soft commodities		34,858		1.08	%		11,407		0.35	%		46,265		1.43	%
Stock indices		(13,315)		(0.41)	%		1,726		0.05	%		(11,589)		(0.36)	%
Total U.S. Futures Positions		28,402					84,787					113,189

Foreign Futures Positions:
Agriculturals		(225)		(0.01)	%		(187)		(0.01)	%		(412)		(0.02)	%
Currencies		2,817		0.09	%		—		—	%		2,817		0.09	%
Energy		13		—	%		(6,510)		(0.20)	%		(6,497)		(0.20)	%
Interest rates		(19,157)		(0.59)	%		24,566		0.76	%		5,409		0.17	%
Metals		(10,940)		(0.34)	%		14,787		0.46	%		3,847		0.12	%
Soft commodities		1,476		0.04	%		452		0.02	%		1,928		0.06	%
Stock indices		(9,034)		(0.28)	%		1,696		0.05	%		(7,338)		(0.23)	%
Total Foreign Futures Positions		(35,050)					34,804					(246)
Total Futures Contracts	$	(6,648)		(0.21)	%	$	119,591		3.71	%	$	112,943		3.50	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Schedule of securities owned

Securities owned by Class A Units at December 31, 2025

U.S. Government securities


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	430,969	1/2/2026	U.S. Treasury bill, 3.9%	$	430,927	12.81	%
	344,775	2/12/2026	U.S. Treasury bill, 3.8%		343,366	10.20	%
	344,775	3/5/2026	U.S. Treasury bill, 3.7%		342,670	10.18	%
	344,775	3/12/2026	U.S. Treasury bill, 3.7%		342,433	10.18	%
			Total U.S. Government securities (cost $1,458,965)	$	1,459,396	43.37	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Class A Units at December 31, 2025 (cost of $1,458,965)		$	1,459,396		43.37	%

Securities owned by Class A Units at December 31, 2024

U.S. Government-sponsored enterprises


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	53,615	4/11/2025	Federal Farm Credit Banks, 2.9%	$	53,730	1.67	%
	160,846	3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **		160,992	4.99	%
			Total U.S. Government-sponsored enterprises (cost $214,462)	$	214,722	6.66	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Class A Units at December 31, 2024 (cost of $214,462)		$	214,722		6.66	%

**No individual position constituted greater than 5 percent of partners’ capital (net asset value).

Class B

Assets and Condensed Schedule of Investments by Class of Units

Schedule of assets

Class B Units


Assets by Class of Units	December 31, 2025
Equity in brokers' trading accounts:
Cash	$	1,423,791
Net unrealized gain on open futures contracts		517,072
Total equity in brokers' trading accounts		1,940,863
Cash and cash equivalents		4,213,713
Securities owned, at fair value (cost $3,836,205)		3,837,340
Total assets	$	9,991,916

Class B Units


Assets by Class of Units	December 31, 2024
Equity in brokers' trading accounts:
Cash	$	1,793,944
Net unrealized gain on open futures contracts		430,534
Net unrealized loss on open futures contracts		(16,338)
Total equity in brokers' trading accounts		2,208,140
Cash and cash equivalents		9,102,930
Securities owned, at fair value (cost $786,501)		787,456
Interest receivable, net		1,955
Total assets	$	12,100,481

Schedule of unrealized gain (loss) on futures, forwards, and swap contracts

Futures Contracts owned by Class B Units at December 31, 2025


		Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals		$	(5,936)		(0.07)	%	$	45,369		0.52	%	$	39,433		0.45	%
Currencies			37,893		0.43	%		26,962		0.30	%		64,855		0.73	%
Energy			(25,095)		(0.28)	%		13,495		0.15	%		(11,600)		(0.13)	%
Interest rates			(8,082)		(0.09)	%		21,826		0.25	%		13,744		0.16	%
Meats			856		0.01	%		—		—	%		856		0.01	%
Metals			171,906		1.94	%		1,955		0.02	%		173,861		1.96	%
Soft commodities			(130)		—	%		33,238		0.38	%		33,108		0.37	%
Stock indices			(4,846)		(0.06)	%		5,237		0.06	%		391		0.00	%
Total U.S. Futures Positions			166,566					148,082					314,648

Foreign Futures Positions:
Agriculturals			—		—	%		674		0.01	%		674		0.01	%
Currencies			415		—	%		12,620		0.14	%		13,035		0.15	%
Energy			1,319		0.02	%		21,399		0.24	%		22,718		0.26	%
Interest rates			(7,588)		(0.09)	%		39,971		0.45	%		32,383		0.36	%
Metals			141,196		1.60	%		(58,920)		(0.67)	%		82,276		0.93	%
Soft commodities			—		—	%		(5,194)		(0.06)	%		(5,194)		(0.06)	%
Stock indices			56,532		0.64	%		—		—	%		56,532		0.64	%
Total Foreign Futures Positions			191,874					10,550					202,424
Total Futures Contracts		$	358,440		4.05	%	$	158,632		1.79	%	$	517,072		5.84	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Futures Contracts owned by Class B Units at December 31, 2024


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	1,409		0.01	%	$	(8,149)		(0.07)	%	$	(6,740)		(0.06)	%
Currencies		3,686		0.03	%		225,419		1.91	%		229,105		1.94	%
Energy		27,848		0.23	%		(27,708)		(0.23)	%		140		—	%
Interest rates		(5,561)		(0.04)	%		50,185		0.42	%		44,624		0.38	%
Meats		24,677		0.21	%		—		—	%		24,677		0.21	%
Metals		(26,911)		(0.23)	%		23,036		0.20	%		(3,875)		(0.03)	%
Soft commodities		127,833		1.08	%		41,834		0.35	%		169,667		1.43	%
Stock indices		(48,831)		(0.41)	%		6,331		0.05	%		(42,500)		(0.36)	%
Total U.S. Futures Positions		104,150					310,948					415,098

Foreign Futures Positions:
Agriculturals		(824)		(0.01)	%		(684)		(0.01)	%		(1,508)		(0.02)	%
Currencies		10,329		0.09	%		—		—	%		10,329		0.09	%
Energy		50		—	%		(23,873)		(0.20)	%		(23,823)		(0.20)	%
Interest rates		(70,255)		(0.59)	%		90,090		0.76	%		19,835		0.17	%
Metals		(40,122)		(0.34)	%		54,229		0.46	%		14,107		0.12	%
Soft commodities		5,411		0.04	%		1,656		0.02	%		7,067		0.06	%
Stock indices		(33,129)		(0.28)	%		6,220		0.05	%		(26,909)		(0.23)	%
Total Foreign Futures Positions		(128,540)					127,638					(902)
Total Futures Contracts	$	(24,390)		(0.21)	%	$	438,586		3.71	%	$	414,196		3.50	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Schedule of securities owned

Securities owned by Class B Units at December 31, 2025

U.S. Government-sponsored enterprises


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	1,133,190	1/2/2026	U.S. Treasury bill, 3.9%	$	1,133,083	12.81	%
	906,553	2/12/2026	U.S. Treasury bill, 3.8%		902,846	10.20	%
	906,553	3/5/2026	U.S. Treasury bill, 3.7%		901,018	10.18	%
	906,553	3/12/2026	U.S. Treasury bill, 3.7%		900,393	10.18	%
			Total U.S. Government securities (cost $3,836,205)	$	3,837,340	43.37	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Class B Units at December 31, 2025 (cost of $3,836,205)		$	3,837,340		43.37	%

Securities owned by Class B Units at December 31, 2024

U.S. Government-sponsored enterprises



							Percent of
							Partners' Capital
Face Value			Maturity Dates	Description	Fair Value		(net asset value)
$	196,626		4/11/2025	Federal Farm Credit Banks, 2.9%	$	197,046	1.67	%
	589,876		3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **		590,410	4.99	%
				Total U.S. Government-sponsored enterprises (cost $786,501)	$	787,456	6.66	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Class B Units at December 31, 2024 (cost of $786,501)		$	787,456		6.66	%

**No individual position constituted greater than 5 percent of partners’ capital (net asset value).

Legacy 1 Class

Assets and Condensed Schedule of Investments by Class of Units

Schedule of assets

Legacy 1 Class Units


Assets by Class of Units	December 31, 2025
Equity in brokers' trading accounts:
Cash	$	14,960
Net unrealized gain on open futures contracts		5,433
Total equity in brokers' trading accounts		20,393
Cash and cash equivalents		44,274
Securities owned, at fair value (cost $40,308)		40,320
Total assets	$	104,987

Legacy 1 Class Units


Assets by Class of Units	December 31, 2024
Equity in brokers' trading accounts:
Cash	$	53,320
Net unrealized gain on open futures contracts		12,797
Net unrealized loss on open futures contracts		(486)
Total equity in brokers' trading accounts		65,631
Cash and cash equivalents		270,558
Securities owned, at fair value (cost $23,376)		23,405
Interest receivable, net		58
Total assets	$	359,652

Schedule of unrealized gain (loss) on futures, forwards, and swap contracts

Futures Contracts owned by Legacy 1 Class Units at December 31, 2025


		Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals		$	(62)		(0.07)	%	$	477		0.52	%	$	415		0.45	%
Currencies			398		0.43	%		283		0.30	%		681		0.73	%
Energy			(264)		(0.28)	%		142		0.15	%		(122)		(0.13)	%
Interest rates			(85)		(0.09)	%		229		0.25	%		144		0.15	%
Meats			9		0.01	%		—		—	%		9		0.01	%
Metals			1,806		1.94	%		21		0.02	%		1,827		1.97	%
Soft commodities			(1)		—	%		349		0.38	%		348		0.37	%
Stock indices			(51)		(0.06)	%		55		0.06	%		4		—	%
Total U.S. Futures Positions			1,750					1,556					3,306

Foreign Futures Positions:
Agriculturals			—		—	%		7		0.01	%		7		0.01	%
Currencies			4		—	%		133		0.14	%		137		0.15	%
Energy			14		0.02	%		225		0.24	%		239		0.26	%
Interest rates			(80)		(0.09)	%		420		0.45	%		340		0.36	%
Metals			1,484		1.60	%		(619)		(0.67)	%		865		0.93	%
Soft commodities			—		—	%		(55)		(0.06)	%		(55)		(0.06)	%
Stock indices			594		0.64	%		—		—	%		594		0.64	%
Total Foreign Futures Positions			2,016					111					2,127
Total Futures Contracts		$	3,766		4.05	%	$	1,667		1.79	%	$	5,433		5.84	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Futures Contracts owned by Legacy 1 Class Units at December 31, 2024


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	42		0.01	%	$	(242)		(0.07)	%	$	(200)		(0.06)	%
Currencies		110		0.03	%		6,700		1.91	%		6,810		1.94	%
Energy		828		0.23	%		(824)		(0.23)	%		4		—	%
Interest rates		(165)		(0.04)	%		1,492		0.42	%		1,327		0.38	%
Meats		733		0.21	%		—		—	%		733		0.21	%
Metals		(800)		(0.23)	%		685		0.20	%		(115)		(0.03)	%
Soft commodities		3,799		1.08	%		1,243		0.35	%		5,042		1.43	%
Stock indices		(1,451)		(0.41)	%		188		0.05	%		(1,263)		(0.36)	%
Total U.S. Futures Positions		3,096					9,242					12,338

Foreign Futures Positions:
Agriculturals		(25)		(0.01)	%		(20)		(0.01)	%		(45)		(0.02)	%
Currencies		307		0.09	%		—		—	%		307		0.09	%
Energy		1		—	%		(710)		(0.20)	%		(709)		(0.20)	%
Interest rates		(2,088)		(0.59)	%		2,678		0.76	%		590		0.17	%
Metals		(1,192)		(0.34)	%		1,612		0.46	%		420		0.12	%
Soft commodities		161		0.04	%		49		0.02	%		210		0.06	%
Stock indices		(985)		(0.28)	%		185		0.05	%		(800)		(0.23)	%
Total Foreign Futures Positions		(3,821)					3,794					(27)
Total Futures Contracts	$	(725)		(0.21)	%	$	13,036		3.71	%	$	12,311		3.50	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Schedule of securities owned

Securities owned by Legacy 1 Class Units at December 31, 2025

U.S. Government securities


									Percent of
									Partners' Capital
Face Value			Maturity Dates		Description		Fair Value		(net asset value)
$	11,907		1/2/2026		U.S. Treasury bill, 3.9%		$	11,906	12.81	%
	9,525		2/12/2026		U.S. Treasury bill, 3.8%			9,486	10.20	%
	9,525		3/5/2026		U.S. Treasury bill, 3.7%			9,467	10.18	%
	9,525		3/12/2026		U.S. Treasury bill, 3.7%			9,461	10.18	%
					Total U.S. Government securities (cost $40,308)		$	40,320	43.37	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Legacy 1 Class Units at December 31, 2025 (cost of $40,308)		$	40,320		43.37	%

Securities owned by Legacy 1 Class Units at December 31, 2024

U.S. Government-sponsored enterprises


							Percent of
							Partners' Capital
Face Value			Maturity Dates	Description	Fair Value		(net asset value)
$	5,844		4/11/2025	Federal Farm Credit Banks, 2.9%	$	5,857	1.67	%
	17,532		3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **		17,548	4.99	%
				Total U.S. Government-sponsored enterprises (cost $23,376)	$	23,405	6.66	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Legacy 1 Class Units at December 31, 2024 (cost of $23,376)		$	23,405		6.66	%

**No individual position constituted greater than 5 percent of partners’ capital (net asset value).

Legacy 2 Class

Assets and Condensed Schedule of Investments by Class of Units

Schedule of assets

Legacy 2 Class Units


Assets by Class of Units	December 31, 2025
Equity in brokers' trading accounts:
Cash	$	38,258
Net unrealized gain on open futures contracts		13,894
Total equity in brokers' trading accounts		52,152
Cash and cash equivalents		113,225
Securities owned, at fair value (cost $103,081)		103,111
Total assets	$	268,488

Legacy 2 Class Units


Assets by Class of Units	December 31, 2024
Equity in brokers' trading accounts:
Cash	$	46,831
Net unrealized gain on open futures contracts		11,239
Net unrealized loss on open futures contracts		(426)
Total equity in brokers' trading accounts		57,644
Cash and cash equivalents		237,634
Securities owned, at fair value (cost $20,532)		20,557
Interest receivable, net		51
Total assets	$	315,886

Schedule of unrealized gain (loss) on futures, forwards, and swap contracts

Futures Contracts owned by Legacy 2 Class Units at December 31, 2025


		Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals		$	(159)		(0.07)	%	$	1,219		0.52	%	$	1,060		0.45	%
Currencies			1,018		0.43	%		724		0.30	%		1,742		0.73	%
Energy			(674)		(0.28)	%		363		0.15	%		(311)		(0.13)	%
Interest rates			(217)		(0.09)	%		586		0.25	%		369		0.16	%
Meats			23		0.01	%		—		—	%		23		0.01	%
Metals			4,619		1.94	%		53		0.02	%		4,672		1.96	%
Soft commodities			(3)		—	%		893		0.38	%		890		0.37	%
Stock indices			(130)		(0.06)	%		141		0.06	%		11		—	%
Total U.S. Futures Positions			4,477					3,979					8,456

Foreign Futures Positions:
Agriculturals			—		—	%		18		0.01	%		18		0.01	%
Currencies			11		—	%		339		0.14	%		350		0.15	%
Energy			35		0.02	%		575		0.24	%		610		0.26	%
Interest rates			(204)		(0.09)	%		1,074		0.45	%		870		0.36	%
Metals			3,794		1.60	%		(1,583)		(0.67)	%		2,211		0.93	%
Soft commodities			—		—	%		(140)		(0.06)	%		(140)		(0.06)	%
Stock indices			1,519		0.64	%		—		—	%		1,519		0.64	%
Total Foreign Futures Positions			5,155					283					5,438
Total Futures Contracts		$	9,632		4.05	%	$	4,262		1.79	%	$	13,894		5.84	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Futures Contracts owned by Legacy 2 Class Units at December 31, 2024


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	37		0.01	%	$	(213)		(0.07)	%	$	(176)		(0.06)	%
Currencies		96		0.03	%		5,885		1.91	%		5,981		1.94	%
Energy		727		0.23	%		(723)		(0.23)	%		4		—	%
Interest rates		(145)		(0.04)	%		1,310		0.42	%		1,165		0.38	%
Meats		645		0.21	%		—		—	%		645		0.21	%
Metals		(702)		(0.23)	%		601		0.20	%		(101)		(0.03)	%
Soft commodities		3,337		1.08	%		1,092		0.35	%		4,429		1.43	%
Stock indices		(1,275)		(0.41)	%		165		0.05	%		(1,110)		(0.36)	%
Total U.S. Futures Positions		2,720					8,117					10,837

Foreign Futures Positions:
Agriculturals		(22)		(0.01)	%		(18)		(0.01)	%		(40)		(0.02)	%
Currencies		270		0.09	%		—		—	%		270		0.09	%
Energy		1		—	%		(623)		(0.20)	%		(622)		(0.20)	%
Interest rates		(1,834)		(0.59)	%		2,352		0.76	%		518		0.17	%
Metals		(1,047)		(0.34)	%		1,416		0.46	%		369		0.12	%
Soft commodities		141		0.04	%		43		0.02	%		184		0.06	%
Stock indices		(865)		(0.28)	%		162		0.05	%		(703)		(0.23)	%
Total Foreign Futures Positions		(3,356)					3,332					(24)
Total Futures Contracts	$	(636)		(0.21)	%	$	11,449		3.71	%	$	10,813		3.50	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Schedule of securities owned

Securities owned by Legacy 2 Class Units at December 31, 2025

U.S. Government securities


									Percent of
									Partners' Capital
Face Value			Maturity Dates		Description		Fair Value		(net asset value)
$	30,449		1/2/2026		U.S. Treasury bill, 3.9%		$	30,446	12.80	%
	24,360		2/12/2026		U.S. Treasury bill, 3.8%			24,260	10.20	%
	24,360		3/5/2026		U.S. Treasury bill, 3.7%			24,211	10.18	%
	24,360		3/12/2026		U.S. Treasury bill, 3.7%			24,194	10.18	%
					Total U.S. Government securities (cost $103,081)		$	103,111	43.36	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Legacy 2 Class Units at December 31, 2025 (cost of $103,081)		$	103,111		43.36	%

Securities owned by Legacy 2 Class Units at December 31, 2024

U.S. Government-sponsored enterprises


								Percent of
								Partners' Capital
Face Value			Maturity Dates	Description		Fair Value		(net asset value)
$	5,133		4/11/2025	Federal Farm Credit Banks, 2.9%		$	5,144	1.67	%
	15,399		3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **			15,413	4.99	%
				Total U.S. Government-sponsored enterprises (cost $20,532)		$	20,557	6.66	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Legacy 2 Class Units at December 31, 2024 (cost of $20,532)		$	20,557		6.66	%

**No individual position constituted greater than 5 percent of partners’ capital (net asset value).

Global 1 Class

Assets and Condensed Schedule of Investments by Class of Units

Schedule of assets

Global 1 Class Units


Assets by Class of Units	December 31, 2025
Equity in brokers' trading accounts:
Cash	$	1,095,825
Net unrealized gain on open futures contracts		397,965
Total equity in brokers' trading accounts		1,493,790
Cash and cash equivalents		3,243,093
Securities owned, at fair value (cost $2,952,544)		2,953,416
Total assets	$	7,690,299

Global 1 Class Units


Assets by Class of Units	December 31, 2024
Equity in brokers' trading accounts:
Cash	$	1,227,511
Net unrealized gain on open futures contracts		294,594
Net unrealized loss on open futures contracts		(11,178)
Total equity in brokers' trading accounts		1,510,927
Cash and cash equivalents		6,228,703
Securities owned, at fair value (cost $538,165)		538,818
Interest receivable, net		1,337
Total assets	$	8,279,785

Schedule of unrealized gain (loss) on futures, forwards, and swap contracts

Futures Contracts owned by Global 1 Class Units at December 31, 2025


		Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals		$	(4,568)		(0.07)	%	$	34,918		0.52	%	$	30,350		0.45	%
Currencies			29,164		0.43	%		20,750		0.30	%		49,914		0.73	%
Energy			(19,315)		(0.28)	%		10,386		0.15	%		(8,929)		(0.13)	%
Interest rates			(6,220)		(0.09)	%		16,798		0.25	%		10,578		0.16	%
Meats			659		0.01	%		—		—	%		659		0.01	%
Metals			132,307		1.94	%		1,505		0.02	%		133,812		1.96	%
Soft commodities			(100)		(0.00)	%		25,582		0.38	%		25,482		0.37	%
Stock indices			(3,730)		(0.06)	%		4,031		0.06	%		301		—	%
Total U.S. Futures Positions			128,197					113,970					242,167

Foreign Futures Positions:
Agriculturals			—		—	%		519		0.01	%		519		0.01	%
Currencies			320		—	%		9,712		0.14	%		10,032		0.15	%
Energy			1,016		0.02	%		16,470		0.24	%		17,486		0.26	%
Interest rates			(5,840)		(0.09)	%		30,764		0.45	%		24,924		0.36	%
Metals			108,672		1.60	%		(45,348)		(0.67)	%		63,324		0.93	%
Soft commodities			—		—	%		(3,997)		(0.06)	%		(3,997)		(0.06)	%
Stock indices			43,510		0.64	%		—		—	%		43,510		0.64	%
Total Foreign Futures Positions			147,678					8,120					155,798
Total Futures Contracts		$	275,875		4.05	%	$	122,090		1.79	%	$	397,965		5.84	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Futures Contracts owned by Global 1 Class Units at December 31, 2024


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	964		0.01	%	$	(5,576)		(0.07)	%	$	(4,612)		(0.06)	%
Currencies		2,522		0.03	%		154,244		1.91	%		156,766		1.94	%
Energy		19,056		0.23	%		(18,960)		(0.23)	%		96		—	%
Interest rates		(3,805)		(0.04)	%		34,339		0.42	%		30,534		0.38	%
Meats		16,886		0.21	%		—		—	%		16,886		0.21	%
Metals		(18,414)		(0.23)	%		15,762		0.20	%		(2,652)		(0.03)	%
Soft commodities		87,471		1.08	%		28,625		0.35	%		116,096		1.43	%
Stock indices		(33,413)		(0.41)	%		4,332		0.05	%		(29,081)		(0.36)	%
Total U.S. Futures Positions		71,267					212,766					284,033

Foreign Futures Positions:
Agriculturals		(565)		(0.01)	%		(469)		(0.01)	%		(1,034)		(0.02)	%
Currencies		7,068		0.09	%		—		—	%		7,068		0.09	%
Energy		34		—	%		(16,335)		(0.20)	%		(16,301)		(0.20)	%
Interest rates		(48,072)		(0.59)	%		61,645		0.76	%		13,573		0.17	%
Metals		(27,453)		(0.34)	%		37,106		0.46	%		9,653		0.12	%
Soft commodities		3,703		0.04	%		1,134		0.02	%		4,837		0.06	%
Stock indices		(22,669)		(0.28)	%		4,256		0.05	%		(18,413)		(0.23)	%
Total Foreign Futures Positions		(87,954)					87,337					(617)
Total Futures Contracts	$	(16,687)		(0.21)	%	$	300,103		3.71	%	$	283,416		3.50	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Schedule of securities owned

Securities owned by Global 1 Class Units at December 31, 2025

U.S. Government securities


									Percent of
									Partners' Capital
Face Value			Maturity Dates		Description		Fair Value		(net asset value)
$	872,163		1/2/2026		U.S. Treasury bill, 3.9%		$	872,080	12.81	%
	697,730		2/12/2026		U.S. Treasury bill, 3.8%			694,877	10.20	%
	697,730		3/5/2026		U.S. Treasury bill, 3.7%			693,470	10.18	%
	697,730		3/12/2026		U.S. Treasury bill, 3.7%			692,989	10.18	%
					Total U.S. Government securities (cost $2,952,544)		$	2,953,416	43.37	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Global 1 Class Units at December 31, 2025 (cost of $2,952,544)		$	2,953,416		43.37	%

Securities owned by Global 1 Class Units at December 31, 2024

U.S. Government-sponsored enterprises


						Percent of
						Partners' Capital
Face Value		Maturity Dates	Description	Fair Value		(net asset value)
$	134,541	4/11/2025	Federal Farm Credit Banks, 2.9%	$	134,829	1.67	%
	403,624	3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **		403,989	4.99	%
			Total U.S. Government-sponsored enterprises (cost $538,165)	$	538,818	6.66	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Global 1 Class Units at December 31, 2024 (cost of $538,165)		$	538,818		6.66	%

**No individual position constituted greater than 5 percent of partners’ capital (net asset value).

Global 2 Class

Assets and Condensed Schedule of Investments by Class of Units

Schedule of assets

Global 2 Class Units


Assets by Class of Units	December 31, 2025
Equity in brokers' trading accounts:
Cash	$	26,790
Net unrealized gain on open futures contracts		9,729
Total equity in brokers' trading accounts		36,519
Cash and cash equivalents		79,284
Securities owned, at fair value (cost $72,181)		72,202
Total assets	$	188,005

Global 2 Class Units


Assets by Class of Units	December 31, 2024
Equity in brokers' trading accounts:
Cash	$	38,694
Net unrealized gain on open futures contracts		9,286
Net unrealized loss on open futures contracts		(352)
Total equity in brokers' trading accounts		47,628
Cash and cash equivalents		196,343
Securities owned, at fair value (cost $16,964)		16,985
Interest receivable, net		42
Total assets	$	260,998

Schedule of unrealized gain (loss) on futures, forwards, and swap contracts

Futures Contracts owned by Global 2 Class Units at December 31, 2025


		Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals		$	(112)		(0.07)	%	$	854		0.52	%	$	742		0.45	%
Currencies			713		0.43	%		507		0.30	%		1,220		0.73	%
Energy			(472)		(0.28)	%		254		0.15	%		(218)		(0.13)	%
Interest rates			(152)		(0.09)	%		411		0.25	%		259		0.16	%
Meats			16		0.01	%		—		—	%		16		0.01	%
Metals			3,235		1.94	%		37		0.02	%		3,272		1.97	%
Soft commodities			(2)		—	%		625		0.38	%		623		0.37	%
Stock indices			(91)		(0.06)	%		99		0.06	%		8		—	%
Total U.S. Futures Positions			3,135					2,787					5,922

Foreign Futures Positions:
Agriculturals			—		—	%		13		0.01	%		13		0.01	%
Currencies			8		—	%		237		0.14	%		245		0.15	%
Energy			25		0.02	%		403		0.24	%		428		0.26	%
Interest rates			(143)		(0.09)	%		752		0.45	%		609		0.36	%
Metals			2,656		1.60	%		(1,109)		(0.67)	%		1,547		0.93	%
Soft commodities			—		—	%		(98)		(0.06)	%		(98)		(0.06)	%
Stock indices			1,063		0.64	%		—		—	%		1,063		0.64	%
Total Foreign Futures Positions			3,609					198					3,807
Total Futures Contracts		$	6,744		4.05	%	$	2,985		1.79	%	$	9,729		5.84	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Futures Contracts owned by Global 2 Class Units at December 31, 2024


	Unrealized gain/(loss) on open long contracts			Percent of Partners’ Capital (Net Asset Value)		Unrealized gain/(loss) on open short contracts			Percent of Partners’ Capital (Net Asset Value)		Net unrealized gain/(loss) on open contracts			Percent of Partners’ Capital (Net Asset Value)
Futures Contracts *
U.S. Futures Positions:
Agriculturals	$	30		0.01	%	$	(176)		(0.07)	%	$	(146)		(0.06)	%
Currencies		79		0.03	%		4,862		1.91	%		4,941		1.94	%
Energy		601		0.23	%		(598)		(0.23)	%		3		—	%
Interest rates		(120)		(0.04)	%		1,082		0.42	%		962		0.38	%
Meats		532		0.21	%		—		—	%		532		0.21	%
Metals		(580)		(0.23)	%		497		0.20	%		(83)		(0.03)	%
Soft commodities		2,757		1.08	%		903		0.35	%		3,660		1.43	%
Stock indices		(1,053)		(0.41)	%		137		0.05	%		(916)		(0.36)	%
Total U.S. Futures Positions		2,246					6,707					8,953

Foreign Futures Positions:
Agriculturals		(18)		(0.01)	%		(15)		(0.01)	%		(33)		(0.02)	%
Currencies		223		0.09	%		—		—	%		223		0.09	%
Energy		1		—	%		(515)		(0.20)	%		(514)		(0.20)	%
Interest rates		(1,515)		(0.59)	%		1,943		0.76	%		428		0.17	%
Metals		(865)		(0.34)	%		1,170		0.46	%		305		0.12	%
Soft commodities		117		0.04	%		36		0.02	%		153		0.06	%
Stock indices		(715)		(0.28)	%		134		0.05	%		(581)		(0.23)	%
Total Foreign Futures Positions		(2,772)					2,753					(19)
Total Futures Contracts	$	(526)		(0.21)	%	$	9,460		3.71	%	$	8,934		3.50	%

* No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Schedule of securities owned

Securities owned by Global 2 Class Units at December 31, 2025

U.S. Government securities


									Percent of
									Partners' Capital
Face Value			Maturity Dates		Description		Fair Value		(net asset value)
$	21,322		1/2/2026		U.S. Treasury bill, 3.9%		$	21,320	12.81	%
	17,057		2/12/2026		U.S. Treasury bill, 3.8%			16,988	10.20	%
	17,057		3/5/2026		U.S. Treasury bill, 3.7%			16,953	10.18	%
	17,057		3/12/2026		U.S. Treasury bill, 3.7%			16,941	10.18	%
					Total U.S. Government securities (cost $72,181)		$	72,202	43.37	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Global 2 Class Units at December 31, 2025 (cost of $72,181)		$	72,202		43.37	%

Securities owned by Global 2 Class Units at December 31, 2024

U.S. Government-sponsored enterprises


								Percent of
								Partners' Capital
Face Value			Maturity Dates	Description		Fair Value		(net asset value)
$	4,241		4/11/2025	Federal Farm Credit Banks, 2.9%		$	4,250	1.67	%
	12,723		3/28/2025-5/19/2025	Federal Home Loan Banks, 2.3%-3.5% **			12,735	4.99	%
				Total U.S. Government-sponsored enterprises (cost $16,964)		$	16,985	6.66	%


					Percent of
					Partners' Capital
		Fair Value			(net asset value)
Total securities owned by Global 2 Class Units at December 31, 2024 (cost of $16,964)		$	16,985		6.66	%

**No individual position constituted greater than 5 percent of partners’ capital (net asset value).