# EDGAR Filing Document

**Accession Number:** 0000888471
**File Stem:** 0000888471-25-000010
**Filing Date:** 2025-11
**Character Count:** 147764
**Document Hash:** b2d0e9746c77a4f398ed4057b0348ff6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000888471-25-000010.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000888471-25-000010

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NESTOR PARTNERS
- **CENTRAL INDEX KEY:** 0000888471
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 222149317
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50725
- **FILM NUMBER:** 251479219

**BUSINESS ADDRESS:**
- **STREET 1:** MILLBURN RIDGEFIELD
- **STREET 2:** 441 W PUTNAM AVE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 2123327333

**MAIL ADDRESS:**
- **STREET 1:** C/O MILLBURN RIDGEFIELD CORPORATION
- **STREET 2:** 55 WEST 46TH STREET, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

?xml version='1.0' encoding='ASCII'? c471-20250930x10q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

    <br> <u> ⌧ </u> <u>Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</u>

For the Quarterly Period Ended: September 30, 2025

Or

    <br> <u> □ </u> <u>Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</u>

Commission File Number: 000-50725

NESTOR PARTNERS

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| New Jersey  | 22-2149317  |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |

---

c/o MILLBURN RIDGEFIELD LLC

55 West 46<sup>th</sup> Street, 31<sup>st</sup> Floor

New York, NY 10036

(Address of principal executive offices) (Zip code)

(212) 332-7300

(Registrant's telephone number, including area code)

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;**none** | &nbsp;&nbsp;**none** | &nbsp;&nbsp;**none** |

---

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 ⌧ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No □

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No □

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer □ | Accelerated filer □ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes □ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

------

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| | |
|:---|:---|
| PART 1. FINANCIAL INFORMATION |  |
| ITEM 1. FINANCIAL STATEMENTS |  |
| Nestor Partners |  |
| Financial statements |  |
| For the three and nine months ended September 30, 2025 and 2024 (unaudited) |  |
| Statements of Financial Condition (a) | 1 |
| Condensed Schedules of Investments (a) | 2 |
| Statements of Operations (b) | 6 |
| Statements of Changes in Partners' Capital (c) | 8 |
| Statements of Financial Highlights (b) | 9 |
| Notes to the Financial Statements | 10 |
| (a) At September 30, 2025 (unaudited) and December 31, 2024  |  |
| (b) For the three and nine months ended September 30, 2025 and 2024 (unaudited) |  |
| (c) For the nine months ended September 30, 2025 and 2024 (unaudited) |  |

---

‎

------

---

| | | |
|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Statements of Financial Condition** | **Statements of Financial Condition** | **Statements of Financial Condition** |
|  | **September 30, 2025 (unaudited)** | **December 31, 2024** |
| **ASSETS** |  |  |
| EQUITY IN TRADING ACCOUNTS: |  |  |
| &nbsp;&nbsp;Investments in U.S. Treasury notes - at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost $24,114,110 and $21,132,300) | $24130106 | $21155457 |
| &nbsp;&nbsp;Net unrealized appreciation on open futures and forward |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency contracts | 795090 | 862180 |
| &nbsp;&nbsp;Due from brokers, net | 1405240 | 3224562 |
| &nbsp;&nbsp;Cash denominated in foreign currencies (cost $843,441 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and $369,306) | 832852 | 344936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity in trading accounts | 27163288 | 25587135 |
| INVESTMENTS IN U.S. TREASURY NOTES - at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost $78,986,255 and $84,017,183) | 79067114 | 84096306 |
| CASH AND CASH EQUIVALENTS | 2554305 | 5702804 |
| ACCRUED INTEREST RECEIVABLE | 464234 | 667071 |
| TOTAL | $109248941 | $116053316 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;Capital contributions received in advance | $2700 | $56857 |
| &nbsp;&nbsp;Net unrealized depreciation on open futures and forward  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;currency contracts | 205600 | 14702 |
| &nbsp;&nbsp;Accrued management fees | 71709 | 78666 |
| &nbsp;&nbsp;Accrued installment selling commissions | 51487 | 60511 |
| &nbsp;&nbsp;Accrued trade execution and clearing costs | 5022 | 10010 |
| &nbsp;&nbsp;Due to brokers, net | 756929 | - |
| &nbsp;&nbsp;Cash overdraft denominated in foreign currencies (cost $221,821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and $0) | 222505 | - |
| &nbsp;&nbsp;Accrued expenses | 114346 | 71197 |
| &nbsp;&nbsp;Capital withdrawals payable to Limited Partners | 674994 | 835909 |
| &nbsp;&nbsp;Capital withdrawals payable to General Partner | - | 336603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2105292 | 1464455 |
| PARTNERS' CAPITAL | 107143649 | 114588861 |
| TOTAL | $109248941 | $116053316 |
| See notes to financial statements (unaudited) |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** |
| **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** |
| **Futures and Forward Currency Contracts** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation) as a % of<br>‎Partners' Capital** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation)** |
| FUTURES CONTRACTS |  |  |
| &nbsp;&nbsp;Long futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.00% | $2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | (0.07) | (71390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Year U.S. Treasury Bond (24 contracts, settlement date December 2025) | 0.01 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (0.08) | (87264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | (0.07) | (81389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 0.57 | 614892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | (0.00) | (3072) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.15 | 160537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long futures contracts | 0.58 | 622523 |
| &nbsp;&nbsp;Short futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | (0.00) | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.02 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grains | 0.37 | 393970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Year U.S. Treasury Note (111 contracts, settlement date December 2025) | 0.01 | 5594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (0.05) | (50467) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | (0.04) | (44873) |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (0.50) | (539517) |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.01 | 7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | (0.08) | (81120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short futures contracts | (0.22) | (237487) |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS - Net | 0.36 | 385036 |
| FORWARD CURRENCY CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long forward currency contracts | (0.12) | (124808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short forward currency contracts | 0.31 | 329262 |
| TOTAL INVESTMENTS IN FORWARD CURRENCY  |  |  |
| &nbsp;&nbsp;CONTRACTS - Net | 0.19 | 204454 |
| TOTAL | 0.55% | $589490 |
|  |  | (Continued) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** |
| **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** |
| **U.S. TREASURY NOTES** | **U.S. TREASURY NOTES** |  |  |
| **Face <br>‎Amount** | **Description** | **Fair Value as a % of Partners' Capital** | **Fair Value** |
| $35552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury notes, 2.250%, 11/15/2025 | 33.12% | $35477702 |
| 34779000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury notes, 1.625%, 02/15/2026 | 32.19 | 34490307 |
| 33879000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury notes, 1.500%, 08/15/2026 | 31.01 | 33229211 |
|  | **TOTAL INVESTMENTS IN U.S. TREASURY** |  |  |
|  | &nbsp;&nbsp;**NOTES (amortized cost $103,100,365)** | 96.32% | $103197220 |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  | (Concluded) |

---

‎

------

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| | | |
|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Futures and Forward Currency Contracts** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation) as a % of<br>‎Partners' Capital** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation)** |
| FUTURES CONTRACTS |  |  |
| &nbsp;&nbsp;Long futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | (0.03)% | $(30910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.51 | 578925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (0.11) | (122025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (0.52) | (598495) |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.03 | 37588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | (0.27) | (315087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long futures contracts | (0.39) | (449364) |
| &nbsp;&nbsp;Short futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.12 | 134284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | (0.07) | (75482) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grains | (0.09) | (102126) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Year U.S. Treasury Note (235 contracts, settlement date March 2025) | 0.02 | 25641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (0.03) | (34926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | (0.01) | (9285) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 0.34 | 387826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.05 | 58994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.15 | 171660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short futures contracts | 0.49 | 565871 |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS - Net | 0.10 | 116507 |
| FORWARD CURRENCY CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long forward currency contracts | (1.98) | (2270433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total short forward currency contracts | 2.62 | 3001404 |
| TOTAL INVESTMENTS IN FORWARD CURRENCY  |  |  |
| &nbsp;&nbsp;CONTRACTS - Net | 0.64 | 730971 |
| TOTAL | 0.74% | $847478 |
|  |  | (Continued) |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **U.S. TREASURY NOTES** | **U.S. TREASURY NOTES** |  |  |
| **Face <br>‎Amount** | **Description** | **Fair Value as a % of Partners' Capital** | **Fair Value** |
| $35552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury notes, 2.000%, 02/15/2025 | 30.94% | $35452010 |
| 34879000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury notes, 2.125%, 05/15/2025 | 30.20 | 34608552 |
| 35679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury notes, 2.000%, 08/15/2025 | 30.71 | 35191201 |
|  | **TOTAL INVESTMENTS IN U.S. TREASURY** |  |  |
|  | &nbsp;&nbsp;**NOTES (amortized cost $105,149,483)** | 91.85% | $105251763 |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  | (Concluded) |

---

‎

------

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| | | |
|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** |
|  | **For the three months ended** | **For the three months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;Interest income, net | $1144795 | $1525675 |
| EXPENSES: |  |  |
| Brokerage and management fees: |  |  |
| &nbsp;&nbsp;Management fees | 221275 | 260511 |
| &nbsp;&nbsp;Installment selling commissions | 157750 | 182819 |
| &nbsp;&nbsp;Trade execution and clearing costs | 112539 | 122138 |
| Total brokerage and management fees | 491564 | 565468 |
| &nbsp;&nbsp;Administrative expenses | 69299 | 75768 |
| &nbsp;&nbsp;Custody fees and other expenses | 9128 | 6922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 569991 | 648158 |
| NET INVESTMENT INCOME | 574804 | 877517 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |
| Net realized (losses) on closed positions: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | (4328188) | (9013213) |
| &nbsp;&nbsp;Foreign exchange transactions | (70668) | (13655) |
| Net change in unrealized: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | 786680 | (2216094) |
| &nbsp;&nbsp;Foreign exchange translation | (16933) | 8543 |
| Net gains from U.S. Treasury notes: |  |  |
| &nbsp;&nbsp;Realized | - | 4811 |
| &nbsp;&nbsp;Net change in unrealized | 102272 | 234891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized losses | (3526837) | (10994717) |
| NET LOSS | (2952033) | (10117200) |
| LESS PROFIT SHARE TO (FROM) GENERAL PARTNER | - | (385367) |
| NET LOSS AFTER PROFIT SHARE TO (FROM)  |  |  |
| &nbsp;&nbsp;GENERAL PARTNER | $(2952033) | $(9731833) |
| See notes to financial statements (unaudited) |  |  |

---

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| | | |
|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** |
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;Interest income, net | $3592962 | $4695181 |
| EXPENSES: |  |  |
| Brokerage and management fees: |  |  |
| &nbsp;&nbsp;Management fees | 690502 | 818324 |
| &nbsp;&nbsp;Installment selling commissions | 487707 | 597811 |
| &nbsp;&nbsp;Trade execution and clearing costs | 312947 | 401035 |
| Total brokerage and management fees | 1491156 | 1817170 |
| &nbsp;&nbsp;Administrative expenses | 210471 | 229442 |
| &nbsp;&nbsp;Custody fees and other expenses | 27001 | 17848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1728628 | 2064460 |
| NET INVESTMENT INCOME | 1864334 | 2630721 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |
| Net realized gains (losses) on closed positions: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | (5229935) | 1620160 |
| &nbsp;&nbsp;Foreign exchange transactions | (149991) | (92751) |
| Net change in unrealized: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | (257988) | 1567801 |
| &nbsp;&nbsp;Foreign exchange translation | 13097 | (33970) |
| Net gains (losses) from U.S. Treasury notes: |  |  |
| &nbsp;&nbsp;Realized | (2215) | (4575) |
| &nbsp;&nbsp;Net change in unrealized | (5425) | 97295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gains (losses) | (5632457) | 3153960 |
| NET INCOME (LOSS) | (3768123) | 5784681 |
| LESS PROFIT SHARE TO GENERAL PARTNER | 119 | 58125 |
| NET INCOME (LOSS) AFTER PROFIT SHARE TO  |  |  |
| &nbsp;&nbsp;GENERAL PARTNER | $(3768242) | $5726556 |
| See notes to financial statements (unaudited) |  | (Concluded) |

---

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Statements of Changes in Partners' Capital (unaudited)** | **Statements of Changes in Partners' Capital (unaudited)** | **Statements of Changes in Partners' Capital (unaudited)** | **Statements of Changes in Partners' Capital (unaudited)** | **Statements of Changes in Partners' Capital (unaudited)** | **Statements of Changes in Partners' Capital (unaudited)** |
| **For the nine months ended September 30, 2025:** | **For the nine months ended September 30, 2025:** |  |  |  |  |
|  | **Limited Partners** | **Special Limited Partners** | **New Profit Memo Account** | **General Partner** | **Total** |
| PARTNERS' CAPITAL- |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 1, 2025 | $43776004 | $68669182 | $- | $2143675 | $114588861 |
| Contributions | - | 118853 | 119 | - | 118972 |
| Withdrawals | (2915817) | (880125) | - | - | (3795942) |
| Net loss | (1951601) | (1766309) | (4) | (50209) | (3768123) |
| General Partner's allocation: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Profit-Accrued | (119) | - | - | - | (119) |
| PARTNERS' CAPITAL- |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 | $38908467 | $66141601 | $115 | $2093466 | $107143649 |
| **For the nine months ended September 30, 2024:** | **For the nine months ended September 30, 2024:** | **For the nine months ended September 30, 2024:** |  |  |  |
|  | **Limited Partners** | **Special Limited Partners** | **New Profit Memo Account** | **General Partner** | **Total** |
| PARTNERS' CAPITAL- |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 1, 2024 | $50975447 | $63600311 | $- | $2101886 | $116677644 |
| Contributions | - | 144494 | 58125 | - | 202619 |
| Withdrawals | (8514899) | (1320014) | - | - | (9834913) |
| Reclass <sup>(1)</sup> | (610927) | 610927 | - | - |  |
| Net income (loss) | 2163720 | 3504781 | (5289) | 121469 | 5784681 |
| General Partner's allocation: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Profit-Accrued | (58125) | - | - | - | (58125) |
| PARTNERS' CAPITAL- |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 30, 2024 | $43955216 | $66540499 | $52836 | $2223355 | $112771906 |
| <sup>(1)</sup> Partner transfer from LP to SLP on August 1, 2024 | <sup>(1)</sup> Partner transfer from LP to SLP on August 1, 2024 | <sup>(1)</sup> Partner transfer from LP to SLP on August 1, 2024 |  |  |  |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) | See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  |  |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** | **Nestor Partners** |
| **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** |
| **For the three months ended September 30, 2025 and 2024** | **Limited<br>‎Partners** | **Limited<br>‎Partners** | **Special Limited<br>‎Partners** | **Special Limited<br>‎Partners** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Ratios to average capital:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.23% | 1.29% | 3.12% | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (a) | 3.93% | 3.98% | 1.03% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit share allocation (b) (c) | 0.00% | (0.80)% | 0.00% | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses and profit share allocation** | 3.93% | 3.18% | 1.03% | 1.01% |
| Total return before profit share allocation (b) | (3.12)% | (8.53)% | (2.41)% | (7.74)% |
| Less: profit share allocation (b) (c) | 0.00% | (0.80)% | 0.00% | (0.01)% |
| **Total return after profit share allocation** | (3.12)% | (7.73)% | (2.41)% | (7.73)% |
| (a) annualized |  |  |  |  |
| (b) not annualized |  |  |  |  |
| (c) in instances of 0.00, value is less than 0.01 when rounded to two decimal places |  |  |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the nine months ended September 30, 2025 and 2024** | **Limited<br>‎Partners** | **Limited<br>‎Partners** | **Special Limited<br>‎Partners** | **Special Limited<br>‎Partners** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Ratios to average capital:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.41% | 1.14% | 3.31% | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses (a) | 3.90% | 3.96% | 0.98% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit share allocation (b) (c)  | 0.00% | 0.11% | 0.00% | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses and profit share allocation** | 3.90% | 4.07% | 0.98% | 1.01% |
| Total return before profit share allocation (b) | (4.69)% | 3.34% | (2.58)% | 5.54% |
| Less: profit share allocation (b) (c)  | 0.00% | 0.11% | 0.00% | (0.01)% |
| **Total return after profit share allocation** | (4.69)% | 3.23% | (2.58)% | 5.55% |
| (a) annualized |  |  |  |  |
| (b) not annualized |  |  |  |  |
| (c) in instances of 0.00, value is less than 0.01 when rounded to two decimal places |  |  |  |  |
| See notes to financial statements (unaudited) |  |  |  |  |

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Nestor Partners' (the "Partnership") financial condition at September 30, 2025 (unaudited) and December 31, 2024 (audited) and the results of its operations for the three and nine months ended September 30, 2025 and 2024 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership's annual report on Form 10-K filed with the Securities and Exchange Commission as of and for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited financial statements as of and for the year ended December 31, 2024.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), as detailed in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("Codification"), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Partnership enters into contracts that contain a variety of indemnification provisions. The Partnership's maximum exposure under these arrangements is unknown. The Partnership does not anticipate recognizing any loss related to these arrangements.

*Income Taxes* (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2021 to 2024, Millburn Ridgefield LLC (the "General Partner") has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – *Investment Companies*.

There have been no material changes with respect to the Partnership's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year 2024.

2. FAIR VALUE

*Fair Value Measurements* (Topic 820) of the Codification defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments – The Partnership's cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations and an investment in a quoted short-term U.S. government securities money market fund. The General Partner does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.

Derivative Contracts – Derivative contracts can be exchange-traded or over-the-counter ("OTC"). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.

------

Spot currency contracts are valued based on current market prices ("Spot Price"). Forward currency contracts are valued based on pricing models that consider the Spot Price, plus the financing cost or benefit ("Forward Point"). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date ("Months to Maturity"), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity ("Forward Month Contracts"). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

The following tables represent the Partnership's investments by hierarchical level as of September 30, 2025 and December 31, 2024 in valuing the Partnership's investments at fair value. During the three and nine months ended September 30, 2025 and December 31, 2024, respectively, the Partnership held no assets or liabilities in Level 3. At September 30, 2025 and December 31, 2024, the Partnership held no assets or liabilities in Level 3.

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| | | | |
|:---|:---|:---|:---|
| **<u>Financial assets and liabilities at fair value as of September 30, 2025</u>** | **<u>Financial assets and liabilities at fair value as of September 30, 2025</u>** | **<u>Financial assets and liabilities at fair value as of September 30, 2025</u>** | **<u>Financial assets and liabilities at fair value as of September 30, 2025</u>** |
|  | **Level 1** | **Level 2** | **Total** |
| U.S. Treasury Notes (1) | $103197220 | $- | $103197220 |
| Short-Term Money Market Fund\* | 2304305 | - | 2304305 |
| Exchange-Traded Futures Contracts |  |  |  |
| &nbsp;&nbsp;Currencies | 1816 | - | 1816 |
| &nbsp;&nbsp;Energies | (45261) | - | (45261) |
| &nbsp;&nbsp;Grains | 393970 | - | 393970 |
| &nbsp;&nbsp;Interest rates | (126262) | - | (126262) |
| &nbsp;&nbsp;Livestock | 1560 | - | 1560 |
| &nbsp;&nbsp;Metals | 75375 | - | 75375 |
| &nbsp;&nbsp;Softs | 4421 | - | 4421 |
| &nbsp;&nbsp;Stock indices | 79417 | - | 79417 |
| Total exchange-traded futures contracts | 385036 | - | 385036 |
| Over-the-Counter Forward Currency Contracts | - | 204454 | 204454 |
| Total futures and forward currency contracts (2) | 385036 | 204454 | 589490 |
| Total financial assets and liabilities at fair value | $105886561 | $204454 | $106091015 |
| Per line item in the Statements of Financial Condition |  |  |  |
| (1) |  |  |  |
| Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral |  | $24130106 |
| Investments in U.S. Treasury notes |  |  | 79067114 |
| Total investments in U.S. Treasury notes |  |  | $103197220 |
| (2) |  |  |  |
| Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | $795090 |
| Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | (205600) |
| Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | $589490 |
| \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. |

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| | | | |
|:---|:---|:---|:---|
| **<u>Financial assets and liabilities at fair value as of December 31, 2024</u>** | **<u>Financial assets and liabilities at fair value as of December 31, 2024</u>** | **<u>Financial assets and liabilities at fair value as of December 31, 2024</u>** | **<u>Financial assets and liabilities at fair value as of December 31, 2024</u>** |
|  | **Level 1** | **Level 2** | **Total** |
| U.S. Treasury Notes (1) | $105251763 | $- | $105251763 |
| Short-Term Money Market Fund\* | 5452804 | - | 5452804 |
| Exchange-Traded Futures Contracts |  |  |  |
| &nbsp;&nbsp;Currencies | 103374 | - | 103374 |
| &nbsp;&nbsp;Energies | 503443 | - | 503443 |
| &nbsp;&nbsp;Grains | (102126) | - | (102126) |
| &nbsp;&nbsp;Interest rates | (131310) | - | (131310) |
| &nbsp;&nbsp;Livestock | 640 | - | 640 |
| &nbsp;&nbsp;Metals | (210669) | - | (210669) |
| &nbsp;&nbsp;Softs | 96582 | - | 96582 |
| &nbsp;&nbsp;Stock indices | (143427) | - | (143427) |
| Total exchange-traded futures contracts | 116507 | - | 116507 |
| Over-the-Counter Forward Currency Contracts | - | 730971 | 730971 |
| Total futures and forward currency contracts (2) | 116507 | 730971 | 847478 |
| Total financial assets and liabilities at fair value | $110821074 | $730971 | $111552045 |
| Per line item in Statements of Financial Condition |  |  |  |
| (1) |  |  |  |
| Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral | $21155457 |
| Investments in U.S. Treasury notes |  |  | 84096306 |
| Total investments in U.S. Treasury notes |  |  | $105251763 |
| (2) |  |  |  |
| Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | $862180 |
| Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | (14702) |
| Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | $847478 |
| \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |

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3. DERIVATIVE INSTRUMENTS

*Derivatives and Hedging* (Topic 815) of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The Partnership's market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership's open positions, and the liquidity of the markets in which it trades.

The Partnership engages in the speculative trading of futures and forward contracts on currencies, energies, grains, interest rates, livestock, metals, softs and stock indices. The following were the primary trading risk exposures of the Partnership at September 30, 2025, by market sector:

Agricultural (grains, livestock and softs) – The Partnership's primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions as well as supply and demand factors.

‎

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Currencies – Exchange rate risk is a principal market exposure of the Partnership. The Partnership's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes, as well as political and general economic conditions. The Partnership trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Partnership's primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country, as well as relative interest rate movements between countries, may materially impact the Partnership's profitability. The Partnership's primary interest rate exposure is to interest rate fluctuations in countries or regions, including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S., and the Eurozone. However, the Partnership also may take positions in futures contracts on the government debt of other nations. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future.

Metals – The Partnership's metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc.

Stock indices – The Partnership's equity exposure, through stock index futures, is to equity price risk in the major industrialized countries, as well as other countries.

*Derivatives and Hedging* (Topic 815) of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair values of futures and forward currency contracts in an asset position by counterparty are recorded in the Statements of Financial Condition as "Net unrealized appreciation on open futures and forward currency contracts." Fair values of futures and forward currency contracts in a liability position by counterparty are recorded in the Statements of Financial Condition as "Net unrealized depreciation on open futures and forward currency contracts." The Partnership's policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership's trading gains and losses in the Statements of Operations.

‎

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The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at September 30, 2025 and December 31, 2024. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fair Value of Futures and Forward Currency Contracts at September 30, 2025</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at September 30, 2025</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at September 30, 2025</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at September 30, 2025</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at September 30, 2025</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at September 30, 2025</u>** |
|  |  |  |  |  | **Net Unrealized** |
|  | **Fair Value - Long Positions** | **Fair Value - Long Positions** | **Fair Value - Short Positions** | **Fair Value - Short Positions** | **Gain (Loss) on** |
| **Sector** | **Gains** | **Losses** | **Gains** | **Losses** | **Open Positions** |
| **Futures contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;Currencies | $2325 | $- | $37597 | $(38106) | $1816 |
| &nbsp;&nbsp;Energies | 6775 | (78165) | 35903 | (9774) | (45261) |
| &nbsp;&nbsp;Grains | - | - | 399602 | (5632) | 393970 |
| &nbsp;&nbsp;Interest rates | 43146 | (124535) | 36212 | (81085) | (126262) |
| &nbsp;&nbsp;Livestock | 620 | - | 2160 | (1220) | 1560 |
| &nbsp;&nbsp;Metals | 650842 | (35950) | 12327 | (551844) | 75375 |
| &nbsp;&nbsp;Softs | 13439 | (16511) | 8815 | (1322) | 4421 |
| &nbsp;&nbsp;Stock indices | 203268 | (42731) | 50757 | (131877) | 79417 |
| Total futures contracts | 920415 | (297892) | 583373 | (820860) | 385036 |
| Forward currency contracts | 739080 | (863888) | 939712 | (610450) | 204454 |
| Total futures and |  |  |  |  |  |
| forward currency contracts | $1659495 | $(1161780) | $1523085 | $(1431310) | $589490 |
| **<u>Fair Value of Futures and Forward Currency Contracts at December 31, 2024</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at December 31, 2024</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at December 31, 2024</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at December 31, 2024</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at December 31, 2024</u>** | **<u>Fair Value of Futures and Forward Currency Contracts at December 31, 2024</u>** |
|  |  |  |  |  | **Net Unrealized** |
|  | **Fair Value - Long Positions** | **Fair Value - Long Positions** | **Fair Value - Short Positions** | **Fair Value - Short Positions** | **Gain (Loss) on** |
| **Sector** | **Gains** | **Losses** | **Gains** | **Losses** | **Open Positions** |
| **Futures contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;Currencies | $- | $(30910) | $135028 | $(744) | $103374 |
| &nbsp;&nbsp;Energies | 586246 | (7321) | - | (75482) | 503443 |
| &nbsp;&nbsp;Grains | - | - | 28595 | (130721) | (102126) |
| &nbsp;&nbsp;Interest rates | 22146 | (144171) | 245290 | (254575) | (131310) |
| &nbsp;&nbsp;Livestock | 640 | - | - | - | 640 |
| &nbsp;&nbsp;Metals | 37384 | (635879) | 403497 | (15671) | (210669) |
| &nbsp;&nbsp;Softs | 53283 | (15695) | 59394 | (400) | 96582 |
| &nbsp;&nbsp;Stock indices | 70331 | (385418) | 192548 | (20888) | (143427) |
| Total futures contracts | 770030 | (1219394) | 1064352 | (498481) | 116507 |
| Forward currency contracts | 17178 | (2287611) | 3023976 | (22572) | 730971 |
| Total futures and |  |  |  |  |  |
| forward currency contracts | $787208 | $(3507005) | $4088328 | $(521053) | $847478 |

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‎

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The effect of trading futures and forward currency contracts is represented on the Statements of Operations for the three and nine months ended September 30, 2025 and 2024 as "Net realized gains (losses) on closed positions: Futures and forward currency contracts" and "Net change in unrealized: Futures and forward currency contracts." These trading gains and losses are detailed below.

**<u>Trading gains (losses) of futures and forward currency contracts for the three and nine months ended September 30, 2025 and 2024</u>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sector** | **Three months ended: September 30, 2025** | **Three months ended: September 30, 2024** | **Nine months ended: September 30, 2025** | **Nine months ended: September 30, 2024** |
| **Futures contracts:** |  |  |  |  |
| Currencies | $227623 | $(1055823) | $(332883) | $(218279) |
| Energies | (314168) | (4279358) | (842757) | (1944777) |
| Grains | 444329 | (456841) | 373512 | 956877 |
| Interest rates | (3812491) | (3299767) | (3361622) | 3740586 |
| Livestock | 1480 | (49510) | 15980 | (121630) |
| Metals | (88196) | 683740 | 1170549 | (745133) |
| Softs | 61739 | 119562 | 84583 | (352244) |
| Stock indices | (616270) | 912116 | (945698) | 3569091 |
| Total futures contracts | (4095954) | (7425881) | (3838336) | 4884491 |
| Forward currency contracts | 554446 | (3803426) | (1649587) | (1696530) |
| Total futures and |  |  |  |  |
| forward currency contracts | $(3541508) | $(11229307) | $(5487923) | $3187961 |

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The following table presents average notional value by sector of open futures and forward currency contracts for the nine months ended September 30, 2025 and 2024 in U.S. dollars. The Partnership's average net asset value for the nine months ended September 30, 2025 and 2024 was approximately $112,000,000 and $123,000,000, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2025 and 2024</u>** | **<u>Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2025 and 2024</u>** | **<u>Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2025 and 2024</u>** | **<u>Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2025 and 2024</u>** | **<u>Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2025 and 2024</u>** |
|  | **2025** | **2025** | **2024** | **2024** |
| **Sector** | **Long positions** | **Short positions** | **Long positions** | **Short positions** |
| **Futures contracts:** |  |  |  |  |
| Currencies | $1051327 | $9490148 | $1860534 | $19164543 |
| Energies | 19997202 | 2747729 | 15786163 | 4022646 |
| Grains | 237640 | 8245428 | 1126799 | 8364489 |
| Interest rates | 74350991 | 62882970 | 57119095 | 140402296 |
| Livestock | 416365 | 249548 | 137493 | 607088 |
| Metals | 9298420 | 1298548 | 7043312 | 5416699 |
| Softs | 1668966 | 933713 | 1368695 | 1244479 |
| Stock indices | 46808031 | 14764001 | 44210143 | 19022635 |
| Total futures contracts | 153828942 | 100612085 | 128652234 | 198244875 |
| Forward currency contracts | 28069080 | 41891875 | 23289979 | 78344836 |
| Total futures and |  |  |  |  |
| forward currency contracts | $181898022 | $142503960 | $151942213 | $276589711 |

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Notional values in the interest rate sector were calculated by converting the notional value in local currency of open interest rate futures positions with maturities less than 10 years to 10-year equivalent fixed income instruments and translated to U.S. dollars at September 30, 2025 and 2024. The 10-year note is often used as a benchmark for many types of fixed-income instruments and the General Partner believes it is a more meaningful representation of notional values of the Partnership's open interest rate positions.

The averages have been calculated based on the amounts outstanding at the end of each quarter during the calculation period.

The customer agreements between the Partnership, the futures clearing brokers, including Deutsche Bank Securities Inc. (a wholly-owned subsidiary of Deutsche Bank AG), BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) and Goldman Sachs & Co. LLC, as well as the FX prime brokers, Deutsche Bank AG ("DB") and Bank of America, N.A. ("BA"), give the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under *Balance Sheet* (Topic 210) of the codification were met.

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of September 30, 2025 and December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **Offsetting derivative assets and liabilities at September 30, 2025** | **Offsetting derivative assets and liabilities at September 30, 2025** | **Offsetting derivative assets and liabilities at September 30, 2025** | **Offsetting derivative assets and liabilities at September 30, 2025** |
| **Assets** | **Gross amounts of<br>‎recognized assets** | **Gross amounts<br>‎offset in the<br>‎Statement of<br>‎Financial Condition** | **Net amounts of<br>‎assets presented in<br>‎the Statement of<br>‎Financial Condition** |
| Futures contracts |  |  |  |
| Counterparty J | $611855 | $(131096) | $480759 |
| Forward currency contracts |  |  |  |
| Counterparty G | 596930 | (282599) | 314331 |
| Total assets | $1208785 | $(413695) | $795090 |
| **Liabilities** | **Gross amounts of<br>‎recognized liabilities** | **Gross amounts<br>‎offset in the<br>‎Statement of<br>‎Financial Condition** | **Net amounts of<br>‎liabilities presented in<br>‎the Statement of<br>‎Financial Condition** |
| Futures contracts |  |  |  |
| Counterparty C | $72275 | $(70006) | $2269 |
| Counterparty L | 915379 | (821925) | 93454 |
| Total futures contracts | 987654 | (891931) | 95723 |
| Forward currency contracts |  |  |  |
| Counterparty K | 1191738 | (1081861) | 109877 |
| Total liabilities | $2179392 | $(1973792) | $205600 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the Statement of Financial Condition** | **Amounts Not Offset in the Statement of Financial Condition** |  |
| **Counterparty** | **Net amounts of assets<br>‎presented in the Statement<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Received<sup>(1)(2)</sup>** | **Net Amount<sup>(3)</sup>** |
| Counterparty G | 314331 | - | (314331) | - |
| Counterparty J | 480759 | - | - | 480759 |
| Total | 795090 | - | (314331) | 480759 |
|  |  | **Amounts Not Offset in the Statement of Financial Condition** | **Amounts Not Offset in the Statement of Financial Condition** |  |
| **Counterparty** | **Net amounts of liabilities<br>‎presented in the Statement<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Pledged<sup>(1)(2)</sup>** | **Net Amount** |
| Counterparty C | 2269 | - | (2269) | - |
| Counterparty K | 109877 | - | (109877) | - |
| Counterparty L | 93454 | - | (93454) | - |
| Total | 205600 | - | (205600) | - |
| <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed  | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed  | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed  | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed  | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed  |
| &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. |
| <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;Financial Condition for each respective counterparty. |
| <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Offsetting derivative assets and liabilities at December 31, 2024** | **Offsetting derivative assets and liabilities at December 31, 2024** | **Offsetting derivative assets and liabilities at December 31, 2024** | **Offsetting derivative assets and liabilities at December 31, 2024** |
| **Assets** | **Gross amounts of<br>‎recognized assets** | **Gross amounts<br>‎offset in the<br>‎Statement of<br>‎Financial Condition** | **Net amounts of<br>‎assets presented in<br>‎the Statement of<br>‎Financial Condition** |
| Futures contracts |  |  |  |
| Counterparty C | $388756 | $(278352) | $110404 |
| Counterparty L | 1131818 | (1111013) | 20805 |
| Total futures contracts | 1520574 | (1389365) | 131209 |
| Forward currency contracts |  |  |  |
| Counterparty G | 1350771 | (831382) | 519389 |
| Counterparty K | 1690383 | (1478801) | 211582 |
| Total forward currency contracts | 3041154 | (2310183) | 730971 |
| Total assets | $4561728 | $(3699548) | $862180 |
|  |  |  | (continued) |

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------

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| | | | |
|:---|:---|:---|:---|
| **Liabilities** | **Gross amounts of<br>‎recognized liabilities** | **Gross amounts<br>‎offset in the<br>‎Statement of<br>‎Financial Condition** | **Net amounts of<br>‎liabilities presented in<br>‎the Statement of<br>‎Financial Condition** |
| Futures contracts |  |  |  |
| Counterparty J | $328510 | $(313808) | $14702 |
| Total liabilities | $328510  | $(313808) | $14702  |
|  |  |  | (concluded) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the Statement of Financial Condition** | **Amounts Not Offset in the Statement of Financial Condition** |  |
| **Counterparty** | **Net amounts of assets<br>‎presented in the Statement<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Received<sup>(1)(2)</sup>** | **Net Amount<sup>(3)</sup>** |
| Counterparty C | 110404 | - | (110404) | - |
| Counterparty G | 519389 | - | - | 519389 |
| Counterparty K | 211582 | - | - | 211582 |
| Counterparty L | 20805 | - | (20805) | - |
| Total | 862180 | - | (131209) | 730971 |
|  |  | **Amounts Not Offset in the Statement of Financial Condition** | **Amounts Not Offset in the Statement of Financial Condition** |  |
| **Counterparty** | **Net amounts of liabilities<br>‎presented in the Statement<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Pledged<sup>(1)(2)</sup>** | **Net Amount** |
| Counterparty J | 14702 | - | (14702) | - |
| Total | 14702 | - | (14702) | - |
| <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed | <sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed |
| &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;by the exchange. |
| <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition  | <sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition  |
| &nbsp;&nbsp;&nbsp;&nbsp;for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;for each respective counterparty. |
| <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | <sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. |

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CONCENTRATION OF CREDIT RISK

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as a counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange.

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The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership's assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Partnership enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Partnership's forward currency trading activities are cleared through DB and BA. The Partnership's concentration of credit risk associated with DB or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB and BA. The amount of such credit risk was $9,574,233 and $11,972,270 at September 30, 2025 and December 31, 2024, respectively.

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three and nine months ended September 30, 2025 and 2024. Profit share earned (from Limited Partners' redemptions) is credited to the New Profit Memo Account as defined in the Partnership's Agreement of Limited Partnership.

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| | | |
|:---|:---|:---|
|  | Three months ended: | Three months ended: |
|  | September 30, | September 30, |
|  | 2025 | 2024 |
| Profit share earned | $- | $885 |
| Reversal of profit share accrued <sup>(1)</sup> | - | (386252) |
| Profit share accrued | - | - |
| Total profit share | $- | $(385367) |
|  | Nine months ended: | Nine months ended: |
|  | September 30, | September 30, |
|  | 2025 | 2024 |
| Profit share earned | $119 | $58125 |
| Profit share accrued | - | - |
| Total profit share | $119 | $58125 |
| <sup>(1)</sup> on July 1<sup>st</sup> | <sup>(1)</sup> on July 1<sup>st</sup> | <sup>(1)</sup> on July 1<sup>st</sup> |

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5. RELATED PARTY TRANSACTIONS

Limited partnership interests ("Interests") sold through selling agents engaged by the General Partner are generally subject to a 2.5% redemption charge for redemptions made prior to the end of the twelfth month following their sale. All redemption charges will be paid to the General Partner. At September 30, 2025 and December 31, 2024, $0 was owed to the General Partner.

6. STATEMENTS OF FINANCIAL HIGHLIGHTS

The ratios are calculated based on limited partners' capital and special limited partners' capital taken as a whole. The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner's capital account may vary from these ratios based on the timing of capital transactions and differences in individual partner's brokerage fees and profit share allocation arrangements.

Returns are calculated for limited partners and special limited partners taken as a whole. An individual partner's returns may vary from these returns based on the timing of capital transactions and differences in individual partner's brokerage fees and profit share allocation arrangements.

7. DUE FROM/TO BROKERS

At September 30, 2025 and December 31, 2024, due from and due to brokers balances, if applicable, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from brokers balance also includes cash held as collateral at Bank of America, N.A for open forward currency contracts.

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8. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from October 1, 2025 to November 13, 2025, the date the Form 10-Q was filed. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the Financial Statements.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to Item 1, "Financial Statements." The information contained therein is essential to, and should be read in connection with, the following analysis.

OPERATIONAL OVERVIEW

Due to the nature of the Partnership's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Partnership's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Partnership and its past performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Partnership has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

Interests 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 Partnership should not have a significant impact on its operations, as the Partnership has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges. Within broad ranges of capitalization, the General Partner's trading positions should increase or decrease in approximate proportion to the size of the Partnership.

The Partnership raises additional capital only through the sale of Interests and capital is increased through trading profits (if any). The Partnership does not engage in borrowing.

The Partnership trades futures, forward, and spot contracts on interest rate instruments, agricultural commodities, currencies, metals, energy and stock indices, and forward contracts on currencies, and may trade options on the foregoing and swaps thereon. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account's net assets, though the amount may at any time be higher; and (4) prohibiting pyramiding - that is, using unrealized profits in a particular market as margin for additional positions in the same market. The General Partner attempts to control credit risk by causing the Partnership to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties.

The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures, forward, and spot contracts or the Partnership's satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Partnership.

Due to the nature of the Partnership's business, substantially all its assets are represented by cash, cash equivalents, and U.S. government obligations while the Partnership maintains its market exposure through open futures, forward, and spot currency contract positions.

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The Partnership's futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Open futures positions are marked to market each trading day and the Partnership's trading accounts are debited or credited accordingly. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Partnership is assigned a position in the underlying future which is then settled by offset. The Partnership's spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Partnership's cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Partnership's debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down market price trends during which the Partnership's profit potential generally increases. However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Partnership is likely to suffer losses.

The Partnership's assets are generally held as cash or cash equivalents, including short-term U.S. government obligations, which are used to margin the Partnership's futures, forward and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership's futures, forward and spot trading, the Partnership's assets are highly liquid and are expected to remain so.

During its operations for the three and nine months ended September 30, 2025, the Partnership experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

The Partnership records its transactions in futures, forward and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Partnership on the day with respect to which net assets are being determined. Open spot currency contracts are valued based on the current Spot Price. Open forward currency contracts are recorded at fair value, based on pricing models that consider the Spot Price and Forward Point. Spot Prices and Forward Points for open forward currency contracts are generally based on the median of the average midpoint of bid/ask quotations at the last minute ending at 3:00 P.M. New York time provided by widely used quotation service providers on the day with respect to which net assets are being determined. Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy to determine fair value for forward currency contracts involves first calculating the number of Months to Maturity, then identifying the Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, such as accrual of expenses, that affect the amounts and disclosures reported in the financial statements. Based on the nature of the business and operations of the Partnership, the General Partner believes that the estimates utilized in preparing the Partnership's financial statements are appropriate and reasonable, however actual results could differ from these estimates. The estimates used do not provide a range of possible results that would require the exercise of subjective judgment. The General Partner further believes that, based on the nature of the business and operations of the Partnership, no other reasonable assumptions relating to the application of the Partnership's critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

RESULTS OF OPERATIONS

Due to the nature of the Partnership's trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

‎

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| | | |
|:---|:---|:---|
| Periods ended September 30, 2025 | Periods ended September 30, 2025 | Periods ended September 30, 2025 |
| **Month Ended:** |  | **Total Partners'<br>‎Capital** |
| September 30, 2025 |  | $107143649 |
| June 30, 2025 |  | 111402515 |
| December 31, 2024 |  | 114588861 |
|  | **Three months ended** | **Nine months ended** |
| Change in Partners' Capital | $(4258866) | $(7445212) |
| Percent Change | (3.82)% | (6.50)% |

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THREE MONTHS ENDED SEPTEMBER 30, 2025

The decrease in the Partnership's net assets of $4,258,866 was attributable to withdrawals of $1,314,374 and net loss after profit share of $2,952,033, which was partially offset by contributions of $7,541.

Management fees and installment selling commissions are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees and installment selling commissions for the three months ended September 30, 2025 decreased $39,236 and $25,069, respectively, relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Partnership's net assets during the three months ended September 30, 2025, relative to the corresponding period in 2024.

Trade execution and clearing costs, include costs relating to electronic trading (such as, but not limited to: National Futures Association ("NFA") fees; exchange-related fees; foreign currency prime brokerage fees; externally incurred costs of establishing and utilizing electronic trading, computer, software and systems connections directly or indirectly with the Partnership's brokers and counterparties or with third parties to facilitate electronic trading with the Partnership's brokers and counterparties; and execution related data acquisition and subscription costs). Trade execution and clearing costs for the three months ended September 30, 2025 decreased $9,599 relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Partnership's net assets, which was partially offset by an increase in trading volume during the three months ended September 30, 2025 relative to the corresponding period in 2024.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership's brokers and custodian. Interest income for the three months ended September 30, 2025 decreased $380,880 relative to the corresponding period in 2024. This decrease was due predominantly to a decrease in short-term U.S. treasury yields and a decrease in the Partnership's net assets during the three months ended September 30, 2025 relative to the corresponding period in 2024.

During the three months ended September 30, 2025, the Partnership experienced net realized and unrealized losses of $3,526,837 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Total brokerage and management fees of $491,564, administrative expenses of $69,299, custody fees and other expenses of $9,128 were incurred. Interest income of $1,144,795 offset the Partnership expenses resulting in net loss after profit share to the General Partner of $2,952,033. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Partnership Capital |
| Currencies | 0.71% |
| Energies | (0.31)% |
| Grains | 0.42% |
| Interest rates | (3.42)% |
| Livestock | (0.01)% |
| Metals | (0.06)% |
| Softs | 0.05% |
| Stock indices | (0.54)% |
| Trading Loss | (3.16)% |

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NINE MONTHS ENDED SEPTEMBER 30, 2025

The decrease in the Partnership's net assets of $7,445,212 was attributable to withdrawals of $3,795,942 and net loss after profit share of $3,768,242, which was partially offset by contributions of $118,972.

Management fees and installment selling commissions are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees and installment selling commissions for the nine months ended September 30, 2025 decreased $127,822 and $110,104, respectively, relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Partnership's net assets during the nine months ended September 30, 2025, relative to the corresponding period in 2024.

Trade execution and clearing costs, include costs relating to electronic trading (such as, but not limited to: National Futures Association ("NFA") fees; exchange-related fees; foreign currency prime brokerage fees; externally incurred costs of establishing and utilizing electronic trading, computer, software and systems connections directly or indirectly with the Partnership's brokers and counterparties or with third parties to facilitate electronic trading with the Partnership's brokers and counterparties; and execution related data acquisition and subscription costs). Trade execution and clearing costs for the nine months ended September 30, 2025 decreased $88,088 relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Partnership's net assets and a decrease in trading volume during the nine months ended September 30, 2025 relative to the corresponding period in 2024.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership's brokers and custodian. Interest income for the nine months ended September 30, 2025 decreased $1,102,219 relative to the corresponding period in 2024. This decrease was due predominantly to a decrease in short-term U.S. treasury yields and a decrease in the Partnership's net assets during the nine months ended September 30, 2025 relative to the corresponding period in 2024.

During the nine months ended September 30, 2025, the Partnership experienced net realized and unrealized losses of $5,632,457 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Total brokerage and management fees of $1,491,156, administrative expenses of $210,471, custody fees and other expenses of $27,001 and profit share to the General Partner of $119 were incurred. Interest income of $3,592,962 offset the Partnership expenses resulting in net loss after profit share to the General Partner of $3,768,242. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Partnership Capital |
| Currencies | (1.69)% |
| Energies | (0.78)% |
| Grains | 0.37% |
| Interest rates | (3.07)% |
| Livestock | 0.01% |
| Metals | 1.05% |
| Softs | 0.06% |
| Stock indices | (0.83)% |
| Trading Loss | (4.88)% |

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MANAGEMENT DISCUSSION –2025

Three months ended September 30, 2025

The Partnership was unprofitable during the quarter as losses from trading interest rate and equity index futures far outpaced the gain from trading currency forwards. Meanwhile, trading of commodity futures was nearly flat as profits from trading grain and soft commodity futures were marginally bigger than the losses from trading energy and metal futures.

Interest rates were volatile in the July-September period. Short-term interest rates generally declined as central banks cut official interest rates following receding inflation and concerns about slowing growth and employment, although sticky services, housing inflation and tariff uncertainties at times seemingly interrupted the declines. Meanwhile, medium- and long-term interest rates tended to rise amid concerns about the sustainability of fiscal policy agendas globally—especially in the United Kingdom ("U.K."), France, Germany, Japan and the U.S.—although growth worries possibly limited the rise. Trading of French, Italian, German, U.K., U.S. and Australian interest rate futures was unprofitable.

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Optimism around capital expenditure spending on artificial intelligence ("AI"), power and electricity, and defense and infrastructure, together with declines in official interest rates, seemed to strengthen equities during the quarter, although concerns about tariffs, trade, global growth, threats to Federal Reserve ("Fed") independence and a looming U.S. government shutdown appeared to dampen investor enthusiasm at times. Against this background and China's anti-involution program, long positions in Korean, Chinese, Hong Kong, Taiwanese and Singaporean stock index futures were profitable. On the other hand, short positions in U.S., U.K., European and Brazilian equity futures posted fractionally larger losses.

The U.S. dollar, fell during the first half of 2025, rebounded in July, and resumed its decline in August and September. Growth concerns and signs of a slowing U.S. labor market coincided with the Fed's rate cut cycle restart, concerns about Fed independence and expectations of an impending U.S. government shutdown. Short U.S. dollar trades versus the high-yielding Mexican peso and Brazilian real were profitable. Trading the U.S. dollar against the Swiss franc and British pound were also profitable. Similarly, long U.S. dollar positions relative to the New Zealand and Canadian dollars were profitable amid marked economic slowdowns in New Zealand and Canada, possibly impacted by trade difficulties. Comparatively, trading the U.S. dollar against the Chilean peso, Chinese renminbi and Singapore dollar registered partially offsetting losses.

Ample grain supplies and trade and tariff policy effects seemed to weigh on grain prices. For example, China's decisions to discontinue its purchases of U.S. soybeans and to impose a provisional anti-dumping duty on Canadian canola effectively blocked access to the Chinese market for those products. Short positions in soybeans, wheat, corn and soybean oil were profitable.

Arabica Coffee prices rose late in the quarter, possibly impacted by a continued decline in certified stocks. At the same time, U.S. roasters searched for alternatives following the imposition of a 50% tariff on coffee exports from Brazil. Meanwhile, Brazil's coffee-growing regions continued to face challenging weather conditions, including drought, irregular rainfall, and cold snaps, all of which typically threaten crop yields. A long Arabica futures trade was profitable.

Energy prices were volatile during the quarter. Prices decreased at times, possibly due to concerns over a global supply glut following the Internation Energy Agency's forecast that supply will outpace demand in coming quarters and Organization of the Petroleum Exporting Countries' ("OPEC+") effort to restore idle capacity. Additional pressure seemingly came from expectations of reduced fuel consumption as the summer driving season came to an end. Comparatively, geopolitical tensions and supply risks surrounding events in Russia, Ukraine and India, together with stronger than expected U.S. growth data, appeared to help support oil prices. Long positions in crude oil and heating oil, along with trading of RBOB gasoline and carbon emissions, were unprofitable. Trading in European Title Transfer Facility (TTF) gas was also unprofitable as prices were volatile amid supply uncertainties surrounding geopolitical tensions from Russia's war on Ukraine. On the other hand, a short U.S. natural gas trade was profitable as natural gas prices fell in volatile trading in July amid high production and inventory levels and moderate temperatures that seemingly impacted demand. A long London gas oil trade was also profitable in July.

Metal prices continued to be volatile amid tariff, trade, geopolitical and macroeconomic factors. A long Chicago copper trade was unprofitable in July when prices decreased as President Trump indicated that refined copper would be exempt from U.S. tariffs. Prices for metals with both precious and industrial uses, like platinum and silver, which had been seemingly weighed down by concerns about industrial demand, increased during the quarter, and short positions posted sizable losses. On the other hand, long gold trades were profitable as prices, completing their seventh straight weekly advance, closed the quarter at an all-time high near $3900/oz. amid a weaker dollar, hopes for lower U.S. interest rates and safe-haven demand. Buyers included central banks, institutional investors and retail investors.

Three months ended June 30, 2025

The Partnership was unprofitable during the quarter as losses from trading energy futures, currency forwards and, to a lesser extent, soft commodity futures outpaced the gains from trading equity, interest rate, metal and agricultural commodity futures.

Financial and commodity markets were volatile during the second quarter amidst a number of events including: the Trump administration's announcement of tariffs despite a 90-day delay to facilitate bilateral negotiations; concerns about the expected deficit and debt implications of the tax and spending within the "One Big Beautiful Bill"; and the Israeli and U.S. attacks on Iran's uranium enrichment and weapons programs and subsequent ceasefire.

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Energy prices were highly volatile during the quarter. For example, Brent crude oil started the quarter near $75/barrel but fell sharply to $60/barrel at the end of April as the U.S.-China trade dispute led economists and analysts to lower their forecasts for global growth, oil demand and prices. Additionally, Organization of the Petroleum Exporting Countries ("OPEC+") suggested its program of output hikes could be accelerated in coming months. Then, after a period of stability, prices soared above $77/barrel during the 12-day conflict between Iran and Israel/the U.S. Finally, as the ceasefire in that conflict took hold, the price dropped back near $67/barrel. Long positions in Brent and WTI crude oil were unprofitable. Natural gas prices also proved volatile during the quarter. U.S. and United Kingdom ("U.K.") natural gas prices experienced multi-month lows in April amidst warm temperatures in the U.S. and Europe, healthy natural gas inventories and strong U.S. production. However, during May, prices rose as Europe looked to replenish its depleted reserves and the U.S.-China trade accord seemingly impacted global energy demand, at least temporarily. In June, prices spiked higher during the Israel-Iran conflict and decreased toward the lowest levels of the quarter as a ceasefire was implemented. Amidst the volatility, losses were sustained trading U.S. and European Title Transfer Facility (TTF). Elsewhere, a long position in RBOB gasoline was profitable.

Uncertainty surrounding the structure, goals and ultimate impact of the Trump tariffs, worries over the Federal Reserve ("Fed") independence and fears about the U.S. fiscal deficits and debt possibly contributed to a shift away from the U.S. dollar. The economic outlook for Europe seemingly due in part to expanding defense and infrastructure spending, especially from Germany, also possibly weighed on the U.S. dollar. The U.S. dollar dropped in April, stabilized somewhat in May and drifted lower again in June, declining about 7% overall during the quarter as measured by the Bloomberg Dollar Index Spot (DXY) spot rate and Bloomberg Dollar Spot Index (BBDXY). Long U.S. dollar trades versus the Swiss franc, Korean won, Israeli shekel, U.K. pound, New Zealand, Australian and Canadian dollars and a few other currencies posted losses, especially in April. Meanwhile, long positions in the high-yield Brazilian real, Mexican peso and Polish zloty and a few other currencies against the U.S. dollar produced partially offsetting profits. A long U.S. dollar trade relative to the Japanese yen early in April was also profitable.

Coffee futures prices experienced volatility during the quarter. In April, concerns over Brazil's 2025/26 coffee crop, low inventories and tariff issues seemed to strengthen prices. Later, prices seemed to weaken amidst strong harvest progress in Brazil for the 2025/26 crop and expectations of abundant global supply, particularly from top producer Vietnam. A long Arabica coffee position was unprofitable and was significantly reduced. Meanwhile, long cocoa futures positions registered partially offsetting profits as prices rose early in the quarter, coinciding with supply concerns in West Africa and unexpectedly strong demand from Europe, the U.S. and Asia.

Equity markets were volatile during the quarter. Early in the period, global equity markets sold off amid U.S. tariff announcements. Subsequently, however, they rebounded while implementation delays were announced and negotiations tentatively ensued. Amid concerns about U.S. fiscal policy initiatives, global monetary policy and geopolitical hotspots, the recovery was not consistent. On balance, long positions in U.S., Japanese, Taiwanese, Singaporean and Korean equity futures, and trading of the iShares MSCI Emerging Markets ETF emerging markets index futures were profitable. On the other hand, long positions in European and Chinese stock index futures and trading of Brazilian and Indian index futures posted largely offsetting losses.

Trading of interest rate futures was mixed and slightly profitable from April through June. Long positions in short-term U.S., British, Australian and Italian interest rate futures were profitable, especially early in the period amidst economic, political and geopolitical uncertainties. A short Japanese government bond trade was also profitable as market participants seemed to be wary of a Bank of Japan rate hike. A short U.K. gilt position was also profitable as the Bank of England did not cut official rates. Conversely, trading of German, French, U.S. and Canadian note and bond futures generated largely offsetting losses as the Fed did not cut interest rates, the U.S. and China reached a temporary trade compromise and there were concerns about government deficits and debt globally and geopolitical risks.

Metal prices were volatile during the period. Early in the quarter, worries about the impact of tariffs on trade and economic growth seemed to weigh down prices of copper, aluminum and silver, palladium and platinummetals that have significant industrial uses. Meanwhile, gold prices increased amid economic, political and geopolitical uncertainties. Later in the quarter, however, silver and platinum prices, which had trailed behind gold's persistent rally, increased to over 10-year highs, possibly impacted by safe-haven demand amid heightened Middle East tensions and a tight supply background. Copper and aluminum prices also pushed higher, possibly reflecting tariff-related squeezes and expectations that manufacturing demand would remain robust this year. Meanwhile, gold prices decreased as the U.S. brokered a ceasefire to the 12-day Iran-Israel/U.S. conflict. On balance, gains from trading gold and silver were slightly larger than the losses from trading copper, aluminum and platinum.

Short corn, soybean and wheat positions were profitable while prices declined alongside ample supply prospects for the U.S., Brazil and Russia. On the other hand, trading soybean oil, during a period of concern about U.S. and Indonesian biofuel blending mandates, resulted in a largely offsetting loss.

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Three months ended March 31, 2025

The Partnership was unprofitable during the quarter as losses from trading currency forwards and stock index futures outpaced profits from trading interest rate and commodity futures.

A series of Trump administration policy initiatives announced during the first quarter were primarily focused on tariffs, immigration and fiscal spending while additional initiatives targeted at tax policy and deregulation seemed likely to be implemented later in the year. This sequencing seemingly weighed on consumer and business confidence, depressed growth expectations and raised inflation concerns. Financial and commodity markets were unsettled amid these developments and the Trump administration's foreign policy efforts to end Russia's war on Ukraine and the Israeli-Hamas conflict.

Weakening growth expectations for the U.S., juxtaposed against slight improvements in the prospects for Europe and China and combined with a narrowing of interest rate differentials favoring the U.S. seemingly weighed on the U.S. currency. Long U.S. dollar positions against the euro, United Kingdom pound sterling, Japanese yen, Norwegian krone, Swedish krona, Swiss franc, Chinese renminbi and Singapore, Australian, New Zealand and Canadian dollars were unprofitable. On the other hand, long positions in the high-yielding Brazilian real, Indian rupee and Polish zloty and trading the Korean won relative to the U.S. dollar generated partially offsetting profits.

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S. policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean, Korean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Partnership generated partially offsetting gains on long positions in European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi's met with corporate leaders, particularly ahead of the March National People's Congress.

Interest rates faced conflicting forces during the quarter. In America, the deployment of tariffs and use of the Department of Government Efficiency to reduce government spending coincided with consumer and business uncertainty, as well as slower growth and lower interest rates. Conversely, in Germany, newly elected Chancellor Merz's policy initiatives coincided with a change in government borrowing and spending, higher growth and interest rates. Short positions in German, French and Italian note and bond interest rate futures were profitable. On the other hand, trading of U.K., European and U.S. short-term interest rate futures produced partially offsetting losses. A long position in Japanese government bond futures was also slightly unprofitable, amid concern from market participants that the Bank of Japan might raise official interest rates.

Long gold positions were profitable as prices as demand for safe-haven assets amid tariff uncertainties, geopolitical tensions and continuing central bank diversification demand rose to record highs during the quarter. Long platinum and aluminum trades were also slightly profitable. Elsewhere, trading of copper, nickel, zinc and silver produced partially offsetting losses as prices vacillated alongside trade and tariff uncertainties, an unsettled U.S. dollar and changing global growth and inflation outlooks.

Energy prices were volatile during the quarter amid conflicting influences. President Trump threatened to impose tighter sanctions and/or secondary tariffs on buyers of Russian crude oil if President Putin blocked President Trump's Ukraine peace initiative and to impose additional tariffs and military strikes on Iran if Tehran failed to reach an agreement with the U.S. regarding its nuclear program. Improving growth in China also possibly impacted product price in a positive way. On the other hand, President Trump's policies seeking lower oil prices and the non-Organization of the Petroleum Exporting Countries' ("OPEC+") announcement of impending increased production starting in April seemingly weighed on prices. Concerns about the strength of the U.S. economy and worries that that Trump administration's trade and tariff policies could dampen global growth possibly constrained prices as well. On balance, long crude oil trades were profitable. A long U.S. natural gas trade was also profitable as prices continued to increase on strong export demand from Europe and Asia. However, a long Dutch Title Transfer Facility (TTF) natural gas position was unprofitable as prices fell from recent one-year highs when the winter heating season reached an end.

A long Arabica coffee position performed well as prices increased to record highs, while adverse weather conditions reportedly damaged crops in Brazil and Vietnam, the world's two largest producers. Furthermore, the world has consumed more coffee than it produced for the past four years, decreasing inventory levels. On the other hand, cocoa prices, which had risen sharply between November and January, declined throughout the quarter as recent rains improved the outlook for Ivory Coast's April-to-September mid-crop, making long positions unprofitable. Trading sugar futures was also unprofitable.

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Grain prices were volatile during the quarter, coinciding with uncertainties generated by the Trump administration's trade and tariff policies and its foreign policy initiatives toward Russia, Ukraine and the Black Sea trade corridor. A short soybean oil trade registered a loss as prices rose when an increase in crude palm oil prices pushed up demand for soybean oil as a substitute. Trading of corn was also unprofitable. On the other hand, short wheat and soybean meal positions posted partially offsetting profits.

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| | | |
|:---|:---|:---|
| Periods ended September 30, 2024 | Periods ended September 30, 2024 | Periods ended September 30, 2024 |
| **Month Ended:** |  | **Total Partners'<br>‎Capital** |
| September 30, 2024 |  | $112771906 |
| June 30, 2024 |  | 125542567 |
| December 31, 2023 |  | 116677644 |
|  | **Three months ended** | **Nine months ended** |
| Change in Partners' Capital | $(12770661) | $(3905738) |
| Percent Change | (10.17)% | (3.35)% |

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THREE MONTHS ENDED SEPTEMBER 30, 2024

The decrease in the Partnership's net assets of $12,770,661 was attributable to net loss after profit share of $9,731,833 and withdrawals of $3,063,672, which was partially offset by contributions of $24,844.

Management fees and installment selling commissions are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees and installment selling commissions for the three months ended September 30, 2024 decreased $41,472 and $31,795, respectively, relative to the corresponding period in 2023. The decrease was due mainly to a decrease in the Partnership's net assets during the three months ended September 30, 2024, relative to the corresponding period in 2023.

Trade execution and clearing costs for the three months ended September 30, 2024 decreased $3,384 relative to the corresponding period in 2023. The decrease was due mainly to a decrease in the Partnership's net assets during the three months ended September 30, 2024 relative to the corresponding period in 2023.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership's brokers and custodian. Interest income for the three months ended September 30, 2024 increased $48,587 relative to the corresponding period in 2023. This increase was due predominantly to an increase in short-term U.S. treasury yields during the three months ended September 30, 2024 relative to the corresponding period in 2023.

During the three months ended September 30, 2024, the Partnership experienced net realized and unrealized losses of $10,994,717 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Total brokerage and management fees of $565,468, administrative expenses of $75,768, custody fees and other expenses of $6,922 were incurred. Interest income of $1,525,675 and profit share from the General Partner of $385,367 partially offset the Partnership expenses resulting in net loss after profit share to the General Partner of $9,731,833. An analysis of the trading gain (loss) by sector is as follows:

‎

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Partnership Capital |
| Currencies | (3.91)% |
| Energies | (3.49)% |
| Grains | (0.37)% |
| Interest rates | (2.60)% |
| Livestock | (0.02)% |
| Metals | 0.63% |
| Softs | 0.12% |
| Stock indices | 0.76% |
| Trading Loss | (8.88)% |

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NINE MONTHS ENDED SEPTEMBER 30, 2024

The decrease in the Partnership's net assets of $3,905,738 was attributable to withdrawals of $9,834,913, which was partially offset by net income after profit share of $5,726,556 and contributions of $202,619.

Management fees and installment selling commissions are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees and installment selling commissions for the nine months ended September 30, 2024 decreased $61,266 and $38,545, respectively, relative to the corresponding period in 2023. The decrease was due mainly to a decrease in the Partnership's net assets during the nine months ended September 30, 2024, relative to the corresponding period in 2023.

Trade execution and clearing costs for the nine months ended September 30, 2024 increased $21,618 relative to the corresponding period in 2023. The increase was due mainly to an increase in trading volume during the nine months ended September 30, 2024 relative to the corresponding period in 2023.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership's brokers and custodian. Interest income for the nine months ended September 30, 2024 increased $869,067 relative to the corresponding period in 2023. This increase was due predominantly to an increase in short-term U.S. treasury yields during the nine months ended September 30, 2024 relative to the corresponding period in 2023.

During the nine months ended September 30, 2024, the Partnership experienced net realized and unrealized gains of $3,153,960 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Total brokerage and management fees of $1,817,170, administrative expenses of $229,442, custody fees and other expenses of $17,848 and profit share to the General Partner of $58,125 were incurred. The Partnership's gains achieved from trading operations, in addition to interest income of $4,695,181, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $5,726,556. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) |
| Currencies | (1.57)% |
| Energies | (1.60)% |
| Grains | 0.73% |
| Interest rates | 2.98% |
| Livestock | (0.13)% |
| Metals | (0.58)% |
| Softs | (0.32)% |
| Stock indices | 2.84% |
| Trading Gain | 2.35% |

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MANAGEMENT DISCUSSION –2024

Three months ended September 30, 2024

The Partnership was unprofitable during the quarter as losses from trading energy and interest rate futures and currency forwards far outpaced paced small gains from trading non-energy futures and stock index futures.

Global market interest rates fell and yield curves steepened during the quarter as market participants reacted to actual and anticipated reductions in official interest rates among major developed market central banks in response to, among other things, moderating inflation, growth and employment statistics. For example, the policy-sensitive U.S. two-year Treasury note fell from 4.77% at the start of July to about 3.5% in September. Consequently, short positions in U.S., German, French and British note and bond futures were unprofitable, especially during July. Meanwhile, long positions in U.S. and European short-term interest rate futures generated partially offsetting profits. Trading of the Japanese government bond future and a long position in the Italian 10-year bond were also somewhat profitable.

Declining interest rates seemingly weighed on the U.S. dollar and long dollar trades against the Japanese yen, euro, Swiss franc, Brazilian real, pound sterling and Australian, Canadian and New Zealand dollars were unprofitable. A long position in the high-yield Mexican peso was also unprofitable partly resulting from political turbulence and weakening growth in Mexico.

Energy prices fell during the quarter. For example, Brent crude oil, after reaching $87.50/barrel in early July, dropped below $70/barrel in early September before closing the quarter at about $71/barrel. Deflation in China, sluggish growth in Europe, and moderating growth in the U.S., particularly in the manufacturing sectors, seemed to weigh on energy demand. The continued transition toward EV's, although slowing somewhat recently, also may have dented demand. At the same time, non-Organization of the Petroleum Exporting Countries ("OPEC+") supplies continued to grow and OPEC+ struggled to maintain production and export constraints on all its members. In fact, late in the quarter, top producer and exporter Saudi Arabia indicated that it was dropping its unofficial price target and readying to increase production and seek a greater market share. Even broad easing of monetary policies globally and surprise monetary and fiscal policy support measures from China appear to have failed to give energy prices much support. As a result, long Brent and WTI crude oil positions and trading of RBOB gasoline, London gas oil and TTF natural gas futures were unprofitable.

Declining interest rates and optimism around artificial intelligence helped to underpin equities during the quarter, while concerns about high valuations, softening U.S. growth, stagnation in Europe, deflation in China and wars in the Middle East and Europe aided in restraining the price gains. Late in the quarter, surprise monetary and fiscal policy support measures from China that were intended to stimulate economic activity, boost financial markets and stabilize property markets, together with indications that OPEC+ soon would boost production significantly, provided some additional support to equities. Results were mixed but positive overall for the quarter. Short positions in Chinese equity futures were profitable early in the period amidst a continuing grim economic outlook, but then long positions in these same futures were profitable late in September after the surprise stimulus moves by Chinese authorities. Long positions in Taiwanese, Korean, Spanish, Italian and Brazilian index futures, trading of British and U.S. NASDAQ and S&P futures and a short emerging markets index futures trade were also profitable. On the other hand, short volatility, South African and EURO STOXX equity index futures positions and trading of U.S. Russell and mid-cap equity index futures posted partially offsetting losses.

Within non-energy commodities, early in the quarter short silver and platinum positions were profitable as prices declined amid a negative industrial outlook and persistent demand concerns in top consumer China. Furthermore, the increasing share of new energy vehicles in major global auto markets contributed to a decreased demand for platinum in catalytic converters for internal combustion engines, also pressuring prices. Subsequently, actual and anticipated interest rate declines, especially after the Federal Reserves' larger than anticipated 50 basis point reduction in the Federal funds rate, together with China's unexpected monetary and fiscal stimulus measures, helped boost metal prices broadly. A surge in Indian gold imports following a tax reduction added to demand for this precious metal. Consequently, long gold and platinum positions were profitable. Adverse weather conditions in Brazil and Vietnam and rising shipping costs have assisted in pushing global coffee prices to record highs, producing profits on long Arabica coffee positions. Meanwhile, Grain prices, which have been falling for much of the past year, rebounded in September driven partly by supply risks, including uncertainty around Brazilian planting conditions, disappointing crop outlooks in Europe and Australia, and concerns over poor harvests in the U.S. Plains resulting from dry conditions and in the Black Sea region due to geopolitical difficulties. Hence, short positions in soybeans, soybean oil and soybean meal were unprofitable for the quarter.

Three months ended June 30, 2024

The Partnership was profitable during the quarter as gains from trading financial futures, especially in April, grain futures and soft commodity futures outdistanced the losses from trading energy and metal futures. Trading of livestock futures was marginally negative too.

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Interest rates were volatile throughout the quarter, which seemed to reflect the variability of economic data. The U.S. ten-year treasury note vacillated in a 4.2% to 4.7% range. When data evidenced moderating inflation, wages, growth and employment, interest rates appeared to decline. On the other hand, as data indicated sticky inflation and wages, and strong growth and labor markets, interest rates appeared to rise. Major global central banks continued to stress that the peak in rates had probably been reached, but that cuts required more certainty about the paths of inflation and growth. During the quarter, the European Central Bank, Bank of Canada, Swiss National Bank, Swedish Riksbank and Danish National Bank each lowered official interest rates by ¼ of a percentage point. Meanwhile, the Federal Reserve ("Fed") and Bank of England continued to hold off on cutting rates likely due to apparent concern about "sticky" inflation and wages, and analysts seem to suggest that the Reserve Bank of Australia might raise official interest rates in coming months after recent inflation data surprised to the upside. Meanwhile, concerns about government deficits and debt/GDP levels globally continues to cloud the interest rate outlook. On balance, interest rates increased during the quarter and short positions in U.S., German, French and Australian interest rate futures were profitable, especially in April.

Currency markets were also volatile during the quarter, but favorable U.S. interest rate differentials, European political uncertainties, particularly in France and the U.K., and fiscal policy worries around Mexico and Latin America seemed to help underpin the U.S. dollar. Long U.S. dollar positions versus the Japanese yen, Swiss franc, pound sterling, Korean won, South African rand and Canadian dollar were profitable. On the other hand, a long position in the high-yield Mexican peso was unprofitable following the Mexican presidential election. Long U.S. dollar trades against the Norwegian, Swedish, Singaporean and Australian currencies also produced partially offsetting losses during May when the U.S. dollar weakened along with U.S. interest rates.

Equity markets were volatile during the quarter and trading of global equity futures was mixed but profitable. Changing inflation and growth dynamics across countries and regions, uncertainty concerning the outlook for monetary policy among major developed market central banks, and bifurcation of performance and valuations across markets and individual stocks, especially as related to artificial intelligence phenomena, confronted market participants. A modest improvement in the growth outlook for Europe combined with attractive equity market valuations helped lead to profits in long positions in European equity index futures. Trading of U.S., Chinese and Taiwanese stock index futures was also quite profitable. A short Brazilian Bovespa position was also profitable, which seemed to reflect market participants concerns about the government's commitment to fiscal policy consolidation and, hence, the central bank's ability to lower official interest rates further. A short vix volatility index futures trade was profitable too. On the other hand, trading of Japanese, Indian and Korean stock index futures registered partially offsetting losses.

Grain prices were volatile during the quarter as difficult weather conditions globally seemed to muddle the supply outlooks in many markets. Early in the quarter, worries about supply disruptions from bad weather in Russia, Brazil and the U.S. likely helped to push up grain prices to their highest levels in nearly half a year and a long soybean position was slightly profitable. During the latter half of the quarter, however, favorable reports about U.S. wheat production seemed to confront news about the production decreases in Russia, Ukraine, and the EU and wheat prices declined. Consequently, short wheat positions were broadly profitable. Short positions in corn futures were also profitable as it appears prices fell once USDA forecasts indicated that U.S. corn inventories could hit a six-year peak by September 2025.

Early in the quarter, a long Arabica coffee futures position was profitable as prices remained elevated seemingly due to concerns over potential rain damage to coffee crops in Brazil. Sugar prices declined in April and May due in part to apparent expectations of robust supply from Brazil, the leading exporter globally. This better supply outlook for Brazil appears to have helped offset concerns about shortages in Asia, particularly in countries like India and Thailand. Consequently, a short sugar futures trade was profitable in April and May, although some price recovery in June reduced the overall quarterly profit. Meanwhile, trading of cotton futures was slightly unprofitable.

Energy prices were volatile throughout the quarter while edging lower on balance. Geopolitical frictions in the Middle East appear to continue to underpin energy prices, while demand-side uncertainties and increasing supply from non Organization of the Petroleum Exporting Countries ("OPEC+") sources seem to pressure prices lower. Overall, trading of RBOB gasoline, London gas oil, heating oil and WTI crude oil were unprofitable. A short carbon emissions trade was also unprofitable. On the other hand, trading of Brent crude produced a partially offsetting gain.

Silver prices jumped sharply during April and May, rising to their highest levels in 11 years. An expanding solar power industry is helping drive a growth in industrial demand for silver. Safe haven demand for precious metals and expectations of interest rate cuts by major central banks later this year also appear to have helped support the price advance. Consequently, a short silver trade was unprofitable, although the loss was scaled back somewhat when prices eased back in June as growing uncertainty on the outlook for US Federal Reserve interest rate cuts and signs of softening industrial demand, especially from top silver consumer China, likely weighed on metal prices. Elsewhere, short NYMEX copper and London aluminum futures trades were unprofitable as U.S. and U.K. sanctions that ban the trading of new Russian metals supplies, worries about the long-term availability of metals needed for the energy transition, concerns about short-term metal supplies due to several mine closures and emerging signs of improving growth in Europe seemed to push metal prices higher.

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Three months ended March 31, 2024

The Partnership was profitable during the quarter as gains from trading interest rate futures, energy futures, currency forwards and grain futures outdistanced losses from trading soft commodity and metals futures. Trading of equity futures was nearly flat.

Financial and commodity market prices vacillated during the quarter as market participants reacted to impacts of uncertainty about the timing and pace of expected central bank interest rate cuts, disparate regional growth and inflation outlooks and the influence of developments surrounding the use of artificial intelligence ("AI").

Interest rates were volatile during the quarter. They rose broadly as developed market central banks, led by the Federal Reserve ("Fed"), pushed back against market expectations of early and official interest rate cuts. Concerns about "sticky" inflation and strong wage data and labor markets seemingly helped support this higher-for-longer interest rate narrative. However, interest rates did ease a bit during March as developed market central banks, following recent meetings, seemed more willing to take longer to return to their target inflation levels than had previously been the case to avoid a hard growth landing. Overall, short positions in medium- and long-term U.S. and German note and bond futures were broadly profitable. A short position in the U.S. short-term interest rate future was also profitable. On the other hand, during January, long positions in British, U.S. and European short-term interest rate futures, and in Italian short-term and long-term interest rate futures, registered partially offsetting losses. A short position in the Japanese government bond future was also slightly unprofitable as the Bank of Japan executed a "dovish" end to its zero-interest rate and yield curve control policies.

Relative strength in U.S. growth, equity markets and interest rate differentials seemingly helped buoy the U.S. dollar. Long U.S. dollar positions versus the Japanese, Swiss, New Zealand, Canadian and Australian currencies were profitable. Elsewhere, a short U.S. dollar trade against the euro in January and trading the U.S. dollar relative to the Brazilian real and Singapore dollar produced partially offsetting losses.

Energy prices rose during the quarter as Middle East tensions, including a drone attack by Iran-backed militants that killed U.S. troops in Jordan and an expansion of Houthi missile strikes in the Red Sea on a Trafigura-operated fuel tanker carrying Russian products, stoked fears of supply disruptions. The continuation of production cuts by Organization of the Petroleum Exporting Countries ("OPEC+") and Ukrainian attacks on Russian oil refineries also likely contributed to supply worries. On the demand side, stronger-than-expected US economic data and fresh stimulus in China seemed to strengthen the outlook in two of the world's largest oil consumers. In this environment, long positions in Brent crude, WTI crude, RBOB gasoline, London gasoil and heating oil were profitable. A short carbon emissions trade was also profitable as the recent slowdown in the electric vehicle market weighed on demand for emission credits.

Ample supplies of grain from South America, Russia, Ukraine and the U.S. likely impacted prices and short wheat and soybean positions were profitable, especially early in the quarter. In March, amid reports of destructive rain and hail across crucial grain-producing regions in Argentina supporting soybean prices, a long soybean trade was profitable.

Sugar prices, following a sharp drop late last year, rebounded in January amid concerns about hot weather damaging crops in southeast Asia, particularly in India and New Delhi extended its export ban. A short sugar trade was unprofitable as prices rose. Cocoa prices rallied to an historic high as weather and disease afflicted cocoa trees in the world's main growing regions in West Africa, raising supply concerns. A short cocoa trade was unprofitable. Trading of coffee and cotton were also slightly unprofitable.

Silver prices were buoyed amid expectations that developed market central banks would embark on an interest rate easing cycle. Indeed, the Swiss National Bank announced a quarter point cut in its official interest rate in March. Consequently, a short silver trade was unprofitable. Trading of gold, platinum and zinc also posted small losses.

Trading of stock index futures was mixed and flat during the quarter. Improving growth, inflation and corporate earnings outlooks in Japan seemingly contributed to strong profits on long Japanese equity index futures positions. A long Spanish IBEX equity futures position and a short Brazilian equity index futures trade were also profitable. On the other hand, in the U.S., where AI optimism, growth and central bank rate cut prospects seemed to support equities, losses on short positions in Russell, MIDCAP 400 and Dow Jones index futures outdistanced profits from trading the NASDAQ index futures. Short positions in European, Singaporean and emerging market equity index futures, a long Korean index futures position, and trading of Australian and Canadian index futures registered offsetting losses too.

<u>OFF-BALANCE SHEET ARRANGEMENTS</u>

The Partnership does not engage in off-balance sheet arrangements with other entities.

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<u>CONTRACTUAL OBLIGATIONS</u>

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership's sole business is trading futures, forward currency, spot, option and swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements present a Condensed Schedule of Investments setting forth the Partnership's open futures and forward currency contracts, both long and short, at September 30, 2025.

ITEM 4. CONTROLS AND PROCEDURES

The General Partner, with the participation of its principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner's internal controls over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the General Partner's internal controls over financial reporting with respect to the Partnership.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

(a) Pursuant to the Partnership's Agreement of Limited Partnership, the Partnership may sell Interests at the beginning of each calendar month. On July 1, 2025, August 1, 2025 and September 1, 2025, The Partnership sold Interests to new and existing limited partners of $2,700, $2,444 and $2,397, respectively. There were no underwriting discounts or commissions in connection with the sales of the Interests described above.

Each of the foregoing Interests were offered and sold only to "accredited investors" as defined in Rule 501(a) under the Securities Act of 1933 as amended (the "1933 Act"), in reliance on the exemption from registration provided by Rule 506(b) under the 1933 Act.

(b) Pursuant to the Partnership's Agreement of Limited Partnership, Limited Partners may redeem their Interests at the end of each calendar month at the then current month-end net asset value. The redemption of Interests has no impact on the value of Interests that remain outstanding, and Interests are not reissued once redeemed.

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| | | | |
|:---|:---|:---|:---|
| The following table summarizes Interests redeemed during the three months ended September 30, 2025: | The following table summarizes Interests redeemed during the three months ended September 30, 2025: | The following table summarizes Interests redeemed during the three months ended September 30, 2025: | The following table summarizes Interests redeemed during the three months ended September 30, 2025: |
| **Date of<br>‎Withdrawal** | **Limited<br>‎Partners** | **Special Limited<br>‎Partners** | **Total** |
| July 31, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41949) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8359) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50308) |
| August 31, 2025 | (589072) | - | (589072) |
| September 30, 2025 | (126334) | (548660) | (674994) |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757355) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1314374) |

---

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

Not Applicable.

------

ITEM 5. Other Information

During the three months ended September 30, 2025, neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

ITEM 6. Exhibits

The following exhibits are included herewith:

---

| | |
|:---|:---|
| [<u>31.01</u>](c471-20250930xex31_1.htm) | Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer |
| [<u>31.02</u>](c471-20250930xex31_2.htm) | Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer |
| [<u>31.03</u>](c471-20250930xex31_3.htm) | Rule 13(a)-14(a)/15(d)-14(a) Certification of President and Chief Operating Officer |
| [<u>31.04</u>](c471-20250930xex31_4.htm) | Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer |
| [<u>32.01</u>](c471-20251111xex32_1.htm) | Section 1350 Certification of Co-Chief Executive Officer |
| [<u>32.02</u>](c471-20250930xex32_2.htm) | Section 1350 Certification of Co-Chief Executive Officer |
| [<u>32.03</u>](c471-20250930xex32_3.htm) | Section 1350 Certification of President and Chief Operating Officer |
| [<u>32.04</u>](c471-20250930xex32_4.htm) | Section 1350 Certification of Chief Financial Officer |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

‎

------

SIGNATURES

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

---

| | | |
|:---|:---|:---|
| By: | Millburn Ridgefield LLC, | /s/ Michael W. Carter |
|  | &nbsp;&nbsp;&nbsp;General Partner | &nbsp;&nbsp;&nbsp;Michael W. Carter |
|  |  | &nbsp;&nbsp;&nbsp;Vice-President |
| &nbsp;&nbsp;&nbsp;Date: November 13, 2025 | &nbsp;&nbsp;&nbsp;Date: November 13, 2025 | (Principal Accounting Officer) |

---

## Exhibit 31.1

EXHIBIT 31.01

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

I, Barry Goodman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(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 officers 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):

(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

(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.

---

| | |
|:---|:---|
| By: | /s/ Barry Goodman |
| Barry Goodman | Barry Goodman |
| Co-Chief Executive Officer | Co-Chief Executive Officer |
| Millburn Ridgefield Corporation | Millburn Ridgefield Corporation |
| General Partner, Nestor Partners | General Partner, Nestor Partners |
| November 13, 2025 | November 13, 2025 |

---

------

## Exhibit 31.2

EXHIBIT 31.02

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

I, Grant N. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(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 officers 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):

(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

(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.

---

| | |
|:---|:---|
| By: | /s/ Grant N. Smith |
| Grant N. Smith | Grant N. Smith |
| Co-Chief Executive Officer | Co-Chief Executive Officer |
| Millburn Ridgefield Corporation | Millburn Ridgefield Corporation |
| General Partner, Nestor Partners | General Partner, Nestor Partners |
| November 13, 2025 | November 13, 2025 |

---

------

## Exhibit 31.3

EXHIBIT 31.03

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF PRESIDENT AND CHIEF OPERATING OFFICER

I, Gregg Buckbinder, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(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 officers 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):

(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

(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.

---

| | |
|:---|:---|
| By: | /s/ Gregg Buckbinder |
| Gregg Buckbinder | Gregg Buckbinder |
| President and Chief Operating Officer | President and Chief Operating Officer |
| Millburn Ridgefield Corporation | Millburn Ridgefield Corporation |
| General Partner, Nestor Partners | General Partner, Nestor Partners |
| November 13, 2025 | November 13, 2025 |

---

------

## Exhibit 31.4

EXHIBIT 31.04

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Ilon Wu, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

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 officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(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 officers 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):

(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

(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.

---

| | |
|:---|:---|
| By: | /s/ Ilon Wu |
| Ilon Wu | Ilon Wu |
| Chief Financial Officer | Chief Financial Officer |
| Millburn Ridgefield Corporation | Millburn Ridgefield Corporation |
| General Partner, Nestor Partners | General Partner, Nestor Partners |
| November 13, 2025 | November 13, 2025 |

---

------

## Exhibit 32.1

Exhibit 32.01

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Barry Goodman, certify that (i) the Quarterly Report of Nestor Partners (the "Partnership") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| By: /s/ Barry Goodman  |
| Barry Goodman |
| Co-Chief Executive Officer |
| Millburn Ridgefield Corporation |
| General Partner, Nestor Partners |
| November 13, 2025 |

---

------

## Exhibit 32.2

Exhibit 32.02

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Grant N. Smith, certify that (i) the Quarterly Report of Nestor Partners (the "Partnership") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| By: /s/ Grant N. Smith |
| Grant N. Smith |
| Co-Chief Executive Officer |
| Millburn Ridgefield Corporation |
| General Partner, Nestor Partners |
| November 13, 2025 |

---

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## Exhibit 32.3

Exhibit 32.03

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Gregg Buckbinder, certify that (i) the Quarterly Report of Nestor Partners (the "Partnership") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| By: /s/ Gregg Buckbinder  |
| Gregg Buckbinder |
| President and Chief Operating Officer |
| Millburn Ridgefield Corporation |
| General Partner, Nestor Partners |
| November 13, 2025 |

---

------

## Exhibit 32.4

Exhibit 32.04

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Ilon Wu, certify that (i) the Quarterly Report of Nestor Partners (the "Partnership") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| By: /s/ Ilon Wu  |
| Ilon Wu |
| Chief Financial Officer |
| Millburn Ridgefield Corporation |
| General Partner, Nestor Partners |
| November 13, 2025 |

---

------