falseQ10001227265--12-31falsefalseDefined in Note 1.Represents the change in net asset value per Redeemable Unit.In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and a counterparty to the Partnership’s non-exchange-traded contracts, as applicable, and JPMorgan, as a counterparty to certain of the Funds non-exchange traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPMorgan, as applicable, thereby minimizing MS&Co.’s and JPMorgan’s risk of loss. In certain instances, a counterparty, may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and a counterparty to the Partnership’s non- exchange-traded contracts, as applicable, and JPMorgan, as a counterparty to certain of the Funds non-exchange traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPMorgan, as applicable, thereby minimizing MS&Co.’s and JPMorgan’s risk of loss. In certain instances, a counterparty, may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.This amount is included in “Total trading results” in the Consolidated Statements of Income and Expenses.Interest income less total expenses.This amount is in “Options purchased, at fair value” in the Consolidated Statements of Financial Condition.As of March 31, 2026 and December 31, 2025, the amounts include $202,930,023 and $199,513,554, respectively, held in trading accounts with MS&Co.This amount is in “Net unrealized depreciation on open futures contracts” in the Consolidated Statements of Financial Condition.This amount is in “Net unrealized appreciation on open forward contracts” in the Consolidated Statements of Financial Condition.This amount is in “Options written, at fair value” in the Consolidated Statements of Financial Condition.This amount is in “Net unrealized appreciation on open futures contracts” in the Consolidated Statements of Financial 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

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

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number

0-50271

CERES ORION L.P.

(Exact name of registrant as specified in its charter)


New York		22-3644546
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o Ceres Managed Futures LLC

1585 Broadway

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(855) 672-4468

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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

Yes

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated

filer

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

As of April 30, 2026, 64,723.9928 Limited Partnership Class A Redeemable Units were outstanding and 1,845.7892 Limited Partnership Class Z Redeemable Units were outstanding.

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Ceres Orion L.P.

Consolidated Statements of Financial Condition


	March 31, 2026 (Unaudited)		December 31, 2025
Assets:
Investment in the Fund (1) , at fair value	$	22,859,230	$	21,999,584
Redemptions receivable from the Funds		64,401		61,891

Equity in trading account:
Unrestricted cash		174,570,526		163,847,518
Restricted cash		36,025,547		38,337,706
Foreign cash (cost $3,537,027 and $3,664,038 at March 31, 2026 and December 31, 2025, respectively)		3,500,881		3,677,300
Net unrealized appreciation on open futures contracts		-		4,931,940
Net unrealized appreciation on open forward contracts		765,379		520,905
Options purchased, at fair value (premiums paid $2,184,626 and $5,814,512 at March 31, 2026 and December 31, 2025, respectively)		1,620,334		4,892,119

Total equity in trading account (2)		216,482,667		216,207,488

Interest receivable		580,844		563,725

Total assets	$	239,987,142	$	238,832,688

Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open futures contracts	$	385,089	$	-
Options written, at fair value (premiums received $311,576 and $2,696,749 at at March 31, 2026 and December 31, 2025, respectively)		229,830		1,854,451
Accrued expenses:
Ongoing selling agent fees		146,121		144,429
Management fees		186,964		181,206
General Partner fees		149,251		147,808
Incentive fees		-		72,771
Professional fees		383,788		300,705
Redemptions payable to General Partner		-		570,000
Redemptions payable to Limited Partners		2,190,419		3,778,167

Total liabilities		3,671,462		7,049,537

Partners’ Capital:
General Partner, Class Z, 1,758.2473 Redeemable Units outstanding at March 31, 2026 and December 31, 2025		2,661,838		2,522,110
Limited Partners, Class A, 64,969.4048 and 67,166.3208 Redeemable Units outstanding at March 31, 2026 and December 31, 2025, respectively		230,859,474		226,563,765
Limited Partners, Class Z, 1,845.7892 and 1,880.3612 Redeemable Units outstanding at March 31, 2026 and December 31, 2025, respectively		2,794,368		2,697,276

Total partners’ capital (net asset value)		236,315,680		231,783,151

Total liabilities and partners’ capital	$	239,987,142	$	238,832,688

Net asset value per Redeemable Unit:
Class A	$	3,553.36	$	3,373.18

Class Z	$	1,513.92	$	1,434.45

(1)

Defined in Note 1.

(2)

As of March 31, 2026 and December 31, 2025, the amounts include $202,930,023 and $199,513,554, respectively, held in trading accounts with MS&Co.

See accompanying notes to consolidated financial statements.

Ceres Orion L.P.

Consolidated Condensed Schedule of Investments

March 31, 2026

(Unaudited)


	Number of Contracts		Fair Value		% of Partners’ Capital
Futures Contracts Purchased
Currencies		1,344	$	(1,135,151)		(0.48)	%
Energy		559		1,342,452		0.57
Grains
SOYBEAN OIL FUTR DEC26		684		2,653,476		1.12
Other		4,647		2,848,295		1.20
Indices		1,726		619,007		0.26
Interest Rates U.S.		492		(488,227)		(0.21)
Interest Rates Non-U.S.		3,880		(3,188,832)		(1.35)
Livestock		1,119		1,099,182		0.47
Metals		900		39,233		0.02
Softs		1,744		(760,323)		(0.32)

Total futures contracts purchased				3,029,112		1.28

Futures Contracts Sold
Currencies		2,601		1,594,285		0.67
Energy		347		(441,001)		(0.19)
Grains
SOYBEAN OIL FUTR MAY26		922		(4,908,432)		(2.08)
Other		3,699		(2,669,357)		(1.13)
Indices		490		474,174		0.20
Interest Rates U.S.		658		392,326		0.17
Interest Rates Non-U.S.		4,854		3,294,570		1.39
Livestock		377		12,040		0.01
Metals		178		(235,081)		(0.10)
Softs		2,094		(927,725)		(0.39)

Total futures contracts sold				(3,414,201)		(1.45)

Net unrealized depreciation on open futures contracts			$	(385,089)		(0.17)	%


Unrealized Appreciation on Open Forward Contracts
Currencies		$17,634,906	$	148,539		0.06	%
Metals		205		1,242,194		0.53

Total unrealized appreciation on open forward contracts				1,390,733		0.59

Unrealized Depreciation on Open Forward Contracts
Currencies		$5,062,315	$	(58,870)		(0.02)
Metals		105		(566,484)		(0.24)

Total unrealized depreciation on open forward contracts				(625,354)		(0.26)

Net unrealized appreciation on open forward contracts			$	765,379		0.33	%


Options Purchased
Calls
Grains		326	$	440,100		0.19	%
Puts
Grains		1,141		430,931		0.18
Indices		73		475,463		0.20
Livestock		326		273,840		0.12

Total options purchased (premiums paid $2,184,626)			$	1,620,334		0.69	%

Options Written
Calls
Grains		326		(171,150)		(0.07)	%
Puts
Livestock		326		(58,680)		(0.03)

Total options written (premiums received $311,576)			$	(229,830)		(0.10)	%


Investment in the Fund
CMF Drakewood Master Fund LLC			$	22,859,230		9.67	%

See accompanying notes to consolidated financial statements.

Ceres Orion L.P.

Consolidated Condensed Schedule of Investments

December 31, 2025


	Number of Contracts		Fair Value		% of Partners’ Capital
Futures Contracts Purchased
Currencies		1,230	$	464,636		0.20	%
Energy		1,710		(594,224)		(0.26)
Grains		3,458		(3,359,452)		(1.45)
Indices		1,835		1,178,714		0.51
Interest Rates U.S.		911		(405,485)		(0.17)
Interest Rates Non-U.S.		8,804		(1,323,733)		(0.57)
Livestock		594		1,323,088		0.57
Metals		987		3,511,685		1.51
Softs		1,773		(79,383)		(0.03)

Total futures contracts purchased				715,846		0.31

Futures Contracts Sold
Currencies		3,301		115,782		0.05
Energy		2,211		1,038,839		0.45
Grains		6,035		3,923,913		1.69
Indices		869		327,894		0.14
Interest Rates U.S.		914		296,613		0.13
Interest Rates Non-U.S.		3,780		641,709		0.28
Livestock		214		(251,262)		(0.11)
Metals		122		(692,534)		(0.30)
Softs		2,699		(1,184,860)		(0.51)

Total futures contracts sold				4,216,094		1.82

Net unrealized appreciation on open futures contracts			$	4,931,940		2.13	%


Unrealized Appreciation on Open Forward Contracts
Currencies		$11,089,386	$	113,563		0.05	%
Metals		255		1,619,985		0.70

Total unrealized appreciation on open forward contracts				1,733,548		0.75

Unrealized Depreciation on Open Forward Contracts
Currencies		$11,737,358	$	(52,431)		(0.02)
Metals		245		(1,160,212)		(0.50)

Total unrealized depreciation on open forward contracts				(1,212,643)		(0.52)

Net unrealized appreciation on open forward contracts			$	520,905		0.23	%


Options Purchased
Calls
Grains		815	$	542,668		0.23	%
Puts
Grains		815		1,963,131		0.85
Livestock		1,304		2,386,320		1.03

Total options purchased (premiums paid $5,814,512)			$	4,892,119		2.11	%


Options Written
Calls
Grains		978		(329,994)		(0.14)	%
Puts
Grains		978		(537,085)		(0.23)
Livestock		1,304		(987,372)		(0.43)

Total options written (premiums received $2,696,749)			$	(1,854,451)		(0.80)	%


Investment in the Fund
CMF Drakewood Master Fund LLC			$	21,999,584		9.49	%

See accompanying notes to consolidated financial statements.

Ceres Orion L.P.

Consolidated Statements of Income and Expenses

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Investment Income:
Interest income	$	1,522,587		$	2,006,074
Interest income allocated from the Fund		224,944			195,496

Total investment income		1,747,531			2,201,570

Expenses:
Expenses allocated from the Fund		54,050			94,597
Clearing fees related to direct investments		712,233			538,364
Ongoing selling agent fees		445,626			496,140
Management fees		561,443			665,537
General Partner fees		455,123			507,128
Professional fees		226,484			217,402

Total expenses		2,454,959			2,519,168

Net investment loss		(707,428	)		(317,598	)

Trading Results:
Net gains (losses) on trading of commodity interests and investment in the Fund:
Net realized gains (losses) on closed contracts		17,312,650			(9,092,288	)
Net realized gains (losses) on closed contracts allocated from the Fund		5,054,484			4,463,649
Net change in unrealized gains (losses) on open contracts		(5,524,414	)		2,154,867
Net change in unrealized gains (losses) on open contracts allocated from the Fund		(3,651,846	)		(1,282,328	)

Total trading results		13,190,874			(3,756,100	)

Net income (loss)	$	12,483,446		$	(4,073,698	)

Net income (loss) per Redeemable Unit*:
Class A	$	180.18		$	(48.52	)

Class Z	$	79.47		$	(17.94	)

Weighted average Redeemable Units outstanding:
Class A		66,594.6118			82,221.7395

Class Z		3,627.0845			4,595.0948

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

See accompanying notes to consolidated financial statements.

Ceres Orion L.P.

Consolidated Statements of Changes in Partners’ Capital

For the Three Months Ended March 31, 2026 and 2025

(Unaudited)


	Class A						Class Z						Total
	Amount			Redeemable Units			Amount			Redeemable Units			Amount			Redeemable Units
Partners’ Capital, December 31, 2024	$	269,879,571			83,376.4938		$	6,376,258			4,667.2385		$	276,255,829			88,043.7323
Subscriptions - Limited Partners		305,000			94.8080			-			-			305,000			94.8080
Redemptions - Limited Partners		(11,690,842	)		(3,648.9680	)		(216,754	)		(159.9710	)		(11,907,596	)		(3,808.9390	)
Net income (loss)		(3,991,023	)		-			(82,675	)		-			(4,073,698	)		-

Partners’ Capital, March 31, 2025	$	254,502,706			79,822.3338		$	6,076,829			4,507.2675		$	260,579,535			84,329.6013


	Class A						Class Z						Total
	Amount			Redeemable Units			Amount			Redeemable Units			Amount			Redeemable Units
Partners’ Capital, December 31, 2025	$	226,563,765			67,166.3208		$	5,219,386			3,638.6085		$	231,783,151			70,804.9293
Subscriptions - Limited Partners		2,979,000			856.0890			-			-			2,979,000			856.0890
Redemptions - Limited Partners		(10,876,572	)		(3,053.0050	)		(53,345	)		(34.5720	)		(10,929,917	)		(3,087.5770	)
Net income (loss)		12,193,281			-			290,165			-			12,483,446			-

Partners’ Capital, March 31, 2026	$	230,859,474			64,969.4048		$	5,456,206			3,604.0365		$	236,315,680			68,573.4413

See accompanying notes to consolidated financial statements.

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

1.	Organization:

Ceres Orion L.P. (the “Partnership”) is a limited partnership organized on March 22, 1999, under the partnership laws of the State of New York, to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests, including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, livestock, indices, United States (“U.S.”) and

non-U.S.

interest rates, softs and metals. The commodity interests that are traded by the Partnership, directly and indirectly through its investment in the Fund (as defined below), are volatile and involve a high degree of market risk. The Partnership commenced trading on June 10, 1999. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Fund) in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates.

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

As of March 31, 2026, all trading decisions were made for the Partnership by Transtrend B.V. (“Transtrend”), John Street Capital Limited (“JSCL”), Quantica Capital AG (“Quantica”), Opus Futures LLC (“Opus”) and Drakewood Capital Management Limited (“Drakewood”) (each an “Advisor” and, collectively, the “Advisors”), each of which is a registered commodity trading advisor, or has otherwise represented that it is exempt from registration as a commodity trading advisor. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through a managed account in the Partnership’s name, or indirectly, through its investment in the Fund. In addition, the General Partner may allocate the Partnership’s assets to additional

non-major

trading advisors (i.e., commodity trading advisors intended to be allocated less than 10% of the Partnership’s assets). Information about advisors allocated less than 10% of the Partnership’s assets may not be disclosed.

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

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

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

On June 1, 2011, the Partnership began offering “Class A” Redeemable Units and “Class Z” Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to June 1, 2011 were deemed Class A Redeemable Units. The rights, powers, duties and obligations associated with investment in Class A Redeemable Units were not changed. Class A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and

non-U.S.

investors. Class Z Redeemable Units were first issued on August 1, 2011. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a limited partner receives upon a subscription will generally depend upon the status of the limited partner, although the General Partner may determine to offer a particular Class of Redeemable Units to investors at its discretion.

During the reporting periods ended March 31, 2026 and 2025, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) was also a foreign exchange forward contract counterparty for certain Funds.

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

The Partnership and CMF TT II, LLC (“Transtrend Master”) have entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. CMF Drakewood Master Fund LLC (“Drakewood Master”) has entered into futures brokerage account agreements with MS&Co. Transtrend Master and Drakewood Master are collectively referred to as the “Funds.”

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

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

The ongoing selling agent fees for the three months ended March 31, 2026 and 2025 for Class A were $445,626 and $496,140, respectively. Class Z Units are not subject to an ongoing selling agent fee.

The Partnership has entered into an alternative investment placement agent agreement (the “Harbor Selling Agreement”), by and among the Partnership, the General Partner, Morgan Stanley Distribution Inc. (“MSDI”), and Harbor Investment Advisory, LLC, a Maryland limited liability company (“Harbor”), which supersedes and replaces the alternative investment selling agent agreement, dated January 19, 2018, between the Partnership, the General Partner and Harbor. Pursuant to the Harbor Selling Agreement, MSDI and Harbor have been appointed as a

non-exclusive

selling agent and

sub-selling

agent, respectively, of the Partnership for the purpose of finding eligible investors for Redeemable Units through offerings that are exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder and for Harbor to serve as an investment advisor to its customers investing in one or more of the partnerships party to the Harbor Selling Agreement; provided, that, included within such appointment, Harbor will provide certain services to certain holders of Redeemable Units of the Partnership, who had acquired such Redeemable Units prior to such holders becoming clients of Harbor. The Harbor Selling Agreement continues in effect until September 30, 2026, unless terminated in certain circumstances as set forth in the Harbor Selling Agreement, including by any party on thirty days’ prior written notice, after which the General Partner or the Partnership may, in its sole discretion, renew the Harbor Selling Agreement for additional

one-year

periods. Pursuant to the Harbor Selling Agreement, the Partnership pays Harbor a monthly ongoing selling agent fee at a flat annual rate equal to 0.75% per year of the adjusted net assets of certain holders of Class A Redeemable Units (computed monthly by multiplying the adjusted net assets of the Class A Redeemable Units by 0.75% and dividing the result thereof by 12).

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

Effective January 1, 2021, the incentive fee payable to Transtrend by Transtrend Master was reduced from 20% to 16% of New Trading Profits (as defined in the management agreement among Transtrend Master, the Trading Manager and Transtrend), accrued monthly, but payable semi-annually.

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

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

financial condition at March 31, 2026 and the results of its operations and changes in partners’ capital for the three months ended March 31, 2026 and 2025. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form

10-K

(the “Form

10-K”)

filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2025. The December 31, 2025 information has been derived from the audited financial statements as of and for the year ended December 31, 2025.

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

Use of Estimates.

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

Profit Allocation.

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

Statement of Cash Flows.

The Partnership has not provided a Consolidated Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230,

“Statement of Cash Flows.”

The Consolidated Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended March 31, 2026 and 2025, the Partnership carried no debt and all of the Partnership’s and the Funds’ investments were carried at fair value and classified as Level 1 and Level 2 measurements.

Consolidation/Partnership’s Investment in the Fund.

The Partnership consolidates its wholly owned investment in Transtrend Master. Accordingly, the Partnership’s Consolidated Condensed Schedule of Investments as of March 31, 2026 and December 31, 2025, includes the portfolio holdings of Transtrend Master. The Partnership carries its investment in Drakewood Master based on the Partnership’s (1) net contributions to Drakewood Master and (2) its allocated share of the undistributed profit and losses, including realized gains (losses) and net change in unrealized gains (losses) of Drakewood Master.

Partnership’s/Funds’ Derivative Investments.

All commodity interests held by the Partnership/Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the

first-in,

first-out

method. Net unrealized gains or losses on open contracts are included as a component of equity in trading account in the Partnership’s/Funds’ Consolidated Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership’s/Funds’ Consolidated Statements of Income and Expenses.

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

Partnership’s Cash.

The cash held by the Partnership that is available for Futures Interests trading is on deposit in a commodity brokerage account with MS&Co. and JPM. The Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. and/or JPM, as applicable. All of these amounts are maintained separately. At March 31, 2026 and December 31, 2025, the amount of cash held for margin requirements was $36,025,547 and $38,337,706, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $3,500,881 (cost of $3,537,027) and $3,677,300 (cost of $3,664,038) as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, restricted cash, unrestricted cash, and cash denominated in foreign currencies held by MS&Co. amounted to $35,588,583, $163,164,848 and $3,500,881, respectively. As of December 31, 2025, restricted cash, unrestricted cash, and cash denominated in foreign currencies held by MS&Co. amounted to $37,962,959, $152,481,601 and $3,677,300, respectively.

Income Taxes

. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “

Income Taxes

,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are

“more-likely-than-not”

of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the

more-likely-than-not

threshold would be recorded as a tax benefit or liability in the Partnership’s Consolidated Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Partnership’s Consolidated Statements of Income and Expenses in the years in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The

2022 through 2025

tax years remain subject to examination by U.S. federal and most state tax authorities.

Investment Company Status.

The Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of

Financial Services—Investment Companies (Topic 946)

and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Consolidated Statements of Income and Expenses.

Net Income (Loss) Per Redeemable Unit.

Net income (loss) per Redeemable Unit is calculated in accordance with ASC 946,

“Financial Services - Investment Companies.”

See Note 3, “Financial Highlights.”

Segment Reporting

. The Partnership operates as a single reportable segment, as the Chief Operating Decision Maker (CODM) monitors the operating results of the Partnership as a whole against its investment objective, which is included in Note 1. The Partnership’s President acts as the Partnership’s CODM and is responsible for assessing the performance of the Partnership’s single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the total trading results as reflected in the accompanying Statements of Income and Expenses and total return as reflected in the financial highlights as included in the notes to the Partnership’s Financial Statements. Additionally, segment assets are presented in the accompanying Consolidated Statements of Financial Condition and significant segment expenses are reported in the accompanying Consolidated Statements of Income and Expenses.

There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual

Report

on Form

10-K

for the year ended December 31, 2025.

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

3.	Financial Highlights:

Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Class A			Class Z			Class A			Class Z
Per Redeemable Unit Performance (for a unit outstanding throughout the period):*
Net realized and unrealized gains (losses)	$	190.72		$	81.05		$	(44.61	)	$	(18.84	)
Net investment income (loss)		(10.54	)		(1.58	)		(3.91	)		0.90

Increase (decrease) for the period		180.18			79.47			(48.52	)		(17.94	)
Net asset value per Redeemable Unit, beginning of period		3,373.18			1,434.45			3,236.88			1,366.17

Net asset value per Redeemable Unit, end of period	$	3,553.36		$	1,513.92		$	3,188.36		$	1,348.23


	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Class A				Class Z				Class A				Class Z
Ratios to Average Limited Partners’ Capital:**
Net investment income (loss)***		(1.2	)	%		(0.4	)	%		(0.5	)	%		0.3		%

Operating expenses		4.2		%		3.4		%		3.8		%		3.1		%
Incentive fees		-		%		-		%		-		%		-		%

Total expenses		4.2		%		3.4		%		3.8		%		3.1		%

Total return:
Total return before incentive fees		5.3		%		5.5		%		(1.5	)	%		(1.3	)	%
Incentive fees		-		%		-		%		-		%		-		%

Total return after incentive fees		5.3		%		5.5		%		(1.5	)	%		(1.3	)	%

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

**	Annualized (except for incentive fees).

***	Interest income less total expenses.

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

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

4.	Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Partnership’s Consolidated Statements of Income and Expenses. The Partnership also invests certain of its assets through a “master/feeder” structure. The Partnership’s

pro-rata

share of the results of the Funds’ trading activities is shown in the Partnership’s Consolidated Statements of Income and Expenses.

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

210-20,

“

Balance Sheet - Offsetting

,” have been met.

All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended March 31, 2026 and 2025 was 40,392 and 34,203, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended March 31, 2026 and 2025 was 394 and 270, respectively. The monthly average notional value of currency forward contracts traded during the three months ended March 31, 2026 and 2025 was $32,137,321 and $53,435,530, respectively. The monthly average number of option contracts purchased traded directly by the Partnership during the three months ended March 31, 2026 and 2025 was 1,505 and 1,738, respectively. The monthly average number of option contracts written traded directly by the Partnership during the three months ended March 31, 2026 and 2025 was 1,195 and 1,738, respectively.

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

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

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2026 and December 31, 2025, respectively.


				Gross Amounts Offset in the Consolidated			Amounts Presented in the Consolidated			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
March 31, 2026	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	23,638,470		$	(23,638,470	)	$	-		$	-	$	-	$	-
Forwards		1,242,195			(566,484	)		675,711			-		-		675,711

		24,880,665			(24,204,954	)		675,711			-		-		675,711
JPMorgan
Forwards		148,538			(58,870	)		89,668			-		-		89,668

Total assets	$	25,029,203		$	(24,263,824	)	$	765,379		$	-	$	-	$	765,379

Liabilities
MS&Co.
Futures	$	(24,023,559	)	$	23,638,470		$	(385,089	)	$	-	$	385,089	$	-
Forwards		(566,484	)		566,484			-			-		-		-

		(24,590,043	)		24,204,954			(385,089	)		-		385,089		-
JPMorgan
Forwards		(58,870	)		58,870			-			-		-		-

Total liabilities	$	(24,648,913	)	$	24,263,824		$	(385,089	)	$	-	$	385,089	$	-

Net fair value														$	765,379	*


				Gross Amounts Offset in the Consolidated			Amounts Presented in the Consolidated			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
December 31, 2025	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	20,195,093		$	(15,263,153	)	$	4,931,940		$	-	$	-	$	4,931,940
Forwards		1,619,985			(1,160,231	)		459,754			-		-		459,754

		21,815,078			(16,423,384	)		5,391,694			-		-		5,391,694
JPMorgan
Forwards		113,563			(52,412	)		61,151			-		-		61,151

Total assets	$	21,928,641		$	(16,475,796	)	$	5,452,845		$	-	$	-	$	5,452,845

Liabilities
MS&Co.
Futures	$	(15,263,153	)	$	15,263,153		$	-		$	-	$	-	$	-
Forwards		(1,160,231	)		1,160,231			-			-		-		-

		(16,423,384	)		16,423,384			-			-		-		-
JPMorgan
Forwards		(52,412	)		52,412			-			-		-		-

Total liabilities	$	(16,475,796	)	$	16,475,796		$	-		$	-	$	-	$	-

Net fair value														$	5,452,845	*

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

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts, as applicable, held directly by the Partnership as separate assets and liabilities as of March 31, 2026 and December 31, 2025, respectively.


	March 31, 2026
Assets
Futures Contracts
Currencies	$	1,935,882
Energy		2,695,691
Grains		6,948,460
Indices		2,352,851
Interest Rates U.S.		544,534
Interest Rates Non-U.S.		3,570,585
Livestock		1,693,462
Metals		1,253,219
Softs		2,643,786

Total unrealized appreciation on open futures contracts		23,638,470


Liabilities
Futures Contracts
Currencies		(1,476,748	)
Energy		(1,794,240	)
Grains		(9,024,478	)
Indices		(1,259,670	)
Interest Rates U.S.		(640,435	)
Interest Rates Non-U.S.		(3,464,847	)
Livestock		(582,240	)
Metals		(1,449,067	)
Softs		(4,331,834	)

Total unrealized depreciation on open futures contracts		(24,023,559	)

Net unrealized depreciation on open futures contracts	$	(385,089	)	*


Assets
Forward Contracts
Currencies	$	148,539
Metals		1,242,194

Total unrealized appreciation on open forward contracts		1,390,733


Liabilities
Forward Contracts
Currencies	$	(58,870	)
Metals		(566,484	)

Total unrealized depreciation on open forward contracts		(625,354	)

Net unrealized appreciation on open forward contracts	$	765,379		**


Assets
Options Purchased
Grains	$	871,031
Indices		475,463
Livestock		273,840

Total options purchased	$	1,620,334		***


Liabilities
Options Written
Grains	$	(171,150	)
Livestock		(58,680	)

Total options written	$	(229,830	)	****

*	This amount is in “Net unrealized depreciation on open futures contracts” in the Consolidated Statements of Financial Condition.

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

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

****	This amount is in “Options written, at fair value” in the Consolidated Statements of Financial Condition.

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)


	December 31, 2025
Assets
Futures Contracts
Currencies	$	1,154,606
Energy		2,677,373
Grains		4,128,476
Indices		2,203,683
Interest Rates U.S.		385,862
Interest Rates Non-U.S.		1,183,970
Livestock		1,475,269
Metals		4,051,231
Softs		2,934,623

Total unrealized appreciation on open futures contracts		20,195,093


Liabilities
Futures Contracts
Currencies		(574,188	)
Energy		(2,232,758	)
Grains		(3,564,015	)
Indices		(697,075	)
Interest Rates U.S.		(494,734	)
Interest Rates Non-U.S.		(1,865,994	)
Livestock		(403,443	)
Metals		(1,232,080	)
Softs		(4,198,866	)

Total unrealized depreciation on open futures contracts		(15,263,153	)

Net unrealized appreciation on open futures contracts	$	4,931,940		*


Assets
Forward Contracts
Currencies	$	113,563
Metals		1,619,985

Total unrealized appreciation on open forward contracts		1,733,548


Liabilities
Forward Contracts
Currencies	$	(52,431	)
Metals		(1,160,212	)

Total unrealized depreciation on open forward contracts		(1,212,643	)

Net unrealized appreciation on open forward contracts	$	520,905		**


Assets
Options Purchased
Grains	$	2,505,799
Livestock		2,386,320

Total options purchased	$	4,892,119		***


Liabilities
Options Written
Grains	$	(867,079	)
Livestock		(987,372	)

Total options written	$	(1,854,451	)	****

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

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

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

****	This amount is in “Options written, at fair value” in the Consolidated Statements of Financial Condition.

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
Sector	2026				2025
Currencies	$	2,907,353			$	(5,209,300	)
Energy		4,825,757				(3,888,525	)
Grains		(1,222,600	)			(2,864,835	)
Indices		3,273,477				(1,326,315	)
Interest Rates U.S.		729,022				(1,654,471	)
Interest Rates Non-U.S.		(2,181,011	)			373,305
Livestock		1,423,505				1,678,217
Metals		3,384,762				4,928,461
Softs		(1,352,029	)			1,026,042

Total	$	11,788,236		*****	$	(6,937,421	)	*****

*****

This amount is included in “Total trading results” in the Consolidated Statements of Income and Expenses.

5.	Fair Value Measurements:

Partnership’s and the Funds’ Fair Value Measurements

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

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of

non-exchange

traded foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of

non-exchange-traded

foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.

The Partnership and the Funds consider prices for exchange traded commodity futures, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills,

non-exchange-traded

futures, forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of March 31, 2026 and December 31, 2025 and for the periods ended March 31, 2026 and 2025, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)


March 31, 2026	Total		Level 1		Level 2		Level 3
Assets
Futures	$	23,638,470	$	22,097,380	$	1,541,090	$	-
Forwards		1,390,733		-		1,390,733		-
Options purchased		1,620,334		1,620,334		-		-

Total assets	$	26,649,537	$	23,717,714	$	2,931,823	$	-

Liabilities
Futures	$	24,023,559	$	23,964,804	$	58,755	$	-
Forwards		625,354		-		625,354		-
Options written		229,830		229,830		-		-

Total liabilities	$	24,878,743	$	24,194,634	$	684,109	$	-


December 31, 2025	Total		Level 1		Level 2		Level 3
Assets
Futures	$	20,195,093	$	18,951,018	$	1,244,075	$	-
Forwards		1,733,548		-		1,733,548		-
Options purchased		4,892,119		4,892,119		-		-

Total assets	$	26,820,760	$	23,843,137	$	2,977,623	$	-

Liabilities
Futures	$	15,263,153	$	15,080,068	$	183,085	$	-
Forwards		1,212,643		-		1,212,643		-
Options written		1,854,451		1,854,451		-		-

Total liabilities	$	18,330,247	$	16,934,519	$	1,395,728	$	-

The Investment in the Fund measured using the net asset value practical expedient is not required to be included in the fair value hierarchy. Please refer to the Consolidated Condensed Schedules of Investments as of March 31, 2026 and December 31, 2025, respectively.

6.	Investment in the Funds:

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

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

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

The General Partner is not aware of any material changes to any of the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended March 31, 2026.

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

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

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

As of March 31, 2026, the Partnership owned 100.0% of Transtrend Master and approximately 68.0% of Drakewood Master. At December 31, 2025, the Partnership owned 100.0% of Transtrend Master and approximately 65.0% of Drakewood Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. The Partnership consolidates its wholly owned investment in Transtrend Master. Expenses to limited partners as a result of investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.

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


	March 31, 2026
	Total Assets		Total Liabilities		Total Capital
Transtrend Master	$	55,904,391	$	265,497	$	55,638,894
Drakewood Master		42,968,392		9,357,811		33,610,581

	December 31, 2025
	Total Assets		Total Liabilities		Total Capital
Transtrend Master	$	57,083,521	$	956,093	$	56,127,428
Drakewood Master		40,290,634		6,443,067		33,847,567

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables:


	For the three months ended March 31, 2026
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Transtrend Master	$	87,629	$	2,825,255		$	2,912,884
Drakewood Master		255,089		2,152,628			2,407,717

	For the three months ended March 31, 2025
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Transtrend Master	$	168,542	$	(6,739,642	)	$	(6,571,100	)
Drakewood Master		167,644		5,285,951			5,453,595

Summarized information reflecting the Partnership’s investments in and the Partnership’s

pro-rata

share of the results of operations of the Funds are shown in the following tables:


	March 31, 2026					For the three months ended March 31, 2026
	% of								Expenses								Net
Funds	Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Management Fees		Incentive Fee		Income (Loss)			Investment Objective	Redemptions Permitted

Transtrend Master		23.54	%	$	55,638,894	$	3,161,349		$	108,426	$	19,060	$	120,979	$	-	$	2,912,884		Commodity Portfolio	Monthly
Drakewood Master		9.67	%		22,859,230		1,627,582			41,294		12,756		-		-		1,573,532		Commodity Portfolio	Monthly

Total				$	78,498,124	$	4,788,931		$	149,720	$	31,816	$	120,979	$	-	$	4,486,416


	December 31, 2025					For the three months ended March 31, 2025
	% of								Expenses								Net
Funds	Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Management Fees		Incentive Fee		Income (Loss)			Investment Objective	Redemptions Permitted

Transtrend Master		24.22	%	$	56,127,428	$	(6,261,852	)	$	141,380	$	19,060	$	148,808	$	-	$	(6,571,100	)	Commodity Portfolio	Monthly
Drakewood Master		9.49	%		21,999,584		3,376,818			83,129		11,468		-		-		3,282,221		Commodity Portfolio	Monthly

Total				$	78,127,012	$	(2,885,034	)	$	224,509	$	30,528	$	148,808	$	-	$	(3,288,879	)

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

7.	Financial Instrument Risks:

In the normal course of business, the Partnership and the Funds are parties to financial instruments with

off-balance-sheet

risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options, and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or

over-the-counter

(“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

Futures Contracts

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

Forward Foreign Currency Contracts.

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

London Metal Exchange Forward Contracts.

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

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

Options

. The Partnership and the Funds may purchase and write (sell) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership/Funds write an option, the premium received is recorded as a liability in the Partnership’s/Funds’ Consolidated Statements of Financial Condition and

marked-to-market

daily. When the Partnership/Funds purchase an option, the premium paid is recorded as an asset in the Partnership’s/Funds’ Consolidated Statements of Financial Condition and

marked-to-market

daily. Net realized gains (losses) and net change in unrealized gains (losses) on option contracts are included in the Partnership’s/Funds’ Consolidated Statements of Income and Expenses.

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

Futures-Style Options.

The Partnership/Funds may trade futures-style option contracts. Unlike traditional option contracts, the premiums for futures-style option contracts are not received or paid upon the onset of the trade. The premiums are recognized and received or paid as part of the sales price when the contract is closed. Similar to a futures contract, variation margin for the futures-style option contract may be made or received by the Partnership/Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership/Funds. Transactions in futures-style option contracts may require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Futures-style option contracts are presented as part of “Net unrealized appreciation on open futures contracts” or “Net unrealized depreciation on open futures contracts,” as applicable, in the Partnership’s/Funds’ Consolidated Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on futures-style option contracts are included in the Partnership’s/Funds’ Consolidated Statements of Income and Expenses.

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

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

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

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

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

Ceres Orion L.P.

Notes to Consolidated Financial Statements

(Unaudited)

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

Geopolitical relations and conflicts between governments may have significant macroeconomic effects on the global economy, and impact the markets in which the Partnership has invested or seeks to make investments. Armed conflicts among countries, as well as economic sanctions, for example, have created, and may in the future create, volatility in the price of various commodities and may lead to a deterioration in the political and trade relationships that exist between the countries involved, which in turn have a negative impact on business activity globally, and therefore could affect the performance of the Partnership’s investments. Uncertainties regarding these conflicts and potential future conflicts, and the varying involvement of the United States and other countries, make it difficult to predict what the ultimate impact on global economic and market conditions will be, and presents material uncertainty and risk with respect to the Partnership and the performance of its investments or operations, and the ability of the Partnership to achieve its investment objectives. Additionally, to the extent that investors, service providers and/or other third parties have material operations or assets in the countries involved in these conflicts, they may have their operations disrupted and/or suffer adverse consequences related to the ongoing conflicts.

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

8.	Subsequent Events:

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

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

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. Its assets are its (i) investment in the Fund, (ii) redemptions receivable from the Fund, (iii) its equity in trading account, consisting of unrestricted cash, restricted cash, foreign cash, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, options purchased at fair value and investment in U.S. Treasury bills at fair value, if applicable and (iv) interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership, through its investment in the Fund and direct investments. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred during the first quarter of 2026.

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

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

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

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

For the three months ended March 31, 2026, the Partnership’s capital increased 2.0% from $231,783,151 to $236,315,680. This increase was attributable to subscriptions of 856.0890 Class A limited partner Redeemable Units totaling $2,979,000 and a net income of $12,483,446, which was partially offset by redemptions of 3,053.0050 Class A limited partner Redeemable Units totaling $10,876,572 and 34.5720 Class Z limited partner Redeemable Units totaling $53,345. Future redemptions can impact the amount of funds available for investment in subsequent periods.

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

Off-Balance Sheet Arrangements and Contractual Obligations

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

Critical Accounting Policies

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

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

Results of Operations

During the Partnership’s first quarter of 2026, the net asset value per Redeemable Unit for Class A increased 5.3% from $3,373.18 to $3,553.36, as compared to a decrease of 1.5% in the first quarter of 2025. During the Partnership’s first quarter of 2026, the net asset value per Redeemable Unit for Class Z increased 5.5% from $1,434.45 to $1,513.92, as compared to a decrease of 1.3% in the first quarter of 2025. The Partnership experienced a net trading gain before fees and expenses in the first quarter of 2026 of $13,190,874. Gains were primarily attributable to the Partnership’s/Funds’ trading of commodity futures in currencies, energy, indices, livestock and metals and were partially offset by losses in grains, U.S. and non-U.S. interest rates and softs. The Partnership experienced a net trading loss before fees and expenses in the first quarter of 2025 of $3,756,100. Losses were primarily attributable to the Partnership’s/Funds’ trading of commodity futures in currencies, energy, grains, indices, and U.S. interest rates and were partially offset by gains in livestock, metals, non-U.S. interest rates and softs.

The Partnership’s largest gains during the first quarter were achieved throughout the first three months of the year from long futures positions in Brent crude oil, heating oil, and gas oil. Oil prices rose sharply as geopolitical turmoil and subsequent hostilities in the Middle East threatened global energy supplies. In the metals markets, gains were recorded during January and February from long positions in gold and silver futures, as prices surged to record highs amid increased investor demand for precious metals. Additional gains were generated in the global stock index markets during January and February from long positions in Asian, European, and U.S. equity index futures, supported by an improved earnings outlook, reduced tariff uncertainty, and accommodative central bank policies. In the currency markets, gains were recorded during March from short positions in the euro, Canadian dollar, and Swiss franc versus the U.S. dollar, as the value of the U.S. currency strengthened against several of its counterparts. Additional currency gains were recorded during the quarter from positions in the Indian rupee and Korean won. In global freight futures, gains were recorded during January and February from long positions, as threats to tankers along key Middle Eastern shipping routes supported higher freight rates. A portion of the Partnership’s overall first-quarter gains was offset by losses in the agricultural sector during January from short positions in soybean and wheat futures, as prices increased following reports that U.S. farmers would reduce acreage dedicated to grain harvests in 2026. Additional losses in the sector were incurred during March from short positions in sugar futures, as sugar prices reversed higher. Losses were also recorded in the global fixed income markets during March from long positions in Canadian fixed income futures, as prices declined amid investor concerns over inflation and uncertain monetary policy from the Bank of Canada.

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increase the possibility for profit. The profitability of the Partnership/Funds depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, public health epidemics, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Advisors are able to identify them, the Partnership/Funds expect to increase capital through operations.

As of March 31, 2026, interest income was earned on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of a Fund’s, except for Transtrend Master’s) brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. will pay monthly interest to Transtrend Master on 100% of the average daily equity maintained in cash in Transtrend Master’s brokerage account during each month at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. For the avoidance of doubt, the Partnership/Funds will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership’s and/or each Fund’s cash account in excess of the amounts described above, if any, will be retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market mutual fund securities will be retained by the Partnership and/or the Funds, as applicable. Any interest income earned on collateral or excess cash deposited by certain of the Funds and held by JPMorgan in its capacity as such Funds’ forward foreign currency counterparty will be retained by such Funds, and the Partnership will receive its allocable portion of such interest from the applicable Fund. Interest income earned by the Partnership for the three months ended March 31, 2026 decreased by $454,039 as compared to the corresponding period in 2025. The decrease in interest income was primarily due to lower 4-week U.S. Treasury bill discount rates during the three months ended March 31, 2026 as compared to the corresponding period in 2025. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends on (1) the average daily equity maintained in cash in the Partnership’s and/or the Funds’ accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds, MS&Co. or JPMorgan has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Funds. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees related to direct investments for the three months ended March 31, 2026 increased by $173,869 as compared to the corresponding period in 2025. The increase in these clearing fees was primarily due to an increase in the number of direct trades made by the Partnership during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Ongoing selling agent fees are calculated as a percentage of the Partnership’s adjusted net asset value for Class A Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Ongoing selling agent fees for the three months ended March 31, 2026 decreased by $50,514 as compared to the corresponding period in 2025. The decrease in ongoing selling agent fees was primarily due to lower average adjusted net assets during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Management fees, except fees payable to Transtrend, are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Management fees payable to Transtrend are charged at the Transtrend Master level and are affected by trading performance, subscriptions and redemptions of Transtrend Master. Management fees for the three months ended March 31, 2026 decreased by $104,094 as compared to the corresponding period in 2025. The decrease in management fees was due to lower average adjusted net assets during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership’s commodity trading advisors, (ii) allocating and reallocating the Partnership’s assets among the commodity trading advisors and (iii) monitoring the activities of the commodity trading advisors. These fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. The General Partner fees for the three months ended March 31, 2026 decreased by $52,005 as compared to the corresponding period in 2025. The decrease in the General Partner fees was due to lower average adjusted net assets during the three months ended March 31, 2026 as compared to the corresponding period in 2025.

Incentive fees paid by the Partnership are based on the new trading profits, as defined in the respective management agreements among the Partnership, the General Partner/Trading Manager and each Advisor, generated by each Advisor at the end of the quarter, calendar half year or annually, as applicable. Trading performance for the three months ended March 31, 2026 resulted in incentive fees of $0. Trading performance for the three months ended March 31, 2025 resulted in incentive fees of $0. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid an incentive fee until such Advisor recovers any net loss incurred by the Advisor and earns additional new trading profits for the Partnership.

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

As of March 31, 2026 and December 31, 2025, the Partnership’s Net Assets were allocated among the Advisors in the following approximate percentages:


Advisor	March 31, 2026		March 31, 2026 (percentage of Partners’ Capital)			December 31, 2025		December 31, 2025 (percentage of Partners’ Capital)
Transtrend	$	55,638,595		23	%	$	56,128,288		24	%
Drakewood	$	22,937,778		10	%	$	22,062,539		10	%
JSCL	$	69,130,211		29	%	$	64,197,701		28	%
Quantica	$	46,139,146		20	%	$	46,543,684		20	%
Opus	$	18,210,506		8	%	$	18,231,753		8	%
Unallocated	$	24,259,444		10	%	$	24,619,186		10	%

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

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

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

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

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

Quantifying the Partnership’s and the Funds’ Trading Value at Risk

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

The Partnership and the Funds account for open positions on the basis of fair value accounting principles. Any loss in the market value of the Partnership’s and each Fund’s open positions is directly reflected in the Partnership’s and each Fund’s earnings and cash flow.

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

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

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

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. JSCL, Quantica and Opus directly trade managed accounts in the name of the Partnership. As of March 31, 2026, Transtrend and Drakewood traded the Partnership’s assets indirectly in master fund managed accounts established in the name of the master funds over which they had been granted limited authority to make trading decisions. The first two trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly and through its investment in the Fund. The remaining trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly (i.e. in the managed accounts in the Partnership’s name traded by JSCL, Quantica and Opus) and indirectly by each Fund separately. There has been no material change in the trading Value at Risk information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025.

The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of March 31, 2026 and December 31, 2025. As of March 31, 2026, the Partnership’s total capitalization was $236,315,680.


March 31, 2026

Market Sector	Value at Risk		% of Total Capitalization
Currencies	$	5,315,693		2.25	%
Energy		3,226,956		1.37
Grains		4,048,191		1.71
Indices		5,394,049		2.28
Interest Rates U.S.		2,023,528		0.86
Interest Rates Non-U.S.		5,006,528		2.12
Livestock		2,757,095		1.17
Metals		4,069,396		1.72
Softs		3,851,196		1.63

Total	$	35,692,632		15.11	%

As of December 31, 2025, the Partnership’s total capitalization was $231,783,151.


December 31, 2025

Market Sector	Value at Risk		% of Total Capitalization
Currencies	$	4,824,090		2.08	%
Energy		3,675,928		1.59
Grains		4,570,762		1.97
Indices		7,437,195		3.21
Interest Rates U.S.		2,942,307		1.27
Interest Rates Non-U.S.		5,170,558		2.23
Livestock		1,680,030		0.72
Metals		5,270,302		2.27
Softs		3,195,179		1.38

Total	$	38,766,351		16.72	%

The following tables indicate the trading Value at Risk associated with the Partnership’s direct investments and indirect investments in the Funds by market category as of March 31, 2026 and December 31, 2025, and the highest, lowest and average values during the three months ended March 31, 2026 and the twelve months ended December 31, 2025, as applicable. All open position trading risk exposures have been included in calculating the figures set forth below.

At March 31, 2026, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:


March 31, 2026

						Three Months Ended March 31, 2026
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	2,974,945		1.26	%	$	2,978,673	$	1,481,939	$	2,267,887
Energy		2,616,889		1.11			3,908,541		2,402,530		2,984,965
Grains		3,137,345		1.33			4,951,821		2,646,588		3,180,261
Indices		4,737,815		2.00			7,112,691		4,631,693		5,851,246
Interest Rates U.S.		1,501,338		0.64			3,539,453		989,017		1,900,033
Interest Rates Non-U.S.		3,766,563		1.59			5,210,424		2,762,269		3,935,519
Livestock		1,704,615		0.72			2,606,120		835,120		1,714,168
Metals		2,297,738		0.97			2,518,329		1,321,700		1,825,452
Softs		3,124,163		1.32			3,124,163		2,106,933		2,564,868

Total	$	25,861,411		10.94	%

*	Average of daily Values at Risk.

At December 31, 2025, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:


December 31, 2025

						Twelve Months Ended December 31, 2025
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	2,284,133		0.99	%	$	4,513,042	$	1,589,737	$	2,479,496
Energy		3,119,117		1.35			7,847,505		1,986,155		4,890,248
Grains		3,084,995		1.33			6,528,048		984,304		3,107,051
Indices		6,629,256		2.86			10,126,846		3,842,302		6,628,811
Interest Rates U.S.		1,828,774		0.79			3,709,859		943,778		1,851,212
Interest Rates Non-U.S.		2,980,353		1.29			5,513,914		2,025,210		3,567,668
Livestock		1,150,490		0.50			2,894,183		671,990		1,469,738
Metals		1,821,424		0.79			3,909,777		1,651,047		2,684,275
Softs		2,216,004		0.96			2,993,857		1,348,298		2,113,120

Total	$	25,114,546		10.86	%

*	Annual average of daily Values at Risk.

At March 31, 2026, Transtrend Master’s total capitalization was $55,638,894 and the Partnership owned 100.0% of Transtrend Master. As of March 31, 2026, Transtrend Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Transtrend for trading) was as follows:


March 31, 2026

						Three Months Ended March 31, 2026
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	2,283,975		4.10	%	$	3,329,884	$	2,283,975	$	2,786,621
Energy		610,067		1.10			984,349		433,542		661,514
Grains		910,846		1.64			1,655,371		668,898		1,095,526
Indices		656,234		1.18			1,018,255		656,234		898,372
Interest Rates U.S.		522,190		0.94			1,146,145		516,226		750,545
Interest Rates Non-U.S.		1,239,965		2.23			2,855,618		1,162,088		2,242,618
Livestock		1,052,480		1.89			1,102,860		529,540		877,601
Metals		1,153,763		2.07			2,289,193		1,122,801		1,853,912
Softs		727,033		1.31			1,054,932		690,741		907,888

Total	$	9,156,553		16.46	%

*	Average of daily Values at Risk.

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


December 31, 2025

						Twelve Months Ended December 31, 2025
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	2,517,914		4.49	%	$	6,265,142	$	1,998,849	$	3,464,379
Energy		556,811		0.99			2,977,715		225,289		1,145,306
Grains		1,485,767		2.65			2,319,228		1,030,894		1,610,394
Indices		807,939		1.44			3,532,104		773,804		1,771,085
Interest Rates U.S.		1,113,533		1.98			1,515,467		148,658		868,584
Interest Rates Non-U.S.		2,190,205		3.90			2,372,790		1,223,016		1,846,130
Livestock		529,540		0.94			1,090,760		155,980		751,201
Metals		2,249,310		4.01			2,249,310		1,034,650		1,616,994
Softs		979,175		1.74			2,357,917		422,338		1,143,938

Total	$	12,430,194		22.14	%

*	Annual average of daily Values at Risk.

At March 31, 2026, Drakewood Master’s total capitalization was $33,610,581 and the Partnership owned approximately 68.0% of Drakewood Master. As of March 31, 2025, Drakewood Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Drakewood for trading) was as follows:


March 31, 2026

						Three Months Ended March 31, 2026
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	83,490		0.25	%	$	131,780	$	-	$	33,229
Metals		908,669		2.70			2,167,787		724,082		1,493,206

Total	$	992,159		2.95	%

*	Average of daily Values at Risk.

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


December 31, 2025

						Twelve Months Ended December 31, 2025
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk*
Currencies	$	33,912		0.10	%	$	257,180	$	-	$	100,631
Metals		1,845,489		5.45			14,939,331		1,086,815		7,230,387

Total	$	1,879,401		5.55	%

*	Annual average of daily Values at Risk.

Item 4. Controls and Procedures.

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

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

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026 and, based on that evaluation, the General Partner’s President and CFO have concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

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

•

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

•

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

•

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

There were no changes in the Partnership’s internal control over the financial reporting process during the fiscal quarter ended March 31, 2026, that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

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

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

The Company is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the SEC as required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”) which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including the Company. As a consolidated subsidiary of Morgan Stanley, the Company does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, we refer you to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for 2025, 2024, 2023, 2022, and 2021. In addition, the Company annually prepares an Audited, Consolidated Statement of Financial Condition (“Audited Financial Statement”) that is publicly available on Morgan Stanley’s website at www.morganstanley.com. We refer you to the Commitments, Guarantees and Contingencies – Legal section of the Company’s 2025 Audited Financial Statement.

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

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

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

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

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

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

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

Civil Litigation

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

court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution facilities remain pending, and on March 12, 2026, defendants filed a motion for summary judgment.

The Company is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Company, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit’s August 2025 decision, which the Supreme Court denied on April 20, 2026.

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

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Company and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Company for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Company’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Company or sold to the plaintiff by the Company was approximately $116

million. On August 11, 2016, the Appellate Division, affirmed the trial court’s order denying in part the Company’s motion to dismiss the complaint. On July 15, 2022, the Company filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Company’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Company’s favor. The plaintiff has appealed.

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

Item lA.

Risk Factors

There have been no material changes to the risk factors set forth under Part I, Item 1A. “

Risk Factors

.” in the Partnership’s Annual Report on Form

10-K

for the fiscal year ended December 31, 2025, other than as disclosed in Note 7, “Financial Instrument Risks,” of the Financial Statements.

Item 2.

Unregistered Sales

of Equity Securities and Use of Proceeds

For the three months ended March 31, 2026, there were subscriptions of 856.0890 Class A Redeemable Units totaling $2,979,000. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act and Section 506 of Regulation D promulgated thereunder. These Redeemable Units were purchased by accredited investors as defined in Regulation D. In determining the applicability of the exemption, the General Partner relied on the fact that the Redeemable Units were purchased by accredited investors in a private offering.

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

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


Period	Class A (a) Total Number of Redeemable Units Purchased*		Class A (b) Average Price Paid per Redeemable Unit**		Class Z (a) Total Number of Redeemable Units Purchased*		Class Z (b) Average Price Paid per Redeemable Unit**		(c) Total Number of Redeemable Units Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Redeemable Units that May Yet Be Purchased Under the Plans or Programs
January 1, 2026 - January 31, 2026		1,023.7090	$	3,483.43		N/A		N/A		N/A		N/A
February 1, 2026 - February 28, 2026		1,412.8600	$	3,623.95		34.5720		$1,543.02		N/A		N/A
March 1, 2026 - March 31, 2026		616.4360	$	3,553.36		N/A		N/A		N/A		N/A
		3,053.0050	$	3,562.58		34.5720	$	1,543.02

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

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

Item 3.

Defaults Upon Senior Securities

—

None.

Item 4.

Mine Safety Disclosures

—

Not Applicable.

Item 5.

Other Information

The Partnership has no directors or executive officers and its affairs are managed by its General Partner. The General Partner is managed by a board of directors. During the fiscal quarter ended March 31, 2026, no officers or directors of the General Partner adopted, modified or terminated a “Rule

10b5-1

trading arrangement” (as defined in Item 408 of Regulation

S-K

of the Exchange Act).

There were no

“non-Rule

10b5-1

trading arrangements” (as defined in Item 408 of Regulation

S-K

of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended March 31, 2026 by the directors and officers of the General Partner.

Item 6.

Exhibits.

Exhibit 31.1 — Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director) (filed herewith).

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

Exhibit 32.1 — Section 1350 Certification (Certification of President and Director) (filed herewith).

Exhibit 32.2 — Section 1350 Certification (Certification of Chief Financial Officer) (filed herewith).

101.INS Inline XBRL Instance Document.

101.SCH Inline XBRL Taxonomy Extension Schema Document.

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF Inline XBRL Taxonomy Extension Definition Document.

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

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.


CERES ORION L.P.

By:		Ceres Managed Futures LLC
		(General Partner)

By:		/s/ Patrick T. Egan
		Patrick T. Egan
		President and Director

Date: May 12, 2026

By:		/s/ Brooke Lambert
		Brooke Lambert
		Chief Financial Officer
		(Principal Accounting Officer)

Date: May 12, 2026

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

CERES ORION L.P. 10-Q