Trading Activities

6 Months Ended

Jun. 30, 2026

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 instruments. The results of the Partnership’s trading activities are shown in the Partnership’s Consolidated 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 Consolidated Statements of Income and Expenses.

The foreign exchange brokerage account agreements and/or futures brokerage account agreements with MS&Co. or JPMorgan, as applicable, 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 Consolidated Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in their respective Consolidated Statements of Financial Condition, as the criteria under ASC

210-20,

“

Balance Sheet - Offsetting

,” 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 three months ended June 30, 2026 and 2025 was 35,320 and 37,760, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 was 37,856 and 35,981, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2026 and 2025 was 399 and 396, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 was 397 and 333, respectively. The monthly average notional value of currency forward contracts traded during the three months ended June 30, 2026 and 2025 was $29,802,351 and $39,336,908, respectively. The monthly average notional value of currency forward contracts traded during the six months ended June 30, 2026 and 2025 was $30,969,836 and $46,386,219, respectively. The monthly average number of option contracts purchased traded directly by the Partnership during the three months ended June 30, 2026 and 2025 was 1,389 and 1,745, respectively. The monthly average number of option contracts purchased traded directly by the Partnership during the six months ended June 30, 2026 and 2025 was 1,447 and 1,742, respectively. The monthly average number of option contracts written traded directly by the Partnership during the three months ended June 30, 2026 and 2025 was 1,514 and 654, respectively. The monthly average number of option contracts written traded directly by the Partnership during the six months ended June 30, 2026 and 2025 was 1,355 and 1,196, respectively.

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

All clearing fees paid to MS&Co. for direct trading are borne by the Partnership. In addition, clearing fees are borne by the Funds and are allocated to the Funds’ limited partners/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 June 30, 2026 and December 31, 2025, respectively.


June 30, 2026	Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Statements of Financial Condition			Amounts Presented in the Consolidated Statements of Financial Condition			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition				Net Amount
June 30, 2026	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	18,064,212		$	(13,669,455	)	$	4,394,757		$	–	$	–	$	4,394,757
Forwards		1,153,416			(1,153,416	)		–			–		–		–

		19,217,628			(14,822,871	)		4,394,757			–		–		4,394,757
JPMorgan
Forwards		89,541			(50,413	)		39,128			–		–		39,128

Total assets	$	19,307,169		$	(14,873,284	)	$	4,433,885		$	–	$	–	$	4,433,885

Liabilities
MS&Co.
Futures	$	(13,669,455	)	$	13,669,455		$	–		$	–	$	–	$	–
Forwards		(1,421,711	)		1,153,416			(268,295	)		–		268,295		–

		(15,091,166	)		14,822,871			(268,295	)		–		268,295		–
JPMorgan
Forwards		(50,413	)		50,413			–			–		–		–

Total liabilities	$	(15,141,579	)	$	14,873,284		$	(268,295	)	$	–	$	268,295	$	–

Net fair value														$	4,433,885	*


December 31, 2025	Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Statements of Financial Condition			Amounts Presented in the Consolidated Statements of Financial Condition			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition				Net Amount
December 31, 2025	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	20,195,093		$	(15,263,153	)	$	4,931,940		$	–	$	–	$	4,931,940
Forwards		1,619,985			(1,160,231	)		459,754			–		–		459,754

		21,815,078			(16,423,384	)		5,391,694			–		–		5,391,694
JPMorgan
Forwards		113,563			(52,412	)		61,151			–		–		61,151

Total assets	$	21,928,641		$	(16,475,796	)	$	5,452,845		$	–	$	–	$	5,452,845

Liabilities
MS&Co.
Futures	$	(15,263,153	)	$	15,263,153		$	–		$	–	$	–	$	–
Forwards		(1,160,231	)		1,160,231			–			–		–		–

		(16,423,384	)		16,423,384			–			–		–		–
JPMorgan
Forwards		(52,412	)		52,412			–			–		–		–

Total liabilities	$	(16,475,796	)	$	16,475,796		$	–		$	–	$	–	$	–

Net fair value														$	5,452,845	*

In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and a counterparty to the Partnership’s non–exchange–traded contracts, as applicable, and JPMorgan, as a counterparty to certain of the Funds non–exchange traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPMorgan, as applicable, thereby minimizing MS&Co.’s and JPMorgan’s risk of loss. In certain instances, a counterparty, may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated 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, as applicable, held directly by the Partnership as separate assets and liabilities as of June 30, 2026 and December 31, 2025, respectively.


	June 30, 2026
Assets
Futures Contracts
Currencies	$	2,644,942
Energy		1,110,875
Grains		2,466,146
Indices		3,129,988
Interest Rates U.S.		162,095
Interest Rates Non-U.S.		1,864,865
Livestock		649,965
Metals		260,350
Softs		5,774,986

Total unrealized appreciation on open futures contracts		18,064,212


Liabilities
Futures Contracts
Currencies		(637,022	)
Energy		(2,475,229	)
Grains		(1,543,330	)
Indices		(854,007	)
Interest Rates U.S.		(300,724	)
Interest Rates Non-U.S.		(1,411,656	)
Livestock		(537,503	)
Metals		(941,535	)
Softs		(4,968,449	)

Total unrealized depreciation on open futures contracts		(13,669,455	)

Net unrealized appreciation on open futures contracts	$	4,394,757	*


Assets
Forward Contracts
Currencies	$	89,619
Metals		1,153,338

Total unrealized appreciation on open forward contracts		1,242,957

Liabilities
Forward Contracts
Currencies	$	(50,413	)
Metals		(1,421,711	)

Total unrealized depreciation on open forward contracts		(1,472,124	)

Net unrealized depreciation on open forward contracts	$	(229,167	)**


Assets
Options Purchased
Grains	$	1,460,875
Indices		69,975

Total options purchased	$	1,530,850	***


Liabilities
Options Written
Grains	$	(598,688	)

Total options written	$	(598,688	)****

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

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

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

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


	December 31, 2025
Assets
Futures Contracts
Currencies	$	1,154,606
Energy		2,677,373
Grains		4,128,476
Indices		2,203,683
Interest Rates U.S.		385,862
Interest Rates Non-U.S.		1,183,970
Livestock		1,475,269
Metals		4,051,231
Softs		2,934,623

Total unrealized appreciation on open futures contracts		20,195,093


Liabilities
Futures Contracts
Currencies		(574,188	)
Energy		(2,232,758	)
Grains		(3,564,015	)
Indices		(697,075	)
Interest Rates U.S.		(494,734	)
Interest Rates Non-U.S.		(1,865,994	)
Livestock		(403,443	)
Metals		(1,232,080	)
Softs		(4,198,866	)

Total unrealized depreciation on open futures contracts		(15,263,153	)

Net unrealized appreciation on open futures contracts	$	4,931,940	*


Assets
Forward Contracts
Currencies	$	113,563
Metals		1,619,985

Total unrealized appreciation on open forward contracts		1,733,548


Liabilities
Forward Contracts
Currencies	$	(52,431	)
Metals		(1,160,212	)

Total unrealized depreciation on open forward contracts		(1,212,643	)

Net unrealized appreciation on open forward contracts	$	520,905	**


Assets
Options Purchased
Grains	$	2,505,799
Livestock		2,386,320

Total options purchased	$	4,892,119	***


Liabilities
Options Written
Grains	$	(867,079	)
Livestock		(987,372	)

Total options written	$	(1,854,451	)****

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

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

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

****	This amount is in “Options written, at fair value” in the Consolidated 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 three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2026			2025			2026			2025
Currencies	$	5,209,766		$	(4,459,533	)	$	8,117,119		$	(9,668,833	)
Energy		(378,321	)		(7,144,328	)		4,447,436			(11,032,853	)
Grains		2,163,844			(165,144	)		941,244			(3,029,979	)
Indices		1,863,210			(3,147,247	)		5,136,687			(4,473,562	)
Interest Rates U.S.		(334,998	)		693,077			394,024			(961,394	)
Interest Rates Non-U.S.		432,834			(1,454,511	)		(1,748,177	)		(1,081,206	)
Livestock		(1,246,887	)		3,246,579			176,618			4,924,796
Metals		(3,706,725	)		1,593,255			(321,963	)		6,521,716
Softs		(2,234,566	)		(1,720,006	)		(3,586,595	)		(693,964	)

Total	$	1,768,157	*****	$	(12,557,858	)*****	$	13,556,393	*****	$	(19,495,279	)*****

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