# EDGAR Filing Document

**Accession Number:** 0001461219
**File Stem:** 0001140361-26-011402
**Filing Date:** 2026-3
**Character Count:** 530920
**Document Hash:** 18d00b974d4a70823232d8fbca1157a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-011402.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001140361-26-011402

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRAHAM ALTERNATIVE INVESTMENT FUND I LLC
- **CENTRAL INDEX KEY:** 0001461219
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53965
- **FILM NUMBER:** 26799377

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GRAHAM CAPITAL MGMT LP
- **STREET 2:** 40 HIGHLAND AVENUE
- **CITY:** ROWAYTON
- **STATE:** CT
- **ZIP:** 06853
- **BUSINESS PHONE:** 203-899-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O GRAHAM CAPITAL MGMT LP
- **STREET 2:** 40 HIGHLAND AVENUE
- **CITY:** ROWAYTON
- **STATE:** CT
- **ZIP:** 06853

?xml version='1.0' encoding='ASCII'?

------

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 0-53965

## GRAHAM ALTERNATIVE INVESTMENT FUND I LLC

#### CORE MACRO PORTFOLIO
(Exact name of registrant as specified in its charter)

<u> DELAWARE </u> <u> 20-4897069 </u> <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

c/o GRAHAM CAPITAL MANAGEMENT, L.P.

40 Highland Avenue

Rowayton, CT 06853

(Address of principal executive offices) (zip code)

Brian Douglas

Graham Capital Management, L.P.

40 Highland Avenue

Rowayton, CT 06853

(203) 899-3400

(Name, address, including zip code, and telephone number, including area code,

of agent for service)

------

Copies to:

Frank Zarb

Proskauer Rose LLP

1001 Pennsylvania Avenue

Washington, D.C. 20004

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | None |

---

Securities registered pursuant to Section 12(g) of the Act: Core Macro Portfolio: Units of Interests <br>(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** ☑

Indicate by check mark if the registrant is not required to file reports pursuant to section 13 or section 15(d) of the Act.

**Yes** ☐ **No** ☑

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** ☑ **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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

**Yes** ☑ **No** ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated file, a smaller reporting company, or 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. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ 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 attestation to its management's assessment of the effectiveness of 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** ☑

Units of the Core Macro Portfolio with an aggregate value of $30,600,545 were outstanding and held by non-affiliates as of June 30, 2025.

As of March 1, 2026, 175,619.611 Units of the Core Macro Portfolio were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

------

---

| | |
|:---|:---|
| **Item 1:**  | **BUSINESS** |

---

GRAHAM ALTERNATIVE INVESTMENT FUND I LLC

#### General Development of Business
Graham Alternative Investment Fund I LLC ("GAIF I") is a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. Prior to March 28, 2013, GAIF I was organized as a Delaware Limited Liability Company which was formed on May 16, 2006. GAIF I was formed to enable U.S. taxable investors to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets, primarily in futures contracts, forward currency and metals contracts, spot currency contracts and associated derivative instruments such as options and swaps. GAIF I commenced operations on August 1, 2006.

The Core Macro Portfolio, the sole series of GAIF I, uses a systematic trading program and a discretionary trading program. The Core Macro Portfolio units of interest (the "Units") of GAIF I are registered under the Securities Exchange Act of 1934, as amended, (the "Exchange Act") and the financial information and statements contained herein are solely with respect to that Portfolio.

GAIF I invests in Graham Alternative Investment Trading LLC, a Delaware limited liability company (the "Feeder Fund" or "GAIT"). Specifically, the assets of GAIF I subscribed for investment in the Core Macro Portfolio will be invested in Graham Alternative Investment Trading LLC. Trading on behalf of the Fund (as defined below) will be conducted in separate master funds (in a "master-feeder" fund structure) managed by the Manager (as defined below). For the purposes of this report, the term "Fund" shall include GAIF I, the Feeder Fund and the master funds in which they invest, unless the context implies otherwise. Graham Capital Management, L.P. (the "Manager") is the Fund's manager and the sole investment advisor to the Fund. The Manager's website is www.grahamcapital.com.

The investment objective of the portfolio of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets, primarily in futures contracts, forwards contracts, spot currency contracts and associated derivative instruments such as options and swaps. The Fund seeks profit opportunities in the global financial markets, including interest rates futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as a professionally managed multi-strategy investment vehicle. The Fund may also trade futures on virtual currencies.

The portfolio of the Fund consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the investment exposure of the portfolio and to make the performance returns of the portfolio less volatile and more consistently profitable. The Manager seeks to combine in one portfolio investment strategies that trade in different markets and display relatively low correlation to each other. Through such composition, the Manager aims to provide the portfolio with the potential to make profits and have strong risk-adjusted returns in both rising and falling markets and during both expanding and recessionary economic cycles. In discretionary programs, a trader determines trades subjectively based on his personal assessment of trading data and trading experience, while in systematic programs, trades are based almost entirely on computerized mathematical models. The Fund, at all times, will look primarily to derivatives, including commodity interests as its principal intended source of gains and anticipates that at all times derivatives will present the Fund's primary risk of loss, and the Fund will not acquire any financial instrument or enter into any financial transaction if to do so would cause the Fund to look to securities as its principal intended source of gains or anticipate that securities will present the Fund's primary risk of loss.

------

The Manager believes strongly in the importance of research and development activities, particularly in the development of new trading systems, strategies and programs. The Manager expects both to develop additional trading systems for the Fund and to modify or remove the systems currently in use for the Fund over time. The Manager also seeks to add new trading strategies to its discretionary programs and to modify such strategies over time. There is no maximum or minimum number of trading programs that the Manager may see fit to include in the Core Macro Portfolio, and the Manager may increase or decrease the number of programs or portfolio managers included in the portfolio over time or increase the number of markets or contracts that are traded on behalf of the portfolio. The Manager continually updates and modifies its trading programs and may make such additions or deletions of trading programs or portfolio managers or make any other changes to the Core Macro Portfolio at any time– such as changes in the leverage of or within, or in the asset allocations to, any of the Fund's trading programs – in its sole discretion and without prior notice to the investors. Investors will not be informed of these changes as they occur.

Under the Amended and Restated Limited Liability Company Agreement of GAIF I (the "Company Agreement"), the Manager has complete and exclusive responsibility for management and administration of the affairs of GAIF I. The Manager is currently registered as a commodity pool operator ("CPO") and commodity trading advisor ("CTA") with the Commodity Futures Trading Commission ("CFTC"), as an investment adviser with the Securities and Exchange Commission ("SEC") and is a member of the National Futures Association ("NFA"). GAIF I is not required to be, and is not, registered under the Investment Company Act of 1940, as amended. Investors purchasing units of interests (the "Units") in GAIF I have no rights to participate in the management of the Fund. Units are sold through dealers that are not affiliated with the Fund or the Manager.

Pursuant to the Company Agreement, GAIF I's term will end upon the first to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 31, 2050;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the withdrawal (voluntary or involuntary), bankruptcy or an assignment for the benefit of creditors or dissolution of the Manager; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any date prior to December 31, 2050 on which the Manager elects to dissolve GAIF I.

GAIF I's business constitutes only one segment for financial reporting purposes (*i.e.*, a speculative commodity pool). GAIF I does not engage in sales of goods or services.

As of February 28, 2025, the aggregate Net Asset Value (as defined below under "Allocation of Profit and Loss") of the Units in GAIF I was $30,195,632. GAIF I operates on a calendar fiscal year.

#### Narrative Description of Business
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) General

GAIF I offers four classes (each a "Class") of Units, being Class 0 Units, Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units of the Core Macro Portfolio. As further described below under "Fees," Class 0, Class 2, Class 3-A and Class 3-B Units of the portfolio differ only as to their applicable fees. Subscriptions for Units of any Class may be accepted by GAIF I as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month, and on such other notice and dates as the Manager may permit in its sole and absolute discretion.

Units of each Class are offered at their Net Asset Value per Unit as of the end of each month. The minimum initial investment for each Class of Units is $10,000 and the minimum additional investment is $5,000. Class 0 and Class 3-A are primarily for "wrap fee programs". Wrap fee programs bundle the various services provided to a client by a broker or financial advisor in a single fee arrangement rather than charging the client fees for specific transactions. GAIF I will be continuously offered and has no limit on the maximum aggregate amount of subscriptions that may be contributed to it.

------

Capital contributions by a single subscriber for any Class of Units, upon acceptance of the subscriber as a member, represent a single interest in GAIF I for that subscriber's respective Class of Units. A Unit of each Class reflects a member's interest in GAIF I's member's capital with respect to the Class of Units owned by the member. Although separate Classes of Units in a portfolio are offered, all capital contributions to a particular portfolio are pooled by GAIF I and invested in GAIT. Units may be purchased only by investors who qualify as accredited investors under Regulation D of the Securities Act of 1933 ("Securities Act"). The principal differences among the separate Classes of Units within the same portfolio are their fees. Holders of Units, regardless of which Class of a portfolio they hold, participate pro rata in the profits and losses of that portfolio in proportion to the Net Asset Value of the Class and have identical rights, as members, under the Company Agreement.

![](image00001.jpg)

------

(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Manager

The Manager was organized in May 1994 as a Delaware limited partnership. The general partner of the Manager is KGT GP LLC, a Delaware limited liability company of which Kenneth G. Tropin is the sole director and ultimate sole owner. The limited partner of the Manager is KGT Investment Partners L.P., a Delaware limited partnership of which KGT, Inc., a Delaware corporation, is the general partner and in which Mr. Tropin and members of his immediate family are significant beneficial owners. Mr. Tropin is also the President and ultimate sole owner of KGT, Inc. KGT, Inc. and KGT Investment Partners L.P. each became a listed Principal of the Manager effective July 27, 1994, while KGT GP LLC became a listed Principal of the Manager effective January 14, 2025. The Manager has been registered as a CPO and CTA under the Commodity Exchange Act ("CEA") and has been a member of the NFA since July 27, 1994 and has been registered as an investment adviser with the SEC since March 20, 2012. As of March 1, 2026, the Manager has approximately 252 personnel and manages assets of over $20 billion. The Manager's principal office is located at 40 Highland Avenue, Rowayton, Connecticut 06853 and its telephone number is (203) 899-3400. The Manager's advisory services may in part be performed out of its branch office in West Palm Beach, Florida or New York City, New York and the office of the Manager's London affiliate, Graham Capital LLP.

(iii)&nbsp;&nbsp;&nbsp;&nbsp; The Trading Program

The Manager's Investment Committee, which is comprised of Kenneth G. Tropin, Pablo Calderini, Jens Foehrenbach, Brian Douglas, Barry S. Fox, Christopher McCann, Timothy Sperry, Kelly Tropin Whitridge, George Schrade, Jennifer Ancker Whelen, Brad Williams, Chris Jones, Jason Slutsky and Thomas Feng make decisions with respect to the selection of strategies traded on behalf of the Fund.

Biographical information regarding the members of the Investment Committee as of December 31, 2025 is set forth below.

**Kenneth G. Tropin, 72**, is the Chairman and the founder of the Manager. In May 1994, he founded the Manager and became an Associated Person and Principal effective July 27, 1994. Mr. Tropin developed the firm's original trading programs and is responsible for the overall management of the organization, including the investment of its proprietary trading capital.

**Pablo Calderini, 61**, is the Vice Chairman and Co-Chief Investment Officer of the Manager and jointly oversees and supervises the Manager's discretionary and systematic portfolio manager teams, trading and research alongside Jens Foehrenbach, President and Co-Chief Investment Officer. He joined the Manager in August 2010 and became an Associated Person and Principal of the Manager effective August 13, 2010. Mr. Calderini received a B.A. in Economics from Universidad Nacional de Rosario in 1987 and a Masters in Economics from Universidad del Cema in 1989, each in Argentina.

**Jens Foehrenbach, 50**, is the President and Co-Chief Investment Officer of the Manager, responsible for jointly overseeing and supervising the Manager's discretionary and systematic portfolio manager teams, trading, and research, alongside Pablo Calderini, Vice Chairman and Co-Chief Investment Officer. He joined the Manager in February 2025 and became an Associated Person and Principal of the Manager effective February 24, 2025. Prior to joining the Manager, he worked at Man Group from September 2008 to February 2025, most recently as Head of Public Markets within Discretionary Investments at Man Group. Mr. Foehrenbach received a Master's degree in Business Economics from the University of Basel, Switzerland in 2001.

**Brian Douglas, 52**, C.P.A., is the Chief Executive Officer of the Manager. Mr. Douglas is responsible for the management and oversight of the finance, administration, investor services, technology, human resources, legal and compliance departments. In July 2004, he joined the Manager as Manager of Financial Reporting. Mr. Douglas became Director of Financial Reporting in April 2008, Chief Financial Officer in April 2013, Chief Operating Officer in March 2019 and Chief Executive Officer in October 2021. Mr. Douglas is responsible for the management and oversight of the finance, administration, investor services, technology, human resources, legal and compliance departments. He became an Associated Person of the Manager effective February 1, 2013 and a Principal on April 1, 2013. Mr. Douglas received a B.A. in accounting from Western Connecticut State University in May 1996.

**George Schrade**, **51**, C.P.A., is the Chief Financial Officer of the Manager, responsible for overseeing the Manager's trading services department which includes the middle office, financial reporting, treasury operations and corporate accounting groups. He became an Associated Person of the Manager effective December 21, 2016 and a Principal on February 28, 2019. In June 2007, he joined the Manager as Senior Analyst in Financial Reporting and has held positions of increasing responsibility prior to becoming Chief Financial Officer in March 2019. Mr. Schrade received a B.S in Accounting from Quinnipiac University in May 1996.

**Barry S. Fox, 62**, is Managing Director of Quantitative Operations and Execution of the Manager. He became an Associated Person of the Manager effective November 10, 2000 and a Principal on November 15, 2007. Mr. Fox joined the Manager in August 2000. Mr. Fox received a B.S. in Business Administration from State University of New York at Buffalo in 1986.

------

**Christopher McCann, 55**, is the Chief Risk Officer of the Manager, responsible for identifying, monitoring and acting upon financial risks relative to financial returns in Manager's diverse trading strategies. He joined the Manager in May 2009 and became an Associated Person of the Manager effective May 29, 2009 and a Principal effective June 24, 2019. He was previously registered as a Principal of the Manager effective September 12, 2012 through February 22, 2016. Mr. McCann received an M.B.A. in Finance from New York University Stern School of Business in May 1998, a M.S. in Industrial Engineering from Rutgers University in May 1995, and a B.S. in Chemical Engineering from Washington University in May 1992.

**Tim Sperry, 58**, is Executive Director and Chief Compliance Officer of the Manager. He joined the Manager in June 2004. As Chief Compliance Officer, he oversees compliance and regulatory matters related to the firm's business. He became an Associated Person of the Manager effective October 9, 2012 and a Principal on October 10, 2012. Effective as of August 5, 2025, Mr. Sperry became the Branch Manager of the Manager's branch office in New York, New York. Mr. Sperry received a J.D. from New England School of Law in May 1998 and a B.A. in Political Science in 1989 from Boston University.

**Kelly Tropin Whitridge, 35**, is Senior Managing Director and Chief Economist of the Manager. Mrs. Tropin Whitridge plays a key role in the management of the firm's discretionary trading team and leads the Manager's economic research efforts. She joined the Manager in May 2014 and became an Associated Person and Principal of the Manager effective September 6, 2018. Mrs. Tropin Whitridge received a Bachelor of Arts in Government from Dartmouth College in June 2013.

**Jennifer Ancker Whelen, 52**, is Chief Client Officer, Co-Head of Institutional Relations, and Managing Director of the Manager. She joined the Manager in April 2007 and became an Associated Person of the Manager effective June 6, 2007 and a Principal January 15, 2021. Mrs. Ancker Whelen is responsible for the development of strategic relationships with the Manager's global client base, including consultants and institutional investors. Mrs. Ancker Whelen graduated cum laude from Colby College in 1995 with a B.A. in Economics and a minor in Sociology.

**Jason Slutsky, 42**, is the General Counsel of the Manager. He joined the Manager as Corporate Counsel in September 2018 and became Chief Legal Officer in March 2020. He became a Principal of the Manager effective as of January 17, 2020 and an Associated Person of the Manager effective as of January 28, 2020. As General Counsel he oversees legal matters related to the firm's business. Mr. Slutsky worked at AQR Capital Management, LLC, an investment firm, as Associate General Counsel from September 2014 to August 2018. Mr. Slutsky received a J.D. from the University of Pennsylvania with honors in 2009 and a B.S. from Cornell University in 2006. Mr. Slutsky received the designation Chartered Financial Analyst in 2019.

**Bradford Williams, 58**, is the Chief Business Officer of the Manager. He joined the Manager in April 2023 and became an Associated Person of the Manager effective April 18, 2023, and a Principal effective May 1, 2023. Prior to joining the Advisor, Mr. Williams was the Head of the Client and Investor Group at Maniyar Capital Advisors UK Ltd., an investment management firm, from May 2020 to January 2023. Mr. Williams received a J.D. and M.B.A. from Vanderbilt University in 1994 and a B.A., *cum laude,* from Princeton in 1990.

**Chris Jones, Ph.D., 54**, is Head of Solutions of the Manager and Chief Executive of the Manager's London office. Dr. Jones joined Graham in 2016, and in his role as Head of Solutions he works with the Manager's clients to develop customized solutions that best fit their portfolios, utilizing the broad range of strategies across the Manager's investment platform. Dr. Jones received a BA in Mathematics from Oxford University in 1992 and a PhD in Mathematical Finance from the University of Cambridge in 2000.

**Thomas Feng, Ph.D., 53**, is Chief Investment Officer of Quantitative Strategies of the Manager. He is currently responsible for the management and oversight of the firm's Quantitative Strategies team, including quantitative operations and execution, research and data science teams. He became an Associated Person of the Manager effective February 7, 2013, and a Principal on April 30, 2014. Dr. Feng joined the Advisor in April 2009 as a portfolio manager/quantitative research analyst. Dr. Feng received a Ph.D. in Mathematics from Princeton University in June 1997 and a B.S. in Mathematics from Yale in May 1993.

Effective February 7, 2025, Jens Foehrenbach joined the Manager and is a member of firm's Investment Committee.

The discretionary traders for any discretionary investment strategy selected to trade on behalf of the Fund make the trading decisions for that discretionary strategy. The Manager has developed sophisticated proprietary software to study optimal portfolio weighting strategies and the effect of specific markets on the performance, risk, correlation and volatility characteristics of each of its trading strategies. As a result, the weighting or leverage that a trading strategy uses in each market may change to address changes in market conditions or to reflect other trading strategies trading in that market. With such software, the Manager devotes considerable attention to risk management at the portfolio level in an effort to ensure balance between markets and that the overall leverage used by the portfolio is consistent with the Manager's overall views on risk. The Manager's objective in forming the investment program of the portfolio is to provide the portfolio with significant potential for capital appreciation in both rising and falling markets and during expanding or recessionary economic cycles. Currently, the Core Macro Portfolio targets an allocation of 50% of the assets to trading the Manager's Discretionary Trading Program and targets an allocation of 50% of the assets to trading to a sole systematic program, the Manager's K4D Program, but the Manager may alter these target allocations at any time within its sole discretion without notice to investors.

------

The Fund will trade actively in both U.S. and foreign markets, primarily on major futures exchanges as well as the inter-bank cash currency and swaps markets. The Fund also engages in exchange for physical (EFP) transactions, which involve a privately negotiated and simultaneous exchange of a futures position for a corresponding position in the underlying physical commodity, and the Fund may use options and other derivatives in addition to swaps. The Manager may also trade other financial instruments, such as emerging market currencies, global stock index futures and futures on virtual currencies, as it endeavors to achieve superior results for investors and enhanced portfolio diversification. The Manager may trade without geographic or market restriction, with new and existing discretionary and quantitative strategies routinely expanding or otherwise modifying the types of instruments traded for the Fund. The Manager reserves the right in extraordinary market conditions to reduce leverage and portfolio risk if it believes in its sole discretion that it is in the potential best interest of the Fund. While such actions are anticipated to occur infrequently, no assurance can be given that the Manager's actions will enhance performance or that any efforts by the Manager to achieve portfolio diversification will be successful.

The Manager expects to add additional trading strategies and programs to the portfolio and to modify or replace the strategies currently in use for the portfolio over time and may in the future offer other portfolios. There is no maximum number of strategies and programs that the Manager may see fit to include in the Fund or the portfolio, and the Manager may increase or decrease the number of strategies and programs included in the Fund or the portfolio over time or increase the number of markets or contracts that are traded on behalf of the Fund or the portfolio. The Manager may make such additions or deletions of trading programs to the Fund or the portfolio at any time and may make such additions, deletions or any other changes, such as changes in leverage or volatility targets of, or in the asset allocations to, any of the Fund's trading strategies and programs, in its sole discretion and without prior notice to members. The Core Macro Portfolio does not currently have an annual leverage or volatility target, and even to the extent such targets are established by the Manager in the future, there can be no assurance that the Core Macro Portfolio's programs (or any trading systems or programs utilized by the Fund) will meet such targets in any given period.

The Manager conducts risk analysis and employs risk management controls at various levels of the Fund, including portfolio risk, strategy risk, market risk and execution risk. The objectives of its risk management approach are to measure a Portfolio's quantitative and qualitative exposures to the risks identified; formulate appropriate policies and procedures in an effort prudently to manage overall risk; monitor compliance with the Manager's risk policies and procedures; and report identified and measured risks to the Manager's Risk Committee and risk management team.

In constructing a Portfolio, the Manager employs various risk management protocols. Using a proprietary asset allocation model and its own qualitative assessments, the Manager's Investment Committee determines the appropriate strategies for a Portfolio and the weighting of each in the Portfolio. The Manager has developed a trade execution and reporting infrastructure designed to minimize the risk of errors. For example, where appropriate, trades are manually checked for accuracy by the Manager's middle office staff and are subject to additional cross checking using computerized means. Each discretionary trader's positions must adhere to established risk management guidelines and position limits, which are regularly monitored by the Manager's risk management team.

Effective testing, reporting and review are critical elements of the Manager's risk management process. Daily stress testing is performed to evaluate a strategy's risk exposure. Daily reporting of Value-at-Risk (VaR) and intraday reporting of net gain or loss for each strategy enables the Manager's Risk Committee and the Investment Committee to observe each strategy's adherence to its investment profile as well as market exposure. VaR is a probabilistic measure of the amount of loss, often referred to as the threshold, that a portfolio of investments may experience over a specified time period. Each strategy is formally reviewed by the Investment Committee on a monthly basis.

The Manager's quantitative trading programs (including the quantitative traders primarily responsible for implementing such programs) typically use proprietary portfolio construction and embedded risk management techniques within the programs themselves to manage exposure across individual markets and sectors. The quantitative risk management process incorporates the outputs of the underlying trading models with a sophisticated risk management process in an effort to enhance returns and maintain diversification, and over the longer term, portfolio volatility target ranges. No assurance can be given that the annual volatility will fall within the targeted volatility ranges and the Manager makes no representation that the performance of the programs will fall within their respective volatility ranges in any given period. Notwithstanding the foregoing, certain quantitative traders may be subject to risk policies similar in whole or in part to the risk policies described below with respect to discretionary traders.

With respect to the discretionary traders who trade on behalf of the Fund, the Manager works closely with each discretionary trader to design an appropriate investment profile, including return objective and volatility level, for each individual trading strategy. Through continuous monitoring and an active dialogue with every discretionary trader, the Manager seeks to identify and minimize any deviations from the investment profile. In addition, the Manager has implemented a uniform set of risk guidelines for all discretionary traders designed to reduce a strategy's downside risk. Each discretionary trader's positions must adhere to established risk management guidelines and position limits, which are regularly monitored by the Manager's risk management team.

------

The Manager subjects the trading of all of its discretionary traders to a risk monitoring regime that includes a set of defined drawdown limits and a series of risk measurements. Drawdown limits are used as a risk management tool to enforce risk reduction on a discretionary strategy if the discretionary trader is experiencing losses and has not yet reduced overall risk levels. The Manager generally defines a drawdown as losses experienced over a specified period of time, expressed as a percentage of net assets at the beginning of the period. The Manager imposes daily, monthly, and overall drawdown limits for all discretionary traders. The Manager establishes a daily move limit that requires a prompt report to the risk department, a monthly peak to trough drawdown that likely leads to risk reduction, and a total peak to trough drawdown that likely leads to risk reduction. There is also a drawdown limit where the Manager's Investment Committee would meet to consider closing a given program. Further, the Manager conducts a daily risk process measuring VaR and reviewing stress tests for the portfolio. The Manager evaluates the validity of VaR as a risk management tool by comparing the number of instances that profit and loss exceeded expected parameters over various time frames. For example, the Manager utilizes a one day 97.5% VaR, which means that in respect of the Portfolio that it is analyzing it expects the Portfolio to experience a loss in excess of VaR on approximately 1 out of every 40 days. In addition, the Manager runs an extensive series of stress tests, including historical scenarios as well as specific foreign exchange, equity and interest rate shocks. In managing strategy risk, the Manager limits the size and structure of positions taken on behalf of the Portfolio to ensure that they comply with various risk parameters, both those defined by the Manager for the underlying trading strategies and those defined by each of the discretionary traders that trade on behalf of the Portfolio.

In addition to the risk monitoring procedures employed by the Manager, each discretionary trader trading on behalf of a discretionary program for the Fund has established his or her own proprietary risk measures and parameters. These generally include measures of first order sensitivities (i.e., the sensitivity of the Portfolio to a change in a parameter of the underlying instruments) to the most relevant risk factors for a given book (for example, the dollar value of a basis point in the case of interest rate products), measurement of stress loss in extreme market events, or the use of explicit stop loss points. When individual limits on any of these are breached, the discretionary trader likely will reduce risk even if within the Manager's guidelines.

The Fund currently employs a master-feeder structure for its individual trading programs such that the portfolio's trading program may, but will not necessarily in all cases, be conducted through one or more master funds. Each of the master funds is managed by one or more employees of the Manager. The master funds were organized by the Manager in order to facilitate the management of various funds and accounts managed by the Manager using in whole or in part the same trading program. The Fund, alternatively, may trade its individual trading programs through one or more managed accounts in the Fund's name.

*Discretionary Trading Program*

The Manager has been trading discretionary programs since February 1998. Discretionary programs, unlike systematic programs which are based almost entirely on computerized mathematical models, determine trades subjectively on the basis of a trader's personal assessment of trading data and trading experience. Although the Manager has had over a decade of experience trading various discretionary programs, Discretionary Trading Program ("DTP") itself commenced trading as of August 2008. DTP seeks to invest in various global macro markets that are highly liquid. Currently, DTP consists of several of the Manager's leading discretionary strategies traded by employees of the Manager that do not trade securities that focus on the global fixed income, stock index, currency, energy, commodity and metals markets, but over time it may participate in any other liquid market that is available as the Manager deems appropriate. The Manager does not, but could at any time in the future without notice to investors, trade one or more strategies (referred to herein as "alpha enhancement strategies") as part of DTP which are expected to primarily be developed by the Manager's Quantitative Strategies department using the trading of all or certain other strategies traded by the Manager's portfolio managers as inputs together with risk management and portfolio construction techniques designed by the Manager. Such alpha enhancement strategies, if employed, are intended to enhance or increase (potentially materially) the Fund's exposure to other strategies (or portions thereof) traded by portfolio managers of the Manager, including portfolio managers trading strategies which are not employed by DTP. See "*Risk Factors – Enhancement Strategies*" for information about the limitations and risks associated with alpha enhancement strategies. The Fund may also trade futures on virtual currencies.

------

The Manager's discretionary programs have generally displayed a significant degree of non-correlation with traditional and other alternative investments, including with the Manager's own quantitative investment programs. In its composition of DTP, the Manager will seek an investment portfolio that continues to offer such non-correlation and that provides diversification to other investments. DTP may take both long and short positions and thus may generate successful performance results in both rising and declining markets. The holding periods of its positions may range, depending on the individual trading strategies, from just a few hours to months, such that DTP may potentially profit in markets that exhibit either short-term moves or long-term trends. As with its systematic investment programs, the Manager may add or delete trading strategies or trading markets in DTP or alter their individual weightings or leverage as it deems appropriate, and no notice will be given to investors of such allocation changes. The Manager may make such allocation changes based on a proprietary allocation model, its assessment of market conditions or the availability of additional discretionary trading strategies, in its discretion.

The descriptions contained herein of DTP should not be understood as in any way limiting its investment activities. In addition, the Fund may engage in investment strategies and programs not described herein that the Manager considers appropriate.

*Systematic Trading Program*

The Manager's systematic investment programs employ various quantitatively based systems that are designed to participate selectively in potential profit opportunities that can occur in a diverse number of U.S. and international markets. Such systems generally are based on computerized mathematical models and can rely both on technical (i.e., historic price and volume data) and fundamental (i.e., general economic, interest rate and industrial production data) information as the basis for their trading decisions. The systems establish positions in markets where the price action of a particular market signals the computerized systems used by the Manager that a potential move in prices is occurring. The systems are designed to analyze mathematically the recent trading characteristics of each market and to statistically compare such characteristics to the historical trading patterns of the particular market. The systems also employ proprietary risk management and trade filter strategies that seek to benefit from price moves while reducing risk and volatility exposure.

Each systematic investment program of the Manager incorporates trading strategies developed by the Manager's research department. While the Manager's systematic investment programs have employed long-term systematic strategies from their inception, the programs may also include trend systems with varying time horizons.

The Manager believes strongly in the importance of research and development of new trading strategies and expects to develop additional trading systems and strategies and to modify or replace the systems currently in use in its systematic programs over time in its ongoing efforts to keep pace with changing market conditions. The decision to add or subtract systems or strategies from any investment program or to change the leverage of, or the asset allocations to, any of the trading strategies of such investment program shall be at the Manager's sole discretion. The Manager anticipates that the constellation of trading strategies comprising the K4D program will continue to grow and evolve over time. There is no maximum number of strategies that the Manager may include in the K4D investment program.

In connection with its programs' systematic trading, the Manager may employ discretion in determining the leverage and timing of trades for new accounts and the market weighting and participation. In unusual or emergency market conditions, the Manager may also utilize discretion in establishing positions or liquidating positions or otherwise reducing portfolio risk where the Manager believes, in its sole discretion, that it is in the potential best interest of the Fund to do so. While such actions are anticipated to occur very infrequently, no assurance can be given that the Manager's discretionary actions in these programs will enhance performance.

The K4D Program features the first system that the Manager developed, which began trading client accounts in 1995. It utilizes multiple proprietary trading to generate long and short signals across global interest rate, currency, stock index, and commodity markets. The K4D Program allocates to a broad set of the Manager's systematic models that are both price-based and non-price-based, including both directional and cross-sectional signals. These models currently include trend-following, quantitative macro, and other diversifying strategies.

------

The investment objectives and methods summarized above represent the Manager's current intentions. Depending on conditions in the financial and securities markets and the economy in general, the Manager may pursue other objectives, employ other investment techniques or purchase any type of financial instrument that it considers appropriate and in the best interests of the Fund, whether or not described in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Use of Proceeds

Northern Trust International Banking Corporation serves as the Fund's banker for purposes of receiving subscription funds, disbursing redemption payments and processing cash transactions not directly related to the Fund's portfolio.

Bank of America, N.A. serves as the Fund's banker for transactions on behalf of the portfolio. A significant portion of the Fund's assets may be held by Bank of America, N.A. in addition to the futures clearing brokers utilized on behalf of the Fund as well as OTC counterparties. The Fund may also hold excess funds not required for trading in bank accounts at Bank of America, N.A., JPMorgan Chase Bank, N.A., Wells Fargo, N.A. or elsewhere. The Manager, in its discretion, may change the brokerage and custodial arrangements described herein without notice to investors.

GAIF I currently has no direct arrangement with any futures commission broker; rather each master fund that trades on behalf of the Fund may have its separate clearing arrangements with one or more futures broker. At present, BofA Securities Inc., Wells Fargo Securities, LLC and Barclays Capital Inc. are the primary futures clearing brokers for the master funds, but neither the Fund nor the master funds are required or under any contractual obligation to continue to employ them as futures clearing brokers (together with additional or replacement clearing brokers the Manager may select from time to time without notice to investors, the "Futures Brokers"). The Manager is authorized to determine the Futures Brokers (or the counterparty, if concerning a foreign currency or swap transaction) to be used for the portfolio transactions for the Fund. The Manager is not affiliated with any futures commission merchant or broker-dealer.

Each Futures Broker will obtain, safe-keep and maintain custody of all of the Fund's fully paid assets held by it in a customer account identified on the books of the Futures Broker as belonging to the Fund and segregated from the broker's own proprietary positions. All of the Fund's assets, funds, securities and other property held by each Futures Broker are held as security or collateral for the Fund's obligations to the broker. The margin levels required to initiate or maintain open positions are established from time to time by each Futures Broker and applicable regulatory authorities. Each Futures Broker may close out positions, purchase securities, or cancel orders for the Fund's account at any time it deems necessary for its protection, generally without the consent of or notice to the Fund.

Agreements with Futures Brokers in general provide that the broker will not be liable in connection with the execution, clearing, handling, purchasing, or selling of commodities, or other property, or other action, except for negligence or misconduct on the broker's part. Such agreements also may provide that the Futures Broker will be indemnified and held harmless by the Fund from and against any loss, claim, or expense (including attorney's fees) incurred by the broker in connection with it acting or declining to act for the Fund, and that the Fund will fully reimburse the broker for any legal or other expenses (including the cost of any investigation and preparation) which the broker may incur in connection with any claim, action, proceeding, or investigation arising out of or in connection with the agreement or the transactions contemplated thereunder.

------

In addition to trading in the Interbank market for foreign exchange, the Fund currently trades on all the major U.S. futures exchanges and may also trade on, but is not limited to, the following foreign exchanges:

---

| |
|:---|
|  ASX Trade24 |
|  Bolsa de Mercadorias and Futuros |
|  Borsa Italiana (IDEM) |
|  EUREX |
|  EURONEXT/London International Financial Futures and Options Exchange |
|  EURONEXT/Derivatives Paris |
|  Hong Kong Exchanges and Clearing Ltd. |
|  ICE Endex |
|  ICE Futures Canada |
|  ICE Futures Europe |
|  Intercontinental Exchange |
|  JSE Equity Derivatives Market |
|  Korea Exchange |
|  London Metal Exchange Ltd. |
|  Montreal Exchange |
|  NSE IFSC Exchange |
|  OMX Nordic Exchange Stockholm |
|  Osaka Securities Exchange |
|  Singapore Exchange Ltd. |
|  Tokyo Stock Exchange |

---

In connection with such trading on foreign exchanges, the Fund's assets may be deposited by the futures brokers with foreign brokers or banks. Although these foreign brokers or banks are subject to local regulation in their jurisdiction, the protections afforded by foreign regulatory bodies and rules may differ significantly from those afforded by United States regulators and rules.

The Fund expects to earn interest on cash not required to be posted as margin for its trading. Cash not required by the Fund's investment programs for trading is currently invested by the Manager in a separate cash management master fund, Graham Cash Assets LLC ("Cash Assets"), managed by the Manager. The Fund pays the Manager no additional fees for managing the Fund's assets invested in Cash Assets. It is currently anticipated that on average between 70% and 95% of the assets of the portfolio will be invested in Cash Assets. Other affiliates of the Manager and investment funds and accounts managed by the Manager will invest in Cash Assets and each such entity bears its proportional share of the operating expenses of Cash Assets. Cash Assets may pay some third-party fees to unaffiliated custodians or managers in connection with the management of its portfolio, which fees will effectively be borne pro rata by all investment vehicles that invest in Cash Assets. Cash Assets may deposit a portion of its assets in an interest bearing bank account with Bank of America N.A., Wells Fargo, N.A. and JPMorgan Chase Bank, N.A. or other banks or in brokerage accounts, or it may purchase securities (directly or through repurchase or reverse repurchase agreements) which are direct obligations of or obligations guaranteed as to principal or interest by the United States (e.g. U. S. Treasury Bills or Bonds), or other securities issued or guaranteed by corporations in which the United States has a direct or indirect interest (e.g., U.S. government agency securities) which have been designated pursuant to section 3(a)(12) of the Securities Exchange Act of 1934 as exempted securities.

------

In addition to exchange-traded futures contracts and swaps, the Fund trades spot and forward contracts on foreign currencies and, to a lesser degree, OTC swap and derivatives contracts. The Fund does not currently anticipate trading any other non-CFTC regulated instruments the Fund anticipates trading. The Manager estimates that 20-60% of the Fund's trades for the portfolio may be in forward contracts and 0-10% in swap contracts, but depending on market conditions, the percentage of the portfolio's trades constituted by forward or swap contracts may fall substantially outside that range. Bank of America, N.A. and Barclays currently serve as the Fund's primary counterparties for foreign currency forward transactions. All of the Fund's assets, funds, securities, and other property held by Bank of America, N.A. or Barclays as a Fund counterparty, and any other bank or broker-dealer acting as a foreign currency forward counterparty or OTC swap counterparty of the Fund are held as security or collateral for the Fund's obligations to such entity. The forward and OTC swap markets bear additional risks (e.g., the credit risk of trading with counterparties) not present in exchange-traded futures and swaps trading. Under the Dodd–Frank Wall Street Reform and Consumer Protection Act, the CFTC, sometimes together with the SEC, has enacted regulations to govern these contracts and requires many of them to be cleared through an exchange or clearinghouse.

The Manager determines, in its sole and absolute discretion, the amount of distributions, if any, to be made by the Fund. It is expected that dividends ordinarily will not be paid and that all portfolio earnings will be retained for reinvestment (subject to the redemption privilege).

#### Fees
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Advisory Fee

Pursuant to the Company Agreement, Class 0 and Class 2 of the Core Macro Portfolio of the Fund paid the Manager an advisory fee (the "Advisory Fee") at an aggregate annual rate equal to 1.50% of the Net Asset Value of such Class. Class 3-A and Class 3-B have an advisory fee at an aggregate annual rate of 1.50% and 2.00% of the Net Asset Value of such Class, respectively. For purposes of calculating the Advisory Fee, the Net Asset Value of each Class equals the total fair market value of the assets of the Fund attributable to that Class less the liabilities of the Fund attributable to that Class. Profits and losses are allocated among the Classes in proportion to their respective Net Asset Values (before accrual of the Sponsor Fee and the Incentive Allocation set forth below). The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month (before giving effect to any redemptions as of the last business day of the month and subscriptions as of the beginning of the next business day, and before deduction or accrual of fees payable to the Manager and the Incentive Allocation). A portion of the Advisory Fee may be paid to third parties as compensation for offering or selling activities in connection with the Fund. If the Manager is terminated as the manager of the Fund as of a date other than the last business day of a month, the Advisory Fee will be prorated through the termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sponsor Fee

Class 0 and Class 2 of the Fund pays the Manager a sponsor fee (the "Sponsor Fee") at an annual rate of the Members' Capital specified in the table below. Class 3-A and Class 3-B have no sponsor fee. The Sponsor Fee, in each case payable monthly in arrears, determined in the same manner as the Advisory Fee.

---

| | |
|:---|:---|
| **Class 0** | **Class 2** |
| 0.50% | 1.25% |

---

A significant portion of the Sponsor Fees is paid to third parties as compensation for offering or selling activities in connection with the Fund. The Manager may pay initial service fees as well as on-going service fees to its selling agents. When an initial service fee is paid, the on-going service fee to a selling agent will generally commence the 13<sup>th</sup> month with respect to which the Fund investor introduced by such selling agent has been invested in the Fund. The service fees paid by the Manager to selling agents range up to 2% of net assets with respect to Class 2 investors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Incentive Allocation

Each Class of the Core Macro Portfolio bears a quarterly Incentive Allocation, payable to Graham Capital LLC, an affiliate of the Manager ("Graham LLC"), as of the end of each calendar quarter, equal to 20% of the net profits of the Class for the quarter, subject to a "loss carryforward" provision. The loss carryforward provision generally provides that Graham LLC will not receive an Incentive Allocation in respect of the Class for a calendar quarter to the extent that the Class experiences net loss since the last calendar quarter for which an Incentive Allocation was earned, and such loss has not been recouped through subsequent net profits. The Incentive Allocation is calculated and paid as follows: At the end of each calendar quarter, the Incentive Allocation is deducted from the Net Asset Value of each Class and credited to the Capital Account of Graham LLC in the Feeder Funds, in an amount equal to 20% of New High Net Trading Profits (as defined below) with respect to each class of the Core Macro Portfolio for such period. "New High Net Trading Profits" for any Class for any quarter shall mean the Net Capital Appreciation (which includes unrealized gains and losses and interest income and expense, less all accrued debts, liabilities and obligations of the Class (but before any accrual for the Incentive Allocation) for such period) for the quarter minus the Carryforward Loss (as defined below), if any, as of the beginning of the quarter, for such Class. The "Carryforward Loss" shall be increased as of the end of each calendar quarter by the amount of any Net Capital Depreciation with respect to such Class during the quarter then ended and shall be decreased (but not below zero) as of the end of each calendar quarter by the amount of any Net Capital Appreciation with respect to such Class during the quarter then ended. In addition, the Carryforward Loss for a Class for any calendar quarter shall be proportionately reduced effective as of the date of redemption of any Units of such Class by multiplying (i) the Carryforward Loss for such Class immediately prior to such redemption by (ii) the ratio that the amount of assets redeemed from such Class bears to the Net Assets of such Class immediately prior to such redemption. The Carryforward Loss of a Class must be recouped before any subsequent Incentive Allocation can be made to Graham LLC. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed on any date not the end of a calendar quarter, as if the date of redemption were the end of a calendar quarter and the Incentive Allocation shall only be deducted with respect to such redeemed Units.

A portion of any of the above fees (including the Incentive Allocation) may be paid by the Manager or its affiliates to third parties as compensation for offering or selling activities in connection with the Fund.

#### Expenses
Each Class of the Fund was responsible for its proportionate share of the Fund's operating, administrative, trading and other direct expenses of the relevant Portfolio, including all trading commissions (including exchange and clearing and regulatory fees relating to its trades), legal expenses, internal and external accounting, audit and tax preparation expenses, fees and expenses of an Administrator, costs of preparing any required regulatory filings, and printing and mailing costs, together with a proportionate share of the costs incurred in connection with the organization of the Fund (including government incorporation charges and professional fees and expenses in connection with the preparation of the Fund's offering documents and the preparation of the basic corporate and contract documents of the Fund) and the Fund's continuing offering of Units.

------

Each Class of the Fund pays or reimburses the Manager for all direct costs associated with its assets allocated to the various trading strategies, whether discretionary or quantitative, as the case may be, utilized on, or developed for, the Fund's behalf and all other expenses related to the operations and business of the Fund including, but not limited to, all expenses of investment transactions such as brokerage commissions and exchange, clearing or regulatory fees and expenses; interest, commitment fees and other costs related to borrowing; transaction fees, finder's fees, sourcing fees, investment banking fees, origination fees and other similar fees and expenses; fees and expenses of the Administrator; custodial fees; bank service fees; the allocable portion of the costs of developing new strategies (see the risk factor "Developing New Trading Strategies" for additional information); costs of news, research, data and quotation services, software and equipment, including Bloomberg terminals; third-party investment and trading, risk-management and portfolio management related services, licensing, systems, hardware and software (including the third-party installation, programming or servicing related thereto), including trade surveillance and trade order management, sanctions screening, collateral and margin management and accounting services, licensing, systems, hardware and software; costs of connectivity services; data storage costs; fees and expenses related to the Fund's currency conversion and hedging activities; other hedging costs; membership, license and similar charges in connection with exchange memberships; taxes, withholding taxes, transfer taxes and other governmental charges and duties; governmental, registration, license, membership or related fees or expenses payable to any regulatory or self-regulatory organization (including costs associated with monitoring for, preparing and filing regulatory reports such as Form 10-K, Form 10-Q, NFA Form PQR and MiFID trade and transaction reports and SEC Forms 13D/G and SHO, the EU Short Selling Regulation and other global shareholder reporting) or in connection with the distribution of the Units in any jurisdiction; costs of compliance with FATCA, CRS or other similar rules; professional fees of tax advisors, accountants and attorneys; costs for D&O, E&O, fidelity bonding, cybersecurity and other insurance for the Fund and the Manager; the costs of maintaining the Fund's registered office; the third-party costs of preparing, printing and distributing offering materials, financial statements, Net Asset Value and other investor reports and notices to members or holding meetings of members, including the cost of market and other data used in connection with the preparation of such reporting; fees and expenses paid to outside counsel, accountants, experts and other third parties in connection with sourcing, investigating, analyzing, evaluating and conducting due diligence and surveillance on, monitoring and conducting background checks in connection with, existing and potential investments (whether or not consummated); legal expenses and other costs of negotiating trading counterparty agreements, service provider agreements, amendments to offering and organizations documentation of the Funds, side letter negotiation, transfer agreements, and other documentation; legal and third party costs incurred in connection with settling trades; legal fees and costs (including settlement costs) arising in connection with any litigation, arbitration, investigation or other proceeding related to any portfolio investment; legal and compliance and cybersecurity expenses (including responding to formal and informal inquiries, engagement of third-party experts assisting in defending against, or responding to, cybersecurity incidents, indemnification expenses and expenses associated with regulatory filings relating to the Fund and its portfolio investments); legal and tax structuring expenses; costs of any external appraisers; direct expenses or fees for third parties related to voting proxies, including any proxy voting services; expenses related to monitoring and responding to class action and other claims (including contingency fees); and all other expenses incurred in connection with locating, evaluating, purchasing, selling or holding investments. The Fund's operating, administrative and trading expenses are estimated, based on recent experience of the Fund and recent experience with respect to the types of costs and expenses that are expected to be borne by the Fund in the future, to amount to approximately 1.35% of net assets annually for the Core Macro Portfolio, but actual expenses may exceed the estimated amount. These expenses will be calculated and payable monthly in arrears in the same manner as the Advisory Fee.

The Manager provides and pays for its own professional and administrative staff, office space, and other general overhead expenses incidental to its advisory services. The Manager also provides and pays for its expenses related to business equipment and facilities.

Extraordinary expenses of the Fund or any other fees or expenses not described above in the section "Fees," will also be separately borne by the Fund. All fees and expenses of the Fund (including the Incentive Allocation) will be assessed at the Feeder Fund level.

Each investor should understand that the costs of the Fund's operating, administrative and trading expenses may vary, and that these costs (including the costs described above) are not limited and may be higher than the above estimated amounts. The Fund makes no representation that in the future these expenses may not increase and may not exceed these estimates.

The Manager determines how certain expenses are allocated among the Fund and other funds and accounts managed by the Manager. The Manager will allocate the above expenses (including the investment and operating expenses of the Master Funds) among the funds and accounts the Manager manages in proportion to their respective net asset values, in proportion to their respective participation in a particular investment, strategy or program, or in any other manner that the Manager determines to be equitable (which may be based on the Manager's assumptions as to relative usage or resources allocated among the funds and accounts). The Manager has established expense allocation policies and an expense allocation committee administering the implementation of the policies in an effort to address such matters and may amend such policies or establish additional expense allocation policies in the future without notice to members in an effort to address potential conflicts of interest that may arise in the future.

------

#### Allocation of Profit and Loss
A separate Capital Account is maintained for each member with respect to each Class of Units held by such member. The initial balance of each Capital Account of each member will equal the net initial contribution to the Fund by such member with respect to the Class to which such Capital Account relates. Each Capital Account of each member is increased by any additional capital contributions by such member with respect to the Class to which such Capital Account relates and decreased by any redemptions of Units of such Class by such member. Net realized and unrealized appreciation or depreciation in the value of assets of the portfolio of the Fund, including investment income and expenses, is allocated at the end of each fiscal period among the Capital Accounts of the members in proportion to the relative values of such Capital Accounts as of the commencement of such fiscal period (in the case of any month end that is not also the end of a calendar year, before any accrual for the Incentive Allocation).

On the last day of each fiscal period, an allocation is made of the net profit or net loss attributable to the investments of the portfolio for such fiscal period. The net profit or net loss for a fiscal period is allocated among all the Classes of the portfolio pro rata in the proportion that the Net Asset Value of each Class as of the date of the commencement of such fiscal period bears to the Net Asset Value of the portfolio as of such date.

The Net Asset Value of each Class means the total value of the Fund's assets, at fair value, attributable to that Class less the liabilities of the Fund attributable to that Class. The Net Asset Value per Unit of any Class is determined as of the close of business on the last business day of the month (a "Valuation Day") by dividing the Net Asset Value of that Class by the number of outstanding Units of that Class. Such deductions will include an accrual for the Incentive Allocation and the fees to be paid to the Manager.

The net profit or net loss of each Class for a fiscal period in turn is allocated among all holders of Units of that Class pro rata in the proportion that the Net Asset Value of each member's holding of Units of that Class as of the date of the commencement of such fiscal period (after adjustment for any contributions to the capital of the Fund which are effective on such date) bears to the aggregate Net Asset Value of that Class as of such date.

The Manager is responsible for determining the value of the Fund's assets. The Fund has appointed SEI Global Services Inc. as the Fund's independent administrator ("Administrator"), and in connection with that role SEI is responsible, subject to the ultimate supervision of the Manager, for calculating the Net Asset Value of the Fund and the Net Asset Value per Unit of each Class of Units. In determining the Net Asset Value of the Fund and the Net Asset Value per Unit of each Class of Units, the Administrator will follow the valuation policies and procedures adopted by the Fund as set out below. If and to the extent that the Manager is responsible for or otherwise involved in the pricing of any of the Fund's portfolio assets, the Administrator may accept, use and rely on such prices in determining the Net Asset Value of the Fund and shall not be liable to the Fund, any investor in the Fund, the Manager or any other person in so doing.

For all purposes, including subscriptions, redemptions and the calculation of the fees paid to the Manager, the Manager shall determine the fair market value of any investment made by the Fund. In general, investments will be valued as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The value of unrealized gain or loss on open futures contracts shall be recorded as the difference between the contract price on the trade date and the closing price reported as of the Valuation Day on the primary exchange on which
 such contracts are traded.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The value of any option listed or traded on any recognized foreign or U.S. exchange shall be the settlement price published by the principal exchange on which it is traded on the relevant Valuation Day. If the recognized foreign or
 U.S. exchange does not publish a settlement price, the value of any option listed or traded on any recognized foreign or U.S. securities exchange shall be the last reported sale price on the relevant Valuation Day on the principal
 exchange on which such option is traded. If no such sale of such option was reported on that date, the market value shall be the average of the last reported bid and asked price. The market value of any over-the-counter option for which
 representative broker's quotations are available shall be determined in like manner by reference to the last reported sale price, or, if none is available, to the average of the last reported bid and asked quotation. Premiums for the sale
 of such options written by the Fund shall be included in the assets of the portfolio, and the market value of such options shall be included as a liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The value of any U.S. government security shall be the cost of such security plus accrued interest and discount.

The fair value of any assets not referred to in clauses (a) through (c) above (or the valuation of any assets referred to therein in the event that the Manager shall determine that there is no active market or that another method of valuation is advisable in the circumstances) shall be determined by or pursuant to the direction of the Manager. Prospective investors should be aware that situations involving uncertainties as to the valuation of portfolio positions could have an adverse effect on Net Asset Value if management's judgments regarding appropriate valuations should prove incorrect. Absent bad faith or manifest error, the Fund's Net Asset Value determinations are conclusive and binding on all investors. Net Asset Values are expressed in U.S. dollars, and any items denominated in other currencies are translated at prevailing exchange rates as determined by the Administrator in consultation with the Manager.

The Manager may, in its sole and absolute discretion, permit any other method of valuation to be used if it considers that such method of valuation better reflects value and is in accordance with good accounting practice. The Manager has adopted procedures and a valuation committee to administer the implementation of such procedures and may in the future establish additional procedures with respect to valuations without further notice to members, including a pricing matrix.

#### Reporting
The Fund is required to furnish audited annual reports to its members containing financial statements examined by the Fund's independent registered public accounting firm. The Fund is also required to provide members with monthly performance updates and monthly unaudited financial statements.

#### Regulation
The Manager has been registered as a CPO and CTA under the CEA, and as an investment adviser with the SEC and has been a member of the NFA since July 27, 1994. GAIF I is regulated as a commodity pool by the CFTC and NFA.

The CFTC may suspend a CPO's or CTA's registration if it finds that its trading practices tend to disrupt orderly market conditions or in certain other situations. In the event that the registration of the Manager was terminated or suspended, the Manager would be unable to continue to manage the business of the Fund. The Fund is expected to be terminated should the Manager's registration be suspended. In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short positions that any person may hold or control in particular commodities. Most exchanges also limit the changes in futures contract prices that may occur during a single trading day.

All persons who provide services directly to the Fund (as opposed to those persons who provide services through a third-party service provider) are employed by the Manager. The Fund has no employees of its own.

------

---

| | |
|:---|:---|
| **Item 1A:** | **RISK FACTORS** |

---

*All investments risk the loss of capital. No guarantee or representation is made that either portfolio of the Fund will achieve its investment objective. An investment in the Fund is speculative and involves certain considerations and risk factors that prospective investors should consider before subscribing. The practices of leverage and derivatives trading and other investment techniques, which the Fund expects to employ, can, in certain circumstances, result in significant losses. Under certain circumstances, an investment in the Fund involves the risk of a substantial loss of such investment. Investors should be able to bear the loss of their entire investment in the Fund, and their investment in the Fund should not be their sole significant investment.*

Past performance is not necessarily indicative of future results.

Class 0 of the Fund has been operating since August 1, 2006, Class 2 since November 1, 2007, Class 3-A since June 1, 2024, and Class 3-B since May 1, 2024 with respect to its original portfolio, now the Core Macro Portfolio. Moreover, DTP became a part of the Core Macro Portfolio as of August 2008. There can be no assurance that any portfolio of the Fund will achieve its investment objective.

#### Risks Related to Trading and Market Conditions
***Futures and Options Trading Is Speculative and Volatile***. Futures and options prices are highly volatile. Such volatility may lead to substantial risks and returns, generally much larger than in the case of equity or fixed-income investments. Price movements for futures are influenced by, among other things: changing supply and demand relationships; weather; agricultural, trade, fiscal, monetary, and exchange control programs and policies of governments; macro political and economic events and policies; changes in national and international interest rates and rates of inflation; currency devaluations and revaluations; and emotions of other marketplace participants. None of these factors can be controlled by the Fund and no assurance can be given that the Manager's advice will result in profitable trades for a participating customer or that a customer will not incur substantial losses. The purchaser of an option is subject to the risk of losing the entire purchase price of the option, while the writer of an option is subject to an unlimited risk of loss, namely the risk of loss resulting from the difference between the premium received for the option and the price of the futures contract or other asset underlying the option which the writer must purchase or deliver upon exercise of the option. Thus, an investment in the Fund is suitable only for those investors with speculative capital who understand the risks of futures and options markets.

The Fund may purchase call and put options in respect of specific futures contracts, and may write and sell covered or uncovered call and put option contracts. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying contract at a stated exercise price at any time prior to the expiration of the option. Similarly, a put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying contract at a stated exercise price at any time prior to the expiration of the option. A covered call option sold by the Fund, which is a call option with respect to which the Fund owns the underlying contract, exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying contract or to possible continued holding of a contract which might otherwise have been sold to protect against depreciation in the market price of the contract. A covered put option sold by the Fund, which is a put option with respect to which the Fund either has sold short an equivalent number of the underlying contract or owns an offsetting put option, exposes the Fund during the term of the option to possible loss of opportunity to realize profit due to a decline in price of the underlying contract.

The Fund may also engage in "uncovered" option transactions, where the writer of a call option does not own an equivalent number of the underlying contracts or, in the case of a put option, the writer has not segregated cash to fulfill the obligation, has not sold short an equivalent number of contracts and does not own a put option covering an equivalent number of contracts with an exercise price equal to or greater than the exercise price of the put written. Regarding uncovered options, the purchaser of an option is subject to the risk of losing the entire purchase price of the uncovered option, while the writer of an uncovered option is subject to an unlimited risk of loss, namely the risk of loss resulting from the difference between the premium received for the option and the price of the futures contract or other asset underlying the option which the writer must purchase and deliver upon exercise of the option.

Thus, an investment in the Fund is suitable only for those investors with speculative capital who understand the risks of futures and options markets.

------

***The Fund's Trading Is Highly Leveraged, Which May Result in Substantial Losses for the Fund***. The Fund trades futures, currencies, swaps, options, and other instruments on a leveraged basis due to the low margin deposits normally required for trading. As a result, a relatively small price movement in a contract may result in immediate and substantial gains or losses for the Fund. For example, $3,000 in margin may be required to hold a U.S. Treasury futures contract with a face value of $100,000. If the value of the contract were to decline by 3%, the entire margin deposit would be lost. The Fund is traded using a higher degree of leverage than many of the Manager's other trading programs and therefore involves a greater degree of risk. There is no cap on the amount of leverage that the Fund may employ.

***Market Illiquidity May Cause Less Favorable Trade Prices.*** Futures trading at times may be illiquid. Most United States commodity exchanges limit price fluctuations in certain commodity interest prices during a single day by means of "daily price fluctuation limits" or "daily limits." The daily limit, which is set by most exchanges for all but a portion of the expiration month, imposes a floor and a ceiling on the prices at which a trade may be executed, as measured from the last trading day's close. While these limits were put in place to lessen margin exposure, they may have certain negative consequences for the Fund's trading. For example, once the price of a particular contract has increased or decreased by an amount equal to the daily limit, thereby producing a "limit-up" or "limit-down" market, positions in the contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Contract prices in various commodities have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions, subjecting the Fund to substantial losses, or prevent it from entering into desired trades. Other investment positions held by the Fund may be or become illiquid. The Fund invests in instruments traded on non-U.S. exchanges. The Fund may not be readily able to dispose of illiquid investments, and in some cases may be contractually prohibited from disposing of an investment for a specified period of time. An exchange or regulatory authority may suspend trading in a particular instrument, order immediate liquidation and settlement of a particular contract, or order that trading in a particular contract be conducted for liquidation only.

***Exchange for Physicals ("EFPs")***. The Fund may engage in transactions in physical commodities, including exchange for physical transactions. An exchange for physical ("EFP") is a transaction permitted under the rules of many futures exchanges in which two parties holding futures positions may close out their positions without making an open, competitive trade on the exchange. Generally, the holder of a short futures position buys the physical commodity, while the holder of a long futures position sells the physical commodity. The prices at which such transactions are executed are negotiated between the parties.

***The Fund May Invest in Swaps and Swaptions***. Whether the Fund's use of swap agreements or swaptions will be successful will depend on the Manager's ability to select appropriate transactions for the Fund. Swap agreements and options on swap agreements ("swaptions") can be individually negotiated and structured to include exposure to a variety of different types of investments, asset classes or market factors. Depending on their structure, swap agreements may increase or decrease the holder's exposure to, for example, long-term or short-term interest rates, foreign currency values, credit spreads or other factors. Swap agreements can take many different forms and are known by a variety of names. Though the Fund's investment portfolio is generally expected to be liquid, certain swap transactions may be highly illiquid and may increase or decrease the volatility of the Fund's investment portfolio. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or insolvency of its counterparty. The Fund will also bear the risk of loss related to swap agreements, for example, for breaches of such agreements or the failure of the Fund to post or maintain required collateral. It is possible that developments in the swap markets, including potential government regulation, could adversely affect the Fund's ability to terminate swap transactions or to realize amounts to be received under such transactions.

***Virtual Currency Futures***. The Fund may trade futures on virtual currencies. There are relatively few futures currently available with respect to virtual currencies. Futures with respect to virtual currencies typically have higher collateral and margin deposit requirements than apply to futures with respect to other asset classes, thereby limiting the ability of the Fund to leverage such investments. As margin deposit requirements are set as a percentage of the value of a particular contract, the inherent price volatility of the underlying virtual currency may result in substantial increases in margin requirements for long or short positions of related futures if the price of the underlying virtual currency rises or falls. If FCMs and exchanges lower such margin or collateral requirements in the future, this would increase the inherent leverage of such products, thus increasing the risk of such positions.

In light of the comparatively small number of market participants and trading volume compared to traditional markets and the volatile demand for the underlying virtual currencies, it may be more difficult to liquidate virtual currency futures at desired prices. In addition, FCMs and virtual currency exchanges may, in the future, impose position limits, prohibit naked shorting, or prohibit give-in transactions, among other restrictions on customer activity. Such restrictions may restrict the Fund 's ability to exit a position during a period of high volatility. Whether due to government action, virtual currency network failure or compromise, market disruptions or exchange or FCM imposed limits, the Fund's inability to liquidate a position at the desired price or in general may result in substantial losses for the Fund.

------

A future contract that references a virtual currency or related assets will be subject to the general risks applicable to traditional futures discussed above, including the creditworthiness and possible insolvency of the counterparties. However, these potential risks may be exacerbated due to the opaque nature of virtual currency transactions and potential conflicts of interests of virtual currency exchanges. While the Manager will select counterparties and FCMs that it believes are creditworthy and have adequate anti-money laundering, know-your-customer and other legal and compliance policies and procedures in place, the Manager's efforts to limit the potential risks may not be successful.

Virtual currencies are not issued or controlled by any central governmental or non-governmental authority. The value of virtual currencies will depend on market demand by investors and market participants. As a result, the market prices for virtual currencies can be very volatile. In addition, tax, commodity and securities laws and regulations applicable to virtual currencies are still developing. In the future, CFTC and SEC rulemaking and other regulatory developments may impact the manner in which virtual currencies and related derivatives may be held or traded. One or more countries, including the United States, may take regulatory actions in the future that could severely restrict the right to acquire, own, hold, sell or use virtual currencies or to exchange virtual currencies for other currencies. Any such regulation could rapidly and significantly affect the value and liquidity of virtual currencies.

***In Times of Market Stress, the Fund May Not Be Able to Diversify Its Portfolio and Risk Management Systems May Not be Effective.*** Where the markets are subject to exceptional stress, trading strategies and programs may become less diversified and more highly correlated as the stress may cause diverse and otherwise unrelated markets all to act in a similar manner. Efforts by the Manager to diversify the Fund's trading strategies and investment exposure may not succeed in protecting the Fund from significant losses in the event of severe market disruptions. Furthermore, certain risk measures used by the Advisor as part of its risk management systems and procedures, including VaR, are dependent on inputs derived from historical scenarios and data. Such inputs based on historical scenarios and data may not be reliable during periods of unusual or distressed market conditions where the market ceases to function in a typical manner. As a result, the Advisor's risk management systems and procedures may not operate as anticipated or be effective to prevent losses, in unusual or distressed market conditions. A significant risk of any risk management system using stop loss limits is "gap risk," which is the risk that liquidity suddenly becomes unavailable and/or markets simply move too quickly through the desired stop level, resulting in greater than expected losses. The inability of a Portfolio or other investors to sell certain types of investments could also lead to a potential inability of the Portfolio and other investors to meet margin calls or fund withdrawals, the impact of which can be further aggravated as dealers and counterparties reduce available credit lines and investors withdraw additional capital. In extreme market conditions, these factors can lead to a downward cycle that can have a significant adverse effect on the market prices of investments. Efforts by the Manager to diversify a fund's trading strategies and investment exposure may not succeed in protecting the fund from significant losses in the event of severe market disruptions.

***The Fund Has Credit and Market Risks With Respect to Its Cash Management.*** The Fund currently invests all assets not required for trading in Cash Assets, which in turn presently holds deposits in bank accounts or invests broadly in U.S. government or agency securities. With respect to its cash deposited in bank accounts, although the bank accounts themselves may be insured by the United States Federal Deposit Insurance Corporation, the balances in such accounts will be largely uninsured, as the maximum amount of insurance available to such accounts will not be material relative to the balances that are expected to be maintained in the accounts. With respect to its investment in U.S. government or agency securities, Cash Assets currently intends to hold them until they mature and values them at amortized cost which approximates fair value. Some of these securities may not mature for a year or longer. If Cash Assets were forced to sell some of its securities in the open market before they mature to meet unanticipated redemption requests (whether from the Fund or other entities affiliated with the Manager), the market value of the securities at such time may be below their amortized cost, causing a loss for Fund investors. In addition, if interest rates rise, the interest rate that Cash Assets pays its investors (including the Fund) will not fully reflect the new rates because its pre-existing investments are still yielding interest at lower rates.

***The Fund May Also Borrow Money to Support its Trading, Which Could Increase the Level of Volatility in its Performance and Expose the Fund to Greater Losses.*** In addition to the leverage implicit in trading futures, the Fund may borrow money from brokers or their affiliates and other lenders. A significant portion of the funds borrowed by the Fund may be obtained from brokerage entities in the form of margin loans collateralized by assets held in the Fund's brokerage account with such brokerage firms. The Fund does not have any limits on borrowing or leverage.

***The Fund May Be Terminated at Any Time.*** Unforeseen circumstances, including substantial losses, the retirement or loss of key personnel of the Manager, the withdrawal of the Manager or the decision of the Manager not to continue to manage the Fund, could cause the Fund to terminate prior to its stated termination date of December 31, 2050. Early termination of the Fund could disrupt an investor's overall investment portfolio plan resulting in the loss of some or all of its investment.

***There is no Secondary Market for the Units, Therefore Investors Should Consider Their Investment in the Fund to be Illiquid.*** It is not anticipated that an active secondary market will develop in the Units. The Units will not be transferable without the consent of the Manager (which may be granted or withheld in its discretion and on such terms as it determines). Units are not being registered so as to permit a public offering under the securities laws of any jurisdiction. Moreover, there are limitations on the ability of an investor to require the Fund to redeem Units. Consequently, the Units will be illiquid investments.

***The Fund Does Not Anticipate Paying Dividends or Making Distributions, Therefore an Investment in the Fund is Not Appropriate for Investors Seeking Current Income.*** Since the Fund does not presently intend to pay dividends or other distributions, an investment in the Fund may not be suitable for investors seeking current returns for financial or tax planning purposes.

------

#### Regulatory and Related Risks
***The Fund Is Subject to Speculative Position Limits, Which May Limit the Fund's Ability to Generate Profits or Result in Losses***. The CFTC and various exchanges impose speculative position limits on the number of futures positions a person or group may hold or control in particular futures. Most physical delivery and many financial futures and option contracts are subject to speculative position limits. The CFTC has established position limits with respect to 25 commodity futures and options contracts (including contracts for corn, oats, wheat, soybeans, soybean oil, soybean meal, and cotton) as well as economically equivalent swaps and may in the future impose limits on additional contracts. In other markets, the relevant exchanges are required to determine whether and to what extent limits should apply. For purposes of complying with speculative position limits, the Fund's outright futures positions will be required to be aggregated with any futures positions owned or controlled by the Manager or any principal of the Manager, including all of the other client accounts managed by the Manager. Similar types of limits apply to trading on EU commodity exchanges as a result of EU regulations that came into effect in 2018, albeit in a manner somewhat different to the manner in which limits apply on US commodity exchanges. As a result, the Fund may be unable to take positions in particular futures or may be forced to liquidate positions in particular futures, which could limit the ability of the Fund to earn profits or cause it to experience losses.

***Trading on Non-U.S. Exchanges Presents Greater Risks to the Fund than Trading on U.S. Exchanges.*** Unlike trading on U.S. commodity exchanges, trading on non-U.S. commodity exchanges is not regulated by the CFTC and may be subject to greater risks than trading on U.S. exchanges. In addition, unless the Fund hedges against fluctuations in the exchange rate between the U.S. dollar (in which Units are denominated) and other currencies in which trading is done on non-U.S. exchanges, any profits that the Fund might realize in trading could be reduced or eliminated by adverse changes in the exchange rate, or the Fund could incur losses as a result of those changes. Additional costs could also be incurred in connection with international investment activities. Foreign brokerage commissions generally are higher than in the United States. Expenses also may be incurred on currency exchanges when the Fund changes investments from one currency to another. Increased custodian costs as well as administrative difficulties (such as the applicability of foreign laws to foreign custodians in various circumstances, including bankruptcy, ability to recover lost assets, expropriation, nationalization and record access) may be associated with the maintenance of assets in foreign jurisdictions.

***The Unregulated Nature of the Over-The-Counter Markets Creates Counterparty Risks that Do Not Exist in Futures Trading on Exchanges.*** Forward markets, including foreign currency markets, offer less protection against defaults in trading than is available when trading occurs on an exchange. Forward contracts are not guaranteed by an exchange or clearing house, and, therefore, a non-settlement or default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitment to purchase and resale, if any, at the current market price.

Additional risks of the forward markets include: (i) there are generally no limitations on daily price moves in forward transactions; (ii) speculative position limits are not applicable to forward transactions although the counterparties with which the Fund may deal may limit the size or duration of positions available as a consequence of credit considerations; (iii) participants in the forward markets are not required to make continuous markets in forward contracts; and (iv) the forward markets are "principals' markets" in which performance with respect to a forward contract is the responsibility only of the counterparty with which the trader has entered into a contract (or its guarantor, if any), and not of any exchange or clearing house. As a result, the Fund will be subject to the risk of inability or refusal to perform with respect to such contracts on the part of the counterparties with which the Fund trades. For example, because the Fund trades foreign exchange contracts with Bank of America, N.A., it is at risk with respect to the creditworthiness and trading practices of Bank of America, N.A. as the counterparty to its contracts.

***The Fund Has Credit Risk with Respect to its Futures Brokers.*** The CEA requires a U.S. broker to segregate all funds received from such broker's customers in respect of regulated futures transactions from such broker's proprietary funds. If the broker were not to do so to the full extent required by law, the assets of the Fund might not be fully protected in the event of the bankruptcy of the broker. In the event of the broker's bankruptcy, the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the broker's combined customer accounts, even though certain property specifically traceable to the Fund (for example, U.S. Treasury bills deposited by the Fund) was held by the broker. In addition, in the event of bankruptcy or insolvency of an exchange or an affiliated clearing house, the Fund might experience a loss of funds deposited through its broker as margin with an exchange or affiliated clearing house, the loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions. If the Fund retains brokers that are not subject to U.S. regulation, its funds deposited with those brokers might not be segregated.

------

***Central Clearing*.** In order to mitigate counterparty risk and systemic risk, U.S. and international rules require certain derivatives to be cleared through a clearinghouse. In the United States, clearing requirements were part of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The CFTC imposed its first clearing mandate on December 13, 2012, affecting certain interest rate and credit default swaps. It is expected that the CFTC, the SEC and other international regulators will continue to implement clearing requirements for other derivatives in the future. Trades submitted for clearing are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, the futures commission merchant ("FCM"), as well as possible SEC or CFTC mandated margin requirements. Clearing through FCMs has in certain cases led to losses caused by operational failure or fraud. As products become more standardized in order to be cleared, standardized derivatives may mean that the Fund may not be able to hedge its risks or express an investment view as well as it would using customizable derivatives available in the OTC markets. Compared to the OTC derivatives market, the Fund may be subject to more onerous and more frequent (daily or even intraday) margin calls from both the clearinghouse and the FCM. In addition, clearinghouse margin is dynamic and may be increased in times of market stress. Although standardized clearing for derivatives is intended to reduce risk (for instance, it may reduce the counterparty risk to the dealers to which the Fund would be exposed under OTC derivatives), it does not eliminate risk. Rather, standardized clearing transfers risk of default from the OTC derivatives dealer to the central clearinghouse, which may increase systemic risk, potentially more so than a failure by an OTC derivatives counterparty. The failure of a clearinghouse, although less likely than the failure of a counterparty, could have a much more significant impact on the financial system. Because these clearinghouses are still developing and the related bankruptcy process is untested, it is difficult to speculate what the actual risks would be to the Fund related to the default of a clearinghouse. Also, a clearinghouse will likely require that the Fund relinquish control of its transactions if the clearinghouse were to become insolvent, and, therefore, the Fund would not be able to terminate and close out of a defaulting clearinghouse's positions but would become subject to regulators' control over those positions. In such a circumstance, the Fund may not be able to take actions that it deems appropriate to lessen the impact of such clearinghouse's default. Applicable regulations may also require the Fund to make public information regarding its swaps volume, position size and/or trades, which could detrimentally impact the Fund's ability to achieve its investment objectives.

***Taxes Will Be Imposed on You Regardless of Cash Distributions***. U.S. taxable investors in the Fund must recognize for federal income tax purposes their pro rata share of the taxable net income of the Fund, regardless of whether such investors requested a partial redemption from the Fund to cover their U.S. federal income tax liabilities. An investment in the Fund may generate taxable income for a member even though the value of the member's interest in the Fund has declined. A member may have to use personal funds to pay the income tax owed on the income or gain allocated to the member. Sufficient information may not be available in time for the member to determine accurately an amount to redeem to pay U.S. federal income taxes for a given fiscal year.

***Changes in Tax Laws Governing Individual Retirement Accounts ("IRAs") Could Result in Adverse Tax Consequences to IRA Owners and Beneficiaries.*** A change in the current tax laws under the Internal Revenue Code of 1986, as amended (the "Code") or other applicable tax rules governing IRAs and their investments (including, without limitation, the Code provisions governing the maximum contributions that may be made to IRAs, the types of investments that IRAs may hold, the maximum amount that may be invested in IRAs, and/or the annual minimum required distributions that IRAs must make) could result in adverse tax consequences to IRAs (and their owners and beneficiaries) that invest in the Fund. Such changes could include, for example, a prohibition on IRAs holding investments such as an interest in the Fund and/or a limitation on the aggregate investments that an IRA may hold, which may cause an IRA to lose its tax-exempt status if it is unable to divest from the necessary investments to satisfy any such rules (and/or be exposed to penalty taxes for failure to comply with such rules). By investing in the Fund, an IRA will be deemed to represent and warrant that it expressly understands that its interest in the Fund is generally non- transferable and may not be transferred, exchanged, or otherwise disposed of except as permitted under and in accordance with the applicable LLC Agreement and Private Offering Memorandum, and that there can be no assurance that the IRA will be able to timely liquidate or dispose of its interest in the Fund in the event of any such change in law in order to avoid any such adverse tax consequences (and that none of the Fund, the Manager or any of their affiliates is under any obligation, whether express or implied, to assist or otherwise accommodate such liquidation or transfer or mitigate such adverse tax consequences to such IRA or its owners or beneficiaries).

***Investors Do Not Have the Protections Provided to a Regulated Mutual Fund***. Although the Fund may be considered similar to an investment company, it is not required to, and does not intend to, register as such under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Accordingly, certain provisions of the Investment Company Act (which, among other things, require investment companies to have a certain number of disinterested directors and regulate the relationship between the adviser and the investment company) will not be applicable.

Interests in the Fund have not been and will not be registered under the Securities Act, in reliance upon an exemption available under Regulation D under the Securities Act. Accordingly, interests in the Fund will be offered only to investors that, among other requirements, are accredited investors within the meaning of Regulation D.

------

***Quantitative Trading System Flaws are not Trade Errors***. The Manager's quantitative trading systems utilize sophisticated quantitative methods for signal generation and trade execution. These systems rely heavily on price-based and fundamental data sourced from third parties. Inaccuracies in the data received, the design and implementation of the systems, and in the sourcing, processing and incorporation of the data into these systems can result in flaws in signal generation and faulty order execution potentially resulting in losses to client accounts. Systems are developed with the aid of historical data, which reflects how markets behaved in the past under different circumstances. These trading systems cannot predict or detect fundamental changes in market behavior and might not perform as designed or intended during periods of unexpected market behavior. Developing quantitative trading programs requires highly skilled personnel applying advanced quantitative methods to vast data sets. Notwithstanding the Manager's approach to hiring highly qualified quantitative research personnel, commitment to well-defined research and development protocols and extensive testing and ongoing monitoring of its trading systems, the complex nature of quantitative trading programs creates the risk that flaws will arise in these systems. Such flaws may be difficult to detect and therefore may impact these systems for extended periods of time. All of these risks are intrinsic to the operation of quantitative trading strategies, and investors in the Fund must assume that the foregoing elements constitute an inherent risk of the Fund's investment. As such, any losses attributable to these issues will not be deemed to be trade errors and will be borne by the Fund.

***Regulation in the Derivatives Industry***. The Dodd-Frank Act has had a significant impact on the derivatives industry. The Dodd-Frank Act divides the regulatory responsibility for derivatives in the United States between the SEC and the CFTC, a distinction that does not exist in any other jurisdiction. The CFTC has regulatory authority over "swaps" and the SEC has regulatory authority over "security-based swaps". As a result of this bifurcation and the different pace at which the agencies have promulgated necessary regulations, different transactions are subject to different levels of regulation in the United States. In addition, there has been and will be extensive rulemaking related to derivative products by non-U.S. regulatory authorities. Differences between regulatory regimes may make it more difficult or costly for dealers, prime brokers, FCMs, custodians, exchanges, clearinghouses, and other entities, such as the Fund, to comply with and follow various regulatory regimes. There are significant legal, operational, technological and trading implications that result from the Dodd-Frank Act and related rules and regulations that may make it difficult or impossible for the Fund to enter into otherwise beneficial transactions. As an example, both U.S. and non-U.S. regulators have mandated margin requirements with respect to uncleared derivatives under certain circumstances (such requirements together, the "Uncleared Margin Rules" or "UMR"). The Manager currently expects that at least a portion of the Fund's trading will be subject to UMR, which may have negative trading implications for the Fund, including without limitation, increased trading costs and expenses and margin requirements.

***Impact of Future Financial Industry Regulation is Uncertain and May Impact the Operation of the Portfolios*.** Legal, tax and regulatory developments could occur. Securities, futures and other financial markets are subject to comprehensive statutes, regulations and margin requirements enforced by the SEC, the CFTC and other U.S. and non-U.S. regulators and self-regulatory organizations and exchanges authorized to take extraordinary actions in the event of market emergencies. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial actions. The regulatory environment for private funds is evolving, and changes in the regulation of hedge funds and their trading activities may adversely affect the ability of investors (such as the Fund) to pursue certain investment strategies, the ability to obtain leverage and financing, and the value of certain investments. There can be no assurance that any such additional scrutiny or regulation will not have an adverse impact on the Fund's activities. In addition, U.S. and non-U.S. regulators may take additional actions in light of other developments in global financial markets. The SEC adopted additional rules that require additional disclosure regarding certain short selling transactions, and recent developments affecting banks have led some to call for new restrictions on short-selling, similar to the temporary bans on short-selling of a variety of stocks that were imposed by the SEC and various non-U.S. regulatory bodies in 2008. Additional legislation and regulations in global markets may further regulate or limit short-selling activities or other activities. These changes may adversely affect the markets in which the Fund invests and may limit or adversely affect the ability of the Manager to use short sales, swaps and other derivatives as part of the investment and hedging strategies used by the Manager. The Fund is generally subject to CFTC and NFA rules, and, to a lesser extent, SEC rules. However, the Fund is not expected to be subject to a number of adopted SEC rules that are intended to benefit and protect investors in private funds.

------

***Risks of Using Trading Model***s. The success of certain systematic trading models developed by the Manager will depend on their ability to accurately predict future market prices, and upon the continuation of past correlations among the market prices of specific futures, forwards, securities and other financial instruments, the markets generally, and the factors used in the models. To the extent that such models, or the assumptions underlying them, are not correct, the Fund may sustain losses. Even if the same correlations continue to exist in the future, they may not exist over the period of any particular investment in the Fund.

The development and ongoing maintenance of trading models is complex and involves financial, economic, econometric and statistical theories, research and modeling, which are then translated into computer code. Although the Manager devotes significant resources to testing, evaluating, monitoring and improving its trading models on a continuous basis, there is always the risk that trading models may be subject to coding or other errors, and there is no assurance that the software code used by the Manager's trading models will successfully or optimally translate the Manager's theories and analyses into successful trading results. The Manager relies on trading, communication, programming and other systems and equipment (including web services, cloud storage, cloud computing platforms and cloud architecture) that may be subject to failures, interruptions, loss of functionality, degradation, compromises in security, loss of power or other events or circumstances. Many of the strategies used by the Manager also depend on the receipt of timely and accurate market and other data from third party vendors. Any failure to receive such data in a timely manner, or the receipt of inaccurate data for any reason, could disrupt and adversely affect trading until such failure or inaccuracy is corrected.

***Reliance on Data Provided by Third Parties.*** Many of the trading strategies and models used by the Manager rely on the receipt of timely and accurate market and other data from third party vendors. Any failure to receive such data in a timely manner, or the receipt of inaccurate data for any reason, could disrupt and adversely affect the trading activities of the Fund until such failure or inaccuracy is corrected. Data received by the Manager includes general economic and market data, and may also include alternative data collected from a wide range of sources such as financial transactions, payment records, internet usage, data gathered from applications and devices (such as smartphones) that generate location and mobility data, data gathered by satellites, and government and other public records and databases. The analysis and interpretation of data can involve a high degree of uncertainty. No assurance can be given that the Manager will be successful in utilizing any data in its investment process. Any data, especially alternative data, involves an inherent risk that the Manager may rely on data outputs that reflect faulty system logic or that are based on inaccurate or incomplete data inputs. There has been increased scrutiny from regulators regarding the use of alternative data for investment purposes, and the Manager cannot predict what, if any, regulatory or other actions may be asserted with regard to the use of alternative data. Although the Manager generally conducts due diligence reviews of data providers and requires that they make certain representations about the sources of the data that they provide, such actions may not be effective to protect against the effect of misrepresentations or violations of law by such data providers.

***Developing New Trading Strategies***. The Manager believes strongly in the importance of research and development activities, particularly in the development of new trading strategies and expects both to develop additional trading strategies and to modify or remove the existing strategies over time. The time and costs of researching and developing new trading strategies and modifications to existing strategies is significant and the Fund will bear a portion of such costs. Despite this significant investment, there is no assurance that the Manager will ultimately deploy such new or modified strategies or research on behalf of the Fund, and even if deployed, the process may take several years (including researching utilizing third-party licenses, systems and services related to artificial intelligence, alternative data or other more experimental intellectual property). Furthermore, the intellectual property developed or acquired as part of such research and/or comprising such trading strategies may have significant value and will accrue to the Manager. The Fund will have no right to or property interest in this intellectual property.

***Concentration; Limited Diversification***. In the normal course of making investments, the Fund is generally expected to have a diverse investment portfolio. However, the Fund is not subject to any diversification requirements and is expected to be concentrated at times to varying degrees in particular markets, investment strategies, investments, exchanges, counterparties or in investments with other shared characteristics. Concentration by the Fund in one or more investment strategies will increase the Fund's reliance on the discretionary or quantitative personnel responsible for the strategies. In general, less diversification will tend to expose the Fund to greater volatility and/or risk than would be the case with a more broadly diversified investment portfolio. Even if the Fund is diversified, however, there can be no assurance that such diversification would reduce volatility and/or risk.

------

***The Trading Programs Used by the portfolio May Be Changed Without Notice to Investors.*** The Manager continuously updates and changes its trading programs as a result of its ongoing research efforts and in response to changing market conditions. The Manager also expects to develop and implement new trading programs from time to time, which may be used first by other funds or accounts managed by the Manager. The Manager may make additions or deletions of trading programs used by the Core Macro Portfolio at any time, and may make additions, deletions or any other changes to its trading programs used by either portfolio – such as changes in the amount of leverage or volatility targets of, or in the allocations of assets to, any of the trading programs used by either portfolio as well as changes to underlying trading models – at any time as determined by the Manager in its sole discretion. The Manager is not required to provide prior, or any, notice to investors of any such changes. As a result, the descriptions of the trading programs of the portfolio in the Fund's offering materials may not at any particular time fully or accurately describe the trading programs being used by the portfolio.

***Calculation and Payment of Redemption Proceeds to Members May Be Based on Unaudited Data and Accrued Liabilities Subject to Adjustment***. Adjustments and revisions may be made to the Fund's net asset value following the year-end audit of the Fund. Once paid, no revision to a Member's redemption proceeds will be made based upon audit adjustments. Thus, the Fund will not seek reimbursement in the event of any overpayment and will not pay additional amounts in the event of an underpayment. As a result, a redeeming Member may be positively or negatively affected by a revision to the Fund's net asset value. To the extent that such revisions to net asset value decrease the net asset value of the Fund, the outstanding Units will be adversely affected by redemptions prior to such revisions. Conversely, any increases in the net asset value of the Fund resulting from such adjustments will be entirely for the benefit of the outstanding Units. Similarly, the Fund's net asset value in any calculation period is reduced by accrued liabilities, including expenses borne by the Fund. Certain accruals for expenses and other liabilities may be adjusted in future calculation periods. The net asset value of the Fund in prior periods will not be revised due to any subsequent adjustment to the accruals.

***Effect of Substantial Redemptions***. Substantial redemptions could be triggered by a number of events, including, without limitation, unsatisfactory performance, events in the markets, a significant change in personnel or management of the Manager, legal or regulatory issues that investors perceive to have a bearing on the Fund and/or the Manager, or other events. Actions taken to meet substantial redemption requests from the Fund could result in the Fund altering its investments at other than optimal times, prices of financial instruments held by the Fund decreasing and in Fund expenses increasing (e.g., transaction costs and the costs of terminating agreements) and forced covering/sales to ensure proper margin ratios. The overall value of the Fund also may decrease because the liquidation value of certain assets may be materially less than their cost or mark-to-market value. Substantial redemptions from the Fund could also significantly restrict the Fund's ability to obtain financing or transact with derivatives counterparties needed for its investment strategies, which would have a further material adverse effect on the Fund's performance.

***Risks of Using Artificial Intelligence***. In the course of its business, the Manager uses certain technologies and tools commonly referred to as artificial intelligence ("AI" and such tools, "AI Tools"), including "generative" AI. These may include large language models, machine learning, neural networks, artificial narrow intelligence, and/or similar tools, models and systems. As of January 1, 2026, AI Tools have been, or are in the process of being, implemented to varying degrees to enhance employee productivity, synthesize materials and automate routine tasks, among other things, including (to a more limited degree as of this date) in connection with research and investment processes used by the Manager on behalf of the Fund. The use by the Manager of AI Tools, including in connection with research and investment processes, may or may not increase significantly over time depending on the Manager's determinations as to the relative proficiency and efficiency of such AI Tools in different use cases compared to the alternatives available to the Manager; provided there is no guarantee that the Manager's determinations will be correct or that, if implemented, that the utilization of AI Tools will successful. For example, the outputs produced from AI Tools could contain errors, which may diminish the effectiveness of such AI Tools and/or adversely affect the Fund, and such errors may be difficult to detect. Investors in the Fund should assume that any use of AI Tools could subject the Fund to the risks discussed in "Risks of Using Trading Models" and "Reliance on Data Provided by Third Parties", among other risks which are intrinsic to the use of AI Tools. While the Manager expects to impose various controls in an effort to mitigate such risks, there can be no guarantee that the risks associated with AI Tools will not adversely affect the Fund and investors in the Fund must assume that the foregoing elements constitute an inherent risk of an investment in the Fund. Additionally, AI Tools are also subject to increasing scrutiny globally from lawmakers and regulators and increasingly considering laws and/or market restrictions relating to AI Tools which could impair the ability of the Manager to fully implement AI Tools in connection with the management of the Fund. Moreover, it is impossible to predict the future risks that may arise from such developments.

***GAAP Net Asset Value Divergence***. Due to GAAP requirements, the net asset value of the Fund for purposes of GAAP-compliant financial reporting may diverge from the net asset value of the Fund for all other purposes, including, without limitation, for purposes of allocating gains and losses, which is relevant to, among other things, determining the net asset value per Unit of the Fund, calculating the Advisory Fee, the Sponsor Fee and the Incentive Allocation, and calculating the amounts payable in respect of a redemption by an investor. Net asset value divergence may occur, for example, in connection with the measuring of fair value (as a result of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820) or the recognition or unrecognition of uncertain tax positions (as a result of FASB ASC 740).

***Valuation Risks***. If the Manager reasonably and in good faith determines that special circumstances exist whereby the value of any of the Fund's assets should be determined in a manner other than pursuant to the methodology described under "Net Asset Valuation" below, the value of such assets shall be determined by the Manager in its discretion. Furthermore, although the Manager may use the services of an appraiser or pricing services to assist in the valuation of Fund assets, the Fund is not required to have such valuations independently determined. Dealers and pricing services may provide valuations that are indicative only and that do not constitute bids for such instruments, and may not constitute prices at which such instruments could have been purchased or sold in any market. Third party valuations may not be available or may be unreliable for certain assets of the Fund. The ultimate realizable values of the Fund's instruments and investments may differ significantly from the interim valuations of such investments derived from the valuation methods described herein. Such differences may also be affected by the time frames within which such realization occurs. Valuations of the Fund's assets and other investments, which will affect the amount of the management fees and performance allocations payable or allocable to the Manager and its affiliates, may involve uncertainties and require judgmental determinations by the Manager. The Manager will not bear any liability if a price determined by it is subsequently found to be inaccurate absent the Manager's reckless disregard of its duties, willful misconduct or gross negligence, or as otherwise required by law. If such valuations should prove incorrect, the Net Asset Value of the Fund could be adversely affected.

***Systemic Risk***. Credit risk may arise through a default by or because of one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by or because of one institution may cause a series of defaults by the other institutions. This is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing houses, banks, securities firms and exchanges with which the Fund interacts. A systemic failure could have material adverse consequences on the Fund and on the markets for the financial instruments in which the Fund seeks to invest. The inability of the Fund or other investors to sell certain types of investments could lead to a potential inability of the Fund and other investors to meet margin calls or fund withdrawals, the impact of which can be further aggravated as dealers and counterparties reduce available credit lines and investors withdraw additional capital. In extreme market conditions, these factors can lead to a downward cycle that can have a significant adverse effect on the market prices of investments.

------

#### Risks Related to Conflicts of Interest
***Performance Based and other Fund Compensation Could Expose the Fund to Greater Risks.*** The Manager could receive substantial compensation in the event it generates net profits for the Fund. Such compensation arrangements may provide an incentive for the Manager to effectuate larger and more risky transactions than would be the case in the absence of such arrangements. The Manager may receive compensation with respect to unrealized appreciation of Fund assets as well as with respect to realized gains from the trading of Fund assets. The fees and incentive allocation payable or allocable to the Manager or its affiliates were not the subject of arms' length negotiation. In addition, investors that acquire Units of any Class with a Net Asset Value below a previous high-water mark might benefit at the expense of pre-existing investors where those Units increase in value but are not yet subject to an Incentive Allocation because the Class as a whole still has aggregate carried forward losses.

***The Manager Manages and Will Invest in Other Accounts.*** The Manager acts as general partner or trading advisor to other investment funds and accounts, including those referenced herein, that have investment objectives and methodologies that in some cases are similar to, and in other cases different from, those of the Fund. The majority of these investment funds and accounts employ many of the same discretionary or systematic trading strategies that are traded for the Fund.

The Manager is not required to trade all of the accounts that it manages on a parallel basis, and other accounts will take positions that are opposite, or ahead of, positions taken for the Fund. Even accounts that are ordinarily traded on a parallel or substantially similar basis may not participate on such a basis in all portfolio investments for a variety of reasons as determined in the discretion of the Manager, including, without limitation, specific account restrictions, rebalancing of accounts due to capital inflows and outflows, different sizes, funding levels and cash requirements of accounts which can influence position size and market access, and prior differences in portfolio investments. To the extent other investment funds and managed accounts grow in size, they are expected to have an impact on the Fund's trading and may adversely affect the Fund's performance. The Manager has larger or more significant proprietary investments in certain funds and accounts and receives higher management fees, higher incentive-based compensation and/or larger expense reimbursements for managing certain funds and accounts, which may create an incentive for the Manager and the Manager's employees (including the Manager's investment management and other trading personnel) to allocate to higher target return, more highly leveraged, or more highly compensated trading strategies, or a greater proportion of such trading strategies, to such funds and accounts. The Manager and its principals and their related parties also trade for their own accounts in some of the same markets in which the Fund trades, and also own significant positions in the Fund and other funds managed by the Manager.

The Manager and its principals and their related parties invest proprietary capital in different investment programs offered to clients from those offered by the Fund and may in addition invest proprietary capital to start new untested research strategies of the Manager. Fund investors will not be permitted to inspect the records of such proprietary accounts or the written policies related to such trading. The Manager and its principals may manage other accounts in the future. All of the above accounts will compete with the Fund for the same positions. All of the foregoing accounts will be aggregated for purposes of determining applicable position limits and may take the same or different positions as the Fund.

With respect to the discretionary strategies traded for the portfolio, all of the Manager's trading is currently conducted through one or more Master Funds. Except with respect to portfolio managers trading on behalf of more than one account (as discussed further below), this structure generally eliminates the need for trade allocation procedures for the discretionary strategies that would otherwise be necessary if trading for each strategy was conducted for multiple accounts. The Manager closely reviews the capacity levels of each Master Fund traded for the Fund to ensure that all funds that utilize the discretionary strategies can invest in the Master Funds at the levels designated by the Manager's Investment Committee. To date, the Master Funds have not experienced capacity limits that would impact the operation of the funds that invest in them; however, no assurance can be given that in the future one or more Master Funds will not be subject to capacity limits, which would require the Manager to limit the allocation of assets of one or more funds in the affected Master Funds. Both discretionary and quantitative trading strategies within the Master Funds will also be subject to capacity guidelines and constraints at times and trading allocations among or within the Master Funds will be adjusted accordingly as determined by the Manager's Investment Committee.

------

Subject to applicable law and the Manager's policies, the Manager may determine that it would be in the best interests of the Fund and one or more investment vehicles managed by the Manager to transfer a security or asset from one account to another (each such transfer, a "Cross Trade") for a variety of reasons, including, without limitation, tax purposes, liquidity purposes, to rebalance the portfolios of the accounts, to reduce transaction costs that may arise in an open market transaction or in connection with the liquidation of a Portfolio or another account. If the Manager decides to engage in a Cross Trade, the Manager will determine that the trade is in the best interests of both of the accounts involved in it and take steps to ensure that the transaction is consistent with the duty to obtain best execution for each of those accounts.

In general, each portfolio manager makes all decisions about what to buy and sell independently from all other portfolio managers. Accordingly, portfolio managers may be buying or selling the same instruments at the same or different times, and at times may be competing with each other to identify, purchase or sell specific instruments. Additionally, portfolio managers may pursue the same or similar strategies and invest in some of the same instruments on behalf of multiple accounts, including certain accounts in which the Fund is not invested. The Manager has established a trade allocation policy that seeks to allocate investment opportunities among client accounts, including the Fund, in a manner that is fair and equitable. The policy identifies appropriate criteria by which the Manager may choose to allocate investments among client accounts, including considerations related to client account investment policies, guidelines or restrictions, tax considerations, cash availability and liquidity constraints. The policy also identifies inappropriate criteria for use in allocating investments among client accounts which relate to situations that would benefit the Manager at the expense of or through the use of client funds. The Manager may amend its existing trade allocation policies or establish additional trade allocation policies in an effort to address potential conflicts of interest that may arise in the future, including as the result of additional portfolio managers trading on behalf of more than one account.

The Manager and its officers and employees devote to the Fund as much time as the Manager deems necessary and appropriate to manage the Fund's business. The Manager and its affiliates may form additional investment funds, enter into other investment advisory relationships, or engage in other business activities, even though such activities may be in competition with the Fund and may involve substantial time and resources of the Manager and its affiliates. These activities could be viewed as creating a conflict of interest in that the time and effort of the Manager's officers and employees will not be devoted exclusively to the business of the Fund but will be allocated between the business of the Fund and the other business activities of the Manager and its affiliates. During turbulent conditions or distress in the financial markets or other times when the Fund will need focused support and assistance from the Manager and its officers and employees, other accounts for which the Manager serves as an investment manager may likewise require greater focus and attention, potentially placing the Manager's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance it would require or would otherwise receive if the Manager did not act as an investment manager for other accounts.

The Manager or its affiliates may manage separate managed accounts or dedicated investment vehicles for institutional investors that pursue strategies similar to, or that overlap with, those of the Fund. These clients may have access to detailed information about their accounts, including current transactions and portfolio holdings, which the Manager does not customarily make available to investors in the Fund or other pooled investment vehicles. Such clients may be able to take action, including more timely action, with respect to their accounts that investors in pooled vehicles with similar or parallel strategies cannot take.

The Manager continuously updates and changes its trading programs as a result of its ongoing research efforts and in response to changing market conditions. The Manager also expects to develop and implement new trading programs from time to time. In connection with these development efforts or as discussed further herein, the Manager may, in its sole discretion, determine not to include certain trading programs in client funds and accounts, including the Fund.

The Manager determines which accounts that it manages use which trading strategies and programs. The Manager may determine that certain accounts will not participate in certain trading strategies and programs, or allocate assets to particular portfolio managers, that are considered riskier, that are expected to be more volatile, that use greater leverage, that are newer and do not have an established track record, that do not have a track record or other performance metrics that are appropriate for the strategy or characteristics of a particular account, or that are experimental and still being developed or tested. The Manager may also determine that certain investors or prospective investors have an interest in investing in a different trading program which may allocate assets to particular trading programs or portfolio managers only, or to allocate assets to such trading programs and portfolio managers to a greater extent or lesser extent compared to other funds and accounts, including the Fund. The Manager has agreed, and may in the future agree, in its sole discretion, to manage funds or accounts investing pursuant to different trading programs, and such funds or accounts may be restricted to certain investors only, including, without limitation, investors who pay higher fees or expenses, large or strategic investors who satisfy significant minimum investment or other requirements, or investors with specific regulatory or investment policy requirements. The Manager and its principals and their related parties may elect to invest proprietary capital in the different trading programs, including to a greater or lesser extent compared to the level of proprietary capital investment in other funds and accounts, including the Fund. The inclusion or exclusion of a trading program or portfolio manager in a portfolio may have benefits or other consequences affecting other funds and accounts or the Manager generally.

------

While most funds and accounts managed by the Manager (including the Fund) charge a fixed management fee as a percentage of net assets and performance-based compensation as a percentage of the relevant fund's or account's net profits, certain other funds and accounts incur an additional level of expense equal to the allocable compensation payable to certain of the Manager's investment management and trading personnel, with such performance based compensation generally calculated and payable without netting the performance of any one trading strategy, portfolio manager or portfolio management team against another. There is no requirement that all of the Manager's portfolio managers be compensated in the same manner across all funds and accounts managed by the Manager, and portfolio managers are expected to be compensated separately with respect to their trading for such funds, with their compensation with respect to such funds having the potential to substantially exceed the compensation payable to them with respect to their trading for funds and accounts that do not incur such additional level of expense, such as the Fund. The funds and accounts incurring an additional level of expense will also bear their allocable portion of certain other non-compensation expenses as disclosed in the applicable offering documents for such funds from time to time, which materially exceed the non-compensation expenses borne by other funds and accounts, such as the Fund, which do not incur such expenses. Additionally, quantitative strategies developed by the research group within the Manager's Quantitative Strategies department are generally subject to less compensation expenses for the Manager than strategies traded by portfolio managers. The different expense and compensation structures described above may create actual or potential conflicts of interest for the Manager and its employees.

The Manager periodically reviews and assesses the amount of capital that it believes can be allocated to a particular fund, account or trading strategy, including the Portfolio. In evaluating and making decisions as to the capacity of the Portfolio and other funds and accounts advised by the Manager to accept investments and as to the allocation of trading strategies subject to capacity constraints to and among such funds and accounts, the Manager may consider many different factors, including among other factors, the anticipated addition or expansion of strategies, trading models and investment opportunities, anticipated market conditions, the liquidity of the instruments traded and risk factors. While expanding on the capital base of a fund or account will generally increase the amount of advisory fees the Manager can expect to receive from such fund or account, it also risks diluting the returns of such fund or account.

The Manager may make additions to or deletions from the Fund's trading programs or add or remove portfolio managers at any time and may make modifications to those trading programs – such as changes in the amount of leverage of, or in the allocations of assets to, trading programs – at any time as determined by the Manager in its sole discretion. The Manager is not required to provide prior, or any, notice to Fund investors of any such changes. As a result, the descriptions of the Fund's trading programs herein may not at any particular time fully or accurately describe each trading program being used by the Fund.

With respect to the Manager's various trading programs, the Manager may place block orders with brokers on behalf of multiple accounts, including the Fund. Accounts in which the Manager and its principals have an interest may be included with client accounts in block orders.

Because a block order may be executed at different prices, one or more of the accounts may receive more favorable fills and some less favorable fills. The Manager generally uses a Monte Carlo simulation to allocate trades in its systematic strategies to multiple underlying accounts. Monte Carlo simulations measure the overall variance for how fills are distributed, with the goal to keep the allocation with the lowest variance so as to achieve the fairest allocation among accounts. The process builds a list of fills by broker/price that were received during the day, and a list of accounts/quantity. The account/quantity list is randomly sorted and then allocated the fills from the list in order. After all accounts are filled, the overall variance for how the fills were distributed is measured and that value is compared to the previous trial. If the variance is lower (more fair), the allocation result is kept. If the variance is higher, the result is discarded. This process is run 100,000 times using the allocation with the lowest variance to achieve the fairest allocation. If during the process an allocation results in a variance of 0 (where every account has received the average), the process stops and that allocation is used. Consistent application of this non-discretionary allocation methodology satisfies regulatory requirements of objectivity and fairness such that no account or group of accounts receives consistently favorable or unfavorable treatment. Allocations made according to this methodology will be deemed equitable even though under certain market conditions a trade may be more favorable to some accounts than others. In the event split fills of futures orders are allocated after execution, the Manager makes available upon request by certain affected clients composite data sufficient to compare execution results. Where block orders are not sanctioned or permitted for an account, whether by regulation or otherwise, buy or sell orders for such account are placed separately. These individual orders may be for the same positions as a block order executed for multiple accounts. The Manager's execution of such trades is then subject to a trade rotation process that is intended to ensure that no account (whether utilizing separate orders or participating in block orders) receives consistently favorable or unfavorable treatment over any other. With this randomization process, the order or timing of execution of any trade for any account cannot be determined or predicted in advance. The Manager may determine to employ additional or alternative methods for allocating orders to client accounts that meet the regulatory requirements of objectivity and fairness such that no account or group of accounts receives consistently favorable or unfavorable treatment.

The Manager may enter into side agreements with specific investors in the Fund providing for different fees, redemption rights, access to information about the Fund's investments or other matters relating to an investment in the Fund.

------

***The Fund Will Generally Bear the Impact of Trade Errors***. The Fund will ordinarily be responsible for any losses, and will benefit from any gains, resulting from trading errors and similar human errors, absent the Manager's reckless disregard of its duties, willful misconduct, or gross negligence, or as otherwise required by law. As a result, any negative or positive results of trading errors generally will be borne by the Fund, rather than by the Manager, so long as the Manager adheres to the foregoing standard of care. However, the Manager bears all direct costs incurred in correcting trade errors, as defined below, without reimbursement for such costs from the Fund; provided, however, that the Manager shall be entitled to set off against such costs any amounts received by it from a broker or trade counter party in recognition of their relative degree of fault in the trade error. In no event shall the Manager be responsible for the negligence, dishonesty or bad faith of any broker or agent of the Fund; provided that such broker or agent was selected, engaged or retained by the Manager in good faith. A "trade error" is any execution by an employee of the Manager mistakenly transmitting, either through negligence or willful misconduct, a trade order to any broker or trade counter party on the Manager's behalf that the Manager fails to liquidate through its trade reconciliation processes. In no event shall the Manager either offset the cost of correcting trade errors through soft dollars or seek to correct a trade error by instituting a trade between client accounts.

***The Master–Feeder Structure Underlying the Fund's Trading May Create Operating Inefficiencies for the Fund.*** All trading attributable to the Fund is currently conducted through the master funds organized and managed by the Manager, through a so-called "master-feeder" fund structure. A portion of the subscription proceeds received from investors ordinarily is invested by the Fund in the master funds, in each case with limited liability to the Fund. A separate master fund then invests in global futures, foreign exchange and other markets pursuant to each of the investment programs managed by the Manager.

Other investment funds and managed accounts structured to meet the needs of various U.S. and non-U.S. investors, including various proprietary accounts of the Manager and its related parties, also invest in such master funds, which include the Fund's cash management vehicle, Cash Assets. The interests of such investors in any master fund may be in conflict in a number of respects, including, without limitation, as to the U.S. federal income tax consequences and capital utilization with regard to any master fund's transactions. For example, each master fund's transactions may provide investors subject to U.S. income taxation with different after-tax returns than those of non-U.S. and U.S. tax-exempt investors. In some cases, feeder funds that use different investment strategies are subject to different liquidity terms offered to their investors, and therefore may need to make more frequent withdrawals from master funds in order to satisfy redemption requests of investors. Also, each master fund may borrow to increase the efficiency of its capital utilization, but in so doing may incur borrowing charges at a rate that exceeds the rate at which the Fund earns interest income on its available cash. The Manager seeks to utilize such borrowing, with its attendant additional cost, to stabilize the master funds' financing arrangements and offer various other advantages to their investors. At the same time, such borrowing may disproportionately benefit more leveraged investors in the master funds (including proprietary accounts of the Manager) over less leveraged investors (potentially including the Fund). Investors in the Fund may have conflicting investment, tax, or other interests with respect to their investment. The conflicting interests of individual investors may relate to or arise from, among other things, the nature of investments made by the Fund, the structuring of the acquisition of such investments, or the timing of disposition of investments. In such circumstances, the Manager will consider the investment and other objectives of the Fund and its investors as a whole, and not the investment or other objectives of any investor individually.

When two or more funds or accounts simultaneously invest in a single Master Fund, investors such as the Fund that are better capitalized or use less leverage than other investors may be exposed to losses resulting from a higher-leveraged investor's inability to provide capital to the Master Fund pro rata to such Master Fund's requirements from time to time.

***Allocation of Expenses***. The Manager determines how certain expenses are allocated among the Fund and other funds and accounts managed by the Manager. The Manager will allocate expenses (including the investment and operating expenses of the Master Funds) among the funds and accounts the Manager manages in proportion to their respective net asset values, in proportion to their respective participation in a particular investment, strategy or program, or in any other manner that the Manager determines to be equitable (which may be based on the Manager's assumptions as to relative usage or resources allocated among the funds and accounts). The Manager has established expense allocation policies and an expense allocation committee administering the implementation of the policies in an effort to address such matters and may amend such policies governance or establish additional expense allocation policies in the future without notice to investors in an effort to address potential conflicts of interest that may arise in the future. While the Manager believes such policies are reasonable and appropriate, opinions may differ and other reasonable approaches could yield different results, including results that would be more beneficial to one or more fund and/or account.

------

***Enhancement Strategies***. The Manager does not, but could at any time in the future without notice to investors, also trade one or more strategies (referred to herein as "alpha enhancement strategies") which are expected to primarily be developed by the Manager's Quantitative Strategies department using the trading by portfolio managers of the Manager as inputs together with risk management and portfolio construction techniques designed by the Manager. Such alpha enhancement strategies, if employed, are intended to enhance or increase (potentially materially) the Fund's exposure to other strategies (or portions thereof) traded by the portfolio managers, including potentially increasing exposure such that – when alpha enhancement strategy positions are combined with the positions held by the individual portfolio managers – the total exposure to certain positions may be in excess of such portfolio managers' established risk management guidelines and position limits. Any such alpha enhancement strategy is expected to place trades subsequent to the other trading strategies whose exposure it is enhancing and to be more limited in the types of instruments and markets in which such alpha enhancement strategy is designed to invest in compared to strategies (or portions thereof) being enhanced. As a result, alpha enhancement strategies are expected to regularly replicate exposures through different instruments and markets than those utilized by the trading strategy being replicated. The inherent time lag in executing positions and the limitation on the types of instruments and markets in which an alpha enhancement strategy will trade is expected on average to reduce the profitability (or enhance the losses as the case may be) of any such alpha enhancement strategy compared to the trading strategy being replicated. The Manager may undertake efforts over time to reduce the time lag or to expand the product universe of the alpha enhancement strategies, however such efforts may be gradual, take many years or ultimately prove to be unsuccessful. There is no obligation for the Manager to include alpha enhancement strategies in the Fund in the same or a similar proportion to other funds and accounts managed by the Manager, and other funds and accounts may have significantly more or less exposure to such strategies than the Fund. Alpha enhancement strategies may increase the concentration of the Fund's portfolio. There is no guarantee that the Manager will engage in such enhancement activities on behalf of the Fund, and if the Manager does, there is no guarantee that such activities will be successful. In fact, the Fund may be subject to significant losses as a result of the Manager increasing, or attempting to increase, the Fund's exposure to certain strategies or positions.

#### General Risk Factors
***Natural Disasters and Other Events***. The Fund and its investments may be affected by events beyond the control of the Fund and the Manager, including hurricanes, earthquakes, floods and other natural disasters, emergence of new viruses (such as COVID-19) or outbreaks of an infectious disease, pandemic or any other serious public health concern, infrastructure failures, war, terrorism, labor strikes, or social unrest or instability. The Manager is not able to predict the extent, severity or duration of these or other similar events or the impact that these events may have on the Fund or its investments.

***Risks Relating to Foreign Policy and Governmental Intervention***. Developments in United States or other nations' trade policy and diplomatic relations between the United States and other nations may have unforeseen and unexpected consequences on the United States and global economies. As a recent example, the imposition of substantial tariffs on China and other nations by the United States, along with retaliatory measures by China or such other nations, created periods of increased economic volatility. It is not possible to ascertain the precise impact these events will have on the United States and other economies, the global information technology industry, the Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could be material and adverse for the Fund and its investments. Financial or economic crises may further result in additional governmental intervention in the markets. The consequences of extensive changes to the regulation and operation of various markets and market participants contemplated by legislation and presidential executive action and/or non-action (including presidential executive orders) and increased regulation arising out of financial crises are difficult to predict or measure with certainty.

***Trade Execution Risks***. The Manager's investment strategies and trading strategies depend on its ability to establish and maintain an overall market position in a combination of financial instruments. The Fund's trading orders may not be executed in a timely and efficient manner due to various circumstances, including, without limitation, trading volume surges or systems failures attributable to the Master Funds, the Manager, each Master Fund's counterparties, brokers, dealers, agents or other service providers. In such event, the Master Funds might only be able to acquire or dispose of some, but not all, of the components of such position, or if the overall position were to need adjustment, the Master Funds might not be able to make such adjustment. As a result, the Fund would not be able to achieve the market position selected by the Manager. The Fund may also rely heavily on electronic execution systems (and may rely on new systems and technology in the future), and such systems may be subject to certain systemic limitations or mistakes (including, without limitation, data entry orders that misstate order size or ticker symbols), causing the interruption of trading orders made by the Fund or the Fund being exposed to significantly greater risk than anticipated.

***Operational Risks, Including Those Related to Computer Systems and Cybersecurity Threats, May Impact the Fund's Operations.*** The Fund depends on the Manager to develop, implement and operate the appropriate systems and procedures to execute all investment transactions and monitor and control operational risk. The success of the Fund's business is highly dependent on its ability to process, on a daily basis, large volumes of data and transactions across numerous and diverse markets. Consequently, the Fund relies on its execution, financial, accounting and other data processing systems to trade, clear and settle all transactions, to evaluate and monitor potential and existing portfolio investments, and to generate risk management and other reports that are critical to oversight of the Fund's activities. Such systems are subject to a number of inherent and unpredictable risks. For example, from time to time: there may occur material errors in software programs which are either unrecognizable or not recognized for significant periods; software and/or hardware may malfunction and/or degrade; telecommunications failures, power loss or natural disasters may occur; services provided by third party vendors to support the systems may be interrupted; and computerized trading programs may generate and/or execute transactions many times the magnitude of, as well as in the opposite market direction to, the transactions which would have been effected were it not for a systems error. In addition, certain portions of the Fund's and of the Manager's operations are dependent upon systems operated by third parties, including the Fund's administrator, prime brokers, counterparties, electronic exchanges, other execution platforms, data providers and their various service providers. The Manager may not be in a position to verify the reliability of such third-party systems or data. Failure of or errors in such systems could result in mistakes or delays in the execution, confirmation or settlement of transactions, or in transactions not being properly booked, evaluated or accounted for. The Manager generally does not expect to disclose such errors to investors, and investors in the Fund should assume that such errors will be for the account of the Fund and could, over time, be potentially material to their performance. In the case of severe business disruptions, resulting for example, from a power outage or hardware failures, the Manager may not be able to resume activities for extended periods of time depending on the severity of the outage or failures and the systems impacted

***Cybersecurity***. The increasing reliance on internet-based programs and applications to conduct transactions and store data also creates increased security risks. Targeted cyber-attacks, or accidental events, can lead to a breach in computer and data systems and access by unauthorized persons to sensitive transactional or personal information. Data taken in breaches may be used by criminals to commit identity theft, obtain loans or payments under false identities, and other crimes. Cybersecurity breaches at the Manager or its service providers or counterparties may directly or indirectly affect the Fund, and could lead to theft, data corruption, interference with business operations, disruption of operational or trading systems, interference with the Manager's or the Fund's ability to execute transactions, direct financial loss or reputational damage, or violations of applicable laws related to data and privacy protection and consumer protection. The tactics, techniques, and procedures used to obtain access to data, disable or disrupt service, or sabotage systems change frequently and the Manager may fail to adjust or enhance its security monitoring appropriately or in a timely manner to be effective in identifying, preventing or remediating such threats or attacks. Further, the Manager relies on a number of third-party vendors for critical services, including cloud computing providers, data providers, data storage, telecommunication providers, software and hardware vendors, the Administrator, and certain executing and prime brokers, and no assurance can be provided that the vendors or counterparties of the Manager or the Fund will not be subject to a security breach. Furthermore, use of third-party vendors exposes the Manager to additional information security risks. The Manager relies on data provided by third parties, for which there can be no assurance of accuracy. Hardware or software acquired or licensed from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise the Manager's information security. In addition, network connected services provided by third parties may be susceptible to compromise, leading to a breach of the Manager's network. Any cyberattack, interception or mishandling of information, or other security breach could result in the corruption, loss or disclosure of the Manager's or the Fund's intellectual property or trading strategies, or the improper use or disclosure of confidential information about the Manager, its employees, the Fund or its investors, which could have a material adverse effect on the Fund and/or its investors.

***The Fund Relies on Key Individuals.*** The Manager has complete and exclusive responsibility for management and administration of the affairs of the Fund, and Fund relies exclusively on the Manager for the management of its investment portfolio. The Manager, in turn, relies significantly on the services of its founder, Kenneth G. Tropin. The Manager also relies significantly on the services of certain discretionary and quantitative trading personnel for the Fund. There could be adverse consequences to the Fund in the event that the Manager ceases to be available to devote its services to the Fund. There could be adverse consequences to the Fund if Mr. Tropin ceases to be available to devote his services to the Manager. There could be adverse consequences to the Fund if certain discretionary and quantitative trading personnel cease to be available to devote their services to the Fund.

------

The foregoing list of risk factors and conflicts of interest does not purport to be a complete enumeration or explanation of the risks or conflicts involved in an investment in the Fund. Prospective investors should consult with their own advisors before deciding to subscribe for Units.

---

| | |
|:---|:---|
| **Item 1B:** | **UNRESOLVED STAFF COMMENTS** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 1C:** | **Cybersecurity** |

---

The Fund depends on the Manager to develop, implement and operate the appropriate systems and procedures to monitor and manage operational risks, including cybersecurity risks. The Manager maintains policies and procedures to manage cybersecurity risks as part of its overall risk management program. Its cybersecurity risk management program is operationally led by its Chief Technology Officer (CTO) and its Chief Information Security Officer (CISO), in consultation with other members of the Manager's senior management. The CTO received a B.S. in Computer Science from Manhattan College in 1998 , and has 27 years of industry experience. The CISO received a B.S. in Computer Science from Rensselaer Polytechnic Institute in 2003, a B.S. in Management from Rensselaer Polytechnic Institute in 2003 and a M.S. in Information Technology from Rensselaer Polytechnic Institute in 2007 and holds a Cisco Certified Internetwork Expert certification and has 21 years of industry experience.

The Manager maintains a written information security governance policy setting forth the Manager's information security policy objectives and guidelines on managing technology/cyber-related vulnerabilities, controlling physical security and network access rights, restricting data transfers, managing third-party vendors, managing technology incidents, training employees and retaining related books and records. The Manager maintains separate incident response procedures designed to assist senior management and technology personnel in responding to various technology/cyber incidents. The Manager publishes for employees various policies addressing user access rights, acceptable use of the firm's technology, roles and responsibilities in respect of incident response and disciplinary guidelines. The aforementioned policies are reviewed and approved by senior management on an annual basis.

The CTO and CISO also lead the Manager's Cybersecurity Awareness Committee, which is focused on managing and responding to cybersecurity risks. The CISO and CTO report to the CEO, and meet quarterly with members of the Cybersecurity Awareness Committee to provide updates on projects, threats, governance and the overall cybersecurity landscape. Members of this committee represent senior management of the Manager, including the Manager's Chief Executive Officer, Chief Financial Officer, Managing Director of Quantitative Strategies, Chief Compliance Officer, and Chief Risk Officer. The Manager's cybersecurity risk management program is informed by frameworks established by the National Institute of Standards and Technology (NIST), its regulators, and other recognized standard-setting bodies.

The Manager engages third party expert consultants to assist in the design, development, and operation of its cybersecurity risk management program, and to perform assessments with a view to identifying any vulnerabilities. The Fund's and the Manager's operations are dependent upon systems operated by third parties, including the Fund's administrator, prime brokers, market counterparties, electronic exchanges, other execution platforms, data providers and their various service providers. Accordingly, the Manager's risk management program endeavors to monitor such third parties for potential cybersecurity risks by utilizing a vendor management framework that includes a cybersecurity Due Diligence Questionnaire. Although the Manager has no control over the risk management policies of third parties, where and to the extent possible it seeks to obtain representations by such third parties related to their cybersecurity risk management policies and procedures.

No identified risks from known cybersecurity threats, including as a result of any prior known cybersecurity incidents, have materially affected or are reasonably likely to materially affect the operations, business strategy, results of operations, or financial condition of the Fund or the Manager.

------

---

| | |
|:---|:---|
| **Item 2:**  | **PROPERTIES** |

---

The Fund does not own or use any physical properties in the conduct of its business. The Manager operates from its principal office in Rowayton, Connecticut as well as its offices in London, UK, West Palm Beach, Florida and New York City, New York.

---

| | |
|:---|:---|
| **Item 3:**  | **LEGAL PROCEEDINGS** |

---

There are no material legal proceedings pending, on appeal or concluded to which the Fund is a party or to which any of its assets is subject. There have been no material legal proceedings pending, on appeal or concluded against the Manager or any of its principals, directors or executive officers within the past five years.

---

| | |
|:---|:---|
| **Item 4:** | **MINE SAFETY DISCLOSURES** |

---

Not applicable.

------

---

| | |
|:---|:---|
| **Item 5:**<br>| **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Market information

There is no public market for the Units, and none is likely to develop. Units may be redeemed subject to the conditions of the Company Agreement. Units may not be assigned or otherwise transferred except as permitted under the Company Agreement and as such may not be sold by investors pursuant to Rule 144 of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holders

As of March 1, 2026, there were 75 holders of Class 0 Units, 39 holders of Class 2 Units, 18 holders of Class 3-A Units and 49 holders of Class 3-B Units of the Core Macro Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends

The Manager determines, in its sole and absolute discretion, the amount of distributions, if any, to be made by the Fund to its investors. To date no distributions have been paid on the Units and the Manager has no present intention to make any distributions in the future.

For the three months ended December 31, 2025, the Fund issued 9,595.156 Units in exchange for $935,000 with respect to the Core Macro Portfolio, in each case in a transaction that was not registered under the Securities Act. The Units were issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

The following chart sets forth the purchases of Units of the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month beginning:** | **Core Macro Portfolio** <br> **Class 0 Number of <br> Units Purchased** | **Price of Core** <br> **Macro Portfolio** <br> **Class 0 Units** <br> **Purchased** | **Core Macro Portfolio** <br> **Class 2 Number of** <br> **Units Purchased** | **Price of Core Macro** <br> **Portfolio Class 2** <br> **Units Purchased** |
| October 1, 2025 | 213.188 <br>| $236.25 &nbsp;&nbsp;&nbsp;&nbsp; <br>|  |  |
| November 1, 2025 | 929.312 &nbsp;&nbsp;&nbsp;&nbsp; <br>| $236.06&nbsp;&nbsp;&nbsp;&nbsp; <br>|  |  |
| December 1, 2025 | -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| - &nbsp;&nbsp;&nbsp;&nbsp; <br>|  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month beginning:** | **Core Macro Portfolio** <br> **Class 3-A Number of** <br> **Units Purchased** | **Price of Core** <br> **Macro Portfolio** <br> **Class 3-A Units** <br> **Purchased** | **Core Macro Portfolio** <br> **Class 3-B Number of** <br> **Units Purchased**  | **Price of Core Macro** <br> **Portfolio Class 3-B** <br> **Units Purchased** |
| October 1, 2025 |  |  | 1807.348&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| $95.43 &nbsp;&nbsp;&nbsp;&nbsp; <br>|
| November 1, 2025 |  |  | 2604.708&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| $95.35&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; <br>|
| December 1, 2025 |  |  | -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>|

---

---

| | |
|:---|:---|
| **Item 6:** | **RESERVED** |

---

Not applicable.

------

---

| | |
|:---|:---|
| **Item 7:** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Management's Discussion and Analysis of Financial Condition and Results of Operations

Reference is made to "Item 8: Financial Statements". The information contained therein is essential to, and should be read in conjunction with, the following analysis. The Fund does not engage in the sale of goods or services. The Fund's capital consists of capital contributions of the members, as increased or decreased by gains and losses from its investments in the Master Funds, interest, expenses and redemptions. Its only assets are its investments in the Master Funds. The Master Funds do not engage in the sale of goods or services. Their assets are comprised of the equity in their accounts with clearing brokers and OTC counterparties, in each case consisting of cash, open trade equity on derivatives and the net option premium paid or received. In the case of Graham Cash Assets LLC, the assets consist of investments in debt obligations guaranteed by the U.S. federal government, as well as cash and cash equivalents.

For the year ended December 31, 2025, the Core Macro Portfolio's Members' Capital value increased by $2,127,277 or 7.5%. This increase in Members' Capital was attributable to subscriptions totaling $5,383,977 or 19.0% and net income of $237,675 or 0.8%, offset by redemptions totaling $3,494,375 or -12.3%, for the year.

For the year ended December 31, 2024, the Core Macro Portfolio's Members' Capital value decreased by $188,247 or -0.7%. This decrease in Members' Capital was attributable to redemptions totaling $5,929,710 or -20.8%, offset by subscriptions totaling $4,385,650 or 15.4% and net income of $1,355,813 or 4.7%, for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Results of Operations

The Fund's success depends primarily upon the Manager's ability to recognize and capitalize on market trends in the different and varied sectors of the global financial markets in which it trades.

#### Core Macro Portfolio

#### 2025 Summary
For the year ended December 31, 2025, the Core Macro Portfolio experienced trading gains of $162,986 attributable to the following sectors:

---

| | |
|:---|:---|
| Agriculture / Softs | $(3127) |
| Base Metals | 343497 |
| Energy | (794451) |
| Equities | 218175 |
| Foreign Exchange | (1604450) |
| Long Term / Intermediate Rates | (303537) |
| Precious Metals | 2183244 |
| Short Term Rates | 123635 |
|  | $162986 |

---

The Core Macro Portfolio recorded overall trading gains in 2025. Profits were mostly concentrated in commodities due to long positions in precious metals and base metals. Gains in commodities were partially offset by losses from trading in energy. In equities, net long positions in U.K., Asian, and U.S. benchmark indices led to gains. The portfolio recorded losses in fixed income from long and short positions in U.K., U.S., and Canadian long-term rates, with additional losses from short positions in Japanese government bonds during April. In currencies, losses resulted from mixed positions in the Swiss franc, the euro, the Australian dollar, and the British pound sterling versus various global currencies. Additional losses came from short positions in the Chinese yuan and the Canadian dollar versus the U.S. dollar.

------

Advisory and Sponsor Fees are calculated as a percentage of the Fund's Members' Capital value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the year ended December 31, 2025, Advisory Fees increased by $35,644 or 8.1%, Sponsor Fees decreased by $33,864 or -15.6%, and Administrator's Fees increased by $10,074 or 25.4% in the Core Macro Portfolio over the corresponding period of the preceding year. The movements are consistent with the timing of profit and loss and capital activity during the year. During the year ended December 31, 2025, interest income decreased by $140,737 or -10.8%. Interest was earned on free cash at an average annualized yield of 4.21% for the year ended December 31, 2025 compared to 4.97% for the year ended December 31, 2024.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the year ended December 31, 2025, the Incentive Allocation decreased by $132,642 or -86.6%. This was due to lower trading profits for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The following table illustrates the sector distribution of the Core Macro Portfolio's investments in Master Funds as of December 31, 2025 based on the fair value of the underlying assets and liabilities in each master fund including both long and short positions. Positive percentages represent net assets whereas negative percentages represent net liabilities.

---

| | |
|:---|:---|
| Agriculture / Softs | 3.6% |
| Base Metals | 4.9% |
| Energy | 1.8% |
| Equities | 11.1% |
| Foreign Exchange | 9.9% |
| Long Term / Intermediate Rates | 11.0% |
| Precious Metals | 14.8% |
| Short Term Rates | 42.9% |
|  | 100.0% |

---

#### 2024 Summary
For the year ended December 31, 2024, the Core Macro Portfolio experienced trading gains of $1,206,470 attributable to the following sectors:

---

| | |
|:---|:---|
| Agriculture / Softs | $376804 |
| Base Metals | (12618) |
| Energy | (287308) |
| Equities | 123020 |
| Foreign Exchange | 1242045 |
| Long Term / Intermediate Rates | (611045) |
| Precious Metals | 285515 |
| Short Term Rates | 90057 |
|  | $1206470 |

---

The Core Macro Portfolio recorded overall trading gains in 2024. The Portfolio produced profits in currencies from long positions in the U.S. dollar versus various global counterparts, particularly the euro, Swiss franc, Canadian dollar, Japanese yen, and Chinese yuan. Gains in commodities resulted mainly from long positions in soft commodities and gold, as well as short positions in grains. In equities, long positions in the NASDAQ Index and Japanese benchmark indices led to positive performance. The Portfolio incurred losses in fixed income due to evolving long and short positions across the yield curves in Europe, the U.K, and the U.S.

------

Advisory and Sponsor Fees are calculated as a percentage of the Fund's Members' Capital value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the year ended December 31, 2024, Advisory Fees decreased by $2,474 or -0.6%, Sponsor Fees decreased by $26,447 or -10.8%, and Administrator's Fees increased by $2,482 or 6.7% in the Core Macro Portfolio over the corresponding period of the preceding year. The movements are consistent with the timing of profit and loss and capital activity during the year. During the year ended December 31, 2024, interest income increased by $192,987 or 17.3%. Interest was earned on free cash at an average annualized yield of 4.97% for the year ended December 31, 2024 compared to 3.96% for the year ended December 31, 2023.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the year ended December 31, 2024, the Incentive Allocation decreased by $149,306 or -49.4%. This was due to a higher loss carryforward that resulted in lower New High Trading Profits before incentive allocation for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The following table illustrates the sector distribution of the Core Macro Portfolio's investments in Master Funds as of December 31, 2024 based on the fair value of the underlying assets and liabilities in each master fund including both long and short positions. Positive percentages represent net assets whereas negative percentages represent net liabilities.

---

| | |
|:---|:---|
| Agriculture / Softs | 3.6% |
| Base Metals | 3.6% |
| Energy | 2.9% |
| Equities | 23.5% |
| Foreign Exchange | 24.4% |
| Long Term / Intermediate Rates | 13.6% |
| Precious Metals | 9.0% |
| Short Term Rates | 19.4% |
|  | 100.0% |

---

#### Variables Affecting Performance
The performance of the portfolio of the Fund is affected by net profitability resulting from the trading operations of the master funds, the fees charged by the Fund, and interest income earned on cash and cash equivalents. The master funds acquire and liquidate long and short positions in futures contracts, forward contracts, spot currency contracts and associated derivative instruments such as options and swaps. These instruments are carried at fair value, which is heavily influenced by a wide variety of factors including, but not limited to the level and volatility of exchange rates, interest rates, equity prices, and commodity prices as well as global macro political events. These factors generate market movements affecting the fair value of these instruments and in turn the net gains and losses allocated from the master funds.

Brokerage, advisory and sponsor fees are calculated based on percentage of the net asset value of the portfolio. Changes in the net assets of the portfolio resulting from subscriptions, redemptions, interest and trading profits allocated from the master funds can therefore have a material impact in the fee expense of the portfolio.

A portion of the assets of the portfolio is held in cash and cash equivalents. Changes in the net assets of the portfolio as well as changes in the interest rates earned on these investments can have a material impact on interest income earned.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liquidity

A portion of the assets of the portfolio is generally held as cash or cash equivalents, which are used to margin the Fund's investments. It is expected that the average margin the Fund will be required to post to support the Fund's trading may range between 5% and 30% of the total assets of the portfolio, which will be segregated or secured by the futures brokers in accordance with the CEA and with CFTC regulations or be maintained on deposit with over-the-counter counterparties. In exceptional market conditions, this amount could increase. The master funds are subject to margin calls on a constant daily and intra-day basis, whether in connection with initiating new investment positions or as a result of changes in the value of current investment positions. These margin requirements are met through the posting of additional margin with the applicable futures broker or FX clearing broker, on an almost daily basis. The Manager generally expresses its margin requirements for the portfolios in terms of the aggregate of the margin requirements for the underlying strategies plus the net option premium costs for the underlying strategies. For the years ended December 31, 2025 and December 31, 2024, the margin requirements for the Core Macro Portfolio were 13.77% and 11.17%, respectively.

Other than any potential market-imposed limitations on liquidity, the Fund's assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Fund's futures trading. Through December 31, 2025, the Fund experienced no meaningful periods of illiquidity in any of the markets traded by the Manager on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Capital Resources

The Fund raises additional capital only through the sale of Units and capital is increased through trading profits (if any) and interest income. The Fund may borrow money from brokers or their affiliates and other lenders. Units may be offered for sale as of the beginning, and may be redeemed as of the end, of each month. The amount of capital raised for the Fund should not have a significant impact on its operations, as the Fund has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and expenses.

The Fund participates in the speculative trading of commodity futures contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Fund's brokers may require margin in excess of minimum exchange requirements. The Fund bears the risk of financial failure of the brokers through which it clears trades and maintains margin in respect of any such trades and of its counterparties for its foreign exchange and swap trades with whom it also maintains margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Critical Accounting Policies

*Use of Estimates* – The Fund's financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and all amounts are stated in U.S. dollars. The preparation of the financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Fund's significant accounting policies are described in detail in Note 2 of the financial statements.

*Fair Value Measurement* - The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The Fund reports the fair value of its investment-related assets and liabilities in accordance with the hierarchy established under U.S. GAAP.

The Fund records its investments in the Feeder Fund at fair value in accordance with U.S. GAAP. In determining its net asset value, the Feeder Fund records its investments in master funds at fair value in accordance with U.S. GAAP. The Fund records its proportionate share of the Feeder Funds' investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis. Purchases and sales of units in the Feeder Funds are recorded on a trade date basis.

The master funds record all their financial instruments at fair value, which is derived in accordance with U.S. GAAP. Unrealized appreciation and depreciation from these instruments are recorded based on changes in their fair value. Realized gains and losses are recorded when the positions are closed. All unrealized and realized gains and losses related to derivative financial instruments are included in net gain (loss) on investments in the master funds' statements of operations.

------

*Cash Assets* - The Feeder Fund invests a portion of their excess liquidity in Cash Assets, an entity for which the Manager is also the sole investment advisor. The financial information of Cash Assets is included in the notes to the Financial Statements of the Feeder Funds within Item 8.

*Income Taxes* - No provision for income taxes has been made in the Fund's financial statements, as each member is responsible for reporting income or loss based upon the member's respective share of the Fund's revenues and expenses for income tax purposes.

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Manager has evaluated the Fund's tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements. The Manager is not aware of any tax positions or interest/penalties for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months.

---

| | |
|:---|:---|
| **Item 7A:** | **QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK** |

---

No disclosure is required hereunder as the Fund is a "smaller reporting company," as defined in Item 10(f)(1) of Regulation S-K.

------

---

| | |
|:---|:---|
| **Item 8:** | **FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA** |

---

Financial Statements Graham Alternative Investment Fund I LLC Core Macro Portfolio Years Ended December 31, 2025 and 2024 with Report of Independent Registered Public Accounting Firm

------

#### GRAHAM ALTERNATIVE INVESTMENT FUND I LLC

#### CORE MACRO PORTFOLIO

#### 40 Highland Avenue

#### Rowayton, CT 06853
The undersigned affirms, on behalf of Graham Alternative Investment Fund I LLC Core Macro Portfolio, that to the best of his knowledge and belief, the information contained in the attached audited financial statements of Graham Alternative Investment Fund I LLC Core Macro Portfolio for the years ended December 31, 2025 and 2024 is accurate and complete.

By: Graham Capital Management, L.P., as <br> Sole Manager

---

| | |
|:---|:---|
| By: | /s/ George Schrade |
|  | George Schrade |
|  | Chief Financial Officer |
|  | March 26, 2026 |

---

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Financial Statements

Years Ended December 31, 2025 and 2024

Contents

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID 42) | 42 |
| Statements of Financial Condition | 43 |
| Statements of Operations | 44 |
| Statements of Changes in Members' Capital | 45 |
| Statements of Cash Flows | 46 |
| Notes to Financial Statements | 47 |

---

Financial Statements – Graham Alternative Investment Trading LLC

------

Report of Independent Registered Public Accounting Firm

To the Members and Manager of

Core Macro Portfolio

#### Opinion on the Financial Statements
We have audited the accompanying statements of financial condition of Core Macro Portfolio (the "Fund") (the sole series constituting Graham Alternative Investment Fund I LLC ("GAIF I")) as of December 31, 2025 and 2024, and the related statements of operations, changes in members' capital and cash flows for each of the two 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 Fund (the sole series constituting GAIF I) at December 31, 2025 and 2024, the results of its operations, changes in its members' capital, and its cash flows for each of the two 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 GAIF I's management. Our responsibility is to express an opinion on the Fund'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 GAIF I 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. GAIF I is not required to have, nor were we engaged to perform, an audit of GAIF I'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 GAIF'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.

/s/ Ernst & Young LLP

We have served as the auditor of the Fund (the sole series constituting GAIF I) since 2006.

Stamford, CT

March 26, 2026

A member firm of Ernst & Young Global Limited

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Statements of Financial Condition

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Investment in Graham Alternative Investment Trading LLC, at fair value | $**30497920** | $28370643 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | **325000** | 130000 |
| &nbsp;&nbsp;&nbsp; Redemptions receivable from Graham Alternative Investment Trading LLC | – | 1101487 |
| Total assets | $**30822920** | $29602130 |
| **Liabilities and members' capital** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions received in advance | $**325000** | $130000 |
| &nbsp;&nbsp;&nbsp; Redemptions payable | **–** | 1101487 |
| Total liabilities | **325000** | 1231487 |
| Members' capital: |  |  |
| &nbsp;&nbsp;&nbsp; Class 0 Units (73,211.929 and 70,588.714 units issued and outstanding at $237.84 and $235.13, respectively) | **17412541** | 16597335 |
| &nbsp;&nbsp;&nbsp; Class 2 Units (45,079.683 and 51,013.097 units issued and outstanding at $165.34 and $164.69, respectively) | **7453502** | 8401324 |
| &nbsp;&nbsp;&nbsp; Class 3-A Units (21,126.929 and 5,611.660 units issued and outstanding at $98.91 and $97.68, respectively) | **2089567** | 548137 |
| &nbsp;&nbsp;&nbsp; Class 3-B Units (36,873.621 and 29,565.170 units issued and outstanding at $96.07 and $95.51, respectively) | **3542310** | 2823847 |
| Total members' capital | **30497920** | 28370643 |
| Total liabilities and members' capital | $**30822920** | $29602130 |

---

*See accompanying notes and the attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Statements of Operations

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| **Net gain allocated from investment in Graham Alternative Investment Trading LLC:** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized (loss) gain on investment | $**(60674)** | $560202 |
| &nbsp;&nbsp;&nbsp; Net increase in unrealized appreciation on investment | **223660** | 646268 |
| &nbsp;&nbsp;&nbsp; Brokerage commissions and fees | **(104239)** | (77715) |
| Net gain allocated from investment in Graham Alternative Investment Trading LLC | **58747** | 1128755 |
| **Net investment income (loss) allocated from investment in Graham Alternative Investment Trading LLC:** |  |  |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | **1165783** | 1306520 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees | **473054** | 437410 |
| &nbsp;&nbsp;&nbsp; Professional fees | **230686** | 206768 |
| &nbsp;&nbsp;&nbsp; Sponsor fees | **183877** | 217741 |
| &nbsp;&nbsp;&nbsp; Administrator's fee | **49705** | 39631 |
| &nbsp;&nbsp;&nbsp; Operating expenses | **22364** | 18338 |
| &nbsp;&nbsp;&nbsp; Incentive allocation | **20502** | 153144 |
| &nbsp;&nbsp;&nbsp; Interest expense | **6667** | 6430 |
| Total expenses | **986855** | 1079462 |
| Net investment income allocated from investment in Graham Alternative Investment Trading LLC | **178928** | 227058 |
| Net income | $**237675** | $1355813 |

---

*See accompanying notes and the attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Statements of Changes in Members' Capital

Years Ended December 31, 2025 and 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 0 Units** | **Class 0 Units** | **Class 2 Units** | **Class 2 Units** | **Class 3-A Units** | **Class 3-A Units** | **Class 3-B Units** | | |
|  | **Units** | **Capital** | **Units** | **Capital** | **Units** | **Capital** | **Units** | **Capital** | **Total Members'** <br> **Capital** |
| Members' capital, December 31, 2023 | 73902.569 | $16577918 | 75735.249 | $11980972 | – | $– | – | $– | $28558890 |
| &nbsp;&nbsp;&nbsp; Initial subscription, May 1, 2024 | – | – | – | – | – | – | 750.000 | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp; Initial subscription, June 1, 2024 | – | – | – | – | 750.000 | 75000 | – | – | 75000 |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3133.103 | 737000 | 1329.117 | 218650 | 4861.660 | 480000 | 29565.170 | 2800000 | 4235650 |
| &nbsp;&nbsp;&nbsp; Redemptions | (6446.958) | (1506754) | (26051.269) | (4352891) | – | – | (750.000) | (70065) | (5929710) |
| &nbsp;&nbsp;&nbsp; Net income (loss) | – | 789171 | – | 554593 | – | (6863) | – | 18912 | 1355813 |
| Members' capital, December 31, 2024 | 70588.714 | 16597335 | 51013.097 | 8401324 | 5611.660 | 548137 | 29565.170 | 2823847 | 28370643 |
| &nbsp;&nbsp;&nbsp; Subscriptions | **6773.550** | **1628977** | 604.687 | **100000** | **19158.062** | **1895000** | **18251.175** | **1760000** | **5383977** |
| &nbsp;&nbsp;&nbsp; Redemptions | **(4150.335)** | **(989099)** | **(6538.101)** | **(1102175)** | **(3642.793)** | **(361350)** | **(10942.724)** | **(1041751)** | **(3494375)** |
| &nbsp;&nbsp;&nbsp; Net income | **–** | **175328** | **–** | **54353** | **–** | **7780** | **–** | **214** | **237675** |
| Members' capital, December 31, 2025 | **73211.929** | $**17412541** | **45079.683** | $**7453502** | **21126.929** | $**2089567** | **36873.621** | $**3542310** | $**30497920** |

---

*See accompanying notes and the attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| **Cash flows (used in) provided by operating activities** |  |  |
| Net income | $**237675** | $1355813 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net (income) allocated from investment in Graham Alternative Investment Trading LLC | **(237675)** | (1355813) |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of investment in Graham Alternative Investment Trading LLC | **4595862** | 4900657 |
| &nbsp;&nbsp;&nbsp; Investments in Graham Alternative Investment Trading LLC | **(5383977)** | (4385650) |
| Net cash (used in) provided by operating activities | **(788115)** | 515007 |
| **Cash flows provided by (used in) financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions (net of subscriptions received in advance) | **5578977** | 4435650 |
| &nbsp;&nbsp;&nbsp; Redemptions (net of redemptions payable) | **(4595862)** | (4900657) |
| Net cash provided by (used in) financing activities | **983115** | (465007) |
| Net change in cash and cash equivalents | **195000** | 50000 |
| Cash and cash equivalents, beginning of year | **130000** | 80000 |
| Cash and cash equivalents, end of year | $**325000** | $130000 |

---

*See accompanying notes and the attached financial statements of Graham Alternative Investment Trading LLC.*

------

#### Graham Alternative Investment Fund I LLC Core Macro Portfolio Notes to Financial Statements December 31, 2025
1. Organization and Business

The Core Macro Portfolio (the "Fund") is the sole series of Graham Alternative Investment Fund I LLC ("GAIF I"), a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. Prior to March 28, 2013, GAIF I was organized as a Delaware Limited Liability Company which was formed on May 16, 2006 and commenced operations on August 1, 2006. GAIF I is registered as a commodity pool and as such is subject to the oversight and jurisdiction of the U.S. Commodity Futures Trading Commission ("CFTC").

As a Series Limited Liability Company each series is legally segregated, and the assets associated with each series are held separately and accounted for in separate and distinct records from the assets of any other series of GAIF I. The debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of GAIF I generally or any other series thereof. Further, none of the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to GAIF I are enforceable against the assets of any other series. As of and for the years ended December 31, 2025 and 2024, respectively, the Fund is the sole series of GAIF I. GAIF I has no assets and no operations outside of those of the Fund. These financial statements fairly reflect the positions, results of operations, changes in members' capital and cash flows of the single series constituting GAIF I.

The Fund offers members Class 0, Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units (collectively the "Units"). All Classes of Units are currently issued. The Fund invests all of its assets dedicated to trading in Graham Alternative Investment Trading LLC ("GAIT"), a Delaware Limited Liability Company which was formed on May 18, 2006 and commenced operations on August 1, 2006. GAIT invests in various master trading vehicles ("Master Funds") and Graham Cash Assets LLC ("Cash Assets"), all of which are managed by Graham Capital Management, L.P. (the "Advisor" or "Manager"). The Manager is the manager and the sole investment advisor of GAIT and the Fund. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the CFTC and is a member of the National Futures Association. The Manager is also registered with the Securities and Exchange Commission as an investment adviser. The Fund's Units are registered under Section 12 of the Securities Exchange Act of 1934.

The investment objective of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forwards contracts, spot currency contracts, and associated derivative instruments, such as options and swaps, through its investment in GAIT, which in turn invests in various Master Funds. The Master Funds seek to profit from opportunities in the global financial markets, including interest rate futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as professionally managed multi-strategy investment vehicles. The Fund may also trade futures on virtual currencies. Each of the investment programs consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the Fund's investment exposure and to make the Fund's performance returns less volatile and more consistently profitable.

SEI Global Services, Inc. ("SEI") is the Fund's independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of the Fund.

*See attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

1. Organization and Business (continued)

The Fund will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Amended and Restated Limited Liability Company Agreement ("LLC Agreement") of the Fund.

The performance of the Fund is directly affected by the performance of GAIT; therefore, these financial statements should be read in conjunction with the attached financial statements of GAIT, including the condensed schedules of investments.

#### Duties of the Manager
Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of the Fund and for directing the investment and reinvestment of the assets of the Fund and GAIT.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. The preparation of these financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

#### Investment in Graham Alternative Investment Trading LLC
The Fund records its investment in GAIT at fair value based upon the Fund's proportionate share of GAIT's reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in the Master Funds and Cash Assets at fair value based upon GAIT's proportionate share of the Master Funds' and Cash Assets' reported net asset value. The Fund records its proportionate share of GAIT's investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.

GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however, each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT.

At December 31, 2025 and 2024, the Fund owned 47.84% and 42.76%, respectively of GAIT.

#### Fair Value
The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations.

*See attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Fair Value (continued)
The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.

The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.

The Fund's investment in GAIT has been valued at net asset value using the practical expedient. Accordingly, under U.S. GAAP, this investment is excluded from categorization in the fair value hierarchy. There were no Level 3 assets or liabilities held at any point during the years ended December 31, 2025 and 2024 by the Fund, GAIT, the Master Funds or Cash Assets.

#### Cash and Cash Equivalents
The Fund classifies all highly liquid investments with a maturity of three months or less at the time of purchase as cash equivalents on the statements of financial condition. Cash deposited with a bank is subject to credit risk. In the event of the bank's insolvency, recovery of the Fund's cash would be limited to account insurance or other protection afforded by such deposit, which could be substantially less than the amount deposited. At December 31, 2025 and 2024, the Fund held $325,000 and $130,000, respectively, in cash and held no cash equivalents.

*See attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Recent Accounting Pronouncement
In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07") *Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures*. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Investment Committee acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its LLC Agreement, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in members' capital (i.e., changes in members' capital resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statements of financial condition as "total assets" and significant segment expenses are listed on the accompanying statements of operations. ASU 2023-07 was effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Fund adopted ASU 2023-07 for annual reporting of the year ended December 31, 2024. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

#### Indemnifications
In the normal course of business, the Master Funds, GAIT, Cash Assets, and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At December 31, 2025 and 2024, accruals have been recorded by the Fund for indemnifications.

3. Capital Accounts

The Fund offers members Class 0, Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units. All Classes are currently issued. The Fund may issue additional Classes in the future subject to different fees, expenses, or other terms, or may invest in other investment programs or combinations of investment programs managed by the Manager.

A separate capital account is maintained for each member with respect to each member's Class of Units. The initial balance of each member's capital account is equal to the initial subscription to the Fund by such member with respect to the Class to which such capital account relates. Each member's capital account is increased by any additional subscription and decreased by any redemption by such member of Units of such Class to which the capital account relates. All income and expenses of the Fund are allocated among the members' Capital accounts in proportion to the balance that each capital account bears to the balance of all capital as of the beginning of such fiscal period.

*See attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

3. Capital Accounts (continued)

*Subscriptions*

Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day, as defined in the LLC Agreement. The minimum initial subscription from each investor in each Class is $10,000. Members may subscribe for additional Units in a minimum amount of not less than $5,000. Any initial or additional cash received prior to or on December 31, if any, for Fund shares related to the subsequent period is considered a subscription received in advance on December 31. The new subscription does not receive an allocation of income or expense from the Fund and is recorded as a liability on the Statement of Financial Condition as subscriptions received in advance.

Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month.

*Redemption of Units*

Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of each Valuation Day, as defined in the LLC Agreement, upon not less than three business days' prior written notice to the administrator. A partial redemption request for an amount less than $10,000 will not be accepted, nor will a redemption request be accepted to the extent that it would result in an investor owning less than $10,000. The redemption proceeds will normally be remitted within 15 business days after the Valuation Day, without interest for the period from the Valuation Day to the payment date. Redemptions paid after the year end, based upon end-of-period share values, if any, are reflected as redemptions payable on the Statement of Financial Condition at year end.

4. Fees and Related Party Transactions

*Advisory Fees*

Class 0 and Class 2 of GAIT paid the Manager an advisory fee (the "Advisory Fee") at an aggregate annual rate of 1.50% of the Members' Capital of such Class. Class 3-A and Class 3-B have an advisory fee at an aggregate annual rate of 1.50% and 2.00% of the Members' Capital of such Class, respectively. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is affected with respect to Units of such Class during the month. For the years ended December 31, 2025 and 2024, the Advisory Fees allocated to the Fund by Class 0, Class 2, Class 3-A and Class 3-B of GAIT totaled $473,054 and $437,410, respectively.

*Sponsor Fees*

Class 0 and Class 2 of GAIT paid the Manager a sponsor fee (the "Sponsor Fee") at an annual rate of the Members' Capital specified in the table below. Class 3-A and Class 3-B of GAIT have no sponsor fee. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. For the years ended December 31, 2025 and 2024, the Sponsor Fees allocated to the Fund by Class 0 and Class 2 of GAIT totaled $183,877 and $217,741, respectively.

---

| | |
|:---|:---|
| **Class 0** | **Class 2** |
| 0.50% | 1.25% |

---

*See attached financial statements of Graham Alternative Investment Trading LLC.*

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

4. Fees and Related Party Transactions (continued)

*Incentive Allocation*

At the end of each calendar quarter, Graham Capital LLC, an affiliate of the Manager, will receive a special allocation of net profits (the "Incentive Allocation") in an amount equal to 20% of the New High Net Trading Profits of each Class of GAIT, as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced, effective as of the date of any redemption of any Units of such class, by multiplying the loss carryforward by the ratio that the amount of Members' Capital redeemed from such class bears to the Members' Capital of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made to Graham Capital LLC. For the years ended December 31, 2025 and 2024, Incentive Allocation of $20,502 and $153,144, respectively were allocated to the Fund by GAIT.

Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with the Fund.

*Administrator's Fee*

For the years ended December 31, 2025 and 2024, GAIT paid SEI a monthly administrator's fee based on GAIT's Members' Capital, calculated as of the last business day of each month. In addition, GAIT paid SEI for regulatory compliance services and reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT. The total administrator's fees, including out-of-pocket expenses, allocated to the Fund by GAIT for the years ended December 31, 2025 and 2024 were $49,705 and $39,631, respectively.

*Professional Fees*

GAIT shall pay, or reimburse the Manager, for expenses arising in connection with the Fund's audit, tax and legal fees ("professional fees"). The total professional fees allocated to the Fund by GAIT for years ended December 31, 2025 and 2024 were $230,686 and $206,768, respectively.

*Operating Expenses*

GAIT shall pay, or reimburse the Manager, for expenses arising in connection with the Fund's investments, operations, and business ("operating expenses"). For the year ended December 31, 2025 and 2024, GAIT reimbursed the Manager for operating expenses which were comprised of market data and technology costs associated with its assets allocated to the various Master Funds. The total operating expenses allocated to the Fund by GAIT for the years ended December 31, 2025 and 2024 was $22,364 and $18,338, respectively.

5. Income Taxes

No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of the Fund's income and expenses for income tax purposes.

See attached financial statements of Graham Alternative Investment Trading LLC.

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

5. Income Taxes (continued)

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a "more-likely-than-not" threshold would be recorded as a tax expense in the current year. The Fund identifies its major tax jurisdictions as the U.S. for Federal tax purposes, Connecticut for state tax purposes and various international jurisdictions. The Manager has evaluated the Fund's tax positions for all open tax years under the respective statutes of limitations (generally three years in the U.S. but varying in non-US jurisdictions) and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination. Any assessment for interest or penalties on taxes related to uncertain tax positions, when present, would be included in interest and penalties on tax on the statements of operations. No such interest and/or penalties were assessed to the Fund for the years ended December 31, 2025 and 2024.

6. Risk Factors

Global economic, political and market conditions may adversely affect the Fund's operations. The current global financial market situation, as well as various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. Such impacts may affect the financial markets in which the Fund operates.

See attached financial statements of Graham Alternative Investment Trading LLC.

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

7. Financial Highlights

The following is the per Unit operating performance calculation and total return for the years/period ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class 0** | **Class 2** | **Class 3-A** | **Class 3-B** |
| **Per unit operating performance** | | | | |
| Net asset value per Unit, December 31, 2023 | $224.32 | $158.20 | $– | $– |
| Initial asset value per share, May 1, 2024 | – | – | – | 100.00 |
| Initial asset value per share, June 1, 2024 | – | – | 100.00 | – |
| &nbsp;&nbsp;&nbsp; Net income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.50 | 0.63 | 1.01 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 8.31 | 5.86 | (3.33) | (4.39) |
| &nbsp;&nbsp;&nbsp; Net income (loss) | 10.81 | 6.49 | (2.32) | (4.49) |
| Net asset value per Unit, December 31, 2024 | $235.13 | $164.69 | $97.68 | $95.51 |
| &nbsp;&nbsp;&nbsp; Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.97 | 0.13 | 1.07 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on investments | 0.74 | 0.52 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net income | 2.71 | 0.65 | 1.23 | 0.56 |
| Net asset value per Unit, December 31, 2025 | $237.84 | $165.34 | $**98.91** | $**96.07** |

---

The following represents ratios to average Members' Capital, and total return for the years/period ended December 31, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 0** | **Class 0** | **Class 2** | **Class 2** | **Class 3-A** | **Class 3-A** | **Class 3-B** | **Class 3-B** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024**<br>**\*** | **2025** | **2024** |
| Total return before Incentive Allocation | 1.15<br>**%** | 5.37% | 0.40<br>**%** | 4.58% | 1.67<br>**%** | (2.26)% | 1.16<br>**%** | (4.10)% |
| Incentive Allocation | 0.00 | (0.55) | 0.00 | (0.47) | **(0.41)** | (0.06) | **(0.58)** | (0.39) |
| Total return after Incentive Allocation | 1.15<br>**%** | 4.82% | 0.40<br>**%** | 4.11% | 1.26<br>**%** | (2.32)% | 0.58<br>**%** | (4.49)% |
| Net investment income before Incentive Allocation | 0.83<br>**%** | 1.60% | 0.08<br>**%** | 0.85% | 1.35<br>**%** | 1.06% | 0.83<br>**%** | 0.82% |
| Incentive Allocation | 0.00 | (0.53) | 0.00 | (0.47) | **(0.26)** | (0.01) | **(0.48)** | (0.93) |
| Net investment income (loss) after Incentive Allocation | 0.83<br>**%** | 1.07% | 0.08<br>**%** | 0.38% | 1.09<br>**%** | 1.05% | 0.35<br>**%** | (0.11)% |
| Total expenses before Incentive Allocation | 3.04<br>**%** | 2.95% | 3.75<br>**%** | 3.65% | 2.66<br>**%** | 1.45% | 3.08<br>**%** | 2.08% |
| Incentive Allocation | 0.00 | 0.53 | 0.00 | 0.47 | 0.26 | 0.01 | 0.48 | 0.93 |
| Total expenses after Incentive Allocation | 3.04<br>**%** | 3.48% | 3.75<br>**%** | 4.12% | 2.92<br>**%** | 1.46% | 3.56<br>**%** | 3.01% |

---

\*For the period from June 1, 2024 through December 31, 2024.

\*\*For the period from May 1, 2024 through December 31, 2024.

See attached financial statements of Graham Alternative Investment Trading LLC.

------

Graham Alternative Investment Fund I LLC

Core Macro Portfolio

Notes to Financial Statements (continued)

7. Financial Highlights (continued)

Total return is calculated for Class 0, Class 2, Class 3-A and Class 3-B Units taken as a whole. Total return is calculated as the change in total Members' Capital adjusted for subscriptions or redemptions during the year/period. An individual member's return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator's Fees, and the Incentive Allocation. The net investment income (loss) and total expense ratios (including Incentive Allocation) are calculated for Class 0, Class 2, Class 3-A and Class 3-B Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment income (loss), expenses, and Incentive Allocation. Net investment income (loss) and total expense ratios are computed based upon the weighted average of Members' Capital for Class 0, Class 2, Class 3-A and Class 3-B Units of the Fund for the years/periods ended December 31, 2025 and 2024. The net investment income (loss) and total expense ratios for Class 3-A and Class 3-B have not been annualized.

8. Subsequent Events

The Fund had subscriptions of approximately $1.04 million and redemptions of approximately $1.16 million from January 1, 2026 through March 26, 2026, the date through which subsequent events were evaluated by management. These amounts have not been included in the financial statements.

*See attached financial statements of Graham Alternative Investment Trading LLC.*

------

Financial Statements Graham Alternative Investment Trading LLC Years Ended December 31, 2025 and 2024 with Report of Independent Registered Public Accounting Firm

------

#### GRAHAM ALTERNATIVE INVESTMENT TRADING LLC

#### 40 Highland Avenue

#### Rowayton, CT 06853

------

The undersigned affirms, on behalf of Graham Alternative Investment Trading LLC, that to the best of his knowledge and belief, the information contained in the attached audited financial statements of Graham Alternative Investment Trading LLC for the years ended December 31, 2025 and 2024 is accurate and complete.

By: Graham Capital Management, L.P., as <br> Sole Manager

---

| | |
|:---|:---|
| By: | /s/ George Schrade  |
|  | George Schrade |
|  | Chief Financial Officer |
|  | March 26, 2026 |

---

------

Graham Alternative Investment Trading LLC

Financial Statements

Years Ended December 31, 2025 and 2024

#### Contents

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID 42) | 59 |
| Statements of Financial Condition | 60 |
| Condensed Schedules of Investments | 61 |
| Statements of Operations and Incentive Allocation | 62 |
| Statements of Changes in Members' Capital | 63 |
| Statements of Cash Flows | 65 |
| Notes to Financial Statements | 66 |

---

------

Report of Independent Registered Public Accounting Firm

To the Members and Manager of

Graham Alternative Investment Trading LLC

#### Opinion on the Financial Statements
We have audited the accompanying statements of financial condition of Graham Alternative Investment Trading LLC ("GAIT"), including the condensed schedules of investments, as of December 31, 2025 and 2024, and the related statements of operations and incentive allocation, changes in members' capital and cash flows for each of the two 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 GAIT at December 31, 2025 and 2024, the results of its operations, changes in its members' capital and its cash flows for each of the two 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 GAIT's management. Our responsibility is to express an opinion on GAIT'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 GAIT 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. GAIT 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 GAIT'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.

/s/ Ernst & Young LLP

We have served as GAIT's auditor since 2006.

Stamford, CT

March 26, 2026

A member firm of Ernst & Young Global Limited

------

Graham Alternative Investment Trading LLC

Statements of Financial Condition

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Investment in Graham Cash Assets LLC, at fair value | $**55799712** | $61337499 |
| &nbsp;&nbsp;&nbsp; Investments in Master Funds, at fair value | **9128318** | 7906644 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | **27021** | – |
| &nbsp;&nbsp;&nbsp; Receivable from Master Funds | – | 35 |
| Total assets | $**64955051** | $69244178 |
| **Liabilities and members' capital** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Redemptions payable | $**864086** | $2497257 |
| &nbsp;&nbsp;&nbsp; Accrued professional fees | **217101** | 266875 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fees | **82176** | 87650 |
| &nbsp;&nbsp;&nbsp; Accrued sponsor fees | **32656** | 37407 |
| &nbsp;&nbsp;&nbsp; Accrued administrator's fees | **8016** | 7291 |
| &nbsp;&nbsp;&nbsp; Accrued operating expenses | **4360** | 3744 |
| &nbsp;&nbsp;&nbsp; Payable to Master Funds | **60** | 160 |
| Total liabilities | **1208455** | 2900384 |
| Members' capital: |  |  |
| &nbsp;&nbsp;&nbsp; Class 0 Units (153,888.906 and 162,734.124 units issued and outstanding at $237.84 and $235.13 per unit, respectively) | **36600560** | 38263258 |
| &nbsp;&nbsp;&nbsp; Class 2 Units (95,024.560 and 107,073.070 units issued and outstanding at $165.34 and $164.69 per unit, respectively) | **15711375** | 17633778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3-A Units (22,969.715 and 5,611.660 units issued and outstanding at $98.91 and $97.68 per unit, respectively)<br>| **2271827**  | 548137  |
| &nbsp;&nbsp;&nbsp; Class 3-B Units (68,584.242 and 77,520.474 units issued and outstanding at $96.07 and $95.51 per unit, respectively)  | **6588630** | 7404183 |
| &nbsp;&nbsp;&nbsp; Class M Units (4,671.470 units issued and outstanding at $551.04 and $533.97 per unit, respectively)  | **2574204** | 2494438 |
| Total members' capital | **63746596** | 66343794 |
| Total liabilities and members' capital | $**64955051** | $69244178 |

---

*See accompanying notes.*

------

Graham Alternative Investment Trading LLC

Condensed Schedules of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  **Description** | **Fair Value** | **Percentage of**<br> **Members'**<br> **Capital** | **Fair Value** | **Percentage of**<br> **Members'**<br> **Capital** |
| **Investments in Master Funds, at fair value** | | | | |
| &nbsp;&nbsp;&nbsp; Graham Commodity Strategies LLC | $**3163276** | **4.96%** | $2932998 | 4.42% |
| &nbsp;&nbsp;&nbsp; Graham Derivatives Strategies LLC | **2593855** | **4.07%** | 1533539 | 2.31% |
| &nbsp;&nbsp;&nbsp; Graham K4D Trading Ltd. | **3371187** | **5.29%** | 3440107 | 5.19% |
| Total investments in Master Funds | $**9128318** | **14.32%** | $7906644 | 11.92% |

---

*See accompanying notes.*

------

Graham Alternative Investment Trading LLC

Statements of Operations and Incentive Allocation

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  **Net gain allocated from investments in Master Funds and Graham Cash Assets LLC:** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized (loss) gain on investments | $**(140669)** | $1221068 |
| &nbsp;&nbsp;&nbsp; Net increase in unrealized appreciation on investments | **516658** | 1493332 |
| &nbsp;&nbsp;&nbsp; Brokerage commissions and fees | **(234704)** | (180323) |
| Net gain allocated from investments in Master Funds | **141285** | 2534077 |
| Net investment income allocated from investments in Master Funds and Graham Cash Assets LLC<br>| **166281** | 171698 |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | **2460843** | 2853722 |
| Total investment income | **2460843** | 2853722 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees | **1029339** | 976313 |
| &nbsp;&nbsp;&nbsp; Professional fees | **518248** | 479423 |
| &nbsp;&nbsp;&nbsp; Sponsor fees | **403367** | 474553 |
| &nbsp;&nbsp;&nbsp; Administrator's fees | **111657** | 91857 |
| &nbsp;&nbsp;&nbsp; Operating expenses | **50276** | 42468 |
| &nbsp;&nbsp;&nbsp; Interest expense | **15008** | 14896 |
| Total expenses | **2127895** | 2079510 |
| Net investment income of the Fund | **332948** | 774212 |
| Net income | **640514** | 3479987 |
| Incentive allocation | **(48156)** | (344080) |
| Net income available for pro-rata allocation to all members | $**592358** | $3135907 |

---

*See accompanying notes.*

------

Graham Alternative Investment Trading LLC

Statements of Changes in Members' Capital

Years Ended December 31, 2025 and 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 0** | **Class 0** | **Class 2** | **Class 2** | **Class 3-A** | **Class 3-A** |
|  | **Units** | **Capital** | **Units** | **Capital** | **Units** | **Capital** |
|  Members' capital, December 31, 2023 | 177924.511 | $39912274 | 143198.231 | $22653277 | – | $– |
| &nbsp;&nbsp;&nbsp; Initial subscription, June 1, 2024 | – | – | – | – | 750.000 | 75000 |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5607.149 | 1322000 | 6396.671 | 1045650 | 4861.660 | 480000 |
| &nbsp;&nbsp;&nbsp; Redemptions | (20797.536) | (4844951) | (42521.832) | (7040612) | – | – |
| &nbsp;&nbsp;&nbsp; Incentive allocation | – | (212583) | – | (100966) | – | (44) |
| &nbsp;&nbsp;&nbsp; Net income (loss) | – | 2086518 | – | 1076429 | – | (6819) |
|  Members' capital, December 31, 2024 | 162734.124 | 38263258 | 107073.070 | 17633778 | 5611.660 | 548137 |
| &nbsp;&nbsp;&nbsp; Subscriptions | **7578.699** | **1820227** | 604.687 | **100000** | **21000.848** | **2075000** |
| &nbsp;&nbsp;&nbsp; Redemptions | **(16423.917)** | **(3903801)** | **(12653.197)** | **(2113415)** | **(3642.793)** | **(361350)** |
| &nbsp;&nbsp;&nbsp; Incentive allocation | **–** | – | **–** | **–** | **–** | **(4375)** |
| &nbsp;&nbsp;&nbsp; Net income | **–** | **420876** | **–** | **91012** | **–** | **14415** |
|  Members' capital, December 31, 2025 | **153888.906** | $**36600560** | **95024.560** | $**15711375** | **22969.715** | $**2271827** |

---

*See accompanying notes.*

------

Graham Alternative Investment Trading LLC

Statements of Changes in Members' Capital (continued)

Years Ended December 31, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 3-B** | **Class 3-B** | **Class M** | **Class M** | **Total** |
|  | **Units** | **Capital** | **Units** | **Capital** | **Capital** |
|  Members' capital, December 31, 2023 | – | $– | 4671.470 | $2320964 | $64886515 |
| &nbsp;&nbsp;&nbsp; Initial subscription, May 1, 2024 | 750.000 | 75000 | – | – | 75000 |
| &nbsp;&nbsp;&nbsp; Initial subscription, June 1, 2024 | – | – | – | – | 75000 |
| &nbsp;&nbsp;&nbsp; Subscriptions | 79117.197 | 7430000 | – | – | 10277650 |
| &nbsp;&nbsp;&nbsp; Redemptions | (2346.723) | (220715) | – | (344080) | (12450358) |
| &nbsp;&nbsp;&nbsp; Incentive allocation | – | (30487) | – | 344080 | – |
| &nbsp;&nbsp;&nbsp; Net income | – | 150385 | – | 173474 | 3479987 |
|  Members' capital, December 31, 2024 | 77520.474 | 7404183 | 4671.470 | 2494438 | 66343794 |
| &nbsp;&nbsp;&nbsp; Subscriptions | **35463.104** | **3420000** | **–** | **–** | **7415227** |
| &nbsp;&nbsp;&nbsp; Redemptions | **(44399.336)** | **(4226217)** | **–** | **(48156)** | **(10652939)** |
| &nbsp;&nbsp;&nbsp; Incentive allocation | **–** | **(43781)** | **–** | **48156** | **–** |
| &nbsp;&nbsp;&nbsp; Net income | **–** | **34445** | **–** | **79766** | **640514** |
|  Members' capital, December 31, 2025 | **68584.242** | $**6588630** | **4671.470** | $**2574204** | $**63746596** |

---

*See accompanying notes.*

------

Graham Alternative Investment Trading LLC

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  **Cash flows provided by operating activities** |  |  |
|  Net income | $**640514** | $3479987 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net (income) allocated from investments in Master Funds | **(257525)** | (2610342) |
| &nbsp;&nbsp;&nbsp; Net (income) allocated from investment in Graham Cash Assets LLC | **(2510884)** | (2949155) |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of investments in Master Funds | **73837246** | 72533433 |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of investments in Graham Cash Assets LLC | **62774442** | 52006962 |
| &nbsp;&nbsp;&nbsp; Purchase of investments in Master Funds | **(74801460)** | (71239990) |
| &nbsp;&nbsp;&nbsp; Purchase of investments in Graham Cash Assets LLC | **(54725771)** | (51134187) |
| &nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in prepaid expenses | **(27021)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued professional fees | **(49774)** | 80356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued advisory fees | **(5474)** | 6966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in accrued sponsor fees | **(4751)** | (4363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued administrator's fees | **725** | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued operating expenses | **616** | 55 |
|  Net cash provided by operating activities | **4870883** | 169963 |
|  **Cash flows used in financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | **7415227** | 10427650 |
| &nbsp;&nbsp;&nbsp; Redemptions (net of redemptions payable) | **(12286110)** | (10597613) |
|  Net cash used in financing activities | **(4870883)** | (169963) |
|  Net change in cash and cash equivalents | – | – |
|  Cash and cash equivalents, beginning of year | – | – |
|  Cash and cash equivalents, end of year | $– | $– |

---

---

| | | |
|:---|:---|:---|
|  **Supplemental cash flow information** | | |
|  Interest paid | $**15008** | $14896 |

---

*See accompanying notes.*

------

#### Graham Alternative Investment Trading LLC Notes to Financial Statements December 31, 2025
1. Organization and Business

Graham Alternative Investment Trading LLC ("GAIT") was formed on May 18, 2006, commenced operations on August 1, 2006 and is organized as a Delaware Limited Liability Company. Graham Capital Management, L.P. (the "Manager") is the Manager and the sole investment advisor. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the U.S. Commodity Futures Trading Commission ("CFTC") and is a member of the National Futures Association. The Manager is also registered with the Securities and Exchange Commission as an investment adviser. GAIT is a commodity pool, and as such is subject to the oversight and jurisdiction of the CFTC.

The investment objective of GAIT is to achieve long-term capital appreciation through professionally managed trading through its investment in various master trading vehicles ("Master Funds"). As more fully described in Notes 2 and 3, these Master Funds invest in a broad range of derivative instruments such as currency forward and futures contracts; bond, interest rate, and index futures contracts; commodity forward and futures contracts, and options and swaps thereon traded on U.S. and foreign exchanges, as well as over-the-counter ("OTC").

Graham Alternative Investment Fund I LLC Core Macro Portfolio, Graham Alternative Investment Fund II LLC Core Macro Portfolio (through its investment in Graham Alternative Investment Ltd.) and the Manager are the only investors of GAIT.

SEI Global Services, Inc. ("SEI") is GAIT's independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of GAIT.

GAIT will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Amended and Restated Limited Liability Company Agreement ("LLC Agreement").

#### Duties of the Manager
Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of GAIT and for directing the investment and reinvestment of the assets of GAIT.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and all amounts are stated in U.S. dollars. GAIT is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. The preparation of these financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

#### Investments in Master Funds
GAIT invests in various Master Funds which are managed by the Manager. These investments are valued in the accompanying statements of financial condition at fair value in accordance with U.S. GAAP based upon GAIT's proportionate share of the Master Funds' reported net asset values. Gains and losses are allocated monthly by each Master Fund to GAIT based upon GAIT's proportionate share of the net asset value of each Master Fund and are included in the statements of operations and incentive allocation.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Due from/to Brokers
Due from/to brokers on the Master Funds' and Graham Cash Assets LLC's ("Cash Assets") financial statements primarily consist of cash balances carried as margin deposits with clearing brokers for the purpose of trading in futures contracts, foreign currency contracts and other derivative financial instruments and securities, and receivables/payables for unsettled transactions. Substantially all of the Master Funds' and Cash Assets' cash and investments are held as collateral by its brokers to secure derivative instruments and securities.

#### Revenue Recognition
All positions in financial instruments are recorded on the trade date at fair value. Net unrealized appreciation or depreciation on open derivative financial instruments is included in the Master Funds' statements of financial condition as the difference between the original purchase price and the current market value at year end. Any change in net unrealized appreciation or depreciation from the preceding period is reported in the Master Funds' statements of operations. Interest income and expense are recorded on the accrual basis. Dividends, if any, are recorded on the ex-dividend date and are net of applicable withholding taxes. All other expenses are recorded on the accrual basis. Realized gains and losses are calculated based on the specific identification method.

#### Brokerage Commissions and Fees
Brokerage commissions and fees on the Master Funds' financial statements represent all brokerage commissions and other fees incurred in connection with the Master Funds' trading activity and are recorded on the accrual basis.

#### Foreign Currency Translation
Assets and liabilities denominated in foreign currencies are translated using the exchange rates at December 31, 2025 and 2024. Gains and losses resulting from foreign currency transactions are calculated using daily exchange rates prevailing on the transaction date. The Master Funds do not isolate the portion of results of operations from changes in foreign exchange rates on investments and cash from fluctuations arising from changes in market prices of investments held. The Master Funds' currency translation gains and losses are included in the statements of operations and incentive allocation within net realized (loss) gain and net increase in unrealized appreciation on investments.

#### Fair Value
The fair value of GAIT's assets and liabilities, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations and incentive allocation.

GAIT follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. GAIT reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Fair Value (continued)
The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.

GAIT's investments in the Master Funds and Cash Assets have been valued at net asset value using the practical expedient. Accordingly, under U.S. GAAP, these investments are excluded from categorization in the fair value hierarchy. GAIT's investments in the Master Funds and Cash Assets are discussed in Notes 3 and 4. There were no Level 3 assets or liabilities held at any point during the years ended December 31, 2025 or 2024 by GAIT, the Master Funds, or Cash Assets.

#### Derivative Instruments
In the normal course of business, the Master Funds utilize derivative financial instruments in connection with their trading activities. Derivative instruments derive their value from underlying assets, indices, reference rates or a combination of these factors. Investments in derivative financial instruments are subject to additional risks that can result in a loss of all or part of an investment. The Master Funds' derivative financial instruments are classified by the following primary underlying risks: interest rate, foreign currency exchange rate, commodity price, and equity price risks. These risks can be in excess of the amounts recognized in the statements of financial condition. In addition, the Master Funds are also subject to additional counterparty risk should their counterparties fail to meet the terms of their contracts. Management of counterparty risk involves a number of considerations, such as the financial profile of the counterparty, specific terms and duration of the contractual agreement, and the value of collateral held, if any. The Master Funds have established initial credit approval, credit limits, and collateral requirements and may reduce their exposure to any counterparties they deem necessary. Trading in non-U.S. dollar denominated derivative instruments may subject the value of, and gains and losses associated with, such contracts to additional risks related to adverse changes in the applicable exchange rates.

Unrealized appreciation and depreciation from derivative financial instruments are recorded based on changes in their fair value. Realized gains and losses are recorded when the positions are closed. All unrealized and realized gains and losses related to derivative financial instruments are included in net realized (loss) gain and net increase in unrealized appreciation on investments in the Master Funds' statements of operations.

*Futures Contracts*

The Master Funds use futures contracts in an attempt to take advantage of changes in the value of equities, commodities, interest rates, bonds, and foreign currencies. Futures contracts are valued based upon the closing price as of the valuation date established by the primary exchange upon which they are traded.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Derivative Instruments (continued)
*Futures Contracts (continued)*

A futures contract represents a commitment for the future purchase or sale of an asset or cash settlement based on the value of an asset on a specified date. The purchase and sale of futures contracts are executed on an exchange which requires margin deposits with a Futures Commission Merchant ("FCM"). Subsequent payments are made or received by the Master Funds each day, depending on the daily fluctuations in the value of the contract. These changes in valuation are recorded for financial statement purposes as unrealized appreciation and depreciation by the Master Funds. Relative to over-the-counter derivative financial instruments, futures contracts provide reduced counterparty risk to the Master Funds since futures are exchange-traded and the exchanges' clearing house guarantees the futures against default. However, some non-U.S. exchanges are "principals' markets" in which no common clearing facility exists, and the Master Funds may look only to the clearing broker for performance of the contract. The U.S. Commodity Exchange Act requires an FCM to segregate all funds received from such FCM's customers in respect of regulated futures transactions. If the FCM were not to do so to the full extent required by law, the assets of the Master Funds might not be fully protected in the event of the bankruptcy or insolvency of the FCM. In that case, the Master Funds would be limited to potentially recovering only a pro-rata share of all available funds segregated on behalf of the FCM's combined customer accounts, even though certain property specifically traceable to the Master Funds was held by the FCM. In addition, in the event of bankruptcy or insolvency of an exchange or an affiliated clearing house, the Master Funds might experience a loss of funds deposited through its FCM as margin with such exchange or affiliated clearing house, the loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions.

*Forward Contracts*

The Master Funds enter into foreign currency forward contracts in an attempt to take advantage of changes in exchange rates. Forward currency transactions are contracts or agreements for delivery of specific currencies or the cash equivalent value at a specified future date and an agreed upon price. Forward contracts are not guaranteed by an exchange or clearing house and therefore the risks include the inability of counterparties to meet their obligations under the terms of the contracts as well as the risks associated with movements in fair value.

All forward contracts are valued based upon a forward curve constructed using independently quoted forward points. Changes in fair value of each forward contract are recognized as unrealized appreciation and depreciation.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

*Swap Contracts*

The Master Funds may enter into various swap contracts in an attempt to take advantage of changes in commodity prices, interest rates, and asset values. Exchange cleared swap contracts are cleared on an exchange which requires margin deposits with a Central Clearing Counterparty ("CCP"). Subsequent payments are made or received by the Master Funds each day, depending on the daily fluctuations in the value of the contract. These changes in valuation are recorded for financial statement purposes as unrealized appreciation or depreciation by the Master Funds. The Master Funds records realized gains or losses when a swap contract is terminated. Relative to OTC interest rate swap contracts, exchange cleared interest rate swap contracts provide reduced counterparty risk since they are exchange-cleared, and the exchange's clearinghouse guarantees against default. The Commodity Exchange Act requires a CCP to segregate all funds received from such CCP's customers in respect of exchange cleared interest rate swaps. If the CCP were not to do so to the full extent required by law, the assets of the Master Funds might not be fully protected in the event of the bankruptcy or insolvency of the CCP. In that case, the Master Funds would be limited to recovering only a pro-rata share of all available funds segregated on behalf of the CCP's combined customer accounts, even though certain property specifically traceable to the Master Funds is held by the CCP. In addition, in the event of bankruptcy or insolvency of an exchange or an affiliated clearing house, the Master Funds could experience a loss of funds deposited through its CCP as margin with such exchange or affiliated clearing house, the loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions. All funds deposited with both U.S. and non-U.S. CCPs are included in due from brokers on the statement of financial condition of the Master Funds. OTC swap contracts are not guaranteed by an exchange or an affiliated clearing house or regulated by any U.S. or foreign government authorities. Failure of a counterparty to meet its obligation under the terms of the swap contract could result in the loss of any unrealized appreciation on open positions. It may not be possible to dispose of or close out a swap position without the consent of the counterparty, and the Master Funds may not be able to enter into an offsetting contract in order to cover its risk.

An interest rate swap contract is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified rates for a specified notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to another. Interest rate swap positions are generally valued as the present value of the net future cash flows as estimated by the Advisor using a discount curve constructed from independently obtained future interest rate assumptions. Interest is calculated and accrued throughout the life of each swap and is included in interest receivable and interest payable on the Master Funds' statements of financial condition. Payments received at the end of each reset period are recorded against such accruals.

A total return swap contract is an agreement that obligates two parties to exchange cash flows calculated by reference to changes in specified prices for a specified notional amount of the underlying assets. The payment flows are usually netted against each other, with the difference being paid by one party to another. Total return swaps are generally valued based upon the value of the underlying instruments and terms of the contract as determined by the primary exchange on which they are traded.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

*Options*

The Master Funds may buy and sell covered and uncovered exchange-traded and over-the-counter options on futures, foreign currencies, commodities, interest rates and equities to take advantage of the price movements of the financial instrument underlying the option or to hedge positions in the underlying assets. Option contracts give one party the right, but not the obligation, to buy or sell within a limited time or on a specified date, a financial instrument, commodity, or currency at a contracted price. Options may also be settled in cash, based on differentials between specified indices or prices.

When purchasing options, the Master Funds are exposed to counterparty risk to the extent that a seller of an over-the-counter option does not meet its obligations under the terms of the option contract. The maximum risk of loss to the Master Funds is the unrealized appreciation of the contracts and the premiums paid to purchase its open option contracts. Relative to over-the-counter options, exchange-traded options provide reduced counterparty risk to the Master Funds since the exchanges' clearinghouse guarantees the option against default.

Selling uncovered options may subject the Master Funds to unlimited risk of loss. As the writer of an option, the Master Funds bear the market risk of an unfavorable change in the price of the underlying instrument.

Exchange-traded options are valued based upon the settlement prices published as of the valuation date by the principal exchange upon which they are traded. In the absence of an exchange published settlement price, the option will be valued using the last reported sales price reported on the exchange for the valuation date. Over-the-counter options and exchange-traded options with no reported sales price on the valuation date will generally be valued at the average of the last reported bid and offer quotes from independent brokers or from the exchange, respectively.

#### Credit Risk Related Contingent Features
OTC derivative instruments are subject to ISDA Master Agreements which generally require among other things, that the Master Funds maintain a predetermined level of net assets or rate of return and provide limits with respect to any decline in value over 1-month, 3-month and 12-month periods. If the Master Funds were to violate such provisions, the counterparty to these instruments could demand liquidation of the outstanding positions. There were no events that occurred throughout the years ended December 31, 2025 and 2024 which caused any counterparty to demand liquidation of any outstanding positions. Graham K4D Trading Ltd. had no derivative instruments subject to credit risk related contingent features in a net liability position at December 31, 2025 and 2024, respectively. Graham Commodity Strategies LLC had derivative instruments subject to credit risk related contingent features in a net liability position in the amount of $563,317 and $0 at December 31, 2025 and 2024, respectively. Graham Derivatives Strategies LLC had no derivative instruments subject to credit risk related contingent features in a net liability position at December 31, 2025 and 2024, respectively.

#### New York Mercantile Exchange Corporate Membership
Graham Commodity Strategies LLC, a Master Fund in which GAIT invests, is a member of the New York Mercantile Exchange ("NYMEX"). As a result of its membership, Graham Commodity Strategies LLC owns two NYMEX seats and 30,000 shares of the CME Group. Graham Commodity Strategy LLC's policy is to value the NYMEX seats and the shares of the CME Group at fair value. As of December 31, 2025 and 2024, the two NYMEX seats were valued at $385,000 and $315,000, respectively, and the 30,000 shares of CME Group were valued at $8,192,400 and $6,966,900, respectively, all of which are included within Exchange Memberships on Graham Commodity Strategies LLC's statements of financial condition. The NYMEX seats and CME Group shares are considered Level 1 assets as described in the Fair Value section of Note 2.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Chicago Mercantile Exchange Membership
Graham Commodity Strategies LLC, a Master Fund in which GAIT invests, is also a member of the Chicago Mercantile Exchange ("CME"). As a result of its membership, Graham Commodity Strategies LLC owns two CME seats and 2,232 shares of the CME Group. Graham Commodity Strategies LLC's policy is to value the CME seats and the shares of the CME Group at fair value. As of December 31, 2025 and 2024, the two CME seats were valued at $506,000 and $596,000, respectively, and the 2,232 shares of CME Group were valued at $609,515 and $518,337, respectively, all of which are included within Exchange memberships on Graham Commodity Strategies LLC's statement of financial condition. The CME seats and CME Group shares are considered Level 1 assets as described in the Fair Value section of Note 2.

Graham K4D Trading Ltd., a Master Fund in which GAIT invests, is a member of the CME. As a result of its membership, Graham K4D Trading Ltd. owns one CME seat and 4,085 shares of the CME Group. Graham K4D Trading Ltd.'s policy is to value the CME seat and the shares of the CME Group at fair value. As of December 31, 2025 and 2024, the CME seat was valued at $169,750 and $160,000, respectively, and the 4,085 shares of the CME Group were valued at $1,115,531 and $948,660, respectively, all of which are included in Exchange memberships on Graham K4D Trading Ltd.'s statement of financial condition. The CME seat and CME Group shares are considered Level 1 assets as described in the Fair Value section of Note 2.

#### Chicago Board of Trade Membership
As of December 31, 2025, Graham Commodity Strategies LLC, a Master Fund in which GAIT invests, is also a member of the Chicago Board of Trade ("CBOT") under Rule 106.S and owns 3,265 shares of the CME Group as a result of its CBOT membership. Graham Commodity Strategies LLC's policy is to value the CME shares at fair value. As of December 31, 2025 and 2024, the 3,265 shares of the CME Group were valued at $891,606 and $758,231 and are included in Exchange memberships on Graham Commodity Strategies LLC's statement of financial condition. The CME shares are considered Level 1 assets as described in the Fair Value section of Note 2.

Graham Derivatives Strategies LLC, a Master Fund in which GAIT invests, is also a member of the CBOT under Rule 106.S and owns one B-1/Full seat ("CBOT membership"). Graham Derivatives Strategies LLC's policy is to value the CBOT membership at fair value. As of December 31, 2025 and 2024, the B-1/Full membership was valued at $251,250 and $379,000, respectively. The CBOT membership is considered a Level 1 asset as described in the Fair Value section of Note 2.

Graham K4D Trading Ltd., a Master Fund in which GAIT invests, is also a member of the CBOT under Rule 106.S and owns two B-1/Full seats and one B-2/Associate seat ("collectively, "CBOT memberships"). Graham K4D Trading Ltd.'s policy is to value the CBOT memberships at fair value. As of December 31, 2025 and 2024, the two B-1/Full seats were valued at $502,000 and $758,000, respectively, and the B-2/Associate seat was valued at $51,000 and $91,500, all of which are included in Exchange memberships on Graham K4D Trading Ltd.'s statement of financial condition. Additionally, Graham K4D Trading Ltd. owns 970 shares of the CME Group as a result of its CBOT membership. The Graham K4D Trading Ltd.'s policy is to value the CME Group shares at fair value. As of December 31, 2025 and 2024, the 970 shares of the CME Group were valued at $264,888 and $225,263, respectively. The CBOT memberships and shares of the CME Group are considered Level 1 assets as described in the Fair Value section of Note 2.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

#### Commodity Exchange Membership
As of December 31, 2025, Graham Commodity Strategies LLC, a Master Fund in which GAIT invests, is also a member of the Commodity Exchange ("COMEX") and owns two COMEX seats. Graham Commodity Strategies LLC's policy is to value the COMEX seats at fair value. As of December 31, 2025 and 2024, the two COMEX seats were valued at $172,000 and $172,000 in total and is included in Exchange memberships on Graham Commodity Strategies LLC's statement of financial condition. The COMEX seats are considered Level 1 assets as described in the Fair Value section of Note 2.

#### Fixed Income Securities
The fixed income securities positions, held by the Master Funds where applicable, are valued at the mean between the last reported bid and ask quotations received from independent brokers. GAIT is exposed to credit risk relating to whether the issuers will meet their obligations when they come due until the fixed income securities held by the Master Funds are sold or reach maturity.

#### Cash and Cash Equivalents
GAIT classifies all highly liquid investments with a maturity of three months or less at the time of purchase as cash equivalents. Cash deposited with a bank is subject to credit risk. In the event of the bank's insolvency, recovery of GAIT's cash would be limited to account insurance or other protection afforded by such deposit. At December 31, 2025 and 2024, GAIT did not have any cash or cash equivalents.

#### Recent Accounting Pronouncement
In November 2023, the FASB issued ASU No. 2023-07 ("ASU 2023-07") *Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures*. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Investment Committee acts as GAIT's CODM. GAIT represents a single operating segment, as the CODM monitors the operating results of GAIT as a whole and GAIT's long-term strategic asset allocation is pre-determined in accordance with the terms of its LLC Agreement, based on a defined investment strategy which is executed by GAIT's portfolio managers as a team. The financial information in the form of GAIT's portfolio composition, total returns, expense ratios and changes in members' capital (i.e., changes in members' capital resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus GAIT's comparative benchmarks and to make resource allocation decisions for GAIT's single segment, is consistent with that presented within GAIT's financial statements. Segment assets are reflected on the accompanying statements of financial condition as "total assets" and significant segment expenses are listed on the accompanying statements of operations. ASU 2023-07 was effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. GAIT adopted ASU 2023-07 for annual reporting of the year ended December 31, 2024. Adoption of the new standard impacted financial statement disclosures only and did not affect GAIT's financial position or results of operations.

#### Indemnifications
In the normal course of business, the Master Funds, Cash Assets, and GAIT enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. GAIT's maximum exposure under these arrangements is unknown; however, GAIT has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At December 31, 2025 and 2024, no accruals have been recorded by GAIT for indemnifications.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds

As of December 31, 2025 and 2024, GAIT invested in various Master Funds, all of which were managed by the Manager. GAIT's investments in these Master Funds, as well as the investment objectives of each Master Fund, are summarized below. All of the Master Funds and GAIT are related parties. The Master Funds do not charge management fees or incentive allocation, and all offer monthly subscriptions and redemptions.

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investment – Objective** | **Percent of** <br> **Members'** <br> **Capital** | **Fair Value** | **Net Income**<br> (Loss) |
| **<u>Global Macro Funds</u>** |  | | |
| &nbsp;&nbsp;&nbsp; Graham Commodity Strategies LLC | **4.96%** | $**3163276** | $**3860211** |
| &nbsp;&nbsp;&nbsp; Graham Derivatives Strategies LLC | **4.07%** | **2593855** | **(1459815)** |
| **<u>Systematic Macro Funds</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp; Graham K4D Trading Ltd. | **5.29%** | **3371187** | **(2142871)** |
|  | **14.32%** | $**9128318** | $**257525** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investment – Objective** | **Percent of** <br> **Members'** <br> **Capital** | **Fair Value** | **Net Income**<br> (Loss) |
| **<u>Global Macro Funds</u>** | | | |
| &nbsp;&nbsp;&nbsp; Graham Commodity Strategies LLC | 4.42% | $2932998 | $2881182 |
| &nbsp;&nbsp;&nbsp; Graham Derivatives Strategies LLC | 2.31% | 1533539 | (925178) |
| **<u>Systematic Macro Funds</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp; Graham K4D Trading Ltd. | 5.19% | 3440107 | 654338 |
|  | 11.92% | $7906644 | $2610342 |

---

The following table summarizes the financial position of each Master Fund as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Graham** <br> **Commodity** <br> **Strategies LLC** <br> (Delaware) | **Graham** <br> **Derivatives** <br> **Strategies LLC** <br> (Delaware) | **Graham K4D**<br> **Trading Ltd.**<br> (BVI) |
|  **Assets:** | | | |
| &nbsp;&nbsp;&nbsp; Due from brokers | $130992084 | $14811364 | $55837916 |
| &nbsp;&nbsp;&nbsp; Fixed income securities owned, at fair value | – | 49971156 | 37925003 |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments, at fair value | 5010456 | 26020609 | 22529017 |
| &nbsp;&nbsp;&nbsp; Exchange memberships, at fair value | 10756521 | 251250 | 2103669 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 260899 | 65038 | 117250 |
| Total assets | 147019960 | 91119417 | 118512855 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments, at fair value | 322458 | – | – |
| &nbsp;&nbsp;&nbsp; Interest payable | 21634 | 20928 | 91226 |
| Total liabilities | 344092 | 20928 | 91226 |
| Members' Capital / Net Assets | $146675868 | $91098489 | $118421629 |
|  Percentage of Master Fund held by GAIT | 2.16% | 2.85% | 2.85% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Number of** <br> **Shares /** <br> **Contracts** | **Fair Value** | **Percentage**<br> **of Members'** <br> **Capital of** <br> **Master Fund** |
| **Graham Commodity Strategies LLC** | | | |
| **Exchange memberships (cost $3,649,411)** | | | |
| &nbsp;&nbsp;&nbsp; United States (cost $3,649,411) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial services (cost $3,649,411) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CME Group Inc. | 35497 | $9693521 | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financial services |  | 1063000 | 0.72% |
| **Total exchange memberships** |  | $**10756521** | 7.33<br>**%** |
| **Derivative financial instruments** |  |  |  |
| **Long contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  | $2733725 | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | (6932916) | (4.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index |  | 1148545 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | 2472624 | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2 yr Note (CBT) March 2026 | 17537 | 3792328 | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Note (CBT) March 2026 | 13614 | (190937) | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index |  | 148516 | 0.10% |
| &nbsp;&nbsp;&nbsp; Total futures |  | 3171885 | 2.16% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency |  | (294933) | (0.20)% |
| &nbsp;&nbsp;&nbsp; Total forwards |  | (294933) | (0.20)% |
| &nbsp;&nbsp;&nbsp; Options (cost $6,240,435) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures |  | 317830 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures |  | 1857519 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond futures |  | (1479) | (0.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures |  | 197569 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Future February 2026, $108.00 - $109.00 Put | 2 | 755563 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Note Friday Week 2 January 2026, $109.00 Put | 1 | 79031 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bond Future February 2026, $114.00 - $116.00 Put | 2 | 930000 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. TRS Bond Friday Week 2 January 2026, $115.00 Put | 1 | 52828 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  | 202053 | 0.13% |
| &nbsp;&nbsp;&nbsp; Total options |  | $4390914 | 2.99% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of** <br> **Contracts** | **Fair Value** | **Percentage**<br> **of Members'** <br> **Capital of** <br> **Master Fund** |
| **Graham Commodity Strategies LLC (continued)** | | | |
| **Derivative financial instruments (continued)** | | | |
| **Short contracts** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  | $(2706117) | (1.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | 1465487 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index |  | 36599 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Note (CBT) March 2026 | (2201) | (157758) | (0.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Bond (CBT) March 2026 | (6097) | 2692781 | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 10 yr Ultra March 2026 | (131) | 52422 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index |  | (2200) | (0.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total futures |  | 1381214 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency |  | (810275) | (0.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total forwards |  | (810275) | (0.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options (proceeds $5,854,792) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  | (85700) | (0.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures |  | (1315628) | (0.90)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures |  | (219588) | (0.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Note Friday Week 2 January 2026, $108.75 Put | (1) | (4594) | (0.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Future February 2026, $110.25 Call | (1) | (69125) | (0.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Future February 2026, $107.50 - $108.50 Put | (2) | (462170) | (0.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bond Future February 2026, $115.00 Put | (1) | (833797) | (0.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr Wednesday Weekly January 2026, $109.00 Put | (1) | (26344) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  | (133861) | (0.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total options |  | (3150807) | (2.14)% |
| **Total derivative financial instruments** |  | $**4687998** | 3.20<br>**%** |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal Amount /** <br> **Number of Contracts/** <br> **Notional Amount** | **Fair Value** | **Percentage of** <br> **Members'**<br> **Capital of**<br> **Master Fund** |
|  **Graham Derivatives Strategies LLC** | | | |
|  **Fixed income securities (cost $49,511,725)** | | | |
| &nbsp;&nbsp;&nbsp; Government Bonds (cost $49,511,725) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States (cost $49,511,725) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills 0.00% due 01/08/2026 | $50000000 | $49971156 | 54.85% |
| &nbsp;&nbsp;&nbsp; Total Government Bonds |  | 49971156 | 54.85% |
|  **Total fixed income securities** |  | $**49971156** | 54.85<br>**%** |
|  **Exchange memberships (cost $305,000)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States (cost $305,000) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial services (cost $305,000) |  | $251250 | 0.28% |
|  **Total exchange memberships** |  | $**251250** | 0.28<br>**%** |
|  **Derivative financial instruments** |  |  |  |
|  **Long contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver March 2026 | 95 | $(4458825) | (4.89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity |  | (2934218) | (3.22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | 79756 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index |  | 910730 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | 391716 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2 yr Note (CBT) March 2026 | 4116 | 741297 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr - 10 yr Note (CBT) March 2026 | 4761 | (1411477) | (1.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index |  | (405705) | (0.45)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total futures |  | (7086726) | (7.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar 01/15/2026 – 03/18/2026 | 8114328 | 2273 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency |  | (442828) | (0.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total forwards |  | (440555) | (0.48)% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of** <br> **Contracts** | **Fair Value** | **Percentage**<br> **of Members'** <br> **Capital of** <br> **Master Fund** |
| **Graham Derivatives Strategies LLC (continued)** | | | |
| **Derivative financial instruments (continued)** | | | |
| **Long contracts** | | | |
| &nbsp;&nbsp;&nbsp; Options (cost $58,190,517) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold (CMX) March 2025, $4,600.00, Call | 1 | $6184880 | 6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold (CMX) February 2026 - April 2026, $4,400.00 – $4,800.00, Call | 2 | 3502450 | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold (CMX) February 2026, $4,250.00, Put | 1 | 6152850 | 6.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold (CMX) February 2026, $3,950.00, Put | 1 | 962350 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver April 2026, $67.00, Call | 1 | 7648575 | 8.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity futures |  | 3680148 | 4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar (Digital), January 2026, $1.19 – $1.20, Call | 2 | 2363304 | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar, January 2026 – May 2026, $1.17 – $1.23, Call | 6 | 3773308 | 4.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar, February 2026, $1.16, Put | 1 | 240933 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other currency futures |  | 6477579 | 7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond futures |  | (70139) | (0.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures |  | (455527) | (0.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 10 yr February 2026, $111.50 Put | 1 | 1132125 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  | 1170000 | 1.28% |
| &nbsp;&nbsp;&nbsp; Total options |  | 42762836 | 46.94% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts /**<br> **Notional Amount** | **Number of Contracts /**<br> **Notional Amount** | **Fair Value** | **Percentage**<br> **of Members'** <br> **Capital of** <br> **Master Fund** |
| **Graham Derivatives Strategies LLC (continued)** | | | | |
| **Derivative financial instruments (continued)** | | | | |
| **Short contracts** | | | | |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold 100 Oz February 2026 |  | (21) | $92610 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver May 2026 |  | (103) | 4739090 | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity |  |  | 2935153 | 3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  |  | 147581 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  |  | (1047273) | (1.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond (CBT) March 2026 |  | (1162) | 1941586 | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  |  | 672470 | 0.74% |
| &nbsp;&nbsp;&nbsp; Total futures |  |  | 9481217 | 10.41% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar 03/18/2026 | € | (8114328) | (8664) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency |  |  | 12284 | 0.01% |
| &nbsp;&nbsp;&nbsp; Total forwards |  |  | 3620 | 0.00% |
| &nbsp;&nbsp;&nbsp; Options (proceeds $32,998,356) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold March 2026 – April 2026, $4,800.00 – $5,100.00, Call |  | (2) | (5549840) | (6.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold February 2026, $4,050.00 – $4,150.00, Put |  | (2) | (5074830) | (5.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver April 2026, $72.00, Call |  | (1) | (5917725) | (6.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity futures |  |  | (1930689) | (2.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar January 2026 – May 2026, $1.19 – $1.23, Call |  | (3) | (1356142) | (1.50)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar February 2026, $1.14, Put |  | (1) | (52449) | (0.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other currency futures |  |  | (718077) | (0.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures |  |  | 2519688 | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 10 yr February 2026, $110.50 Put |  | (1) | (25719) | (0.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  |  | (594000) | (0.65)% |
| &nbsp;&nbsp;&nbsp; Total options |  |  | (18699783) | (20.53)% |
|  **Total derivative financial instruments** |  |  | $**26020609** | 28.56<br>**%** |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Principal Amount/**<br> **Number of Contracts** | **Fair Value** | **Percentage of** <br> **Net Assets of** <br> **Master Fund** |
|  **Graham K4D Trading Ltd.** | | | |
|  **Fixed income securities (cost $37,211,880)** | | | |
| &nbsp;&nbsp;&nbsp; Government Bonds (cost $37,211,880) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States (cost $37,211,880) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills 0.00% due 01/22/2026 | $38000000 | $37925003 | 32.03% |
| &nbsp;&nbsp;&nbsp; Total Government Bonds |  | 37925003 | 32.03% |
|  **Total fixed income securities** |  | $**37925003** | 32.03<br>**%** |
|  **Exchange memberships (cost $1,924,208)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States (cost $1,924,208) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial services (cost $1,924,208) |  | $2103669 | 1.78% |
|  **Total exchange memberships** |  | $**2103669** | 1.78<br>**%** |
|  **Derivative financial instruments** |  |  |  |
|  **Long contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper March 2026 | 259 | $9506863 | 8.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity |  | 7338112 | 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency |  | (4248) | (0.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | (3886909) | (3.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index |  | 853419 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | 121326 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5yr Note (CBT) March 2026 | 2639 | 44031 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 10yr Note (CBT) March 2026 | 3312 | (1986375) | (1.68)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S Long Bond (CBT) March 2026 | 1748 | (2380984) | (2.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index |  | (2517111) | (2.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total futures |  | 7088124 | 5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps (cost $1,690,990) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | (1076011) | (0.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total swaps |  | (1076011) | (0.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency |  | 4587596 | 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total forwards |  | 4587596 | 3.87% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Number of Contracts /**<br> **Notional Amount** | **Fair Value** | **Percentage of** <br> **Net Assets of** <br> **Master Fund** |
| **Graham K4D Trading Ltd. (continued)** | | | |
| **Derivative financial instruments (continued)** | | | |
| **Short contracts** | | | |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper March 2026 | (67) | $(683303) | (0.58)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity |  | 3859376 | 3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency |  | 31773 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | 1617 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | (4938) | (0.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2yr Note (CBT) March 2026 | (506) | 86430 | 0.07% |
| &nbsp;&nbsp;&nbsp; Total futures |  | 3290955 | 2.78% |
| &nbsp;&nbsp;&nbsp; Swaps (proceeds $8,192,400) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY OIS Pay 0.75% – 2.00%, 03/18/2026 – 03/18/2046 | ¥(37238000000) | 6053780 | 5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interest rate |  | 3007553 | 2.54% |
| &nbsp;&nbsp;&nbsp; Total swaps |  | 9061333 | 7.65% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency |  | (422980) | (0.36)% |
| &nbsp;&nbsp;&nbsp; Total forwards |  | (422980) | (0.36)% |
|  **Total derivative financial instruments** |  | $**22529017** | 19.02<br>**%** |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the fair value classification of each investment type by Master Fund as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Graham** <br> **Commodity** <br> **Strategies LLC** | **Graham** <br> **Derivatives** <br> **Strategies LLC** | **Graham**<br> **K4D Trading**<br> **Ltd.** |
|  **Assets** | | | |
|  Level 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures | $3271768 | $7908595 | $22340433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures options | 317830 | 28131253 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures | – | – | 34396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange memberships\* | 10756521 | 251250 | 2103669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond futures | 3649568 | 397220 | 578965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index futures | 1336123 | 925180 | 1434516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures | 2494670 | 988560 | 126810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures options | 197569 | 3980419 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures | 6541633 | 2689211 | 130461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures options | 1817422 | 1132125 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures | 868151 | 672470 | 234945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures options | 202053 | 1170000 | – |
|  Total Level 1 | 31453308 | 48246283 | 26984195 |
|  Level 2: |  |  |  |
| &nbsp;&nbsp;&nbsp; Government bonds\* | – | 49971156 | 37925003 |
| &nbsp;&nbsp;&nbsp; Foreign currency forwards | 4374154 | 208218 | 7776609 |
| &nbsp;&nbsp;&nbsp; Currency futures options | 1857519 | 12855125 | – |
| &nbsp;&nbsp;&nbsp; Interest rate swap | – | – | 10037125 |
|  Total Level 2 | 6231673 | 63034499 | 55738737 |
|  Total investment related assets | $37684981 | $111280782 | $82722932 |
|  **Liabilities** |  |  |  |
|  Level 1: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures | $(3244160) | $(7534785) | $(2319385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures options | (85700) | (18473084) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures | – | – | (6871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond futures | (9116997) | (169883) | (4464257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond futures options | (1479) | (70139) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index futures | (150979) | (14450) | (581097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures | (22046) | (1644117) | (10422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures options | (219588) | (1916258) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures | (352797) | (1417805) | (4367359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures options | (1396030) | (25719) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures | (721835) | (405705) | (2752056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures options | (133861) | (594000) | – |
|  Total Level 1 | (15445472) | (32265945) | (14501447) |
|  Level 2: |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency forwards | (5479362) | (645153) | (3611993) |
| &nbsp;&nbsp;&nbsp; Currency futures options | (1315628) | (2126669) | – |
| &nbsp;&nbsp;&nbsp; Interest rate swap | – | – | (2051803) |
|  Total Level 2 | (6794990) | (2771822) | (5663796) |
|  Total investment related liabilities | $(22240462) | $(35037767) | $(20165243) |

---

\* See each Master Fund's condensed schedule of investments for breakout of industry and geographic region.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities categorized by primary underlying risk of Graham Commodity Strategies LLC based on its average quarterly notional amounts and number of contracts for the year ended December 31, 2025. The table also displays the fair value of derivative contracts held by Graham Commodity Strategies LLC at December 31, 2025 categorized by primary underlying risk. The fair value of derivative contracts is included in derivative financial instruments on the Master Funds' statements of financial condition. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and derivative liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income (loss) and net asset value of the Master Funds and GAIT.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long exposure** | **Long exposure** | **Short exposure** | **Short exposure** | | |
|  | **Notional**<br> **Amounts** | **Number**<br> **of**<br> **contracts** | **Notional**<br> **amounts** | **Number**<br> **of** <br> **contracts** | **Derivative**<br> **assets** | **Derivative** <br> **liabilities** |
| **Commodity price** | | | | | | |
| &nbsp;&nbsp;&nbsp; Futures | $107938852 | 886 | $(29389651) | (362) | $3271768 | $(3244160) |
| &nbsp;&nbsp;&nbsp; Options (a) | 7955447 | 554 | (9984408) | (401) | 317830 | (85700) |
|  | 115894299 | 1440 | (39374059) | (763) | 3589598 | (3329860) |
| **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 221603514 | 758 | (73514028) | (358) | 2204274 | (872814) |
| &nbsp;&nbsp;&nbsp; Options (a) | 10171905 | 256 | (11273074) | (369) | 202053 | (133861) |
|  | 231775419 | 1014 | (84787102) | (727) | 2406327 | (1006675) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 320114803 | N/A | (380923566) | N/A | 4374154 | (5479362) |
| &nbsp;&nbsp;&nbsp; Options (a) | 91084406 | 32 | (96702334) | (33) | 1857519 | (1315628) |
|  | 411199209 | 32 | (477625900) | (33) | 6231673 | (6794990) |
| **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 8256966540 | 52788 | (1542139893) | (11116) | 12685871 | (9491840) |
| &nbsp;&nbsp;&nbsp; Options (a) | 426383379 | 6371 | (422137178) | (12898) | 2014991 | (1617097) |
|  | 8683349919 | 59159 | (1964277071) | (24014) | 14700862 | (11108937) |
| Total | $9442218846 | 61645 | $(2566064132) | (25537) | $26928460 | $(22240462) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notional amounts for options are based on the delta-adjusted positions.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities categorized by primary underlying risk of Graham Derivatives Strategies LLC based on its average quarterly notional amounts and number of contracts for the year ended December 31, 2025. The table also displays the fair value of derivative contracts held by Graham Derivatives Strategies LLC at December 31, 2025 categorized by primary underlying risk. The fair value of derivative contracts is included in derivative financial instruments on the Master Funds' statements of financial condition. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and derivative liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income (loss) and net asset value of the Master Funds and GAIT.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long exposure** | **Long exposure** | **Short exposure** | **Short exposure** | | |
|  | **Notional**<br> **Amounts** | **Number**<br> **of**<br> **contracts** | **Notional**<br> **amounts** | **Number**<br> **of** <br> **contracts** | **Derivative**<br> **assets** | **Derivative** <br> **liabilities** |
| **Commodity price** | | | | | | |
| &nbsp;&nbsp;&nbsp; Futures | $82323281 | 914 | $(78826153) | (1042) | $7908595 | $(7534785) |
| &nbsp;&nbsp;&nbsp; Options (a) | 246999339 | 7234 | (216636053) | (6108) | 28131253 | (18473084) |
|  | 329322620 | 8148 | (295462206) | (7150) | 36039848 | (26007869) |
| **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 231436504 | 1824 | (63132740) | (124) | 1597650 | (420155) |
| &nbsp;&nbsp;&nbsp; Options (a) | 312952040 | 2905 | (171084786) | (3016) | 1170000 | (594000) |
|  | 544388544 | 4729 | (234217526) | (3140) | 2767650 | (1014155) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 316303505 | N/A | (403343710) | N/A | 208218 | (645153) |
| &nbsp;&nbsp;&nbsp; Options (a) | 1347807521 | 42 | (863700337) | (49) | 12855125 | (2126669) |
|  | 1664111026 | 42 | (1267044047) | (49) | 13063343 | (2771822) |
| **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 2775368747 | 16515 | (1063899842) | (5658) | 4074991 | (3231805) |
| &nbsp;&nbsp;&nbsp; Options (a) | 1702537652 | 29572 | (1501366622) | (27210) | 5112544 | (2012116) |
|  | 4477906399 | 46087 | (2565266464) | (32868) | 9187535 | (5243921) |
| Total | $7015728589 | 59006 | $(4361990243) | (43207) | $61058376 | $(35037767) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Notional amounts for options are based on the delta-adjusted positions.

------

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities categorized by primary underlying risk of Graham K4D Trading Ltd. based on its average quarterly notional amounts and number of contracts for the year ended December 31, 2025. The table also displays the fair value of derivative contracts held by Graham K4D Trading Ltd. at December 31, 2025 categorized by primary underlying risk. The fair value of derivative contracts is included in derivative financial instruments on the Master Funds' statements of financial condition. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and derivative liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income (loss) and net asset value of the Master Funds and GAIT.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long exposure** | **Long exposure** | **Short exposure** | **Short exposure** | | |
|  | **Notional**<br> **amounts** | **Number**<br> **of**<br> **contracts** | **Notional**<br> **amounts** | **Number**<br> **of**<br> **contracts** | **Derivative**<br> **assets** | **Derivative**<br> **liabilities** |
|  **Commodity price** | | | | | | |
| &nbsp;&nbsp;&nbsp; Futures | $327860411 | 2979 | $(138926839) | (3982) | $22340433 | $(2319385) |
|  | 327860411 | 2979 | (138926839) | (3982) | 22340433 | (2319385) |
|  **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 478576723 | 2737 | (32940232) | (291) | 1669461 | (3333153) |
|  | 478576723 | 2737 | (32940232) | (291) | 1669461 | (3333153) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 679617347 | N/A | (727540409) | N/A | 7776609 | (3611993) |
| &nbsp;&nbsp;&nbsp; Futures | 6204467 | 73 | (8221119) | (88) | 34396 | (6871) |
|  | 685821814 | 73 | (735761528) | (88) | 7811005 | (3618864) |
|  **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 1932696684 | 11865 | (636766142) | (3436) | 836236 | (8842038) |
| &nbsp;&nbsp;&nbsp; Swaps | 477430777 | 12 | (391006913) | (18) | 10037125 | (2051803) |
|  | 2410127461 | 11877 | (1027773055) | (3454) | 10873361 | (10893841) |
|  Total | $3902386409 | 17666 | $(1935401654) | (7815) | $42694260 | $(20165243) |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

When multiple derivative contracts are held with the same counterparty, the Master Funds will net the contracts in an asset position with the contracts in a liability position when covered by a master netting agreement or similar arrangements, for presentation in the statements of financial condition. The table below displays the amounts at December 31, 2025 by which the fair values of both derivative assets and derivative liabilities were reduced within the Master Funds' statements of financial condition as a result of this netting. Gross amounts below correspond to the total derivative asset and derivative liability balances categorized by primary underlying risk and product type in the preceding tables. Collateral pledged (received) for derivative assets and derivative liabilities represent the cash amounts which are included in due from brokers on the statements of financial condition. Actual collateral pledged or received by the Master Funds may exceed these amounts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Description** | **Gross**<br> **Amount** | **Gross Amount**<br> **Offset in**<br> **the Statements**<br> **of Financial**<br> **Condition** | **Net Amount**<br> **Presented in**<br> **the Statements**<br> **of Financial**<br> **Condition** | **Collateral**<br> (Received) /<br> **Pledged** | **Net Amount** |
| **Graham Commodity Strategies LLC<sup>1</sup>** | **Graham Commodity Strategies LLC<sup>1</sup>** | | | | |
| &nbsp;&nbsp;&nbsp; Derivative assets | $26928460 | $(21918004) | $5010456 | $– | $5010456 |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | $(22240462) | $21918004 | $(322458) | $322458 | $– |
| **Graham Derivatives Strategies LLC<sup>2</sup>** | **Graham Derivatives Strategies LLC<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative assets | $61058376 | $(35037767) | $26020609 | $– | $26020609 |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | $(35037767) | $35037767 | $– | $– | $– |
| **Graham K4D Trading Ltd.<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative assets | $42694260 | $(20165243) | $22529017 | $– | $22529017 |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | $(20165243) | $20165243 | $– | $– | $– |

---

<sup>1</sup> Net derivative asset and liability amounts presented in the statement of financial condition are held with two counterparties. At December 31, 2025, additional collateral pledged in the amount of $130,669,626 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

<sup>2</sup> Net derivative assets amounts presented in the statement of financial condition are held with three counterparties. At December 31, 2025, additional collateral pledged in the amount of $14,811,364 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

<sup>3</sup> Net derivative asset amounts presented in the statement of financial condition are held with two counterparties. At December 31, 2025, additional collateral pledged in the amount of $55,837,916 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the results of operations of each Master Fund for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Graham**<br> **Commodity**<br> **Strategies LLC** | **Graham**<br> **Derivatives**<br> **Strategies LLC** | **Graham**<br> **K4D Trading**<br> **Ltd.** |
|  Net investment income | $3601851 | $1020462 | $1054115 |
|  Net realized gain (loss) on investments | 136451342 | (43334957) | (67036495) |
|  Net increase in unrealized appreciation on investments | 5286072 | 109935 | 8764263 |
|  Brokerage commissions and fees | (2202293) | (4971273) | (572568) |
|  Net gain (loss) on investments | 139535121 | (48196295) | (58844800) |
|  Net income (loss) | $143136972 | $(47175833) | $(57790685) |

---

The following table shows the gains and losses on all derivative financial instruments held by the Master Funds reported in net realized gain (loss) and net increase (decrease) in unrealized appreciation on investments in their statements of operations segregated by primary underlying risk and contract type for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Graham Commodity**<br> **Strategies LLC** | **Graham Commodity**<br> **Strategies LLC** | **Graham Derivatives**<br> **Strategies LLC** | **Graham Derivatives**<br> **Strategies LLC** | **Graham K4D**<br> **Trading Ltd.** | **Graham K4D**<br> **Trading Ltd.** |
|  | Net realized<br> gain | Net increase<br> in unrealized<br> appreciation<br> on<br> investments | <br>Net realized<br> loss | Net increase<br> in unrealized<br> appreciation<br> on<br> investments | Net realized<br> loss | Net increase<br> in unrealized<br> appreciation<br> on<br> investments |
|  **Commodity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $75847384 | $2113691 | $33200579 | $518004 | $(14790328) | $20127566 |
| &nbsp;&nbsp;&nbsp; Options | 114891 | 82221 | 9875656 | 4921982 | – | – |
|  | 75962275 | 2195912 | 43076235 | 5439986 | (14790328) | 20127566 |
|  **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | (13638618) | 4177960 | (9404081) | 1127074 | 26858835 | 3800496 |
| &nbsp;&nbsp;&nbsp; Options | (473350) | 420416 | (12690528) | 2680380 | – | – |
|  | (14111968) | 4598376 | (22094609) | 3807454 | 26858835 | 3800496 |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 20624650 | (866895) | (4156759) | (905783) | (18684542) | (9121732) |
| &nbsp;&nbsp;&nbsp; Futures | – | – | – | – | (550278) | (375486) |
| &nbsp;&nbsp;&nbsp; Options | (1270934) | (368178) | (112559450) | (5486618) | – | – |
|  | 19353716 | (1235073) | (116716209) | (6392401) | (19234820) | (9497218) |
|  **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 74132773 | 3358173 | 19961644 | 357326 | (57660501) | (7199066) |
| &nbsp;&nbsp;&nbsp; Options | 1208393 | 502314 | (19839655) | (1645827) | – | – |
| &nbsp;&nbsp;&nbsp; Swaps | – | – | – | – | (2014016) | 1303097 |
|  | 75341166 | 3860487 | 121989 | (1288501) | (59674517) | (5895969) |
|  Total | $156545189 | $9419702 | $(95612594) | $1566538 | $(66840830) | $8534875 |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the financial position of each Master Fund as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Graham**<br> **Commodity**<br> **Strategies LLC**<br> (Delaware) | **Graham**<br> **Derivatives**<br> **Strategies LLC**<br> (Delaware) | **Graham K4D**<br> **Trading Ltd.**<br> (BVI) |
|  **Assets:** | | | |
| &nbsp;&nbsp;&nbsp; Due from brokers | $80280546 | $19239860 | $45091296 |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments, at fair value | 1100077 | 22252171 | 16528063 |
| &nbsp;&nbsp;&nbsp; Fixed income securities owned, at fair value | – | – | 13965435 |
| &nbsp;&nbsp;&nbsp; Exchange memberships, at fair value | 9326468 | 379000 | 2183423 |
| &nbsp;&nbsp;&nbsp; Interest receivable | 163280 | 40364 | 134724 |
| &nbsp;&nbsp;&nbsp; Dividend receivable | 144118 | – | 20523 |
|  Total assets | 91014489 | 41911395 | 77923464 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments, at fair value | 5130546 | – | 3486877 |
| &nbsp;&nbsp;&nbsp; Interest payable | 7608 | 8037 | 97592 |
|  Total liabilities | 5138154 | 8037 | 3584469 |
|  Members' Capital / Net Assets | $85876335 | $41903358 | $74338995 |
|  Percentage of Master Fund held by GAIT | 3.42% | 3.66% | 4.63% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  **Description** | **Fair Value** | **Percentage of**<br> **Members'**<br> **Capital of**<br> **Master Fund** |
| **Graham Commodity Strategies LLC** | | |
| **Exchange memberships (cost $3,649,411)** | | |
| &nbsp;&nbsp;&nbsp; United States (cost $3,649,411) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial services (cost $3,649,411) | $9326468 | 10.86% |
| **Total exchange memberships** | $**9326468** | 10.86<br>**%** |
| **Derivative financial instruments** |  |  |
| **Long contracts** |  |  |
| &nbsp;&nbsp;&nbsp; Futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | $(1979003) | (2.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond | (519351) | (0.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 563007 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond | (983109) | (1.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index | (3021325) | (3.52)% |
| &nbsp;&nbsp;&nbsp; Total futures | (5939781) | (6.92)% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (767550) | (0.89)% |
| &nbsp;&nbsp;&nbsp; Total forwards | (767550) | (0.89)% |
| &nbsp;&nbsp;&nbsp; Options (cost $4,374,059) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures | 250665 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures | 3784234 | 4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures | 395594 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures | 482820 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures | 25050 | 0.03% |
| &nbsp;&nbsp;&nbsp; Total options | $4938363 | 5.75% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  **Description** | **Fair Value** | **Percentage of** <br> **Members'** <br> **Capital of** <br> **Master Fund** |
|  **Graham Commodity Strategies LLC (continued)** | | |
|  **Derivative financial instruments (continued)** | | |
|  **Short contracts** | | |
| &nbsp;&nbsp;&nbsp; Futures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | $(107080) | (0.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond | 130561 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond | 644750 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index | 174825 | 0.20% |
| &nbsp;&nbsp;&nbsp; Total futures | 843056 | 0.98% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 529237 | 0.62% |
| &nbsp;&nbsp;&nbsp; Total forwards | 529237 | 0.62% |
| &nbsp;&nbsp;&nbsp; Options (proceeds $3,287,181) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | (174386) | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures | (2445845) | (2.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures | (480025) | (0.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond futures | (491688) | (0.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures | (41850) | (0.05)% |
| &nbsp;&nbsp;&nbsp; Total options | (3633794) | (4.23)% |
| **Total derivative financial instruments** | $**(4030469)** | **(4.69)%** |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Number of Contracts/**<br> **Notional Amount** | **Fair Value** | **Percentage of**<br> **Members'**<br> **Capital of**<br> **Master Fund** |
|  **Graham Derivatives Strategies LLC** | | | |
|  **Exchange memberships (cost $305,000)** | | | |
| &nbsp;&nbsp;&nbsp; United States (cost $305,000) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial services (cost $305,000) |  | $379000 | 0.90% |
|  **Total exchange memberships** |  | $**379000** | 0.90<br>**%** |
|  **Derivative financial instruments** |  |  |  |
|  **Long contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Crude February 2025 | 167 | $84090 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity |  | (327302) | (0.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | (60985) | (0.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index |  | (54246) | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | (43082) | (0.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  | (322125) | (0.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini March 2025 | 13 | (5563) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other U.S. index |  | (18020) | (0.04)% |
| &nbsp;&nbsp;&nbsp; Total futures |  | (747233) | (1.78)% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pound / U.S. dollar 03/19/2025 | £12636592 | (6653) | (0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss franc / U.S. dollar 03/19/2025 | 5627670 | (65872) | (0.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency |  | (191514) | (0.46)% |
| &nbsp;&nbsp;&nbsp; Total forwards |  | (264039) | (0.64)% |
| &nbsp;&nbsp;&nbsp; Options (cost $44,283,322) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude oil June 2025, $60.00 Put | 1 | 3649000 | 8.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude oil March 2025 – June 2025, $50.00 - $62.00 Put | 2 | 1788300 | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar January 2025, $1.05 Put | 1 | 2297834 | 5.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar (Digital) January 2025 – March 2025, $1.01 - $1.05 Put | 10 | 8417431 | 20.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pound / U.S. dollar January 2025 – March 2025, $1.24 - $1.26 Put | 4 | 4879271 | 11.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Canadian dollar January 2025 – February 2025, $1.42 - $1.45 Call | 3 | 4072858 | 9.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Swiss franc (Digital) March 2025 – May 2025, $0.91 - $0.93 Call | 3 | 2648965 | 6.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Chinese yuan February 2025, $7.33 - $7.35 Call | 2 | 2204542 | 5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other currency futures |  | 1289362 | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini March 2025, $6,300.00 Call | 1 | 2885075 | 6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini January 2025, $5,900.00 Put | 1 | 1881900 | 4.49% |
| &nbsp;&nbsp;&nbsp; Total options |  | 36014538 | 85.95% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of Contracts/**<br> **Notional Amount** | **Fair**<br> **Value** | **Percentage of**<br> **Members'**<br> **Capital of**<br> **Master Fund** |
| **Graham Derivatives Strategies LLC (continued)** | | | |
| **Derivative financial instruments (continued)** | | | |
| **Short contracts** | | | |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent crude March 2025 | (13) | $(16250) | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other commodity |  | 115269 | 0.28% |
| &nbsp;&nbsp;&nbsp; Foreign bond |  | 438836 | 1.05% |
| &nbsp;&nbsp;&nbsp; Interest rate |  | (54916) | (0.13)% |
| &nbsp;&nbsp;&nbsp; U.S. bond |  | 528133 | 1.25% |
| &nbsp;&nbsp;&nbsp; U.S. index |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini March 2025 | (65) | 61258 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other U.S. index |  | 66990 | 0.16% |
| &nbsp;&nbsp;&nbsp; Total futures |  | 1139320 | 2.72% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pound / U.S. dollar 03/19/2025 | £&nbsp;&nbsp;&nbsp;&nbsp;(12636592) | 49186 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian dollar / U.S. dollar 01/02/2025 – 01/03/2025 | (89522457) | 58662 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss franc / U.S. dollar 03/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8512752) | 139608 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign currency |  | 485431 | 1.16% |
| &nbsp;&nbsp;&nbsp; Total forwards |  | 732887 | 1.75% |
| &nbsp;&nbsp;&nbsp; Options (proceeds $21,293,061) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude oil June 2025, $55.00 Put | (1) | (4138500) | (9.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude oil March 2025, $57.00 Put | (1) | (249390) | (0.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar January 2025, $1.01 - $1.02 Put | (2) | (819608) | (1.96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar (Digital EKO) January 2025, $1.05 Put | (1) | (1145916) | (2.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro dollar / U.S. dollar (Digital) February 2025 - March 2025, $1.08 – $1.09 Call | (3) | (862090) | (2.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pound / U.S. dollar January 2025 – March 2025, $1.21 – $1.24 Put | (4) | (1977225) | (4.72)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Canadian dollar January 2025 - February 2025, $1.44 – $1.47 Call | (3) | (2326377) | (5.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Swiss franc January 2025, $0.91 Call | (1) | (426784) | (1.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Chinese yuan February 2025, $7.43 – $7.45 Call | (2) | (1039069) | (2.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollar / Chinese yuan February 2025, $7.10 Put | (1) | (94032) | (0.22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other currency futures |  | (461436) | (1.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini March 2025, $6,500.00 Call | (1) | (291100) | (0.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini January 2025, $5,700.00 Put | (1) | (791775) | (1.89)% |
| &nbsp;&nbsp;&nbsp; Total options |  | (14623302) | (34.90)% |
| **Total derivative financial instruments** |  | $**22252171** | 53.10<br>**%** |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Principal Amount /**<br> **Number of Contracts** | **Fair Value** | **Percentage of**<br> **Net Assets of**<br> **Master Fund** |
|  **Graham K4D Trading Ltd.** | | | |
| **Fixed income securities (cost $13,567,089)** | | | |
| &nbsp;&nbsp;&nbsp; Government Bonds (cost $13,567,089) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States (cost $13,567,089) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills 0.00% due 01/23/2025 | $14000000 | $13965435 | 18.79% |
| &nbsp;&nbsp;&nbsp; Total Government Bonds |  | 13965435 | 18.79% |
| **Total fixed income securities** |  | $**13965435** | 18.79<br>**%** |
| **Exchange memberships (cost $1,924,208)** |  |  |  |
| &nbsp;&nbsp;&nbsp; United States (cost $1,924,208) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial services (cost $1,924,208) |  | $2183423 | 2.94% |
| **Total exchange memberships** |  | $**2183423** | 2.94<br>**%** |
| **Derivative financial instruments** |  |  |  |
| **Long contracts** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity |  | $1191696 | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency |  | 279389 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bond |  | (2749730) | (3.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign index |  | (2207681) | (2.97)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | (764635) | (1.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 2yr Note (CBT) March 2025 | 696 | 10656 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. index |  | (4189594) | (5.63)% |
| &nbsp;&nbsp;&nbsp; Total futures |  | (8429899) | (11.34)% |
| &nbsp;&nbsp;&nbsp; Swaps (cost $6,220,677) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate |  | 3150591 | 4.24% |
| &nbsp;&nbsp;&nbsp; Total swaps |  | 3150591 | 4.24% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency |  | (592587) | (0.80)% |
| &nbsp;&nbsp;&nbsp; Total forwards |  | (592587) | (0.80)% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Number of Contracts** | **Fair Value** | **Percentage of**<br> **Net Assets of**<br> **Master Fund** |
|  **Graham K4D Trading Ltd. (continued)** | | | |
|  **Derivative financial instruments (continued)** | | | |
|  **Short contracts** | | | |
| &nbsp;&nbsp;&nbsp; Futures |  |  |  |
| &nbsp;&nbsp;&nbsp; Commodity |  | $(1298213) | (1.75)% |
| &nbsp;&nbsp;&nbsp; Currency |  | 123621 | 0.17% |
| &nbsp;&nbsp;&nbsp; Foreign bond |  | 129878 | 0.17% |
| &nbsp;&nbsp;&nbsp; Foreign index |  | 191744 | 0.26% |
| &nbsp;&nbsp;&nbsp; Interest rate |  | 1609845 | 2.16% |
| &nbsp;&nbsp;&nbsp; U.S. bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. 5 yr -10 yr Note (CBT) March 2025 | (682) | 483461 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond (CBT) March 2025 | (80) | 357258 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Bond (CBT) March 2025 | (13) | 116531 | 0.16% |
| &nbsp;&nbsp;&nbsp; U.S. index |  | 741343 | 1.00% |
| &nbsp;&nbsp;&nbsp; Total futures |  | 2455468 | 3.30% |
| &nbsp;&nbsp;&nbsp; Swaps (proceeds $672,223) |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest rate |  | 2578678 | 3.47% |
| &nbsp;&nbsp;&nbsp; Total swaps |  | 2578678 | 3.47% |
| &nbsp;&nbsp;&nbsp; Forwards |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency |  | 13878935 | 18.67% |
| &nbsp;&nbsp;&nbsp; Total forwards |  | 13878935 | 18.67% |
| **Total derivative financial instruments** |  | $**13041186** | 17.54<br>**%** |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the fair value classification of each investment type by Master Fund as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Graham**<br> **Commodity**<br> **Strategies LLC** | **Graham**<br> **Derivatives**<br> **Strategies LLC** | **Graham**<br> **K4D Trading**<br> **Ltd.** |
|  **Assets** | | | |
|  Level 1: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commodity futures | $– | $299350 | $6062164 |
| &nbsp;&nbsp;&nbsp; Commodity futures options | 250665 | 5437300 | – |
| &nbsp;&nbsp;&nbsp; Currency futures | – | – | 457558 |
| &nbsp;&nbsp;&nbsp; Exchange memberships\* | 9326468 | 379000 | 2183423 |
| &nbsp;&nbsp;&nbsp; Foreign bond futures | 132604 | 438836 | 975787 |
| &nbsp;&nbsp;&nbsp; Foreign index futures | – | – | 1459068 |
| &nbsp;&nbsp;&nbsp; Interest rate futures | 850262 | 182439 | 1639526 |
| &nbsp;&nbsp;&nbsp; Interest rate futures options | 449238 | – | – |
| &nbsp;&nbsp;&nbsp; U.S. bond futures | 725500 | 636774 | 967906 |
| &nbsp;&nbsp;&nbsp; U.S. bond futures options | 482820 | – | – |
| &nbsp;&nbsp;&nbsp; U.S. index futures | 174825 | 128248 | 741343 |
| &nbsp;&nbsp;&nbsp; U.S. index futures options | 25050 | 4766975 | – |
|  Total Level 1 | 12417432 | 12268922 | 14486775 |
|  Level 2: |  |  |  |
| &nbsp;&nbsp;&nbsp; Government bonds\* | – | – | 13965435 |
| &nbsp;&nbsp;&nbsp; Foreign currency forwards | 582560 | 788355 | 14039314 |
| &nbsp;&nbsp;&nbsp; Currency futures options | 3784234 | 25810262 | – |
| &nbsp;&nbsp;&nbsp; Interest rate swap | – | – | 6652409 |
|  Total Level 2 | 4366794 | 26598617 | 34657158 |
|  Total investment related assets | $16784226 | $38867539 | $49143933 |
|  **Liabilities** |  |  |  |
|  Level 1: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commodity futures | $(2086083) | $(443543) | $(6168681) |
| &nbsp;&nbsp;&nbsp; Commodity futures options | (174386) | (4387890) | – |
| &nbsp;&nbsp;&nbsp; Currency futures | – | – | (54548) |
| &nbsp;&nbsp;&nbsp; Foreign bond futures | (521394) | (60985) | (3595639) |
| &nbsp;&nbsp;&nbsp; Foreign index futures | – | (54246) | (3475005) |
| &nbsp;&nbsp;&nbsp; Interest rate futures | (287255) | (280437) | (794316) |
| &nbsp;&nbsp;&nbsp; Interest rate futures options | (533669) | – | – |
| &nbsp;&nbsp;&nbsp; U.S. bond futures | (1063859) | (430766) | – |
| &nbsp;&nbsp;&nbsp; U.S. bond futures options | (491688) | – | – |
| &nbsp;&nbsp;&nbsp; U.S. index futures | (3021325) | (23583) | (4189594) |
| &nbsp;&nbsp;&nbsp; U.S. index futures options | (41850) | (1082875) | – |
|  Total Level 1 | (8221509) | (6764325) | (18277783) |
|  Level 2: |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency forwards | (820873) | (319507) | (752966) |
| &nbsp;&nbsp;&nbsp; Currency futures options | (2445845) | (9152536) | – |
| &nbsp;&nbsp;&nbsp; Interest rate swap | – | – | (923140) |
|  Total Level 2 | (3266718) | (9472043) | (1676106) |
|  Total investment related liabilities | $(11488227) | $(16236368) | $(19953889) |

---

\* See each Master Fund's condensed schedule of investments for breakout of industry and geographic region.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities categorized by primary underlying risk of Graham Commodity Strategies LLC based on its average quarterly notional amounts and number of contracts for the year ended December 31, 2024. The table also displays the fair value of derivative contracts held by Graham Commodity Strategies LLC at December 31, 2024 categorized by primary underlying risk. The fair value of derivative contracts is included in derivative financial instruments on the Master Funds' statements of financial condition. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and derivative liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long exposure** | **Long exposure** | **Short exposure** | **Short exposure** | | |
|  | **Notional**<br> **Amounts** | **Number**<br> **of**<br> **contracts** | **Notional**<br> **amounts** | **Number**<br> **of**<br> **contracts** | **Derivative**<br> **assets** | **Derivative**<br> **liabilities** |
|  **Commodity price** | | | | | | |
| &nbsp;&nbsp;&nbsp; Futures | $153823213 | 998 | $(8338289) | (108) | $– | $(2086083) |
| &nbsp;&nbsp;&nbsp; Options (a) | 1211923 | 160 | (1300666) | (124) | 250665 | (174386) |
|  | 155035136 | 1158 | (9638955) | (232) | 250665 | (2260469) |
|  **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 126611939 | 557 | (190801495) | (1381) | 174825 | (3021325) |
| &nbsp;&nbsp;&nbsp; Options (a) | 5311808 | 235 | (8028292) | (415) | 25050 | (41850) |
|  | 131923747 | 792 | (198829787) | (1796) | 199875 | (3063175) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 340429163 | N/A | (433068217) | N/A | 582560 | (820873) |
| &nbsp;&nbsp;&nbsp; Options (a) | 94848111 | 36 | (90739472) | (31) | 3784234 | (2445845) |
|  | 435277274 | 36 | (523807689) | (31) | 4366794 | (3266718) |
|  **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 4283291929 | 23768 | (483441714) | (3249) | 1708366 | (1872508) |
| &nbsp;&nbsp;&nbsp; Options (a) | 68545860 | 1029 | (65220771) | (2575) | 932058 | (1025357) |
|  | 4351837789 | 24797 | (548662485) | (5824) | 2640424 | (2897865) |
|  Total | $5074073946 | 26783 | $(1280938916) | (7883) | $7457758 | $(11488227) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Notional amounts for options are based on the delta-adjusted positions.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities categorized by primary underlying risk of Graham Derivatives Strategies LLC based on its average quarterly notional amounts and number of contracts for the year ended December 31, 2024. The table also displays the fair value of derivative contracts held by Graham Derivatives Strategies LLC at December 31, 2024 categorized by primary underlying risk. The fair value of derivative contracts is included in derivative financial instruments on the Master Funds' statements of financial condition. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and derivative liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long exposure** | **Long exposure** | **Short exposure** | **Short exposure** | | |
|  | **Notional**<br> **Amounts** | **Number**<br> **of**<br> **contracts** | **Notional**<br> **amounts** | **Number**<br> **of** <br> **contracts** | **Derivative**<br> **assets** | **Derivative** <br> **liabilities** |
|  **Commodity price** | | | | | | |
| &nbsp;&nbsp;&nbsp; Futures | $60638237 | 405 | $(15358624) | (116) | $299350 | $(443543) |
| &nbsp;&nbsp;&nbsp; Options (a) | 87791045 | 2852 | (60085446) | (3156) | 5437300 | (4387890) |
|  | 148429282 | 3257 | (75444070) | (3272) | 5736650 | (4831433) |
|  **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 114958322 | 1205 | (43244002) | (410) | 128248 | (77829) |
| &nbsp;&nbsp;&nbsp; Options (a) | 271360125 | 3093 | (237233423) | (2851) | 4766975 | (1082875) |
|  | 386318447 | 4298 | (280477425) | (3261) | 4895223 | (1160704) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 211282533 | N/A | (334165968) | N/A | 788355 | (319507) |
| &nbsp;&nbsp;&nbsp; Options (a) | 596210151 | 23 | (615295023) | (24) | 25810262 | (9152536) |
|  | 807492684 | 23 | (949460991) | (24) | 26598617 | (9472043) |
|  **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 781601874 | 3837 | (471116623) | (3192) | 1258049 | (772188) |
| &nbsp;&nbsp;&nbsp; Options (a) | 609448985 | 21851 | (590986789) | (21076) | – | – |
|  | 1391050859 | 25688 | (1062103412) | (24268) | 1258049 | (772188) |
|  Total | $2733291272 | 33266 | $(2367485898) | (30825) | $38488539 | $(16236368) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Notional amounts for options are based on the delta-adjusted positions.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities categorized by primary underlying risk of Graham K4D Trading Ltd. based on its average quarterly notional amounts and number of contracts for the year ended December 31, 2024. The table also displays the fair value of derivative contracts held by Graham K4D Trading Ltd. at December 31, 2024 categorized by primary underlying risk. The fair value of derivative contracts is included in derivative financial instruments on the Master Funds' statements of financial condition. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and derivative liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Long exposure** | **Long exposure** | **Short exposure** | **Short exposure** | | |
|  | **Notional**<br> **amounts** | **Number**<br> **of**<br> **contracts** | **Notional**<br> **amounts** | **Number**<br> **of**<br> **contracts** | **Derivative**<br> **assets** | **Derivative**<br> **liabilities** |
|  **Commodity price** | | | | | | |
| &nbsp;&nbsp;&nbsp; Futures | $200957140 | 2108 | $(104191039) | (2663) | $6062164 | $(6168681) |
|  | 200957140 | 2108 | (104191039) | (2663) | 6062164 | (6168681) |
|  **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 403167335 | 2954 | (35831616) | (388) | 2200411 | (7664599) |
|  | 403167335 | 2954 | (35831616) | (388) | 2200411 | (7664599) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | 197137763 | N/A | (573426627) | N/A | 14039314 | (752966) |
| &nbsp;&nbsp;&nbsp; Futures | 18160356 | 180 | (4566323) | (59) | 457558 | (54548) |
|  | 215298119 | 180 | (577992950) | (59) | 14496872 | (807514) |
|  **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 894778806 | 5129 | (1169964428) | (6143) | 3583219 | (4389955) |
| &nbsp;&nbsp;&nbsp; Swaps | 194851030 | 53 | (217594709) | (45) | 6652409 | (923140) |
|  | 1089629836 | 5182 | (1387559137) | (6188) | 10235628 | (5313095) |
|  Total | $1909052430 | 10424 | $(2105574742) | (9298) | $32995075 | $(19953889) |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

When multiple derivative contracts are held with the same counterparty, the Master Funds will net the contracts in an asset position with the contracts in a liability position when covered by a master netting agreement or similar arrangements, for presentation in the statements of financial condition. The table below displays the amounts at December 31, 2024 by which the fair values of both derivative assets and derivative liabilities were reduced within the Master Funds' statements of financial condition as a result of this netting. Gross amounts below correspond to the total derivative asset and derivative liability balances categorized by primary underlying risk and product type in the preceding tables. Collateral pledged (received) for derivative assets and derivative liabilities represent the cash amounts which are included in due from brokers on the statements of financial condition. Actual collateral pledged or received by the Master Funds may exceed these amounts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Description** | **Gross**<br> **Amount** | **Gross Amount**<br> **Offset in**<br> **the Statements**<br> **of Financial**<br> **Condition** | **Net Amount**<br> **Presented in**<br> **the Statements**<br> **of Financial**<br> **Condition** | **Collateral**<br> (Received) /<br> **Pledged** | **Net Amount** |
| **Graham Commodity Strategies LLC<sup>1</sup>** | **Graham Commodity Strategies LLC<sup>1</sup>** | | | | |
| &nbsp;&nbsp;&nbsp; Derivative assets | $7457758 | $(6357681) | $1100077 | $– | $1100077 |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | $(11488227) | $6357681 | $(5130546) | $5130546 | $– |
| **Graham Derivatives Strategies LLC<sup>2</sup>** | **Graham Derivatives Strategies LLC<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative assets | $38488539 | $(16236368) | $22252171 | $– | $22252171 |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | $(16236368) | $16236368 | $– | $– | $– |
| **Graham K4D Trading Ltd.<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative assets | $32995075 | $(16467012) | $16528063 | $– | $16528063 |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | $(19953889) | $16467012 | $(3486877) | $3486877 | $– |

---

<sup>1</sup> Net derivative asset and liability amounts presented in the statement of financial condition are held with two counterparties. At December 31, 2024, additional collateral pledged in the amount of $75,150,000 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

<sup>2</sup> Net derivative assets amounts presented in the statement of financial condition are held with two counterparties. At December 31, 2024, additional collateral pledged in the amount of $19,239,860 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

<sup>3</sup> Net derivative asset and liability amounts presented in the statement of financial condition are held with two counterparties. At December 31, 2024, additional collateral pledged in the amount of $41,604,419 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the results of operations of each Master Fund for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Graham**<br> **Commodity**<br> **Strategies LLC** | **Graham**<br> **Derivatives**<br> **Strategies LLC** | **Graham**<br> **K4D Trading**<br> **Ltd.** |
|  Net investment income | $3260585 | $677484 | $819518 |
|  Net realized gain (loss) on investments | 87809231 | (22032130) | (24887346) |
|  Net (decrease) increase in unrealized appreciation on investments | (2600120) | (1828638) | 27463359 |
|  Brokerage commissions and fees | (1140816) | (3502239) | (403321) |
|  Net gain (loss) on investments | 84068295 | (27363007) | 2172692 |
|  Net income (loss) | $87328880 | $(26685523) | $2992210 |

---

The following table shows the gains and losses on all derivative financial instruments held by the Master Funds reported in net realized gain (loss) and net increase (decrease) in unrealized appreciation on investments in their statements of operations segregated by primary underlying risk and contract type for the year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Graham Commodity**<br> **Strategies LLC** | **Graham Commodity**<br> **Strategies LLC** | **Graham Derivatives**<br> **Strategies LLC** | **Graham Derivatives**<br> **Strategies LLC** | **Graham K4D**<br> **Trading Ltd.** | **Graham K4D**<br> **Trading Ltd.** |
|  | Net realized<br> gain | Net decrease<br> in unrealized<br> appreciation<br> on<br> investments | Net realized<br> loss | Net decrease<br> in unrealized<br> appreciation<br> on<br> investments | Net realized<br> loss | Net increase<br> in unrealized<br> appreciation<br> on<br> investments |
|  **Commodity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | $10799682 | $(2081580) | $6888699 | $(198283) | $(3686549) | $4724509 |
| &nbsp;&nbsp;&nbsp; Options | 90248 | (21081) | 5760257 | (1249342) | – | – |
|  | 10889930 | (2102661) | 12648956 | (1447625) | (3686549) | 4724509 |
|  **Equity price** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 15880981 | (3895985) | (14583632) | 50419 | 11889483 | (6922898) |
| &nbsp;&nbsp;&nbsp; Options | (162166) | 45768 | (3340033) | (2087465) | – | – |
|  | 15718815 | (3850217) | (17923665) | (2037046) | 11889483 | (6922898) |
| **Foreign currency exchange rate** | **Foreign currency exchange rate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards | (5906579) | (2134688) | 7223788 | 520868 | 2725329 | 21953781 |
| &nbsp;&nbsp;&nbsp; Futures | – | – | – | – | 700480 | 658892 |
| &nbsp;&nbsp;&nbsp; Options | (303007) | 39648 | (37541982) | (989133) | – | – |
|  | (6209586) | (2095040) | (30318194) | (468265) | 3425809 | 22612673 |
|  **Interest rate** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures | 18800042 | (1170662) | (7853344) | 724209 | (38820542) | 6304214 |
| &nbsp;&nbsp;&nbsp; Options | 645420 | 231423 | (984484) | – | – | – |
| &nbsp;&nbsp;&nbsp; Swaps | – | – | – | – | 1634263 | 27220 |
|  | 19445462 | (939239) | (8837828) | 724209 | (37186279) | 6331434 |
|  Total | $39844621 | $(8987157) | $(44430731) | $(3228727) | $(25557536) | $26745718 |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

4. Graham Cash Assets LLC

GAIT invests a portion of its excess liquidity in Cash Assets, an entity for which the Manager is also the sole investment advisor. Cash Assets commenced operations on June 22, 2005 and was formed as a Delaware Limited Liability Company for the purpose of consolidating investment activity of multiple funds managed by the Manager. Its objective is to preserve capital while enhancing return on cash balances and providing daily liquidity. Cash Assets maintains cash and cash equivalents on deposit with major U.S. institutions, which may exceed federally insured limits. It also invests in debt obligations guaranteed by the U.S. Federal government, which generally range in maturity from one day to thirty months. Cash Assets currently intends to hold all fixed income securities until maturity and values them at amortized cost which approximates fair value. If Cash Assets were forced to sell some of its securities in the open market before they mature to meet unanticipated redemption requests (whether from GAIT or other entities affiliated with the manager), the market value of the securities at such time may be below their amortized cost, causing a loss for GAIT's investors. GAIT's investment in Cash Assets is valued in the accompanying statements of financial condition at fair value in accordance with U.S. GAAP based upon GAIT's proportionate share of Cash Assets' reported net asset value. GAIT's investment in Cash Assets at December 31, 2025 and 2024 is $55,799,712 and $61,337,499, respectively, which represents a percentage of GAIT's Members' Capital of 87.53% and 92.45%, respectively.

GAIT records its proportionate share of Cash Assets' realized gains and losses and investment income and expenses on a monthly basis. For the years ended December 31, 2025 and 2024, the total amount recognized by GAIT with respect to its investment in Cash Assets was $2,510,884 and $2,949,155, respectively. These amounts are included in both interest income and net realized gain on investments in the statements of operations and incentive allocation. At December 31, 2025 and 2024, GAIT owned approximately 0.60% and 0.86%, respectively, of Cash Assets. The following table summarizes the financial position of Cash Assets as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in fixed income securities (amortized cost $8,546,444,259 and $6,781,806,360 respectively) | $**8546444259** | $6781806360 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | **694004724** | 334528628 |
| &nbsp;&nbsp;&nbsp; Interest receivable | **17395517** | 9596261 |
|  Total assets | **9257844500** | 7125931249 |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Due to broker | **139** | 137 |
|  Total liabilities | **139** | 137 |
|  Members' capital | $**9257844361** | $7125931112 |

---

The following table summarizes the results of operations of Cash Assets for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  **Net gain on investments** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | $**6238059** | $10790020 |
|  Net gain on investments | **6238059** | 10790020 |
|  **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | **323022068** | 313735408 |
|  Total investment income | **323022068** | 313735408 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Bank fee expense | **507536** | 655887 |
|  Total expenses | **507536** | 655887 |
|  Net investment income | **322514532** | 313079521 |
|  Net income | $**328752591** | $323869541 |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

4. Graham Cash Assets LLC (continued)

The following represents the condensed schedule of investments of Cash Assets as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Principal**<br> **Amount** | **Fair Value** | **Percentage of**<br> **Members'**<br> **Capital** |
|  Investments in Fixed Income Securities (amortized cost $8,546,444,259) |  |  |  |
| &nbsp;&nbsp;&nbsp; United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Bonds (amortized cost $6,261,117,506) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 3.75% due 04/15/2026 | $500000000 | $498790486 | 5.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 0.75% due 04/30/2026 | 500000000 | 494199688 | 5.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 1.63% due 05/15/2026 | 500000000 | 495429155 | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 0.88% due 09/30/2026 | 500000000 | 487645570 | 5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds 0.38% – 2.75% due 01/31/2026 – 09/30/2027 | 4400000000 | 4285052607 | 46.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Government Bonds |  | 6261117506 | 67.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills (amortized cost $2,285,326,753) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bill 0.00% due 01/06/2026 - 08/06/2026 | 2300000000 | 2285326753 | 24.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Treasury Bills |  | 2285326753 | 24.69% |
| &nbsp;&nbsp;&nbsp; Total United States |  | 8546444259 | 92.32% |
|  Total Investments in Fixed Income Securities |  | $8546444259 | 92.32% |

---

The following represents the condensed schedule of investments of Cash Assets as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Principal**<br> **Amount** | <br> **Fair Value** | **Percentage of**<br> **Members'**<br> **Capital** |
|  Investments in Fixed Income Securities (amortized cost $6,781,806,360) |  |  |  |
| &nbsp;&nbsp;&nbsp; United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Bonds (amortized cost $2,920,547,412) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 3.75% due 04/15/2026 | $500000000 | $494585983 | 6.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 0.75% due 04/30/2026 | 500000000 | 476557071 | 6.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 1.63% due 05/15/2026 | 500000000 | 483070945 | 6.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bond 0.88% due 09/30/2026 | 500000000 | 471127743 | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds 0.38% – 1.88% due 12/31/2025 – 02/28/2027 | 1050000000 | 995205670 | 13.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Government Bonds |  | 2920547412 | 40.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills (amortized cost $3,861,258,948) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bill 0.00% due 01/07/2025 - 06/26/2025 | 3900000000 | 3861258948 | 54.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Treasury Bills |  | 3861258948 | 54.19% |
| &nbsp;&nbsp;&nbsp; Total United States |  | 6781806360 | 95.17% |
|  Total Investments in Fixed Income Securities |  | $6781806360 | 95.17% |

---

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

4. Graham Cash Assets LLC (continued)

Cash Assets reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. The following table shows the fair value classification of each investment type held by Cash Assets as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** |
|  **Assets** |  |  |  |
|  Level 2: |  |  |  |
| &nbsp;&nbsp;&nbsp; Fixed income securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government bonds | $— | **6261117506** | $2920547412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury bills |  | **2285326753** | 3861258948 |
| &nbsp;&nbsp;&nbsp; Total fixed income securities |  | **8546444259** | 6781806360 |
|  Total Level 2 |  | **8546444259** | 6781806360 |
|  Total assets | $— | **8546444259** | $6781806360 |

---

5. Capital Accounts

GAIT offers Class 0 Units, Class 2 Units, and effective March 19, 2024, Class 3-A Units and Class 3-B Units (collectively, the "Units"). All classes are currently issued. GAIT may issue additional classes in the future subject to different fees, expenses or other terms, or invest in other investment programs or combinations of investment programs managed by the Manager. GAIT also has Management Units ("Class M units") which are solely for the investment of the Manager.

A separate capital account is maintained for each member with respect to each Class of Units held by such member. The initial balance of each member's capital account is equal to the initial contribution to GAIT with respect to the Class to which such capital account relates. Each member's Capital Account is increased by any additional subscription and decreased by any redemption by such member of Units of such Class to which the capital account relates. All income and expenses of GAIT are allocated among the capital accounts of the members in proportion to the balance that each capital account bears to the balance of all capital accounts as of the beginning of such fiscal period.

*Subscriptions*

Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day, as defined in the LLC Agreement. There is no minimum subscription amount.

Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month.

*Redemptions*

Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of the last business day of each month upon not less than three business days' prior written notice to the administrator.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

6. Fees and Related Party Transactions

*Advisory Fees*

Class 0 and Class 2 of GAIT paid the Manager an advisory fee (the "Advisory Fee") at an aggregate annual rate of 1.50% of the Members' Capital of such Class. Class 3-A and Class 3-B have an advisory fee at an aggregate annual rate of 1.50% and 2.00% of the Members' Capital of such Class, respectively. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is affected with respect to Units of such Class during the month. Class M has no advisory fee. The Advisory Fees paid to the Manager for the years ended December 31, 2025 and 2024 were $1,029,339 and $976,313, respectively.

*Sponsor Fees*

Class 0 and Class 2 of GAIT paid the Manager a sponsor fee (the "Sponsor Fee") at an annual rate of the Members' Capital specified for the periods in the table below. Class 3-A, Class 3-B and Class M of GAIT have no sponsor fee. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. The Sponsor Fees paid to the Manager by Class 0 and Class 2 for the years ended December 31, 2025 and 2024 were $403,367 and $474,553, respectively.

---

| | |
|:---|:---|
| **Class 0** | **Class 2** |
| 0.50% | 1.25% |

---

*Incentive Allocation*

At the end of each calendar quarter, Graham Capital LLC, an affiliate of the Manager, will receive a special allocation of net profits (the "Incentive Allocation") in an amount equal to 20% of the New High Net Trading Profits of each Class as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced effective as of the date of any redemption of any Units of such class by multiplying the loss carryforward by the ratio that the amount of assets redeemed from such class bears to the net assets of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made. Incentive Allocation for the years ended December 31, 2025 and 2024 were $48,156 and $344,080, respectively.

Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with GAIT.

*Administrator's Fee*

For the years ended December 31, 2025 and 2024, GAIT paid SEI a monthly administrator's fee based on GAIT's Members' Capital, calculated as of the last business day of each month. In addition, GAIT paid SEI for regulatory compliance services and reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT. The total administrator's fees, including out-of-pocket expenses, incurred by GAIT were $111,657 and $91,857, respectively.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

6. Fees and Related Party Transactions (continued)

*Professional Fees*

GAIT shall pay, or reimburse the Manager, for expenses arising in connection with GAIT's audit, tax and legal fees ("professional fees"). The total professional fees incurred by GAIT for the years ended December 31, 2025 and 2024 were $518,248 and $479,423, respectively.

*Operating Expenses*

GAIT shall pay, or reimburse the Manager, for expenses arising in connection with the GAIT's investments, operations, and business ("operating expenses"). For the year ended December 31, 2025 and 2024, GAIT reimbursed the Manager for operating expenses which were comprised of market data and technology costs associated with its assets allocated to the various Master Funds. The total operating expenses incurred by GAIT for the year ended December 31, 2025 and 2024 was $50,276 and $42,468, respectively.

7. Income Taxes

No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of GAIT's income and expenses for income tax purposes.

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing GAIT's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a "more-likely-than-not" threshold would be recorded as a tax expense in the current year. GAIT identifies its major tax jurisdictions as the U.S. for Federal tax purposes, Connecticut for state tax purposes and various international jurisdictions. The Manager has evaluated GAIT's tax positions for all open tax years under the respective statutes of limitations (generally three years in the U.S. but varying in non-US jurisdictions) and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination. Any assessment for interest or penalties on taxes related to uncertain tax positions, when present, would be included in interest and penalties on tax on the statements of operations and incentive allocation. No such interest and/or penalties were assessed to GAIT for the years ended December 31, 2025 and 2024.

8. Risk Factors

Global economic, political and market conditions may adversely affect GAIT's operations. The current global financial market situation, as well as various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. Such impacts may affect the financial markets in which GAIT operates.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

9. Financial Highlights

The following is the per Unit operating performance calculation for the years/period ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class 0** | **Class 2** | **Class 3-A** | **Class 3-B** |
|  **Per unit operating performance** | | | | |
|  Net asset value per Unit, December 31, 2023 | $224.32 | $158.20 | $– | $– |
|  Initial asset value per share, May 1, 2024 | – | – | – | 100.00 |
|  Initial asset value per share, June 1, 2024 | – | – | 100.00 | – |
| &nbsp;&nbsp;&nbsp; Net income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.51 | 0.64 | 1.01 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 8.30 | 5.85 | (3.33) | (4.27) |
| &nbsp;&nbsp;&nbsp; Net income (loss) | 10.81 | 6.49 | (2.32) | (4.49) |
|  Net asset value per Unit, December 31, 2024 | $235.13 | $164.69 | $97.68 | $95.51 |
| &nbsp;&nbsp;&nbsp; Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.97 | 0.13 | 1.05 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on investments | 0.74 | 0.52 | 0.18 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net income | 2.71 | 0.65 | 1.23 | 0.56 |
|  Net asset value per Unit, December 31, 2025 | $**237.84** | $**165.34** | $**98.91** | $**96.07** |

---

The following represents ratios to average Members' Capital, excluding the Manager, and total return for the years/period ended December 31, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 0** | **Class 0** | **Class 2** | **Class 2** | **Class 3-A** | **Class 3-A** | **Class 3-B** | **Class 3-B** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024\*** | **2025** | **2024\*\*** |
|  Total return before Incentive Allocation | 1.15<br>**%** | 5.37% | 0.40<br>**%** | 4.58% | 1.67<br>**%** | (2.26)% | 1.16<br>**%** | (4.10)% |
|  Incentive Allocation | 0.00 | (0.55) | 0.00 | (0.47) | **(0.41)** | (0.06) | **(0.58)** | (0.39) |
|  Total return after Incentive Allocation | 1.15<br>**%** | 4.82% | 0.40<br>**%** | 4.11% | 1.26<br>**%** | (2.32)% | 0.58<br>**%** | (4.49)% |
|  Net investment income before Incentive Allocation | 0.83<br>**%** | 1.60% | 0.08<br>**%** | 0.85% | 1.35<br>**%** | 1.06% | 0.84<br>**%** | 0.80% |
|  Incentive Allocation | 0.00 | (0.53) | 0.00 | (0.46) | **(0.28)** | (0.01) | **(0.52)** | (1.04) |
|  Net investment income (loss) after Incentive Allocation | 0.83<br>**%** | 1.07% | 0.08<br>**%** | 0.39% | 1.07<br>**%** | 1.05% | 0.32<br>**%** | (0.24)% |
|  Total expenses before Incentive Allocation | 3.03<br>**%** | 2.94% | 3.76<br>**%** | 3.68% | 2.64<br>**%** | 1.45% | 3.05<br>**%** | 2.10% |
|  Incentive Allocation | 0.00 | 0.53 | 0.00 | 0.46 | 0.28 | 0.01 | 0.52 | 1.04 |
|  Total expenses after Incentive Allocation | 3.03<br>**%** | 3.47% | 3.76<br>**%** | 4.14% | 2.92<br>**%** | 1.46% | 3.57<br>**%** | 3.14% |

---

\* For the period from June 1, 2024 through December 31, 2024.

\*\* For the period from May 1, 2024 through December 31, 2024.

------

Graham Alternative Investment Trading LLC

Notes to Financial Statements (continued)

9. Financial Highlights (continued)

Total return is calculated for Class 0, Class 2, Class 3-A and Class 3-B units taken as a whole. Total return is calculated as the change in total Members' Capital, excluding that of the Manager, adjusted for subscriptions or redemptions during the year. An individual member's return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator's Fees, and the Incentive Allocation. The net investment income (loss) and total expense ratios (including Incentive Allocation) are calculated for the Class 0, Class 2, Class 3-A and Class 3-B units taken as a whole and include amounts from GAIT and net investment income (loss) and expenses allocated from the Master Funds and investment income (loss) from Cash Assets. The computation of such ratios is based on the amount of net investment income, total expenses, and Incentive Allocation. Net investment income (loss) and total expense ratios are computed based upon the weighted average of Members' Capital of GAIT, excluding that of the Manager, for the years/periods ended December 31, 2025 and 2024. The net investment income (loss) and total expense ratios for Class 3-A and Class 3-B have not been annualized.

10. Subsequent Events

GAIT had subscriptions of approximately $1.23 million and redemptions of approximately $2.16 million from January 1, 2026 through March 26, 2026, the date through which subsequent events were evaluated by management. These amounts have not been included in the financial statements.

------

---

| | |
|:---|:---|
| **Item 9:** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** |

---

None.

---

| | |
|:---|:---|
| **Item 9A:** | **CONTROLS AND PROCEDURES** |

---

#### Disclosure Controls and Procedures
The Fund and GAIF I has each established disclosure controls and procedures to ensure that the information required to be disclosed by the Fund in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Manager and the management of the Fund and GAIF I, as appropriate, to allow timely decisions regarding required disclosure.

Based on their evaluation as of December 31, 2025, the Manager, along with the Manager's principal executive officer and principal financial officer, has concluded that the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) of the Fund and GAIF I were effective.

With respect to the certifications of the Principal Executive Officer and Principal Financial Officer included as Exhibit 31 hereto, the financial statements referred to therein and the representations and determinations of those officers contained in such certifications refer to and apply to both the Fund and GAIF I.

#### Changes in Internal Controls
In connection with the evaluation of the internal control over financial reporting of the Fund and GAIF I during the last fiscal year, the Manager, along with the Manager's principal executive officer and principal financial officer, has determined that in the most recent fiscal quarter there were no changes to the internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Fund and GAIF I.

#### Management's Report on Internal Control Over Financial Reporting
The Manager is responsible for establishing and maintaining adequate internal control over the financial reporting of the Fund and GAIF I. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities and Exchange Act of 1934, as amended, as a process designed by, or under supervision of, a company's principal executive and principal financial officers and effected by a company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Manager's internal control over financial reporting includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund and GAIF I;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements of the Fund and GAIF I in accordance with U.S. generally accepted accounting principles,
 and that the Fund and GAIF I's transactions are being made only in accordance with authorizations of management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Fund and GAIF I'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. 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.

Management assessed the effectiveness of the Manager's internal control over financial reporting for the Fund and GAIF I as of December 31, 2025. Management based its assessment on criteria established in Internal Control – Integrated Framework issues by the Committee of Sponsoring Organizations ("COSO") of the Treadway Commission in 2013. As a result of this assessment and based on the criteria in the COSO framework, management, including the principal financial and principal executive officers, has concluded that, as of December 31, 2025, the Manager's internal control over financial reporting for the Fund and GAIF I was effective.

This annual report does not include an attestation report of the Fund and GAIF I's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Fund and GAIF I's independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Fund and GAIF I to provide only management's report in this annual report.

------

---

| | |
|:---|:---|
| **Item 9B:** | **OTHER INFORMATION** |

---

None.

---

| | |
|:---|:---|
| **Item 9C:** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** |

---

None.

---

| | |
|:---|:---|
| **Item 10:** | **DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** |

---

GAIF I itself has no officers, directors or employees. GAIF I's affairs are managed by the Manager. The general partner of the Manager is KGT GP LLC. Kenneth G. Tropin is the sole director of KGT GP LLC. As of December 31, 2025, Messrs. Brian Douglas, Pablo Calderini, Jens Foehrenbach and George Schrade serve as Chief Executive Officer, Vice Chairman and Co-Chief Investment Officer, President and Co-Chief Investment Officer, and Chief Financial Officer, respectively, of the Manager. None of these individuals currently serves as a director of a public company. Messrs. Kenneth G. Tropin, Brian Douglas, Pablo Calderini, Jens Foehrenbach and George Schrade each have filed initial reports on Form 3.

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

---

| | |
|:---|:---|
| **Item 11:** | **EXECUTIVE COMPENSATION** |

---

GAIF I itself has no officers, directors or employees. None of the principals, officers or employees of the Manager receives compensation from the Fund. All persons serving in the capacity of officers or executives of the Manager are compensated by the Manager in respect of their respective positions with the Manager.

As described under "Item 1. Business," the Fund pays the Manager the Sponsor Fee. For the year ended December 31, 2025, the Fund paid the Manager Sponsor Fees of $183,877.

As compensation for its services as investment manager to the Fund, the Manager is paid the Advisory Fees described under "Item 1. Business," and may receive Incentive Allocations also as described under "Item 1. Business." For the year ended December 31, 2025, the Fund paid the Manager Advisory Fees of $473,054 and the Manager received an Incentive Allocation of $20,502.

The Fund has no other compensation arrangements. There are no compensation plans or arrangements relating to a change in control of the Fund or the Manager.

---

| | |
|:---|:---|
| **Item 12:** | **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security ownership of certain beneficial owners

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security ownership of management

Under the terms of the Company Agreement, GAIF I is managed by the Manager. The Manager does not own any Units of GAIF I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Changes in control

None.

---

| | |
|:---|:---|
| **Item 13:** | **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** |

---

The Manager would be considered a promoter for purposes of Item 404(c) of Regulation S-K. The nature and amounts of compensation the promoter will receive from the Fund are set forth under "Item 1. Business" and "Item 11. Executive Compensation."

------

---

| | |
|:---|:---|
| **Item 14:** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by Ernst & Young LLP ("EY") for each of the years ended December 31, 2025 and December 31, 2024 for the audit of the Fund's annual financial statements on Form 10-K, review of financial statements included in the Fund's Forms 10-Q and other services normally provided in connection with regulatory filings or engagements were:

---

| | | |
|:---|:---|:---|
|  FEE CATEGORY | 2025 | 2024 |
|  Audit Fees | $134097<br> \* | $130783 |
|  Audit-Related Fees | – | – |
|  Tax Fees | 42500<br> \* | 41100 |
|  All Other Fees | – | – |
|  TOTAL FEES | $176597<br> \* | $171883 |

---

\* Amount expected to be billed for 2025 services.

Audit Fees consist of fees paid to EY for (i) the audit of the Fund's annual financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q; and (ii) services that are normally provided by the Independent Registered Public Accounting Firm in connection with statutory and regulatory filings of registration statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related Fees

None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax Fees

Tax Fees, shown in (1) above, consist of fees paid to EY for professional services rendered in connection with tax compliance and Fund income tax return filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All Other Fees

None.

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

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

------

---

| | |
|:---|:---|
| **Item 15:** | **EXHIBITS, FINANCIAL STATEMENT SCHEDULES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Statements

Statements of Financial Condition at December 31, 2025 and 2024

Statements of Operations for the years ended December 31, 2025 and 2024

Statements of Changes in Members' Capital for the years ended December 31, 2025 and 2024

Statements of Cash Flows for the years ended December 31, 2025 and 2024

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibits

The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by reference.

---

| | |
|:---|:---|
| <u>Exhibit Designation</u> | <u>Description</u> |
| [\* 3.1](https://www.sec.gov/Archives/edgar/data/1461219/000114036110018292/ex3_1.htm) | Certificate of Formation of Graham Alternative Investment Fund I LLC |
| [\*\*3.1(a)](https://www.sec.gov/Archives/edgar/data/1461219/000114036113016263/ex3_1.htm) | Amendment to Certificate of Formation of Graham Alternative Investment Fund I LLC |
| [\*\*3.2 (a)](https://www.sec.gov/Archives/edgar/data/1461219/000114036113016263/ex3_2.htm) | Amended and Restated Limited Liability Company Agreement of Graham Alternative Investment Fund I LLC dated March 28, 2013 |
| [\*\*\*3.2 (b)](https://www.sec.gov/Archives/edgar/data/1461219/000114036122018525/brhc10037374_ex3-1.htm) | Amended and Restated Limited Liability Company Agreement of Graham Alternative Investment Fund I LLC dated May 2, 2022 |
| [††3.2 (c)](https://www.sec.gov/Archives/edgar/data/1461219/000114036124014330/ef20024642_8k.htm) | Amended and Restated Limited Liability Company Agreement of Graham Alternative Investment Fund I LLC dated March 19, 2024 |
| [† 4.1](ef20060623_ex4-1.htm) | Description of Securities |
| [\* 10.1](https://www.sec.gov/Archives/edgar/data/1461219/000114036110018292/ex10_1.htm) | Form of Subscription Agreement |
| [\* 10.2](https://www.sec.gov/Archives/edgar/data/1461219/000114036110018292/ex10_2.htm) | Form of Placement Agreement |
| [\*\*\*\*10.10 (a)](https://www.sec.gov/Archives/edgar/data/1461219/000114036110036129/ex10_10.htm)<br>| Safekeeping Account Agreement between Graham Cash Assets LLC and Bank of America, N.A. |
| [† 10.10 (b)](ef20060623_ex10-10b.htm) | Safekeeping Account Agreement between Graham Cash Assets LLC and Wells Fargo, N.A. |
| [† 10.10 (c)](ef20060623_ex10-10c.htm) | Safekeeping Account Agreement between Graham Cash Assets LLC and JP Morgan, N.A |
| [† 31.1](ef20060623_ex31-1.htm) | Rule 13a-14(a)/15d-14(a) Certification (Certification of Principal Executive Officer) |
| [† 31.2](ef20060623_ex31-2.htm) | Rule 13a-14(a)/15d-14(a) Certification (Certification of Principal Financial Officer) |
| [† 32.1](ef20060623_ex32-1.htm) | Section 1350 Certification (Certification of Principal Executive Officer and Principal Financial Officer) |
| † 101 | INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| † 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| † 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| † 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| † 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| † 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| † 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

\* Incorporated by reference to the Fund's Form 10 previously filed on April 30, 2010

\*\* Incorporated by reference to the Fund's Form 8-K previously filed on April 11, 2013

\*\*\* Incorporated by reference to the Fund's Form 8-K previously filed on May 10, 2022

\*\*\*\* Incorporated by reference to the Fund's Form 10/A previously filed on September 3, 2010

† Filed herewith

†† Incorporated by reference to the Fund's Form 8-K previously filed on March 20, 2024

---

| | |
|:---|:---|
| **Item 16:** | **FORM 10-K SUMMARY** |

---

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.

---

| | | | |
|:---|:---|:---|:---|
| Dated: March 26, 2026 | GRAHAM ALTERNATIVE INVESTMENT FUND I LLC<br> CORE MACRO PORTFOLIO | GRAHAM ALTERNATIVE INVESTMENT FUND I LLC<br> CORE MACRO PORTFOLIO | GRAHAM ALTERNATIVE INVESTMENT FUND I LLC<br> CORE MACRO PORTFOLIO |
|  | By: | GRAHAM CAPITAL MANAGEMENT, L.P. | GRAHAM CAPITAL MANAGEMENT, L.P. |
|  |  | its Manager | its Manager |
|  |  | By: | /s/ Brian Douglas |
|  |  |  | Brian Douglas, Principal Executive Officer |

---

---

| | |
|:---|:---|
| By: | /s/ George Schrade |
|  | George Schrade, Principal Financial Officer |

---

------

## Exhibit 4.1

------

#### Exhibit 4.1
DESCRIPTION OF SECURITIES

Title of Class of Security: Core Macro Portfolio - Class 0 Units, Class 2 Units, Class 3-A Units and Class 3-B Units

#### Dividend Rights
The Manager has sole discretion in determining what distributions of profits and income, if any, are made to investors. Due to the capital appreciation investment objective of the Fund and the fact that Units may be redeemed monthly, the Manager does not anticipate paying dividends or making distributions to investors.

#### Redemption Provisions
The Units are not subject to any minimum holding period. Members may redeem Units at their Net Asset Value as of each Valuation Day upon not less than three business days' prior written notice to the Administrator, or upon such other notice and on such other dates as the Manager may permit in its sole and absolute discretion. The Manager may reject a partial redemption request, with respect to each Class of Units, for an amount less than $10,000 or that would result in an investor owning a total Net Asset Value of less than $10,000. The redemption proceeds normally will be remitted within 15 business days after the Valuation Day, without interest for the period from the Valuation Day to the payment date, although payments may be delayed at times for various reasons, including due to delays in calculating Net Asset Values or in receiving required third-party provider or Member confirmations. Redemption payments will ordinarily be made in U.S. dollars, and will be remitted either by wire transfer to an account designated by the investor that is solely for the benefit of the investor or by check posted at the investor's risk (as specified by the investor in his written redemption notice). The Administrator will process redemption requests which are initially received by facsimile, but no part of the redemption proceeds will be paid to redeeming members until the Administrator has received the original redemption request signed by the redeeming member or by an authorized signatory of the redeeming member. Neither the Fund nor the Administrator shall be responsible for any mis-delivery or non-receipt of any facsimile. Facsimiles sent to the Administrator shall only be effective when actually received by the Administrator.

The Manager has the right to require the compulsory redemption of all Units held by a member for any reason in its discretion. Compulsory redemptions will be made at the Net Asset Value as of the Valuation Day next following the issuance of a notice of redemption to the member. The Manager may suspend the right of any member to redeem Units, as well as the issuance of additional Units, upon the occurrence of any of the following circumstances:

<br> (1) when any exchange, board of trade or organized inter-dealer market on which a significant portion of the assets of the Fund is regularly quoted or traded is closed (other than for holidays) or trading thereon has been restricted or suspended;

<sup>(2)</sup> whenever, as a result of events, conditions or circumstances beyond the control or responsibility of the Fund, disposal of the assets of the Fund or other transactions in the ordinary course of the Fund's business involving the sale, transfer, delivery or withdrawal of securities or Funds is not reasonably practicable without being detrimental to the interests of the Fund or the investors;

<br> (3) if it is not reasonably practicable to determine the Net Asset Value of the Units on an accurate and timely basis; or

<br> (4) if the Manager has adopted a resolution calling for the liquidation and dissolution of the Fund.

------

The Manager may withhold payment to any person whose Units have been tendered for redemption until after any suspension has been lifted. Notice of any suspension will be given to any investor who has tendered his Units for redemption and to whom full payment of the redemption proceeds has not yet been remitted. If a redemption request is not withdrawn by an investor following notification of a suspension, the redemption will be completed as of the next Valuation Day following the end of the suspension on the basis of the Net Asset Value as of such Valuation Day.

#### Voting Rights
Members have no voting rights with respect to any matters pertaining to the Fund, other than the right to vote on amendments to the Company Agreement approved by the Manager when such a vote is required by the Company Agreement or as otherwise provided under the terms of the Company Agreement or by law.

#### Liquidation Rights
The Company Agreement provides that the Fund shall remain in existence until the year 2050, except upon prior dissolution. Dissolution of the Fund may occur at the end of its term or earlier upon the election of the Manager to dissolve the Fund or the occurrence of the bankruptcy of the Manager or any event which results in the Manager (or a successor to its business) ceasing to be the Manager of the Fund or the date on which the Fund ceases to have more than one member. Upon the occurrence of any such event, the Manager (or a liquidator elected by a majority in interest of the members, if the Manager is unable to perform this function) is charged with winding up the affairs of the Fund and liquidating its assets. Upon the liquidation of the Fund, its assets are to be distributed: (i) first to satisfy the debts, liabilities and obligations of the entity (other than debts to members), including liquidation expenses, actual or anticipated; (ii) next to repay debts owing to the members; and (iii) finally to the members proportionately in accordance with the balances in their respective Capital Accounts. Assets may be distributed in kind on a pro rata basis if the Manager or liquidator determines that such a distribution would be in the interests of the members in facilitating an orderly liquidation.

#### Restrictions on Alienability
The Units are subject to restrictions on alienability. A member may not assign or pledge its Units in whole or in part, except by operation of law, nor substitute for itself as a member any other person, without the prior written consent of the Manager, which may be withheld in its sole and absolute discretion.

------

## Exhibit 10.10

------

**Exhibit 10.10 (b)**<br>

Wells Fargo Bank, N.A.

#### CUSTODY AGREEMENT
This Agreement, made and entered into as of June 1, 2017, by and between Wells Fargo Bank, N.A. ("Wells Fargo"), and Graham Cash Assets LLC (the "Owner") as Owner(s) in regard to the custody of certain assets of the Owner. <br>

Whereas Owner wishes to appoint a custodian to hold certain assets of the Owner pursuant to the direction of the Owner. <br>

Now, therefore, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment a nd Acceptance. The Owner hereby appoints Wells Fargo, and Wells Fargo hereby accepts its appointment, as the custodian (the "Custodian") of certain assets of the Owner (the "Account"). The Account shall consist of those
 assets, which the Owner notifies Wells Fargo shall be included in the Account, together with the income, proceeds and profits thereon. Wells Fargo will act as the Custodian for the purposes, to the extent, and in the manner and within the
 limitations set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services of Custodian.</u> The Custodian shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Open and maintain a custody account in the name of the Owner and hold in such account all cash and securities initially deposited, plus any additional cash and securities that may be received from Owner or
 pursuant to the direction of the Owner from time to time for deposit to the Account. The Custodian shall not be responsible to collect or enforce collection of contributions to the Account.

<br> 2.2 Act upon written direction from the Owner or from investment managers duly appointed in writing by the Owner.

<br> 2.3 Settle securities transactions for the Account with brokers or others in accordance with the written direction of the Owner or duly appointed investment manager.

<br> 2.4 Be responsible for the collection of investment income relating to the assets in the Account and providing for the daily investment thereof in accordance with the written direction of the Owner.

<br> 2.5 Present for payment all maturing securities or any securities called for redemption and collect proceeds therefrom.

<br> 2.6 Deliver cash or securities as the Owner may direct in writing.

<br> 2.7 Deliver proxy and other materials for securities held in the Account, including offers to tender or exchange such securities, to the Owner or otherwise as the Owner may direct in writing.

<br> 2.8 Send monthly to the Owner an itemized statement showing the funds and securities held in the Account as of the last day of the month and all debits, credits and transactions in the Account since the date of the last statement.

Custody Agreement- Non-ERISA January 2017 Page 1 of 5<br> Wells Fargo Institutional Retirement and Trust

------

<br> 2.9 With respect to valuation of assets held in the Account (including securities issued by the Owner),

<br> (A) Obtain the fair market value of publicly traded assets where such assets have a readily ascertainable market value.

<br> (B) Rely on pricing direction received from the Owner to the extent any securities are or become thinly traded and/or a readily ascertainable market value is not available.

<br> (C) Rely on pricing direction received from the Owner or its authorized agent for any non-publicly traded assets.

---

| | |
|:---|:---|
| 2.1 | From time to time, on the written direction of the Owner, to make disbursements out of the Custodial Account to such persons, in such manner, in such amounts, and for such purposes as may be specified in such written direction. All fund transfer requests must be authorized by two signatories in accordance with and pursuant to the attached Fund Transfer Authorization as may be amended from time-to-time by handwritten notice of the undersigned. The Custodian shall be under no liability for any disbursement made by it pursuant to such a direction. |

---

---

| | |
|:---|:---|
| 2.11 | As a matter of convenience, the Custodian may include on its reports the value of assets for which it does not maintain custody, including but not limited to investments in common or collective funds not administered by the Custodian, limited partnerships, and unregulated investment funds ("Special Investment"). The Custodian may account for a Special Investment by means of "mirror image" record keeping in order to include the Special Investment's value on a composite statement for the Account that includes all of the Account's other investments. The Owner directs the Custodian to report those assets solely as a record keeping item on the account statements. The Custodian is not responsible for the accuracy of the information provided by the asset's custodian or other source, and does not certify that any information provided by the custodian or other source is true or correct, notwithstanding any subsequent statement to the contrary regarding the Special Investment. The Owner agrees to indemnify and hold the Custodian harmless from any and all liability resulting from errors caused by inaccurate reporting, failure of the asset's custodian to provide accurate information, and other errors and omissions related to the information supplied to the Custodian by the asset's custodian or other reporting source. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Powers of the Custodian.</u> The Custodian is authorized and empowered to :

<br> 3.1 Except where the assets consist of cash, U.S. Treasuries or U.S agencies, hold assets in the name of the nominee selected by the Custodian or such other nominee name as the Owner or investment manager may direct in writing.

<br> 3.2 Utilize agents other than persons on its regular payroll and delegate to them such ministerial and other non-discretionary duties as it sees fit and to rely upon such information furnished by such agents.

---

| | |
|:---|:---|
| 3.3 | Except where the assets consist of cash, U.S. Treasuries or U.S. agencies, make, execute, acknowledge and deliver any and all documents of transfer and conveyance and any other instruments that may be necessary or appropriate to carry out the custodianship duties and powers. |

---

Custody Agreement- Non-ERISA January 2017 Page 2 of 5<br> Wells Fargo Institutional Retirement and Trust

------

<br> 3.4 Decline to accept any asset or property which it deems to be unsuitable or inconsistent with its custodial operations.

<br> 3.5 Invest money or assets of the Account in any registered investment company to which the Custodian or an affiliate of the Custodian provides services and receives compensation for providing such services as such investment may be directed by Owner or an agent of Owner.

---

| | |
|:---|:---|
| 3.6 | Invest available cash in the Account, pending disbursement or investment, in a cash management vehicle as designated by the Owner or an agent of Owner. The Owner understands and agrees that cash management vehicles made available by the Custodian may include deposit accounts of the Custodian or an affiliate, and that such deposit vehicles are specifically authorized for use in the Account. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Additional Rights and Duties of the Custodian.</u> 

---

| | |
|:---|:---|
| 4.1 | Upon the reasonable prior written request of the Owner, the Custodian shall promptly permit the Owner, or its respective agents, employees or independent auditors, to examine, audit, excerpt, transcribe and copy, at the Owner's expense, during the Custodian's normal business hours, any books, documents, papers and records relating to the Account or the assets. |

---

---

| | |
|:---|:---|
| 4.2 | The duties and obligations of the Custodian shall only be such as are specifically set forth in this Agreement, as it may from time to time be amended, and no implied duties or obligations shall be read into this Agreement against the Custodian. The Custodian shall not be liable except for its own gross negligence, willful misconduct or lack of good faith. |

---

<br> 4.3 No provision of this Agreement shall require the Custodian to take any action which, in the Custodian's reasonable judgment, would result in any violation of this Agreement or any provision of law.

---

| | |
|:---|:---|
| 4.4 | Anything in this Agreement to the contrary notwithstanding, in no event shall the Custodian be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Custodian has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. |

---

<br> 4.5 The Owner hereby agrees that the Custodian shall have a continuing lien and security interest in any property then held by the Custodian for the benefit of the Owner to the extent of any overdraft (daylight or overnight) or indebtedness to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification.</u> The Owner agrees to reimburse, indemnify and hold the Custodian harmless from and against any and all liability, loss, claim, damage or expense, including taxes other governmental
 charges, and reasonable legal and attorneys' fees which may be imposed, assessed or incurred against the Account or against the Custodian incurred or made arising out of or in connection with the performance of the Custodian's obligations
 in accordance with the provisions of this Agreement. This indemnity does not extend to any liability, loss, claim, damage or expense arising from the gross negligence, willful misconduct, or malfeasance on the part of the Custodian, its
 officers, agents or employees. The Owner hereby acknowledges that the foregoing indemnities shall survive the resignation or discharge of the Custodian or the termination of this Agreement.

Custody Agreement- Non-ERISA January 2017 Page 3 of 5<br> Wells Fargo Institutional Retirement and Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Fees.</u> The Custodian shall be paid reasonable compensation and fees for its services under this Agreement as agreed from time to time in writing by the parties pursuant to the terms of a separate fee
 agreement. Such compensation and fees may be paid from the Account if not paid by the Owner within thirty (30) days after the Custodian mails a written invoice to the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Amendment and <u>Termination.</u> This Agreement may be amended at any time in writing in
 such manner as may be mutually agreed upon by the Custodian and Owner. It may be terminated at any time by either the Custodian or Owner upon sixty (60) days' written notice to the other or as otherwise agreed by the parties. As soon as
 administratively feasible following the effective date of such termination, the Custodian shall deliver the assets of the Account to the successor custodian appointed by the Owner and shall have no further custodial responsibilities for
 the assets in the Account. Any fees remaining outstanding and balances owing to the Custodian may be withheld from the assets delivered to the Owner or to the successor custodian. In the event that the Owner fails to appoint a successor
 custodian within sixty (60) days following receipt of the Custodian's notice of termination, the Custodian may, in its sole discretion and at the expense of the Owner, petition any court of competent jurisdiction for the appointment of
 a successor custodian or for other appropriate relief, and any such resulting appointment shall be binding upon all the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Authorized Persons.</u> The Owner shall furnish to the Custodian a written certification of the names and specimen signatures of individuals authorized to communicate with the Custodian on
 behalf of the Account. Wells Fargo shall be entitled to rely on the oral direction as confirmed in writing or written direction of such persons, including Trustee(s), or any Investment Manager(s). Wells Fargo shall be fully protected in assuming that there has been no change until so advised by the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices.</u> Notice to the Custodian shall be directed and mailed as follows: <br> Scott Rice<br> Wells Fargo Bank, N.A. 550 South 4th St Building 68 N9310-084 Minneapolis, MN 55415

<br> Notice to Owner shall be directed and mailed as follows: <br> Graham Cash Assets LLC c/o Graham Capital Management, L.P. 40 Highland Avenue Rowayton, CT 06853 tradingoperations@grahamcapital.com

Custody Agreement- Non-ERISA January 2017 Page 4 of 5<br> Wells Fargo Institutional Retirement and Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Written Direction.</u> If a provision of this agreement requires that a communication or document be provided to Wells Fargo in writing or written form, that requirement may also be satisfied by a facsimile
 transmission, electronic mail or other electronic transmission of text (including electronic records attached thereto), if Wells Fargo reasonably believes such communication or document has been signed, sent or presented (as applicable)
 by any person or entity authorized to act on behalf of the Owner or Trustee. If this agreement requires that a communication or document be signed, an electronic signature satisfies that requirement. Any electronic mail or other
 electronic transmission of text will be deemed signed by the sender if the sender's name or electronic address appears as part of, or is transmitted with, the electronic record. Wells Fargo will not incur any liability to anyone resulting
 from actions taken in good faith reliance on such communication or document. Nor shall Wells Fargo incur any liability in executing instructions from any person or entity authorized to act on behalf of the Owner or Trustee prior to
 receipt by it of notice of the revocation of the written authority of such person or entity. Notwithstanding the foregoing, no amendment, modification or waiver in respect of this Agreement will be effective unless in writing and executed
 by handwritten signature of each of the parties.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Severability.</u> If any provisions of this Agreement are held invalid or unenforceable, such invalidity or unenforceable, shall not affect any other provision, and this Agreement shall be construed and
 enforced as if such provisions had not been included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment.</u> No assignment of this Agreement shall be made by either party without written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Section Headings.</u> The headings of sections in this Agreement are inserted for convenience and reference and shall not be deemed to be a part of or used in the construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law.</u> This Agreement and all transactions hereunder shall be governed by, interpreted, construed and enforced in accordance with the laws of the State of Connecticut.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Successors and <u>Assign</u>. This Agreement shall bind the successors and assigns of Owner
 and shall bind the successors and assigns of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Effective Date.</u> This Agreement shall be effective on June 1, 2017.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

<br> Owner: Graham Cash Assets LLC <br>

---

| | |
|:---|:---|
| By: | /s/ Paul Sedlack |

---

<br> Its:<br> <u> Paul Sedlack COO of Graham Capital </u> <br>Management, L.P., as Manager

<br> By:<br> <u> <br> </u> <br>

<br> Its:<br> <u><br> </u> <br>

<br> <u>Custodian</u>: WELLS FARGO BANK, N.A.<br>

<br> By:<br> <u><br> </u>

<br> Its:<br> <u><br> </u>

Custody Agreement- Non-ERISA January 2017 Page 5 of 5<br> Wells Fargo Institutional Retirement and Trust

------

## Exhibit 10.10

------

**Exhibit 10.10 (c)**

![](image00003.jpg)

![](image00002.jpg)<br>

Domestic Custody Agreement – New York – General – December 2021<br>

------

![](image00002.jpg)<br>

**Table of Contents**

1. **INTENTION OF THE PARTIES; DEFINITIONS** **3** 

1.1 <br> Intention of the Parties 3

1.2 <br> Definitions; Interpretation 3

2. **WHAT J.P. MORGAN IS REQUIRED TO DO** **6** 

---

| | | |
|:---|:---|:---|
| 2.1 | Set Up Accounts | 6 |
| 2.2 | Deposit of Cash | 7 |
| 2.3 | Segregation and Registration of Assets; Nominee Name | 7 |
| 2.4 | Settlement of Transactions | 8 |
| 2.5 | Contractual Settlement Date Accounting | 8 |
| 2.6 | Income Collection (AutoCredit®) | 9 |
| 2.7 | Miscellaneous Administrative Duties | 10 |
| 2.8 | Corporate Actions | 10 |
| 2.9 | Securities Litigation Services | 10 |
| 2.10 | Proxies | 11 |
| 2.11 | Statements of Account | 11 |
| 2.12 | Access to J.P. Morgan's Records | 12 |
| 2.13 | Assets Not Controlled by J.P. Morgan | 12 |
| 2.14 | Change Requests | 12 |

---

3. **INSTRUCTIONS** **13** 

3.1 Acting on Instructions; Method of Instruction and Unclear Instructions 13

3.2 Verification and Security Procedures 13

3.3 Instructions Contrary to Law/Market Practice 14

3.4 Cut-Off Times 14

3.5 Electronic Access and Cybersecurity 14

3.6 Recording of Telephone Communications 14

4. **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** **14** 

4.1 Fees and Expenses 15

4.2 Overdrafts 15

4.3 J.P. Morgan's Right Over Account Assets; Set-off 15

---

| | | |
|:---|:---|:---|
| 5. | **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** | **16** |

---

5.1 Use of Securities Depositories 16

5.2 Liability for Securities Depositories 16

---

| | | |
|:---|:---|:---|
| 6. | **ADDITIONAL PROVISIONS** | **16** |

---

6.1 Representations of the Customer and J.P. Morgan 16

6.2 The Customer is Liable to J.P. Morgan Even if it is Acting for Another Person 17

6.3 Special Settlement Services 17

6.4 The Customer to Provide Certain Information to J.P. Morgan 17

6.5 Information Concerning Deposits held by J.P. Morgan in the U.S 18

6.6 Insurance 18

6.7 Security Holding Disclosure 18

6.8 U.S. Regulatory Disclosure; Certain Information of the Customer 18

6.9 Confidentiality 19

6.10 Use of J.P. Morgan's Name 20

---

| |
|:---|
| ![](image00002.jpg) |
| Domestic Custody Agreement – New York – General – December 2021 |

---

------

![](image00002.jpg)<br>

---

| | | |
|:---|:---|:---|
| 7. | **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** | **20** |

---

---

| | | |
|:---|:---|:---|
| 7.1 | Standard of Care; Liability | 20 |
| 7.2 | Force Majeure | 21 |
| 7.3 | J.P. Morgan May Consult With Counsel | 21 |
| 7.4 | J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result | 21 |
| 7.5 | Ancillary Services | 21 |
| 8. | **TAXATION** | **21** |
| 8.1 | Tax Obligations | 21 |
| 8.2 | Tax Relief Services with Respect to American Depository Receipts | 22 |

---

9. **TERM AND TERMINATION** **22** 

9.1 Term and Termination for Convenience 22

9.2 Other Grounds for Termination 22

9.3 Exit Procedure 23

10. **MISCELLANEOUS** **24** 

---

| | | |
|:---|:---|:---|
| 10.1 | Notice | 24 |
| 10.2 | Successors and Assigns | 24 |
| 10.3 | Entire Agreement and Amendments | 24 |
| 10.4 | Governing Law and Jurisdiction | 25 |
| 10.5 | Severability; Waiver; Survival | 25 |
| 10.6 | Counterparts | 25 |
| 10.7 | No Third Party Beneficiaries | 25 |
| ANNEX A Electronic Access | ANNEX A Electronic Access | 27 |
| ANNEX B Availability Policy and Schedule | ANNEX B Availability Policy and Schedule | 29 |

---

Domestic Custody Agreement – New York – General – December 2021<br>

------

![](image00002.jpg)<br>

#### DOMESTIC CUSTODY AGREEMENT
This agreement, dated August 23, 2022 (the "Agreement"), is between **JPMORGAN CHASE BANK, NATIONAL ASSOCIATION** ("J.P. Morgan"), with a place of business at 383 Madison Avenue, Floor 11, New York, NY 10017; and **GRAHAM CASH ASSETS LLC** (the "Customer") a Delaware Limited Liability Company with a place of business at <u>c/o</u> Graham Capital Management, L.P., 40 Highland Avenue, Rowayton, CT 06853.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Intention of the Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement sets out the terms on which J.P. Morgan will provide custodial, settlement, asset servicing and other associated services to the Customer. J.P. Morgan will be responsible for the performance of only those duties expressly
 set forth in this Agreement. The Customer acknowledges that J.P. Morgan is not providing any legal, tax or investment advice in connection with the services under this Agreement. The terms and conditions of this Agreement are applicable
 only to the services which are specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is the intention of the parties that the services offered by J.P. Morgan under this Agreement with respect to the custody of Financial Assets and related settlement services will be limited to Financial Assets that are issued in the
 United States ("U.S.") by an issuer that is organized under the laws of the U.S. or any state thereof, or that are both traded in the U.S. and eligible for deposit in a U.S. Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Definitions; Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Definitions

As used herein, the following terms have the meanings hereinafter stated.

**"Account(s)"** has the meaning set forth in Section 2.1.

**"Account Assets"** has the meaning set forth in Section 4.3(a).

**"ADRs"** has the meaning set forth in Section 8.2(a).

**"Agreement"** has the meaning set forth in the Preamble.

**** 

<br> **"AML/Sanctions Requirements"** means (a) any Applicable Law (including but not limited to the rules and regulations of the United States Office of Foreign Assets Control) applicable to J.P. Morgan, or to any J.P. Morgan Affiliate engaged in servicing any Account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or are subject to, sanctions of any governmental authority; and (b) any J.P. Morgan policies and procedures reasonably designed to assure compliance with any such Applicable Law.

**"Applicable Law"** means any applicable statute, treaty, rule, regulation or law (including common law) and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

**"Authorized Person"** means any person who has been designated by written notice from the Customer in the form as provided by J.P. Morgan (or by written notice in the form as provided by J.P. Morgan from any agent designated by the Customer, including an investment manager) to act on behalf of the Customer under this Agreement, any person who has received a User Code from Customer, or any person authorized by Customer to receive a User Code from J.P. Morgan. Such persons will continue to be Authorized Persons until such time as J.P. Morgan receives and has had reasonable time to act upon Instructions from the Customer (or its agent) that any such person is no longer an Authorized Person.

Domestic Custody Agreement – New York – General – December 2021 <br> 3

------

![](image00002.jpg)<br>

**"AutoCredit"** has the meaning set forth in Section 2.6(c).

**"Bank Receivership"** has the meaning set forth in Section 6.5(a).

**** 

<br> **"Cash Account"** has the meaning set forth in Section 2.1(a)(ii).

**"Change"** has the meaning set forth in Section 2.14(a).

**"Change Request"** has the meaning set forth in Section 2.14(a).

**"Confidential Information"** means all non-public information concerning the Customer or the Accounts which J.P. Morgan receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information does not include (i) information that is or becomes available to the general public other than as a direct result of J.P. Morgan's breach of the terms of this Agreement, (ii) information that J.P. Morgan develops independently without using the Customer's confidential information, (iii) information that J.P. Morgan obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidence to the Customer with respect to that information, or (iv) information that the Customer has designated as non-confidential or consented to be disclosed.

**"Control Account Assets"** has the meaning set forth in Section 6.1(a).

**"Corporate Action"** means any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to a Financial Asset in the Securities Account that requires discretionary action by the beneficial owner of the Financial Asset, but does not include rights with respect to class action litigation or proxy voting.

**"Counterparty"** has the meaning set forth in Section 2.1(c).

**** 

<br> **"Customer"** has the meaning set forth in the Preamble.

**"Dormant Account"** has the meaning set forth in Section 2.1(d).

**"Entitlement Holder"** means the person named on the records of a Securities Intermediary as the person having a Security Entitlement against the Securities Intermediary.

**"FDIC"** has the meaning set forth in Section 6.5(a).

**"Financial Asset"** means a Security and refers, as the context requires, either to the Security itself or to the means by which a person's claim to the Security is evidenced, including a Security certificate or a Security Entitlement. The term "Financial Asset" does not include cash.

**"Identifying Information"** has the meaning set forth in Section 6.8(a).

**"Information"** has the meaning set forth in Section 2.11(a).

**** 

<br> **"Instruction"** means an instruction, whether or not in fact authorized, that has been verified in accordance with the Security Procedure or, if no Security Procedure is applicable, that J.P. Morgan believes in good faith to have been given by an Authorized Person.

**"J.P. Morgan"** has the meaning set forth in the Preamble.

**"J.P. Morgan Affiliate"** means an entity controlling, controlled by, or under common control with J.P. Morgan. <br>

Domestic Custody Agreement – New York – General – December 2021 <br> 4

------

![](image00002.jpg)<br>

**"J.P. Morgan Indemnitees**" means J.P. Morgan and its subcustodians, J.P. Morgan Affiliates, and their respective nominees, directors, officers, employees and agents.

**"Liabilities"** means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on a party's own income), or expenses of any kind whatsoever (whether actual or contingent and including, without limitation, attorneys', accountants', consultants' and experts' fees and disbursements reasonably incurred and for the avoidance of doubt, with respect to any Liabilities owed by the Customer, Liabilities shall also include any and all amounts owing to J.P. Morgan by the Customer's counterparty in connection with collateral Accounts or control Accounts established at J.P. Morgan pursuant to the Customer's Instruction) and outstanding from time to time.

"**Proxy Voting Service**" has the meaning set forth in Section 2.10(a).

**"Securities"** means shares, stocks, debentures, bonds, notes or other like obligations, whether issued in certificated or uncertificated form, and any certificates, receipts, warrants or other instruments representing rights to receive, purchase or subscribe for the same that are commonly traded or dealt in on securities exchanges or financial markets and any other property as may be acceptable to J.P. Morgan for the Securities Account.

**"Securities Account"** has the meaning set forth in Section 2.1(a)(i).

**"Securities Depository"** means any securities depository, clearing corporation, dematerialized book entry system or similar system for the central handling of Securities.

**"Security Entitlement"** means the rights and property interests of an Entitlement Holder with respect to a Financial Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

**"Securities Intermediary"** means J.P. Morgan, a subcustodian, a Securities Depository and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

**"Security Procedure**" means the applicable security procedure to be followed by the Customer (and its Authorized Persons) and/or by J.P. Morgan, so as to enable J.P. Morgan to verify that an instruction is authorized. The applicable Security Procedure for different types of instructions may be set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement or in separate documentation, and may be updated by J.P. Morgan from time to time upon notice to the Customer. A Security Procedure may, without limitation, involve the use of User Codes, dual-factor authentication, telephone call backs, or third party utilities. For the avoidance of doubt, an authenticated SWIFT message issued in the name of the Customer through any third party utility that J.P. Morgan has approved as a utility through which Instructions may be provided hereunder, shall be deemed to have been verified through a Security Procedure.

**"U.S."** has the meaning set forth in Section 1.1(b).

"**USA PATRIOT Act**" has the meaning set forth in Section 6.8(a).

**"User Code"** means a password digital certificate, identifier (including biometric identifier), security device, algorithm, encryption or other similar procedure used by the Customer or an Authorized Person to access J.P. Morgan's systems, applications or products or to issue Instructions to J.P. Morgan.

"**U.S. Special Resolution Regime**" has the meaning set forth in Section 10.2.

Domestic Custody Agreement – New York – General – December 2021 <br> 5

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interpretation

<br> (i) Headings are for convenience of reference only and shall not in any way form part of or affect the construction or interpretation of any provision of this Agreement.

<br> (ii) Unless otherwise expressly stated to the contrary herein, references to Sections are to Sections of this Agreement and references to paragraphs are to paragraphs of the Sections in which they appear.

(iii) Unless the context requires otherwise, references in this Agreement to "persons" shall include legal as well as natural entities; references importing the singular shall include the plural (and vice versa) use of the term "including" shall be deemed to mean "including but not limited" to, and references to appendices and numbered sections shall be to such addenda and provisions herein.

(iv) Unless the context requires otherwise, any reference to a statute or a statutory provision shall include such statute or provision as from time to time modified to the extent such modification applies to any service provided hereunder. Any reference to a statute or a statutory provision shall also include any subordinate legislation made from time to time under that statute or provision.

(v) The Schedules, Appendices and Annexes to the Agreement are incorporated herein by reference and form part of the Agreement and shall have the same force and effect as if expressly set out in the body of the Agreement. If and to the extent that there is an inconsistency between the terms of the body of the Agreement and its Schedules, Appendices and Annexes, the terms of the body of the Agreement shall prevail unless expressly stated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **WHAT J.P. MORGAN IS REQUIRED TO DO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Set Up Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will establish and maintain the following accounts ("Accounts"):

(i) one or more accounts in the name of the Customer (or in another name requested by the Customer that is acceptable to J.P. Morgan) to which Financial Assets are or may be credited (each, a "Securities Account"), which may be held by J.P. Morgan, a subcustodian or a Securities Depository for J.P. Morgan on behalf of the Customer, including as an Entitlement Holder; and

<br> (ii) one or more cash accounts in the name of the Customer (each, a "Cash Account") (or in another name requested by the Customer that is acceptable to J.P. Morgan) for any and all cash received by or on behalf of J.P. Morgan for the account of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of the Customer, additional Accounts may be opened in the future, and such additional Accounts shall be subject to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Customer requests the opening of any additional Account for the purpose of holding collateral pledged by the Customer to a securities exchange, clearing corporation, or other central counterparty (a "Counterparty")
 to secure trading activity by the Customer, or the pledge to a Counterparty of cash or individual Securities held in an Account, that Account (or the pledged cash or Securities) shall be subject to the collateral arrangements in effect
 between J.P. Morgan and the Counterparty in addition to the terms of this Agreement.

Domestic Custody Agreement – New York – General – December 2021 <br> 6

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon not less than thirty (30) days' prior notice to the Customer, J.P. Morgan may close any Account for which J.P. Morgan has not received any Instructions for at least one (1) year or which J.P. Morgan otherwise reasonably determines
 to be dormant (each a "Dormant Account"). J.P. Morgan may, upon closure of a Dormant Account, move any Account Assets in that Account into another Account of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) J.P. Morgan's obligation to open Accounts pursuant to Section 2.1(a) is conditional upon J.P. Morgan receiving such of the following documents as J.P. Morgan may require:

<br> (i) a certified copy of the Customer's constitutional documents as in force at the time of receipt;

<br> (ii) evidence reasonably satisfactory to J.P. Morgan of the due authorization and execution of this Agreement by the Customer (for example by a certified copy of a resolution of the Customer's board of directors or equivalent governing body);

(iii) in cases where the Customer designates an investment manager, evidence reasonably satisfactory to J.P. Morgan of that appointment as an Authorized Person and of the officers and employees of the investment manager authorized to act with respect to the relevant Account;

<br> (iv) information about the Customer's financial condition, such as its audited and unaudited financial statements; and

<br> (v) in the case of any Account opened in a name other than that of the Customer, documentation with respect to that name similar to that set forth in paragraphs (i) – (iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Deposit of Cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any cash received by or on behalf of J.P. Morgan for the account of the Customer will be deposited in one or more Cash Accounts at J.P. Morgan in New York and will constitute a debt owing to the Customer by J.P. Morgan as banker,
 provided that while J.P. Morgan is not required to pay or charge interest on any such Cash Account, J.P. Morgan may, from time to time, in its discretion, pay interest on any such Cash Account (or charge interest if, at the time, the
 prevailing interest rate in the relevant market for similar deposits in the same currency is negative) at a rate to be determined by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amounts credited by J.P. Morgan to the Cash Account on the basis of a notice or a provisional credit from a third party, may be reversed if J.P. Morgan does not receive final payment in a timely manner. J.P. Morgan will notify the
 Customer promptly of any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan will make amounts deposited into a Cash Account held in the United States available in accordance with its availability policy, the current version of which is attached hereto as Annex B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Segregation and Registration of Assets; Nominee Name** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will identify in its books that those Financial Assets credited to the Customer's Securities Account belong to the Customer (except as may be otherwise agreed by J.P. Morgan and the Customer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan is authorized, in its discretion to:

<br> (i) hold in bearer form such Financial Assets as are customarily held in bearer form or are delivered to J.P. Morgan or its subcustodian in bearer form;

<br> (ii) hold Financial Assets in or deposit Financial Assets with any Securities Depository;

Domestic Custody Agreement – New York – General – December 2021 <br> 7

------

![](image00002.jpg)<br>

<br> (iii) hold Financial Assets in omnibus accounts on a fungible basis and accept delivery of Financial Assets of the same class and denomination as those deposited by the Customer;

<br> (iv) register in the name of the Customer, J.P. Morgan, a subcustodian, a Securities Depository or their respective nominees, such Financial Assets as are customarily held in registered form; and

<br> (v) decline to accept any asset or property which it deems to be unsuitable or inconsistent with its custodial operations.

(c) For the avoidance of doubt, unless J.P. Morgan has provided prior written approval, the Customer may not instruct a third party to register any Financial Asset in the name of J.P. Morgan, a subcustodian, a Securities Depository or any of their respective nominees. The Customer agrees that any Financial Asset registered in the name of J.P. Morgan, a subcustodian, a Securities Depository or any of their respective nominees without J.P. Morgan's authorization shall not be considered to be held in custody under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Settlement of Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3 and Section 4.2, J.P. Morgan will act in accordance with Instructions with respect to settlement of transactions. Settlement of transactions will be conducted in accordance with prevailing standards of the market in
 which the transaction occurs. Without limiting the generality of the foregoing, the Customer authorizes J.P. Morgan to deliver Financial Assets or cash payment in accordance with applicable market practice in advance of receipt or
 settlement of consideration expected in connection with such delivery or payment, and the Customer acknowledges and agrees that such action alone will not of itself constitute negligence, fraud, or willful misconduct of J.P. Morgan, and the
 risk of loss arising from any such action will be borne by the Customer. If the Customer's counterparty (or other appropriate party) fails to deliver the expected consideration as agreed, J.P. Morgan will notify the Customer of such failure
 as soon as reasonable practicible. If the Customer's counterparty continues to fail to deliver the expected consideration, J.P. Morgan will provide information reasonably requested by the Customer that J.P. Morgan has in its possession to
 allow the Customer to enforce its rights against the Customer's counterparty, but neither J.P. Morgan nor its subcustodians will be obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any
 similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent J.P. Morgan and the Customer have agreed to treat settlement of a transaction under the contractual settlement date accounting basis set forth in Section 2.5, J.P. Morgan will post such transaction on the date on
 which the cash or Financial Assets received as consideration for the transaction is actually received and settled by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan reserves the right to reverse any transactions that are credited to the Accounts due to mis-postings, errors and other similar actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Contractual Settlement Date Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In cases where J.P. Morgan and the Customer agree to do so, and subject to the other provisions of this Section 2.5, J.P. Morgan will effect book entries on a contractual settlement date accounting basis as described below with respect
 to the settlement for those Financial Assets and transactions as to which J.P. Morgan customarily offers contractual settlement date accounting.

Domestic Custody Agreement – New York – General – December 2021 <br> 8

------

![](image00002.jpg)<br>

<br> (i) Sales: On the settlement date for a sale, J.P. Morgan will credit the Cash Account with the proceeds of the sale and post the Securities Account as pending delivery of the relevant Financial Assets.

(ii) Purchases: On the settlement date for a purchase (or earlier, if market practice requires delivery of the purchase price before the settlement date), J.P. Morgan will debit the Cash Account for the settlement amount and will then post the Securities Account as awaiting receipt of the expected Financial Assets. The Customer will not be entitled to the delivery of Financial Assets until J.P. Morgan or a subcustodian actually receives them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan may reverse any book entries made pursuant to Section 2.5(a) prior to a transaction's actual settlement upon notice to the Customer if J.P. Morgan reasonably believes that the transaction will not settle in the ordinary
 course within a reasonable time. The Customer will be responsible for any Liabilities resulting from such reversal. The Customer acknowledges that the procedures described in Section 2.5 are of an administrative nature, and J.P. Morgan does
 not undertake to make loans of cash and/or Financial Assets to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan will make available on its website a list of the markets for which it provides contractual settlement date accounting. J.P. Morgan may add markets to or remove markets from the contractual settlement date accounting service
 upon notice to the Customer that is reasonable in the circumstances. Additionally, J.P. Morgan reserves the right to restrict in good faith the availability of contractual settlement date accounting for credit or operational reasons, either
 for individual Financial Assets, types of Financial Assets, counterparties or markets, or overall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Income Collection (AutoCredit**® **)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information publicly available in the applicable market about forthcoming income payments on the Financial Assets held in the Securities Account, and will promptly notify the Customer of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except in cases where J.P. Morgan agrees to offer the AutoCredit service described in paragraph (c) of this Section 2.6, J.P. Morgan shall not be required to credit income on Financial Assets, net of any taxes withheld by J.P. Morgan or
 any third party, prior to actual receipt and reconciliation by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In cases where J.P. Morgan agrees to provide the following service, J.P. Morgan will credit the Cash Account with the anticipated income proceeds on Financial Assets on the anticipated payment date, net of any taxes that are withheld by
 J.P. Morgan or any third party (such service hereinafter defined as "AutoCredit") for those Financial Assets and/or markets for which J.P. Morgan customarily offers an AutoCredit service. J.P. Morgan may reverse AutoCredit credits upon
 notice to the Customer if J.P. Morgan believes that the corresponding payment will not be received by J.P. Morgan within a reasonable period of time or the credit was incorrect. J.P. Morgan will make available on its website a list of the
 markets for which it provides AutoCredit. J.P. Morgan may add markets to or remove markets from the AutoCredit service upon notice to the Customer that is reasonable in the circumstances. Additionally, J.P. Morgan reserves the right to
 restrict in good faith the availability of AutoCredit for credit or operational reasons, either for individual Financial Assets, types of Financial Assets, counterparties or markets, or overall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) J.P. Morgan will use reasonable efforts to contact appropriate parties to collect unpaid interest, dividends or redemption proceeds and notify the Customer of the late payment; however, neither J.P. Morgan nor its subcustodians will be
 obliged to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

Domestic Custody Agreement – New York – General – December 2021 <br> 9

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Miscellaneous Administrative Duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until J.P. Morgan receives Instructions to the contrary, J.P. Morgan will:

<br> (i) present all Financial Assets for which J.P. Morgan has received written notice of a call for redemption or that have otherwise matured, and all income and interest coupons and other income items that call for payment upon presentation;

<br> (ii) execute in the name of the Customer such certificates as may be required to obtain payment in respect of Financial Assets; and

<br> (iii) exchange interim or temporary documents of title held in the Securities Account for definitive documents of title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that, as a result of holding Financial Assets in an omnibus account, the Customer receives fractional interests in Financial Assets arising out of a corporate action or class action litigation, J.P. Morgan will credit the
 Customer with the amount of cash the Customer would have received, as reasonably determined by J.P. Morgan, had the Financial Assets not been held in an omnibus account, and the Customer shall relinquish to J.P. Morgan its interest in such
 fractional interests.

(c) If some, but not all, of an outstanding class of Financial Assets is called for redemption, J.P. Morgan will allot the amount redeemed among J.P. Morgan's global custody customers who are the respective beneficial holders of such a class of Financial Assets in a manner that J.P. Morgan deems to be fair and equitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Corporate Actions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will act in accordance with local market practice to obtain information concerning Corporate Actions that is publicly available in the local market. J.P. Morgan also will review information obtained from sources to which J.P.
 Morgan subscribes for information concerning such Corporate Actions. J.P. Morgan will promptly provide that information (or summaries that reflect the material points concerning the applicable Corporate Action) to the Customer or its
 Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will act in accordance with the Customer's Instructions in relation to such Corporate Actions. If the Customer fails to provide J.P. Morgan with timely Instructions with respect to any Corporate Action, neither J.P. Morgan
 nor its subcustodians or their respective nominees will take any action in relation to that Corporate Action, except as otherwise agreed in writing by J.P. Morgan and the Customer or as may be set forth by J.P. Morgan as a default action in
 the notification it provides under Section 2.8(a) with respect to that Corporate Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Securities Litigation Services** 

Any notices received by J.P. Morgan's corporate actions department about settled securities class action litigation that requires action by affected owners of the underlying Financial Assets will be promptly notified to the Customer if J.P. Morgan, using reasonable care and diligence in the circumstances, identifies that the Customer was a shareholder and held the relevant Financial Assets in custody with J.P. Morgan at the relevant time. J.P. Morgan will not make filings in the name of the Customer in respect to such notifications except as otherwise agreed in writing between the Customer and J.P. Morgan.

Domestic Custody Agreement – New York – General – December 2021 <br> 10

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** **Proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will monitor information distributed to holders of Financial Assets about upcoming shareholder meetings, promptly notify the Customer of such information and, subject to Section 2.10(c), act in accordance with the Customer's
 Instructions in relation to such meetings (the "Proxy Voting Service").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Proxy Voting Service is available only in certain markets and for certain types of Financial Assets, details of which are available from J.P. Morgan on request. Provision of the Proxy Voting Service is conditional upon receipt by
 J.P. Morgan of a duly completed enrollment form as well as all documentation that may be required for certain markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Proxy Voting Service does not include physical attendance at shareholder meetings. Requests for physical attendance at shareholder meetings can be made but they will be evaluated and agreed to by J.P. Morgan on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Customer acknowledges that the provision of the Proxy Voting Service may be precluded or restricted under a variety of circumstances. These circumstances include, but are not limited to:

<br> (i) the Financial Assets being on loan or out for registration;

<br> (ii) the pendency of conversion or another corporate action;

<br> (iii) the Financial Assets being held in a margin or collateral account at J.P. Morgan or another bank or broker, pledged to a Counterparty, or otherwise in a manner which affects voting;

<br> (iv) local law or market practices, or restrictions by the issuer; and

(v) J.P. Morgan being required to vote all shares held for a particular issue for all of J.P. Morgan's customers on a uniform basis (i.e., a "yes" or "no" vote for the total position based on net voting instructions received from all its customers). Where this is the case, J.P. Morgan will notify the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** **Statements of Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will provide the Customer with electronic access to Account information (the "Information") that will enable the Customer to generate or receive reports and statements of account for each Account and to identify Account
 Assets as well as Account transactions. The Customer will review the Information and give J.P. Morgan written notice of (i) any suspected error or omission or (ii) the Customer's inability to access any such Information. The Customer will
 provide J.P. Morgan such notice within a reasonable time after (x) the Information is made available to the Customer or (y) the Customer discovers that it is unable to access the Information, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer acknowledges that Information available to it electronically with respect to transactions posted after the close of the prior business day may not be accurate due to mis-postings, delays in updating Account records, and
 other causes. J.P. Morgan will not be liable for any Liabilities arising out of any such information accessed electronically that is subsequently updated or corrected by the close of business on the first business day after the original
 transaction was posted.

Domestic Custody Agreement – New York – General – December 2021 <br> 11

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** **Access to J.P. Morgan's Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will, upon reasonable written notice, allow the Customer (and/or the Customer's auditors and independent public accountants if required for their examination of books and records pertaining to the Customer's affairs)
 reasonable access to the records of J.P. Morgan relating to the Accounts. Subject to restrictions under the relevant local law, J.P. Morgan shall direct any subcustodian to permit the Customer and its auditors and independent public
 accountants, reasonable access to the subcustodian's records of Financial Assets held in the Securities Account as may be required in connection with such examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer shall reimburse J.P. Morgan and its subcustodians for the reasonable cost of copying, collating and researching archived information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13** **Assets Not Controlled by J.P. Morgan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will not be obliged to (i) hold Account Assets with any person not agreed to by J.P. Morgan or (ii) register or record Financial Assets in the name of any person other than J.P. Morgan, a subcustodian, or their respective
 nominee or (iii) register or record Financial Assets in the name of J.P. Morgan or its nominee if J.P. Morgan concludes cannot be operationally supported or (iv) register or record on J.P. Morgan's records Financial Assets or cash held
 outside of J.P. Morgan's control. If, however, the Customer makes any such request and J.P. Morgan agrees to the request, the consequences of doing so will be at the Customer's own risk. <br>

J.P. Morgan shall not be responsible for the control of any such Financial Asset or cash, for verifying the Customer's initial or ongoing ownership of any such Financial Asset or cash or for income collection, proxy voting, class action litigation or Corporate Action notification and processing with respect to any such Financial Asset. Any transaction relating to the settlement of the purchase or sale of any such Financial Asset shall be treated for purposes of this Agreement as a cash only movement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time, at the Customer's request, J.P. Morgan may agree to hold in its vault on the Customer's behalf documentation relating to Financial Assets not held in J.P. Morgan's control. Notwithstanding anything in this Agreement to
 the contrary, J.P. Morgan shall not be responsible for reviewing this documentation for any purpose, including authenticity, sufficiency or relevance to the Financial Asset to which it purports to relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14** **Change Requests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If either party wishes to propose any amendment or modification to, or variation of, J.P. Morgan's services contemplated by this Agreement including the scope or details of the services (a **"Change"**)
 then it shall notify the other party of that fact by sending a request (a **"Change Request"**) to the other party, specifying in as much detail as is reasonably practicable the nature of the Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly following the receipt of a Change Request, the parties shall agree whether to implement the Change Request, whether implementation of the Change Request should result in a modification of the fees contemplated by Section 4.1,
 and the basis upon which J.P. Morgan will be compensated for implementing the Change Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a change to Applicable Law requires a Change, the parties shall follow the processes set forth in this Section to initiate a Change Request. If the change in Applicable Law results in a Change, or an increase in J.P. Morgan's costs or
 risk associated with provision of its services contemplated by this Agreement, J.P. Morgan shall be entitled to an appropriate increase in the fees contemplated by Section 4.1. J.P. Morgan shall bear its own costs with respect to
 implementing a Change Request based upon a change in Applicable Law except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) J.P. Morgan shall be entitled to charge the Customer for any changes to software that has been developed or customized for the Customer upon the Customer's request; and

Domestic Custody Agreement – New York – General – December 2021 <br> 12

------

![](image00002.jpg)<br>

(ii) J.P. Morgan shall be entitled to charge the Customer for any Changes required as a result of the change in Applicable Law affecting the Customer in a materially different way than it affects J.P. Morgan's other customers, or which the Customer wishes J.P. Morgan to implement in a way different from what J.P. Morgan reasonably intends to implement for its other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Acting on Instructions; Method of Instruction and Unclear Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer authorizes J.P. Morgan to accept, rely upon and/or act upon any Instructions received by it without inquiry. The Customer is solely responsible for the accuracy and completeness of Instructions, their proper delivery to J.P.
 Morgan, for updating Instructions as may be necessary to ensure their continued accuracy and completeness, and for monitoring their status. J.P. Morgan will not be responsible for any Liabilities resulting from the Customer's failure to
 perform these responsibilities.The Customer will indemnify the J.P. Morgan Indemnitees against, and hold each of them harmless from, any Liabilities that may be imposed on, incurred by, or asserted against the J.P. Morgan Indemnitees as a
 result of any action or omission taken in accordance with any Instruction, except to the extent that such Liabilities are caused by the fraud, negligence or willful misconduct of a J.P. Morgan Indemnitee in the manner in which it carries
 out the Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent possible, Instructions to J.P. Morgan shall be sent via an encrypted, electronic means using technology consistent with industry standards, or a trade information system acceptable to J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) J.P. Morgan shall promptly notify an Authorized Person if J.P. Morgan determines that an Instruction does not contain all information reasonably necessary for J.P. Morgan to carry out the Instruction. J.P. Morgan may decline to act upon
 an Instruction if it does not receive missing information, clarification or confirmation satisfactory to it. J.P. Morgan will not be liable for any Liabilities arising from any reasonable delay in carrying out any such Instruction while it
 seeks any such missing information, clarification or confirmation or in declining to act upon any Instruction for which it does not receive such missing information, clarification, or confirmation satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Verification and Security Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and the Customer shall comply with any applicable Security Procedures to permit J.P. Morgan to verify the authenticity of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to detect errors in, Instructions. The Customer shall promptly notify J.P. Morgan if it does not believe that any relevant Security
 Procedure is commercially reasonable, and its adherence to any Security Procedure without objection constitutes its agreement that it has determined the Security Procedure to be commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Customer and its Authorized Persons are solely responsible for ensuring that the User Codes are reasonably safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the User
 Codes are (or the Customer or its relevant Authorized Person reasonably suspects that the User Codes may be) lost, stolen, damaged, altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the
 Customer's or any Authorized Persons' access to J.P. Morgan's systems, applications or products, or any third party messaging platform through which the Instructions are transmitted, is revoked or suspended, or (iii) the Customer or an
 Authorized Person reasonably suspects any technical or security failure relating to any systems, applications or products of J.P. Morgan or any third party messaging platform through which the Instructions are transmitted, the Customer
 shall immediately cease using such system, application, product or platform and promptly notify J.P. Morgan. J.P. Morgan will, without undue delay, notify the Customer upon becoming aware of any technical or security failure relating to any
 systems, applications or products of J.P. Morgan that may impact the Customer or the Accounts.

Domestic Custody Agreement – New York – General – December 2021 <br> 13

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Instructions Contrary to Law/Market Practice** 

J.P. Morgan need not act upon Instructions that it reasonably believes are contrary to law, regulation or market practice and will not be responsible for any Liabilities resulting from not acting upon such Instruction. J.P. Morgan shall be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event that J.P. Morgan does not act upon such Instructions, J.P. Morgan will notify the Customer as such, as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Cut-Off Times** 

J.P. Morgan has established cut-off times for receipt of Instructions consistent with market practice, which will be made available to the Customer. If J.P. Morgan receives an Instruction after its established cut-off time, J.P. Morgan will attempt to act upon the Instruction on the day requested only if J.P. Morgan deems it practicable to do so or otherwise as soon as practicable after the day on which the Instruction was received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Electronic Access and Cybersecurity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Access by the Customer to certain systems, applications or products of J.P. Morgan shall be governed by this Agreement and the terms and conditions set forth in Annex A Electronic Access. The Customer and its Authorized Persons shall use
 User Codes, to access J.P. Morgan's systems, applications or products unless otherwise agreed by J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Customer and J.P. Morgan will maintain written cybersecurity policies and procedures which implement commercially reasonable administrative, technical, and physical safeguards that are aligned with industry security standards
 and that, among other things, protect against anticipated threats or hazards to the security or integrity of their respective systems and data. J.P. Morgan may in its discretion provide training or information on best practices to the
 Customer from time to time but in so doing it will not be considered a consultant or advisor with respect to cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Customer and J.P. Morgan will be responsible for the obtaining, proper functioning, maintenance and security of its own services, software, connectivity and other equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Recording of Telephone Communications** 

Either party may record any of their telephone communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO J.P. MORGAN** 

Domestic Custody Agreement – New York – General – December 2021 <br> 14

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Fees and Expenses** 

The Customer will pay J.P. Morgan for its services under this Agreement such fees as may be agreed upon by the parties in writing from time to time, together with J.P. Morgan's reasonable out-of-pocket expenses or incidental expenses, including, legal fees and tax or related fees incidental to processing charged directly or indirectly by governmental authorities, issuers or their agents. Invoices will be payable within thirty (30) days of the date of the invoice. J.P. Morgan also reserves the right to charge a reasonable account maintenance fee for any Dormant Account upon notice to the Customer. If the Customer disputes an invoice, it shall nevertheless pay, on or before the date that payment is due, such portion of the invoice that is not subject to a bona fide dispute. J.P. Morgan may deduct amounts invoiced from the Cash Account except such portion of the invoice that the Customer has objected to within thirty (30) days of the date of the invoice (or such other period as the parties may agree in writing). Without prejudice to J.P. Morgan's other rights, J.P. Morgan reserves the right to charge interest on overdue amounts from the due date until actual payment at such rate as J.P. Morgan customarily charges for similar overdue amounts. Unless expressly specified in this Agreement, any price or cost that J.P. Morgan may charge as the Customer's counterparty in the event J.P. Morgan enters into a principal transaction with the Customer are not treated as fees which must be agreed under this Agreement. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Overdrafts** 

If a debit to the Cash Account results or would result in a debit balance, then J.P. Morgan may, in its discretion, (i) advance an amount equal to the overdraft, (ii) refuse to settle in whole or in part the transaction causing such debit balance, or (iii) if any such transaction is posted to the Securities Account, reverse any such posting. If J.P. Morgan elects to make such an advance, the advance will be (A) deemed a loan to the Customer, payable either on demand or automatically upon the occurrence of any event with respect to the Customer that is specified in either Section 9.2(a)(ii) of this Agreement or Section 365(e)(1) of the U.S. Bankruptcy Code, as amended from time to time and (B) constitutes a Liability hereunder and is secured by the security interest granted in accordance with Section 4.3 (a) of this Agreement.. Any such advance will bear interest at the applicable rate charged by J.P. Morgan from time to time for such overdrafts, from the date of such advance to the date of payment (including after the date any judgment may be entered against the Customer with respect to any overdraft) and otherwise on the terms on which J.P. Morgan makes similar overdrafts available from time to time. No prior action or course of dealing on J.P. Morgan's part with respect to the settlement of transactions on the Customer's behalf will be asserted by the Customer against J.P. Morgan for J.P. Morgan's refusal to make advances to the Cash Account or refusal to settle any transaction for which the Customer does not have sufficient available funds in the Account. The Customer acknowledges that any advance made under this Agreement is intended to be treated as a "securities contract" for purposes of the U.S. Bankruptcy Code to the maximum extent permitted by that Code, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **J.P. Morgan's Right Over Account Assets; Set-off** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan shall have, and the Customer grants to J.P. Morgan, a first priority, perfected and continuing security interest in and a lien on all cash, Financial Assets and
 any other property of every kind that are credited to the Account or otherwise held for the Customer by J.P. Morgan pursuant to this Agreement or any other custody, deposit or escrow agreement between Customer and J.P. Morgan ("Account
 Assets") as security for any and all Liabilities of the Customer to J.P. Morgan arising out of this Agreement. J.P. Morgan will be entitled to all rights and remedies available to a secured party under Applicable Law with respect to the
 Account Assets, including, without notice to the Customer, withholding delivery of such Account Assets, selling or otherwise realizing any of such Account Assets and applying the proceeds and any other monies credited to the Cash Account in
 satisfaction of such Liabilities. For this purpose, J.P. Morgan may make such currency conversions as may be necessary at a foreign exchange rate determined by J.P. Morgan in its sole discretion for the sale and purchase of the relevant
 currencies.

Domestic Custody Agreement – New York – General – December 2021 <br> 15

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to J.P. Morgan's rights under Applicable Law, J.P. Morgan may set off against any Liabilities of the Customer owed to J.P. Morgan under this Agreement , any amount in any currency standing to the credit of any of the Customer's Accounts or any other accounts established pursuant to any other custody, deposit escrow agreement between Customer and J.P. Morgan. For
 this purpose, J.P. Morgan shall be entitled to effect such currency conversions as may be necessary at foreign exchange rates determined by J.P. Morgan in its sole discretion for the sale and purchase of the relevant currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **SUBCUSTODIANS AND SECURITIES DEPOSITORIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Use of Securities Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan and any subcustodian may deposit Financial Assets with, and hold Financial Assets in any Securities Depository on such terms as such Securities Depository customarily operates, and the Customer will provide J.P. Morgan with
 such documentation or acknowledgements that J.P. Morgan may require to hold the Financial Assets in such Securities Depository. On the basis of such terms, a Securities Depository may have a security interest or lien over, or right of
 set-off in relation to the Financial Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Liability for Securities Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan is not responsible for the selection or monitoring of any Securities Depository and will not be liable for any Liabilities arising out of any act or omission by (or the insolvency of) any Securities Depository. In the event
 the Customer incurs any Liabilities due to an act or omission, negligence, willful misconduct, fraud or insolvency of a Securities Depository, J.P. Morgan will make reasonable efforts, in its discretion, to seek recovery from the Securities
 Depository, but J.P. Morgan will not be obligated to institute legal proceedings, file a proof of claim in any insolvency proceeding or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ADDITIONAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Representations of the Customer and J.P. Morgan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer represents, warrants and covenants that (i) it has full authority and power, and has obtained all necessary authorizations and consents (including from the Customer's underlying clients, if applicable), to deposit and
 control the Account Assets, to use J.P. Morgan as its custodian in accordance with the terms of this Agreement, to incur overdrafts, and to grant a lien over Account Assets as contemplated by Section 4.3 and (ii) assuming execution and
 delivery of this Agreement by J.P. Morgan, this Agreement is the Customer's legal, valid and binding obligation, enforceable against the Customer in accordance with its terms and it has full power and authority to enter into and has taken
 all necessary corporate action to authorize the execution of this Agreement; (iii) there is no material administrative, civil or criminal proceeding pending or, to the knowledge of the Customer, threatened against the Customer; (iv) it has
 not relied on any oral or written representation made by J.P. Morgan or any person on its behalf, and acknowledges that this Agreement sets out to the fullest extent the duties of J.P. Morgan; (v) it is a resident of the State of Delaware,
 United States and shall notify J.P. Morgan of any changes in residency; (vi) the Financial Assets and cash deposited in the Accounts (other than those assets (A) pledged to a Counterparty pursuant to Section 2.1(c) or (B) held in Accounts
 established pursuant to certain account control agreements among the Customer, J.P. Morgan and secured party named therein, (A) and (B) collectively referred to as "Control Account Assets") are not subject to any encumbrance or security
 interest whatsoever and the Customer undertakes that, so long as Liabilities of the Customer under or in connection with this Agreement are outstanding, it will not create or permit to subsist any encumbrance or security interest over such
 Financial Assets or cash (other than Control Account Assets); (vii) no delivery of Account Assets by the Customer to J.P. Morgan and no Instruction by the Customer or its Authorized Persons with respect to such Account Assets will
 contravene Applicable Law; (viii) none of the Account Assets to be held under this Agreement are "plan assets" as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder
 except as otherwise expressly notified to J.P. Morgan; and (ix) it has and will comply with all Applicable Laws, including but not limited to, laws relating to the prevention and prosecution of money laundering and terrorist financing.

Domestic Custody Agreement – New York – General – December 2021 <br> 16

------

![](image00002.jpg)<br>

J.P. Morgan may rely upon the representations or certification of such other facts as may be required to administer J.P. Morgan's obligations under this Agreement and the Customer shall indemnify J.P. Morgan against all Liabilities arising directly or indirectly from any such certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan represents and warrants that (i) assuming execution and delivery of this Agreement by the Customer, this Agreement is J.P. Morgan's legal, valid and binding obligation, enforceable against J.P. Morgan in accordance with its
 terms and (ii) it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **The Customer is Liable to J.P. Morgan Even if it is Acting for Another Person** 

If the Customer is acting as an agent or for another person as contemplated by Section 2.1(a) in respect of any transaction, cash or Financial Asset, J.P. Morgan nevertheless will treat the Customer as its principal for all purposes under this Agreement. In this regard, the Customer will be liable to J.P. Morgan as a principal in respect of any Liabilities arising out of any transactions relating to the Account. The foregoing will not affect any rights J.P. Morgan might have against the Customer's principal or the other person envisaged by Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Special Settlement Services** 

J.P. Morgan may, but shall not be obliged to, make available to the Customer from time to time special settlement services (including continuous linked settlement) for transactions involving Financial Assets, cash, foreign exchange, and other instruments or contracts. The Customer shall comply, and shall cause its Authorized Persons to comply, with the requirements of any external settlement agency through which such settlements may be processed, including, without limitation, its rules and by-laws, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **The Customer to Provide Certain Information to J.P. Morgan** 

The Customer shall promptly provide to J.P. Morgan upon request such information about the Customer and its financial status as J.P. Morgan may reasonably request, including its current organizational documents and its current audited and unaudited financial statements.

Domestic Custody Agreement – New York – General – December 2021 <br> 17

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Information Concerning Deposits held by J.P. Morgan in the U.S.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Customer's Account is eligible for "pass through" deposit insurance from the Federal Deposit Insurance Corporation (the "FDIC") as set forth in the Federal Deposit Insurance Act and 12 CFR § 330, then the Customer acknowledges and
 agrees that if J.P. Morgan becomes insolvent or enters into receivership (hereinafter a "Bank Receivership"), the Customer will: (i) cooperate fully with J.P. Morgan and the FDIC in connection with determining the insured status of funds in
 each Account; and (ii) provide the FDIC with the information that identifies each beneficial owner and its interest in the funds in each such Account within 24 hours of the Bank Receivership, unless it falls within one of the enumerated
 exceptions in 12 CFR 370.5(b). The information described in (ii) must be sent to J.P. Morgan in the format specified by the FDIC (see: <u>www.fdic.gov/regulations/resources/recordkeeping/index.html</u>).
 J.P. Morgan shall provide the Customer an opportunity to validate its capability to deliver the information described in (ii) in the format specified by the FDIC so that a timely calculation of deposit insurance coverage for the
 Account can be completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer further acknowledges and agrees that following a Bank Receivership: (i) a hold will be placed on each Account once a receiver of J.P. Morgan is appointed so that the FDIC can conduct the deposit insurance determination and
 such hold will not be released until the FDIC obtains the necessary data to enable the FDIC to calculate the deposit insurance coverage for each Account; (ii) its failure to provide the necessary data to the FDIC may result in a delay in
 receipt of insured funds and legal claims against the Customer from the beneficial owners of the funds in the applicable Account; and (iii) failure to provide the data the FDIC requires may result in the applicable Account being frozen
 until the information is received, delaying receipt of FDIC insurance proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provisions in this Agreement, this section survives after the FDIC is appointed as J.P. Morgan's receiver, and the FDIC is considered a third party beneficiary of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Insurance** 

The Customer acknowledges that J.P. Morgan will not be required to maintain any insurance coverage specifically for the benefit of the Customer. J.P. Morgan will, however, provide summary information regarding its own general insurance coverage to the Customer upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Security Holding Disclosure** 

With respect to Securities and Exchange Commission Rule 14b-2 under the U.S. Shareholder Communications Act regarding disclosure of beneficial owners to issuers of Securities, J.P. Morgan is instructed not to disclose the name, address or Securities positions of the Customer in response to shareholder communications requests regarding the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **U.S. Regulatory Disclosure; Certain Information of the Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act") requires J.P. Morgan to implement reasonable procedures to verify the
 identity of any person that opens a new account with it. Accordingly, the Customer acknowledges that Section 326 of the USA PATRIOT Act and J.P. Morgan's identity verification procedures require J.P. Morgan to obtain information which may
 be used to confirm the Customer's identity, including, without limitation, the Customer's name, address and organizational documents ("Identifying Information"). The Customer agrees to provide J.P. Morgan with and consents to J.P. Morgan
 obtaining from third parties any such Identifying Information required as a condition of opening an account with or using any service provided by J.P. Morgan.

Domestic Custody Agreement – New York – General – December 2021 <br> 18

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer hereby acknowledges that J.P. Morgan is obliged to comply with AML/Sanctions Requirements and that J.P. Morgan shall not be liable for any action it or any J.P. Morgan Affiliate reasonably takes to comply with any
 AML/Sanctions Requirements, including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds, Financial Assets, or other assets. The Customer shall cooperate with J.P. Morgan's performance
 of its due diligence and other obligations concerning AML/Sanctions Requirements, including with regard to any Beneficial Owners (as defined below). In addition, the Customer agrees that (i) J.P. Morgan may defer acting upon an Instruction
 pending completion of any review under its policies and procedures for compliance with AML/Sanctions Requirements and (ii) Customer's utilization of Accounts as omnibus accounts to hold assets of Beneficial Owners is subject to J.P.
 Morgan's discretion. Furthermore, J.P. Morgan shall not be obliged to hold any "penny stock" (or other Financial Asset raising special anti-money laundering concerns) in any Account in which a Beneficial Owner has an interest, or to settle
 any transaction in which a Beneficial Owner has an interest, that relates to any "penny stock" or any such other Financial Asset. For the purposes of this section, "Beneficial Owner" means any person, other than the Customer, who has a
 direct or indirect beneficial ownership interest in any assets held in any of the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 6.9(c), J.P. Morgan will hold all Confidential Information in confidence and will not disclose any Confidential Information except as may be required by (i) Applicable Law or courts of competent jurisdiction; (ii)
 governmental, regulatory or supervisory authorities, or law enforcement agencies with jurisdiction over J.P. Morgan's businesses; or (iii) with the consent of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer authorizes J.P. Morgan to use Confidential Information (i) in connection with the provision of services to or administration of the relationship with the Customer, (ii) for any operational, credit or risk management
 purposes, (iii) for due diligence, verification or sanctions screening purposes or (iv) for the prevention or investigation of crime, fraud or any malpractice, including the prevention of terrorism, money laundering and corruption as well
 as for tax reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Customer authorizes J.P. Morgan to disclose Confidential Information to:

(i) any subcustodian, subcontractor, consultant, agent, , service provider, vendor, or any person that that J.P. Morgan believes is reasonably required, in connection with J.P. Morgan's provision of relevant services under this Agreement, provided they have agreed to keep such Confidential Information confidential or have internal policies in place to keep client confidential client information confidential;

(ii) any Securities Depository, securities exchange, central counterparty, custodian, depositary, trading venue, broker, proxy solicitor, issuer, or registrar that J.P. Morgan believes is reasonably required, in connection with J.P. Morgan's provision of relevant services under this Agreement;

<br> (iii) its and any J.P. Morgan Affiliate's professional advisors, auditors and public accountants, provided such advisors, auditors and accountants have a professional duty to hold such Confidential Information in confidence;

<br> (iv) its branches and any J.P. Morgan Affiliate, provided such Affiliates and branches are subject to similar obligations to maintain the confidentiality of Confidential Information in confidence;

<br> (v) any proposed assignee of J.P. Morgan's rights under this Agreement, provided they have agreed to keep such Confidential Information confidential or have internal policies in place to keep client confidential client information confidential; and

Domestic Custody Agreement – New York – General – December 2021 <br> 19

------

![](image00002.jpg)<br>

<br> (vi) any revenue authority or any governmental entity in relation to the processing of any tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10** **Use of J.P. Morgan's Name** 

The Customer agrees not to use (or permit the use of) J.P. Morgan's name in any document, publication or publicity material relating to the Customer, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of J.P. Morgan (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which J.P. Morgan's name is used merely states that J.P. Morgan is acting as custodian to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **WHEN J.P. MORGAN IS LIABLE TO THE CUSTOMER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Standard of Care; Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) J.P. Morgan will use reasonable care in performing its obligations under this Agreement. J.P. Morgan will not be in violation of this Agreement with respect to any matter as to which it has satisfied its obligation of reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will only be liable for the Customer's direct Liabilities and only to the extent they result from J.P. Morgan's fraud, negligence or willful misconduct in performing its duties as set out in this Agreement. Under no
 circumstances will J.P. Morgan be liable for (i) any loss of profits (whether direct or indirect) or (ii) any indirect, incidental, consequential or special damages of any form, incurred by any person or entity, whether or not foreseeable
 and regardless of the type of action in which such a claim may be brought, with respect to the Accounts, J.P. Morgan's performance or non-performance under this Agreement, or J.P. Morgan's role as custodian or banker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Customer will indemnify the J.P. Morgan Indemnitees against, and hold them harmless from, any Liabilities that may be imposed on, incurred by or asserted against any of the J.P. Morgan Indemnitees in connection with or arising out of
 (i) J.P. Morgan's performance under this Agreement, provided that the J.P. Morgan Indemnitee has not acted with negligence or engaged in fraud or willful misconduct in connection with the Liabilities in question or (ii) any J.P. Morgan
 Indemnitee's status as a holder of record of the Customer's Financial Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Customer agrees that J.P. Morgan provides no service in relation to, and therefore has no duty or responsibility to: (i) question Instructions or make any suggestions to the Customer or an Authorized Person regarding such
 Instructions; (ii) supervise or make recommendations with respect to investments or the retention of Financial Assets; (iii) advise the Customer or an Authorized Person regarding any default in the payment of principal or income on any
 Financial Asset other than as provided in Section 2.6(b); or (iv) evaluate or report to the Customer or an Authorized Person regarding the financial condition of any broker, agent or other party to which J.P. Morgan is instructed to deliver
 Account Assets. J.P. Morgan is not responsible or liable in any way for the genuineness or validity of any Security or instrument received, delivered or held by J.P. Morgan in physical form that appears to be genuine and valid.

Domestic Custody Agreement – New York – General – December 2021 <br> 20

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Force Majeure** 

J.P. Morgan will maintain and update from time to time business continuation and disaster recovery procedures with respect to its global custody business that it determines from time to time meet reasonable commercial standards. J.P. Morgan will not be liable, however, for any Liabilities of any nature that the Customer or any third party may suffer or incur as a result of causes beyond the reasonable control of J.P. Morgan which may include, but are not limited to, an act of God, fire, flood, epidemics, earthquakes or other disasters, civil or labor disturbance, war, terrorism, acts of any governmental authority or other acts or threats of any authority (de jure or de facto), legal constraint, fraud, theft or forgery (other than on the part of J.P. Morgan or its employees), cyber-attack, malfunction of equipment or software (except where such malfunction is primarily and directly attributable to J.P. Morgan's negligence in maintaining the equipment or software), currency re-denominations, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain (or interruption of) external communications facilities, power failures or the non-availability of appropriate foreign exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **J.P. Morgan May Consult With Counsel** 

J.P. Morgan will be entitled to rely on, and may reasonably act upon the advice of, professional advisors (which may be the professional advisors of the Customer) in relation to matters of law, regulation or market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **J.P. Morgan Provides Diverse Financial Services and May Generate Profits as a Result** 

The Customer hereby authorizes J.P. Morgan to act under this Agreement notwithstanding that: (a) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may have a material interest in transactions entered into by the Customer with respect to the Account or that circumstances are such that J.P. Morgan may have a potential conflict of duty or interest, including the fact that J.P. Morgan or J.P. Morgan Affiliates may act as a market maker in the Financial Assets to which Instructions relate, provide brokerage services to other customers, act as financial adviser to the issuer of such Financial Assets, act in the same transaction as agent for more than one customer, have a material interest in the issuance of the Financial Assets; or earn profits from any of the activities listed herein; and (b) J.P. Morgan or any of its divisions, branches or J.P. Morgan Affiliates may be in possession of information tending to show that the Instructions received may not be in the best interests of the Customer. J.P. Morgan is not under any duty to disclose any such information to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Ancillary Services** 

J.P. Morgan and its subcustodians may use third party providers of information regarding matters such as pricing, proxy voting, corporate actions and class action litigation and use local agents to provide extraordinary services such as attendance at annual meetings of issuers of Securities. Although J.P. Morgan will use reasonable care (and cause its subcustodians to use reasonable care) in the selection and retention of such third party providers and local agents, it will not be responsible for any errors or omissions made by those third party providers and local agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **TAXATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer will pay or reimburse J.P. Morgan, and confirms that J.P. Morgan is authorized to deduct from any cash received or credited to the Cash Account, any taxes or levies required by any revenue or governmental authority for
 whatever reason in respect of the Customer's Accounts.

Domestic Custody Agreement – New York – General – December 2021 <br> 21

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Customer will provide to J.P. Morgan such certifications, declarations, documentation, and information as it may require in connection with taxation, and warrants that, when given, this information is true and correct in every
 respect, not misleading in any way, and contains all material information. The Customer undertakes to notify J.P. Morgan immediately if any information requires updating or correcting. J.P. Morgan provides no service of controlling or
 monitoring, and therefore has no duty in respect of, or responsibility for any Liabilities (including any taxes, penalties, interest or additions to tax, whether payable or paid) that result from (i) the inaccurate completion of documents
 by the Customer or any third party; (ii) the provision to J.P. Morgan or a third party of inaccurate or misleading information by the Customer or any third party; (iii) the withholding of material information by the Customer or any third
 party; or (iv) any delay by any revenue authority or any other cause beyond J.P. Morgan's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If J.P. Morgan does not receive appropriate certifications, documentation and information then, as and when appropriate and required, tax shall be deducted from all income received in respect of the Financial Assets issued (including,
 but not limited to, withholding under United States Foreign Account Tax Compliance Act, United States non-resident alien tax and/or backup withholding tax, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Customer will be responsible in all events for the timely payment of all taxes relating to the Financial Assets in the Securities Account; provided, however, that J.P. Morgan will be responsible for any penalty or additions to tax
 due solely as a result of J.P. Morgan's negligent acts or omissions with respect to paying or withholding tax or reporting interest, dividend or other income paid or credited to the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Tax Relief Services with Respect to American Depository Receipts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Section 8.2, J.P. Morgan will provide (i) a "relief at source" service to obtain a reduction of withholding tax withheld as may be available in the applicable market in respect of income payments on
 American Depository Receipts ("ADRs") credited to the Securities Account that J.P. Morgan believes may be available to the Customer and/or (ii) a tax reclaim service on certain qualifying Financial Assets. To defray expenses pertaining to
 nominal tax claims, J.P. Morgan may from time-to-time set minimum thresholds as to a de minimis value of tax reclaims or reduction of withholding which it will pursue in respect of income payments under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provision of a tax relief service on ADRs by J.P. Morgan is conditional upon J.P. Morgan receiving from the Customer (i) a declaration of its identity and place of residence and (ii) certain other documentation (pro forma copies of
 which are available from J.P. Morgan), prior to the receipt of ADRs in the Securities Account and/or the payment of income. If Financial Assets comprised of ADRs credited to the Securities Account are beneficially owned by someone other
 than the Customer, this information will need to be provided to J.P. Morgan with respect to the beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **TERM AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Term and Termination for Convenience** 

The initial term of this Agreement shall be for a period of one (1) year following the date on which J.P. Morgan commenced providing services under this Agreement ("Initial Term").

Following the Initial Term, the Customer may terminate this Agreement by giving not less than sixty (60) days' prior written notice to J.P. Morgan and J.P. Morgan may terminate this Agreement on one hundred and eighty (180) days' prior written notice to the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Other Grounds for Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either party may terminate this Agreement immediately on written notice to the other party upon the occurrence of any of the following:

Domestic Custody Agreement – New York – General – December 2021 <br> 22

------

![](image00002.jpg)<br>

(i) the other party commits any material breach of this Agreement and fails to remedy such breach (if capable of remedy) within thirty (30) days of the party in breach being given written notice of the material breach, unless the parties agree to extend the period to remedy the breach; or

(ii) the other party (A) admits in writing its inability or is generally unable to pay its debts as they become due; (B) institutes, consents to or is otherwise subject to the institution of any proceeding under title 11 of the United States Code, as in effect from time to time, or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, composition with creditors, wind-down, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States or other applicable jurisdiction from time to time in effect and affecting the rights of creditors, generally; (C) is subject to an involuntary order for the transfer of all or part of its business by a statutory authority; (D) has any of its issued shares suspended from trading on any exchange on which they are listed (if applicable); or (E) is the subject of a measure similar to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan or Customer may terminate this Agreement by giving not less than sixty (60) days' prior written notice to the other party in the event that the terminating party reasonably determines that the other party has ceased to
 satisfy the terminating party's customary credit requirements or J.P. Morgan reasonably determines that servicing the Customer raises reputational or regulatory concerns or, after the Initial Term, the Customer reasonably determines that
 the custody of the Customer's assets with J.P. Morgan raises reputational or regulatory concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Initial Term, either party may terminate this Agreement by giving not less than sixty (60) days' prior written notice to the other party in the event the terminating party has formally resolved to wind down its operations or
 liquidate substantially all of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Exit Procedure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Customer will provide J.P. Morgan full details of the persons to whom J.P. Morgan must deliver Account Assets within a reasonable period before the effective time of termination of this Agreement. If the Customer fails to provide
 such details in a timely manner, J.P. Morgan shall be entitled to continue to be paid fees under this Agreement until such time as it is able to deliver the Account Assets to a successor custodian, but J.P. Morgan may take such steps as it
 reasonably determines to be necessary to protect itself following the effective time of termination, including ceasing to provide transaction settlement services in the event that J.P. Morgan is unwilling to assume any related credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) J.P. Morgan will in any event be entitled to deduct any amounts owing to it from the Cash Account prior to delivery of the Account Assets. In the event that insufficient funds are available in the Cash Account, the Customer agrees that
 J.P. Morgan may, in such manner and, at such time or times as J.P. Morgan in its sole discretion sees fit, liquidate any Financial Assets in the Securities Account that J.P. Morgan, in its sole discretion, may select in order to deduct such
 amount from the proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Customer will reimburse J.P. Morgan promptly for all reasonable out-of-pocket expenses it incurs in delivering Financial Assets upon termination. Termination will not affect any of the Liabilities either party owes to the other
 arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon termination, the Customer will provide J.P. Morgan with contact information and payment instructions for any matters arising after termination.

Domestic Custody Agreement – New York – General – December 2021 <br> 23

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Customer and J.P. Morgan have agreed otherwise, J.P. Morgan may, subject to Applicable Law, provide any notice to Customer required under this Agreement, other than a notice pursuant to Section 9, by either posting it on J.P.
 Morgan's website or portal or, at its option, by other reasonable means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices pursuant to Section 9 shall be sent or served by registered mail, nationally recognized delivery service, courier service or hand delivery to the address of the respective party as set out on the first page of this Agreement,
 unless at least two (2) days' prior written notice of a new address is given to the other party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Successors and Assigns** 

This Agreement will be binding on each of the parties' successors and assigns. The parties agree that neither party can assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld, delayed or conditioned. Nevertheless, the foregoing restriction on transfer shall not apply to any assignment or transfer by J.P. Morgan to any J.P. Morgan Affiliate or in connection with a merger, reorganization, stock sale or sale of all or substantially all of J.P. Morgan's custody business. Furthermore, and notwithstanding anything to the contrary in this Agreement, in the event J.P. Morgan becomes subject to a resolution proceeding under the Federal Deposit Insurance Act (12 U.S.C. 1811–1835a) or Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381–5394) and regulations promulgated under those statutes (each, a "U.S. Special Resolution Regime") the transfer of this Agreement (and any interest and obligation in or under, and any property securing, the Agreement) from J.P. Morgan will be effective to the extent effective under the U.S. Special Resolution Regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Entire Agreement and Amendments** 

This Agreement, including any Schedules, Exhibits, Annexes and Riders (and any separate agreement which J.P. Morgan and the Customer may enter into with respect to any Cash Account), sets out the entire agreement between the parties in connection with the subject matter hereof, and this Agreement supersedes any other agreement, statement or representation relating to custody, whether oral or written. The parties may enter into one or more non-binding service level documents on terms agreed by the parties and may vary any service level document by agreement at any time. The service level document will not form part of this Agreement. To the extent inconsistent with this Agreement, J.P. Morgan's electronic access terms and conditions shall not apply to matters arising under this Agreement. Amendments must be in writing and signed by both parties, except where this Agreement provides for amendments by notice from J.P. Morgan. Where an amendment is required as a result of a change in Applicable Law, J.P. Morgan will give the Customer prior written notice and such amendment shall take effect upon the date specified in such notice.

Domestic Custody Agreement – New York – General – December 2021 <br> 24

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Governing Law and Jurisdiction** 

This Agreement will be construed, regulated and administered under the laws of the United States or the State of New York, as applicable, without regard to New York's principles regarding conflict of laws, except that the foregoing shall not reduce any statutory right to choose New York law or forum. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the parties waive any objection to venue or their convenience as a forum. The parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Law, any right to statutory prejudgment interest and a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction the Customer may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Customer shall not claim, and it hereby irrevocably waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **Severability; Waiver; Survival** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or
 provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, no failure or delay on the part of either party in exercising any power or right under this Agreement operates as a waiver, nor does any single or partial exercise of any power or right preclude any
 other or further exercise, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement, or waiver of any breach or default, is effective unless it is in writing and signed by the party against whom
 the waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties' rights, protections and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** **Counterparts** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** **No Third Party Beneficiaries** 

Except as expressly provided herein, a person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

Domestic Custody Agreement – New York – General – December 2021 <br> 25

------

![](image00002.jpg)<br>

---

| | | | |
|:---|:---|:---|:---|
| **GRAHAM CASH ASSETS LLC**  | **GRAHAM CASH ASSETS LLC**  | **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| By:  | /s/ Brian Douglas | By: | /s/ Nicole Olech |
| Name: | Brian Douglas | Name: | Nicole Olech |
| Title: | CEO of Graham Capital <br> Management, L.P., manager  | Title: | Vice President |
| Date: | 8.23.2022 | Date: | August 25, 2022 |

---

Domestic Custody Agreement – New York – General – December 2021 <br> 26

------

![](image00002.jpg)<br>

#### ANNEX A

#### Electronic Access
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. J.P. Morgan may permit the Customer, and its Authorized Persons and other persons designated by the Customer or its Authorized Persons (collectively "Users"), to access certain electronic systems and applications (collectively, the
 "Products") and to access or receive Data (as defined below) electronically in connection with the Agreement. J.P. Morgan may, from time to time, introduce new features to the Products or otherwise modify or delete existing features of the
 Products in its sole discretion. J.P. Morgan shall endeavor to give the Customer reasonable notice of its termination or suspension of access to the Products, including suspension or cancelation of any User Codes, but may do so immediately
 if J.P. Morgan determines, in its sole discretion, that providing access to the Products would violate Applicable Law or that the security or integrity of the Products is known or suspected to be at risk. Access to the Products shall be
 subject to the Security Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In consideration of the fees paid by the Customer to J.P. Morgan and subject to any applicable software license addendum in relation to J.P. Morgan-owned or sublicensed software provided for a particular application and Applicable Law,
 J.P. Morgan grants to the Customer a non-exclusive, non-transferable, limited and revocable license to use the Products and the information and data made available through the Products or transferred electronically (the "Data") for the
 Customer's internal business use only. The Customer may download the Data and print out hard copies for its reference, provided that it does not remove any copyright or other notices contained therein. The license granted herein will permit
 use by the Users, provided that such use shall be in accordance with the terms of the Agreement, including this Annex. The Customer will not disclose or distribute (and will cause the Users not to disclose or distribute) to any other party,
 or allow any other party to access, inspect or copy the Products or any Data, except as reasonably necessary in the course of Customer's management or administration of the funds or accounts for which services are provided under this
 Agreement. The Customer acknowledges that elements of the Data, including prices, Corporate Action information, and reference data, may have been licensed by J.P. Morgan from third parties and that any use of such Data beyond that
 authorized by the foregoing license, may require the permission of one or more third parties in addition to J.P. Morgan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Customer acknowledges that there are security, cyberfraud, corruption, transaction error and access availability risks associated with using open networks such as the internet to access and use the Products, and the Customer hereby
 expressly assumes such risks. The Customer is solely responsible for obtaining, maintaining and operating all systems, software (including antivirus software, anti-spyware software, and other internet security software) and personnel
 necessary for the Customer and its Users to access and use the Products. All such software must be interoperable with J.P. Morgan's software. Each of the Customer and J.P. Morgan shall be responsible for the proper functioning, maintenance
 and security of its own systems, services, software and other equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In cases where J.P. Morgan's website or the Products are unexpectedly down or otherwise unavailable, J.P. Morgan shall, absent a force majeure event, provide other appropriate means for the Customer or its Users to instruct J.P. Morgan
 or obtain reports from J.P. Morgan. J.P. Morgan shall not be liable for any Liabilities arising out of the Customer's use of, access to or inability to use the Products in the absence of J.P. Morgan's gross negligence, fraud or willful
 misconduct.

Domestic Custody Agreement – New York – General – December 2021 <br> 27

------

![](image00002.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Use of the Products may be monitored, tracked, and recorded. In using the Products, the Customer hereby expressly consents to, and will ensure that its Users are advised of and have consented to, such monitoring, tracking and recording,
 and J.P. Morgan's right to disclose data derived from such activity in accordance with the Agreement, including this Annex. J.P. Morgan shall own all right, title and interest in the data reflecting the Customer usage of the Products or
 J.P. Morgan's website (including general usage data and aggregated transaction data), provided that J.P. Morgan's use of such data shall remain, subject to its obligations of confidentiality set forth in this Agreement. Individuals and
 organizations should have no expectation of privacy unless local law, regulation, or contract provides otherwise. The Customer hereby expressly consents, and will ensure that its Users are advised of and have consented to, J.P. Morgan's
 collection, storage, use and transfer (including to or through jurisdictions that do not provide the same statutory protection as the originating jurisdictions(s)) of their personal data. Any personal data collected through, or in
 connection with, the Customer's use of the Products shall be subject to J.P. Morgan's Privacy Policy (available at: <u>https://www.jpmorgan.com/global/privacy</u>) and Cookies Policy (available at: <u>https://www.jpmorgan.com/global/cookies</u>), each as updated from time to time and incorporated herein by reference .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Customer shall not knowingly upload, post or transmit to or distribute or otherwise publish through the Products or J.P. Morgan's website any materials which (i) restrict or inhibit any other user from using and enjoying the Products
 or the website, (ii) are defamatory, offensive, explicit, or indecent, (iii) infringe the rights of third parties including intellectual property rights, (iv) contain a virus, Trojan horse, worm, time bomb, cancelbot or other harmful
 component, or (v) constitute or contain false or misleading information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Customer shall promptly and accurately designate in writing to J.P. Morgan the geographic location of its Users upon written request. The Customer shall not access, and shall not permit its Users to access, the service from any
 jurisdiction where J.P. Morgan informs the Customer, or where the Customer has actual knowledge, that the service is not authorized for use due to local regulations or laws, including applicable software export rules and regulations. Prior
 to submitting any document which designates the Users, the Customer shall obtain from each User all necessary consents to enable J.P. Morgan to process data concerning that User for the purposes of providing the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Customer will be subject to and shall comply with Applicable Law with regard to its use of the Products, including Applicable Law concerning restricting collection, use, disclosure, processing and free movement of the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Customer shall be responsible for the compliance of its Users with the terms of this Annex.

Domestic Custody Agreement – New York – General – December 2021 <br> 28

------

![](image00002.jpg)<br>

#### ANNEX B

#### Availability Policy and Schedule – U.S. Accounts Held with JPMorgan Chase Bank, N.A. for

#### U.S. Custody Clients
J.P. Morgan will make funds available on U.S. dollar deposits to account held in the U.S. by JPMorgan Chase Bank, N.A. on the same or next business day after the day of deposit depending on the type of deposit and in accordance with the below:

**Determining the Day of Deposit:** If a deposit is made to an account on a business day before the cut-off time established for that deposit channel (as outlined below) then J.P. Morgan will consider that day to be the day of deposit. However, if a deposit is made after the cut-off time or on a day that is not a business day, then J.P. Morgan will consider the deposit to have been made no later than the next business day. For determining the availability of deposits, every day is a business day, except Saturdays, Sundays, and federal banking holidays. Availability with respect to any deposit will be determined by how the deposit was received. Please note that J.P. Morgan may be unable to process a deposit in accordance with this availability schedule if required final beneficiary details are not provided, correctly formatted with the deposit.

<u>Deposit channels and cut-off times for U.S. Custody clients</u>

Wire Transfers: 5:30pm ET NY Time

Checks: 12:00pm ET or 12:00pm CT depending upon location to which check is sent.

**Same Day Availability:** Funds from the following deposits will be made available on the day of deposit:

<br> • Wire transfers

<br> • U.S. Dollar denominated checks drawn on accounts held with JPMorgan Chase Bank, N.A. in the U.S.

**Next Day Availability:** Funds from the following deposits will be made available on the first business day after the day of deposit:

<br> • All U.S. Dollar denominated checks that are payable to the Client drawn on banks other than JPMorgan Chase Bank, N.A. in the U.S.

This Availability Policy and Schedule may be changed without notice and such updated materials will be made available to you on J.P. Morgan Markets, Market Intelligence and by our newsflash distribution for subscribers.

**Note**: Separate availability policies and schedules are applicable for U.S. dollar accounts held with other lines of business within J.P. Morgan in the U.S, or where clients have subscribed to deposit services outside U.S. Custody.

Domestic Custody Agreement – New York – General – December 2021 <br> 29

------

## Exhibit 31.1

------

#### Exhibit 31.1
CERTIFICATION

I, Brian Douglas, certify that:

1. I have reviewed this annual report on Form 10-K of Graham Alternative Investment Fund I LLC Core Macro Portfolio (the "registrant") and Graham Alternative Investment Fund I LLC ("GAIF I"). For purposes of this certification, as the registrant is the sole series of GAIF I, any references to the registrant necessarily refer to GAIF I as well;

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 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 15(d)-15(f)) for the registrant and have:

(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;

(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;

(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

(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 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):

<br> (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

<br> (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 26, 2026

<u>/s/ Brian Douglas</u>

Brian Douglas

Principal Executive Officer

Graham Capital Management, L.P.

------

## Exhibit 31.2

------

#### Exhibit 31.2
CERTIFICATION

I, George Schrade, certify that:

1. I have reviewed this annual report on Form 10-K of Graham Alternative Investment Fund I LLC Core Macro Portfolio (the "registrant") and Graham Alternative Investment Fund I LLC ("GAIF I"). For purposes of this certification, as the registrant is the sole series of GAIF I, any references to the registrant necessarily refer to GAIF I as well;

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 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 15(d)-15(f)) for the registrant and have:

(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;

(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;

(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

(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 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):

<br> (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

<br> (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 26, 2026

<u>/s/ George Schrade</u>

George Schrade

Principal Financial Officer

Graham Capital Management, L.P.

------

## Exhibit 32.1

------

#### Exhibit 32.1
CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, George Schrade, Principal Financial Officer of Graham Capital Management, L.P. and I, Brian Douglas, Principal Executive Officer of Graham Capital Management, L.P., certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

<br> 1. The Annual Report on Form 10-K of Graham Alternative Investment Fund I LLC Core Macro Portfolio (the "registrant") for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 26, 2026

<u>/s/ George Schrade</u>

George Schrade

Principal Financial Officer

Graham Capital Management, L.P.

<u>/s/ Brian Douglas</u>

Brian Douglas

Principal Executive Officer

Graham Capital Management, L.P.

------

<br>