# EDGAR Filing Document

**Accession Number:** 0001209709
**File Stem:** 0001193125-25-176472
**Filing Date:** 2025-8
**Character Count:** 134921
**Document Hash:** dd458191fb4eec2106223aec5cdfc76a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-176472.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001193125-25-176472

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CERES TACTICAL SYSTEMATIC L.P.
- **CENTRAL INDEX KEY:** 0001209709
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 134224248
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50718
- **FILM NUMBER:** 251197002

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CERES MANAGED FUTURES LLC
- **STREET 2:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (855) 672-4468

**MAIL ADDRESS:**
- **STREET 1:** C/O CERES MANAGED FUTURES LLC
- **STREET 2:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TACTICAL DIVERSIFIED FUTURES FUND L.P.
- **DATE OF NAME CHANGE:** 20091014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIGROUP DIVERSIFIED FUTURES FUND LP
- **DATE OF NAME CHANGE:** 20021211

?xml version='1.0' encoding='ASCII'? 10-Q

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

#### FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the quarterly period ended June 30, 2025

#### OR () TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number <u>000-50718</u>

CERES TACTICAL SYSTEMATIC L.P. <br> (Exact name of registrant as specified in its charter)

<u>New York </u>   <u>13-4224248 </u> <br> (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.)

c/o Ceres Managed Futures LLC1585 BroadwayNew York, New York 10036 <br> (Address of principal executive offices) (Zip Code)

(855) 672-4468 <br> (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| &nbsp;&nbsp;&nbsp;N/A | N/A | N/A |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

#### Yes X No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer <u>X</u> <br> Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act**.** 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

#### Yes No X
As of July 31, 2025, 49,827.5768 Limited Partnership Class A Redeemable Units were outstanding, 2,639.4900 Limited Partnership Class D Redeemable Units were outstanding, and 95.3870 Limited Partnership Class Z Redeemable Units were outstanding.

------

#### PART I. FINANCIAL INFORMATION

#### Item 1. Financial Statements.

#### Ceres Tactical Systematic L.P.

#### Statements of Financial Condition

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025**<br> **(Unaudited)** | **December 31,<br> 2024**  |
| **Assets:** |  |  |
| Equity in trading account: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrestricted cash | $38557544 | $39535231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 6668190 | 7990887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign cash (cost $423,550 and $612,477 at June 30, 2025 and December 31, 2024, respectively) | 434172 | 602110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation on open futures contracts | 321318 | 405742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity in trading account | 45981224 | 48533970 |
| Interest receivable | 135497 | 153487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46116721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48687457 |
| **Liabilities and Partners' Capital:** |  |  |
| Liabilities: |  |  |
| Net unrealized depreciation on open forward contracts | $249040 | $3602 |
| Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ongoing selling agent fees | 28281 | 30008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 23550 | 25585 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Partner fees | 33310 | 35373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 156551 | 141996 |
| Redemptions payable to General Partner |  | 49999 |
| Redemptions payable to Limited Partners | 253920 | 351324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 744652 | 637887 |
| Partners' Capital: |  |  |
| General Partner, Class Z, 463.0990 Redeemable Units outstanding at June 30, 2025 and December 31, 2024 | 510636 | 512612 |
| Limited Partners, Class A, 50,457.3548 and 53,003.6748 Redeemable Units outstanding at June 30, 2025 and December 31, 2024, respectively | 42006210 | 44464107 |
| Limited Partners, Class D, 2,639.4900 and 2,826.3240 Redeemable Units outstanding at June 30, 2025 and December 31, 2024, respectively | 2750045 | 2967265 |
| Limited Partners, Class Z, 95.3870 Redeemable Units outstanding at June 30, 2025 and December 31, 2024 | 105178 | 105586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital (net asset value) | 45372069 | 48049570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and partners' capital | $46116721 | $48687457 |
| Net asset value per Redeemable Unit: |  |  |
| Class A | $832.51 | $838.89 |
| Class D | $1041.89 | $1049.87 |
| Class Z | $1102.65 | $1106.92 |

---

See accompanying notes to financial statements.

------

#### Ceres Tactical Systematic L.P.

#### Condensed Schedule of Investments

#### June 30, 2025
(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional ($)/<br> Number of<br> Contracts** | **Fair Value** | **% of Partners'<br> Capital** |
| Futures Contracts Purchased |  |  |  |
| Currencies | 175 | $123301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% |
| Energy | 190 | (230795) | (0.51) |
| Grains | 176 | (9732) | (0.02) |
| Indices | 176 | 135160 | 0.30 |
| Interest Rates U.S. | 18 | 17036 | 0.04 |
| Interest Rates Non-U.S. | 649 | 20762 | 0.05 |
| Livestock | 41 | 88123 | 0.19 |
| Metals | 50 | 50353 | 0.11 |
| Softs | 28 | (135694) | (0.30) |
| Total futures contracts purchased |  | 58514 | 0.13 |
| Futures Contracts Sold |  |  |  |
| Currencies | 145 | (170066) | (0.38) |
| Energy | 86 | 150110 | 0.33 |
| Grains | 539 | 379912 | 0.83 |
| Indices | 39 | (29370) | (0.06) |
| Interest Rates U.S. | 192 | (305195) | (0.67) |
| Interest Rates Non-U.S. | 219 | (29163) | (0.06) |
| Livestock | 22 | (13468) | (0.03) |
| Metals | 4 | (27185) | (0.06) |
| Softs | 123 | 307229 | 0.68 |
| Total futures contracts sold |  | 262804 | 0.58 |
| Net unrealized appreciation on open futures contracts |  | $321318 | 0.71% |
| Unrealized Appreciation on Open Forward Contracts |  |  |  |
| Currencies | $33302649 | $354816 | 0.78% |
| Metals | 102 | 261004 | 0.58 |
| Total unrealized appreciation on open forward contracts |  | 615820 | 1.36 |
| Unrealized Depreciation on Open Forward Contracts |  |  |  |
| Currencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31338465 | (373717) | (0.83) |
| Metals | 182 | (491143) | (1.08) |
| Total unrealized depreciation on open forward contracts |  | (864860) | (1.91) |
| Net unrealized depreciation on open forward contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249040) | (0.55)% |

---

See accompanying notes to financial statements.

------

#### Ceres Tactical Systematic L.P.

#### Condensed Schedule of Investments

#### December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional ($)/<br> Number of<br> Contracts** | **Fair Value** | **% of Partners'<br> Capital** |
|  Futures Contracts Purchased |  |  |  |
|  Currencies | 235 | $(348440) | (0.73)% |
|  Energy | 293 | 450227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 |
|  Grains | 250 | 3452 | 0.01 |
|  Indices | 276 | (272994) | (0.57) |
|  Interest Rates U.S. | 16 | (70188) | (0.15) |
|  Interest Rates Non-U.S. | 198 | (261928) | (0.55) |
|  Livestock | 7 | 17660 | 0.04 |
|  Metals | 46 | (182287) | (0.38) |
|  Softs | 38 | 261942 | 0.55 |
|  Total futures contracts purchased |  | (402556) | (0.84) |
|  Futures Contracts Sold |  |  |  |
|  Currencies | 456 | 708952 | 1.47 |
|  Energy | 163 | (428067) | (0.89) |
|  Grains | 235 | (40865) | (0.09) |
|  Indices | 152 | 36693 | 0.08 |
|  Interest Rates U.S. | 98 | 27559 | 0.06 |
|  Interest Rates Non-U.S. | 439 | 341024 | 0.71 |
|  Livestock | 18 | 17640 | 0.04 |
|  Metals | 42 | 118888 | 0.25 |
|  Softs | 53 | 26474 | 0.05 |
|  Total futures contracts sold |  | 808298 | 1.68 |
|  Net unrealized appreciation on open futures contracts |  | $405742 | 0.84% |
|  Unrealized Appreciation on Open Forward Contracts |  |  |  |
|  Currencies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25716043 | $472601 | 0.99% |
|  Metals | 132 | 332927 | 0.69 |
|  Total unrealized appreciation on open forward contracts |  | 805528 | 1.68 |
|  Unrealized Depreciation on Open Forward Contracts |  |  |  |
|  Currencies | $19806662 | (316621) | (0.66) |
|  Metals | 119 | (492509) | (1.03) |
|  Total unrealized depreciation on open forward contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809130) | (1.69) |
|  Net unrealized depreciation on open forward contracts |  | $(3602) | (0.01)% |

---

See accompanying notes to financial statements.

------

#### Ceres Tactical Systematic L.P.

#### Statements of Income and Expenses
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30, | Three Months Ended<br> June 30, | Six Months Ended<br> June 30, | Six Months Ended<br> June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $415007 | $632409 | $837042 | $1234604 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearing fees related to direct investments | 39826 | 65314 | 79978 | 125117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ongoing selling agent fees | 84216 | 108296 | 171392 | 212956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Partner fees | 99182 | 127624 | 201815 | 250900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 69717 | 93605 | 143486 | 183923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fees |  | 21342 |  | 274563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72532 | 80211 | 145907 | 159072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365473 | 496392 | 742578 | 1206531 |
|  Net investment income (loss) | 49534 | 136017 | 94464 | 28073 |
|  Trading Results: |  |  |  |  |
|  Net gains (losses) on trading of commodity interests: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on closed contracts | 325483 | 2112791 | (158083) | 5925269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gains (losses) on open contracts | 238217 | (933999) | (308873) | 965545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total trading results | 563700 | 1178792 | (466956) | 6890814 |
|  Net income (loss) | $613234 | $1314809 | $(372492) | $6918887 |
|  Net income (loss) per Redeemable Unit\*: |  |  |  |  |
|  Class A | $11.21 | $20.39 | $(6.38) | $105.97 |
|  Class D | $14.04 | $25.52 | $(7.98) | $132.63 |
|  Class Z | $16.90 | $29.01 | $(4.27) | $143.28 |
|  Weighted average Redeemable Units outstanding: |  |  |  |  |
|  Class A | 51058.5115 | 58576.3045 | 51761.2596 | 59613.0415 |
|  Class D | 2639.4900 | 2990.5000 | 2670.6290 | 3090.3655 |
|  Class Z | 558.4860 | 645.7060 | 558.4860 | 645.7060 |

---

\* Represents the change in net asset value per Redeemable Unit during the period.

See accompanying notes to financial statements.

------

#### Ceres Tactical Systematic L.P.

#### Statements of Changes in Partners' Capital

#### For the Three and Six Months Ended June 30, 2025 and 2024
(Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class D** | **Class D** | **Class Z** | **Class Z** | **Total** | **Total** |
|  | **Amount** | **Redeemable<br> Units** | **Amount** | **Redeemable<br> Units** | **Amount** | **Redeemable<br> Units** | **Amount** | **Redeemable<br> Units** |
|  Partners' Capital, December 31, 2023 | $49165031 | 61308.4508 | $3201761 | 3190.2310 | $678115 | 645.7060 | $53044907 | 65144.3878 |
|  Redemptions - General Partner |  |  |  |  | (50185) | (42.0500) | (50185) | (42.0500) |
|  Redemptions - Limited Partners | (3176944) | (3596.6810) | (221845) | (199.7310) |  |  | (3398789) | (3796.4120) |
|  Net income (loss) | 6408375 |  | 417996 |  | 92516 |  | 6918887 |  |
|  Partners' Capital, June 30, 2024 | $52396462 | 57711.7698 | $3397912 | 2990.5000 | $720446 | 603.6560 | $56514820 | 61305.9258 |
|  Partners' Capital, March 31, 2024 | $52381586 | 59020.9018 | $3321600 | 2990.5000 | $751899 | 645.7060 | $56455085 | 62657.1078 |
|  Redemptions - General Partner |  |  |  |  | (50185) | (42.0500) | (50185) | (42.0500) |
|  Redemptions - Limited Partners | (1204889) | (1309.1320) |  |  |  |  | (1204889) | (1309.1320) |
|  Net income (loss) | 1219765 |  | 76312 |  | 18732 |  | 1314809 |  |
|  Partners' Capital, June 30, 2024 | $52396462 | 57711.7698 | $3397912 | 2990.5000 | $720446 | 603.6560 | $56514820 | 61305.9258 |
|  | **Class A** | **Class A** | **Class D** | **Class D** | **Class Z** | **Class Z** | **Total** | **Total** |
|  | **Amount** | **Redeemable<br> Units** | **Amount** | **Redeemable<br> Units** | **Amount** | **Redeemable<br> Units** | **Amount** | **Redeemable<br> Units** |
|  Partners' Capital, December 31, 2024 | $44464107 | 53003.6748 | $2967265 | 2826.3240 | $618198 | 558.4860 | $48049570 | 56388.4848 |
|  Redemptions - Limited Partners | (2106061) | (2546.3200) | (198948) | (186.8340) |  |  | (2305009) | (2733.1540) |
|  Net income (loss) | (351836) |  | (18272) |  | (2384) |  | (372492) |  |
|  Partners' Capital, June 30, 2025 | $42006210 | 50457.3548 | $2750045 | 2639.4900 | $615814 | 558.4860 | $45372069 | 53655.3308 |
|  Partners' Capital, March 31, 2025 | $42250890 | 51444.0528 | $2713010 | 2639.4900 | $606378 | 558.4860 | $45570278 | 54642.0288 |
|  Redemptions - Limited Partners | (811443) | (986.6980) |  |  |  |  | (811443) | (986.6980) |
|  Net income (loss) | 566763 |  | 37035 |  | 9436 |  | 613234 |  |
|  Partners' Capital, June 30, 2025 | $42006210 | 50457.3548 | $2750045 | 2639.4900 | $615814 | 558.4860 | $45372069 | 53655.3308 |

---

See accompanying notes to financial statements.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

1. Organization:

Ceres Tactical Systematic L.P. (the "Partnership") is a limited partnership organized under the partnership laws of the State of New York on December 3, 2002 to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Partnership's assets in United States ("U.S.") Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates.

Between March 27, 2003 (commencement of the public offering period) and April 30, 2003, 36,616 redeemable units of limited partnership interest in the Partnership ("Redeemable Units") were sold at $1,000 per Redeemable Unit. The proceeds of the initial public offering were held in an escrow account until April 30, 2003, at which time they were turned over to the Partnership for trading. The Partnership was authorized to publicly offer 300,000 Redeemable Units during the initial public offering period. As of December 4, 2003, the Partnership was authorized to publicly offer an additional 700,000 Redeemable Units. As of October 7, 2004, the Partnership was authorized to publicly offer an additional 1,000,000 Redeemable Units. As of June 30, 2005, the Partnership was authorized to publicly offer Redeemable Units previously registered. The public offering of Redeemable Units terminated on November 30, 2008. The Partnership currently privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the "General Partner") and commodity pool operator of the Partnership. The General Partner is a wholly-owned subsidiary of Morgan Stanley Capital Management LLC ("MSCM"). MSCM is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses.

During the reporting periods ended June 30, 2025 and 2024, the Partnership's commodity broker was Morgan Stanley & Co. LLC ("MS&Co."), a registered futures commission merchant.

As of January 1, 2018, the Partnership began offering three classes of limited partnership interests, Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to January 1, 2018 were deemed Class A Redeemable Units. The rights, liabilities, risks, and fees associated with investment in Class A Redeemable Units were not changed. Class A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions, and non-U.S. investors. Class D Redeemable Units and Class Z Redeemable Units were first issued on January 1, 2018. Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units will each be referred to as a "Class" and collectively referred to as the "Classes." The Class of Redeemable Units that a limited partner receives upon a subscription will generally depend upon the amount invested in the Partnership or the status of the limited partner, although the General Partner may determine to offer any Class of Redeemable Units to investors at its discretion. Class D Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions, and non-U.S. investors. Class Z Redeemable Units are offered to certain employees of Morgan Stanley and its subsidiaries (and their family members). In the future, Class Z Redeemable Units may also be offered to certain limited partners who receive advisory services from Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management ("Morgan Stanley Wealth Management"). Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units are identical, except that they are subject to different monthly ongoing selling agent fees. Class A Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12 of 0.75% (a 0.75% annual rate) of the net assets of Class A Redeemable Units as of the end of each month. Class D Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12 of 0.75% (a 0.75% annual rate) of the net assets of Class D Redeemable Units as of the end of each month. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

As of June 30, 2025, all trading decisions were made for the Partnership by DCM Systematic Advisors SA ("DCM"), Drury Capital, Inc. ("Drury"), Episteme Capital Partners (UK) LLP, Episteme Capital Partners (US) LLC and Episteme Capital Partners (Cayman) LTD (collectively, "Episteme"), and Millburn Ridgefield Corporation ("Millburn") (each an "Advisor" and, collectively, the "Advisors"), each of which is a registered commodity trading advisor, or has otherwise represented that it is exempt from registration as a commodity trading advisor. The Advisors are not affiliated with one another, are not affiliated with the General Partner or MS&Co., and are not responsible for the operation of the Partnership.

Effective January 1, 2020, Millburn trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to Millburn's Multi-Markets Program. The General Partner and Millburn have agreed that Millburn will trade the Partnership's assets allocated to Millburn at a level that is up to 1 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future, but it may not exceed 2 times the amount of assets allocated. Effective November 1, 2020, Episteme trades the Partnership's assets allocated to them through a managed account in the name of the Partnership pursuant to Episteme's Systematic Quest Program. The General Partner and Episteme have agreed that Episteme will trade the Partnership's assets allocated to Episteme at a level that is up to 1.5 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future, but it may not exceed 2 times the amount of assets allocated. Effective January 1, 2021, DCM trades a portion of the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to DCM's Diversified Alpha Program. The General Partner and DCM have agreed that DCM will trade the Partnership's assets allocated to DCM at a level that is 1.75 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future but may not exceed 2 times the amount of assets allocated. Effective February 1, 2023, Drury trades a portion of the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to Drury Diversified Trend-Following Program.

The Partnership entered into futures brokerage account agreements and foreign exchange prime brokerage account agreements with MS&Co. The Partnership pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions, as well as exchange, user, give-up, floor brokerage and National Futures Association ("NFA") fees (collectively, the "clearing fees").

The Partnership has entered into a selling agreement with Morgan Stanley Wealth Management (the "Selling Agreement"). Under the Selling Agreement the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 0.75% per year of adjusted month-end net assets for Class A and Class D Redeemable Units. Morgan Stanley Wealth Management pays a portion of its ongoing selling agent fees to properly registered or exempted financial advisors who have sold Class A and Class D Redeemable Units.

The ongoing selling agent fees for the three and six months ended June 30, 2025 for Class A were $79,098 and $160,992, respectively. The ongoing selling agent fees for the three and six months ended June 30, 2024 for Class A were $101,792 and $199,986, respectively. The ongoing selling agent fees for the three and six months ended June 30, 2025 for Class D were $5,118 and $10,400, respectively. The ongoing selling agent fees for the three and six months ended June 30, 2024 for Class D were $6,504 and $12,970, respectively. Class Z Redeemable Units are not subject to an ongoing selling agent fee.

The Partnership has entered into an alternative investment placement agent agreement (the "Harbor Selling Agreement"), by and among the Partnership, the General Partner, Morgan Stanley Distribution Inc. ("MSDI") and Harbor Investment Advisory, LLC, a Maryland limited liability company ("Harbor"), which supersedes and replaces the alternative investment selling agent agreement, dated January 19, 2018, between the Partnership, the General Partner and Harbor. Pursuant to the Harbor Selling Agreement, MSDI and Harbor have been appointed as a non-exclusive selling agent and sub-selling agent, respectively, of the Partnership for the purpose of finding eligible investors for Redeemable Units through offerings that are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder and for Harbor to serve as an investment advisor to its customers investing in one or more of the partnerships party to the Harbor Selling Agreement; provided, that, included within such appointment, Harbor will provide certain services to certain holders of Redeemable Units of the Partnership who had acquired such Redeemable Units prior to such holders becoming clients of Harbor. The Harbor Selling Agreement continues in effect until September 30, 2025 unless terminated in certain circumstances as set forth in the Harbor Selling Agreement, including by any party on thirty days' prior written notice, after which the General Partner or the Partnership may, in its sole discretion, renew the Harbor Selling Agreement for additional one-year periods. Pursuant to the Harbor Selling Agreement, the Partnership pays Harbor an ongoing selling agent fee equal to 1/12 of 0.75% (a 0.75% annual rate) of the adjusted month-end net asset value per Redeemable Unit for certain holders of Class A and Class D Redeemable Units in the Partnership.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

The General Partner has delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the "Administrator"). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

2. Basis of Presentation and Summary of Significant Accounting Policies:

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership's financial condition at June 30, 2025 and the results of its operations and changes in partners' capital for the three and six months ended June 30, 2025 and 2024. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership's Annual Report on Form 10-K (the "Form 10-K") filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited financial statements as of and for the year ended December 31, 2024.

Due to the nature of commodity trading, 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.

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material.

Profit Allocation. Except for class specific expenses, the General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions, redemptions and losses, if any.

Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification ("ASC") 230, "Statement of Cash Flows." The Statements of Changes in Partners' Capital are included herein, and as of and for the periods ended June 30, 2025 and 2024, the Partnership carried no debt, and all of the Partnership's investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Partnership's Derivative Investments. All commodity interests held by the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date, and open contracts are recorded at fair value (as described in Note 5, "Fair Value Measurements") at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Net unrealized gains or losses on open contracts are included as a component of equity in trading account in the Partnership's Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership's Statements of Income and Expenses.

The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership's Statements of Income and Expenses.

Partnership's Cash. The Partnership's restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At June 30, 2025 and December 31, 2024, the amount of cash held for margin requirements was $6,668,190 and $7,990,887, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Partnership's restricted and unrestricted cash includes cash denominated in foreign currencies of $434,172 (cost of $423,550) and $602,110 (cost of $612,477) as of June 30, 2025 and December 31, 2024, respectively.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership's income and expenses. The Partnership follows the guidance of ASC 740, "Income Taxes," which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership's Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Partnership's Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2021 through 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status. The Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Financial Services—Investment Companies (Topic 946) and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.

Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit is calculated in accordance with ASC 946, "Financial Services-Investment Companies." See Note 3, "Financial Highlights."

Segment Reporting. During the year ended December 31, 2024, the Partnership adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Partnership operates as a single reportable segment, as the Chief Operating Decision Maker (CODM) monitors the operating results of the Partnership as a whole against its investment objective, which is included in Note 1. The Partnership's President acts as the Partnership's CODM and is responsible for assessing the performance of the Partnership's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the total trading results as reflected in the accompanying statements of income and expenses and total return as reflected in the financial highlights as included in the notes to the Partnership's Financial Statements. Additionally, segment assets are presented in the accompanying Statements of Financial Condition and significant segment expenses are reported in the accompanying Statements of Income and Expenses.

There have been no material changes with respect to the Partnership's critical accounting policies as reported in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

3. Financial Highlights:

Financial highlights for the limited partner Classes as a whole for the three and six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2024 | Three Months Ended<br>June 30, 2024 | Three Months Ended<br>June 30, 2024 | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2024 | Six Months Ended<br>June 30, 2024 | Six Months Ended<br>June 30, 2024 |
|  | Class A | Class D | Class Z | Class A | Class D | Class Z | Class A | Class D | Class Z | Class A | Class D | Class Z |
| Per Redeemable Unit Performance (for a unit outstanding throughout the period):\* |  |  |  |  |  |  |  |  |  |  |  |  |
| Net realized and unrealized gains (losses) | $10.33 | $12.94 | $13.69 | $18.26 | $22.82 | $23.89 | $(8.03) | $(10.05) | $(10.56) | $105.57 | $132.22 | $138.28 |
| Net investment income (loss) | 0.88 | 1.10 | 3.21 | 2.13 | 2.70 | 5.12 | 1.65  | 2.07  | 6.29  | 0.40 | 0.41 | 5.00 |
| Increase (decrease) for the period | 11.21 | 14.04 | 16.90 | 20.39 | 25.52 | 29.01 | (6.38) | (7.98) | (4.27) | 105.97 | 132.63 | 143.28 |
| Net asset value per Redeemable Unit, beginning of period | 821.30 | 1027.85 | 1085.75 | 887.51 | 1110.72 | 1164.46 | 838.89  | 1049.87  | 1106.92  | 801.93 | 1003.61 | 1050.19 |
| Net asset value per Redeemable Unit, end of period | $832.51 | $1041.89 | $1102.65 | $907.90 | $1136.24 | $1193.47 | $832.51  | $1041.89  | $1102.65  | $907.90 | $1136.24 | $1193.47 |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2025 | Three Months Ended<br>June 30, 2024 | Three Months Ended<br>June 30, 2024 | Three Months Ended<br>June 30, 2024 | Three Months Ended<br>June 30, 2024 | Three Months Ended<br>June 30, 2024 |  | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2025 | Six Months Ended<br>June 30, 2024 | Six Months Ended<br>June 30, 2024 | Six Months Ended<br>June 30, 2024 |
|  | Class A | Class D | Class Z | Class A |  | Class D |  | Class Z |  | Class A | Class D | Class Z | Class A | Class D | Class Z |
| Ratios to Average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Limited Partners' Capital:\*\* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\*\*\* | 0.4% | 0.4% | 1.2% | 1.1 | % | 1.1 | % | 1.9 | % | 0.4% | 0.4% | 1.2% | 0.6% | 0.6% | 1.3% |
| Operating expenses | 3.3% | 3.2% | 2.5% | 3.3 | % | 3.3 | % | 2.6 | % | 3.3% | 3.3% | 2.5% | 3.4% | 3.4% | 2.6% |
| Incentive fees | - % | - % | - % | 0.0 | %\*\*\*\*  | 0.0 | %\*\*\*\*  | 0.0 | %\*\*\*\*  | - % | - % | - % | 0.5% | 0.5% | 0.5% |
| Total expenses | 3.3% | 3.2% | 2.5% | 3.3 | % | 3.3 | % | 2.6 | % | 3.3% | 3.3% | 2.5% | 3.9% | 3.9% | 3.1% |
| Total return: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return before incentive fees | 1.4% | 1.4% | 1.6% | 2.3 | % | 2.3 | % | 2.5 | % | (0.8) %  | (0.8) %  | (0.4) %  | 13.7% | 13.8% | 14.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | - % | - % | - % | (0.0 |) %\*\*\*\*  | (0.0 |) %\*\*\*\*  | (0.0 |) %\*\*\*\*  | - <br>&nbsp;&nbsp;&nbsp;&nbsp;%  | - % | - % | (0.5) %  | (0.6) %  | (0.6) %  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return after incentive fees | 1.4% | 1.4% | 1.6% | 2.3 | % | 2.3  | % | 2.5 | % | (0.8) %  | (0.8) %  | (0.4) %  | 13.2% | 13.2% | 13.6% |

---

\* Net investment income (loss) per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. 

\*\* Annualized (except for incentive fees).

\*\*\* Interest income less total expenses. 

\*\*\*\* Due to rounding.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner Classes using the limited partners' share of income, expenses and average partners' capital of the Partnership.

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 Statements of Income and Expenses.

The Partnership's customer agreement with MS&Co. and foreign exchange brokerage account agreements give the Partnership the legal right to net unrealized gains and losses on open futures contracts and open forward contracts in the Statements of Financial Condition. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts and open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, "Balance Sheet," have been met.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

The Partnership's trading of futures, forward and option contracts, as applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Partnership engages in such trading through commodity brokerage accounts maintained with MS&Co.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2025 and 2024 were 2,652 and 4,209, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2025 and 2024 were 2,716 and 4,259, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2025 and 2024 were 299 and 331, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2025 and 2024 were 246 and 315, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended June 30, 2025 and 2024 were $68,617,298 and $105,471,309, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the six months ended June 30, 2025 and 2024 were $69,662,323 and $95,239,476, respectively.

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, 2025 and December 31, 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| June 30, 2025 | Gross<br> Amounts<br> Recognized | Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition | Net Amounts<br> Presented in the<br> Statements of<br> Financial<br> Condition | Gross Amounts Not Offset in the<br> Statements of Financial Condition | Gross Amounts Not Offset in the<br> Statements of Financial Condition | Net<br> Amount |
| June 30, 2025 | Gross<br> Amounts<br> Recognized | Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition | Net Amounts<br> Presented in the<br> Statements of<br> Financial<br> Condition | Financial<br> Instruments | Cash Collateral<br> Received/<br> Pledged\* | Net<br> Amount |
| Assets |  |  |  |  |  |  |
| Futures | $2043080 | $(1721762) | $321318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $321318 |
| Forwards | 615820 | (615820) |  |  |  |  |
| Total assets | $2658900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2337582) | $321318 | $- | $- | $321318 |
| Liabilities |  |  |  |  |  |  |
| Futures | $(1721762) | $1721762 | $- | $- | $- | $- |
| Forwards | (864860) | 615820 | (249040) |  | 249040 |  |
| Total liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2586622) | $2337582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249040) | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249040 | $- |
| Net fair value |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321318 \* |
| December 31,<br> 2024 | Gross<br> Amounts<br> Recognized | Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition | Net Amounts<br> Presented in the<br> Statements of<br> Financial<br> Condition | Gross Amounts Not Offset in the<br> Statements of Financial Condition | Gross Amounts Not Offset in the<br> Statements of Financial Condition | Net<br> Amount |
| December 31,<br> 2024 | Gross<br> Amounts<br> Recognized | Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition | Net Amounts<br> Presented in the<br> Statements of<br> Financial<br> Condition | Financial<br> Instruments | Cash Collateral<br> Received/<br> Pledged\* | Net<br> Amount |
| Assets |  |  |  |  |  |  |
| Futures | $2528139 | $(2122397) | $405742 | $- | $- | $405742 |
| Forwards | 805528 | (805528) |  |  |  |  |
| Total assets | $3333667 | $(2927925) | $405742 | $- | $- | $405742 |
| Liabilities |  |  |  |  |  |  |
| Futures | $(2122397) | $2122397 | $- | $- | $- | $- |
| Forwards | (809130) | 805528 | (3602) |  | 3602 |  |
| Total liabilities | $(2931527) | $2927925 | $(3602) | $- | $3602 | $- |
| Net fair value |  |  |  |  |  | $405742 \* |

---

\* 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. 

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held by the Partnership as separate assets and liabilities as of June 30, 2025 and December 31, 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 |  |
| Assets |  |  |
| Futures Contracts |  |  |
| Currencies | $130780 |  |
| Energy | 516912 |  |
| Grains | 471486 |  |
| Indices | 212198 |  |
| Interest Rates U.S. | 17052 |  |
| Interest Rates Non-U.S. | 160695 |  |
| Livestock | 105743 |  |
| Metals | 109043 |  |
| Softs | 319171 |  |
| Total unrealized appreciation on open futures contracts | 2043080 |  |
| Liabilities |  |  |
| Futures Contracts |  |  |
| Currencies | (177545) |  |
| Energy | (597597) |  |
| Grains | (101306) |  |
| Indices | (106408) |  |
| Interest Rates U.S. | (305211) |  |
| Interest Rates Non-U.S. | (169096) |  |
| Livestock | (31088) |  |
| Metals | (85875) |  |
| Softs | (147636) |  |
| Total unrealized depreciation on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1721762) |  |
| Net unrealized appreciation on open futures contracts | $321318 | \* |
| Assets |  |  |
| Forward Contracts |  |  |
| Currencies | $354816 |  |
| Metals | 261004 |  |
| Total unrealized appreciation on open forward contracts | 615820 |  |
| Liabilities |  |  |
| Forward Contracts |  |  |
| Currencies | (373717) |  |
| Metals | (491143) |  |
| Total unrealized depreciation on open forward contracts | (864860) |  |
| Net unrealized depreciation on open forward contracts | $(249040) | \*\* |

---

\* This amount is in "Net unrealized appreciation 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. 

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | December 31,<br> 2024 |  |
| Assets |  |  |
| Futures Contracts |  |  |
| Currencies | $715325 |  |
| Energy | 458666 |  |
| Grains | 222676 |  |
| Indices | 170499 |  |
| Interest Rates U.S. | 40160 |  |
| Interest Rates Non-U.S. | 383905 |  |
| Livestock | 35300 |  |
| Metals | 123798 |  |
| Softs | 377810 |  |
| Total unrealized appreciation on open futures contracts | 2528139 |  |
| Liabilities |  |  |
| Futures Contracts |  |  |
| Currencies | (354813) |  |
| Energy | (436506) |  |
| Grains | (260089) |  |
| Indices | (406800) |  |
| Interest Rates U.S. | (82789) |  |
| Interest Rates Non-U.S. | (304809) |  |
| Metals | (187197) |  |
| Softs | (89394) |  |
| Total unrealized depreciation on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2122397) |  |
| Net unrealized appreciation on open futures contracts | $405742 | \* |
| Assets |  |  |
| Forward Contracts |  |  |
| Currencies | $472601 |  |
| Metals | 332927 |  |
| Total unrealized appreciation on open forward contracts | 805528 |  |
| Liabilities |  |  |
| Forward Contracts |  |  |
| Currencies | (316621) |  |
| Metals | (492509) |  |
| Total unrealized depreciation on open forward contracts | (809130) |  |
| Net unrealized depreciation on open forward contracts | $(3602) | \*\* |

---

\* This amount is in "Net unrealized appreciation 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. 

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded by the Partnership for the three and six months ended June 30, 2025 and 2024, respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended<br> June 30, | Three Months Ended<br> June 30, | Three Months Ended<br> June 30, |  | Six Months Ended<br> June 30, | Six Months Ended<br> June 30, | Six Months Ended<br> June 30, |  |
| Sector  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
|  Currencies | $(175565) |  | $864632 |  | $(783975) |  | $1579968 |  |
|  Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715822) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1397796) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1216059) |  | 625763 |  |
|  Grains | 633766 |  | 611845 |  | 555724 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157614 |  |
|  Indices | 633511 |  | (388470) |  | 199091 |  | 1081626 |  |
|  Interest Rates U.S. | (352742) |  | 547075 |  | (462400) |  | 810930 |  |
|  Interest Rates Non-U.S. | 129650 |  | 336119 |  | 302026 |  | 461582 |  |
|  Livestock | 130688 |  | 28589 |  | 208678 |  | 30179 |  |
|  Metals | 23965 |  | 500915 |  | 806310 |  | 259819 |  |
|  Softs | 256249 |  | 75883 |  | (76351) |  | 883333 |  |
|  Total | $563700 | \*\*\* | $1178792 | \*\*\* | $(466956) | \*\*\* | $6890814 | \*\*\* |

---

\*\*\* This amount is included in "Total trading results" in the Statements of Income and Expenses. 

5. Fair Value Measurements:

Partnership's Fair Value Measurements. Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Partnership considers prices for commodity futures, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of June 30, 2025 and December 31, 2024 and for the periods ended June 30, 2025 and 2024, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner's assumptions and internal valuation pricing models (Level 3).

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| June 30, 2025 | Total | Level 1 | Level 2 | Level 3 |
|  Assets |  |  |  |  |
|  Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043080 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  Forwards | 615820 |  | 615820 |  |
|  Total Assets | $2658900 | $2043080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615820 | $- |
|  Liabilities |  |  |  |  |
|  Futures | $1721762 | $1721762 | $- | $- |
|  Forwards | 864860 |  | 864860 |  |
|  Total Liabilities | $2586622 | $1721762 | $864860 | $- |
| December 31, 2024 | Total | Level 1 | Level 2 | Level 3 |
|  Assets |  |  |  |  |
|  Futures | $2528139 | $2528139 | $- | $- |
|  Forwards | 805528 |  | 805528 |  |
|  Total Assets | $3333667 | $2528139 | $805528 | $- |
|  Liabilities |  |  |  |  |
|  Futures | $2122397 | $2122397 | $- | $- |
|  Forwards | 809130 |  | 809130 |  |
|  Total Liabilities | $2931527 | $2122397 | $809130 | $- |

---

6. Financial Instrument Risks:

In the normal course of business, the Partnership is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options, and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter ("OTC"). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time approximately 0.0% to 6.5% of the Partnership's contracts are traded OTC.

Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments ("variation margin") may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Partnership's Statements of Income and Expenses.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts are valued daily, and the Partnership's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the reporting date, is included in the Partnership's Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Partnership's Statements of Income and Expenses.

London Metal Exchange Forward Contracts. Metal contracts traded on the London Metal Exchange ("LME") represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin, zinc and other metals. LME contracts traded by the Partnership are cash-settled based on prompt dates published by the LME. Variation margin payments may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and net change in unrealized gains (losses) on metal contracts are included in the Partnership's Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to market risk equal to the value of the futures and forward contracts held and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. As of the end of each reporting period, the Partnership's risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership's risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Partnership's assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership's counterparty is an exchange or clearing organization.

The General Partner monitors and attempts to mitigate the Partnership's risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has or had effective procedures for evaluating and limiting the credit and market risks to which the Partnership may or may have been subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, exchange-cleared swaps, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership's business, these instruments may not be held to maturity.

The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership's net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership's maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The General Partner considers the risk of any future obligation relating to these indemnifications to be remote.

------

#### Ceres Tactical Systematic L.P.

#### Notes to Financial Statements
(Unaudited)

Beginning in February 2022, the United States, the United Kingdom, the European Union, and a number of other nations imposed sanctions against Russia in response to Russia's invasion of Ukraine, and these and other governments around the world may impose additional sanctions in the future as the conflict develops. In addition, the armed conflict between Israel and Hamas and subsequent sanctions have created volatility in the price of various commodities and may lead to a deterioration in the political and trade relationships that exist between the countries involved and have a negative impact on business activity globally, and therefore could affect the performance of the Partnership's investments. Furthermore, uncertainties regarding these conflicts and the varying involvement of the United States and other countries preclude prediction as to the ultimate impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Partnership and the performance of its investments or operations, and the ability of the Partnership to achieve its investment objectives. Additionally, to the extent that investors, service providers and/or other third parties have material operations or assets in Russia, Belarus, Ukraine or Israel, they may have their operations disrupted and/or suffer adverse consequences related to the ongoing conflicts.

7. Subsequent Events:

The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

------

#### 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 second quarter of 2025.

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 six months ended June 30, 2025, the Partnership's capital decreased 5.6% from $48,049,570 to $45,372,069. This decrease was attributable to redemptions of 2,546.3200 Class A limited partner Redeemable Units totaling $2,106,061, redemptions of 186.8340 Class D limited partner Redeemable Units totaling $198,948 and a net loss of $372,492. 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-Balance Sheet Arrangements and Contractual Obligations* 

The Partnership does not have any off-balance sheet 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.

------

*Results of Operations* 

During the Partnership's second quarter of 2025, the Partnership's net asset value per Class A Redeemable Unit increased 1.4% from $821.30 to $832.51 as compared to an increase of 2.3% in the same period of 2024. During the Partnership's second quarter of 2025, the Partnership's net asset value per Class D Redeemable Unit increased 1.4% from $1,027.85 to $1,041.89 as compared to an increase of 2.3% in the same period of 2024. During the Partnership's second quarter of 2025, the Partnership's net asset value per Class Z Redeemable Unit increased 1.6% from $1,085.75 to $1,102.65 as compared to an increase of 2.5% in the same period of 2024. The Partnership experienced a net trading gain before fees and expenses in the second quarter of 2025 of $563,700. Gains were primarily attributable to the Partnership's trading in grains, indices, non-U.S. interest rates, livestock, metals and softs and were partially offset by losses in currencies, energy and U.S. interest rates. The Partnership experienced a net trading gain before fees and expenses in the second quarter of 2024 of $1,178,792. Gains were primarily attributable to the Partnership's trading in currencies, grains, U.S. and non-U.S. interest rates, livestock, metals and softs and were partially offset by losses in energy and indices.

During the second quarter, the Partnership's most meaningful gains were achieved within the agricultural markets during June from long positions in soybean oil futures as prices rallied on increased demand for biofuel production. Additional gains in the agricultural sector were recorded from short positions in coffee futures during May and June. Within the global stock index sector, gains were experienced during April from long positions in U.S. Volatility Index ("VIX") futures as prices spiked amid widespread equity sector turmoil due to the fallout of the U.S. tariff announcements. Gains in the equity index markets were also achieved during June from long positions in U.S. and Asian stock index futures. A portion of the Partnership's trading gains for the second quarter was offset by losses incurred in the energy markets primarily during April from long positions in crude oil and gasoline futures as prices fell amid OPEC+ production increases and concerns a global trade war would have a negative effect on energy demand. Further losses were experienced throughout the quarter from long positions in U.S. short-term interest rate futures as yields rose among uncertainty over future interest rate policies. In currencies, losses were incurred during April from short positions in the Swiss franc and euro versus the U.S. dollar as the relative value of the dollar reversed lower in the first half of the month amid concerns a tariff war would damage the U.S. economy.

During the Partnership's six months ended June 30, 2025, the Partnership's net asset value per Class A Redeemable Unit decreased 0.8% from $838.89 to $832.51 as compared to an increase of 13.2% in the same period of 2024. During the Partnership's six months ended June 30, 2025, the Partnership's net asset value per Class D Redeemable Unit decreased 0.8% from $1,049.87 to $1,041.89 as compared to an increase of 13.2% in the same period of 2024. During the Partnership's six months ended June 30, 2025, the Partnership's net asset value per Class Z Redeemable Unit decreased 0.4% from $1,106.92 to $1,102.65 as compared to an increase of 13.6% in the same period of 2024. The Partnership experienced a net trading loss before fees and expenses in the six months of 2025 of $466,956. Losses were primarily attributable to the Partnership's trading in currencies, energy, U.S. interest rates and softs and were partially offset by gains in grains, indices, non-U.S. interest rates, livestock and metals. The Partnership experienced a net trading gain before fees and expenses in the six months of 2024 of $6,890,814. Gains were primarily attributable to the Partnership's trading in currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs.

During the first six months of the year, the Partnership's most notable losses were incurred within the energy markets primarily during February and April from long positions in crude oil and gasoline futures as prices fell amid concerns a global trade war would have a negative effect on energy demand and amid OPEC+ production increases. Within the currency sector, losses were recorded during February from short positions in the Japanese yen versus the U.S. dollar as the value of yen advanced as the Bank of Japan instituted policies to shore up the yen's value. Additional currency losses were experienced during March and April from short positions in the Swiss franc and euro against the U.S dollar. Losses within the global interest rate sector were incurred throughout much of the first six months of the year from positions in U.S. fixed income futures as uncertainty over the Fed's course of action on interest rate policies created a choppy price environment in the debt markets. A majority of the Partnership's overall trading losses for the first six months of the year was offset by gains achieved within the metals sector during January and March from long positions in gold futures as a weakening U.S. dollar and investor demand for precious metals boosted prices. Within the agricultural markets, gains were recorded June from long positions in soybean oil futures as prices rallied on increased demand for biofuel production. Additional gains in the agricultural sector were recorded from short positions in coffee futures during May and June. Gains were also achieved within the global stock index sector during April from long positions in U.S. Volatility Index ("VIX") futures as prices spiked amid widespread equity sector turmoil in the fallout of the U.S. tariff announcements. Gains in the equity index markets were also achieved during January and June from long positions in U.S., Asian, and European stock index futures.

------

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-week U.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 six months ended June 30, 2025 decreased by $217,402 and $397,562, respectively, as compared to the corresponding periods in 2024. The decrease in interest income was primarily due to lower 4-week U.S. Treasury bill discount rates during the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024. 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 six months ended June 30, 2025 decreased by $25,488 and $45,139, respectively, as compared to the corresponding periods in 2024. 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 six months ended June 30, 2025 as compared to the corresponding periods in 2024.

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 six months ended June 30, 2025 decreased by $24,080 and $41,564, respectively, as compared to the corresponding periods in 2024. 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 six months ended June 30, 2025 as compared to the corresponding periods in 2024.

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 six months ended June 30, 2025 decreased by $28,442 and $49,085, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024.

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 six months ended June 30, 2025 decreased by $23,888 and $40,437, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets for the Partnership during the three and six months ended June 30, 2025 as compared to the corresponding periods in 2024.

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 six months ended June 30, 2025 did not result in any incentive fees. Trading performance for the three and six months ended June 30, 2024 resulted in incentive fees of $21,342 and $274,563, 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.

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 June 30, 2025 and March 31, 2025, the Partnership's assets were allocated among the Advisors in the following approximate percentages:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisor**  | **June 30, 2025** | **June 30, 2025<br>(percentage of**<br> **Partners' Capital)** | **March 31, 2025** | **March 31, 2025<br>(percentage of**<br> **Partners' Capital)** |
|  DCM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11475971 | 25% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11061305 | 24% |
|  Drury | $5048115 | 11% | $7281468 | 16% |
|  Episteme | $12394035 | 27% | $11916073 | 26% |
|  Millburn | $12013865 | 27% | $12399589 | 27% |
|  Unallocated | $4440083 | 10% | $2911843 | 7% |

---

------

#### 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-trading losses 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-day interval. 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-day price fluctuation.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. As of June 30, 2025, 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 June 30, 2025 and December 31, 2024. There have been no material changes in the trading Value at Risk information previously disclosed in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024.

------

The following tables indicate the trading Value at Risk associated with the Partnership's investments by market category as of June 30, 2025 and December 31, 2024, and the highest, lowest and average values during the three months ended June 30, 2025 and the twelve months ended December 31, 2024. All open contracts trading risk exposures have been included in calculating the figures set forth below.

As of June 30, 2025, the Partnership's total capitalization was $45,372,069.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **June 30, 2025** | **June 30, 2025** | | |
|  | | | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **Market Sector**  |<br> **Value at Risk** | **% of Total<br> Capitalization** | **High<br> Value at Risk** | **Low<br> Value at Risk** | **Average<br> Value at Risk\*** |
|  Currencies | $576152 | 1.27% | $714837 | $316194 | $472301 |
|  Energy | 1402625 | 3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698130 | 991172 | 1387269 |
|  Grains | 759352 | 1.67 | 759352 | 357050 | 566089 |
|  Indices | 1386736 | 3.06 | 2289886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528761 |
|  Interest Rates U.S. | 286912 | 0.63 | 493679 | 146130 | 298875 |
|  Interest Rates Non-U.S. | 983394 | 2.17 | 1071870 | 597650 | 841517 |
|  Livestock | 124823 | 0.28 | 144678 | 26510 | 82559 |
|  Metals | 523896 | 1.15 | 708998 | 523896 | 601799 |
|  Softs | 440373 | 0.97 | 517790 | 300376 | 418696 |
|  **Total** | $**6484263** | **14.29%** |  |  |  |

---

\* Average of daily Values at Risk.

As of December 31, 2024, the Partnership's total capitalization was $48,049,570.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2024** | **December 31, 2024** | | |
|  | | | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
| **Market Sector**  |<br> **Value at Risk** | **% of Total<br> Capitalization** | **High<br> Value at Risk** | **Low<br> Value at Risk** | **Average<br> Value at Risk\*** |
|  Currencies | $834335 | 1.74% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367958 | $266957 | $894091 |
|  Energy | 1860883 | 3.87 | 2449056 | 634534 | 1598458 |
|  Grains | 387261 | 0.81 | 1045120 | 333236 | 626801 |
|  Indices | 2220169 | 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626366 |
|  Interest Rates U.S. | 312813 | 0.65 | 993850 | 121506 | 497230 |
|  Interest Rates Non-U.S. | 1073318 | 2.23 | 2614534 | 1005249 | 1630233 |
|  Livestock | 46640 | 0.10 | 53240 |  | 25973 |
|  Metals | 677446 | 1.41 | 947689 | 263170 | 592615 |
|  Softs | 460104 | 0.96 | 509202 | 122015 | 289598 |
|  **Total** | $**7872969** | **16.39%** |  |  |  |

---

\* Annual average of daily Values at Risk.

------

#### Item 4. Controls and Procedures .
The Partnership's disclosure controls and procedures are designed to ensure that information required to be disclosed by the Partnership on the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods expected in the SEC's rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Partnership in the reports it files is accumulated and communicated to management, including the President and Chief Financial Officer ("CFO") of the General Partner, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

The General Partner is responsible for ensuring that there is an adequate and effective process for establishing, maintaining and evaluating disclosure controls and procedures for the Partnership's external disclosures.

The General Partner's President and CFO have evaluated the effectiveness of the Partnership's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2025 and, based on that evaluation, the General Partner's President and CFO have concluded that, at that date, the Partnership's disclosure controls and procedures were effective.

The Partnership's *internal control over financial reporting* is a process under the supervision of the General Partner's President and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include policies and procedures that:

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

• provide reasonable assurance that (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and (ii) the Partnership's receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

• provide reasonable assurance regarding prevention or timely detection and correction of unauthorized acquisition, use or disposition of the Partnership's assets that could have a material effect on the financial statements.

There were no changes in the Partnership's *internal control over financial reporting* process during the fiscal quarter ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.

------

#### PART II. OTHER INFORMATION

#### Item 1. Legal Proceedings .
This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which Morgan Stanley & Co. LLC or its subsidiaries is a party or to which any of their property is subject. There are no material legal proceedings pending against the Partnership or the General Partner.

On June 1, 2011, Morgan Stanley & Co. Incorporated converted from a Delaware corporation to a Delaware limited liability company. As a result of that conversion, Morgan Stanley & Co. Incorporated is now named Morgan Stanley & Co. LLC ("MS & Co.").

MS & Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the SEC as required by the Exchange Act which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including MS & Co. As a consolidated subsidiary of Morgan Stanley, MS & Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, please refer to the "Legal Proceedings" section of Morgan Stanley's SEC 10-K filings for 2024, 2023, 2022, 2021 and 2020. In addition, MS & Co. annually prepares an Audited Consolidated Statement of Financial Condition ("Audited Financial Statement") that is publicly available on Morgan Stanley's website at www.morganstanley.com. Please refer to the Commitments, Guarantees and Contingencies – Legal section of MS & Co.'s 2024 Audited Financial Statement.

In addition to the matters described in those filings, in the normal course of business, each of Morgan Stanley and MS & Co. has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions, and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our sales and trading businesses and our activities in the capital markets.

Each of Morgan Stanley and MS & Co. is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding MS & Co.'s business and involving, among other matters, sales, trading, financing, prime brokerage, market-making activities, investment banking advisory services, capital market activities, financial products or offerings sponsored, underwritten, or sold by MS & Co., wealth and investment management services, and accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief.

MS & Co. is a Delaware limited liability company with its main business office located at 1585 Broadway, New York, New York 10036. Among other registrations and memberships, MS & Co. is registered as a futures commission merchant and is a member of the NFA.

During the preceding five years, the following administrative, civil, or criminal actions pending, on appeal or concluded against MS & Co. or any of its principals are material within the meaning of CFTC Rule 4.24(l)(2) or 4.34(k)(2):

#### Regulatory and Governmental Matters
On January 12, 2024, the U.S. Attorney's Office for the Southern District of New York ("USAO") and the SEC announced they had reached settlement agreements with MS & Co. in connection with their investigations into MS & Co.'s blocks business. Specifically, MS & Co. entered into a three-year non-prosecution agreement ("NPA") with the USAO that included the payment of forfeiture, restitution, and a criminal fine for making false statements in connection with the sale of certain block trades from 2018 through August 2021. The NPA required MS & Co. to admit responsibility for certain acts of its employees and to continue to cooperate with and provide certain information to the USAO for the term of the agreement. Additionally, the SEC charged MS & Co. with violations of Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder for the disclosure of confidential information about block trades and also violations of Section 15(g) of the Exchange Act for the failure to enforce its policies concerning the misuse of material non-public information related to block trades. As part of the SEC agreement, MS & Co. paid disgorgement and a civil penalty. After the agreed-upon credits were applied, MS & Co. paid a total amount of approximately $249 million under both settlements.

------

On September 30, 2020, the SEC entered into a settlement order with MS & Co. settling an administrative action which relates to MS & Co.'s violations of the order marking requirements of Regulation SHO of the Exchange Act resulting from its improper use of aggregation units in structuring MS & Co.'s equity swaps business. The order found that MS & Co. improperly operated its equity swaps business without netting certain "long" and "short" positions as required by Rule 200(c) of Regulation SHO. The order found that the long exposure to an equity security (the "Long Unit") and the short exposure to an equity security (the "Short Unit") were not independent from one another and did not have separate trading strategies or objectives without regard to each other, and that the Long and Short Units were not eligible for the exception in Rule 200(f) of Regulation SHO. The order found that MS & Co. willfully violated Section 200(g) of Regulation SHO. MS & Co. consented, without admitting or denying the findings and without adjudication of any issue of law or fact, to a censure; to cease and desist from committing or causing future violations; to pay a civil penalty of $5 million; and to comply with the undertaking enumerated in the order.

Morgan Stanley has reached agreements in principle with two regulatory agencies—the SEC for $125 million and the CFTC for $75 million— to resolve record-keeping related investigations by those agencies relating to business communications on messaging platforms that had not been approved by MS & Co. MS & Co. was one of the entities involved in these investigations, and has recognized a provision of $63 million in anticipation of concluding the settlement with the SEC. On September 27, 2022, Morgan Stanley's settlements with the SEC and the CFTC became effective.

#### Civil Litigation
On May 17, 2013, plaintiff in *IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al.* filed a complaint against MS & Co. and certain affiliates in the Supreme Court of the State of New York, New York County ("Supreme Court of NY"). The complaint alleges that defendants made material misrepresentations and omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS & Co. to plaintiff was approximately $133 million. The complaint alleges causes of action against MS & Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part MS & Co.'s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by MS & Co. or sold to plaintiff by MS & Co. was approximately $116 million. On August 11, 2016, the Appellate Division, First Department ("First Department") affirmed the trial court's decision denying in part MS & Co.'s motion to dismiss the complaint. On July 15, 2022 MS & Co. filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part MS&Co.'s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court's summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court's rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the MS&Co.'s favor. The plaintiff has appealed.

Beginning in February of 2016, MS & Co. was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York ("SDNY") styled *In Re: Interest Rate Swaps Antitrust Litigation*. Plaintiffs allege, inter alia, that MS & Co., together with a number of other financial institution defendants violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants' motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs' motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 11, 2024, the court granted preliminary approval of the settlement.

------

On August 13, 2021, the plaintiff in *Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al.* filed in the Supreme Court of NY a purported class action complaint alleging violations of federal securities laws against ViacomCBS ("Viacom"), certain of its officers and directors, and the underwriters, including MS & Co., of two March 2021 Viacom offerings: a $1,700 million Viacom Class B Common Stock offering and a $1,000 million offering of 5.75% Series A Mandatory Convertible Preferred Stock (collectively, the "Offerings"). The complaint seeks certification of the class of plaintiffs and unspecified compensatory damages and alleges, inter alia, that the Viacom offering documents for both issuances contained material misrepresentations and omissions because they did not disclose that certain of the underwriters, including MS & Co., had prime brokerage relationships and served as counterparties to certain derivative transactions with Archegos Capital Management LP, ("Archegos"), a fund with significant exposure to Viacom securities across multiple prime brokers. The complaint also alleges that the offering documents did not adequately disclose the risks associated with Archegos's concentrated Viacom positions at the various prime brokers, including that the unwind of those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the complaint was amended to add allegations that defendants failed to disclose that certain underwriters, including MS & Co., had intended to unwind Archegos's Viacom positions while simultaneously distributing the Offerings. On February 6, 2023, the court issued a decision denying motions to dismiss as to MS & Co. and the other underwriters, but granting the motion to dismiss as to Viacom and the Viacom individual defendants. On February 15, 2023, the underwriters, including MS & Co., filed their notices of appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court's decision as to MS&Co. and other underwriter defendants that had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos, dismissed the remaining underwriters, and upheld the dismissal of Viacom and its officers and directors. On July 25, 2024, the Appellate Division denied the plaintiff's and MS&Co.'s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff's motion for class certification, which the defendants appealed. In February of 2025, the parties reached an agreement in principle to settle the litigation. On April 3, 2025, the court granted preliminary approval of the settlement.

MS&Co. is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption *City of Philadelphia, et al. v. Bank of America Corporation, et al.* Plaintiffs allege, inter alia, that MS&Co., together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations ("VRDO"). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants' motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs' motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision.

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with an affiliate of MS&Co., as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the affiliate's activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, MS&Co. and its affiliate, together with a number of other financial institutions, were named as defendants in a purported antitrust class action in the United States District Court for the SDNY styled *Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al.*, alleging, inter alia, that they violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants' joint motion to dismiss, and the complaint was dismissed without prejudice. In October of 2024, MS&Co. and certain other defendants reached an agreement in principle to settle the U.S. litigation. On March 17, 2025, the court granted preliminary approval of the settlement.

#### Settled Civil Litigation
On August 18, 2009, Relators Roger Hayes and C. Talbot Heppenstall, Jr., filed a qui tam action in New Jersey state court styled *State of New Jersey ex. rel. Hayes v. Bank of America Corp., et al*. The complaint, filed under seal pursuant to the New Jersey False Claims Act, alleged that MS & Co. and several other underwriters of municipal bonds had defrauded New Jersey issuers by misrepresenting that they would achieve the best price or lowest cost of capital in connection with certain municipal bond issuances. On March 17, 2016, the court entered an order unsealing the complaint. On November 17, 2017, Relators filed an amended complaint to allege MS & Co. mispriced certain bonds issued in twenty-three bond offerings between 2008 and 2017, having a total par amount of $6,946 million. The complaint sought, inter alia, treble damages. On February 22, 2018, MS & Co. moved to dismiss the amended complaint, and on July 17, 2018, the court denied MS & Co.'s motion. On October 13, 2021, following a series of voluntary and involuntary dismissals, Relators limited their claims to certain bonds issued in five offerings MS & Co. underwrote between 2008 and 2011, having a total par amount of $3,900 million. On August 22, 2023, MS & Co. reached an agreement in principle to settle the litigation. The final agreement became effective on January 30, 2024.

------

On July 15, 2010, China Development Industrial Bank ("CDIB") filed a complaint against MS & Co., styled *China Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al.*, in the Supreme Court of NY. The complaint related to a $275 million credit default swap ("CDS") referencing the super senior portion of the STACK 2006-1 CDO. The complaint asserted claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that MS & Co. misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that MS & Co. knew that the assets backing the CDO were of poor quality when it entered into the CDS with CDIB. On March 22, 2021, the parties entered into a settlement agreement. On April 16, 2021, the court entered a stipulation of voluntary discontinuance, with prejudice.

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against MS & Co. and other defendants in the Circuit Court of the State of Illinois, styled *Federal Home Loan Bank of Chicago v. Bank of America Funding Corporation et al.* A corrected amended complaint was filed on April 8, 2011, which alleged that defendants made untrue statements and material omissions in the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS & Co. at issue in the action was approximately $203 million. The complaint sought, inter alia, to rescind the plaintiff's purchase of such certificates. On November 4, 2021, MS & Co. entered into an agreement to settle the litigation.

In August of 2017, MS & Co. was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled *Iowa Public Employees' Retirement System et al. v. Bank of America Corporation et al.* Plaintiffs alleged, inter alia, that MS & Co., together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The complaint sought, inter alia, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants' motion to dismiss the complaint. Plaintiffs' motion for class certification was referred by the District Court to a magistrate judge who, on June 30, 2022, issued a report and recommendation that the District Court certify a class. On May 20, 2023, MS & Co. reached an agreement in principle to settle the litigation. On September 11, 2024, the court granted final approval of the settlement.

Additional lawsuits containing claims similar to those described above may be filed in the future. In the course of its business, MS & Co., as a major futures commission merchant, is party to various civil actions, claims and routine regulatory investigations and proceedings that MS & Co. believes do not have a material effect on the business of MS & Co. MS & Co. may establish reserves from time to time in connections with such actions.

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#### Item 1A. Risk Factors .
There have been no material changes to the risk factors set forth under Part I, Item 1A. "<u>Risk Factors</u>." in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and under Part II, Item 1A. "<u>Risk Factors</u>." in the Partnership's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 other than as disclosed in Note 6, "Financial Instrument Risks", of the Financial Statements.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds .
For the three months ended June 30, 2025, there were no additional subscriptions. Redeemable Units are issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act and Section 506 of Regulation D promulgated thereunder. Redeemable Units are purchased by accredited investors, as defined in Regulation D. In determining the applicability of the exemption, the General Partner relies on the fact that the Redeemable Units are purchased by accredited investors in a private offering.

Proceeds from the sale of Redeemable Units are used for the trading of commodity interests including futures and forward contracts.

The following chart sets forth the purchases of limited partner Redeemable Units for each Class by the Partnership.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Period | Class A<br>(a) Total<br>Number of<br>Redeemable<br>Units<br>Purchased\* | Class A<br>(b) Average<br>Price Paid<br>per<br>Redeemable<br>Unit\*\* | (c) Total<br>Number of<br>Redeemable<br>Units<br>Purchased<br>as Part of<br>Publicly<br>Announced<br>Plans or<br>Programs | (d) Maximum<br>Number (or<br>Approximate<br>Dollar Value)<br>of Redeemable<br>Units that<br>May Yet Be<br>Purchased<br>Under the<br>Plans or<br>Programs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> April 1, 2025 - April 30, 2025 | 474.9310 | $819.88 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> May 1, 2025 - May 31, 2025 | 206.7620 | $813.19 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> June 1, 2025 - June 30, 2025 | 305.0050 | $832.51 | N/A | N/A |
|  | <br> 986.6980 | $822.38 |  |  |

---

\* Generally, limited partners are permitted to redeem their Redeemable Units as of the end of each month on three business days' notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although to date the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership's business in connection with effecting redemptions for limited partners. 

\*\* Redemptions of Redeemable Units are effected as of the end of each month at the net asset value per Redeemable Unit as of that day. No fee will be charged for redemptions.

Item 3. Defaults Upon Senior Securities. None.

Item 4. Mine Safety Disclosures. Not applicable.

#### Item 5. Other Information .
The Partnership has no directors or executive officers and its affairs are managed by its General Partner. The General Partner is managed by a board of directors. During the fiscal quarter ended June 30, 2025, no officers or directors of the General Partner adopted, modified or terminated a "Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K of the Exchange Act).

There were no "non-Rule 10b5-1 trading arrangements" (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended June 30, 2025 by the directors and officers of the General Partner.

------

#### Item 6. Exhibits .
31.1 — [Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director) (filed herewith).](d908335dex311.htm)

31.2 — [Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer) (filed herewith).](d908335dex312.htm)

32.1 — [Section 1350 Certification (Certification of President and Director) (filed herewith).](d908335dex321.htm)

32.2 — [Section 1350 Certification (Certification of Chief Financial Officer) (filed herewith).](d908335dex322.htm)

101. INS Inline XBRL Instance Document.

101. SCH Inline XBRL Taxonomy Extension Schema Document.

101. CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101. LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

101. PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101. DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.

104. Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
| **CERES TACTICAL SYSTEMATIC L.P.** | **CERES TACTICAL SYSTEMATIC L.P.** |
|  By:  | Ceres Managed Futures LLC |
|  | (General Partner) |
|  By: | /s/ Patrick T. Egan |
|  | Patrick T. Egan |
|  | President and Director |
|  Date: | August 8, 2025 |
|  By: | /s/ Brooke Lambert |
|  | Brooke Lambert |
|  | Chief Financial Officer |
|  | (Principal Accounting Officer) |
|  Date: | August 8, 2025 |

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The General Partner which signed the above is the only party authorized to act for the registrant. The registrant has no principal executive officer, principal financial officer, controller, or principal accounting officer and has no Board of Directors.

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION** 

I, Patrick T. Egan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ceres Tactical Systematic L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

Date: August 8, 2025

---

| |
|:---|
| /s/ Patrick T. Egan  |
| Patrick T. Egan |
| Ceres Managed Futures LLC |
| President and Director |

---

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION** 

I, Brooke Lambert, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ceres Tactical Systematic L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

Date: August 8, 2025

---

| |
|:---|
| /s/ Brooke Lambert  |
| Brooke Lambert |
| Ceres Managed Futures LLC |
| Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Ceres Tactical Systematic L.P. (the "Partnership") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Patrick T. Egan, President and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Partnership.

---

| |
|:---|
| /s/ Patrick T. Egan  |
| Patrick T. Egan |
| Ceres Managed Futures LLC |
| President and Director |
| <br> Date: August 8, 2025 |

---

## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Ceres Tactical Systematic L.P. (the "Partnership") on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brooke Lambert, Chief Financial Officer of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Partnership.

---

| |
|:---|
| /s/ Brooke Lambert  |
| Brooke Lambert |
| Ceres Managed Futures LLC |
| Chief Financial Officer |
| <br> Date: August 8, 2025 |

---