Quarterly Report for Quarter Ending September 30, 2024 (Form 10-Q)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. Its assets are its (i) equity in trading account, consisting of unrestricted cash, restricted cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts and investment in U.S. Treasury bills at fair value, if applicable, and (ii) interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2024.

The Partnership's investment in futures, forwards and options may or could have been, from time to time, be illiquid. Most U.S. futures exchanges limit fluctuations in prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Trades may not be executed at prices beyond the daily limit. If the price for a particular futures or option contract has increased or decreased by an amount equal to the daily limit, positions in that futures or option contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. These market conditions could prevent the Partnership from promptly liquidating their futures or option contracts and result in restrictions on redemptions.

There is no limitation on daily price movements in trading forward contracts on foreign currencies. The markets for some world currencies have low trading volume and are illiquid, which may prevent the Partnership from trading in potentially profitable markets or prevent the Partnership from promptly liquidating unfavorable positions in such markets, subjecting them to substantial losses. Either of these market conditions could result in restrictions on redemptions. For the periods covered by this report, illiquidity has not materially affected the Partnership's assets.

Other than the risks inherent in commodity futures, forwards, options, swaps and other derivatives trading and U.S. Treasury bills and money market mutual fund securities, the Partnership knows of no trends, demands, commitments, events or uncertainties at the present time that are reasonably likely to result in the Partnership's liquidity increasing or decreasing in any material way.

The Partnership's capital consists of the capital contributions of the partners as increased or decreased by realized and/or unrealized gains or losses on trading and by expenses, interest income, subscriptions, redemptions of Redeemable Units and distributions of profits, if any. The Partnership's primary need for capital resources is for Futures Interests trading.

For the nine months ended September 30, 2024, the Partnership's capital decreased 6.6% from $53,044,907 to $49,537,671. This decrease was attributable to redemptions of 5,237.2420 Class A limited partner Redeemable Units totaling $4,539,906, 199.7310 Class D limited partner Redeemable Units totaling $221,845 and redemptions of 42.0500 Class Z General Partner Redeemable Units totaling $50,185, which was partially offset by a net income of $1,304,700. Future redemptions can impact the amount of funds available for investment in subsequent periods.

Other than as discussed above, there are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Partnership's capital resource arrangements at the present time.

Off-BalanceSheet Arrangements and Contractual Obligations

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

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The General Partner believes that the estimates and assumptions utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership's significant accounting policies are described in detail in Note 2, "Basis of Presentation and Summary of Significant Accounting Policies," of the Financial Statements.

The Partnership records all investments at fair value in their financial statements, with changes in fair value reported as a component of net realized gains (losses) and net change in unrealized gains (losses) in the Statements of Income and Expenses.

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Results of Operations

During the Partnership's third quarter of 2024, the Partnership's net asset value per Class A Redeemable Unit decreased 10.0% from $907.90 to $817.33 as compared to an increase of 3.9% in the same period of 2023. During the Partnership's third quarter of 2024, the Partnership's net asset value per Class D Redeemable Unit decreased 10.0% from $1,136.24 to $1,022.89 as compared to an increase of 3.9% in the same period of 2023. During the Partnership's third quarter of 2024, the Partnership's net asset value per Class Z Redeemable Unit decreased 9.8% from $1,193.47 to $1,076.45 as compared to an increase of 4.1% in the same period of 2023. The Partnership experienced a net trading loss before fees and expenses in the third quarter of 2024 of $6,056,958. Losses were primarily attributable to the Partnership's trading in currencies, energy, grains, indices, U.S. and non-U.S.interest rates and softs and were partially offset by gains in livestock and metals. The Partnership experienced a net trading gain before fees and expenses in the third quarter of 2023 of $2,417,602. Gains were primarily attributable to the Partnership's trading in currencies, energy, grains, U.S. and non-U.S.interest rates and livestock and were partially offset by losses in indices, metals and softs.

During the third quarter of 2024, the Partnership's most significant losses were incurred during July within the currency sector from short positions in the Japanese yen versus the U.S. dollar as the value of the yen surged amid speculation the Bank of Japan would enact policies to strengthen the nation's currency. Further losses in the currencies were recorded during July and August from short positions in the Swiss franc and euro versus the U.S. dollar. In the energies, losses were experienced throughout the quarter from long positions in crude oil futures as prices declined on high global inventories and concerns a slowdown in the global economy would limit energy consumption. The losses in crude oil futures were partially offset by gains recorded during the quarter from short positions in gasoil futures. Within the global fixed income markets, losses were incurred during July from short positions in U.S. and European fixed income futures as yields dropped and prices rose amid a strengthening outlook for global central bank interest rate cuts. Further losses were also incurred during July within the global stock index sector from long positions in Asian, U.S., and European equity index futures as prices fell in the latter half of the month amid a sell-offin technology stocks. Within the agriculturals, losses were experienced during September from short positions in soybean, wheat, and corn futures as grain prices reversed higher amid increased global commodity purchasing. A portion of the Partnership's losses for the third quarter was offset by gains achieved within the metals markets during September from long positions in gold futures as demand for precious metals was spurred by an outlook for further global interest rate cuts and by a weakening U.S. dollar.

During the Partnership's nine months ended September 30, 2024, the Partnership's net asset value per Class A Redeemable Unit increased 1.9% from $801.93 to $817.33 as compared to an increase of 0.2% in the same period of 2023. During the Partnership's nine months ended September 30, 2024, the Partnership's net asset value per Class D Redeemable Unit increased 1.9% from $1,003.61 to $1,022.89 as compared to an increase of 0.2% in the same period of 2023. During the Partnership's nine months ended September 30, 2024, the Partnership's net asset value per Class Z Redeemable Unit increased 2.5% from $1,050.19 to $1,076.45 as compared to an increase of 0.7% in the same period of 2023. The Partnership experienced a net trading gain before fees and expenses in the nine months of 2024 of $833,856. Gains were primarily attributable to the Partnership's trading in grains, indices, U.S. and non-U.S.interest rates, livestock, metals and softs and were partially offset by losses in currencies and energy. The Partnership experienced a net trading gain before fees and expenses in the nine months of 2023 of $11,632. Gains were primarily attributable to the Partnership's trading in currencies, indices, U.S. interest rates, livestock and softs and were partially offset by losses in energy, grains, non-U.S.interest rates and metals.

During the first nine months of the year 2024, the Partnership's largest gains were achieved within the agricultural markets during February, April, and June from short positions in soybean futures as prices declined amid data showing growth in global grain production and expectations for strong crops. Additional gains in the agricultural sector were recorded during February and March from long positions in cocoa futures as extreme dry weather in West African growing regions threatened crops pushing prices to record highs. In the global stock index sector, gains were recorded throughout the first quarter from long positions in Asian, European, and U.S. equity index futures as prices advanced amid an outlook global central banks, most notably the Fed, would be aggressive in cutting interest rates in the second half of 2024. In the global fixed income sector, gains were recorded during February and April from short positions in U.S. and European fixed income futures amid speculation persistent inflationary pressures would limit global central banks interest rate cuts in 2024. Further gains were achieved in the metals during September from long positions in gold futures as a weakening U.S. dollar spurred demand for precious metals. A portion of the Partnership's gains for the first nine months of the year was offset by losses incurred within the energies throughout the third quarter from long positions in crude oil futures as prices steadily declined on high global inventories and concerns a slowdown in the global economy would limit energy consumption. Within the currencies, losses were incurred during July and August from short positions in the Swiss franc and euro versus the U.S. dollar. Gains from short positions in the Japanese yen during the first half of the year helped to mitigate such losses.

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Commodity futures markets are highly volatile. Broad price fluctuations and rapid inflation increase not only the risks involved in commodity trading, but also the possibility of profit. The profitability of the Partnership depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events, changes in interest rates, pandemics, epidemics and other public health crises. To the extent that market trends exist and the Advisors are able to identify them, the Partnership expects to increase capital through operations.

The Partnership receives monthly interest on 100% of the average daily equity maintained in cash in the Partnership's brokerage account at MS&Co. during each month at a rate equal to the monthly average of the 4-weekU.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership did not receive interest on amounts in the futures brokerage accounts that were committed to margin. Any interest earned on the Partnership's cash account in excess of the amounts described above, if any, was retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market mutual fund securities was retained by the Partnership as applicable. Interest income for the three and nine months ended September 30, 2024 decreased by $26,703 and increased by $84,928, respectively, as compared to the corresponding periods in 2023. The decrease in interest income was primarily due to lower 4-weekU.S. Treasury bill discount rates during the three months ended September 30, 2024, and the increase in interest income was primarily due to higher 4-weekU.S. Treasury bill discount rates during the nine months ended September 30, 2024, as compared to the corresponding periods in 2023. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depended on (1) the average daily equity maintained in cash in the Partnership's accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and (3) interest rates over which none of the Partnership or MS&Co. had control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees related to direct investments for the three and nine months ended September 30, 2024 decreased by $14,162 and $23,681, respectively, as compared to the corresponding periods in 2023. The decrease in these clearing fees was primarily due to a decrease in the number of direct trades made by the Partnership during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

Ongoing selling agent fees are calculated as a percentage of the Partnership's adjusted net asset value of Class A and Class D Redeemable Units on the last day of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Ongoing selling agent fees for the three and nine months ended September 30, 2024 decreased by $15,619 and $33,375, respectively, as compared to the corresponding periods in 2023. The decrease was primarily due to a decrease in average net assets attributable to Class A and Class D Redeemable Units during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership. General Partner fees are calculated as a percentage of the Partnership's adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. General Partner fees for the three and nine months ended September 30, 2024 decreased by $18,525 and $39,414, respectively, as compared to the corresponding periods in 2023. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

Management fees are calculated as a percentage of the Partnership's adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Management fees for the three and nine months ended September 30, 2024 decreased by $14,516 and $35,961, respectively, as compared to the corresponding periods in 2023. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

Incentive fees are based on the new trading profits generated by each Advisor at the end of the quarter, half-year or year, as applicable, as defined in the respective management agreements between the Partnership, the General Partner and each Advisor. Trading performance for the three and nine months ended September 30, 2024 resulted in a reversal of incentive fees of $274,563 and incentive fees of $0, respectively. Trading performance for the three and nine months ended September 30, 2023 resulted in incentive fees of $255,004 and $323,351, respectively. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid incentive fees until such Advisor recovers any net loss incurred by the Advisor and earns additional new trading profits for the Partnership.

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In allocating the assets of the Partnership among the Advisors, the General Partner considers, among other factors, each Advisor's past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets among the Advisors and may allocate assets to additional advisors at any time.

As of September 30, 2024 and June 30, 2024, the Partnership's assets were allocated among the Advisors in the following approximate percentages:

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The Partnership is a speculative commodity pool. The market sensitive instruments held by the Partnership are acquired for speculative trading purposes, and all or substantially all of the Partnership's assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership's main line of business.

The limited partners will not be liable for losses exceeding the current net asset value of their investment.

Market movements result in frequent changes in the fair value of the Partnership's open positions and, consequently, in its earnings and cash balances. The Partnership's market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership's open positions and the liquidity of the markets in which they trade.

The Partnership rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership's past performance is not necessarily indicative of their future results.

Quantifying the Partnership's Trading Value at Risk

The following quantitative disclosures regarding the Partnership's market risk exposures contain "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

The Partnership accounts for open positions on the basis of fair value accounting principles. Any loss in the market value of the Partnership's open positions is directly reflected in the Partnership's earnings and cash flow.

The Partnership's risk exposure in the market sectors traded by the Advisors is estimated below in terms of Value at Risk. Please note that the Value at Risk model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by either the General Partner or the Advisors in their daily risk management activities.

"Value at Risk" is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership's speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-tradinglosses far beyond the indicated Value at Risk or the Partnership's experience to date (i.e., "risk of ruin"). In light of the foregoing, as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership's losses in any market sector will be limited to Values at Risk or by the Partnership's attempt to manage its market risk.

Exchange margin requirements have been used by the Partnership as the measure of its Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99%of any one-dayinterval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-dayprice fluctuation.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. As of September 30, 2024, DCM, Drury, Episteme and Millburn each traded managed accounts in the name of the Partnership. The trading Value at Risk tables reflect the market sensitive instruments held by the Partnership as of September 30, 2024 and December 31, 2023. There have been no material changes in the trading Value at Risk information previously disclosed in the Partnership's Annual Report on Form 10-Kfor the year ended December 31, 2023.

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The following tables indicate the trading Value at Risk associated with the Partnership's investments by market category as of September 30, 2024 and December 31, 2023, and the highest, lowest and average values during the three months ended September 30, 2024 and the twelve months ended December 31, 2023. All open contracts trading risk exposures have been included in calculating the figures set forth below.

As of September 30, 2024, the Partnership's total capitalization was $49,537,671.

As of December 31, 2023, the Partnership's total capitalization was $53,044,907.