# EDGAR Filing Document

**Accession Number:** 0001227265
**File Stem:** 0001193125-26-117264
**Filing Date:** 2026-3
**Character Count:** 421702
**Document Hash:** 484e8752b02335dbe748bee9e257e800
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-117264.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001193125-26-117264

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CERES ORION L.P.
- **CENTRAL INDEX KEY:** 0001227265
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 223644546
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50271
- **FILM NUMBER:** 26777462

**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:** ORION FUTURES FUND LP
- **DATE OF NAME CHANGE:** 20090928

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIGROUP ORION FUTURES FUND LP
- **DATE OF NAME CHANGE:** 20080902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON SMITH BARNEY ORION FUTURES FUND LP
- **DATE OF NAME CHANGE:** 20030414

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

#### FORM 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the fiscal year ended December 31, 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>0-50271</u>

### CERES ORION L.P.
(Exact name of registrant as specified in its charter)

<u>New York </u>   <u>22-3644546</u> <br> (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.)

#### c/o Ceres Managed Futures LLC

#### 1585 Broadway

#### New York, New York 10036
(Address and Zip Code of principal executive offices)

(855) 672-4468

(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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;&nbsp;N/A | N/A | N/A |

---

Securities registered pursuant to Section 12(g) of the Act: <u>Redeemable Units of Limited Partnership Interest</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

#### Yes No X
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

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 pursuant to Rule 405 of Regulation S-T (§232.405 of the chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 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> |
| 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

#### Yes No X
Limited Partnership Redeemable Units with an aggregate value of $229,623,085 were outstanding and held by non-affiliates as of the last business day of the registrant's most recently completed second fiscal quarter.

As of February 28, 2026,

67,166.3208 Limited Partnership Class A Redeemable Units were outstanding and 1,880.3612 Limited Partnership Class Z Redeemable Units were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

[None]

------

#### PART I

#### Item 1. Business .
&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General development of business</u>. Ceres Orion L.P. (the "Partnership") is a limited partnership organized on March 22, 1999, under the partnership laws of the State of New York, 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, livestock, indices, United States ("U.S.") and non-U.S. interest rates, softs and metals. The commodity interests that are traded by the Partnership, directly and indirectly through its investment in the Funds (as defined below), are volatile and involve a high degree of market risk. The Partnership commenced trading on June 10, 1999. The Partnership privately and continuously offers redeemable units of limited partnership interest ("Redeemable Units") to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. The General Partner (as defined below) may also determine to invest up to all of the Partnership's assets (directly or indirectly through its investment in the Funds) in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates.

During the initial offering period (March 31, 1999 through June 10, 1999) the Partnership sold 10,499 Redeemable Units at $1,000 per Redeemable Unit. The Partnership commenced trading activities on June 10, 1999.

Subscriptions and redemptions of Redeemable Units and General Partner contributions and redemptions for the years ended December 31, 2025, 2024 and 2023 are reported in the Statements of Changes in Partners' Capital under "Item 8. <u>Consolidated</u> <u>Financial Statements and Supplementary Data</u>."

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the "General Partner") and commodity pool operator of the Partnership, is the trading manager (the "Trading Manager") of Transtrend Master (as defined below) and Drakewood Master (as defined below) and was the trading manager of NL Master (as defined below). 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.

As of December 31, 2025, all trading decisions were made for the Partnership by Transtrend B.V. ("Transtrend"), John Street Capital Limited ("JSCL"), Quantica Capital AG ("Quantica"), Opus Futures LLC ("Opus") and Drakewood Capital Management Limited ("Drakewood") (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. On December 31, 2024, the Partnership fully redeemed its investment from CMF NL Master Fund LLC ("NL Master") and Northlander Commodity Advisors LLP ("Northlander") ceased to act as a commodity trading advisor to the Partnership. Effective December 31, 2024, Breakout Funds LLC ("Breakout") ceased to act as a commodity trading advisor to the Partnership. References herein to the "Advisors" may include, as relevant, Breakout and Northlander. Each Advisor is allocated a portion of the Partnership's assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through a managed account in the Partnership's name, or indirectly, through its investment in the Funds. In addition, the General Partner may allocate the Partnership's assets to additional non-major trading advisors (i.e., commodity trading advisors intended to be allocated less than 10% of the Partnership's assets). Information about advisors allocated less than 10% of the Partnership's assets may not be disclosed.

Effective July 1, 2024, Opus directly trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to Opus's Advanced Ag Program. The General Partner and Opus have agreed that Opus will trade the Partnership's assets allocated to Opus at a level that is up to 1.5 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future, subject to certain restrictions.

Effective October 1, 2020, Quantica directly trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to the Quantica Managed Futures Program. The General Partner and Quantica have agreed that Quantica will trade the Partnership's assets allocated to Quantica at a level that is up to 2.0 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future.

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JSCL directly trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to the Systematic Strategy Program. The General Partner and JSCL have agreed that JSCL will trade the Partnership's assets allocated to it at a level that is up to 2 times the amount of assets allocated to it; provided that if the assets allocated to JSCL are $80 million or less, JSCL will trade the Partnership's assets allocated to it at the level that is up to 1.5 times the amount of assets allocated to it. The amount of leverage may be increased or decreased in the future.

Prior to its termination effective December 31, 2024, Breakout directly traded a portion of the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to an enhanced version of Breakout's Propeller Program. The General Partner and Breakout had agreed that Breakout would trade the Partnership's assets allocated to Breakout at a level that is up to 2.0 times the amount of the assets allocated.

On June 1, 2011, the Partnership began offering "Class A" Redeemable Units and "Class Z" Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to June 1, 2011 were deemed Class A Redeemable Units. The rights, powers, duties and obligations 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 Z Redeemable Units were first issued on August 1, 2011. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) ("Morgan Stanley Wealth Management") and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A 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 status of the limited partner, although the General Partner may determine to offer a particular Class of Redeemable Units to investors at its discretion.

During the years ended December 31, 2025, 2024 and 2023, the Partnership's/Funds' commodity broker was Morgan Stanley & Co. LLC ("MS&Co."), a registered futures commission merchant. JPMorgan Chase Bank, N.A. ("JPMorgan") was also a foreign exchange forward contract counterparty for certain Funds.

The Partnership and CMF TT II, LLC ("Transtrend Master") have entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. CMF Drakewood Master Fund LLC ("Drakewood Master") has, and prior to its full redemption, CMF NL Master Fund LLC ("NL Master") had, entered into futures brokerage account agreements with MS&Co. Transtrend Master and Drakewood Master are collectively referred to as the "Funds." References herein to "Funds" may also include, as relevant, NL Master.

Transtrend Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the referenced Funds and indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement ("FX Agreement"), an International Swap Dealers Association, Inc. master agreement ("Master Agreement"), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under each FX Agreement, JPMorgan charges or charged a fee on the aggregate foreign currency transactions entered into on behalf of the respective Fund during a month.

The Partnership, directly and indirectly through its investment in the Funds, pays MS&Co. trading fees for the clearing, and where applicable, the execution of transactions.

The Partnership will be liquidated upon the first to occur of the following: December 31, 2055; the net asset value per Redeemable Unit of any Class decreases to less than $400 as of the close of any business day; or under certain other circumstances as set forth in the limited partnership agreement of the Partnership, as may be amended from time to time (the "Limited Partnership Agreement"). In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the aggregate net assets of the Partnership decline to less than $1,000,000.

On June 1, 2011, the Partnership allocated a portion of its assets to Transtrend Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Transtrend Master permits accounts managed by Transtrend using the Diversified Trend Program-Enhanced Risk Profile (US Dollar), a proprietary, systematic trading system, to invest together in one trading vehicle. Transtrend generally trades its Enhanced Risk Profile (US Dollar) using 1.5 times the leverage employed by the Standard Risk Profile. The General Partner is also the Trading Manager of Transtrend Master. Individual and pooled accounts managed by Transtrend, including the Partnership, are permitted to be members of Transtrend Master. The Trading Manager and Transtrend believe that trading through the master/feeder structure promotes efficiency and economy in the trading process.

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On April 1, 2019, the Partnership allocated a portion of its assets to NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permitted accounts managed by Northlander using Northlander's Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner was also the trading manager of NL Master. On December 31, 2024, the Partnership fully redeemed its investment from NL Master.

On May 1, 2022, the Partnership allocated a portion of its assets to Drakewood Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Drakewood Master permits accounts managed by Drakewood using the Drakewood Prospect Fund Strategy, a proprietary, discretionary trading system, to invest together in one trading vehicle. Drakewood trades at a level that is up to 2 times the amount of the Fund's assets allocated to it. The General Partner is also the Trading Manager of Drakewood Master. Individual and pooled accounts managed by Drakewood, including the Partnership, are permitted to be members of Drakewood Master. The Trading Manager and Drakewood believe that trading through the master/feeder structure promotes efficiency and economy in the trading process.

The General Partner is not aware of any material changes to any of the trading programs discussed above during the year ended December 31, 2025.

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

Generally, a limited partner/member in the Funds withdraws all or part of its capital contributions and undistributed profits, if any, from the Funds as of the end of any month (the "Redemption Date") after a request has been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner/member elects to redeem and informs the Funds. However, a limited partner/member may request a withdrawal as of the end of any day if such request is received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day.

Management fees, ongoing selling agent fees, the General Partner fee and incentive fees are charged at the Partnership level, except for management and incentive fees payable to Transtrend, which are charged at the Transtrend Master level. Clearing fees are borne by the Funds and allocated to the Funds' limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership and are also charged directly at the Partnership level.

The General Partner fee, management fees, incentive fees and professional fees of the Partnership are allocated proportionally to each Class based on the net asset value of the Class.

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For the period January 1, 2025 through December 31, 2025, the approximate average market sector distribution for the Partnership was as follows:

![LOGO](g782015g06g06.jpg)

At December 31, 2025, the Partnership owned 100.0% of Transtrend Master and approximately 65.0% of Drakewood Master. At December 31, 2024, the Partnership owned 100.0% of Transtrend Master and approximately 58.7% of Drakewood Master. It is the Partnership's intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to limited partners as a result of investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.

The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. The Partnership pays the General Partner a monthly fee (the "General Partner fee") equal to 1/12 of 0.75% (0.75% per year) of month-end net assets. Month-end net assets, for the purpose of calculating the General Partner fee, are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month's incentive fee accruals, the monthly management fees, the General Partner fee and any redemptions or distributions as of the end of such month. The General Partner fee is allocated proportionally to each Class based on the net asset value of the respective Class. This fee may be increased or decreased at the discretion of the General Partner.

The General Partner, on behalf of the Partnership, has entered into management agreements (each, a "Management Agreement") with the Advisors. The Advisors are not affiliated with one another, the General Partner or MS&Co., and are not responsible for the organization or operation of the Partnership.

Effective May 1, 2022, Drakewood receives a monthly management fee equal to 1.5% per year of the month-end net assets allocated to Drakewood. Effective October 1, 2020, Quantica receives a monthly management fee equal to 0.60% per year of month-end net assets allocated to Quantica. To the extent that the month-end net assets allocated to Quantica are less than $50 million, Quantica will receive a management fee equal to 0.75% per year of month-end net assets allocated to Quantica. Effective July 1, 2024, the Partnership pays Opus a monthly management fee equal to 1/12 of 1.0% (1.0% per year) of month-end net assets allocated to Opus. Effective February 1, 2019, JSCL receives a monthly management fee of 1.35% per year of month-end net assets allocated to JSCL. To the extent that the month-end net assets allocated to JSCL are less than $80 million, JSCL will receive a monthly management fee equal to 1.5% per year of month-end net assets allocated to JSCL. From July 1, 2021 until its termination on December 31, 2024, Breakout received a monthly management fee equal to 1% per year of month-end net assets allocated to Breakout. From April 1, 2019 until its termination December 31, 2024, Northlander received a monthly management fee equal to 1.25% per year of month-end net assets allocated to Northlander. Month-end net assets, for the purpose of calculating management

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fees, are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month's incentive fee accruals, the monthly management fees, the General Partner fee and any redemptions or distributions as of the end of such month.

Transtrend Master pays Transtrend a monthly management fee of 0.85% per year on the aggregate net assets of Transtrend Master as of the first day of each month. Effective October 1, 2023, the management fee paid by Transtrend Master is included in the Management fees presented on the consolidated statements of income and expenses.

The Partnership is obligated to pay Quantica and Drakewood an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in each Management Agreement, earned by Quantica and Drakewood, respectively, for the Partnership during each calendar year. The Partnership is obligated to pay Opus an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in its Management Agreement, earned by Opus for the Partnership during each calendar year. The Partnership is obligated to pay JSCL an incentive fee, payable quarterly, equal to 22.5% of the New Trading Profits, as defined in its Management Agreement, earned by JSCL for the Partnership during each calendar quarter. To the extent that the month-end net assets allocated to JSCL are less than $80 million, the Partnership will be obligated to pay JSCL an incentive fee, payable quarterly, equal to 20% of the New Trading Profits, as defined in the Management Agreement, earned by JSCL for the Partnership during each calendar quarter. Prior to their termination effective December 31, 2024, Breakout was eligible to receive an incentive fee, payable quarterly, equal to 20% of the New Trading Profits, as defined in the Management Agreement, earned by Breakout, for the Partnership during each calendar quarter. Prior to its termination effective December 31, 2024, Northlander was eligible to receive an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in its Management Agreement, earned by Northlander for the Partnership. Effective January 1, 2021, Transtrend is eligible to receive an incentive fee equal to 16% of the New Trading Profits, as defined in its Management Agreement, earned by Transtrend Master and payable at the end of each calendar half year. Only the incentive fees paid by Transtrend Master for New Trading Profits, as defined in its Management Agreement, earned for the Partnership are allocated to the Partnership. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership.

Each Management Agreement may be terminated upon notice by either party.

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 to the Advisors and may allocate the assets to additional advisors at any time.

The Partnership has entered into a futures brokerage account agreement with MS&Co. (the "Partnership Customer Agreement"). Under the Partnership Customer Agreement and the foreign exchange brokerage account agreement (described in Note 1, "Organization"), the Partnership pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of trading fees for the clearing and, where applicable, the execution of transactions, as well as its allocable share of exchange, user, give-up and National Futures Association ("NFA") fees (collectively, "clearing fees") directly and indirectly through its investment in the Funds. Clearing fees are allocated to the Partnership based on its proportionate ownership interest of each Fund. The Partnership's assets available for trading in commodity interests not held in the Funds' brokerage accounts at MS&Co. and JPMorgan are deposited in the Partnership's brokerage account at MS&Co. The Partnership's cash deposited with MS&Co. is held in segregated bank accounts to the extent required by Commodity Futures Trading Commission ("CFTC") regulations. 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 December 31, 2025 and 2024, the amount of cash held by the Partnership for margin requirements was $38,337,706 and $45,609,297, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. MS&Co. has agreed to pay the Partnership interest on 100% of the average daily equity maintained in cash in the Partnership's (or the Partnership's allocable portion of the Funds', except for Transtrend Master's) brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. has agreed to pay Transtrend Master interest on 100% of the average daily equity maintained in cash in Transtrend Master's brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. For purposes of these interest credits, daily funds do not include monies due to Transtrend Master on or with respect to futures, forward, or option contracts that have not been received. The Partnership Customer Agreement may generally be terminated upon notice by either party.

The Partnership has entered into a selling agent agreement with Morgan Stanley Wealth Management (as amended, the "Selling Agreement"). Pursuant to the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee at a flat annual rate equal to 0.75% per year of the adjusted net assets of Class A Redeemable Units (computed monthly by multiplying the adjusted net assets of the Class A Redeemable Units by 0.75% and dividing the result thereof by 12). Class Z Redeemable Units are not subject to an ongoing selling agent fee. The Partnership may pay an ongoing selling agent fee to other properly licensed and/or registered selling agents who sell Class A Redeemable Units, and such additional selling agents may share all or a substantial portion of such fees with their properly registered or exempted financial advisors who have sold Class A Redeemable Units.

The ongoing selling agent fees for the twelve months ended December 31, 2025, 2024 and 2023 for Class A were $1,818,597, $2,324,995 and $2,750,424, respectively (which are inclusive of the Harbor selling agent fees as further described below). Class Z Redeemable Units are not subject to an ongoing selling agent fee.

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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, 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, 2026, 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 a monthly ongoing selling agent fee at a flat annual rate equal to 0.75% per year of the adjusted net assets of Class A Redeemable Units (computed monthly by multiplying the adjusted net assets of the Class A Redeemable Units by 0.75% and dividing the result thereof by 12).

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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Financial Information about Segments</u>. The Partnership's business consists of only one segment, speculative trading of commodity interests. The Partnership does not engage in sales of goods or services. The Partnership's capital as of December 31, 2025 was $231,783,151.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Narrative Description of Business</u>. See Paragraphs (a) and (b) above. (i) through (xii) — Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) — The Partnership has no employees.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Financial Information About Geographic Areas</u>. The Partnership does not engage in sales of goods or services or own any long-lived assets, and therefore this item is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Available Information</u>. The Partnership does not have an Internet address. The Partnership will provide paper copies of its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to these reports free of charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Reports to Security Holders</u>. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Enforceability of Civil Liabilities Against Foreign Persons</u>. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Smaller Reporting Companies</u>. Not applicable.

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#### Item 1A. Risk Factors .

#### Risks Relating to our Business

#### As a result of leverage, small changes in the price of the Partnership's positions may result in major losses.
The trading of commodity interests is speculative, volatile and involves a high degree of leverage. A small change in the market price of a commodity interest contract can produce major losses for the Partnership. Market prices can be influenced by, among other things, changing supply and demand relationships, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events, weather and climate conditions, insects and plant disease, purchases and sales by foreign countries, changing interest rates, pandemics, epidemics and other public health crises.

#### An investor may lose all of their investment.
Due to the speculative nature of trading commodity interests, an investor could lose all of their investment in the Partnership.

#### The Partnership will pay substantial fees and expenses regardless of profitability.
Regardless of its trading performance, the Partnership will incur fees and expenses, including, but not limited to, ongoing selling agent fees, clearing fees, management fees, and the General Partner fee. Substantial incentive fees may be paid to one or more of the Advisors even if the Partnership experiences a net loss for the full year.

#### An investor's ability to redeem or transfer Redeemable Units is limited.
An investor's ability to redeem Redeemable Units is limited and no market exists for the Redeemable Units.

#### Conflicts of interest exist.
The Partnership is subject to numerous conflicts of interest including those that arise from the fact that:

1. The General Partner and the Partnership's/Funds' commodity broker are affiliates;

2. Each of the Advisors, the Partnership's/Funds' commodity broker, the General Partner, and their respective principals and affiliates may trade in commodity interests for their own accounts;

3. An investor's financial advisor will receive ongoing compensation for providing services to the investor's account with respect to Class A Redeemable Units; and

4. The General Partner, on behalf of the Partnership, may purchase shares from money market mutual funds affiliated and/or unaffiliated with the General Partner.

#### Investing in Redeemable Units may not provide the desired diversification of an investor's overall portfolio.
One of the Partnership's objectives is to add an element of diversification to a traditional stock and bond portfolio, but any benefit of portfolio diversification is dependent upon the Partnership/Funds achieving positive returns and such returns being independent of stock and bond market returns.

#### Past performance is no assurance of future results.
The Advisors' trading strategies may not perform as they have performed in the past, and past performance does not necessarily predict future returns. The Advisors have from time to time incurred substantial losses in trading on behalf of clients.

#### An investor's tax liability may exceed cash distributions.
Investors are taxed on their share of the Partnership's income, even though the Partnership does not intend to make any distributions.

#### The General Partner may allocate the Partnership's assets to undisclosed advisors.
The General Partner at any time may select and allocate the Partnership's assets to undisclosed advisors. Investors may not be advised of such changes in advance, or at all. Investors must rely on the ability of the General Partner to select commodity trading advisors and allocate assets among them.

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#### Regulatory changes could restrict the Partnership's operations and increase its operational costs.
Regulatory changes could adversely affect the Partnership by restricting its markets or activities, limiting its trading and/or increasing the costs or taxes to which investors are subject. Pursuant to the mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law on July 21, 2010, the CFTC and the Securities and Exchange Commission (the "SEC") have promulgated rules to regulate trading in swaps and swap dealers and to mandate additional reporting and disclosure requirements and continue to promulgate rules regarding capital and margin requirements, to require that certain swaps be traded on an exchange or a swap execution facility, and to require that derivatives (such as those traded by the Partnership) be moved into central clearinghouses. The CFTC and the prudential regulators that oversee swap dealers have adopted rules regarding margin requirements for certain derivatives. In addition, the CFTC and such prudential regulators have adopted rules regarding capital requirements for swap dealers. These rules may negatively impact the manner in which swap contracts are traded and/or settled, increase the cost of such trading, and limit trading by speculators (such as the Partnership) in futures and over-the-counter ("OTC") markets.

#### Speculative position and trading limits may reduce profitability.
The CFTC and U.S. exchanges have established speculative position limits on the maximum net long or net short positions which any person or a group of persons may hold or control in particular futures and options on futures. In January 2021, the CFTC finalized new rules that impose position limits on certain futures and option contracts and physical commodity swaps that are "economically equivalent" to such contracts. In addition to speculative position limits, most commodity exchanges also limit fluctuations in futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Such regulations could have an adverse effect on an Advisor's trading for the Partnership/Funds. The trading instructions of an Advisor may have to be modified, and positions held by the Partnership/Funds may have to be liquidated, in order to avoid exceeding these limits. Such modification or liquidation could adversely affect the operations and profitability of the Partnership/Funds by increasing transaction costs to liquidate positions and limiting potential profits on liquidated positions.

**The General Partner, the Partnership or the Funds and their respective service providers (including the Advisors) and operations are potentially vulnerable to cyber-security attacks or incidents.** 

Like other business enterprises, the use of the internet and other electronic media and technology exposes the General Partner, the Partnership, the Funds and their respective service providers and operations, to potential risks from cyber-security attacks or incidents (collectively, "cyber events"). Cyber events may include, for example, unauthorized access to systems, networks or devices, infection from computer viruses or other malicious software code, mishandling or misuse of information and attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality. In addition to intentional cyber events, unintentional cyber events can occur. Unintentional cyber events may include, for example, the inadvertent release of confidential information, the mishandling or misuse of information and/or technological limitations or hardware failures (in the markets or otherwise) that constrain the Partnership's and/or the Funds' ability to gather, process and communicate information efficiently and securely, without interruption.

Any cyber event could adversely affect the Partnership's and/or the Funds' business, financial condition or results of operations and cause the Partnership and/or the Funds to incur financial loss and expense, as well as face exposure to regulatory penalties or legal claims, reputational damage and additional costs associated with corrective measures. A cyber-security breach could also jeopardize a limited partner's personal, confidential, proprietary or other information processed and stored in, and transmitted through, the General Partner's or a service provider's computer systems. A cyber event may cause the Partnership, the Funds or their respective service providers to lose proprietary information, suffer data corruption, lose operational capacity (such as, for example, the loss of the ability to process transactions, calculate the Partnership's net asset value, or allow investors to transact business) and/or fail to comply with applicable privacy and other laws. Among other potentially harmful effects, cyber events also may result in theft, unauthorized monitoring and failures in the physical infrastructure or operating systems that support the Partnership, the Funds or their respective service providers.

The nature of malicious cyber-attacks is becoming increasingly sophisticated and none of the General Partner, the Partnership nor the Funds can control whether a cyber event will adversely affect the cyber systems of the Advisors or other third-party service providers.

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#### Tax Laws are subject to change at any time.
Tax laws and court and Internal Revenue Service ("IRS") interpretations thereof are subject to change at any time, possibly with retroactive effect.

Prospective investors are urged to consult with their tax advisors with respect to regulatory or administrative developments and proposals, and their potential effects on them based on their unique circumstances.

#### The continuing spread of a new strain of coronavirus, which causes the viral disease known as COVID-19, may adversely affect our investments and operations.
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/Funds' 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/Funds and the performance of its investments or operations, and the ability of the Partnership/Funds 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.

Changes in trade policies, including the imposition of tariffs or other trade restrictions, may adversely affect the trading strategies of certain of the Fund's advisors, and the Partnership/Funds. The current tariff environment remains uncertain and highly volatile, and it is difficult to predict the direction or scope of future tariff policies in the short term. The current U.S. administration has proposed and recently begun to implement global broad-based tariffs on imports from key trading partners to the U.S., including, but not limited to, Canada, China, the European Union and Mexico. While the current U.S. administration has agreed to pause the implementation of certain tariffs proposed under its existing policies, the continued implementation of certain other tariffs (and the threat that additional tariffs may be imposed in the future) can be expected to lead to increased costs, supply chain disruptions, and heightened market volatility. Retaliatory trade measures by governments have been proposed and, in certain instances, implemented, which can be expected to create further economic uncertainty.

Item 1B. <u>Unresolved Staff Comments</u>. Not applicable.

#### Item 1C. Cyber Security .

#### Risk management and strategy
The Partnership has no directors or executive officers and its affairs are managed by its General Partner. The General Partner is a wholly-owned subsidiary of MSCM. MSCM is ultimately owned by Morgan Stanley. Morgan Stanley, its businesses, the General Partner, the Partnership, and the broader financial services industry face an increasingly complex and evolving threat environment. Morgan Stanley has made and continues to make substantial investments in cybersecurity and fraud prevention technology, and employ experienced talent to lead its Cybersecurity and Information Security organizations and program under the oversight of the Morgan Stanley Board of Directors (the "Board") and the Operations and Technology Committee of the Board (the "BOTC"). See "Risk Factors – The General Partner, the Partnership, the Funds and their respective service providers (including the Advisors) and operations are potentially vulnerable to cyber-security attacks or incidents" for information on risks to the Partnership from cybersecurity threats.

As part of its enterprise risk management ("ERM") framework, Morgan Stanley has implemented and maintains a program to assess, identify and manage risks arising from the cybersecurity threats (the "Cybersecurity Program"). The Cybersecurity Program has been adopted by the General Partner, and applies to its business, as relevant. The Cybersecurity Program helps protect Morgan Stanley's clients, customers, employees, property, products, services and reputation by seeking to preserve the confidentiality, integrity and availability of information, enable the secure delivery of financial services, and protect the business and the safe operation of Morgan Stanley's technology systems. Morgan Stanley continually adjusts the Cybersecurity Program to address the evolving cybersecurity threat landscape and comply with extensive legal and regulatory expectations.

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#### Processes for assessing, identifying and managing material risks from cybersecurity threats
The Cybersecurity Program takes into account industry best practices and addresses risks from cybersecurity threats to Morgan Stanley's network, infrastructure, computing environment and the third parties that Morgan Stanley, and its affiliates rely on. Morgan Stanley periodically assesses the design of its cybersecurity controls against the Cyber Risk Institute Cyber Profile, which is based on the National Institute of Standards and Technology ("NIST") Cybersecurity Framework for Improving Critical Infrastructure Cybersecurity, as well as global cybersecurity regulations, and develops improvements to those controls in response to that assessment. The Cybersecurity Program also includes cybersecurity and information security policies, procedures and technologies that are designed to address regulatory requirements and to protect clients', employees' and Morgan Stanley's own data against unauthorized disclosure, modification and misuse. These policies, procedures and technologies cover a broad range of areas, including: identification of internal and external threats, access control, data security, protective controls, detection of malicious or unauthorized activity, incident response, and recovery planning.

The threat intelligence function within the Cybersecurity Program actively engages in private and public information sharing communities and leverages both commercial and proprietary products to collect a wide variety of industry and governmental information regarding the latest cybersecurity threats, which informs the cybersecurity risk assessments and strategy. This information is also provided to an internal forensics team, which develops and implements technologies designed to help detect these cybersecurity threats. Where a potential threat is identified, an incident response team evaluates the potential impact, and coordinates remediation where required. These groups, as well as Morgan Stanley's Operational Risk Department (the "Operational Risk Department"), review external cybersecurity incidents that may be relevant to Morgan Stanley and its affiliates, and the outcomes of these incidents further inform the design of the Cybersecurity Program. In addition, Morgan Stanley maintains a robust global training program on cybersecurity risks and requirements and conducts regular phishing email simulations for its employees and consultants.

The cybersecurity processes are designed to help oversee, identify and mitigate risks associated with Morgan Stanley's use of third-party vendors. Morgan Stanley maintains a third-party risk management program that includes evaluation of, and response to, cybersecurity risks at its third-party vendors. Prior to engaging third-party vendors to provide services, Morgan Stanley conducts assessments of the third-party vendors' cybersecurity programs to identify the impact of their services on the cybersecurity risks to Morgan Stanley. Once on-boarded, third-party vendors' cybersecurity programs are subject to risk-based oversight, which may include security questionnaires, submission of independent security audit reports or an audit of the third-party vendor's security program, and, with limited exceptions, third-party vendors are required to meet Morgan Stanley's cybersecurity standards. Where a third-party vendor cannot meet those standards, its services, and the residual risk, are subject to review, challenge and escalation through Morgan Stanley's risk management processes and ERM committees, which may ultimately result in requesting increased security measures or ceasing engagement with such third-party vendor.

The Cybersecurity Program is regularly assessed by Morgan Stanley's Internal Audit Department ("IAD") through various assurance activities, with the results reported to the Audit Committee of the Board ("BAC") and the BOTC. Annually, certain elements of the Cybersecurity Program are subject to an audit by an independent consultant, as well as an assessment by a separate, independent third party, the results of which, including opportunities identified for improvement and related remediation plans, are reviewed with the BOTC. The Cybersecurity Program is also examined regularly by Morgan Stanley's prudential and conduct regulators within the scope of their jurisdiction.

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#### Governance
Morgan Stanley Management's role in assessing and managing material risks from cybersecurity threats The Cybersecurity Program is operated and maintained by management, including Morgan Stanley's Chief Information Officer of Cyber, Data, Risk and Resilience ("CIO") and Morgan Stanley's Chief Information Security Officer ("CISO"). These senior officers are responsible for assessing and managing the Firm's cybersecurity risks. The General Partner adheres to the Cybersecurity Program's policies and participates in periodic testing. The Cybersecurity Program strategy, which is set by the CISO and overseen by the Head of the Operational Risk Department, is informed by various risk and control assessments, control testing, external assessments, threat intelligence, and public and private information sharing. The Cybersecurity Program also includes processes for escalating and considering the materiality of incidents that impact Morgan Stanley and its affiliates, including escalation to senior management and the Board, which are periodically tested through tabletop exercises.

The members of management that lead the Cybersecurity Program and strategy have extensive experience in technology, cybersecurity and information security. The CIO has over 30 years of experience in various engineering, IT, operations and information security roles. The CISO has over 25 years of experience leading cybersecurity teams at financial institutions, including in the areas of IT strategy, risk management and information security. The Head of the Operational Risk Department has over 20 years of experience in technology, security and compliance roles, including experience in government security agencies.

Risk levels and mitigating measures are presented to and monitored by dedicated management-level cybersecurity risk committees. These committees include representatives from management as well as business and control stakeholders who review, challenge and, where appropriate, consider exceptions to its policies and procedures. Significant cybersecurity risks are escalated from these committees to Morgan Stanley's non-financial risk committee. The CIO and the Head of the Operational Risk Department report on the status of the Cybersecurity Program, including significant cybersecurity risks; review metrics related to the program; and discuss the status of regulatory and remedial actions and incidents to Morgan Stanley's non-financial risk committee, the BOTC and the Board, as appropriate.

#### Item 2. Properties .
The Partnership does not own or lease any properties. The General Partner operates from facilities provided by Morgan Stanley and/or one of its subsidiaries.

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#### Item 3. 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." or "the Company").

The Company 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 Securities Exchange Act of 1934, as amended (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 the Company. As a consolidated subsidiary of Morgan Stanley, the Company does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, we refer you to the "Legal Proceedings" section of Morgan Stanley's SEC 10-K filings for 2024, 2023, 2022, 2021, and 2020. In addition, the Company 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. We refer you to the Commitments, Guarantees and Contingencies – Legal section of the Company'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 the Company 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 the Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Company'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 the Company, wealth and investment management services, and tax, 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.

The Company contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the consolidated statement of financial condition and the Company can reasonably estimate the amount of that loss or the range of loss, the Company accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.

The Company's legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Company.

In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Company has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Company may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question.

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The Company has identified below any individual proceedings or investigations where the Company believes a material loss to be reasonably possible. In certain legal proceedings in which the Company has determined that a material loss is reasonably possible, the Company is unable to reasonably estimate the loss or range of loss. There are other matters in which the Company has determined a loss or range of loss to be reasonably possible, but the Company does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the consolidated statement of financial condition as a whole, although the outcome of such proceedings or investigations may significantly impact the Company's business or results of operations for any particular reporting period, or cause significant reputational harm.

While the Company has identified below certain proceedings or investigations that the Company believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible.

**Civil Litigation**

Beginning in February of 2016, the Company 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 the Company, 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 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution facilities remain pending.

The Company 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 the Company, 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 and, on August 1, 2025, affirmed the court's decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit's August 2025 decision.

On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with an affiliate of the Company, 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, the affiliate and the Company, 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, the affiliate, the Company, 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.

On May 17, 2013, the plaintiff in *IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al*. filed a complaint against the Company and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the 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 the Company to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Company 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 the Company's motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Company or sold to the plaintiff by the Company was approximately $116 million. On August 11,

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2016, the Appellate Division, affirmed the trial court's order denying in part the Company's motion to dismiss the complaint. On July 15, 2022, the Company filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Company'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 Company's favor. The plaintiff has appealed.

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

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**Item 4. Mine Safety Disclosures.** Not Applicable.

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#### PART II

#### Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities .
(a) <u>Market Information</u>. The Partnership has issued no stock. There is no public market for the Redeemable Units.

(b) <u>Holders</u>. The number of holders of Redeemable Units as of February 28, 2026 was 1,700 for Class A Redeemable Units and 24 for Class Z Redeemable Units.

(c) <u>Dividends</u>. The Partnership did not declare any distributions in 2025 or 2024. The Partnership does not intend to declare distributions in the foreseeable future.

(d) <u>Securities Authorized for Issuance Under Equity Compensation Plans</u>. None.

(e) <u>Performance Graph</u>. Not applicable.

(f) <u>Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities</u>. For the twelve months ended December 31, 2025, there were subscriptions of 1,530.0500 Redeemable Units of Class A totaling $4,710,000 and 79.8200 Redeemable Units of Class Z totaling $100,000. For the twelve months ended December 31, 2024, there were subscriptions of 1,340.4160 Redeemable Units of Class A totaling $4,501,680 and 151.3150 Redeemable Units of Class Z totaling $204,425. For the twelve months ended December 31, 2023, there were subscriptions of 3,537.2660 Redeemable Units of Class A totaling $12,751,279 and 329.3770 Redeemable Units of Class Z totaling $495,000. The Redeemable Units were 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. The Redeemable Units were purchased by accredited investors as described in Regulation D. In determining the applicability of the exemption, the General Partner relied on the fact that the Redeemable Units were purchased by accredited investors in a private offering.

Proceeds of net offering were used for the trading of commodity interests including futures, option and forward contracts and any other interests pertaining thereto, including interests in commodity pools.

(g) <u>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</u>.

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

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Period** | **Class A**<br> (a) Total Number of<br>Redeemable<br> **Units Purchased\*** | **Class A**<br> (b) Average<br>Price Paid per<br>Redeemable<br>Unit\*\* | **Class Z**<br> (a) Total Number of<br>Redeemable<br> **Units Purchased\*** | **Class Z**<br> (b) Average<br>Price Paid per<br>Redeemable<br>Unit\*\* | (c) Total Number of <br>Redeemable<br> **Units Purchased**<br> **as Part of**<br> **Publicly**<br> **Announced**<br> **Plans or Programs** | (d) Maximum Number<br>(or Approximate<br>Dollar Value) of<br>Redeemable Units<br> **that May Yet Be<br>Purchased Under the<br>Plans or Programs** |
| &nbsp;&nbsp;&nbsp; October 1, 2025 - October 31, 2025 | 1432.9160 | $3347.95 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp; November 1, 2025 - November 30, 2025 | 1090.5300 | $3390.06 | 97.4480 | $1440.72 | N/A | N/A |
| &nbsp;&nbsp;&nbsp; December 1, 2025 - December 31, 2025 | 1120.0610 | $3373.18 | N/A | N/A | N/A | N/A |
|  | 3643.5070 | $3368.31 | 97.4480 | $1440.72 |  |  |

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\* 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 may 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.

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#### Item 6. Reserved .

#### Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations .
*Overview* 

The Partnership seeks to achieve substantial capital appreciation through speculative trading, directly or indirectly through its investment in the Funds, in U.S. and international markets for currencies, interest rates, stock indices, agricultural and energy products and precious and base metals. The Partnership/Funds may employ futures, options on futures and forward contracts in those markets. The Partnership/Funds may also engage in swap transactions and other derivative transactions with the approval of the General Partner/Trading Manager.

The General Partner/Trading Manager manages all business of the Partnership/Funds. The General Partner has delegated its responsibility for the investment of the Partnership's capital to the Advisors. The General Partner/Trading Manager engages a team of approximately 9 professionals whose primary emphasis is on attempting to maintain quality control among the Advisors to the funds operated or managed by the General Partner/Trading Manager. A full-time staff of due diligence professionals use proprietary technology and on-site evaluations to monitor new and existing futures money managers. The accounting and operations staff provide processing of subscriptions and redemptions and reporting to limited partners and regulatory authorities. The General Partner also engages staff involved in marketing and sales support.

Responsibilities of the General Partner include:

• due diligence examinations of the Advisors;

• selection, appointment and termination of the Advisors;

• negotiation of the Management Agreements; and

• monitoring the activity of the Advisors.

In addition, the General Partner/Trading Manager will prepare, or will assist the Administrator in preparing, the books and records and will provide, or will assist the Administrator in providing, the administrative and compliance services that are required by law or regulation, from time to time, in connection with the operation of the Partnership/Funds. While the Partnership and the Funds have the right to seek lower commission rates from other commodity brokers at any time, the General Partner/Trading Manager believes that the customer agreements and other arrangements with the commodity broker are fair, reasonable, and competitive.

The programs traded by each Advisor on behalf of the Partnership are: Opus - Opus Advanced Ag Program; Drakewood – Drakewood Prospect Fund Strategy; Breakout – an enhanced version of Breakout's Propeller Program; Quantica – Quantica Managed Futures Program; Transtrend – Diversified Trend Program – Enhanced Risk Portfolio (US Dollar); Northlander – Northlander Commodity Program; JSCL – Systematic Strategy Program. As of December 31, 2025 and September 30, 2025, the Partnership's Net Assets were allocated among the Advisors in the following approximate percentages:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Advisor** | **December 31, 2025** | **December 31, 2025<br>(percentage of Partners' Capital)** | **September 30, 2025** | **September 30, 2025<br>(percentage of Partners' Capital)** |
|  Transtrend | $56128288 | 24% | $57652059 | 24% |
|  Drakewood | $22062539 | 10% | $20711105 | 8% |
|  JSCL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64197701 | 28% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73173565 | 30% |
|  Quantica | $46543684 | 20% | $47253247 | 20% |
|  Opus | $18231753 | 8% | $21257533 | 9% |
|  Unallocated | $24619186 | 10% | $21023319 | 9% |

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<u>Opus Futures, LLC</u>

Opus trades the Partnership's assets allocated to it directly pursuant to Opus's Advanced Ag Program (the "Program"). The General Partner and Opus have agreed that Opus will trade the Partnership's assets allocated to Opus at 1.5 times the amount of the assets allocated. The Program is a fundamental discretionary strategy primarily focused on agricultural commodities, specifically grains, oilseeds, and livestock. Opus takes a medium-to-long term outlook, typically holding trades for several weeks up to several months, depending on the opportunity set.

Opus only trades on liquid North American exchanges, using both futures and options on futures to express ideas using directional positions and, occasionally, using spread trades, such as inter-commodity and calendar spreads. Typically trades focus on 'old crop vs, new crop', weather and cyclical seasonality. Fundamental analysis is used in forecasting U.S. and world supply and demand tables, monitoring U.S. and world weather, studying domestic and international freight values, and tracking underlying cash values associated with agriculture futures markets.

The portfolio is intentionally concentrated on a limited number of grains and livestock markets. Position and risk management are at the trader's discretion, meaning there are no hard-coded portfolio or position stop-outs.

<u>Breakout Funds, LLC</u>

The portion of the Partnership's assets that were allocated to Breakout were traded directly in a managed account in the name of the Partnership pursuant to an enhanced version of Breakout's Propeller Program.

The Propeller Program is a discretionary global macro strategy that utilizes both fundamental and quantitative methods to identify market opportunities. Breakout aims to improve upon the traditional global macro strategy by using more of a tactical approach, with a shorter-term time horizon. At any given time, Breakout develops and monitors 1 to 7 high conviction themes, with a time horizon of 1 to 10 days. Independent of trade conviction, the portfolio manager will not engage in a trade without a minimum of a three to one expected reward/risk ratio. Key differentiators include low downside volatility and low historical drawdowns. In order to control downside volatility, Breakout engages in rigorous risk management with a focus on liquid markets and defined risk. The returns are uncorrelated to actively managed macro, CTA, and equity strategies.

<u>Quantica Capital AG</u>

The portion of the Partnership's assets that are allocated to Quantica are traded directly in a managed account in the name of the Partnership pursuant to the Quantica Managed Futures Program. The Quantica Managed Futures Program is a fully systematic investment program that aims to detect medium-term trend-following market inefficiencies in a diversified, liquid investment universe. Quantica's investment philosophy centers on the belief that quality risk-adjusted returns can be systematically captured from liquid markets by statistically analyzing risk-adjusted outperformance of one market versus other markets in the investment universe. The goal of the investment philosophy is to generate optimized long-term risk-adjusted compounded returns that are largely uncorrelated to traditional asset classes such as stocks and bonds. To achieve this goal, Quantica employs a unique and proprietary, fully systematic approach to medium term trend-following that is based on risk-adjusted, relative trend identification that delivers style-consistent trend-following returns with the ability to enhance efficiency and diversification.

<u>Drakewood Capital Management Limited</u>

Drakewood trades the Partnership's assets allocated to it pursuant to the Drakewood Prospect Fund Strategy. Pursuant to the Drakewood Prospect Fund Strategy, Drakewood invests the Partnership's assets primarily in a portfolio of risk positions in precious, non-ferrous and ferrous metal futures, forward contracts and related options, and derivative instruments. Other commodities may be traded from time to time, and may also invest in LME warrants, although these instruments are expected to constitute a relatively minor part of the portfolio. Investments made pursuant to the Drakewood Prospect Fund Strategy investments are expected to be concentrated in precious, non-ferrous and ferrous metal strategies and the Program's investments are not expected to be diversified.

The Drakewood Prospect Fund Strategy is designed to gain exposure to opportunities in the majority of actively traded metals while limiting exposure in any one particular metal. The intent of this strategy is to increase opportunities for gain, while managing risk in order to provide more consistent returns.

Based on the fundamentally driven investment approach of the Drakewood Prospect Fund Strategy, Drakewood will often hold generally directional positions – either predominantly long or short depending on price drivers for each individual metal. The Drakewood Prospect Fund Strategy is expected to be neither long nor short biased through the cycle but rather to take a fundamental view over a one, two, five and ten year time frame and take positions accordingly. Long long-term core positions will be augmented by shorter shorter-term trading positions around each core position to manage short short-term price risk. In normal circumstances there may be daily trading activity on the portfolio even though the core fundamental view will persist for a year or more. Due to the nature of commodities futures trading, gross exposures may be much higher than net asset value due to the nature of having numerous offsetting positions, such as calendar spreads.

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<u>Transtrend B.V.</u>

The portion of the Partnership's assets that are currently allocated to Transtrend for trading are not invested in commodity interests directly. Transtrend's allocation of the Partnership's assets is currently invested in Transtrend Master. Transtrend trades Transtrend Master's assets, and thereby the Partnership's assets, in accordance with its Diversified Trend Program-Enhanced Risk Profile (US Dollar), a proprietary, systematic trading system. Transtrend generally trades its Enhanced Risk Profile using 1.5 times the leverage employed by the Standard Risk Profile.

Transtrend Master currently trades Financial Instruments (i.e., futures, options, options on futures, swaps, swaps on futures, forward contracts on foreign exchange, interest rates, interest rates instruments, commodities and equity related indices and instruments and other indices) on U.S. and non-U.S. exchanges, other venues and/or OTC markets. One of the potential strengths of the program is the disciplined, systematic and dynamic nature of market participation. The overall performance is determined by the entirety of all markets and all trades. In a systematic market approach, the disciplined application by Transtrend and a consistent participation by the client are both essential to realize the pursued returns over the course of time, although profitability cannot be guaranteed and clients may incur substantial losses on their investment.

Transtrend's market approach attempts to benefit from directional price moves in outright Financial Instruments and in intra-market and inter-market combinations of Financial Instruments.

Under the Diversified Trend Program's Standard Risk Profile, Transtrend generally commits an average of approximately 16% of the assets in a client's account as margin or a premium for Financial Instruments positions. Such percentage has varied, however, and is affected by various factors including, without limitation, nominal account size, market conditions, traded markets or the level of margins set by brokers and clearing houses. The Diversified Trend Program's Enhanced Risk Profile generally includes 1.5 times the leverage, and as such the average margin commitments, of the Standard Risk Profile.

<u>Northlander Commodity Advisors LLP</u>

The portion of the Partnership's assets that were allocated to Northlander for trading were not invested in commodity interests directly. Northlander's allocation of the Partnership's assets was invested in NL Master. Northlander trades the Partnership's assets allocated to it pursuant to its Northlander Commodity Program. The Northlander Commodity Program was a commodity focused trading program which invested in energy products globally, but with an emphasis on European power, European gas, European emissions, and international coal markets. The program was an absolute return strategy which seeks to identify value in mispriced markets through careful fundamental analysis by focusing on market dynamics and market structure and then expressing its thesis through its proprietary portfolio construction and risk management procedures.

<u>John Street Capital Limited/John Street Capital LLP</u>

The portion of the Partnership's assets that are allocated to JSCL (and prior to the JSCL Novation Agreement, John Street) are traded directly in a managed account in the name of the Partnership pursuant to JSCL's/John Street's Systematic Strategy Program. The Systematic Strategy Program seeks to profit from price movements in global markets and employs a systematic approach to trading. This means that the vast majority of the Systematic Strategy Program's trades will be made without discretion, based on the orders generated by the advisor's proprietary trading system. The Systematic Strategy Program employs a multi-model approach, applying different trading methods across different time horizons with the goal of having a diversified mix of potential return drivers within the strategy.

The Systematic Strategy Program trades exchange-traded futures and OTC derivatives. The exchange-traded futures represent a wide range of underlying asset classes, including, but not limited to, equities, bonds, interest rates, currencies, energies, metals and agricultural products.

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Specific Fund level performance information is included in Note 6 to the Partnership's consolidated financial statements included in "Item 8. <u>Consolidated Financial Statements and Supplementary Data</u>."

For the period January 1, 2025 through December 31, 2025, the average allocation by commodity market sector for each of the Funds was as follows:

#### Transtrend Master

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| | |
|:---|:---|
|  Currencies | 23.9% |
|  Energy | 7.5% |
|  Grains | 11.6% |
|  Indices | 12.2% |
|  Interest Rates U.S. | 6.1% |
|  Interest Rates Non-U.S. | 13.6% |
|  Livestock | 5.3% |
|  Metals | 11.9% |
|  Softs | 7.9% |

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#### Drakewood Master

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| | |
|:---|:---|
|  Currencies | 2.0% |
|  Metals | 98.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liquidity</u>.

The Partnership does not engage in sales of goods or services. Its assets are its (i) investment in the Funds, (ii) redemptions receivable from the Funds, (iii) equity in trading account, consisting of unrestricted and restricted cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, options purchased at fair value and investment in U.S. Treasury bills at fair value, if applicable, and (iv) 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, through its investment in the Funds and direct investments. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred during the year ended December 31, 2025.

To minimize the risk relating to low margin deposits, the Partnership and Funds follow certain trading policies, including:

(i) The Partnership/Funds invest their assets only in commodity interests that an Advisor believes are traded in sufficient volume to permit ease of taking and liquidating positions. Sufficient volume, in this context, refers to a level of liquidity that an Advisor believes will permit it to enter and exit trades without noticeably moving the market.

(ii) An Advisor will not initiate additional positions in any commodity if these positions would result in aggregate positions requiring a margin of more than 66 2/3% of the Partnership's net assets allocated to that Advisor.

(iii) The Partnership/Funds may occasionally accept delivery of a commodity. Unless such delivery is disposed of promptly by retendering the warehouse receipt representing the delivery to the appropriate clearinghouse, the physical commodity position is fully hedged.

(iv) The Partnership/Funds do not employ the trading technique commonly known as "pyramiding," in which the speculator uses unrealized profits on existing positions as margin for the purchase or sale of additional positions in the same or related commodities.

(v) The Partnership/Funds do not utilize borrowings other than short-term borrowings if the Partnership/Funds take delivery of any cash commodities.

(vi) The Advisors may, from time to time, employ trading strategies such as spreads or straddles on behalf of the Partnership/Funds. "Spreads" and "straddles" describe commodity futures trading strategies involving the simultaneous buying and selling of futures contracts on the same commodity but involving different delivery dates or markets.

(vii) The Partnership/Funds will not permit the churning of their commodity trading accounts. The term "churning" refers to the practice of entering and exiting trades with a frequency unwarranted by legitimate efforts to profit from the trades, driven by the desire to generate commission income.

From January 1, 2025 through December 31, 2025, the Partnership's average margin to equity ratio (*i.e.,* the percentage of assets on deposit required for margin) was approximately 7.6%. The foregoing margin to equity ratio takes into account cash held in the Partnership's name, as well as the allocable value of the positions and cash held on behalf of the Partnership in the name of the Funds.

In the normal course of business, the Partnership and the Funds are parties 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.

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As both a buyer and seller of options, the Partnership/Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Funds to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Funds do not consider these contracts to be guarantees.

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

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds 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 and the Funds are 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. The Partnership's/Funds' risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Partnership's/Funds' Consolidated Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership's/Funds' risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Partnership's and the Funds' assets. For certain OTC contracts traded by certain Funds, JPMorgan is the counterparty with respect to those 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/Funds' counterparty is an exchange or clearing organization.

The General Partner/Trading Manager monitors and attempts to mitigate the Partnership's/Funds' risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner/Trading Manager 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. (See also "Item 8. <u>Consolidated Financial Statements and Supplementary Data</u>." for further information on financial instrument risk included in the notes to consolidated financial statements.)

The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership's/Funds' 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.

Other than the risks inherent in U.S. Treasury bills, money market mutual fund securities, commodity futures, forward, option and swap contracts, the Partnership and the Funds know of no trends, demands, commitments, events or uncertainties which will result in or which are reasonably likely to result in the Partnership's/Funds' liquidity increasing or decreasing in any material way. The Limited Partnership Agreement provides that the Partnership shall terminate under certain circumstances including a decrease in net asset value per Redeemable Unit to less than $400 as of the close of business on any business day. In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the Partnership's aggregate net assets decline to less than $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Capital Resources</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Partnership has made no material commitments for capital expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Partnership's capital consists of the capital contributions of the partners, as increased or decreased by net income or losses on trading and by expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any. Gains or losses on trading cannot be predicted. Market movements in commodities are dependent upon fundamental and technical factors which the Advisors may or may not be able to identify, such as changing supply and demand relationships, pandemics, epidemics and other public health crises, weather, government, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. Partnership expenses consist of, among other things, clearing fees, ongoing selling agent fees, management fees, the General Partner fee and expenses allocated from Funds. The level of these expenses is dependent upon trading performance and the level of net assets maintained. In addition, the amount of interest income earned by the Partnership/Funds is dependent upon (1) the average daily equity maintained in cash in the Partnership's and/or the Funds' accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds, MS&Co. or JPMorgan has control.

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No forecast can be made as to the level of redemptions in any given period. A limited partner may require the Partnership to redeem some or all of their Redeemable Units at the net asset value per Redeemable Unit as of the end of each month on three business days' notice to the General Partner. There is no fee charged to limited partners in connection with redemptions. Redemptions are generally funded out of the Partnership's cash holdings and/or redemptions from the Funds. For the year ended December 31, 2025, 17,740.2230 limited partner Redeemable Units of Class A were redeemed totaling $56,165,667, 711.0850 limited partner Redeemable Units of Class Z were redeemed totaling $943,824 and 397.3650 General Partner Redeemable Units of Class Z were redeemed totaling $570,000. For the year ended December 31, 2024, 13,997.9410 limited partner Redeemable Units of Class A were redeemed totaling $47,555,135, 667.5770 limited partner Redeemable Units of Class Z were redeemed totaling $943,147 and 404.4100 General Partner Redeemable Units of Class Z were redeemed totaling $575,430. For the year ended December 31, 2023, 10,668.0200 limited partner Redeemable Units of Class A were redeemed totaling $37,489,122, 1,047.3910 limited partner Redeemable Units of Class Z were redeemed totaling $1,566,196 and 178.3530 General Partner Redeemable Units of Class Z were redeemed totaling $250,016.

The Partnership continues to offer Redeemable Units at the net asset value per Redeemable Unit as of the end of each month. For the year ended December 31, 2025, there were subscriptions of 1,530.0500 limited partner Redeemable Units of Class A totaling $4,710,000 and 79.8200 limited partner Redeemable Units of Class Z totaling $100,000. For the year ended December 31, 2024, there were subscriptions of 1,340.4160 limited partner Redeemable Units of Class A totaling $4,501,680 and 151.3150 limited partner Redeemable Units of Class Z totaling $204,425. For the year ended December 31, 2023, there were subscriptions of 3,537.2660 limited partner Redeemable Units of Class A totaling $12,751,279 and 329.3770 limited partner Redeemable Units of Class Z totaling $495,000.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Results of Operations</u>.

For the year ended December 31, 2025, the net asset value per Redeemable Unit for Class A increased 4.2% from $3,236.88 to $3,373.18. For the year ended December 31, 2025, the net asset value per Redeemable Unit for Class Z increased 5.0% from $1,366.17 to $1,434.45. For the year ended December 31, 2024, the net asset value per Redeemable Unit for Class A decreased 3.3% from $3,346.39 to $3,236.88. For the year ended December 31, 2024, the net asset value per Redeemable Unit for Class Z decreased 2.5% from $1,401.81 to $1,366.17. For the year ended December 31, 2023, the net asset value per Redeemable Unit for Class A decreased 7.5% from $3,618.20 to $3,346.39. For the year ended December 31, 2023, the net asset value per Redeemable Unit for Class Z decreased 6.8% from $1,504.31 to $1,401.81.

The Partnership experienced a net trading gain of $10,326,399 before fees and expenses in 2025. Gains were primarily attributable to the Partnership's/Funds' trading in indices, livestock and metals and were partially offset by losses in currencies, energy, grains, U.S. and non-U.S. interest rates and softs.

During the first quarter of 2025, the Partnership's largest losses were incurred within the currency sector throughout the period, primarily from short positions in the euro and Japanese yen versus the U.S. dollar, as the dollar weakened amid uncertainty surrounding the effects that trade tariffs would have on the U.S. economy. In the energy sector, losses were recorded during January and February from long positions in European electricity futures and global carbon emission futures as weakening power demand pushed prices lower. Further losses were recorded in the global fixed income sector during February from short positions in U.S. fixed income futures as prices advanced on increased investor demand. In the global stock index markets, losses were incurred during March from long positions in European, U.S., and Asian equity index futures as investors assessed the potential impacts of a global trade war. Additional losses were experienced during March in the agricultural markets from positions in corn futures as volatile, choppy price action roiled the grains markets. Small losses from long positions in shipping freight index futures were recorded during January and March. A portion of the Partnership's overall first quarter losses was offset by gains in the metals markets during each month of the quarter from long positions in gold futures, as investor demand for precious metals strengthened amid concerns about the global economic outlook.

During the second quarter of 2025, the Partnership's largest losses were recorded in April in the energy markets from long positions in Brent crude oil futures, as prices fell sharply following a surprise production increase announced by the OPEC+ nations. In currencies, losses were incurred during April from short positions in the Canadian dollar and Swiss franc versus the U.S. dollar as the relative value of the U.S. currency declined sharply. Long positions in European and Asian equity index futures also recorded losses during April as the prospect of widespread tariff implementation weighed on stock prices. Within the global fixed income markets, losses were recorded during May from long positions in short-term U.S. and European interest rate futures as yields moved higher. In the metals markets, losses were incurred during May from long positions in gold and platinum futures as prices reversed lower amid weakening investor demand for precious metals. Losses from short positions in the global freight index sector were recorded during June as prices advanced. A portion of the Partnership's second quarter losses was offset by gains in the agricultural sector during May and June from long positions in live cattle futures, as prices rallied on tightening U.S. cattle herd production.

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During the third quarter of 2025, the Partnership's most notable gains were achieved in the global stock index sector throughout all three months of the quarter from long positions in Asian and U.S. equity index futures, as demand for artificial intelligence-related stocks and expectations for central bank interest rate cuts supported investor appetite for risk assets. Gains were also recorded in the agricultural sector during July and August from long positions in livestock futures as prices advanced. In the metals sector, gains were generated during August and September from long positions in gold, silver, and platinum futures as increased investor demand for precious metals pushed prices higher. Additional gains were achieved in the energy sector during July from long positions in crude oil and its refined products as proposed tariffs contributed to rising prices. In the currency sector, gains were recorded during September from short positions in Japanese yen, Canadian dollar, and various European cross-currency pairs. Gains were also experienced during August and September from long positions in global shipping futures. A portion of the Partnership's third quarter gains was offset by losses in the global fixed income sector during September from positions in long-term and short-term U.S. fixed income futures, amid uncertainty about the future path of interest rates.

During the fourth quarter of 2025, the Partnership's most notable gains were achieved throughout all three months of the quarter from long positions in gold and silver futures, as prices rallied on increased investor demand for precious metals. In the currency sector, gains were recorded during October from short positions in Japanese yen versus the U.S. dollar, as the dollar rebounded strongly. Additional gains were recorded during October from long positions in Asian, U.S., and European equity index futures as stock prices advanced on optimism for global trade negotiations. In the energy markets, gains were achieved during December from positions in European coal, electrical power, and carbon emission futures. A portion of the Partnership's fourth quarter gains was offset by losses incurred during October in the agricultural sector from short futures positions in the grains as prices moved higher amid speculation that ongoing tariff negotiations would boost demand for U.S. grain exports, as well as from long positions in live cattle futures. Further losses were recorded during December in the global fixed income sector from long positions in three-month Secured Overnight Financing Rate ("SOFR") futures and Canadian bond futures as prices moved lower.

The Partnership experienced a net trading loss of $8,792,019 before fees and expenses in 2024. Losses were primarily attributable to the Partnership's/Funds' trading in currencies, energy, grains, livestock, metals and non-U.S. interest rates and were partially offset by gains in indices, U.S. interest rates and softs.

During the first quarter of 2024, the Partnership's largest gains were achieved within the agricultural markets from long positions in cocoa futures as prices surged higher during each month of the first quarter amid concerns extremely hot weather in key West African growing regions would damage crops. Gains within the global stock index sector were also achieved during each month of the first quarter from long positions in Asian, European, and U.S. equity index futures amid an outlook for global central banks to be aggressive in cutting interest rates. Additional gains for the first quarter were achieved within the currency sector during January, February and March primarily from short positions in the Japanese yen versus the U.S. dollar as the dollar strengthened relative to the yen. In the energies, gains were recorded throughout the first quarter from long positions in Brent crude oil futures as oil prices moved higher amid strengthening demand and on concerns mounting geopolitical tensions could curtail oil production. Gains were also achieved throughout the first quarter from long positions in shipping freight index futures as attacks on shipping tankers in the Red Sea pushed prices higher. A portion of the Partnership's overall gains for the first quarter was offset by losses incurred within the global fixed income sector primarily during January and February from long positions in European fixed income futures amid a murky outlook on Eurozone central bank actions to battle inflation.

During the second quarter of 2024, the Partnership's largest losses were recorded in the energies from long positions in crude oil futures and its refined products during April, May, and June as prices reversed lower amid data indicating growing inventories. In the global stock index markets, losses were recorded during April from long positions in U.S., Asian, and European stock index futures amid a "risk-off" move by investors. Losses in the agriculturals were also experienced in the second quarter from short positions in wheat futures during April and June as prices advanced amid high demand for U.S. grain exports. Further losses were experienced within the global fixed income markets from short positions in European fixed income futures during April and June and from short positions in U.S. Treasury bond and Treasury note futures during May and June. In currencies, losses were incurred primarily during June from long positions in the Mexican peso as the value of peso dropped after proposed government reform's spooked investors. A portion of the losses for the second quarter was offset by gains achieved within the metals sector during April and May from long positions in copper futures as prices rallied amid speculation of Chinese stimulus measures. Additional gains were experienced during April from long positions in global shipping freight index futures as continued attacks on tankers in the Red Sea boosted prices.

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During the third quarter of 2024, the Partnership's most notable losses were incurred within the currency sector during July and August from short positions in the Japanese yen versus the U.S. dollar as the relative value of the yen surged higher as the Bank of Japan raised interest rates. In the energies, losses were recorded from long positions in crude oil futures throughout the quarter as oil prices steadily declined amid high global inventories. Losses in the global stock index sector were experienced primarily during August from long positions in Asian, European, and U.S. equity index futures as stock prices dropped amid a sell-off in technology stocks. In the agricultural complex, losses were incurred during September from short positions in soybean, wheat, and corn futures as grain prices reversed higher amid a wave of global buying. In the metals, losses were experienced during July from long positions in copper futures as prices declined. A portion of the Partnership's losses for the third quarter was offset by gains achieved within the global fixed income sector during September from long positions in U.S., Canadian, and European fixed income futures as prices rose and interest rate yields across the globe fell. Additional gains were recorded in July and September from long positions in shipping freight futures as prices rallied amid concerns growing tensions in the Middle East would disrupt key trade routes.

During the fourth quarter 2024, the Partnership's most significant losses were incurred during October from long positions in U.S., Canadian and European fixed income futures as persistent inflation cast doubt on future interest rate cuts by global central banks. In the energies, losses were recorded during November and December from short positions in European electrical power futures. Losses in the global stock index markets for the fourth quarter were incurred during October and December from long positions in U.S. equity index futures as investors pulled back from stock purchasing. Additional losses during the fourth quarter were recorded in November from long positions in gold futures. A portion of the Partnership's losses for the fourth quarter was offset by gains achieved in currencies during December from short positions in the Canadian dollar and euro versus the U.S. dollar. Gains in the agricultural markets were recorded during November and December from long positions in cocoa futures as continued adverse weather threatened crops in Africa. Gains from long positions in global freight futures were also experienced throughout the fourth quarter.

The results of operations for the twelve months ended 2023 is discussed under "Item 7. <u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>." in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Interest income is earned on 100% of the average daily equity maintained in cash in the Partnership's (or the Partnership's allocable portion of a Fund's, except for Transtrend Master's) brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. will pay monthly interest to Transtrend Master on 100% of the average daily equity maintained in cash in Transtrend Master's brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. For the avoidance of doubt, the Partnership/Funds will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership's and/or each Fund's cash account in excess of the amounts described above, if any, will be 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 will be retained by the Partnership and/or the Funds, as applicable. Any interest income earned on collateral or excess cash deposited by certain of the Funds and held by JPMorgan in its capacity as such Funds' forward foreign currency counterparty will be retained by such Funds, and the Partnership will receive its allocable portion of such interest from the applicable Fund. Interest income earned by the Partnership for the three and twelve months ended December 31, 2025 decreased by $775,705 and $5,081,947, respectively, as compared to the corresponding periods in 2024. The decrease in interest income is primarily due to lower interest rates during the three and twelve months ended December 31, 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 depends on (1) the average daily equity maintained in cash in the Partnership's and/or the Funds' accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds, MS&Co. or JPMorgan has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Funds. 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 twelve months ended December 31, 2025 increased by $144,660 and $263,173, respectively, as compared to the corresponding periods in 2024. The increase in these clearing fees is primarily due to an increase in the number of direct trades made by the Partnership during the three and twelve months ended December 31, 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 for Class A Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Ongoing selling agent fees for the three and twelve months ended December 31, 2025 decreased by $73,412 and $506,398, respectively, as compared to the corresponding periods in 2024. The decrease in ongoing selling agent fees is primarily due to lower average adjusted net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

------

Management fees, except fees payable to Transtrend, 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 payable to Transtrend are charged at the Transtrend Master level and are affected by trading performance, subscriptions and redemptions of Transtrend Master. Management fees for the three and twelve months ended December 31, 2025 decreased by $122,362 and $888,451, respectively, as compared to the corresponding periods in 2024. The decrease in management fees is due to lower average adjusted net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership's commodity trading advisors, (ii) allocating and reallocating the Partnership's assets among the commodity trading advisors and (iii) monitoring the activities of the commodity trading advisors. These 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. The General Partner fee for the three and twelve months ended December 31, 2025 decreased by $75,191 and $519,956, respectively, as compared to the corresponding periods in 2024. The decrease in the General Partner fee is due to lower average adjusted net assets during the three and twelve months ended December 31, 2025 as compared to the corresponding periods in 2024.

Incentive fees paid by the Partnership are based on the New Trading Profits, as defined in the respective Management Agreements among the Partnership, the General Partner and each Advisor, generated by each Advisor at the end of the quarter, calendar half year or annually, as applicable. Trading performance for the three and twelve months ended December 31, 2025 resulted in incentive fees of $72,771 and $72,771, respectively. Trading performance for the three and twelve months ended December 31, 2024 resulted in incentive fees of $165,306 and $1,178,462, respectively. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid an incentive fee until such Advisor recovers any net loss incurred by the Advisor and earns additional new trading profits for the Partnership.

The Partnership pays professional fees, which generally include legal, accounting expenses, administrative, filing, reporting and data processing fees. Professional fees for the years ended December 31, 2025 and 2024 were $852,859 and $994,763, respectively.

In the General Partner's opinion, the Partnership's Advisors continue to employ trading methods consistent with the objectives of the Partnership. The General Partner monitors the Advisors' performance on a daily, weekly, monthly and annual basis to assure these objectives are met.

Commodity futures markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility of profit. The profitability of the Partnership/Funds 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, pandemics, epidemics, and other health crises, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Advisors are able to identify them, the Funds and the Partnership expect to increase capital through operations.

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. Each Advisor's percentage allocation and trading program is described in the "Overview" section of this Item 7.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Off-balance Sheet Arrangements</u>. None.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Contractual Obligations</u>. None.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Operational Risk</u>.

The Partnership, directly or indirectly through its investment in the Funds, is exposed to market risk and credit risk, which arise in the normal course of its business activities. Slightly less direct, but of critical importance, are risks pertaining to operational and back office support. This is particularly the case in a rapidly changing and increasingly global environment with increasing transaction volumes and an expansion in the number and complexity of products in the marketplace.

Such risks include:

*Operational/Settlement Risk* — the risk of financial and opportunity loss and legal liability attributable to operational problems, such as inaccurate pricing of transactions, untimely trade execution, clearance and/or settlement, or the inability to process large volumes of transactions. The Partnership/Funds are subject to increased risks with respect to their trading activities in emerging market instruments, where clearance, settlement, and/or custodial risks are often greater than in more established markets.

*Technological Risk* — the risk of loss attributable to technological limitations or hardware failure that constrain the Partnership's/Funds' ability to gather, process, and communicate information efficiently and securely, without interruption, to customers and in the markets where the Partnership/Funds participate. Additionally, the General Partner's computer systems may be vulnerable to unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks and other events that could have a security impact on such systems. If one or more of such events occur, this potentially could jeopardize a limited partner's personal, confidential, proprietary or other information processed and stored in, and transmitted through, the General Partner's

------

computer systems, and adversely affect the Partnership's business, financial condition or results of operations.

*Legal/Documentation Risk* — the risk of loss attributable to deficiencies in the documentation of transactions (such as trade confirmations) and customer relationships (such as master netting agreements) or errors that result in non-compliance with applicable legal and regulatory requirements.

*Financial Control Risk* — the risk of loss attributable to limitations in financial systems and controls. Strong financial systems and controls ensure that assets are safeguarded, that transactions are executed in accordance with the General Partner's authorization, and that financial information utilized by the General Partner and communicated to external parties, including the Partnership's Redeemable Unit holders, creditors, and regulators, is free of material errors.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Critical Accounting Policies</u>.

The preparation of consolidated financial statements 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 and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. As a result, actual results could differ from these estimates. A summary of the Partnership's significant accounting policies is described in Note 2 to the Partnership's consolidated financial statements included in "Item 8. <u>Consolidated Financial Statements and Supplementary Data</u>."

The Partnership's most significant accounting policy is the valuation of its investment in the Funds and in futures, option and forward contracts and U.S. Treasury bills, as applicable. As of and for the year ended December 31, 2025 and 2024, the Partnership carries its investment in Drakewood Master based on the Partnership's (1) net contributions to Drakewood Master and (2) its allocated share of the undistributed profit and losses, including realized gains (losses) and net change in unrealized gains (losses) of NL Master and Drakewood Master. As of and for the year ended December 31, 2023, the Partnership carries its investment in NL Master and Drakewood Master based on the Partnership's (1) net contributions to NL Master and Drakewood Master and (2) its allocated share of the undistributed profits and losses, including realized gains (losses) and net change in unrealized gains (losses), of NL Master and Drakewood Master. 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.

------

#### Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
The Partnership/Funds are speculative commodity pools. The market sensitive instruments held by the Partnership/Funds are acquired for speculative trading purposes, and all or substantially all of the Partnership's/Funds' 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/Funds' main line of business.

The limited partners will not be liable for losses exceeding the current net asset value of their investment. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

Market movements result in frequent changes in the fair value of the Partnership's/Funds' open contracts and, consequently, in their earnings and cash balances. The Partnership's/Funds' market risk is influenced by a wide variety of factors. These primarily include factors which affect energy price levels, including supply factors and weather conditions, but could also include 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/Funds' open contracts and the liquidity of the markets in which they trade.

The Partnership/Funds rapidly acquire and liquidate 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/Funds' past performances is not necessarily indicative of their future results.

"Value at Risk" is a measure of the maximum amount which the Partnership/Funds could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership's/Funds' speculative trading and the recurrence in the markets traded by the Partnership/Funds 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/Funds' 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/Funds' losses in any market sector will be limited to Value at Risk or by the Partnership's/Funds' attempts to manage their market risk.

Materiality as used in this section is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, optionality and multiplier features of the Partnership's/Funds' market sensitive instruments.

*Quantifying the Partnership's Trading Value at Risk* 

The following quantitative disclosures regarding the Partnership's/Funds' 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 (such as the terms of particular contracts and the number of market risk sensitive instruments held during or at the end of the reporting period).

The Partnership's/Funds' risk exposure in the various market sectors traded by the Advisors is quantified below in terms of Value at Risk. Due to the Partnership's/Funds' mark-to-market accounting, any loss in the fair value of the Partnership's/Funds' open positions, including investment in the Funds, is directly reflected in the Partnership's earnings (realized or unrealized) and cash balances.

Exchange margin requirements have been used by the Partnership/Funds as the measure of their 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.

In the case of market sensitive instruments which are not exchange-traded (almost exclusively currencies in the case of the Partnership/Funds), the margin requirements for the equivalent futures positions have been used as Value at Risk. In those rare cases in which a futures-equivalent margin is not available, dealers' margins have been used.

The fair value of the Partnership's/Funds' futures and forward positions does not have any optionality component. However, the Advisors do trade commodity options. Where this instrument is a futures contract, the futures margin has been used, and where this instrument is a physical commodity, the futures-equivalent margin has been used. This calculation is conservative in that it assumes that the fair value of an option will decline by the same amount as the fair value of the underlying instrument, whereas, in fact, the fair values of the options traded by the Partnership/Funds in almost all cases fluctuate to a lesser extent than those of the underlying instruments.

In quantifying the Partnership's/Funds' Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been added to determine each trading category's aggregate Value at Risk. The diversification effects resulting from the fact that the Partnership's/Funds' positions are rarely, if ever, 100% positively correlated have not been reflected.

------

*The Partnership's and the Funds' Trading Value at Risk in Different Market Sectors* 

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. As of December 31, 2025, JSCL, Quantica, Breakout and Opus directly traded managed accounts in the name of the Partnership. Transtrend, Northlander and Drakewood trade the Partnership's assets indirectly in master fund managed accounts established in the name of the master funds over which they have been granted limited authority to make trading decisions. The first two trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly and through its investment in the Funds. The remaining trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly (i.e. in the managed accounts in the Partnership's name traded by JSCL, Quantica, Breakout and Opus, as applicable) and indirectly by each Fund separately as of December 31, 2025 and 2024.

The following tables indicate the trading Value at Risk associated with the Partnership's open positions by market category as of December 31, 2025 and 2024. As of December 31, 2025, the Partnership's total capitalization was $231,783,151.

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **Market Sector**  | **Value at Risk** | **% of Total** <br> **Capitalization** |
|  Currencies | $4824090 | 2.08% |
|  Energy | 3675928 | 1.59 |
|  Grains | 4570762 | 1.97 |
|  Indices | 7437195 | 3.21 |
|  Interest Rates U.S. | 2942307 | 1.27 |
|  Interest Rates Non-U.S. | 5170558 | 2.23 |
|  Livestock | 1680030 | 0.72 |
|  Metals | 5270302 | 2.27 |
|  Softs | 3195179 | 1.38 |
|  **Total** | $**38766351** | **16.72%** |

---

As of December 31, 2024, the Partnership's total capitalization was $276,255,829.

#### December 31, 2024

---

| | | |
|:---|:---|:---|
| **Market Sector**  | **Value at Risk** | **% of Total <br> Capitalization** |
|  Currencies | $9580853 | 3.47% |
|  Energy | 6737403 | 2.44 |
|  Grains | 4691569 | 1.70 |
|  Indices | 7972540 | 2.89 |
|  Interest Rates U.S. | 3425445 | 1.24 |
|  Interest Rates Non-U.S. | 4175916 | 1.51 |
|  Livestock | 1676071 | 0.61 |
|  Metals | 7628132 | 2.76 |
|  Softs | 3427044 | 1.24 |
|  **Total** | $**49314973** | **17.86%** |

---

------

The following tables indicate the trading Value at Risk associated with the Partnership's direct investments and indirect investments in the Funds by market category as of December 31, 2025 and 2024, the highest and lowest at any point and average value during the years. All open position trading risk exposures have been included in calculating the figures set forth below.

As of December 31, 2025 and 2024, the Partnership's Value at Risk for the portion of its assets that were traded directly was as follows:

#### December 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| **Market Sector**  |<br>**Value at Risk** |<br>**% of Total<br>Capitalization** | **High**<br>**Value at Risk** | **Low<br>Value at Risk** | **Average<br>Value at Risk\*** |
|  Currencies | $2284133 | 0.99% | $4513042 | $1589737 | $2479496 |
|  Energy | 3119117 | 1.35 | 7847505 | 1986155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890248 |
|  Grains | 3084995 | 1.33 | 6528048 | 984304 | 3107051 |
|  Indices | 6629256 | 2.86 | 10126846 | 3842302 | 6628811 |
|  Interest Rates U.S. | 1828774 | 0.79 | 3709859 | 943778 | 1851212 |
|  Interest Rates Non-U.S. | 2980353 | 1.29 | 5513914 | 2025210 | 3567668 |
|  Livestock | 1150490 | 0.50 | 2894183 | 671990 | 1469738 |
|  Metals | 1821424 | 0.79 | 3909777 | 1651047 | 2684275 |
|  Softs | 2216004 | 0.96 | 2993857 | 1348298 | 2113120 |
|  **Total** | $**25114546** | **10.86%** |  |  |  |

---

\* Annual average of daily Values at Risk.

#### 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** |<br>**% of Total<br>Capitalization** | **High**<br>**Value at Risk** | **Low<br>Value at Risk** | **Average<br>Value at Risk\*** |
|  Currencies | $3538222 | 1.28% | $5906349 | $1235256 | $3340748 |
|  Energy | 5024692 | 1.82 | 16471138 | 4112211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984108 |
|  Grains | 2372341 | 0.86 | 3369761 | 1227310 | 2064105 |
|  Indices | 5385437 | 1.95 | 10982037 | 3410115 | 6425361 |
|  Interest Rates U.S. | 2232780 | 0.81 | 4159563 | 912707 | 2367314 |
|  Interest Rates Non-U.S. | 2273366 | 0.82 | 3407293 | 1312185 | 2339506 |
|  Livestock | 696548 | 0.25 | 863858 | 244173 | 592765 |
|  Metals | 2105866 | 0.76 | 5237520 | 1052863 | 2491318 |
|  Softs | 1560169 | 0.56 | 3620646 | 928600 | 1935506 |
|  **Total** | $**25189421** | **9.11%** |  |  |  |

---

\* Annual average of daily Values at Risk.

------

At December 31, 2025, Transtrend Master's total capitalization was $56,127,428 and the Partnership owned 100.0% of Transtrend Master. As of December 31, 2025, Transtrend Master's Value at Risk for its assets (including the portion of the Partnership's assets allocated to Transtrend for trading) was as follows:

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| **Market Sector**  |<br>**Value at Risk** |<br>**% of Total<br>Capitalization** | **High**<br>**Value at Risk** | **Low**<br>**Value at Risk** | **Average<br>Value at Risk\*** |
|  Currencies | $2517914 | 4.49% | $6265142 | $1998849 | $3464379 |
|  Energy | 556811 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977715 | 225289 | 1145306 |
|  Grains | 1485767 | 2.65 | 2319228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030894 | 1610394 |
|  Indices | 807939 | 1.44 | 3532104 | 773804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771085 |
|  Interest Rates U.S. | 1113533 | 1.98 | 1515467 | 148658 | 868584 |
|  Interest Rates Non-U.S. | 2190205 | 3.90 | 2372790 | 1223016 | 1846130 |
|  Livestock | 529540 | 0.94 | 1090760 | 155980 | 751201 |
|  Metals | 2249310 | 4.01 | 2249310 | 1034650 | 1616994 |
|  Softs | 979175 | 1.74 | 2357917 | 422338 | 1143938 |
|  **Total** | $**12430194** | **22.14%** |  |  |  |

---

\* Annual average of daily Values at Risk.

At December 31, 2024, Transtrend Master's total capitalization was $64,846,307 and the Partnership owned 100.0% of Transtrend Master. As of December 31, 2024, Transtrend Master's Value at Risk for its assets (including the portion of the Partnership's assets allocated to Transtrend for trading) was as follows:

#### December 31, 2024

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
| **Market Sector**  |<br>**Value at Risk** |<br>**% of Total<br>Capitalization** | **High<br>Value at Risk** | **Low<br>Value at Risk** | **Average<br>Value at Risk\*** |
|  Currencies | $6020096 | 9.28% | $11495430 | $3731646 | $6726733 |
|  Energy | 1712711 | 2.64 | 2768692 | 221450 | 1611431 |
|  Grains | 2319228 | 3.58 | 3788403 | 671194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379264 |
|  Indices | 2587103 | 3.99 | 5614611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242760 | 3984858 |
|  Interest Rates U.S. | 1192665 | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851300 | 191081 | 1301359 |
|  Interest Rates Non-U.S. | 1902550 | 2.93 | 3392189 | 1460160 | 2408229 |
|  Livestock | 979523 | 1.51 | 979523 | 80075 | 367249 |
|  Metals | 1537540 | 2.37 | 1640189 | 782875 | 1281369 |
|  Softs | 1866875 | 2.88 | 1866875 | 942578 | 1361640 |
|  **Total** | $**20118291** | **31.02%** |  |  |  |

---

\* Annual average of daily Values at Risk.

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At December 31, 2025, Drakewood Master's total capitalization was $33,847,567 and the Partnership owned 65.0% of Drakewood Master. As of December 31, 2025, Drakewood Master's Value at Risk for its assets (including the portion of the Partnership's assets allocated to Drakewood for trading) was as follows:

#### December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
| **Market Sector**  |<br>**Value at Risk** |<br>**% of Total<br>Capitalization** | **High<br>Value at Risk** | **Low<br>Value at Risk** | **Average<br>Value at Risk\*** |
|  Currencies | $33912 | 0.10% | $257180 | $- | $100631 |
|  Metals | 1845489 | 5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14939331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7230387 |
|  **Total** | $**1879401** | **5.55%** |  |  |  |

---

\* Annual average of daily Values at Risk.

At December 31, 2024, Drakewood Master's total capitalization was $42,341,747 and the Partnership owned 58.7% of Drakewood Master. As of December 31, 2024, Drakewood Master's Value at Risk for its assets (including the portion of the Partnership's assets allocated to Drakewood for trading) was as follows:

#### 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** |<br>**% of Total<br>Capitalization** | **High<br>Value at Risk** | **Low<br>Value at Risk** | **Average<br>Value at Risk\*** |
|  Currencies | $38390 | 0.09% | $204050 | $- | $106063 |
|  Metals | 6788289 | 16.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9052374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499735 |
|  **Total** | $**6826679** | **16.12%** |  |  |  |

---

\* Annual average of daily Values at Risk.

------

*Material Limitations on Value at Risk as an Assessment of Market Risk* 

The face value of the market sector instruments held by the Partnership/Funds is typically many times the applicable maintenance margin requirement (margin requirements generally range between 1% and 15% of contract face value, although an exchange may increase margin requirements on short notice) as well as many times the capitalization of the Partnership/Funds. The magnitude of the Partnership's/Funds' open positions creates a "risk of ruin" not typically found in most other investment vehicles. Because of the size of the Partnership's/Funds' positions, certain market conditions—unusual, but historically recurring from time to time —could cause the Partnership/Funds to incur severe losses over a short period of time. The foregoing Value at Risk tables—as well as the past performance of the Partnership/Funds—give no indication of this "risk of ruin."

------

*Non-Trading Risk* 

The Partnership/Funds have non-trading market risk on their foreign cash balances not needed for margin. However, these balances (as well as any market risk they represent) are immaterial.

A decline in short-term interest rates would result in a decline in the Partnership's cash management income. This cash flow risk is not considered to be material.

Materiality, as used throughout this section, is based on an assessment of reasonably possible market movements and any associated potential losses, taking into account the leverage, optionality and multiplier features of the Partnership's/Funds' market-sensitive instruments, in relation to the Partnership's/Funds' net assets.

*Qualitative Disclosures Regarding Primary Trading Risk Exposures* 

The following qualitative disclosures regarding the Partnership's/Funds' market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Partnership/Funds manage their primary market risk exposures— constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The Partnership's/Funds' primary market risk exposures, as well as the strategies used and to be used by the General Partner and the Advisors for managing such exposures, are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership's/Funds' risk control to differ materially from the objectives of such strategies. Government interventions, pandemics, epidemics, and other public health crises, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the management strategies of the Partnership/Funds. There can be no assurance that the Partnership's/Funds' current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short or long term. Investors must be prepared to lose all or substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the Partnership on December 31, 2025, by market sector. It may be anticipated, however, that these market exposures will vary materially over time.

<u>Currencies</u>. The Partnership's currency exposure is to exchange rate fluctuations, primarily fluctuations that disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The General Partner does not anticipate that the risk profile of the Partnership's currency sector will change significantly in the future.

<u>Equities</u>. The Partnership's primary equity exposure is to equity price risk in the G20 countries. The stock index futures traded by the Partnership are limited to futures on broadly based indices. As of December 31, 2025, the Partnership's primary exposures were in Asian-Pacific (Nikkei 225, SPI 200, FTSE Xinhua China A50, GIFT Connect NIFTY 50, SGX FTSE Taiwan, and Hang Seng), European (DAX, FTSE 100, IBEX 35, OMX Stockholm 30, FTSE MIB, and Euro Stoxx 50), and North American (S&P/TSX 60, S&P 500, and CBOE Market Volatility Index--US) stock indices. The Partnership is primarily exposed to the risk of adverse price trends or static markets in the major Asian, European, and North American indices, as well as in global emerging markets. Static markets would not cause major market changes but would make it difficult for the Partnership to avoid being "whipsawed" into numerous small losses.

<u>Interest Rates</u>. Interest rate movements directly affect the price of the futures positions held by the Partnership and indirectly affect the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially affect the Partnership's profitability. The Partnership's primary interest rate exposure is to interest rate fluctuations in the United States and the other G7 countries. However, the Partnership may also take futures positions on the government debt of smaller economies — e.g., Australia and New Zealand.

<u>Commodities:</u>

<u>Grains</u>. The Partnership's trading risk exposure to the grains is primarily to agricultural price movements, which are often directly affected by severe or unexpected weather conditions. Wheat, the soybean complex, corn, rapeseed, and palm oil accounted for the majority of the Partnership's grain exposure as of December 31, 2025.

<u>Metals</u>. The Partnership's primary metal market exposure as of December 31, 2025, was to fluctuations in the prices of industrial metals (such copper, iron, tin, aluminum, lead, nickel, and zinc) and precious metals (such as gold, platinum, silver, and palladium). Price movement in both industrial and precious metals can be driven by fluctuation in the valuations between currency pairs, geopolitical events, economic conditions globally and regionally, trade policies, regulatory restrictions, as well as other supply and demand related factors.

<u>Softs</u>. The Partnership's trading risk exposure in the soft commodities is to agricultural-related price movements, which are often directly affected by severe or unexpected weather conditions, as well as geopolitical events and other supply/demand related factors. Cocoa, coffee, sugar, and cotton accounted for the majority of the Partnership's soft commodities exposure as of December 31, 2025.

------

<u>Energy</u>. The Partnership's primary energy market exposure is to oil and natural gas price movements, often resulting from political developments in the Middle East, weather conditions, and other factors contributing to supply and demand. Further energy market exposure is to prices for European electric power and coal which can be driven by geopolitical events, climate related regulations, local government imposed regulations, weather related factors, availability of substitute power and fuel sources, and other supply/demand related factors. Energy prices can be volatile and substantial profits and losses, which have been experienced in the past, are expected to continue to be experienced in these markets in the future.

<u>Livestock</u>. The Partnership's primary risk exposure in livestock is to fluctuations in U.S. cattle and hog prices.

<u>Freight and Shipping</u>. The Partnership's primary risk exposure in freight and shipping is to changes in the costs involved in the transportation of raw materials, as well as geopolitical events that may affect access to shipping routes and trade policies.

*Qualitative Disclosures Regarding Non-Trading Risk Exposure* 

The following was the only non-trading risk exposure of the Partnership/Funds as of December 31, 2025.

<u>Foreign Currency Balances</u>. The Partnership/Funds may hold various foreign currency balances. The Advisors regularly convert foreign currency balances to U.S. dollars in an attempt to control the Partnership's/Funds' non-trading risk.

*Qualitative Disclosures Regarding Means of Managing Risk Exposure* 

The General Partner/Trading Manager monitors and attempts to mitigate the Partnership's/Funds' risk exposure on a daily basis through financial, credit and risk management monitoring systems and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject.

The General Partner/Trading Manager monitors the Partnership's/Funds' performance and the concentration of their open positions, and consults with the Advisors concerning the Partnership's/Funds' overall risk profile. If the General Partner/Trading Manager felt it necessary to do so, the General Partner/Trading Manager could require the Advisors to close out positions as well as enter positions traded on behalf of the Partnership/Funds. However, any such intervention would be a highly unusual event. The General Partner/Trading Manager primarily relies on the Advisors' own risk control policies while maintaining a general supervisory overview of the Partnership's/Funds' market risk exposures.

The Advisors apply their own risk management policies to their trading. The Advisors often follow diversification guidelines, margin limits and stop loss points to exit a position. The Advisors' research of risk management often suggests ongoing modifications to their trading programs.

As part of the General Partner's risk management, the General Partner periodically meets with each Advisor to discuss its risk management and to look for any material changes to the Advisor's portfolio balance and trading techniques. Each Advisor is required to notify the General Partner of any material changes to its programs.

------

#### Item 8. Consolidated Financial Statements and Supplementary Data .

#### CERES ORION L.P.
The following consolidated financial statements and related items of the Partnership are filed under this Item 8: Oath or Affirmation, Management's Report on Internal Control over Financial Reporting, Report of Independent Registered Public Accounting Firm (Ernst & Young LLP, Boston, MA, PCAOB ID: 42), for the years ended December 31, 2025, 2024, and 2023; Consolidated Statements of Financial Condition at December 31, 2025 and 2024; Consolidated Condensed Schedules of Investments at December 31, 2025 and 2024; Consolidated Statements of Income and Expenses for the years ended December 31, 2025, 2024 and 2023; Consolidated Statements of Changes in Partners' Capital for the years ended December 31, 2025, 2024 and 2023; and Notes to Consolidated Financial Statements. Additional financial information has been filed as Exhibits to this Form 10-K.

------

#### To the Limited Partners of

#### Ceres Orion L.P.
To the best of the knowledge and belief of the undersigned, the information contained herein is accurate and complete.

---

| | |
|:---|:---|
| ![](g782015g38x50.jpg) | ![](g782015g38x50.jpg) |
| By: | Patrick T. Egan |
|  | President and Director |
|  | Ceres Managed Futures LLC |
|  | General Partner, |
|  | Ceres Orion L.P. |
| Ceres Managed Futures LLC | Ceres Managed Futures LLC |
| 1585 Broadway | 1585 Broadway |
| New York, NY 10036 | New York, NY 10036 |
| (855) 672-4468 | (855) 672-4468 |

---

------

#### Management's Report on Internal Control Over Financial Reporting
The management of Ceres Orion L.P. (the "Partnership"), Ceres Managed Futures LLC, is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a – 15(f) and 15d – 15(f) under the Securities Exchange Act of 1934, as amended, and for our assessment of internal control over financial reporting. The Partnership's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. The Partnership's internal control over financial reporting includes those policies and procedures that:

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

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of management and directors of the Partnership; and

(iii) 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.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The management of Ceres Orion L.P. has assessed the effectiveness of the Partnership's internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment, management concluded that the Partnership maintained effective internal control over financial reporting as of December 31, 2025 based on the criteria referred to above.

---

| | |
|:---|:---|
| ![](g782015g39g39.jpg)<br>| ![](g782015g40g40.jpg)<br>|
| Patrick T. Egan | Brooke Lambert |
| President and Director | Chief Financial Officer |
| Ceres Managed Futures LLC | Ceres Managed Futures LLC |
| General Partner, | General Partner, |
| Ceres Orion L.P. | Ceres Orion L.P. |

---

------

#### Report of Independent Registered Public Accounting Firm
To the Partners of Ceres Orion L.P.,

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial condition of Ceres Orion L.P. (the Partnership), including the consolidated condensed schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of income and expenses and changes in partners' capital for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2025 and 2024, and the results of its operations and changes in its partners' capital for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. We determined that there are no critical audit matters.

![](g782015g41g41.jpg)

We have served as the Partnership's auditor since 2017.

Boston, Massachusetts

March 20, 2026

------

#### Ceres Orion L.P.

#### Consolidated Statements of Financial Condition

#### December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | December 31,<br>2025 | December 31,<br>2024 |
| Assets: |  |  |
| Investment in the Funds<sup>(1)</sup>, at fair value (Note 6) | $21999584 | $24935235 |
| Redemptions receivable from the Funds | 61891 | 9403496 |
| Equity in trading account: |  |  |
| Unrestricted cash (Note 3c) | 163847518 | 190226056 |
| Restricted cash (Note 3c) | 38337706 | 45609297 |
| Foreign cash (cost $3,664,038 and $3,347,538 at December 31, 2025 and 2024, respectively) | 3677300 | 3213658 |
| Net unrealized appreciation on open futures contracts | 4931940 | 3276793 |
| Net unrealized appreciation on open forward contracts | 520905 | 320007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options purchased, at fair value (premiums paid $5,814,512 and $4,411,329 at December 31, 2025 and 2024, respectively) | 4892119 | 3905070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity in trading account <sup>(2)</sup> | 216207488 | 246550881 |
| Interest receivable (Note 3c) | 563725 | 698631 |
| Total assets | $238832688 | $281588243 |
| Liabilities and Partners' Capital: |  |  |
| Liabilities: |  |  |
| Options written, at fair value (premiums received $2,696,749 and $1,973,789 at December 31, 2025 and 2024, respectively) | $1854451 | $2005080 |
| Accrued expenses: |  |  |
| Ongoing selling agent fees (Note 3d and 3e) | 144429 | 170277 |
| Management fees (Note 3b) | 181206 | 223127 |
| General Partner fees (Note 3a) | 147808 | 174451 |
| Incentive fees | 72771 | 165306 |
| Professional fees | 300705 | 246184 |
| Redemptions payable to General Partner (Note 7) | 570000 | 275000 |
| Redemptions payable to Limited Partners (Note 7) | 3778167 | 2072989 |
| Total liabilities | 7049537 | 5332414 |
| Partners' Capital (Notes 1 and 7): |  |  |
| General Partner, Class Z, 1,758.2473 and 2,155.6123 Redeemable Units outstanding at December 31, 2025 and 2024, respectively | 2522110 | 2944939 |
| Limited Partners, Class A, 67,166.3208 and 83,376.4938 Redeemable Units outstanding at December 31, 2025 and 2024, respectively | 226563765 | 269879571 |
| Limited Partners, Class Z, 1,880.3612 and 2,511.6262 Redeemable Units outstanding at December 31, 2025 and 2024, respectively | 2697276 | 3431319 |
| Total partners' capital (net asset value) | 231783151 | 276255829 |
| Total liabilities and partners' capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238832688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281588243 |
| Net asset value per Redeemable Unit: |  |  |
| Class A | $3373.18 | $3236.88 |
| Class Z | $1434.45 | $1366.17 |

---

<sup>(1)</sup> Defined in Note 1.

<sup>(2)</sup> As of December 31, 2025 and December 31, 2024, the amounts include $199,513,554 and $230,472,847, respectively, held in trading accounts with MS&Co.

See accompanying notes to consolidated financial statements.

------

#### Ceres Orion L.P.

#### Consolidated Condensed Schedule of Investments

#### December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Number of<br>Contracts | Fair Value | % of Partners'<br>Capital |
| Futures Contracts Purchased |  |  |  |
| Currencies | 1230 | $464636 | 0.20% |
| Energy | 1710 | (594224) | (0.26) |
| Grains | 3458 | (3359452) | (1.45) |
| Indices | 1835 | 1178714 | 0.51 |
| Interest Rates U.S. | 911 | (405485) | (0.17) |
| Interest Rates Non-U.S. | 8804 | (1323733) | (0.57) |
| Livestock | 594 | 1323088 | 0.57 |
| Metals | 987 | 3511685 | 1.51 |
| Softs | 1773 | (79383) | (0.03) |
| Total futures contracts purchased |  | 715846 | 0.31 |
| Futures Contracts Sold |  |  |  |
| Currencies | 3301 | 115782 | 0.05 |
| Energy | 2211 | 1038839 | 0.45 |
| Grains | 6035 | 3923913 | 1.69 |
| Indices | 869 | 327894 | 0.14 |
| Interest Rates U.S. | 914 | 296613 | 0.13 |
| Interest Rates Non-U.S. | 3780 | 641709 | 0.28 |
| Livestock | 214 | (251262) | (0.11) |
| Metals | 122 | (692534) | (0.30) |
| Softs | 2699 | (1184860) | (0.51) |
| Total futures contracts sold |  | 4216094 | 1.82 |
| Net unrealized appreciation on open futures contracts |  | $4931940 | 2.13% |
| Unrealized Appreciation on Open Forward Contracts |  |  |  |
| Currencies | $11089386 | $113563 | 0.05% |
| Metals | 255 | 1619985 | 0.70 |
| Total unrealized appreciation on open forward contracts |  | 1733548 | 0.75 |
| Unrealized Depreciation on Open Forward Contracts |  |  |  |
| Currencies | $11737358 | $(52431) | (0.02) |
| Metals | 245 | (1160212) | (0.50) |
| Total unrealized depreciation on open forward contracts |  | (1212643) | (0.52) |
| Net unrealized appreciation on open forward contracts |  | $520905 | 0.23% |
| Options Purchased |  |  |  |
| Calls |  |  |  |
| Grains | 815 | $542668 | 0.23% |
| Puts |  |  |  |
| Grains | 815 | 1963131 | 0.85 |
| Livestock | 1304 | 2386320 | 1.03 |
| Total options purchased (premiums paid $5,814,512) |  | $4892119 | 2.11% |
| Options Written |  |  |  |
| Calls |  |  |  |
| Grains | 978 | (329994) | (0.14) % |
| Puts |  |  |  |
| Grains | 978 | (537085) | (0.23) |
| Livestock | 1304 | (987372) | (0.43) |
| Total options written (premiums received $2,696,749) |  | $(1854451) | (0.80)% |
| Investment in the Funds |  |  |  |
| CMF Drakewood Master Fund LLC |  | $21999584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49% |

---

See accompanying notes to consolidated financial statements.

------

#### Ceres Orion L.P.

#### Consolidated Condensed Schedule of Investments

#### December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Number of | | % of Partners' |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | Capital |
| Futures Contracts Purchased |  |  |  |
| Currencies | 2646 | $(780433) | (0.28) |
| Energy | 1308 | 2541602 | 0.92 |
| Grains | 2720 | 1020889 | 0.37 |
| Indices | 2006 | (2309267) | (0.83) |
| Interest Rates U.S. | 1036 | 31200 | 0.01 |
| Interest Rates Non-U.S. | 5729 | (1794161) | (0.65) |
| Livestock | 739 | 782572 | 0.28 |
| Metals | 476 | (1464791) | (0.53) |
| Softs | 935 | 3544892 | 1.28 |
| Total futures contracts purchased |  | 1572503 | 0.57 |
| Futures Contracts Sold |  |  |  |
| Currencies | 4179 | 4429485 | 1.60 |
| Energy | 1257 | (2833794) | (1.03) |
| Grains | 3849 | (2106415) | (0.76) |
| Indices | 846 | 125460 | 0.05 |
| Interest Rates U.S. | 1002 | 1721650 | 0.62 |
| Interest Rates Non-U.S. | 2350 | 527659 | 0.19 |
| Livestock | 133 | (5267) | (0.00) |
| Metals | 1087 | 1294802 | 0.47 |
| Softs | 1034 | (1449290) | (0.52) |
| Total futures contracts sold |  | 1704290 | 0.62 |
| Net unrealized appreciation on open futures contracts |  | $3276793 | 1.19 |
| Unrealized Appreciation on Open Forward Contracts |  |  |  |
| Currencies | $25494524 | $301960 | 0.11 |
| Metals | 172 | 494409 | 0.18 |
| Total unrealized appreciation on open forward contracts |  | 796369 | 0.29 |
| Unrealized Depreciation on Open Forward Contracts |  |  |  |
| Currencies | $15207817 | $(96955) | (0.03) |
| Metals | 79 | (379407) | (0.14) |
| Total unrealized depreciation on open forward contracts |  | (476362) | (0.17) |
| Net unrealized appreciation on open forward contracts |  | $320007 | 0.12 |
| Options Purchased |  |  |  |
| Puts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grains | 1860 | $3324750 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 744 | 580320 | 0.21 |
| Total options purchased (premiums paid $4,411,329) |  | $3905070 | 1.41 |
| Options Written |  |  |  |
| Calls |  |  |  |
| Grains | 930 | (732375) | (0.27) |
| Puts |  |  |  |
| Grains | 1860 | (1146225) | (0.41) |
| Livestock | 744 | (126480) | (0.05) |
| Total options written (premiums received $1,973,789) |  | $(2005080) | (0.73) |
| Investment in the Funds |  |  |  |
| CMF Drakewood Master Fund LLC |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24935235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 |

---

\* Due to rounding.

See accompanying notes to consolidated financial statements.

------

#### Ceres Orion L.P.

#### Consolidated Statements of Income and Expenses

#### For the Years Ended December 31, 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
| Investment Income: |  |  |  |
| Interest income | $7236562 | $10985437 | $10444442 |
| Interest income allocated from the Funds | 664827 | 1997899 | 4225113 |
| Total investment income | 7901389 | 12983336 | 14669555 |
| Expenses: |  |  |  |
| Expenses allocated from the Funds | 355584 | 393977 | 1637215 |
| Clearing fees related to direct investments (Note 3c) | 2524229 | 2261056 | 2533617 |
| Ongoing selling agent fees (Notes 3d and 3e) | 1818597 | 2324995 | 2750424 |
| Management fees (Note 3b) | 2347127 | 3235578 | 3479226 |
| General Partner fees (Note 3a) | 1859808 | 2379764 | 2813461 |
| Incentive fees (Note 3b) | 72771 | 1178462 | 172212 |
| Professional fees | 852859 | 994763 | 850814 |
| Total expenses | 9830975 | 12768595 | 14236969 |
| Net investment income (loss) | (1929586) | 214741 | 432586 |
| Trading Results: |  |  |  |
| Net gains (losses) on trading of commodity interests and investment in the Funds: |  |  |  |
| Net realized gains (losses) on closed contracts | 6729148 | (724825) | (26368556) |
| Net realized gains (losses) on closed contracts allocated from the Funds | 5587531 | (8488547) | 3189998 |
| Net change in unrealized gains (losses) on open contracts | 2460642 | 1294869 | (5680608) |
| Net change in unrealized gains (losses) on open contracts allocated from the Funds | (4450922) | (873516) | 661367 |
| Total trading results | 10326399 | (8792019) | (28197799) |
| Net income (loss) | $8396813 | $(8577278) | $(27765213) |
| Net income (loss) per Redeemable Unit\* (Note 8): |  |  |  |
| Class A | $136.30 | $(109.51) | $(271.81) |
| Class Z | $68.28 | $(35.64) | $(102.50) |
| Weighted average Redeemable Units outstanding: |  |  |  |
| Class A | 75871.4896 | 89801.2378 | 102310.8158 |
| Class Z | 4349.1098 | 5348.8533 | 6011.6022 |

---

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

See accompanying notes to consolidated financial statements.

------

#### Ceres Orion L.P.

#### Consolidated Statements of Changes in Partners' Capital

#### For the Years Ended December 31, 2025, 2024 and 2023

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class A | Class A | Class Z | Class Z | Total | Total |
|  | Amount | Redeemable Units | Amount | Redeemable Units | Amount | Redeemable Units |
| Partners' Capital, December 31, 2022<sup>(1)</sup> | $373270601 | 103164.7728 | $9754381 | 6484.2775 | $383024982 | 109649.0503 |
| Subscriptions - Limited Partners | 12751279 | 3537.2660 | 495000 | 329.3770 | 13246279 | 3866.6430 |
| Redemptions - General Partner |  |  | (250016) | (178.3530) | (250016) | (178.3530) |
| Redemptions - Limited Partners | (37489122) | (10668.0200) | (1566196) | (1047.3910) | (39055318) | (11715.4110) |
| Net income (loss) | (27165240) |  | (599973) |  | (27765213) |  |
| Partners' Capital, December 31, 2023 | 321367518 | 96034.0188 | 7833196 | 5587.9105 | 329200714 | 101621.9293 |
| Subscriptions - Limited Partners | 4501680 | 1340.4160 | 204425 | 151.3150 | 4706105 | 1491.7310 |
| Redemptions - General Partner |  |  | (575430) | (404.4100) | (575430) | (404.4100) |
| Redemptions - Limited Partners | (47555135) | (13997.9410) | (943147) | (667.5770) | (48498282) | (14665.5180) |
| Net income (loss) | (8434492) |  | (142786) |  | (8577278) |  |
| Partners' Capital, December 31, 2024 | 269879571 | 83376.4938 | 6376258 | 4667.2385 | 276255829 | 88043.7323 |
| Subscriptions - Limited Partners | 4710000 | 1530.0500 | 100000 | 79.8200 | 4810000 | 1609.8700 |
| Redemptions - General Partner |  |  | (570000) | (397.3650) | (570000) | (397.3650) |
| Redemptions - Limited Partners | (56165667) | (17740.2230) | (943824) | (711.0850) | (57109491) | (18451.3080) |
| Net income (loss) | 8139861 |  | 256952 |  | 8396813 |  |
| Partners' Capital, December 31, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226563765 | 67166.3208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219386 | 3638.6085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231783151 | 70804.9293 |

---

#### Net asset value per Redeemable Unit:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |
| 2023 | $3346.39 | $1401.81 |
| 2024 | $3236.88 | $1366.17 |
| 2025 | $3373.18 | $1434.45 |

---

(1) Not consolidated.

See accompanying notes to consolidated financial statements.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements – December 31, 2025
1. Organization:

Ceres Orion L.P. (the "Partnership") is a limited partnership organized on March 22, 1999, under the partnership laws of the State of New York, 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, livestock, indices, United States ("U.S.") and non-U.S. interest rates, softs and metals. The commodity interests that are traded by the Partnership, directly and indirectly through its investment in the Funds (as defined below), are volatile and involve a high degree of market risk. The Partnership commenced trading on June 10, 1999. The Partnership privately and continuously offers redeemable units of limited partnership interest ("Redeemable Units") to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. The General Partner (as defined below) may also determine to invest up to all of the Partnership's assets (directly or indirectly through its investment in the Funds) in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the "General Partner") and commodity pool operator of the Partnership, is the trading manager (the "Trading Manager") of Transtrend Master (as defined below) and Drakewood Master (as defined below) and was the trading manager of NL Master (as defined below). 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.

As of December 31, 2025, all trading decisions were made for the Partnership by Transtrend B.V. ("Transtrend"), John Street Capital Limited ("JSCL"), Quantica Capital AG ("Quantica"), Opus Futures LLC ("Opus") and Drakewood Capital Management Limited ("Drakewood") (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. On December 31, 2024, the Partnership fully redeemed its investment from CMF NL Master Fund LLC ("NL Master") and Northlander Commodity Advisors LLP ("Northlander") ceased to act as a commodity trading advisor to the Partnership. Effective December 31, 2024, Breakout Funds LLC ("Breakout") ceased to act as a commodity trading advisor to the Partnership. References herein to the "Advisors" may include, as relevant, Breakout and Northlander. Each Advisor is allocated a portion of the Partnership's assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through a managed account in the Partnership's name, or indirectly, through its investment in the Funds. In addition, the General Partner may allocate the Partnership's assets to additional non-major trading advisors (i.e., commodity trading advisors intended to be allocated less than 10% of the Partnership's assets). Information about advisors allocated less than 10% of the Partnership's assets may not be disclosed.

Effective July 1, 2024, Opus directly trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to Opus's Advanced Ag Program. The General Partner and Opus have agreed that Opus will trade the Partnership's assets allocated to Opus at a level that is up to 1.5 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future, subject to certain restrictions.

Effective October 1, 2020, Quantica directly trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to the Quantica Managed Futures Program. The General Partner and Quantica have agreed that Quantica will trade the Partnership's assets allocated to Quantica at a level that is up to 2.0 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
JSCL directly trades the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to the Systematic Strategy Program. The General Partner and JSCL have agreed that JSCL will trade the Partnership's assets allocated to it at a level that is up to 2 times the amount of assets allocated to it; provided that if the assets allocated to JSCL are $80 million or less, JSCL will trade the Partnership's assets allocated to it at the level that is up to 1.5 times the amount of assets allocated to it. The amount of leverage may be increased or decreased in the future.

Prior to its termination effective December 31, 2024, Breakout directly traded a portion of the Partnership's assets allocated to it through a managed account in the name of the Partnership pursuant to an enhanced version of Breakout's Propeller Program. The General Partner and Breakout had agreed that Breakout would trade the Partnership's assets allocated to Breakout at a level that is up to 2.0 times the amount of the assets allocated.

On June 1, 2011, the Partnership began offering "Class A" Redeemable Units and "Class Z" Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to June 1, 2011 were deemed Class A Redeemable Units. The rights, powers, duties and obligations 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 Z Redeemable Units were first issued on August 1, 2011. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) ("Morgan Stanley Wealth Management") and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A 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 status of the limited partner, although the General Partner may determine to offer a particular Class of Redeemable Units to investors at its discretion.

During the periods covered by this report, the Partnership's/Funds' commodity broker was Morgan Stanley & Co. LLC ("MS&Co."), a registered futures commission merchant. JPMorgan Chase Bank, N.A. ("JPMorgan") was also a foreign exchange forward contract counterparty for certain Funds.

The Partnership and CMF TT II, LLC ("Transtrend Master") have entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. CMF Drakewood Master Fund LLC ("Drakewood Master") has, and prior to its full redemption, CMF NL Master Fund LLC ("NL Master") had, entered into futures brokerage account agreements with MS&Co. Transtrend Master and Drakewood Master are collectively referred to as the "Funds." References herein to "Funds" may also include, as relevant, NL Master.

Transtrend Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the referenced Funds and indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement ("FX Agreement"), an International Swap Dealers Association, Inc. master agreement ("Master Agreement"), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under each FX Agreement, JPMorgan charges or charged a fee on the aggregate foreign currency transactions entered into on behalf of the respective Fund during a month.

The Partnership will be liquidated upon the first to occur of the following: December 31, 2055; the net asset value per Redeemable Unit of any Class decreases to less than $400 as of the close of any business day; or under certain other circumstances as set forth in the limited partnership agreement of the Partnership, as may be amended from time to time (the "Limited Partnership Agreement"). In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the aggregate net assets of the Partnership decline to less than $1,000,000.

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.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
2. Basis of Presentation and Summary of Significant Accounting Policies:

a. Use of Estimates. The preparation of consolidated 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 consolidated financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material.

b. 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 contributions and profits, if any, net of distributions, redemptions and losses, if any.

c. Statement of Cash Flows . The Partnership has not provided a Consolidated Statement of Cash Flows, as permitted by Accounting Standards Codification ("ASC") 230, "Statement of Cash Flows." The Consolidated Statements of Changes in Partners' Capital is included herein, and as of and for the years ended December 31, 2025, 2024 and 2023, the Partnership carried no debt and all of the Partnership's and the Funds' investments were carried at fair value and classified as Level 1 and Level 2 measurements.

d. Consolidation/Partnership ' s Investment in the Funds. The Partnership has consolidated its wholly owned investment in Transtrend Master. Accordingly, the Partnership's consolidated condensed schedule of investments as of December 31, 2025 and December 31, 2024, includes the portfolio holdings of Transtrend Master. The consolidated financial statements for the year ended December 31, 2025 and 2024, for the period from October 1, 2023 to December 31, 2023 and as of December 31, 2023, include the accounts of the Partnership and Transtrend Master. All inter-company transactions and balances have been eliminated. As of and for the year ended December 31, 2025 and 2024, the Partnership carries its investment in Drakewood Master based on the Partnership's (1) net contributions to Drakewood Master and (2) its allocated share of the undistributed profit and losses, including realized gains (losses) and net change in unrealized gains (losses) of NL Master and Drakewood Master. As of and for the year ended December 31, 2023, the Partnership carries its investment in NL Master and Drakewood Master based on the Partnership's (1) net contributions to NL Master and Drakewood Master and (2) its allocated share of the undistributed profits and losses, including realized gains (losses) and net change in unrealized gains (losses), of NL Master and Drakewood Master.

e. Partnership's/Funds' Derivative Investments. All commodity interests held by the Partnership/Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on 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/Funds' Consolidated Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership's/Funds' Consolidated Statements of Income and Expenses.

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

f. Partnership's Cash. The Partnership's restricted and unrestricted cash includes cash denominated in foreign currencies of $3,677,300 (cost of $3,664,038) and $3,213,658 (cost of $3,347,538) at December 31, 2025 and 2024, respectively. As of December 31, 2025, restricted cash, unrestricted cash and cash denominated in foreign currencies held by MS&Co. amounted to $37,962,959, $152,481,601 and $3,677,300, respectively. As of December 31, 2024, restricted cash, unrestricted cash and cash

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
denominated in foreign currencies held by MS&Co. amounted to $44,454,961, $179,415,061 and $3,213,658, respectively.

g. 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 Consolidated 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 Consolidated Statements of Income and Expenses in the years 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 consolidated financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2022 through 2025 tax years remain subject to examination by U.S. federal and most state tax authorities.

h. 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 Consolidated Statements of Income and Expenses.

i. 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 8, "Financial Highlights."

j. Segment Reporting. 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 Consolidated Statements of Financial Condition and significant segment expenses are reported in the accompanying Consolidated Statements of Income and Expenses.

3. Agreements:

a. Limited Partnership Agreement:

The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. The Partnership pays the General Partner a monthly fee (the "General Partner fee") equal to 1/12 of 0.75% (0.75% per year) of month-end net assets. Month-end net assets, for the purpose of calculating the General Partner fee, are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month's incentive fee accruals, the monthly management fees, the General Partner fee and any redemptions or distributions as of the end of such month. The General Partner fee is allocated proportionally to each Class based on the net asset value of the respective Class. This fee may be increased or decreased at the discretion of the General Partner.

b. Management Agreement:

The General Partner, on behalf of the Partnership, has entered into management agreements (each, a

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
"Management Agreement") with the Advisors. The Advisors are not affiliated with one another, the General Partner or MS&Co., and are not responsible for the organization or operation of the Partnership.

Effective May 1, 2022, Drakewood receives a monthly management fee equal to 1.5% per year of the month-end net assets allocated to Drakewood. Effective October 1, 2020, Quantica receives a monthly management fee equal to 0.60% per year of month-end net assets allocated to Quantica. To the extent that the month-end net assets allocated to Quantica are less than $50 million, Quantica will receive a management fee equal to 0.75% per year of month-end net assets allocated to Quantica. Effective July 1, 2024, the Partnership pays Opus a monthly management fee equal to 1/12 of 1.0% (1.0% per year) of month-end net assets allocated to Opus. Effective February 1, 2019, JSCL receives a monthly management fee of 1.35% per year of month-end net assets allocated to JSCL. To the extent that the month-end net assets allocated to JSCL are less than $80 million, JSCL will receive a monthly management fee equal to 1.5% per year of month-end net assets allocated to JSCL. From July 1, 2021 until its termination on December 31, 2024, Breakout received a monthly management fee equal to 1% per year of month-end net assets allocated to Breakout. From April 1, 2019 until its termination December 31, 2024, Northlander received a monthly management fee equal to 1.25% per year of month-end net assets allocated to Northlander. Month-end net assets, for the purpose of calculating management fees, are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month's incentive fee accruals, the monthly management fees, the General Partner fee and any redemptions or distributions as of the end of such month.

Transtrend Master pays Transtrend a monthly management fee of 0.85% per year on the aggregate net assets of Transtrend Master as of the first day of each month. Effective October 1, 2023, the management fee paid by Transtrend Master is included in the Management fees presented on the consolidated statements of income and expenses.

The Partnership is obligated to pay Quantica and Drakewood an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in each Management Agreement, earned by Quantica and Drakewood, respectively, for the Partnership during each calendar year. The Partnership is obligated to pay Opus an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in its Management Agreement, earned by Opus for the Partnership during each calendar year. The Partnership is obligated to pay JSCL an incentive fee, payable quarterly, equal to 22.5% of the New Trading Profits, as defined in its Management Agreement, earned by JSCL for the Partnership during each calendar quarter. To the extent that the month-end net assets allocated to JSCL are less than $80 million, the Partnership will be obligated to pay JSCL an incentive fee, payable quarterly, equal to 20% of the New Trading Profits, as defined in the Management Agreement, earned by JSCL for the Partnership during each calendar quarter. Prior to their termination effective December 31, 2024, Breakout was eligible to receive an incentive fee, payable quarterly, equal to 20% of the New Trading Profits, as defined in the Management Agreement, earned by Breakout, for the Partnership during each calendar quarter. Prior to its termination effective December 31, 2024, Northlander was eligible to receive an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in its Management Agreement, earned by Northlander for the Partnership. Effective January 1, 2021, Transtrend is eligible to receive an incentive fee equal to 16% of the New Trading Profits, as defined in its Management Agreement, earned by Transtrend Master and payable at the end of each calendar half year. Only the incentive fees paid by Transtrend Master for New Trading Profits, as defined in its Management Agreement, earned for the Partnership are allocated to the Partnership. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership.

Each Management Agreement may be terminated upon notice by either party.

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 to the Advisors and may allocate the assets to additional advisors at any time.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
c. Customer Agreement:

The Partnership has entered into a futures brokerage account agreement with MS&Co. (the "Partnership Customer Agreement"). Under the Partnership Customer Agreement and the foreign exchange brokerage account agreement (described in Note 1, "Organization"), the Partnership pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of trading fees for the clearing and, where applicable, the execution of transactions, as well as its allocable share of exchange, user, give-up and National Futures Association ("NFA") fees (collectively, "clearing fees") directly and indirectly through its investment in the Funds. Clearing fees are allocated to the Partnership based on its proportionate ownership interest of each Fund. The Partnership's assets available for trading in commodity interests not held in the Funds' brokerage accounts at MS&Co. and JPMorgan are deposited in the Partnership's brokerage account at MS&Co. The Partnership's cash deposited with MS&Co. is held in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. 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 and JPMorgan. At December 31, 2025 and 2024, the amount of cash held by the Partnership for margin requirements was $38,337,706 and $45,609,297, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. MS&Co. has agreed to pay the Partnership interest on 100% of the average daily equity maintained in cash in the Partnership's (or the Partnership's allocable portion of the Funds', except for Transtrend Master's) brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. has agreed to pay Transtrend Master interest on 100% of the average daily equity maintained in cash in Transtrend Master's brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. For purposes of these interest credits, daily funds do not include monies due to Transtrend Master on or with respect to futures, forward, or option contracts that have not been received. The Partnership Customer Agreement may generally be terminated upon notice by either party.

d. Selling Agreement:

The Partnership has entered into a selling agent agreement with Morgan Stanley Wealth Management (as amended, the "Selling Agreement"). Pursuant to the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee at a flat annual rate equal to 0.75% per year of the adjusted net assets of Class A Redeemable Units (computed monthly by multiplying the adjusted net assets of the Class A Redeemable Units by 0.75% and dividing the result thereof by 12). Class Z Redeemable Units are not subject to an ongoing selling agent fee. The Partnership may pay an ongoing selling agent fee to other properly licensed and/or registered selling agents who sell Class A Redeemable Units, and such additional selling agents may share all or a substantial portion of such fees with their properly registered or exempted financial advisors who have sold Class A Redeemable Units.

The ongoing selling agent fees for the years ended December 31, 2025, 2024 and 2023 for Class A were

$1,818,597, $2,324,995 and $2,750,424, respectively (which is inclusive of the Harbor selling agent fees as further described below). Class Z Redeemable Units are not subject to an ongoing selling agent fee.

e. Harbor Selling Agreement:

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, pursuant to

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
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, 2026, 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 a monthly ongoing selling agent fee at a flat annual rate equal to 0.75% per year of the adjusted net assets of certain holders of Class A Redeemable Units (computed monthly by multiplying the adjusted net assets of the Class A Redeemable Units by 0.75% and dividing the result thereof by 12).

The General Partner fee, management fees, incentive fees and professional fees of the Partnership are allocated proportionally to each Class based on the net asset value of the Class.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
4. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership's trading activities are shown in the Partnership's Consolidated Statements of Income and Expenses. The Partnership also invests certain of its assets through a "master/feeder" structure. The Partnership's pro-rata share of the results of the Funds' trading activities is shown in the Partnership's Consolidated Statements of Income and Expenses.

The foreign exchange brokerage account agreements and/or futures brokerage account agreements with MS&Co. or JPMorgan, as applicable, give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Consolidated Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in their respective Consolidated Statements of Financial Condition, as the criteria under ASC 210-20, "Balance Sheet - Offsetting," have been met.

All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the years ended December 31, 2025 and 2024, was 38,262 and 34,514, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the years ended December 31, 2025 and 2024, was 321 and 194, respectively. The monthly average notional value of currency forward contracts traded during the years ended December 31, 2025 and 2024, were $35,904,232 and $79,140,169, respectively. The monthly average number of option contracts traded directly by the Partnership during the years ended December 31, 2025 and 2024, was 3,880 and 2,123, respectively.

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

All clearing fees paid to MS&Co. for direct trading are borne by the Partnership. In addition, clearing fees are borne by the Funds and are allocated to the Funds' limited partners/members, including the Partnership.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
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 or similar arrangements as of December 31, 2025 and 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Gross Amounts<br>Offset in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Amounts<br>Presented in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Gross Amounts Not Offset in the<br>Consolidated Statements of<br>Financial Condition | Gross Amounts Not Offset in the<br>Consolidated Statements of<br>Financial Condition | |
| December 31, 2025 | Gross<br>Amounts<br>Recognized | Gross Amounts<br>Offset in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Amounts<br>Presented in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Financial<br>Instruments | Cash Collateral<br>Received/<br>Pledged\* | Net Amount |
| Assets |  |  |  |  |  |  |
| MS&Co. |  |  |  |  |  |  |
| Futures | $20195093 | $(15263153) | $4931940 | $- | $- | $4931940 |
| Forwards | 1619985 | (1160231) | 459754 |  |  | 459754 |
|  | 21815078 | (16423384) | 5391694 |  |  | 5391694 |
| JPMorgan |  |  |  |  |  |  |
| Forwards | 113563 | (52412) | 61151 |  |  | 61151 |
| Total assets | $21928641 | $(16475796) | $5452845 | $- | $- | $5452845 |
| Liabilities |  |  |  |  |  |  |
| MS&Co. |  |  |  |  |  |  |
| Futures | $(15263153) | $15263153 | $- | $- | $- | $- |
| Forwards | (1160231) | 1160231 |  |  |  |  |
|  | (16423384) | 16423384 |  |  |  |  |
| JPMorgan |  |  |  |  |  |  |
| Forwards | (52412) | 52412 |  |  |  |  |
| Total liabilities | $(16475796) | $16475796 | $- | $- | $- | $- |
| Net fair value |  |  |  |  |  | $5452845 \* |
|  |  | Gross Amounts<br>Offset in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Amounts<br>Presented in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Gross Amounts Not Offset in the<br>Consolidated Statements of<br>Financial Condition | Gross Amounts Not Offset in the<br>Consolidated Statements of<br>Financial Condition |  |
|  | Gross<br>Amounts<br>Recognized | Gross Amounts<br>Offset in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Amounts<br>Presented in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Financial<br>Instruments | Cash Collateral<br>Received/<br>Pledged\* | Net Amount |
|  | Gross<br>Amounts<br>Recognized | Gross Amounts<br>Offset in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Amounts<br>Presented in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Financial<br>Instruments | Cash Collateral<br>Received/<br>Pledged\* | Net Amount |
| December 31, 2024 | Gross<br>Amounts<br>Recognized | Gross Amounts<br>Offset in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Amounts<br>Presented in the<br>Consolidated<br>Statements of<br>Financial<br>Condition | Financial<br>Instruments | Cash Collateral<br>Received/<br>Pledged\* | Net Amount |
| Assets |  |  |  |  |  |  |
| MS&Co. |  |  |  |  |  |  |
| Futures | $22260086 | $(18983293) | $3276793 | $- | $- | $3276793 |
| Forwards | 494409 | (382035) | 112374 |  |  | 112374 |
|  | 22754495 | (19365328) | 3389167 |  |  | 3389167 |
| JPMorgan |  |  |  |  |  |  |
| Forwards | 301960 | (94327) | 207633 |  |  | 207633 |
| Total assets | $23056455 | $(19459655) | $3596800 | $- | $- | $3596800 |
| Liabilities |  |  |  |  |  |  |
| MS&Co. |  |  |  |  |  |  |
| Futures | $(18983293) | $18983293 | $- | $- | $- | $- |
| Forwards | (382035) | 382035 |  |  |  |  |
|  | (19365328) | 19365328 |  |  |  |  |
| JPMorgan |  |  |  |  |  |  |
| Forwards | (94327) | 94327 |  |  |  |  |
| Total liabilities | $(19459655) | $19459655 | $- | $- | $- | $- |
| Net fair value |  |  |  |  |  | $3596800 \* |

---

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

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
The following tables indicate the gross fair values of derivative instruments of futures, forwards and option contracts, as applicable, held directly by the Partnership as separate assets and liabilities as of December 31, 2025 and 2024, respectively.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025 |
| Assets |  |
| Futures Contracts |  |
| Currencies | $1154606 |
| Energy | 2677373 |
| Grains | 4128476 |
| Indices | 2203683 |
| Interest Rates U.S. | 385862 |
| Interest Rates Non-U.S. | 1183970 |
| Livestock | 1475269 |
| Metals | 4051231 |
| Softs | 2934623 |
| Total unrealized appreciation on open futures contracts | 20195093 |
| Liabilities |  |
| Futures Contracts |  |
| Currencies | (574188) |
| Energy | (2232758) |
| Grains | (3564015) |
| Indices | (697075) |
| Interest Rates U.S. | (494734) |
| Interest Rates Non-U.S. | (1865994) |
| Livestock | (403443) |
| Metals | (1232080) |
| Softs | (4198866) |
| Total unrealized depreciation on open futures contracts | (15263153) |
| Net unrealized appreciation on open futures contracts | $4931940 |
| Assets |  |
| Forward Contracts |  |
| Currencies | $113563 |
| Metals | 1619985 |
| Total unrealized appreciation on open forward contracts | 1733548 |
| Liabilities |  |
| Forward Contracts |  |
| Currencies | $(52431) |
| Metals | (1160212) |
| Total unrealized depreciation on open forward contracts | (1212643) |
| Net unrealized appreciation on open forward contracts | $520905 |
| Assets |  |
| Options Purchased |  |
| Grains | $2505799 |
| Livestock | 2386320 |
| Total options purchased | $4892119 |
| Liabilities |  |
| Options Written |  |
| Grains | $(867079) |
| Livestock | (987372) |
| Total options written | $(1854451) |

---

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

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

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

---

| | |
|:---|:---|
| \*\*\*\* | This amount is in "Options written, at fair value" in the Consolidated Statements of Financial Condition.  |

---

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024 |
| Assets |  |
| Futures Contracts |  |
| Currencies | $5256659 |
| Energy | 3307704 |
| Grains | 1944120 |
| Indices | 669398 |
| Interest Rates U.S. | 1876697 |
| Interest Rates Non-U.S. | 1395025 |
| Livestock | 1102352 |
| Metals | 1454502 |
| Softs | 5253629 |
| Total unrealized appreciation on open futures contracts | 22260086 |
| Liabilities |  |
| Futures Contracts |  |
| Currencies | (1607607) |
| Energy | (3599896) |
| Grains | (3029646) |
| Indices | (2853205) |
| Interest Rates U.S. | (123847) |
| Interest Rates Non-U.S. | (2661527) |
| Livestock | (325047) |
| Metals | (1624491) |
| Softs | (3158027) |
| Total unrealized depreciation on open futures contracts | (18983293) |
| Net unrealized appreciation on open futures contracts | $3276793 |
| Assets |  |
| Forward Contracts |  |
| Currencies | $301960 |
| Metals | 494409 |
| Total unrealized appreciation on open forward contracts | 796369 |
| Liabilities |  |
| Forward Contracts |  |
| Currencies | $(96955) |
| Metals | (379407) |
| Total unrealized depreciation on open forward contracts | (476362) |
| Net unrealized appreciation on open forward contracts | $320007 |
| Assets |  |
| Options Purchased |  |
| Grains | $3324750 |
| Livestock | 580320 |
| Total options purchased | $3905070 |
| Liabilities |  |
| Options Written |  |
| Grains | $(1878600) |
| Livestock | (126480) |
| Total options written | $(2005080) |

---

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

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

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

---

| | |
|:---|:---|
| \*\*\*\* | This amount is in "Options written, at fair value" in the Consolidated Statements of Financial Condition.  |

---

------

#### Ceres Orion L.P.

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

---

| | | | |
|:---|:---|:---|:---|
| **Sector** | **2025** | **2024** | **2023** |
| Currencies | $(5524716) | $(2477366) | $(1703015) |
| Energy | (7826534) | (6716752) | (6253421) |
| Grains | (4211262) | (2054555) | (7382175) |
| Indices | 6136384 | 4106135 | 2434250 |
| Interest Rates U.S. | (1422585) | 1315119 | (11544347) |
| Interest Rates Non-U.S. | (2890306) | (10575833) | (5456020) |
| Livestock | 6062893 | (1624004) | 46128 |
| Metals | 20267063 | 1316608 | (8115637) |
| Softs | (1401147) | 17280692 | 5925073 |
| Total | $9189790 | $570044 | $(32049164) |

---

---

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

---

5. Fair Value Measurements:

Partnership's and the Funds' 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 non-exchange traded 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 and the Funds consider prices for exchange traded 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 futures, 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 and for the years ended December 31, 2025 and 2024, the Partnership and the Funds 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 Orion L.P.

#### Notes to Consolidated Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
| Assets |  |  |  |  |
| Futures | $20195093 | $18951018 | $1244075 | $- |
| Forwards | 1733548 |  | 1733548 |  |
| Options purchased | 4892119 | 4892119 |  |  |
| Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26820760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23843137 | $2977623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Liabilities |  |  |  |  |
| Futures | $15263153 | $15080068 | $183085 | $- |
| Forwards | 1212643 |  | 1212643 |  |
| Options written | 1854451 | 1854451 |  |  |
| Total liabilities | $18330247 | $16934519 | $1395728 | $- |
| December 31, 2024 | Total | Level 1 | Level 2 | Level 3 |
| Assets |  |  |  |  |
| Futures | $22260086 | $21975821 | $284265 | $- |
| Forwards | 796369 |  | 796369 |  |
| Options purchased | 3905070 | 3905070 |  |  |
| Total assets | $26961525 | $25880891 | $1080634 | $- |
| Liabilities |  |  |  |  |
| Futures | $18983293 | $18347493 | $635800 | $- |
| Forwards | 476362 |  | 476362 |  |
| Options written | 2005080 | 2005080 |  |  |
| Total liabilities | $21464735 | $20352573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112162 | $- |

---

The Investment in the Funds measured using the net asset value practical expedient is not required to be included in the fair value hierarchy. Please refer to the Consolidated Condensed Schedules of Investments as of December 31, 2025 and 2024, respectively.

6. Investment in the Funds:

On June 1, 2011, the Partnership allocated a portion of its assets to Transtrend Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Transtrend Master permits accounts managed by Transtrend using the Diversified Trend Program-Enhanced Risk Profile (US Dollar), a proprietary, systematic trading system, to invest together in one trading vehicle. Transtrend generally trades its Enhanced Risk Profile (US Dollar) using 1.5 times the leverage employed by the Standard Risk Profile. The General Partner is also the Trading Manager of Transtrend Master. Individual and pooled accounts managed by Transtrend, including the Partnership, are permitted to be members of Transtrend Master. The Trading Manager and Transtrend believe that trading through the master/feeder structure promotes efficiency and economy in the trading process.

On April 1, 2019, the Partnership allocated a portion of its assets to NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permitted accounts managed by Northlander using Northlander's Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner was also the trading manager of NL Master. On December 31, 2024, the Partnership fully redeemed its investment from NL Master.

On May 1, 2022, the Partnership allocated a portion of its assets to Drakewood Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Drakewood Master permits accounts managed by Drakewood using the Drakewood Prospect Fund Strategy, a proprietary, discretionary trading system, to invest together in one trading vehicle. Drakewood trades at a level that is up to 2 times the amount of the Fund's assets allocated to it. The General Partner is also the Trading Manager of Drakewood Master. Individual and pooled accounts managed by Drakewood, including the Partnership, are permitted to be members of Drakewood Master. The Trading Manager and Drakewood believe that trading through the master/feeder structure promotes efficiency and economy in the trading process.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
The General Partner is not aware of any material changes to any of the trading programs discussed above or in Note 1, "Organization" during the year ended December 31, 2025.

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

Generally, a limited partner/member in the Funds withdraws all or part of its capital contributions and undistributed profits, if any, from the Funds as of the end of any month (the "Redemption Date") after a request has been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner/member elects to redeem and informs the Funds. However, a limited partner/member may request a withdrawal as of the end of any day if such request is received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day.

Management fees, ongoing selling agent fees, the General Partner fee and incentive fees are charged at the Partnership level, except for management and incentive fees payable to Transtrend, which are charged at the Transtrend Master level. Clearing fees are borne by the Funds and allocated to the Funds' limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership and are also charged directly at the Partnership level.

At December 31, 2025, the Partnership owned 100.0% of Transtrend Master and approximately 65.0% of Drakewood Master. At December 31, 2024, the Partnership owned 100.0% of Transtrend Master and approximately 58.7% of Drakewood Master. It is the Partnership's intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to limited partners as a result of investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.

Summarized information reflecting the total assets, liabilities and members' capital of the Funds is shown in the following tables:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Total Assets | Total Liabilities | Total Capital |
| Transtrend Master | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57083521 | $956093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56127428 |
| Drakewood Master | 40290634 | 6443067 | 33847567 |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Total Assets | Total Liabilities | Total Capital |
| Transtrend Master | $65390517 | $544210 | $64846307 |
| NL Master | 13129914 | 13129914 |  |
| Drakewood Master | 44926030 | 2584283 | 42341747 |

---

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables:

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment <br>Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Trading <br>Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income <br>(Loss) |
| Transtrend Master | $590025 | $(715820) | $(125795) |
| Drakewood Master | 498920 | 1909285 | 2408205 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment <br>Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Trading <br>Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income <br>(Loss) |
| Transtrend Master | $80522 | $6642699 | $6723221 |
| NL Master | 1232984 | (11180959) | (9947975) |
| Drakewood Master | 1252603 | (2668008) | (1415405) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment <br>Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Trading <br>Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income <br>(Loss) |
| Transtrend Master | $829087 | $3720405 | $4549492 |
| NL Master | 1756468 | (5536966) | (3780498) |
| Drakewood Master | 1310701 | (2850943) | (1540242) |

---

Summarized information reflecting the Partnership's investments in and the Partnership's pro-rata share of the results of operations of the Funds are shown in the following tables:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | For the twelve months ended December 31, 2025 | For the twelve months ended December 31, 2025 | For the twelve months ended December 31, 2025 | For the twelve months ended December 31, 2025 | For the twelve months ended December 31, 2025 | | |
|  | % of | | | Expenses | Expenses | Expenses | Expenses | Net | | |
| Funds | Partners'<br>Capital | Fair Value | Income (Loss) | Clearing<br>Fees | Professional Fees | Management<br>Fees | Incentive Fee | Income<br>(Loss) | Investment<br>Objective | Redemptions<br>Permitted |
| Transtrend Master | 24.22% | $56127428 | $880588 | $440430 | $76238 | $489715 | $- | $(125795) | Commodity Portfolio | Monthly |
| Drakewood Master | 9.49% | 21999584 | 1801436 | 308319 | 47265 |  |  | 1445852 | Commodity Portfolio | Monthly |
| Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78127012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489715 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320057 |  |  |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | For the twelve months ended December 31, 2024 | For the twelve months ended December 31, 2024 | For the twelve months ended December 31, 2024 | For the twelve months ended December 31, 2024 | For the twelve months ended December 31, 2024 |  |  |
|  | % of |  |  | Expenses | Expenses | Expenses | Expenses | Net |  |  |
|  | Partners' |  | Income | Clearing | Professional Fees | Management | Incentive | Income | Investment | Redemptions |
| Funds | Capital | Fair Value | (Loss) | Fees | Professional Fees | Fees | Fee | (Loss) | Objective | Permitted |
| Transtrend Master | 23.47% | $64846307 | $9042616 | $632638 | $73249 | $600352 | $1013156 | $6723221 | Commodity Portfolio | Monthly |
| NL Master | -% |  | (6863005) | 76359 | 46347 |  |  | (6985711) | Commodity Portfolio | Monthly |
| Drakewood Master | 9.03% | 24935235 | (501159) | 229003 | 42268 |  |  | (772430) | Commodity Portfolio | Monthly |
| Total |  | $89781542 | $1678452 | $938000 | $161864 | $600352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013156 | $(1034920) |  |  |
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | For the twelve months ended December 31, 2023 | For the twelve months ended December 31, 2023 | For the twelve months ended December 31, 2023 | For the twelve months ended December 31, 2023 | For the twelve months ended December 31, 2023 |  |  |
|  | % of |  |  | Expenses | Expenses | Expenses | Expenses | Net |  |  |
|  | Partners' |  | Income | Clearing | Professional Fees | Management | Incentive | Income | Investment | Redemptions |
| Funds | Capital | Fair Value | (Loss) | Fees | Professional Fees | Fees | Fee | (Loss) | Objective | Permitted |
| Transtrend Master | 20.88% | $68745931 | $6124166 | $464221 | $71868 | $634717 | $403868 | $4549492 | Commodity Portfolio | Monthly |
| NL Master | 8.91% | 29341020 | (2623868) | 63633 | 46581 |  |  | (2734082) | Commodity Portfolio | Monthly |
| Drakewood Master | 9.07% | 29847552 | (681310) | 214515 | 43878 |  |  | (939703) | Commodity Portfolio | Monthly |
| Total |  | $127934503 | $2818988 | $742369 | $162327 | $634717 | $403868 | $875707 |  |  |

---

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
7. Subscriptions, Distributions and Redemptions:

Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscriptions are processed. Distributions are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date. The General Partner does not intend to make any distributions of the Partnership's profits. A limited partner may require the Partnership to redeem its Redeemable Units at their net asset value as of the end of each month on three business days' notice to the General Partner. There is no fee charged to limited partners in connection with redemptions.

8. Financial Highlights:

Financial highlights for the limited partner Classes as a whole for the years ended December 31 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |
| Per Redeemable Unit Performance (for a unit outstanding throughout the year):\* |  |  |  |  |  |  |
| Net realized and unrealized gains (losses) | $161.69 | $68.95 | $(111.21) | $(47.32) | $(275.30) | $(114.99) |
| Net investment income (loss) | (25.39) | (0.67) | 1.70 | 11.68 | 3.49 | 12.49 |
| Increase (decrease) for the year | 136.30 | 68.28 | (109.51) | (35.64) | (271.81) | (102.50) |
| Net asset value per Redeemable Unit, beginning of year | 3236.88 | 1366.17 | 3346.39 | 1401.81 | 3618.20 | 1504.31 |
| Net asset value per Redeemable Unit, end of year | $3373.18 | $1434.45 | $3236.88 | $1366.17 | $3346.39 | $1401.81 |
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z |
| Ratios to Average Limited Partners' Capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)\*\* | (0.8) | 0.0 | 0.0 | 0.8% | 0.1% | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expense | 4.0 | 3.2 | 3.7 | 3.0% | 3.7% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | 0.0 | 0.0 | 0.4 | 0.4% | 0.2% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4.0 | 3.2 | 4.1 | 3.4% | 3.9% | 3.1% |
| Total return: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return before incentive fees | 4.2 | 5.0 | (2.9) | (2.2) % | (7.4) % | (6.7) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | (0.0) | (0.0) | (0.4) | (0.3) % | (0.1) % | (0.1) % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return after incentive fees | 4.2 | 5.0 | (3.3) | (2.5) % | (7.5) % | (6.8) % |

---

\* 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. 

\*\* 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 consolidated income, expenses and average partners' capital of the Partnership and include the income and expenses allocated from the Funds. Financial highlights for the years ended December 31, 2025, 2024 and 2023 were based on consolidated income and expenses. The ratios do not reflect the Partnership's proportionate share of income and expenses of the Funds.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
9. Financial Instrument Risks:

In the normal course of business, the Partnership and the Funds are parties 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.

Futures Contracts. The Partnership and the Funds trade 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 and the Funds 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 and the Funds. When the contract is closed, the Partnership and the Funds record 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/Funds' Consolidated Statements of Income and Expenses.

Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership and the Funds agree 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 and the Funds' 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/Funds' Consolidated 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/Funds' Consolidated 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 or other metals. LME contracts traded by the Partnership and the Funds are cash-settled based on prompt dates published by the LME. Variation margin payments may be made or received by the Partnership and the Funds 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 and the Funds. 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 and the Funds record 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/Funds' Consolidated Statements of Income and Expenses.

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#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
Options. The Partnership and the Funds may purchase and write (sell) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership/Funds write an option, the premium received is recorded as a liability in the Partnership's/Funds' Consolidated Statements of Financial Condition and marked-to-market daily. When the Partnership/Funds purchase an option, the premium paid is recorded as an asset in the Partnership's/Funds' Consolidated Statements of Financial Condition and marked-to-market daily. Net realized gains (losses) and net change in unrealized gains (losses) on option contracts are included in the Partnership's/Funds' Consolidated Statements of Income and Expenses.

As both a buyer and seller of options, the Partnership/Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Funds to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Funds do not consider these contracts to be guarantees.

Futures-Style Options. The Partnership/Funds may trade futures-style option contracts. Unlike traditional option contracts, the premiums for futures-style option contracts are not received or paid upon the onset of the trade. The premiums are recognized and received or paid as part of the sales price when the contract is closed. Similar to a futures contract, variation margin for the futures-style option contract may be made or received by the Partnership/Funds 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/Funds. Transactions in futures-style option 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. Futures-style option contracts are presented as part of "Net unrealized appreciation on open futures contracts" or "Net unrealized depreciation on open futures contracts," as applicable, in the Partnership's/Funds' Consolidated Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on futures-style option contracts are included in the Partnership's/Funds' Consolidated Statements of Income and Expenses.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds 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 and the Funds are 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. The Partnership's/Funds' risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Partnership's/Funds' Consolidated Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership's/Funds' risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Partnership's and the Funds' assets. For certain OTC contracts traded by certain Funds, JPMorgan is the counterparty with respect to those 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/Funds' counterparty is an exchange or clearing organization.

------

#### Ceres Orion L.P.

#### Notes to Consolidated Financial Statements
The General Partner/Trading Manager monitors and attempts to mitigate the Partnership's/Funds' risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner/Trading Manager 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/Funds' 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/Funds enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership's/Funds' maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership/Funds. The General Partner/Trading Manager considers the risk of any future obligation relating to these indemnifications to be remote.

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/Funds' 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/Funds and the performance of its investments or operations, and the ability of the Partnership/Funds 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.

Changes in trade policies, including the imposition of tariffs or other trade restrictions, may adversely affect the trading strategies of certain of the Partnership's advisors, and the Partnership. The current tariff environment remains uncertain and highly volatile, and it is difficult to predict the direction or scope of future tariff policies in the short term. The current U.S. administration has proposed and recently begun to implement global broad-based tariffs on imports from key trading partners to the U.S., including, but not limited to, Canada, China, the European Union and Mexico. While the current U.S. administration has agreed to pause the implementation of certain tariffs proposed under its existing policies, the continued implementation of certain other tariffs (and the threat that additional tariffs may be imposed in the future) can be expected to lead to increased costs, supply chain disruptions, and heightened market volatility. Retaliatory trade measures by governments have been proposed and, in certain instances, implemented, which can be expected to create further economic uncertainty.

**10.** **Subsequent Events:** 

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

------

Selected unaudited quarterly financial data for the years ended December 31, 2025 and 2024 are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the period from<br>October 1, 2025 to<br>December 31, 2025 | For the period from<br>July 1, 2025 to<br>September 30, 2025 | For the period from<br>April 1, 2025 to<br>June 30, 2025 | For the period from<br>January 1, 2025 to<br>March 31, 2025 |
| Total investment income | $1836219 | $1933583 | $1930017 | $2201570 |
| Total expenses | (2423816) | (2483602) | (2404389) | (2519168) |
| Total trading results | 4007776 | 24959730 | (14885007) | (3756100) |
| Net income (loss) | $3420179 | $24409711 | $(15359379) | $(4073698) |
| Increase (decrease) in Net Asset Value per Redeemable Unit of Class A | $47.24 | $326.50 | $(188.92) | $(48.52) |
| Increase (decrease) in Net Asset Value per Redeemable Unit of Class Z | $22.75 | $140.97 | $(77.50) | $(17.94) |
|  | For the period from<br>October 1, 2024 to<br>December 31, 2024 | For the period from<br>July 1, 2024 to<br>September 30, 2024 | For the period from<br>April 1, 2024 to<br>June 30, 2024 | For the period from<br>January 1, 2024 to<br>March 31, 2024 |
| Total investment income | $2611924 | $3188407 | $3585476 | $3597529 |
| Total expenses | (2712467) | (2859691) | (2339120) | (4857317) |
| Total trading results | (3011196) | (22854942) | (16925339) | 33999458 |
| Net income (loss) | $(3111739) | $(22526226) | $(15678983) | $32739670 |
| Increase (decrease) in Net Asset Value per Redeemable Unit of Class A | $(34.37) | $(246.40) | $(167.91) | $339.17 |
| Increase (decrease) in Net Asset Value per Redeemable Unit of Class Z | $(11.91) | $(101.02) | $(67.69) | $144.98 |

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#### Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure .
Not applicable.

#### Item 9A. 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 December 31, 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 consolidated 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 consolidated 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 consolidated financial statements.

The report included in "Item 8. <u>Consolidated Financial Statements and Supplementary Data</u>." includes the General Partner's report on internal control over financial reporting ("Management's Report").

There were no changes in the Partnership's internal control over financial reporting during the fiscal quarter ended December 31, 2025 that materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.

#### Item 9B. Other Information .
10b5-1 Trading Plans

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 December 31, 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 December 31, 2025 by the directors and officers of the General Partner.

Item 9C. <u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>. Not applicable.

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#### PART III

#### Item 10. Directors, Executive Officers and Corporate Governance .
The Partnership has no directors or executive officers and its affairs are managed by its General Partner. Investment decisions are made by the Advisors.

The directors and executive officers of the General Partner are Patrick T. Egan (President and Chairman of the Board of Directors of the General Partner), Brooke Lambert (Chief Financial Officer), Victoria Eckstein (Director) and Tatiana Segal (Director). Each director holds office until the earlier of his or her death, resignation or removal. Vacancies on the board of directors may be filled by either (i) the majority vote of the remaining directors or (ii) MSCM, as the sole member of the General Partner. The officers of the General Partner are designated by the General Partner's board of directors. Each officer will hold office until his or her successor is designated and qualified or until his or her death, resignation or removal.

Directors of the General Partner are responsible for overall corporate governance of the General Partner and meet periodically to consider strategic decisions regarding the General Partner's activities. Under CFTC rules, each Director of the General Partner is deemed to be a principal of the General Partner and, as a result, is listed as such with the NFA. Patrick T. Egan serves on the General Partner's Investment Committee and is the trading principals responsible for allocation decisions (or responsible for supervising those who are).

Patrick T. Egan, age 56, has been a Director of the General Partner since December 1, 2010. Since December 2010, Mr. Egan has been a principal and registered as an associated person of the General Partner, and is an associate member of the NFA. Since October 2014, Mr. Egan has served as President and Chairman of the Board of Directors of the General Partner. Since August 8, 2013, Mr. Egan has been registered as a swap associated person of the General Partner. In addition, from May 2021 to February 2022, Mr. Egan was a branch manager, principal and registered as an associated person of Morgan Stanley Investment Management Inc. ("MSIM"), and was an associate member of the NFA. From September 2013 to May 2014, Mr. Egan served as a Vice President of Morgan Stanley Strategies LLC, formerly known as Morgan Stanley GWM Feeder Strategies LLC, which acts as a general partner to multiple alternative investment entities, and Morgan Stanley AI GP LLC, formerly known as Morgan Stanley HedgePremier GP LLC, which acts as a general partner and administrative agent to numerous hedge fund feeder funds. From September 2013 to May 2014, Mr. Egan was registered as an associated person and listed as a principal of each such entity. Since January 2013, each such entity has been registered as a commodity pool operator with the CFTC. Mr. Egan was responsible for overseeing the implementation of certain CFTC and NFA regulatory requirements applicable to such entities. From June 2009 to December 2014, Mr. Egan was employed by Morgan Stanley Smith Barney LLC, a financial services firm, where his responsibilities included serving as Executive Director and as Co-Chief Investment Officer for Morgan Stanley Managed Futures from June 2009 through June 2011 and as Chief Risk Officer for Morgan Stanley Managed Futures from June 2011 through October 2014. Since October 2014, Mr. Egan has been the Head of Managed Futures for Morgan Stanley, and responsible for the day-to-day operations and management of the General Partner. Since January 2015, Mr. Egan has been employed by the General Partner. From November 2010 to October 2014, Mr. Egan was registered as an associated person of Morgan Stanley Smith Barney LLC. From April 2007 through June 2009, Mr. Egan was employed by MS & Co., a financial services firm, where his responsibilities included serving as Head of Due Diligence and Manager Research for Morgan Stanley's Managed Futures Department. From April 2007 through June 2009, Mr. Egan was registered as an associated person of MS & Co. From March 1993 through April 2007, Mr. Egan was employed by Morgan Stanley DW Inc., a financial services firm, where his initial responsibilities included serving as an analyst and manager within the Managed Futures Department (with primary responsibilities for product development, due diligence, investment analysis and risk management of the firm's commodity pools) and later included serving as Head of Due Diligence and Manager Research for Morgan Stanley's Managed Futures Department. From February 1998 through April 2007, Mr. Egan was registered as an associated person of Morgan Stanley DW Inc. From August 1991 through March 1993, Mr. Egan was employed by Dean Witter Intercapital, the asset management arm of Dean Witter Reynolds, Inc., where his responsibilities included serving as a mutual fund administration associate. Mr. Egan also served as a Director from November 2004 through October 2006, and from November 2006 through October 2008 of the Managed Funds Association's Board of Directors, a position he was elected to by industry peers for two consecutive two-year terms. Mr. Egan earned his Bachelor of Business Administration degree with a concentration in Finance in May 1991 from the University of Notre Dame.

Brooke Lambert, age 42, has been the Chief Financial Officer, Treasurer and a principal of the General Partner since May 16, 2022. Ms. Lambert has been employed by MSIM, a financial services firm, since July 2014, where her responsibilities include serving as a Vice President and managing the accounting, financial reporting and regulatory reporting of the commodity pools operated by the General Partner. From July 2009 to July 2014, Ms. Lambert was employed by Morgan Stanley Smith Barney LLC, a financial services firm, where her responsibilities included serving as a Vice President responsible for the accounting, financial reporting and regulatory reporting of the commodity pools operated by the General Partner. Before joining Morgan Stanley, Ms. Lambert was employed by Citigroup Alternative Investments, a financial services firm, from January 2006 through July 2009, where her responsibilities included serving as an Assistant Vice President responsible for the accounting, financial reporting and regulatory reporting of Citigroup Alternative Investments' managed futures funds. Ms. Lambert earned her Bachelor of Science in Finance in May 2005 from Towson University.

Victoria Eckstein, age 44, has been a Director of the General Partner since June 30, 2022, and a principal of the General Partner since July 14, 2022. Since November 2022, Ms. Eckstein has served as Chief Operating Officer of Calvert ("Calvert") Research and

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Management, an investment management company focused on responsible investments. Calvert is a wholly-owned subsidiary of Morgan Stanley and affiliate of the General Partner. Since December 2020, Ms. Eckstein has served as a Managing Director of MSIM, and from December 2020 to November 2022 served as Chief Operating Officer of the Solutions & Multi-Asset Group at MSIM, a collection of business units offering alpha-centric, multi-asset or multi-manager investment solutions. From December 2016 to December 2020, Ms. Eckstein served as an Executive Director of MSIM and from April 2010 to December 2016, Ms. Eckstein served as a Vice President of MSIM. From April 2010 to December 2020, Ms. Eckstein primarily managed the day-to-day non-investment functions of the Portfolio Solutions Group, a business unit offering multi-asset, multi-manager managed portfolios. From January 2007 to April 2010, Ms. Eckstein was employed by Morgan Stanley Smith Barney LLC, a financial services firm, where her responsibilities included trade execution, portfolio analysis, external manager selection and research coverage. Ms. Eckstein received her Juris Doctorate from the Benjamin N. Cardozo School of Law in 2006 and her Bachelor of Arts, magna cum laude, from Brandeis University in 2003.

Tatiana Segal, age 57, has been a Director of the General Partner since June 30, 2022, and a principal of the General Partner since July 1, 2022. She has also been a principal of MSIM since October 31, 2019. Ms. Segal joined MSIM as a Managing Director and Head of Risk Management in August 2019. She is responsible for risk management across MSIM business units and risk categories, including investment, operational, and franchise risk, and is a member of the Investment Management Operating Committee and a chair of the Investment Management Risk Committee. Ms. Segal is also a member of Morgan Stanley's firmwide Risk Committee. In June 2022, in addition to her original role, Ms. Segal was appointed as Global Head of Non-Financial Risk for Investment Management to manage existing and emergent non-financial risks across the division. She has since been appointed a member of Morgan Stanley's NFR Steering Committee and Enterprise Controls Committee. From August 2011 to August 2019, Ms. Segal was a partner and Head of Risk Management at SkyBridge Capital Management, a global alternative investments firm, where she was also a member of the Manager Selection, Portfolio Allocation and Real Estate Investment Committees. Prior to joining SkyBridge in August 2011, she was a Managing Director and Chief Risk Officer at Cerberus Capital Management, LLC from January 2009 through July 2011. Before joining Cerberus, Ms. Segal was Managing Director and Chief Risk Officer for Diamond Lake Investment Group from February 2008 through September 2008. From May 2006 through January 2008, Ms. Segal was a Senior Risk Manager at Citigroup Alternative Investments, where she was responsible for independent risk oversight of a multi-billion hedge fund and fund of funds portfolio. From October 2000 through April 2006, Ms. Segal was a Director of Market Risk at Nomura Securities, Inc. Prior to joining Nomura Securities, she was Risk Manager at BNP Paribas from January 1999 through October 2000 and a Risk Manager at Goldman, Sachs & Co., Ltd. from October 1995 through January 1999. Ms. Segal started her career at BlackRock Financial Management, Inc. from January 1993 through September 1995, as a portfolio analyst within BlackRock's Institutional Accounts Division. Ms. Segal graduated from Columbia University in January 1993 with a Bachelor's Degree in Economics. Ms. Segal is a Co-Chair of Risk Peer Advisory Group NY for 100 Women in Finance, as well as a contributing member of the council of The Directors and Chief Risk Officers. She serves as a board member of the Tenement Museum. Ms. Segal also became a listed principal of Parametric Portfolio Associates LLC, a Morgan Stanley affiliated asset manager and registered commodity pool operator and commodity trading adviser, on June 3, 2025, where she is responsible for risk management across the firm's suite of portfolio solutions offered directly to institutional investors and indirectly to retail investors through financial intermediaries.

The Partnership has not adopted a code of ethics that applies to officers because it has no officers. In addition, the Partnership has not adopted any procedures by which investors may recommend nominees to the Partnership's board of directors and has not established an audit committee because it has no board of directors.

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. The General Partner is a wholly-owned subsidiary of Morgan Stanley Capital Management LLC ("MSCM"). MSCM is ultimately owned by Morgan Stanley. Morgan Stanley has adopted insider trading policies and procedures applicable to its investment affiliates, including the General Partner, that it believes are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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#### Item 11. Executive Compensation .
The Partnership has no directors or executive officers. As a limited partnership, the business of the Partnership is managed by the General Partner, which is responsible for administration of the business affairs of the Partnership. The Partnership pays the General Partner a monthly General Partner fee equal to an annual rate of 0.75% (paid monthly) of the Partnership's month-end net assets.

#### Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters .
&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Security ownership of certain beneficial owners</u>. As of February 28, 2026, the Partnership knows of no person who beneficially owns more than five percent (5%) of the Redeemable Units outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Security ownership of management</u>. Under the terms of the Limited Partnership Agreement, the Partnership's affairs are managed by the General Partner.

The following table indicates securities owned by management as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Title of Class** | (2) Name of<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial Owner**  | (3) Amount and Nature<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Beneficial Ownership**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Percent of** <br> **Class** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z Redeemable Units** | General Partner | 1758.2473 | 48.3% |

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&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Changes in control</u>. None.

#### Item 13. Certain Relationships and Related Transactions, and Director Independence .
&nbsp;&nbsp;&nbsp;&nbsp;(a) *Transactions with related persons.* None.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Review, approval or ratification of transactions with related persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Promoters and certain control persons*. MS&Co., Morgan Stanley Wealth Management and the General Partner could be considered promoters for purposes of Item 404(c) of Regulation S-K. The nature and the amounts of compensation each promoter received or will receive, if any, from the Partnership are set forth under "Item 1. <u>Business</u>.", "Item 8. <u>Consolidated Financial Statements and</u> <u>Supplementary Data</u>." and "Item 11. <u>Executive Compensation</u>."

#### Item 14. Principal Accountant Fees and Services .
&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years for professional services rendered by Ernst & Young LLP ("EY") for the years ended December 31, 2025 and 2024 for the audit of the Partnership's annual consolidated financial statements, review of consolidated financial statements included in the Partnership's Forms 10-Q and 10-K and other services normally provided in connection with regulatory filings or engagements were:

2025 $191,903

2024 $220,559

&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Audit-Related Fees</u>. None.

&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Tax Fees</u>. The Partnership did not pay EY any amounts in 2025 and 2024 for professional services in connection with tax compliance, tax advice, and tax planning.

&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>All Other Fees</u>. None.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Not Applicable.

------

#### PART IV

#### Item 15. Exhibits and Financial Statement Schedules .
(1) Consolidated Financial Statements:

Consolidated Statements of Financial Condition at December 31, 2025 and 2024.

Consolidated Condensed Schedules of Investments at December 31, 2025 and 2024.

Consolidated Statements of Income and Expenses for the years ended December 31, 2025, 2024 and 2023.

Consolidated Statements of Changes in Partners' Capital for the years ended December 31, 2025, 2024 and 2023. Notes to Consolidated Financial Statements.

(2) Exhibits:

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| | |
|:---|:---|
| 3.1 | [Fifth Amended and Restated Limited Partnership Agreement, effective March 31, 2019 (filed as Exhibit 3.1 to the Annual Report on Form 10-K filed on March 30, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312520090355/d859149dex31.htm) |
| 3.2(a) | [Certificate of Limited Partnership of the Partnership as filed in the office of the Secretary of State of the State of New York (filed as Exhibit 3.(I) to the General Form for Registration of Securities on Form 10-12G filed on May 1, 2003 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000122726503000003/certificatelp.txt) |
| (b) | [1st Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated April 3, 2001 (filed as Exhibit 3.(I) to the General Form for Registration of Securities on Form 10-12G filed on May 1, 2003 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000122726503000003/aclp.txt) |
| (c) | [2nd Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated May 21, 2003 (filed as Exhibit 3.2(b) to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000095012309062852/y02405exv3w2wb.htm) |
| (d) | [3rd Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 21, 2005 (filed as Exhibit 3.2(c) to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000095012309062852/y02405exv3w2wc.htm) |
| (e) | [4th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated August 27, 2008 (filed as Exhibit 99.1 to the Current Report on Form 8-K filed on September 2, 2008 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914008001663/c4446363c.txt) |
| (f) | [5th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 19, 2008 (filed as Exhibit 3.2(e) to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000095012309062852/y02405exv3w2we.htm) |
| (g) | [6th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 28, 2009 (filed as Exhibit 99.1(a) to the Current Report on Form 8-K filed on September 30, 2009 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914009001592/c5152246c.htm) |
| (h) | [1st Certificate of Change to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated January 31, 2000 (filed as Exhibit 3.2(g) to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000095012309062852/y02405exv3w2wg.htm) |
| (i) | [7th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated June 29, 2010 (filed as Exhibit 3.1(h) to the Current Report on Form 8-K filed on July 2, 2010 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914010000565/o062910c.htm) |
| (j) | [8th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 2, 2011 (filed as Exhibit 3.1 to the Current Report on Form 8-K filed on September 7, 2011 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914011000462/a6896379c.htm) |
| (k) | [9th Certificate of Amendment to the Certificate of Limited Partnership dated August 7, 2013 (filed as Exhibit 3.2(j) to the Quarterly Report on Form 10-Q filed on August 14, 2013 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312513334714/d552306dex32j.htm) |
| (l) | [10th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated February 28, 2018 (filed as Exhibit 3.1 to the Current Report on Form 8-K filed on March 5, 2018 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914018000274/c24003376c.htm) |
| (m) | [11th Certificate of Amendment to the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated March 31, 2019 (filed as Exhibit 3.2(m) to the Annual Report on Form 10-K filed on March 30, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312520090355/d859149dex32m.htm) |

---

------

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| | |
|:---|:---|
| 4.1 | [Description of Securities (filed as Exhibit 4.1 to the Annual Report on Form 10-K filed on March 25, 2021 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312521093743/d887362dex41.htm) |
| 10.1 | [Amended and Restated Management Agreement among the Partnership, the General Partner and Winton Capital Management Limited (filed as Exhibit 10.2 to the Current Report on Form 8-K filed on July 9, 2014 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000122726514000002/orionex102.htm) |
| 10.2(a) | [Amended and Restated Advisory Agreement among Transtrend Master, the General Partner and Transtrend B.V. (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on December 22, 2015 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312515410567/d105291dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Amendment to the Amended and Restated Advisory Agreement among Transtrend Master, the General Partner and Transtrend B.V. (filed as Exhibit 10.2 to the Current Report on Form 8-K filed on February 28, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914017000306/020158847c.htm) |
| 10.3(a) | [Management Agreement among the Partnership, the General Partner and Willowbridge Advisors, Inc. (filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q filed on August 13, 2014 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312514308390/d754647dex103.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Amendment to the Management Agreement among the Partnership, the General Partner and Willowbridge Associates Inc. (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on March 5, 2018 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914018000312/c24248466c.htm) |
| 10.4(a) | [Management Agreement among the Partnership, the General Partner and Systematica Investments Limited (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on September 18, 2015 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914015000705/o15289488c.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Amendment to the Management Agreement among the Partnership, the General Partner and Systematica Investments Limited (filed as Exhibit 10.4 to the Current Report on Form 8-K filed on July 27, 2016 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914016001533/o17486256c.htm) |
| 10.5(a) | [Management Agreement among the Partnership, the General Partner and John Street Capital LLP (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on February 6, 2019 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914019000104/c27979275c.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Novation Agreement by and among the Partnership, the General Partner, John Street Capital LLP and John Street Capital Limited (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on December 18, 2019 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914019000640/c32490168c.htm) |
| 10.6 | [Management Agreement among the Partnership, the General Partner and FORT, L.P. (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on February 1, 2018 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914018000072/o23390540c.htm) |
| 10.7 | [Management Agreement among the Partnership, the General Partner and Northlander Commodity Advisors LLP (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on April 5, 2019 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914019000342/c29009521c.htm) |
| 10.8(a) | [Amended and Restated Commodity Futures Customer Agreement between the Partnership and MS&Co., effective March 1, 2014 (filed as Exhibit 10.7 to the Annual Report on Form 10-K filed on March 28, 2014 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312514121554/d657385dex107.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [U.S. Treasury Securities Purchase Authorization Agreement, between the Partnership and MS&Co., effective June 1, 2015 (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on November 4, 2015 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914015000810/o15623487c.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | [Supplement to the Amended and Restated Commodity Futures Customer Agreement among the Partnership, Winton Master, Transtrend Master, Willowbridge Master and MS&Co., dated July 25, 2017 (filed as Exhibit 10.5(c) to the Current Report on Form 8-K filed on July 28, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914017000531/o21669986c.htm) |
| 10.9(a) | [Amended and Restated Alternative Investment Selling Agent Agreement between the Partnership, the General Partner and Morgan Stanley Wealth Management, effective March 3, 2016 (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on March 8, 2016 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914016001273/o16437857c.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Amendment to the Amended and Restated Alternative Investment Selling Agent Agreement between the Partnership, the General Partner and Morgan Stanley Wealth Management, effective July 1, 2020 (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on July 8, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000114036120015662/c36203332c.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | [Amendment to the Amended and Restated Alternative Investment Selling Agent Agreement between the Partnership, the General Partner and Morgan Stanley Wealth Management, effective January 1, 2021 (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on January 7, 2021 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914021000028/a40084317c.htm) |
| 10.10 | [Form of Subscription Agreement (filed as Exhibit 10.6 to the Quarterly Report on Form 10-Q filed on November 14, 2012 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312512469900/d399910dex106.htm) |
| 10.11(a) | [Escrow Agreement among Ceres Managed Futures LLC, Morgan Stanley Smith Barney LLC and The Bank of New York (filed as Exhibit 10.8(a) to the Annual Report on Form 10-K filed on March 27, 2013 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312513129497/d450385dex108a.htm) |

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------

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| | |
|:---|:---|
| (b | [Amendment No. 5 to Escrow Agreement among Ceres Managed Futures LLC, Morgan Stanley Smith Barney LLC and The Bank of New York (filed as Exhibit 10.8(b) to the Annual Report on Form 10-K filed on March 27, 2013 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312513129497/d450385dex108b.htm) |
| 10.12 | [Amended and Restated Master Services Agreement, by and among the Partnership, the General Partner and SS&C Technologies, Inc. (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on August 6, 2015 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914015000626/o14373530c.htm) |
| 10.13 | [Management Agreement among the Partnership, the General Partner and Pan Capital Management LP (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on February 6, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914020000094/c33183806c.htm) |
| 10.14 | [Management Agreement among the Partnership, the General Partner and Greenwave Capital Management LLC (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on October 6, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914020000452/c37855160c.htm) |
| 10.15 | [Management Agreement among the Partnership, the General Partner and Quantica Capital AG (filed as Exhibit 10.2 to the Current Report on Form 8-K filed on October 6, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914020000452/c37855160d.htm) |
| 10.16 | [Management Agreement among the Partnership, the General Partner and Breakout Funds, LLC (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on July 7, 2021 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914021000559/c44093047c.htm) |
| 10.17 | [Management Agreement among the Partnership, the General Partner and Drakewood Capital Management Limited, LLC (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on May 1, 2022 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914022000509/c52826416c.htm) |
| 11.1 | [Foreign Exchange and Bullion Authorization Agreement between Winton Master and JPMorgan (filed as Exhibit 11.1 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex111.htm) |
| 11.2 | [International Swap Dealers Association, Inc. Master Agreement between Winton Master and JPMorgan (filed as Exhibit 11.2 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex112.htm) |
| 11.3 | [Schedule to International Swap Dealers Association, Inc. Master Agreement between Winton Master and JPMorgan (filed as Exhibit 11.3 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex113.htm) |
| 11.4 | [2016 Credit Support Annex for Variation Margin to the Schedule to the International Swap Dealers Association, Inc. Master Agreement between Winton Master and JPMorgan (filed as Exhibit 11.4 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex114.htm) |
| 11.5 | [Institutional Account Agreement between Winton Master and JPMorgan (filed as Exhibit 11.5 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex115.htm) |
| 11.6 | [Foreign Exchange and Bullion Authorization Agreement between Transtrend Master and JPMorgan (filed as Exhibit 11.6 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex116.htm) |
| 11.7 | [International Swap Dealers Association, Inc. Master Agreement between Transtrend Master and JPMorgan (filed as Exhibit 11.7 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex117.htm) |
| 11.8 | [Schedule to International Swap Dealers Association, Inc. Master Agreement between Transtrend Master and JPMorgan (filed as Exhibit 11.8 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex118.htm) |
| 11.9 | [2016 Credit Support Annex for Variation Margin to the Schedule to the International Swap Dealers Association, Inc. Master Agreement between Transtrend Master and JPMorgan (filed as Exhibit 11.9 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex119.htm) |
| 11.10 | [Institutional Account Agreement between Transtrend Master and JPMorgan (filed as Exhibit 11.10 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex1110.htm) |
| 11.11 | [Foreign Exchange and Bullion Authorization Agreement among Willowbridge Master, Willowbridge and JPMorgan (filed as Exhibit 11.11 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex1111.htm) |
| 11.12 | [International Swap Dealers Association, Inc. Master Agreement between Willowbridge Master and JPMorgan (filed as Exhibit 11.12 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex1112.htm) |
| 11.13 | [Schedule to International Swap Dealers Association, Inc. Master Agreement between Willowbridge Master and JPMorgan (filed as Exhibit 11.13 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex1113.htm) |
| 11.14 | [2016 Credit Support Annex for Variation Margin to the Schedule to the International Swap Dealers Association, Inc. Master Agreement between Willowbridge Master and JPMorgan (filed as Exhibit 11.14 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex1114.htm) |
| 11.15 | [Institutional Account Agreement between Willowbridge Master and JPMorgan (filed as Exhibit 11.15 to the Quarterly Report on Form 10-Q filed on August 10, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517254157/d214635dex1115.htm) |

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| | |
|:---|:---|
| 12.1 | [Escrow Agreement by and among the Partnership, the General Partner, UMB Fund Services, Inc. and UMB Bank, N.A. (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on August 23, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517265697/d426755dex101.htm) |
| 12.2 | [Transfer Agency Agreement by and among the Partnership, the General Partner and UMB Fund Services, Inc. (filed as Exhibit 10.2 to the Current Report on Form 8-K filed on August 23, 2017 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312517265697/d426755dex102.htm) |
| 12.3(a) | [Alternative Investment Selling Agent Agreement by and among the Partnership, the General Partner and Harbor Investment Advisory LLC (filed as Exhibit 10.1 to the Current Report on Form 8-K filed on January 25, 2018 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312518019544/d540229dex101.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Amendment to the Alternative Investment Selling Agent Agreement by and among the Partnership, the General Partner and Harbor Investment Advisory LLC (filed as Exhibit 10.2 to the Current Report on Form 8-K filed on July 8, 2020 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000114036120015662/c36203332d.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | [Amendment to the Alternative Investment Selling Agent Agreement by and among the Partnership, the General Partner and Harbor Investment Advisory LLC (filed as Exhibit 10.2 to the Current Report on Form 8-K filed on January 7, 2021 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000089914021000028/a40084317d.htm) |
| 19.1 | [Investment Management Insider Trading Policy (filed as Exhibit 19.1 to the Annual Report on Form 10-K filed on March 20, 2025 and incorporated herein by reference).](http://www.sec.gov/Archives/edgar/data/1227265/000119312525058477/d926495dex191.htm) |
| 99.1 | [Financial Statements of CMF TT II, LLC.](d782015dex991.htm) |
| 99.2 | [Financial Statements of CMF Drakewood Master Fund LLC.](d782015dex992.htm) |
|  The exhibits required to be filed by Item 601 of Regulations S-K are incorporated herein by reference. | The exhibits required to be filed by Item 601 of Regulations S-K are incorporated herein by reference. |
| 31.1 — [Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director) (filed herewith).](d782015dex311.htm) | 31.1 — [Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director) (filed herewith).](d782015dex311.htm) |
| 31.2 — [Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer) (filed herewith).](d782015dex312.htm) | 31.2 — [Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer) (filed herewith).](d782015dex312.htm) |
| 32.1 — [Section 1350 Certification (Certification of President and Director) (filed herewith).](d782015dex321.htm) | 32.1 — [Section 1350 Certification (Certification of President and Director) (filed herewith).](d782015dex321.htm) |
| 32.2 — [Section 1350 Certification (Certification of Chief Financial Officer) (filed herewith).](d782015dex322.htm) | 32.2 — [Section 1350 Certification (Certification of Chief Financial Officer) (filed herewith).](d782015dex322.htm) |
|  101.INS Inline XBRL Instance Document. | 101.INS Inline XBRL Instance Document. |
|  101.SCH Inline XBRL Taxonomy Extension Schema Document. | 101.SCH Inline XBRL Taxonomy Extension Schema Document. |
|  101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. | 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
|  101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. | 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document. |
|  101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. | 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
|  101.DEF Inline XBRL Taxonomy Extension Definition Document. | 101.DEF Inline XBRL Taxonomy Extension Definition Document. |
|  104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
|  **Item 16. <u>Form 10-K Summary</u>.** None. | **Item 16. <u>Form 10-K Summary</u>.** None. |

---

------

#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.

#### CERES ORION L.P.

---

| | |
|:---|:---|
| By: | Ceres Managed Futures LLC<br> (General Partner) |
| By: | /s/ Patrick T. Egan |
|  | Patrick T. Egan |
|  | President and Director |
|  | Date: March 20, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| /s/ Patrick T. Egan | /s/ Tatiana Segal |
| Patrick T. Egan | Tatiana Segal |
| President and Director | Director |
| Ceres Managed Futures LLC | Ceres Managed Futures LLC |
| Date: March 20, 2026 | Date: March 20, 2026 |
| /s/ Brooke Lambert | /s/ Victoria Eckstein |
| Brooke Lambert | Victoria Eckstein |
| Chief Financial Officer | Director |
| (Principal Accounting Officer) | Ceres Managed Futures LLC |
| Ceres Managed Futures LLC | Date: March 20, 2026 |
| Date: March 20, 2026 |  |

---

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Exchange Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Exchange Act.

Annual Report to limited partners

No proxy material has been sent to limited partners.

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION** 

I, Patrick T. Egan, certify that:

1. I have reviewed this Annual Report on Form 10-K of Ceres Orion 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;&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;&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;&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;&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;&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;&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: March 20, 2026 | /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 Annual Report on Form 10-K of Ceres Orion 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;&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;&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;&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;&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;&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;&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: March 20, 2026 | /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 Annual Report of Ceres Orion L.P. (the "Partnership") on Form 10-K for the year ended December 31, 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;&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;&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<br> President and Director |

---

Date: March 20, 2026

## 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 Annual Report of Ceres Orion L.P. (the "Partnership") on Form 10-K for the year ended December 31, 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;&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;&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 |

---

Date: March 20, 2026

## Exhibit 99.1

**Exhibit 99.1** 

**To the Non-Managing Members of** 

**CMF TT II, LLC** 

To the best of the knowledge and belief of the undersigned, the information contained herein is accurate and complete.

---

| | |
|:---|:---|
| ![LOGO](g782015g39g39.jpg)  | ![LOGO](g782015g39g39.jpg)  |
| By: | Patrick T. Egan |
|  | President and Director |
|  | Ceres Managed Futures LLC |
|  | Trading Manager, |
|  | CMF TT II, LLC |
|  **Ceres Managed Futures LLC** | **Ceres Managed Futures LLC** |
|  1585 Broadway | 1585 Broadway |
|  New York, NY 10036 | New York, NY 10036 |
| (855) 672-4468 | (855) 672-4468 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Members of CMF TT II, LLC,

**Opinion on the Financial Statements** 

We have audited the accompanying statements of financial condition of CMF TT II, LLC (the Trading Company), including the condensed schedules of investments, as of December 31, 2025 and 2024, the related statements of income and expenses and changes in members' capital for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trading Company at December 31, 2025 and 2024, and the results of its operations and changes in its members' capital for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trading Company's management. Our responsibility is to express an opinion on the Trading Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trading Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trading Company is not required to have, nor were we engaged to perform, an audit of the Trading Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trading Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters** 

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. We determined that there are no critical audit matters.

![LOGO](g782015g41g41.jpg)

We have served as the Trading Company's auditor since 2017.

Boston, Massachusetts

March 20, 2026

------

**CMF TT II, LLC** 

**Statements of Financial Condition** 

**December 31, 2025 and 2024** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity in trading accounts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrestricted cash (Note 2e) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39965012 | $40880844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash (Note 2e) | 12793273 | 20273901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (cost $470,983 and $0 at December 31, 2025 and December 31, 2024, respectively) | 476486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation on open futures contracts | 3273528 | 3804459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation on open forward contracts | 478793 | 302104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity in trading accounts <sup>(1)</sup> | 56987092 | 65261308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 96429 | 129209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $57083521 | $65390517 |
|  **Liabilities and Members' Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (proceeds $0 and $377,703 at December 31, 2025 and December 31, 2024, respectively) | $- | $374279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 39923 | 44801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48133 | 26392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions payable | 868037 | 98738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 956093 | 544210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Members' Capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing Member |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Managing Member | 56127428 | 64846307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Members' capital (net asset value) | 56127428 | 64846307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and Members' capital | $57083521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65390517 |

---

<sup>(1)</sup> As of December 31, 2025 and December 31, 2024, the amounts include $45,185,277 and $52,714,065, respectively, held in trading accounts with MS&Co. 

See accompanying notes to financial statements.

------

**CMF TT II, LLC** 

**Condensed Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional ($)/<br>Number of<br>Contracts** | **Fair Value** | **% of Members'<br>Capital** |
|  <u>Futures Contracts Purchased</u> |  |  |  |
|  Currencies | 591 | $300053 | 0.53% |
|  Energy | 76 | 264539 | 0.47 |
|  Grains | 81 | (297284) | (0.53) |
|  Indices | 342 | 84492 | 0.15 |
|  Interest Rates U.S. | 596 | (328385) | (0.59) |
|  Interest Rates Non-U.S. | 1423 | (50440) | (0.09) |
|  Livestock | 162 | 289332 | 0.52 |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SILVER FUTURE MAR 26 | 6 | 576948 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 522 | 1116145 | 1.99 |
|  Softs | 92 | 13016 | 0.03 |
|  Total futures contracts purchased |  | 1968416 | 3.51 |
|  <u>Futures Contracts Sold</u> |  |  |  |
|  Currencies | 2087 | 23690 | 0.04 |
|  Energy | 148 | 323914 | 0.58 |
|  Grains | 1253 | 619685 | 1.10 |
|  Indices | 116 | 6306 | 0.01 |
|  Interest Rates U.S. | 15 | 1542 | 0.00 \* |
|  Interest Rates Non-U.S. | 1593 | 204118 | 0.36 |
|  Metals | 6 | 154616 | 0.28 |
|  Softs | 386 | (28759) | (0.05) |
|  Total futures contracts sold |  | 1305112 | 2.32 |
|  Net unrealized appreciation on open futures contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273528 | 5.83% |
|  <u>Unrealized Appreciation on Open Forward Contracts</u> |  |  |  |
|  Currencies | $11089386 | $113563 | 0.20% |
|  Metals | 130 | 1054636 | 1.88 |
|  Total unrealized appreciation on open forward contracts |  | 1168199 | 2.08 |
|  <u>Unrealized Depreciation on Open Forward Contracts</u> |  |  |  |
|  Currencies | $11737358 | (52431) | (0.10) |
|  Metals | 148 | (636975) | (1.13) |
|  Total unrealized depreciation on open forward contracts |  | (689406) | (1.23) |
|  Net unrealized appreciation on open forward contracts |  | $478793 | 0.85% |

---

\* Due to rounding

See accompanying notes to financial statements.

------

**CMF TT II, LLC** 

**Condensed Schedule of Investments** 

**December 31, 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional ($)/<br>Number of<br>Contracts** | **Fair Value** | **% of Members'<br>Capital** |
|  <u>Futures Contracts Purchased</u> |  |  |  |
|  Currencies | 1833 | $(119881) | (0.18) % |
|  Energy | 135 | 159486 | 0.25 |
|  Grains | 901 | 311703 | 0.48 |
|  Indices | 871 | (646699) | (1.00) |
|  Interest Rates U.S. | 128 | 269 | 0.00 \* |
|  Interest Rates Non-U.S. | 3036 | (405628) | (0.63) |
|  Livestock | 419 | 490268 | 0.76 |
|  Metals | 121 | (25450) | (0.04) |
|  Softs | 164 | 2116545 | 3.26 |
|  Total futures contracts purchased |  | 1880613 | 2.90 |
|  <u>Futures Contracts Sold</u> |  |  |  |
|  Currencies | 2466 | 1810125 | 2.79 |
|  Energy | 133 | (143902) | (0.22) |
|  Grains | 1126 | (528960) | (0.82) |
|  Indices | 318 | 54939 | 0.08 |
|  Interest Rates U.S. | 291 | 187032 | 0.29 |
|  Interest Rates Non-U.S. | 1583 | 269148 | 0.42 |
|  Metals | 183 | 181264 | 0.28 |
|  Softs | 205 | 94200 | 0.15 |
|  Total futures contracts sold |  | 1923846 | 2.97 |
|  Net unrealized appreciation on open futures contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804459 | 5.87% |
|  <u>Unrealized Appreciation on Open Forward Contracts</u> |  |  |  |
|  Currencies | $25494524 | $301960 | 0.47% |
|  Metals | 119 | 372119 | 0.57 |
|  Total unrealized appreciation on open forward contracts |  | 674079 | 1.04 |
|  <u>Unrealized Depreciation on Open Forward Contracts</u> |  |  |  |
|  Currencies | $15207817 | (96955) | (0.15) |
|  Metals | 44 | (275020) | (0.42) |
|  Total unrealized depreciation on open forward contracts |  | (371975) | (0.57) |
|  Net unrealized appreciation on open forward contracts |  | $302104 | 0.47% |

---

\* Due to rounding

See accompanying notes to financial statements.

------

**CMF TT II, LLC** 

**Statements of Income and Expenses** 

**For the Years Ended December 31, 2025, 2024 and 2023** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1596408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399917 | $2403761 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage, clearing and transaction fees (Note 2i) | 440430 | 632638 | 464221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fees (Note 3b) |  | 1013156 | 403868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3a) | 489715 | 600352 | 634717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 76238 | 73249 | 71868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006383 | 2319395 | 1574674 |
|  Net investment income (loss) | 590025 | 80522 | 829087 |
|  **Trading Results:** |  |  |  |
|  Net gains (losses) on trading of commodity interests: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on closed contracts | (363657) | 3965214 | 3129012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gains (losses) on open contracts | (352163) | 2677485 | 591393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total trading results | (715820) | 6642699 | 3720405 |
|  Net income (loss) | $(125795) | $6723221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549492 |

---

See accompanying notes to financial statements.

------

**CMF TT II, LLC** 

**Statements of Changes in Members' Capital** 

**For the Years Ended December 31, 2025, 2024 and 2023** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Managing<br>Member** | **Non-Managing<br>Member** | **Total** |
|  Members' Capital, December 31, 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $71102465 | $71102465 |
|  Capital contributions - Non-Managing Member |  | 3352140 | 3352140 |
|  Capital withdrawals - Non-Managing Member |  | (10258166) | (10258166) |
|  Net income (loss) |  | 4549492 | 4549492 |
|  Members' Capital, December 31, 2023 |  | 68745931 | 68745931 |
|  Capital contributions - Non-Managing Member |  | 3049934 | 3049934 |
|  Capital withdrawals - Non-Managing Member |  | (13672779) | (13672779) |
|  Net income (loss) |  | 6723221 | 6723221 |
|  Members' Capital, December 31, 2024 |  | 64846307 | 64846307 |
|  Capital contributions - Non-Managing Member |  | 8609318 | 8609318 |
|  Capital withdrawals - Non-Managing Member |  | (17202402) | (17202402) |
|  Net income (loss) |  | (125795) | (125795) |
|  Members' Capital, December 31, 2025 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56127428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56127428 |

---

See accompanying notes to financial statements.

------

**CMF TT II, LLC** 

**Notes to Financial Statements – December 31, 2025** 

**1.** **Organization:** 

CMF TT II, LLC ("TT II, LLC" or the "Trading Company") was formed on March 26, 2007, as a Delaware limited liability company under the Delaware Limited Liability Company Act (the "Act"), to engage in the speculative trading of commodities, domestic and foreign futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto (collectively, "Futures Interests") (refer to Note 4, "Financial Instruments"). The Trading Manager (as defined below) may also determine to invest up to all of the Trading Company'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. The Trading Company commenced operations on August 1, 2007. No member is liable for obligations of the Trading Company in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any.

Ceres Managed Futures LLC ("Ceres", the "Managing Member" or the "Trading Manager") is the trading manager and the managing member of the Trading Company. Ceres 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.

Ceres has retained Transtrend B.V. ("Transtrend" or the "Trading Advisor"), an unaffiliated commodity trading advisor registered with the Commodity Futures Trading Commission ("CFTC"), to trade Futures Interests on behalf of the Trading Company. Each member (each investor in the Trading Company, a "Member") invests its assets in the Trading Company, which allocates substantially all of its assets in the trading program of Transtrend, which makes investment decisions for the Trading Company. Ceres Orion L.P. ("Orion") (a New York limited partnership) was the sole Member of the Trading Company and owned 100% of the Trading Company as of December 31, 2025 and 2024.

The clearing commodity broker for the Trading Company is Morgan Stanley & Co. LLC ("MS&Co."). During the periods included in this report, MS&Co. also acted as the counterparty on the trading of foreign currency forward contracts. JPMorgan Chase Bank, N.A. ("JPMorgan") also acts as a foreign exchange forward or swap contract counterparty for the Trading Company. MS&Co. is a wholly-owned subsidiary of Morgan Stanley.

The Trading Manager 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 Trading Company.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *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 Trading Manager 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Statement of Cash Flows*. The Trading Company 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 Members' Capital are included herein. As of and for the years ended December 31, 2025, 2024 and 2023,
the Trading Company carried no debt and all of the Trading Company's investments were carried at fair value and classified as Level 1 or Level 2 measurements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Trading Company's Investments*. All Futures Interests held by the Trading Company, including
derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 6, "Fair Value
Measurements") 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 accounts in the Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements
of Income and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Foreign Currency Transactions and Translation*. The Trading Company's functional currency is the
U.S. dollar; however, the Trading Company may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date
of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange
rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in net realized gains (losses) on closed contracts and net change in unrealized gains (losses)
on open contracts in the Statements of Income and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. *Restricted and Unrestricted Cash*. The cash held by the Trading Company available for trading in
Futures Interests is on deposit in commodity brokerage accounts with MS&Co. and JPMorgan. The Trading Company'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. and JPMorgan, as applicable. At December 31, 2025 and 2024, the amount of cash held for margin requirements was $12,793,273 and $20,273,901, respectively. Restricted and unrestricted cash includes cash
denominated in foreign currencies of $476,486 (cost of $470,983) and $(374,279) (proceeds of $377,703) as of December 31, 2025 and 2024, respectively. As of December 31, 2025, restricted cash, unrestricted cash, and cash denominated in
foreign currencies held by MS&Co. amounted to $12,418,526, $28,599,095, and $476,486, respectively. As of December 31, 2024, restricted cash, unrestricted cash, and cash denominated in foreign currencies held by MS&Co. amounted to
$19,119,565, $30,069,849, and $(374,279), respectively.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. *Revenue Recognition*. MS&Co. pays the Trading Company interest income on 100% of its average daily
equity maintained in cash in the Trading Company's brokerage account at MS&Co. during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate less 0.15%
during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. Any interest earned on the Trading Company's cash account in excess of the amounts described above, if any, will be retained by
MS&Co. and/or shared with Ceres. For purposes of such interest payments, daily funds do not include monies due to the Trading Company on Futures Interests that have not been received. MS&Co. and Ceres will retain any excess interest not paid
to the Trading Company on such uninvested cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. *Income Taxes*. Income taxes have not been recorded as each Member is individually liable for the
taxes, if any, on its share of the Trading Company's income and expenses. The Trading Company 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 Trading Company'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 Trading Company'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 Trading Company's Statements of Income and Expenses in the years in which the
position is claimed or expected to be claimed. The Trading Manager has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Trading Company files U.S. federal and various
state and local tax returns. No income tax returns are currently under examination. The 2022 through 2025 tax years remain subject to examination by U.S. federal and most state tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. *Investment Company Status*. The Trading Company has been deemed to be an investment company since
inception. Accordingly, the Trading Company 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *Brokerage, Clearing and Transaction Fees*. The Trading Company accrues and pays brokerage, clearing
and transaction fees to MS&Co. Brokerage fees are paid as they are incurred on a half-turn basis at 100% of the rates that MS&Co. charges retail commodity customers and parties that are not clearinghouse members. In addition, the Trading
Company pays transaction and clearing fees as they are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. *Equity in Trading Accounts*. The Trading Company's asset "Equity in trading
accounts," reflected in the Statements of Financial Condition, consists of (a) cash on deposit in commodity brokerage accounts with MS&Co. and JPMorgan, a portion of which is used as margin for trading, (b) net unrealized
appreciation on open futures contracts and net unrealized appreciation on open forward contracts, which are at fair value and calculated as the difference between the original contract value and fair value, as applicable and (c) U.S. Treasury
bills, at fair value, if any.

The Trading Company, in its normal course of business, enters into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for the Trading Company and are reported on a net basis in the Statements of Financial Condition.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

The Trading Company has offset its unrealized gains or losses on forward contracts executed with the same counterparty as allowable under the terms of its master netting agreements with MS&Co. and JPMorgan, as applicable, as the counterparties on such contracts. The Trading Company has consistently applied its right to offset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. *Dissolution of the Trading Company*. The Trading Company shall be dissolved upon the first of the
following events to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The sole determination of Ceres;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The written consent of the Members holding not less than a majority interest in capital with or without
cause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The occurrence of any other event that causes the dissolution of the limited liability company under the
Act.

**3.** **Trading Advisor:** 

Ceres has retained Transtrend to make all trading decisions for the Trading Company.

Fees paid to Transtrend by the Trading Company consist of a management fee and an incentive fee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Management Fee*. The Trading Company accrues and pays Transtrend a management fee equal to 1/12th of
0.85% (a 0.85% annual rate) of the net assets as of the first day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Incentive Fee*. The Trading Company pays Transtrend a half year incentive fee equal to 16% of the new
trading profits earned by each Member. Such fee is accrued on a monthly basis, but is not payable until the end of each calendar half year.

New trading profits represent the amount by which profits from Futures Interests trading exceed losses after management fees, brokerage, clearing and transaction fees, and professional and other fees, as applicable, are deducted. When Transtrend experiences losses with respect to the Members' Capital as of the end of a calendar half year, Transtrend must recover such losses before it is eligible for an incentive fee in the future. Cumulative trading losses are reduced for capital withdrawn from the Trading Company.

**4.** **Financial Instruments:** 

The Trading Advisor trades Futures Interests on behalf of the Trading Company. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. Futures Interests are fair valued as discussed in Note 6, "Fair Value Measurements."

The Trading Company's contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

**5.** **Trading Activities:** 

The Trading Company's objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisor for the Trading Company will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategy. As such, the average number of contracts outstanding in absolute quantity (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.

All of the Futures Interests owned by the Trading Company are held for trading purposes. The monthly average number of futures contracts traded during the years ended December 31, 2025 and 2024 were 10,968 and 14,726, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2025 and 2024 were 145 and 99, respectively. The monthly average notional value of currency forward contracts traded during the years ended December 31, 2025 and 2024 were $35,904,232 and $79,140,169, respectively.

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Trading Company's derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of December 31, 2025 and 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Gross Amounts<br>Recognized** | **Gross Amounts<br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **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** | |
| **December 31, 2025** | **Gross Amounts<br>Recognized** | **Gross Amounts<br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **Amounts<br>Presented in the<br>Statements of**<br>**Financial<br>Condition** | **Financial<br>Instruments** | **Cash Collateral<br>Received/Pledged \*** |<br>**Net Amount** |
|  **Assets** |  |  |  |  |  |  |
|  <u>MS&Co.</u> |  |  |  |  |  |  |
|  Futures | $5070865 | $(1797337) | $3273528 | $- | $- | $3273528 |
|  Forwards | 1054636 | (636994) | 417642 |  |  | 417642 |
|  | 6125501 | (2434331) | 3691170 |  |  | 3691170 |
|  <u>JPMorgan</u> |  |  |  |  |  |  |
|  Forwards | 113563 | (52412) | 61151 |  |  | 61151 |
|  Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239064 | $(2486743) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752321 | $- | $- | $3752321 |
|  **Liabilities** |  |  |  |  |  |  |
|  <u>MS&Co.</u> |  |  |  |  |  |  |
|  Futures | $(1797337) | $1797337 | $- | $- | $- | $- |
|  Forwards | (636994) | 636994 |  |  |  |  |
|  | (2434331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434331 |  |  |  |  |
|  <u>JPMorgan</u> |  |  |  |  |  |  |
|  Forwards | (52412) | 52412 |  |  |  |  |
|  Total liabilities | $(2486743) | $2486743 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- |
|  Net fair value |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752321 \* |

---

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Gross Amounts<br>Recognized** | **Gross Amounts<br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **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** | |
| **December 31, 2024** | **Gross Amounts<br>Recognized** | **Gross Amounts<br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **Amounts<br>Presented in the<br>Statements of**<br>**Financial<br>Condition** | **Financial<br>Instruments** | **Cash Collateral<br>Received/Pledged \*** |<br>**Net Amount** |
|  **Assets** |  |  |  |  |  |  |
|  <u>MS&Co.</u> |  |  |  |  |  |  |
|  Futures | $8036185 | $(4231726) | $3804459 | $- | $- | $3804459 |
|  Forwards | 372119 | (277648) | 94471 |  |  | 94471 |
|  | 8408304 | (4509374) | 3898930 |  |  | 3898930 |
|  <u>JPMorgan</u> |  |  |  |  |  |  |
|  Forwards | 301960 | (94327) | 207633 |  |  | 207633 |
|  Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710264 | $(4603701) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106563 | $- | $- | $4106563 |
|  **Liabilities** |  |  |  |  |  |  |
|  <u>MS&Co.</u> |  |  |  |  |  |  |
|  Futures | $(4231726) | $4231726 | $- | $- | $- | $- |
|  Forwards | (277648) | 277648 |  |  |  |  |
|  | (4509374) | 4509374 |  |  |  |  |
|  <u>JPMorgan</u> |  |  |  |  |  |  |
|  Forwards | (94327) | 94327 |  |  |  |  |
|  Total liabilities | $(4603701) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603701 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- |
|  Net fair value |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106563 \* |

---

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

The Trading Company has netting agreements with both MS&Co. and JPMorgan. The "Net unrealized appreciation on open futures contracts" and "Net unrealized appreciation on open forward contracts" as presented on the Statements of Financial Condition, as applicable, is the net of the amounts presented in the tables above for MS&Co. and JPMorgan.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

The following tables indicate the Trading Company's gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2025 and 2024, respectively.

---

| | |
|:---|:---|
|  | **December 31, 2025** |
|  **Assets** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | $634552 |
|  Energy | 671323 |
|  Grains | 654674 |
|  Indices | 146420 |
|  Interest Rates U.S. | 9612 |
|  Interest Rates Non-U.S. | 427697 |
|  Livestock | 290482 |
|  Metals | 1945293 |
|  Softs | 290812 |
|  Total unrealized appreciation on open futures contracts | 5070865 |
|  **Liabilities** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | (310809) |
|  Energy | (82870) |
|  Grains | (332273) |
|  Indices | (55622) |
|  Interest Rates U.S. | (336455) |
|  Interest Rates Non-U.S. | (274019) |
|  Livestock | (1150) |
|  Metals | (97584) |
|  Softs | (306555) |
|  Total unrealized depreciation on open futures contracts | (1797337) |
|  Net unrealized appreciation on open futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273528 |
|  **Assets** |  |
|  <u>Forward Contracts</u> |  |
|  Currencies | $113563 |
|  Metals | 1054636 |
|  Total unrealized appreciation on open forward contracts | 1168199 |
|  **Liabilities** |  |
|  <u>Forward Contracts</u> |  |
|  Currencies | (52431) |
|  Metals | (636975) |
|  Total unrealized depreciation on open forward contracts | (689406) |
|  Net unrealized appreciation on open forward contracts | $478793 |

---

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

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

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

---

| | |
|:---|:---|
|  | **December 31, 2024** |
|  **Assets** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | $2546783 |
|  Energy | 360373 |
|  Grains | 755634 |
|  Indices | 169082 |
|  Interest Rates U.S. | 212148 |
|  Interest Rates Non-U.S. | 750506 |
|  Livestock | 635436 |
|  Metals | 327549 |
|  Softs | 2278674 |
|  Total unrealized appreciation on open futures contracts | 8036185 |
|  **Liabilities** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | (856539) |
|  Energy | (344789) |
|  Grains | (972891) |
|  Indices | (760842) |
|  Interest Rates U.S. | (24847) |
|  Interest Rates Non-U.S. | (886986) |
|  Livestock | (145168) |
|  Metals | (171735) |
|  Softs | (67929) |
|  Total unrealized depreciation on open futures contracts | (4231726) |
|  Net unrealized appreciation on open futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804459 |
|  **Assets** |  |
|  <u>Forward Contracts</u> |  |
|  Currencies | $301960 |
|  Metals | 372119 |
|  Total unrealized appreciation on open forward contracts | 674079 |
|  **Liabilities** |  |
|  <u>Forward Contracts</u> |  |
|  Currencies | (96955) |
|  Metals | (275020) |
|  Total unrealized depreciation on open forward contracts | (371975) |
|  Net unrealized appreciation on open forward contracts | $302104 |

---

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

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

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Sector**  | **2025** | **2024** | **2023** |
|  Currencies | $(2884185) | $(421997) | $3734413 |
|  Energy | (4903461) | (1329184) | 1368154 |
|  Grains | (3342077) | 591095 | (1736452) |
|  Indices | 1536784 | 2584259 | (510742) |
|  Interest Rates U.S. | (833535) | 1129304 | (1043517) |
|  Interest Rates Non-U.S. | (478516) | (4610583) | (3759246) |
|  Livestock | 2923976 | (1093993) | (70330) |
|  Metals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346571 | 271839 | (349674) |
|  Softs | (1081377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087799 |
|  Total | $(715820) | $6642699 | $3720405 |

---

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

**6.** **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, forward and option 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 non-exchange traded 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 Trading Company considers prices for exchange traded 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 and for the years ended December 31, 2025 and 2024, the Trading Company did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the Trading Manager's assumptions and internal valuation pricing models (Level 3).

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Total** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |  |
|  Futures | $5070865 | $5070865 | $- | $- |
|  Forwards | 1168199 |  | 1168199 |  |
|  Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168199 | $- |
|  **Liabilities** |  |  |  |  |
|  Futures | $1797337 | $1797337 | $- | $- |
|  Forwards | 689406 |  | 689406 |  |
|  Total liabilities | $2486743 | $1797337 | $689406 | $- |
| **December 31, 2024** | **Total** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |  |
|  Futures | $8036185 | $8036185 | $- | $- |
|  Forwards | 674079 |  | 674079 |  |
|  Total assets | $8710264 | $8036185 | $674079 | $- |
|  **Liabilities** |  |  |  |  |
|  Futures | $4231726 | $4231726 | $- | $- |
|  Forwards | 371975 |  | 371975 |  |
|  Total liabilities | $4603701 | $4231726 | $371975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**7.** **Financial Instrument Risk:** 

The Members' investments in the Trading Company expose the Members to various types of risks that are associated with Futures Interests trading and markets in which the Trading Company invests. The significant types of financial risks that the Trading Company is exposed to are market risk, liquidity risk, counterparty credit risk and changes in interest rates.

The rapid fluctuations in the market prices of Futures Interests in which the Trading Company invests and changes in interest rates make the Members' investments volatile. If Transtrend incorrectly predicts the direction of prices in the Futures Interests in which it invests, large losses may occur.

Illiquidity in the markets in which the Trading Company invests may cause less favorable trade prices. Although Transtrend will generally purchase and sell actively traded contracts where last trade price information and quoted prices are readily available, the prices at which a sale or purchase occur may differ from the prices expected because there may be a delay between receiving a quote and executing a trade, particularly in circumstances where a market has limited trading volume and prices are often quoted for relatively limited quantities.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

The credit risk on Futures Interests arises from the potential inability of counterparties to perform under the terms of the contracts. The Trading Company has credit risk and concentration risk, as MS&Co., an MS&Co. affiliate or JPMorgan are counterparties or brokers with respect to the Trading Company's assets. The Trading Company's exposure to credit risk associated with counterparty nonperformance is typically limited to the cash deposits with, or other form of collateral held by, the counterparty. The Trading Company's assets deposited with MS&Co. or its affiliates are segregated or secured in accordance with the Commodity Exchange Act and the regulations of the CFTC and are expected to be largely held in non-interest bearing bank accounts at a U.S. bank or banks, but may also be invested in any other instruments approved by the CFTC for investment of customer funds. Exchange-traded futures, exchange-traded forward and exchange-traded futures-styled option contracts are marked to market on a daily basis, with variations in value that may be settled on a daily basis. With respect to the Trading Company's non-exchange-traded forward currency contracts and forward currency option contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Trading Company is required to meet margin requirements with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account and U.S. Treasury bills held at MS&Co. or JPMorgan. With respect to those non-exchange-traded forward currency contracts, the Trading Company is at risk to the ability of MS&Co. or JPMorgan, counterparties on such contracts, to perform. The Trading Company has a netting agreement with each counterparty. These agreements, which seek to reduce both the Trading Company's and the counterparties' exposure on non-exchange-traded forward currency contracts, should materially decrease the Trading Company's credit risk in the event of MS&Co.'s or JPMorgan's bankruptcy or insolvency.

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

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 Trading Company'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 Trading Company and the performance of its investments or operations, and the ability of the Trading Company 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.

Changes in trade policies, including the imposition of tariffs or other trade restrictions, may adversely affect the trading strategies of certain of the Trading Company's advisors, and the Trading Company. The current tariff environment remains uncertain and highly volatile, and it is difficult to predict the direction or scope of future tariff policies in the short term. The current U.S. administration has proposed and recently begun to implement global broad-based tariffs on imports from key trading partners to the U.S., including, but not limited to, Canada, China, the European Union and Mexico. While the current U.S. administration has agreed to pause the implementation of certain tariffs proposed under its existing policies, the continued implementation of certain other tariffs (and the threat that additional tariffs may be imposed in the future) can be expected to lead to increased costs, supply chain disruptions, and heightened market volatility. Retaliatory trade measures by governments have been proposed and, in certain instances, implemented, which can be expected to create further economic uncertainty.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

**8.** **Members' Capital:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Members' Capital*. The Members' Capital of the Trading Company is equal to the total
assets of the Trading Company (including, but not limited to, all cash and cash equivalents, U.S. Treasury bills, at fair value, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, interest
receivable and other assets, as applicable) less all liabilities (including, but not limited to, unrealized depreciation on open futures contracts, unrealized depreciation on open forward contracts, management fees, incentive fees, professional fees
and redemptions payable, as applicable), determined in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Capital Contributions*. Capital contributions by the Members may be made monthly pending Ceres'
approval. Such capital contributions will increase each contributing Member's pro-rata share of the Trading Company's Members' Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Capital Withdrawals*. Generally, each Member may withdraw all or a portion of its capital
contributions and undistributed profits, if any, from the Trading Company as of the end of any month (the "Redemption Date") after a request for redemption has been made to the Trading Manager at least three days in advance of the
Redemption Date. However, a Member may request a withdrawal as of the end of any day if such request is received by the Trading Manager at least three days in advance of the proposed withdrawal day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Distributions*. Distributions, other than capital withdrawals, are made on a pro-rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Trading Company's profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Net income, net loss, and distributions are allocated to Members on a pro-rata basis in proportion to their respective ownership interests during the period.

------

**CMF TT II, LLC** 

**Notes to Financial Statements** 

**9.** **Financial Highlights:** 

Financial highlights for the non-managing Members as a whole for the years ended December 31, 2025, 2024 and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Ratios to Average Members' Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) \* | 1.0% | 0.2% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses before incentive fees | 1.7% | 1.8% | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fees | - % | 1.4% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses after incentive fees | 1.7% | 3.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
|  Total return: |  |  |  |
|  Total return before incentive fees | 2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4% | 7.1% |
|  Incentive fees | - % | (1.3) % | (0.6) % |
|  Total return after incentive fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5% | 9.1% | 6.5% |

---

\* Interest income less total expenses. 

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the non-managing Members' share of income, expenses and average Members' capital.

**10.** **Subsequent Events:** 

The Trading Manager evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The Trading Manager has assessed the subsequent events through March 20, 2026, the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

## Exhibit 99.2

**Exhibit 99.2**

**To the Non-Managing Members of** 

**CMF Drakewood Master Fund LLC** 

To the best of the knowledge and belief of the undersigned, the information contained herein is accurate and complete.

---

| | |
|:---|:---|
|  | ![LOGO](g782015g88i62.jpg)  |
|  By: | Patrick T. Egan |
|  | President and Director |
|  | Ceres Managed Futures LLC |
|  | Trading Manager, |
|  | CMF Drakewood Master Fund LLC |
|  **Ceres Managed Futures LLC** | **Ceres Managed Futures LLC** |
|  1585 Broadway | 1585 Broadway |
| New York, NY 10036 | New York, NY 10036 |
| (855) 672-4468 | (855) 672-4468 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Members of CMF Drakewood Master Fund LLC,

**Opinion on the Financial Statements** 

We have audited the accompanying statements of financial condition of CMF Drakewood Master Fund LLC (the "Trading Company"), including the condensed schedules of investments, as of December 31, 2025 and 2024, the related statements of income and expenses and changes in members' capital for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trading Company at December 31, 2025 and 2024, and the results of its operations and changes in its members' capital for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trading Company's management. Our responsibility is to express an opinion on the Trading Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trading Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trading Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trading Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters** 

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. We determined that there are no critical audit matters.

![LOGO](g782015g03u61.jpg)

We have served as the Trading Company's auditor since 2022.

Boston, Massachusetts

March 20, 2026

------

**CMF Drakewood Master Fund LLC** 

**Statements of Financial Condition** 

**December 31, 2025 and 2024** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity in related party trading account: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrestricted cash (Note 2e) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30120317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23276424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash (Note 2e) | 6614135 | 15999446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation on open forward contracts |  | 5118371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased, at fair value (premiums paid $1,336,472 and $1,681,409 at December 31, 2025 and 2024, respectively) | 3556182 | 531789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity in related party trading account | 40290634 | 44926030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $40290634 | $44926030 |
|  **Liabilities and Members' Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on open futures contracts | $255007 | $618723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on open forward contracts | 4835048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at fair value (premiums received $517,671 and $2,686,688 at December 31, 2025 and 2024, respectively) | 537265 | 1819795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 50998 | 26593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions payable (Note 8c) | 764749 | 119172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6443067 | 2584283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Members' Capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing Member |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Managing Members | 33847567 | 42341747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Members' capital (net asset value) | 33847567 | 42341747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and Members' capital | $40290634 | $44926030 |

---

See accompanying notes to financial statements.

------

**CMF Drakewood Master Fund LLC** 

**Condensed Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional ($)/<br>Number<br>of Contracts** | **Fair Value** | **% of Members'<br>Capital** |
|  <u>Futures Contracts Purchased</u> |  |  |  |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; COPPER FUTURE; Mar 26 | 149 | 1466165 | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 26 - Jun 26 | 769 | 199265 | 0.59 |
|  Total futures contracts purchased |  | 1665430 | 4.92 |
|  <u>Futures Contracts Sold</u> |  |  |  |
|  Currencies | 16 | (10656) | (0.03) |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; COPPER FUTURE; Dec 26 | 74 | (1196903) | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 26 - Jun 27 | 895 | (712878) | (2.10) |
|  Total futures contracts sold |  | (1920437) | (5.67) |
|  Net unrealized depreciation on open futures contracts |  | $(255007) | (0.75)% |
|  <u>Unrealized Appreciation on Open Forward Contracts</u> |  |  |  |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Jan 26 | 689 | 26082125 | 77.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME NICKEL FUTURE; Jan 26 | 67 | 708286 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Feb 26 | 407 | 15571520 | 46.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Mar 26 | 309 | 6672967 | 19.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Jun 26 | 11 | 447205 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Dec 26 | 15 | 937964 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME NICKEL FORWARD; Dec 26 | 32 | 437875 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 26 - Dec 27 | 887 | 4539999 | 13.41 |
|  Total unrealized appreciation on open forward contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55397941 | 163.67 |
|  <u>Unrealized Depreciation on Open Forward Contracts</u> |  |  |  |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Jan 26 | 568 | (24118842) | (71.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Feb 26 | 456 | (16974430) | (50.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Mar 26 | 350 | (7148604) | (21.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Dec 26 | 91 | (5771161) | (17.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Dec 27 | 21 | (1313615) | (3.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 26 - Dec 27 | 969 | (4906337) | (14.50) |
|  Total unrealized depreciation on open forward contracts |  | (60232989) | (177.95) |
|  Net unrealized depreciation on open forward contracts |  | $(4835048) | (14.28)% |
|  <u>Options Purchased</u> |  |  |  |
|  Calls |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER OPTION Strike price $9,800; Jan 26 | 10 | $665083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER OPTION Strike price $10,250; Jan 26 | 21 | 1160927 | 3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER OPTION Strike price $11,200; Jan 26 | 11 | 347531 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER OPTION Strike price $11,250; Apr 26 | 11 | 372895 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 26 - Dec 26 | 1945 | 1008016 | 2.98 |
|  Puts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 5 | 1730 | 0.01 |
|  Total options purchased (premiums paid $1,336,472) |  | $3556182 | 10.51% |
|  <u>Options Written</u> |  |  |  |
|  Calls |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 249 | $(478795) | (1.41) |
|  Puts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 140 | (58470) | (0.17) |
|  Total options written (premiums received $517,671) |  | $(537265) | (1.58)% |

---

See accompanying notes to financial statements.

------

**CMF Drakewood Master Fund LLC** 

**Condensed Schedule of Investments** 

**December 31, 2024** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional ($)/<br>Number<br>of Contracts** | **Fair Value** | **% of Members'<br>Capital** |
|  <u>Futures Contracts Purchased</u> |  |  |  |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SGX IRON ORE 62%; Jan 25 | 2922 | $(581221) | (1.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp; COPPER FUTURE; Mar 25 | 164 | (545101) | (1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Dec 24 - Sep 25 | 215 | (3459) | (0.01) |
|  Total futures contracts purchased |  | (1129781) | (2.67) |
|  <u>Futures Contracts Sold</u> |  |  |  |
|  Currencies | 17 | 6003 | 0.02 |
|  Metals | 3503 | 505055 | 1.19 |
|  Total futures contracts sold |  | 511058 | 1.21 |
|  Net unrealized depreciation on open futures contracts |  | $(618723) | (1.46)% |
|  <u>Unrealized Appreciation on Open Forward Contracts</u> |  |  |  |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Dec 25 | 149 | 4394196 | 10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME NICKEL FUTURE; Dec 25 | 72 | 2888943 | 6.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Jan 25 | 14 | 450329 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME NICKEL FORWARD; Dec 26 | 14 | 440927 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 25 - Dec 26 | 231 | 2184732 | 5.16 |
|  Total unrealized appreciation on open forward contracts |  | 10359127 | 24.47 |
|  <u>Unrealized Depreciation on Open Forward Contracts</u> |  |  |  |
|  Metals |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Jan 25 | 78 | (627652) | (1.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME COPPER FUTURE; Dec 25 | 47 | (673814) | (1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME NICKEL FUTURE; Dec 25 | 26 | (785036) | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other: Jan 25 - Dec 26 | 483 | (3154254) | (7.45) |
|  Total unrealized depreciation on open forward contracts |  | (5240756) | (12.38) |
|  Net unrealized appreciation on open forward contracts |  | $5118371 | 12.09% |
|  <u>Options Purchased</u> |  |  |  |
|  Calls |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 1297 | $327651 | 0.77 |
|  Puts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 1256 | 204138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
|  Total options purchased (premiums paid $1,681,409) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531789 | 1.25% |
|  <u>Options Written</u> |  |  |  |
|  Calls |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 400 | $(1055447) | (2.49) |
|  Puts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals | 1009 | (764348) | (1.81) |
|  Total options written (premiums received $2,686,688) |  | $(1819795) | (4.30)% |

---

See accompanying notes to financial statements.

------

**CMF Drakewood Master Fund LLC** 

**Statements of Income and Expenses** 

**For the year ended December 31, 2025, 2024 and 2023** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710487 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brokerage, clearing and transaction fees (Note 2h) | 498851 | 388734 | 331951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional and other fees | 76239 | 71342 | 67835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 575090 | 460076 | 399786 |
|  Net investment income (loss) | 498920 | 1252603 | 1310701 |
|  **Trading Results:** |  |  |  |
|  Net gains (losses) on trading of commodity interests: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on closed contracts | 9016145 | (2251075) | (2905665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gains (losses) on open contracts | (7106860) | (416933) | 54722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total trading results | 1909285 | (2668008) | (2850943) |
|  Net income (loss) | $2408205 | $(1415405) | $(1540242) |

---

See accompanying notes to financial statements.

------

**CMF Drakewood Master Fund LLC** 

**Statements of Changes in Members' Capital** 

**For the year ended December 31, 2025, 2024 and 2023** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Managing<br>Member** | **Non-Managing<br>Members** | **Total** |
|  Members' Capital, December 31, 2022 | $- | $43497389 | $43497389 |
|  Capital contributions - Non-Managing Members |  | 13276070 | 13276070 |
|  Capital withdrawals - Non-Managing Members |  | (7369457) | (7369457) |
|  Distribution of interest income to feeder funds |  | (1710487) | (1710487) |
|  Net income (loss) |  | (1540242) | (1540242) |
|  Members' Capital, December 31, 2023 | $- | $46153273 | $46153273 |
|  Capital contributions - Non-Managing Members |  | 8485000 | 8485000 |
|  Capital withdrawals - Non-Managing Members |  | (9168442) | (9168442) |
|  Distribution of interest income to feeder funds |  | (1712679) | (1712679) |
|  Net income (loss) |  | (1415405) | (1415405) |
|  Members' Capital, December 31, 2024 | $- | $42341747 | $42341747 |
|  Capital contributions - Non-Managing Members |  | 1473757 | 1473757 |
|  Capital withdrawals - Non-Managing Members |  | (11302132) | (11302132) |
|  Distribution of interest income to feeder funds |  | (1074010) | (1074010) |
|  Net income (loss) |  | 2408205 | 2408205 |
|  Members' Capital, December 31, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $33847567 | $33847567 |

---

See accompanying notes to financial statements.

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements – December 31, 2025** 

**1.** **Organization:** 

CMF Drakewood Master Fund LLC (the "Trading Company") was formed on July 8, 2021, as a Delaware limited liability company under the Delaware Limited Liability Company Act (the "Act"), to engage in the speculative trading of commodities, domestic and foreign futures contracts, forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for physicals transactions, exchange of physicals for futures contracts transactions, and any rights pertaining thereto (collectively, "Futures Interests") (refer to Note 4, "Financial Instruments"). The Trading Manager (as defined below) may also determine to invest up to all of the Trading Company'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. The Trading Company commenced operations on May 1, 2022.

Ceres Managed Futures LLC ("Ceres", the "Managing Member" or the "Trading Manager") is the trading manager and the managing member of the Trading Company. Ceres 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.

Ceres has retained Drakewood Capital Management Limited ("Drakewood" or the "Advisor") to trade Futures Interests on behalf of the Trading Company. Each member (each investor in the Trading Company, a "Member") invests its assets in the Trading Company, which allocates substantially all of its assets in the trading program of Drakewood, an unaffiliated commodity trading advisor registered with the Commodity Futures Trading Commission ("CFTC"), which makes investment decisions for the Trading Company. As of December 31, 2025, Ceres Orion L.P. ("Orion") (a New York limited partnership) and Ceres Tactical Commodity L.P. ("Tactical Commodity") (a New York limited partnership) were the Members of the Trading Company and owned approximately 65.0% and 35.0% of the Trading Company, respectively. As of December 31, 2024, Orion and Tactical Commodity owned approximately 58.7% and 41.3% of the Trading Company, respectively.

The clearing commodity broker for the Trading Company is Morgan Stanley & Co. LLC ("MS&Co."). MS&Co. also acts as the counterparty on the trading of foreign currency forward contracts. MS&Co. is a wholly-owned subsidiary of Morgan Stanley.

The Trading Manager 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 Trading Company.

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *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 Trading Manager 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Statement of Cash Flows*. The Trading Company 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 Members' Capital are included herein. As of and for the years ended December 31, 2025, 2024 and 2023,
the Trading Company carried no debt and all of the Trading Company's investments were carried at fair value and classified as Level 1 or Level 2 measurements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Trading Company's Investments*. All Futures Interests held by the Trading Company, including
derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 6, "Fair Value
Measurements") at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method.
Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements
of Income and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Foreign Currency Transactions and Translation*. The Trading Company's functional currency is the
U.S. dollar; however, the Trading Company may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date
of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange
rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in net realized gains (losses) on closed contracts and net change in unrealized gains (losses)
on open contracts in the Statements of Income and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. *Restricted and Unrestricted Cash*. The cash held by the Trading Company available for trading in
Futures Interests is on deposit in a commodity brokerage account with MS&Co. The Trading Company'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 December 31, 2025 and 2024, the amount of cash held for margin requirements was $6,614,135 and $15,999,446, respectively.

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. *Income Taxes*. Income taxes have not been recorded as each Member is individually liable for the
taxes, if any, on its share of the Trading Company's income and expenses. The Trading Company 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 Trading Company'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 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 Statements of Income and Expenses in the years in which the position is claimed or expected to be claimed. The
Trading Manager has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Trading Company files U.S. federal and various state and local tax returns. No income tax returns are
currently under examination. All periods since inception remain subject to examination by U.S. federal and most state tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. *Investment Company Status.* The Trading Company has been deemed to be an investment company since
inception. Accordingly, the Trading Company 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 Trading Company's Consolidated Statements of Income and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. *Brokerage, Clearing and Transaction Fees*. The Trading Company accrues and pays brokerage, clearing
and transaction fees to MS&Co. Brokerage fees are paid as they are incurred on a half-turn basis at 100% of the rates that MS&Co. charges retail commodity customers and parties that are not clearinghouse members. In addition, the Trading
Company pays transaction and clearing fees as they are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. *Equity in Trading Account*. The Trading Company's asset "Equity in trading account,"
reflected in the Statements of Financial Condition, consists of (a) cash on deposit in the commodity brokerage account with MS&Co., a portion of which is used as margin for trading, (b) net unrealized appreciation on open futures and
forward contracts, if any, which are at fair value and calculated as the difference between the original contract value and fair value, as applicable, (c) options purchased, at fair value, if any and (d) U.S. Treasury bills, at fair value,
if any.

The Trading Company, in its normal course of business, enters into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for the Trading Company and are reported on a net basis in the Statements of Financial Condition.

The Trading Company has offset its unrealized gains or losses on forward contracts executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co. as the counterparty on such contracts. The Trading Company has consistently applied its right to offset.

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. *Dissolution of the Trading Company*. The Trading Company shall be dissolved upon the first of the
following events to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The sole determination of Ceres;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The written consent of the Members holding not less than a majority interest in capital with or without
cause; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The occurrence of any other event that causes the dissolution of the limited liability company under the
Act.

**3.** **Advisor:** 

Ceres has retained Drakewood to make all trading decisions for the Trading Company.

No management fees are paid by the Trading Company to Drakewood, as fees are paid to Drakewood directly by the Members in accordance with the compensation provisions of the relevant management agreements between each Member and Drakewood.

**4.** **Financial Instruments:** 

The Advisor trades Futures Interests on behalf of the Trading Company. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. Futures Interests are fair valued as discussed in Note 6, "Fair Value Measurements."

The Trading Company's contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method.

**5.** **Trading Activities:** 

The Trading Company's objective is to profit from speculative trading in Futures Interests. Therefore, the Advisor for the Trading Company will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategy. As such, the average number of contracts outstanding in absolute quantity (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.

None of the Trading Company's current contracts are traded over-the-counter, although contracts may be traded over-the-counter in the future.

All of the Futures Interests owned by the Trading Company are held for trading purposes. The monthly average number of futures contracts traded during the years ended December 31, 2025 and 2024 was 2,921 and 2,920, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2025 and 2024 was 3,482 and 2,425, respectively. The monthly average number of option contracts traded during the years ended December 31, 2025 and 2024 was 5,882 and 2,877, respectively.

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

The following tables summarizes the gross and net amounts recognized relating to the assets and liabilities of the Trading Company's derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of December 31, 2025 and 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Gross**<br>**Amounts<br> Recognized** | **Gross Amounts<br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **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 Amount** |
| **December 31, 2025** | **Gross**<br>**Amounts<br> Recognized** | **Gross Amounts<br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **Amounts<br>Presented in the<br>Statements of**<br>**Financial**<br>**Condition** | **Financial<br>Instruments** | **Cash Collateral<br>Received/Pledged\*** | **Net Amount** |
|  **Assets** |  |  |  |  |  |  |
|  Futures | $1698122 | $(1698122) | $- | $- | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  Forwards | 55397941 | (55397941) |  |  |  |  |
|  Total assets | $57096063 | $(57096063) | $- | $- | $- | $- |
|  **Liabilities** |  |  |  |  |  |  |
|  Futures | $(1953129) | $1698122 | $(255007) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $255007 | $- |
|  Forwards | (60232989) | 55397941 | (4835048) |  | 4835048 |  |
|  Total liabilities | $(62186118) | $57096063 | $(5090055) | $- | $5090055 | $- |
|  Net fair value |  |  |  |  |  | $- \* |
| **December 31, 2024** | **Gross**<br>**Amounts<br>Recognized** | **Gross Amounts <br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **Amounts<br>Presented in the<br>Statements of**<br>**Financial Condition** | **Gross Amounts Not Offset in the**<br>**Statements of Financial Condition** | **Gross Amounts Not Offset in the**<br>**Statements of Financial Condition** | **Net Amount** |
| **December 31, 2024** | **Gross**<br>**Amounts<br>Recognized** | **Gross Amounts <br>Offset in the<br>Statements of**<br>**Financial<br>Condition** | **Amounts<br>Presented in the<br>Statements of**<br>**Financial Condition** | **Financial<br>Instruments** | **Cash Collateral<br>Received/Pledged\*** | **Net Amount** |
|  **Assets** |  |  |  |  |  |  |
|  Futures | $640609 | $(640609) | $- | $- | $- | $- |
|  Forwards | 10359127 | (5240756) | 5118371 |  |  | 5118371 |
|  Total assets | $10999736 | $(5881365) | $5118371 | $- | $- | $5118371 |
|  **Liabilities** |  |  |  |  |  |  |
|  Futures | $(1259332) | $640609 | $(618723) | $- | $618723 | $- |
|  Forwards | (5240756) | 5240756 |  |  |  |  |
|  Total liabilities | $(6500088) | $5881365 | $(618723) | $- | $618723 | $- |
|  Net fair value |  |  |  |  |  | $5118371 \* |

---

\* In the event of default by the Trading Company, MS&Co., the Trading Company's commodity futures broker and a counterparty to certain of the Trading Company's non-exchange-traded contracts, as applicable, has the right to offset the Trading Company's obligation with the Trading Company's cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.'s risk of loss. In certain instances, a counterparty may not post collateral and as such, in the event of default by such counterparty, the Trading Company is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Trading Company'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. 

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

The following tables indicates the Trading Company's gross fair values of derivative instruments of futures, forwards and options contracts as separate assets and liabilities as of December 31, 2025 and 2024, respectively.

---

| | |
|:---|:---|
|  | **December 31, 2025** |
|  **Assets** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | $1088 |
|  Metals | 1697034 |
|  Total unrealized appreciation on open futures contracts | 1698122 |
|  **Liabilities** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | (11744) |
|  Metals | (1941385) |
|  Total unrealized depreciation on open futures contracts | (1953129) |
|  Net unrealized depreciation on open futures contracts | $(255007) |
|  **Assets** |  |
|  <u>Forward Contracts</u> |  |
|  Metals | $55397941 |
|  Total unrealized appreciation on open forward contracts | 55397941 |
|  **Liabilities** |  |
|  <u>Forward Contracts</u> |  |
|  Metals | (60232989) |
|  Total unrealized depreciation on open forward contracts | (60232989) |
|  Net unrealized depreciation on open forward contracts | $(4835048) |
|  **Assets** |  |
|  <u>Options Purchased</u> |  |
|  Metals | $3556182 |
|  Total options purchased | $3556182 |
|  **Liabilities** |  |
|  <u>Options Written</u> |  |
|  Metals | $(537265) |
|  Total options written | $(537265) |

---

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

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

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

---

| | |
|:---|:---|
| \*\*\*\* | This amount is in "Options written, at fair value" in the Statements of Financial Condition.  |

---

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

---

| | |
|:---|:---|
|  | **December 31, 2024** |
|  **Assets** |  |
|  <u>Futures Contracts</u> |  |
|  Currencies | $6003 |
|  Metals | 634606 |
|  Total unrealized appreciation on open futures contracts | 640609 |
|  **Liabilities** |  |
|  <u>Futures Contracts</u> |  |
|  Metals | (1259332) |
|  Total unrealized depreciation on open futures contracts | (1259332) |
|  Net unrealized depreciation on open futures contracts | $(618723) |
|  **Assets** |  |
|  <u>Forward Contracts</u> |  |
|  Metals | $10359127 |
|  Total unrealized appreciation on open forward contracts | 10359127 |
|  **Liabilities** |  |
|  <u>Forward Contracts</u> |  |
|  Metals | (5240756) |
|  Total unrealized depreciation on open forward contracts | (5240756) |
|  Net unrealized appreciation on open forward contracts | $5118371 |
|  **Assets** |  |
|  <u>Options Purchased</u> |  |
|  Metals | $531789 |
|  Total options purchased | $531789 |
|  **Liabilities** |  |
|  <u>Options Written</u> |  |
|  Metals | $(1819795) |
|  Total options written | $(1819795) |

---

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

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

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

---

| | |
|:---|:---|
| \*\*\*\* | This amount is in "Options written, at fair value" in the Statements of Financial Condition.  |

---

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sector**  | **2025** |  | **2024** | **2023** |
|  Currencies | $48252 |  | $397658 | $(146738) |
|  Metals | 1861033 |  | (3065666) | (2704205) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909285 | \*\*\*\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2668008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2850943 |

---

---

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

---

**6.** **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, forward and option 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 non-exchange traded 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 input 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 Trading Company considers prices for exchange-traded 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 and for the years ended of December 31, 2025 and 2024, the Trading Company did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the Trading Manager's assumptions and internal valuation pricing models (Level 3).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Total** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |  |
|  Futures | $1698122 | $1698122 | $- | $- |
|  Forwards | 55397941 |  | 55397941 |  |
|  Options purchased | 3556182 | 3556182 |  |  |
|  Total assets | $60652245 | $5254304 | $55397941 | $- |
|  **Liabilities** |  |  |  |  |
|  Futures | $1953129 | $1953129 | $- | $- |
|  Forwards | 60232989 |  | 60232989 |  |
|  Options written | 537265 | 537265 |  |  |
|  Total liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62723383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60232989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Total** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |  |
|  Futures | $640609 | $640609 | $- | $- |
|  Forwards | 10359127 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10359127 |  |
|  Options purchased | 531789 | 531789 |  |  |
|  Total assets | $11531525 | $1172398 | $10359127 | $- |
|  **Liabilities** |  |  |  |  |
|  Futures | $1259332 | $1259332 | $- | $- |
|  Forwards | 5240756 |  | 5240756 |  |
|  Options written | 1819795 | 1819795 |  |  |
|  Total liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079127 | $5240756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

**7.** **Financial Instrument Risk:** 

The Members' investments in the Trading Company expose the Members to various types of risks that are associated with Futures Interests trading and markets in which the Trading Company invests. The significant types of financial risks which the Trading Company is exposed to are market risk, liquidity risk, counterparty credit risk and changes in interest rates.

The rapid fluctuations in the market prices of Futures Interests in which the Trading Company invests and changes in interest rates make the Members' investments volatile. If Drakewood incorrectly predicts the direction of prices in the Futures Interests in which it invests, large losses may occur.

Illiquidity in the markets in which the Trading Company invests may cause less favorable trade prices. Although Drakewood will generally purchase and sell actively traded contracts where last trade price information and quoted prices are readily available, the prices at which a sale or purchase occur may differ from the prices expected because there may be a delay between receiving a quote and executing a trade, particularly in circumstances where a market has limited trading volume and prices are often quoted for relatively limited quantities.

The credit risk on Futures Interests arises from the potential inability of counterparties to perform under the terms of the contracts. The Trading Company has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Trading Company's assets. The Trading Company's exposure to credit risk associated with counterparty nonperformance is typically limited to the cash deposits with, or other form of collateral held by, the counterparty. The Trading Company's assets deposited with MS&Co. or its affiliates are segregated or secured in accordance with the Commodity Exchange Act and the regulations of the CFTC and are expected to be largely held in non-interest bearing bank accounts at a U.S. bank or banks, but may also be invested in any other instruments approved by the CFTC for investment of customer funds. Exchange-traded futures, exchange-traded forward and exchange-traded futures-styled option contracts are marked to market on a daily basis, with variations in value that may be settled on a daily basis. With respect to the Trading Company's non-exchange-traded forward currency contracts and forward currency option contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Trading Company is required to meet margin requirements with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account and U.S. Treasury bills held at MS&Co. With respect to those non-exchange-traded forward currency contracts, the Trading Company is dependent upon the ability of MS&Co., the counterparty on such contracts, to perform. The Trading Company has a netting agreement with the counterparty. These agreements, which seek to reduce both the Trading Company's and the counterparty's exposure on non-exchange-traded forward currency contracts, should materially decrease the Trading Company's credit risk in the event of MS&Co.'s bankruptcy or insolvency.

------

**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

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

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 Trading Company'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 Trading Company and the performance of its investments or operations, and the ability of the Trading Company 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.

Changes in trade policies, including the imposition of tariffs or other trade restrictions, may adversely affect the trading strategies of certain of the Trading Company's advisors, and the Fund. The current tariff environment remains uncertain and highly volatile, and it is difficult to predict the direction or scope of future tariff policies in the short term. The current U.S. administration has proposed and recently begun to implement global broad-based tariffs on imports from key trading partners to the U.S., including, but not limited to, Canada, China, the European Union and Mexico. While the current U.S. administration has agreed to pause the implementation of certain tariffs proposed under its existing policies, the continued implementation of certain other tariffs (and the threat that additional tariffs may be imposed in the future) can be expected to lead to increased costs, supply chain disruptions, and heightened market volatility. Retaliatory trade measures by governments have been proposed and, in certain instances, implemented, which can be expected to create further economic uncertainty.

**8.** **Members' Capital:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Members' Capital*. The Members' Capital of the Trading Company is equal to the total
assets of the Trading Company (including, but not limited to, all cash and cash equivalents, U.S. Treasury bills, at fair value, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, options
purchased, at fair value and other assets) less all liabilities (including, but not limited to, net unrealized depreciation on open futures contracts, net unrealized depreciation on open forward contracts, options written, at fair value, accrued
professional fees and redemptions), determined in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Capital Contributions*. Capital contributions by the Members may be made monthly pending Ceres'
approval. Such capital contributions will increase each contributing Member's pro-rata share of the Trading Company's Members' Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Capital Withdrawals*. Generally, each Member may withdraw all or a portion of its capital
contributions and undistributed profits, if any, from the Trading Company as of the end of any month (the "Redemption Date") after a request for redemption has been made to the Trading Manager at least three days in advance of the
Redemption Date. However, a Member may request a withdrawal as of the end of any day if such request is received by the Trading Manager at least three days in advance of the proposed withdrawal day.

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**CMF Drakewood Master Fund LLC** 

**Notes to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Distributions*. Distributions, other than capital withdrawals, are made on a pro-rata basis at the sole discretion of Ceres. No distributions, other than interest income distributions, have been made to date. Ceres does not intend to make any distributions of the Trading Company's
profits, except for distribution of interest income to feeder funds, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Net income, net loss, and distributions are allocated to Members on a pro-rata basis in proportion to their respective ownership interests during the period.

**9.** **Financial Highlights:** 

Financial highlights for the non-managing Members as a whole for the years ended December 31, 2025, 2024 and 2023 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  Ratios to Average Members' Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) \* | 1.3% | 2.7% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses | 1.5% | 1.0% | 0.8% |
|  Total return | 1.3% | (7.0) % | (2.9) % |

---

\* Interest income less total expenses. 

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the non-managing Members' share of income, expenses and average Members' capital.

**10.** **Subsequent Events:** 

The Trading Manager evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The Trading Manager has assessed the subsequent events through March 20, 2026, the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.