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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

Commission file number: 000-50728

LOCORR FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

Organized in Maryland

IRS Employer Identification No.: 52-1627106

c/o Steben & Company, LLC

687 Excelsior Boulevard

Excelsior, MN 55331

(952) 767-6900

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

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§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 ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition 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 ☐ No ☒

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

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

LoCorr Futures Portfolio Fund, Limited Partnership

Statements of Financial Condition

June 30, 2025 (Unaudited) and December 31, 2024

	June 30,
	2025		December 31,
	(Unaudited)		2024
Assets
Equity in broker trading accounts
Cash (restricted cash of $19,342,991 and $24,388,209)	$	28,135,623	$	41,794,802
Net unrealized gain (loss) on open futures contracts		669,707		1,216,130
Net unrealized gain (loss) on open forward currency contracts		618,602		1,237,285
Total equity in broker trading accounts		29,423,932		44,248,217
Cash and cash equivalents		8,117,618		2,390,015
Investment in private investment company, at fair value (cost$ 4,237,264 and $4,237,264)		1,514,700		2,312,982
Investment in securities, at fair value (cost $39,276,176 and $60,029,157)		39,666,118		60,605,106
General Partner 1% allocation receivable		130,767		—
Exchange membership, at fair value (cost $189,000 and $189,000)		313,000		160,000
Dividend receivable		4,517		3
Total assets	$	79,170,652	$	109,716,323

Liabilities and Partners' Capital (Net Asset Value)
Liabilities
Trading Advisor management fees payable	$	119,037	$	128,719
Trading Advisor incentive fees payable		46		202,916
Commissions and other trading fees payable on open contracts		15,766		21,656
Cash Managers fees payable		18,627		21,704
General Partner management and performance fees payable		98,501		136,449
General Partner 1% allocation payable		—		3,923
Selling Agent payable - General Partner		83,118		118,362
Broker dealer servicing fees payable - General Partner		3,916		5,178
Administrative fee payable - General Partner		28,308		39,779
Interest payable		10,083		15,285
Redemption payable		2,741,760		904,899
Total liabilities		3,119,162		1,598,870

Partners’ Capital (Net Asset Value)
Class A Interests – 13,714.9231 and 17,508.2067 units outstanding at June 30, 2025 and December 31, 2024, respectively		47,890,443		70,212,384
Class A2 Interests – 8.7653 and 8.7653 units outstanding at June 30, 2025 and December 31, 2024, respectively		8,534		9,733
Class B Interests – 3,771.8889 and 4,469.0732 units outstanding at June 30, 2025 and December 31, 2024, respectively		22,756,970		30,691,082
Class I Interests – 247.1650 and 247.1650 units outstanding at June 30, 2025 and December 31, 2024, respectively		261,509		296,265
Class R Interests – 5,061.5380 and 5,989.1724 units outstanding at June 30, 2025 and December 31, 2024, respectively		5,134,034		6,907,989
Total partners’ capital (net asset value)		76,051,490		108,117,453

Total liabilities and partners' capital (net asset value)	$	79,170,652	$	109,716,323

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments

June 30, 2025 (Unaudited)

				Description		Fair Value		% of Partners' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
		Face Value	Maturity Date	Name	Yield¹
	$	1,000,000	8/31/25	U.S. Treasury Bond	5.00%	$	1,017,454		1.34	%
		1,000,000	10/31/25	U.S. Treasury Bond	5.00%		1,010,455		1.33	%
		1,000,000	11/30/25	U.S. Treasury Bond	4.88%		1,006,238		1.32	%
		1,000,000	4/30/26	U.S. Treasury Bond	4.88%		1,014,463		1.34	%
		1,000,000	8/31/26	U.S. Treasury Bond	3.75%		1,010,112		1.33	%
		1,000,000	9/15/26	U.S. Treasury Bond	4.63%		1,021,698		1.34	%
	Total U.S. Treasury securities (cost: $6,130,434)						6,080,420		8.00	%

U.S. Commercial Paper
		Face Value	Maturity Date	Name	Yield¹
	Automotive
	$	700,000	7/22/25	Broadcom Inc.	4.40%	$	698,122		0.92	%
	Banks
		700,000	8/6/25	MUFG Bank, Ltd.	4.28%		696,934		0.92	%
	Beverages
		700,000	7/10/25	Brown-Forman Corporation	4.01%		699,221		0.92	%
	Chemicals
		800,000	9/18/25	Chevron Phillips Chemical Company LLC	4.52%		792,047		1.03	%
	Diversified financial services
		600,000	7/10/25	National Rural Utilities Cooperative Finance Corporation	3.96%		599,342		0.79	%
	Energy
		800,000	7/8/25	Berkshire Hathaway Energy Company	3.96%		799,297		1.05	%
	Water
		800,000	7/2/25	American Water Capital Corporation	2.26%		799,900		1.05	%

	Total U.S. commercial paper (cost: $5,076,500)						5,084,863		6.68	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2025 (Unaudited)

				Description		Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Commercial Paper
		Face Value	Maturity Date	Name	Yield¹
	Banks
	$	700,000	9/2/25	Oversea-Chinese Banking Corporation Ltd.	4.36%	$	694,610		0.91	%
	Commercial services
		700,000	7/1/25	Experian Finance Plc	0.00%		700,000		0.92	%
	Diversified financial services
		600,000	7/24/25	Brookfield Corporate Treasury Ltd.	4.80%		598,191		0.79	%
	Financial markets
		700,000	7/14/25	LSEGA Financing Plc	4.53%		698,868		0.92	%
	Manufacturing
		700,000	8/1/25	Glencove Funding DAC	4.31%		697,330		0.92	%
	Total foreign commercial paper (cost: $3,377,841)						3,388,999		4.46	%
	Total commercial paper (cost: $8,454,341)						8,473,862		11.14	%

U.S. Corporate Notes
		Face Value	Maturity Date	Name	Yield¹
	Banks
	$	2,000,000	3/11/27	Bank of America Corporation	1.66%	$	1,969,186		2.60	%
		1,000,000	3/18/27	Goldman Sachs Bank USA	5.28%		1,020,276		1.34	%
		1,250,000	1/26/26	KeyBank National Association	4.70%		1,273,780		1.67	%
		1,000,000	5/13/27	PNC Bank	4.54%		1,005,904		1.32	%
	Computers
		950,000	9/25/26	Hewlett Packard Enterprise Company	4.45%		959,047		1.26	%
	Diversified financial services
		1,000,000	1/20/27	Morgan Stanley	3.63%		1,006,382		1.32	%
		1,350,000	4/24/28	State Street Corporation	4.54%		1,371,539		1.80	%
	Energy
		1,500,000	1/29/26	NextEra Energy Capital Holdings, Inc.	4.95%		1,537,256		2.02	%
	Telecommunications
		2,000,000	3/1/27	AT&T Inc.	4.25%		2,023,545		2.66	%
		2,000,000	3/16/27	Verizon Communications Inc.	4.13%		2,020,753		2.66	%
	Total U.S. corporate notes (cost: $13,838,930)						14,187,668		18.65	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2025 (Unaudited)

				Description		Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes
		Face Value	Maturity Date	Name	Yield¹
	Banks
	$	1,000,000	12/11/26	The Toronto-Dominion Bank	5.26%	$	1,017,222		1.34	%
	Diversified financial services
		1,000,000	5/8/28	Marex Group Plc	5.83%		1,020,314		1.34	%
	Total foreign corporate notes (cost: $2,000,000)						2,037,536		2.68	%
	Total corporate notes (cost: $15,838,930)						16,225,204		21.33	%

U.S. Asset Backed Securities
		Face Value	Maturity Date	Name	Yield¹
	Automotive
	$	4,791	9/15/26	Capital One Prime Auto Receivables Trust 2021-1	0.77%	$	4,785		0.01	%
		69,926	4/26/27	Chase Auto Owner Trust 2024-1	5.48%		70,071		0.09	%
		192,477	5/25/27	Chase Auto Owner Trust 2024-2	5.66%		192,990		0.25	%
		367,755	11/20/26	GM Financial Automobile Leasing Trust 2023-3	5.38%		368,979		0.49	%
		688,529	9/21/26	GM Financial Automobile Leasing Trust 2024-2	5.43%		691,048		0.91	%
		1,000,000	5/20/27	GM Financial Automobile Leasing Trust 2025-1	4.54%		1,002,611		1.32	%
		2,959	11/16/26	Mercedes-Benz Auto Receivables Trust 2023-2	5.92%		2,968		0.00	%
		44,419	9/15/27	Santander Drive Auto Receivables Trust 2024-2	5.80%		44,558		0.06	%
		80,712	9/15/26	Toyota Auto Receivables 2022-B Owner Trust	2.93%		80,582		0.11	%
	Credit cards
		405,000	8/15/25	American Express Credit Account Master Trust 2022-3	3.75%		405,229		0.53	%
		460,000	5/15/26	American Express Credit Account Master Trust 2023-1	4.87%		463,194		0.61	%
		1,060,000	4/17/28	BA Credit Card Trust, Series 2022-2	5.00%		1,066,825		1.40	%
		1,400,000	5/15/28	Capital One Multi-Asset Execution Trust, Series 2023-1	4.42%		1,404,049		1.85	%
		500,000	12/8/27	Citibank Credit Card Issuance Trust	5.23%		503,077		0.66	%
		675,000	3/15/28	Discover Card Execution Note Trust, Series 2023-1	4.31%		675,625		0.89	%
	Equipment
		1,044,645	8/20/27	Dllad 2024-1 LLC	5.50%		1,050,556		1.38	%
		122,163	6/13/28	Mmaf Equipment Finance Llc 2021-A	0.56%		121,088		0.16	%
		737,000	1/22/29	Verizon Master Trust 2023-1 Fund	4.49%		738,397		0.97	%
	Total U.S. asset backed securities (cost: $8,852,471)						8,886,632		11.69	%
Total investments in securities (cost: $39,276,176)						$	39,666,118		52.16	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2025 (Unaudited)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
OPEN FUTURES CONTRACTS²
Long U.S. Futures Contracts
	Agricultural commodities	$	328,295			0.43	%
	Currencies		295,941			0.39	%
	Energy		(913,365	)		(1.20	)%
	Equity indices		404,754			0.53	%
	Interest rate instruments		266,444			0.35	%
	Metals²		3,828,787			5.04	%
Net unrealized gain (loss) on open long U.S. futures contracts			4,210,856			5.54	%

Short U.S. Futures Contracts
	Agricultural commodities		488,532			0.64	%
	Currencies		(61,126	)		(0.08	)%
	Energy		64,217			0.08	%
	Equity indices		(11,148	)		(0.01	)%
	Interest rate instruments		(335,174	)		(0.44	)%
	Metals²		(3,956,188	)		(5.20	)%
Net unrealized gain (loss) on open short U.S. futures contracts			(3,810,887	)		(5.01	)%

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			399,969			0.53	%

Long Foreign Futures Contracts
	Agricultural commodities		(6,503	)		(0.01	)%
	Currencies		71,914			0.09	%
	Energy		(161,122	)		(0.21	)%
	Equity indices		245,707			0.33	%
	Interest rate instruments		36,154			0.05	%
	Metals		10,855			0.01	%
Net unrealized gain (loss) on open long foreign futures contracts			197,005			0.26	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

June 30, 2025 (Unaudited)

	Description	Fair Value			% of Partners’ Capital (Net Asset Value)

Open Futures Contracts²(continued)
Short Foreign Futures Contracts
	Agricultural commodities	$	97,773			0.13	%
	Currencies		37,886			0.05	%
	Energy		31,767			0.04	%
	Equity indices		(21,741	)		(0.03	)%
	Interest rate instruments		(72,952	)		(0.10	)%
Net unrealized gain (loss) on open short foreign futures contracts			72,733			0.09	%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			269,738			0.35	%

Net unrealized gain (loss) on open futures contracts		$	669,707			0.88	%

OPEN FORWARD CURRENCY CONTRACTS²
U.S. Forward Currency Contracts
	Long²	$	1,626,333			2.14	%
	Short²		(996,934	)		(1.31	)%
Net unrealized gain (loss) on open U.S. forward currency contracts			629,399			0.83	%

Foreign Forward Currency Contracts
	Long		222,156			0.29	%
	Short		(232,953	)		(0.30	)%
Net unrealized gain (loss) on open foreign forward currency contracts			(10,797	)		(0.01	)%

Net unrealized gain (loss) on open forward currency contracts		$	618,602			0.82	%

INVESTMENT IN PRIVATE INVESTMENT COMPANY³
Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC (cost: $4,237,264)		$	1,514,700			1.99	%

Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

Private investment company is a separate series that is part of the Galaxy Plus Managed Account Platform (Platform), which is sponsored by New Hyde Park Alternative Funds, LLC (Sponsor). Each series on the Platform invests in Master Fund that allocates assets to a Commodity Trading Advisor (“CTA”). The CTA of our master fund investment trades global commodities markets primarily through futures contracts. The CTA is paid a management fee of up to 1.00% and a 20% share of the trading profits which are included in the net asset value of the underlying investment. The Fund may redeem any portion of its investment on a daily basis. Any requested redemption will be satisfied within two days. There are no restrictions on liquidity for the Fund.

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments

December 31, 2024

				Description			Fair Value		% of Partners’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
		Face Value	Maturity Date	Name	Yield¹
	$	1,000,000	2/15/25	U.S. Treasury Bond	2.00	%	$	1,004,585		0.93	%
		1,250,000	4/30/25	U.S. Treasury Bond	3.88	%		1,256,343		1.16	%
		1,000,000	5/31/25	U.S. Treasury Bond	4.25	%		1,003,424		0.93	%
		1,000,000	10/31/25	U.S. Treasury Bond	5.00	%		1,014,345		0.94	%
		1,000,000	4/30/26	U.S. Treasury Bond	4.88	%		1,016,162		0.94	%
		1,000,000	8/31/26	U.S. Treasury Bond	3.75	%		1,005,085		0.93	%
		1,150,000	5/15/27	U.S. Treasury Bond	4.50	%		1,162,649		1.07	%
		850,000	8/15/27	U.S. Treasury Bond	3.75	%		851,415		0.79	%
		Total U.S. Treasury securities (cost: $8,321,965)						8,314,008		7.69	%

U.S. Commercial Paper
		Face Value	Maturity Date	Name	Yield¹
	Automotive
	$	700,000	1/3/25	Analog Devices, Inc.	3.08	%	$	699,820		0.65	%
	Banks
		700,000	3/26/25	Mizuho Bank Ltd., New York Branch	4.45	%		692,724		0.64	%
	Beverages
		700,000	2/13/25	Brown-Forman Corporation	4.42	%		696,238		0.64	%
	Diversified financial services
		700,000	2/7/25	Cabot Trail Funding LLC	4.52	%		696,676		0.64	%
		700,000	1/21/25	Citigroup Global Markets Inc.	4.48	%		698,176		0.65	%
		700,000	2/13/25	DCAT, LLC	4.57	%		696,112		0.64	%
		800,000	1/9/25	Gotham Funding Corporation	4.18	%		799,164		0.74	%
		700,000	1/24/25	National Rural Utilities Cooperative Finance Corporation	4.38	%		697,961		0.65	%
		700,000	3/11/25	Sheffield Receivables Company LLC	4.51	%		693,909		0.64	%
	Energy
		600,000	1/15/25	NiSource Inc.	4.29	%		598,929		0.55	%
		800,000	1/6/25	NSTAR Electric Company	3.89	%		799,481		0.74	%
	Food
		800,000	1/16/25	Archer Daniels Midland Company	4.32	%		798,467		0.74	%
	Manufacturing
		800,000	1/10/25	Cintas Corporation	4.20	%		799,068		0.74	%
	Media
		800,000	2/11/25	The Walt Disney Company	4.51	%		795,809		0.74	%
	Water
		700,000	1/8/25	American Water Capital Corporation	4.05	%		699,371		0.65	%
	Total U.S. commercial paper (cost: $10,823,660)							10,861,905		10.05	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2024

				Description			Fair Value		% of Partners’ Capital (Net Asset Value)
Foreign Commercial Paper
	Banks
	$	700,000	1/29/25	The Toronto-Dominion Bank	4.32	%	$	697,572		0.65	%
	Diversified financial services
		800,000	1/23/25	Brookfield Corporate Treasury Ltd.	4.60	%		797,653		0.73	%
		700,000	1/15/25	Experian Finance plc	4.39	%		698,721		0.65	%
		600,000	1/27/25	Lsega Financing Plc	4.52	%		597,972		0.55	%
	Telecommunications
		700,000	1/10/25	Telstra Group Limited	4.18	%		699,188		0.65	%
	Total foreign commercial paper (cost: $3,478,317)							3,491,106		3.23	%
	Total commercial paper (cost: $14,301,977)							14,353,011		13.28	%

U.S. Corporate Notes
		Face Value	Maturity Date	Name	Yield¹
	Banks
	$	2,000,000	3/11/27	Bank of America Corporation	1.66	%	$	1,937,494		1.79	%
		2,750,000	1/26/26	KeyBank National Association	4.70	%		2,796,354		2.59	%
		1,000,000	3/18/27	Goldman Sachs Bank USA	5.28	%		1,018,940		0.94	%
		2,000,000	12/8/26	JPMorgan Chase Bank, National Association	5.11	%		2,024,145		1.87	%
	Computers
		950,000	9/25/26	Hewlett Packard Enterprise Company	4.45	%		953,925		0.88	%
	Diversified financial services
		2,000,000	1/20/27	Morgan Stanley	3.63	%		1,993,832		1.85	%
		1,500,000	2/5/27	National Rural Utilities Cooperative Finance Corporation	4.80	%		1,535,242		1.42	%
	Energy
		1,000,000	6/1/25	DTE Energy Company	1.05	%		985,557		0.91	%
		1,500,000	1/29/26	NextEra Energy Capital Holdings, Inc.	4.95	%		1,533,720		1.42	%
	Machinery
		2,000,000	1/10/25	John Deere Capital Corporation	1.25	%		2,010,297		1.86	%
	Pharmaceuticals
		1,000,000	3/2/25	Amgen Inc.	5.25	%		1,018,407		0.94	%
	Software
		1,000,000	4/4/27	Adobe Inc.	4.85	%		1,016,309		0.94	%
	Telecommunications
		2,000,000	3/1/27	AT&T Inc.	4.25	%		2,006,791		1.86	%
	Total U.S. corporate notes (cost: $20,491,733)							20,831,013		19.27	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2024

				Description			Fair Value		% of Partners’ Capital (Net Asset Value)
Foreign Corporate Notes
		Face Value	Maturity Date	Name	Yield¹
	Banks
	$	1,000,000	12/11/26	The Toronto-Dominion Bank	5.26	%	$	1,013,662		0.94	%
	Diversified financial services
		3,000,000	1/13/25	UBS AG, London Branch	1.38	%		3,015,128		2.79	%
	Total foreign corporate notes (cost: $3,948,550)							4,028,790		3.73	%
	Total corporate notes (cost: $24,440,283)							24,859,803		23.00	%

U.S. Asset Backed Securities
		Face Value	Maturity Date	Name	Yield¹
	Automotive
		84,772	9/15/26	Capital One Prime Auto Receivables Trust 2021-1	0.77	%		83,816		0.08	%
		128,624	6/15/26	CarMax Auto Owner Trust 2021-3	0.55	%		127,512		0.12	%
		236,085	4/26/27	Chase Auto Owner Trust 2024-1	5.48	%		237,016		0.22	%
		512,612	5/25/27	Chase Auto Owner Trust 2024-2	5.66	%		515,306		0.48	%
		70,722	6/15/26	Ford Credit Auto Owner Trust 2022-A	1.29	%		70,247		0.06	%
		650,000	11/20/26	GM Financial Automobile Leasing Trust 2023-3	5.38	%		654,430		0.61	%
		1,322,724	9/21/26	GM Financial Automobile Leasing Trust 2024-2	5.43	%		1,331,329		1.23	%
		335,681	11/16/26	Mercedes-Benz Auto Receivables Trust 2023-2	5.92	%		337,651		0.31	%
		53,035	2/16/27	Santander Drive Auto Receivables Trust 2023-4	6.18	%		53,250		0.05	%
		79,398	7/15/27	Santander Drive Auto Receivables Trust 2023-5	6.31	%		79,771		0.07	%
		256,673	9/15/27	Santander Drive Auto Receivables Trust 2024-2	5.80	%		258,024		0.24	%
		214,161	1/20/26	Sbna Auto Lease Trust 2024 - A Fund	5.45	%		214,780		0.20	%
		222,456	9/15/26	Toyota Auto Receivables 2022-B Owner Trust	2.93	%		221,408		0.20	%
		199,856	7/22/26	Toyota Lease Owner Trust 2024-A	5.33	%		200,461		0.19	%
	Credit cards
		2,000,000	5/15/25	American Express Credit Account Master Trust	3.39	%		1,994,709		1.84	%
		405,000	8/15/25	American Express Credit Account Master Trust 2022-3	3.75	%		403,794		0.37	%
		460,000	5/15/26	American Express Credit Account Master Trust , series 2023-1	4.87	%		463,253		0.43	%
		65,000	6/16/25	BA Credit Card Trust, Series 2022-1	3.53	%		64,802		0.06	%
		435,000	4/17/28	BA Credit Card Trust, Series 2022-2	5.00	%		436,266		0.40	%
		1,000,000	3/17/25	Capital One Multi-Asset Execution Trust, Series 2022-1	2.80	%		997,533		0.92	%
		600,000	5/15/25	Capital One Multi-Asset Execution Trust, Series 2022-2	3.49	%		598,377		0.55	%
		1,100,000	5/15/28	Capital One Multi-Asset Execution Trust, Series 2023-1	4.42	%		1,102,134		1.02	%
		500,000	12/8/27	Citibank Credit Card Issuance Trust	5.23	%		505,072		0.47	%
	Equipment
		62,171	3/14/29	CCG Receivables Trust 2021-2	0.54	%		61,882		0.06	%
		1,495,511	8/20/27	Dllad 2024-1 LLC	5.50	%		1,506,688		1.39	%
		288,965	6/13/28	Mmaf Equipment Finance Llc 2021-A	0.56	%		284,099		0.26	%
		275,000	7/20/28	Verizon Master Trust	1.53	%		274,674		0.25	%
	Total U.S. asset backed securities (cost: $12,964,932)							13,078,284		12.08	%
Total investments in securities (cost: $60,029,157)							$	60,605,106		56.05	%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2024

	Description	Fair Value			% of Partners’ Capital (Net Asset Value)

Open Futures Contracts²
Long U.S. Futures Contracts
	Agricultural commodities	$	1,175,095			1.09	%
	Currencies		(191,687	)		(0.18	)%
	Energy		340,781			0.32	%
	Equity indices		(376,432	)		(0.35	)%
	Interest rate instruments		(22,552	)		(0.02	)%
	Metals		(3,774,110	)		(3.50	)%
Net unrealized gain (loss) on open long U.S. futures contracts			(2,848,905	)		(2.64	)%

Short U.S. Futures Contracts
	Agricultural commodities		(256,648	)		(0.24	)%
	Currencies		607,925			0.56	%
	Energy		(159,614	)		(0.15	)%
	Equity indices		75,465			0.07	%
	Interest rate instruments		483,044			0.46	%
	Metals		3,618,404			3.34	%
Net unrealized gain (loss) on open short U.S. futures contracts			4,368,576			4.04	%

Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts			1,519,671			1.40	%

Long Foreign Futures Contracts
	Agricultural commodities		339,585			0.31	%
	Currencies		221,706			0.21	%
	Energy		70,980			0.07	%
	Equity indices		(269,186	)		(0.25	)%
	Interest rate instruments		(657,110	)		(0.61	)%
	Metals		46,553			0.04	%
Net unrealized gain (loss) on open long foreign futures contracts			(247,472	)		(0.23	)%

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Condensed Schedule of Investments (continued)

December 31, 2024

	Description	Fair Value			% of Partners’ Capital (Net Asset Value)
Open Futures Contracts² (continued)
Short Foreign Futures Contracts
	Agricultural commodities	$	(42,416	)		(0.04	)%
	Currencies		(45,765	)		(0.04	)%
	Energy		(130,618	)		(0.12	)%
	Equity indices		21,706			0.02	%
	Interest rate instruments		141,024			0.13	%
Net unrealized gain (loss) on open short foreign futures contracts			(56,069	)		(0.05	)%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			(303,541	)		(0.28	)%

Net unrealized gain (loss) on open futures contracts		$	1,216,130			1.12	%

OPEN FORWARD CURRENCY CONTRACTS²
U.S. Forward Currency Contracts
	Long	$	(1,042,592	)		(0.96	)%
	Short		2,211,210			2.04	%
Net unrealized gain (loss) on open U.S. forward currency contracts			1,168,618			1.08	%

Foreign Forward Currency Contracts
	Long		14,592			0.01	%
	Short		54,075			0.05	%
Net unrealized gain (loss) on open foreign forward currency contracts			68,667			0.06	%

Net unrealized gain (loss) on open forward currency contracts		$	1,237,285			1.14	%

INVESTMENT IN PRIVATE INVESTMENT COMPANY³
Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC (cost: $4,237,264)		$	2,312,982			2.14	%

Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Statements of Operations

For the Three and Six Months Ended June 30, 2025 and 2024

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Futures, swaps and forward contracts	$	(7,258,175	)	$	1,931,110		$	(10,580,752	)	$	13,201,475
Investments in securities		123,021			122,425			228,672			(247,455	)
Net change in unrealized gain (loss) on:
Futures, swaps and forward contracts		59,100			(4,746,373	)		(1,165,106	)		4,618,635
Investment in private investment company		(716,255	)		(202,538	)		(798,282	)		(155,985	)
Investments in securities		(104,248	)		(50,739	)		(80,210	)		317,636
Exchange membership		136,500			54,000			153,000			68,750
Brokerage commissions and trading expenses		(228,001	)		(302,628	)		(471,318	)		(576,723	)
Net realized and change in unrealized gain (loss) on investments		(7,988,058	)		(3,194,743	)		(12,713,996	)		17,226,333

Net Investment Income (Loss)
Income
Interest income		902,046			1,500,032			1,944,518			2,775,702

Expenses
Trading Advisor management fees		316,266			469,721			688,490			917,282
Trading Advisor incentive fees		—			(339,200	)		647			1,158,993
Cash Managers fees		22,490			28,083			48,931			55,830
General Partner management and performance fees		321,518			500,293			713,151			986,327
Selling agent fees - General Partner		275,052			438,370			614,318			865,961
Broker dealer servicing fees - General Partner		12,470			18,647			27,306			36,657
General Partner 1% allocation		(81,305	)		(29,610	)		(130,766	)		156,846
Administrative fee - General Partner		96,641			150,337			214,338			296,382
Total expenses		963,132			1,236,641			2,176,415			4,474,278
Net investment income (loss)		(61,086	)		263,391			(231,897	)		(1,698,576	)
Net Income (Loss)	$	(8,049,144	)	$	(2,931,352	)	$	(12,945,893	)	$	15,527,757

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Statements of Operations (continued)

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

	Three Months Ended June 30, 2025
	Class A			Class A2			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(327.81	)	$	(87.89	)	$	(537.00	)	$	(91.46	)	$	(89.74	)
Net income (loss) per unit†	$	(367.20	)	$	(87.71	)	$	(565.50	)	$	(91.46	)	$	(99.28	)

Weighted average number of units outstanding		14,405.0665			8.7653			3,930.3794			247.1650			5,173.0681

	Three Months Ended June 30, 2024
	Class A			Class A2			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(112.88	)	$	(26.58	)	$	(156.21	)	$	(23.91	)	$	(25.55	)
Net income (loss) per unit†	$	(111.62	)	$	(26.58	)	$	(153.70	)	$	(23.91	)	$	(24.65	)

Weighted average number of units outstanding		18,451.9914			103.5375			4,645.6988			247.1650			6,041.6718

	Six Months Ended June 30, 2025
	Class A			Class A2			Class B			Class I			Class R
Increase (decrease) in net asset value per unit	$	(518.41	)	$	(137.00	)	$	(834.13	)	$	(140.62	)	$	(139.09	)
Net income (loss) per unit†	$	(535.98	)	$	(136.81	)	$	(844.25	)	$	(140.62	)	$	(143.49	)

Weighted average number of units outstanding		16,001.1097			8.7653			4,174.6548			247.1650			5,639.41

	Six Months Ended June 30, 2024
	Class A		Class A2		Class B		Class I		Class R
Increase (decrease) in net asset value per unit	$	513.94	$	149.06	$	933.44	$	167.72	$	157.75
Net income (loss) per unit†	$	529.67	$	150.89	$	953.96	$	167.72	$	161.56

Weighted average number of units outstanding		18,823.8243		102.2856		4,725.2809		247.1650		6,144.2495

^†

based on weighted average of number of unit outstanding during the period

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

(Unaudited)


	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities
Net income (loss)	$	(12,945,893	)	$	15,527,757
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net change in unrealized (gain) loss from futures, futures options, forward contracts and swap contracts		1,165,106			(4,618,635	)
Net realized and change in unrealized (gain) loss on private investment company, securities and certificates of deposit		649,820			85,804
Purchases of securities, private investment company		(190,356,624	)		(201,697,550	)
Proceeds from disposition of private investment company, securities and certificates of deposit		211,444,074			204,408,060
Changes in
Exchange Membership		(153,000	)		(68,750	)
Dividend receivable		(4,514	)		10,164
Trading Advisor management fee payable		(9,682	)		11,172
Trading Advisor incentive fee payable		(202,870	)		601,726
Commissions and other trading fees payable on open contracts		(5,890	)		6,914
Cash Manager fees Payable		(3,077	)		(2,857	)
General Partner management and performance fees payable		(37,948	)		9,556
General Partner 1% allocation receivable / payable		(134,690	)		248,751
Selling Agent fees payable - General Partner		(35,244	)		7,816
Broker dealer servicing fees payable - General Partner		(1,262	)		386
Administrative fee payable – General Partner		(11,471	)		2,809
Dividend and interest payable		(5,202	)		(22,981	)
Net cash provided by operating activities		9,351,633			14,510,142

Cash flows from financing activities
Redemptions		(17,283,209	)		(7,891,918	)
Net cash used in financing activities		(17,283,209	)		(7,891,918	)

Net increase (decrease) in cash and cash equivalents		(7,931,576	)		6,618,224
Cash and cash equivalents, beginning of period		44,184,817			44,090,282
Cash and cash equivalents, end of period	$	36,253,241		$	50,708,506

End of period cash and cash equivalents consists of
Cash and restricted cash in broker trading accounts	$	28,135,623		$	47,772,229
Cash and cash equivalents		8,117,618			2,936,277
Total end of period cash and cash equivalents	$	36,253,241		$	50,708,506

Supplemental disclosure of cash flow information
Prior period redemptions paid	$	904,899		$	1,544,109
Prior period subscriptions received in advance	$	—		$	9,700

Supplemental schedule of non-cash financing activities
Redemptions payable	$	2,741,760		$	924,503

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Statements of Changes in Partners’ Capital (Net Asset Value)

For the Six Months Ended June 30, 2025 and 2024

(Unaudited)

	Class A			Class A2			Class B			Class I			Class R			Total
Six Months Ended
June 30, 2025
Balance at December 31, 2024	$	70,212,384		$	9,733		$	30,691,082		$	296,265		$	6,907,989		$	108,117,453
Net income (loss)		(3,286,741	)		(430	)		(1,301,823	)		(12,150	)		(295,605	)		(4,896,749	)
Subscriptions		—			—			—			—			—			—
Redemptions		(2,033,293	)		—			(2,353,120	)		—			—			(4,386,413	)
Transfers		(493,048	)		—			493,048			—			—			—
Balance at March 31, 2025		64,399,302			9,303			27,529,187			284,115			6,612,384			98,834,291
Net income (loss)		(5,289,558	)		(769	)		(2,222,638	)		(22,606	)		(513,573	)		(8,049,144	)
Subscriptions		—			—			—			—			—			—
Redemptions		(11,053,255	)		—			(2,715,625	)		—			(964,777	)		(14,733,657	)
Transfers		(166,046	)		—			166,046			—			—			—
Balance at June 30, 2025	$	47,890,443		$	8,534		$	22,756,970		$	261,509		$	5,134,034		$	76,051,490

Six Months Ended
June 30, 2024
Balance at December 31, 2023	$	78,554,826		$	104,898		$	33,308,431		$	291,331		$	7,116,554		$	119,376,040
Net income (loss)		12,030,126			18,186			5,221,800			47,364			1,141,633			18,459,109
Subscriptions		—			9,700			—			—			—			9,700
Redemptions		(2,887,116	)		—			(1,326,199	)		—			(36,238	)		(4,249,553	)
Transfers		(41,704	)		—			41,704			—			—			—
Balance at March 31, 2024		87,656,132			132,784			37,245,736			338,695			8,221,949			133,595,296
Net income (loss)		(2,059,678	)		(2,752	)		(714,064	)		(5,907	)		(148,951	)		(2,931,352	)
Subscriptions		—			—			—			—			—			—
Redemptions		(1,710,896	)		—			(1,026,271	)		—			(285,592	)		(3,022,759	)
Transfers		(290,083	)		—			290,083			—			—			—
Balance at June 30, 2024	$	83,595,475		$	130,032		$	35,795,484		$	332,788		$	7,787,406		$	127,641,185

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership

Statements of Changes in Partners’ Capital (Net Asset Value)

For the Six Months Ended June 30, 2025 and 2024

(Unaudited)

Units

	Class A			Class A2		Class B			Class I		Class R
Six Months Ended
June 30, 2025
Balance at December 31, 2024		17,508.2067			8.7653		4,469.0732			247.1650		5,989.1724
Subscriptions		—			—		—			—		—
Redemptions		(525.7417	)		—		(350.5401	)		—		—
Transfers		(122.4959	)		—		71.4040			—		—
Balance at March 31, 2025		16,859.9691			8.7653		4,189.9371			247.1650		5,989.1724
Subscriptions		—			—		—			—		—
Redemptions		(3,098.6441	)		—		(444.9662	)		—		(927.6344	)
Transfers		(46.4019	)		—		26.9180			—		—
Balance at June 30, 2025		13,714.9231			8.7653		3,771.8889			247.1650		5,061.5380

Six Months Ended
June 30, 2024
Balance at December 31, 2023		19,384.2057			94.7752		4,886.1080			247.1650		6,228.0149
Subscriptions		—			8.7638		—			—		—
Redemptions		(642.7024	)		—		(180.6784	)		—		(27.3292	)
Transfers		(8.9123	)		—		5.2745			—		—
Balance at March 31, 2024		18,732.5910			103.5390		4,710.7041			247.1650		6,200.6857
Subscriptions		—			—		—			—		—
Redemptions		(363.5676	)		—		(129.0923	)		—		(212.3195	)
Transfers		(62.6090	)		—		36.9155			—		—
Balance at June 30, 2024		18,306.4144			103.5390		4,618.5272			247.1650		5,988.3662

	Net Asset Value per Unit

		Class A		Class A2		Class B		Class I		Class R

June 30, 2025	$	3,491.85	$	973.61	$	6,033.31	$	1,058.03	$	1,014.32
December 31, 2024		4,010.26		1,110.61		6,867.44		1,198.65		1,153.41
June 30, 2024		4,566.46		1,255.89		7,750.41		1,346.41		1,300.42
December 31, 2023		4,052.52		1,106.83		6,816.97		1,178.69		1,142.67

The accompanying notes are an integral part of these financial statements.

LoCorr Futures Portfolio Fund, Limited Partnership
Notes to Financial Statements

Organization and Summary of Significant Accounting Policies

Description of the Fund

LoCorr Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in five classes, Class A, A2, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund.

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, LLC (“General Partner”), is the general partner of the Fund and a Maryland limited liability company registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor. The General Partner is a member of the NFA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

Octavus Group is the parent company of LoCorr Fund Management, LLC, which serves as the investment advisor to multiple alternative investment mutual funds. LoCorr Fund Management operates alternative investment funds with a low correlation to traditional asset classes.

The five classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner management fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4). Class R Units do not pay selling compensation or servicing fees to selling agents and are generally intended for clients of registered investment advisors.

Significant Accounting Policies

Accounting Principles

The Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies.

Use of Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities are determined on a specific identification basis and are included in net realized gain (loss) in the statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities is reflected as unrealized gain or loss on investments in securities. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Interest income earned on investments in securities, other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 –

Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, futures options contracts, U.S. Treasury securities and mutual funds.

Level 2 –

Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, asset backed securities and the exchange membership.

Level 3 –

Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended June 30, 2025 and year ended December 31, 2024, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, corporate notes, asset backed securities, swaps and exchange memberships are classified within Level 2.

The investment in a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets and are classified within Level 1. The money market fund is included in cash and cash equivalents in the statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Exchange Membership

The Fund incurs reduced fees for transactions on the Chicago Mercantile Exchange (CME) due to a membership interest in the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through June 30, 2025. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for the current and prior three years.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the statements of operations.

Operating Segments

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Investment Committee acts as the Fund’s CODM. The Fund has a single operating segment, as the CODM monitors the operating results of the Fund as a whole and its long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers. The financial information in the form of portfolio composition, total returns, expense ratios and changes in net assets which are used by the CODM to assess the segment’s performance versus comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the financial statements. Segment assets are reflected on the accompanying statement of financial condition as “assets” and significant segment expenses are listed on the accompanying statement of operations.

New Accounting Pronouncements

There are no relevant new accounting pronouncements to note for this period.

Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At June 30, 2025
	Level 1		Level 2		Valued at NAV		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	669,707	$	—	$	—	$	669,707
Net unrealized gain (loss) on open forward currency contracts*		—		618,602		—		618,602
Cash and cash equivalents:
Money market funds		791,617		—		—		791,617
Investment in private investment company		—		—		1,514,700		1,514,700
Investment in securities:
U.S. Treasury securities*		6,080,420		—		—		6,080,420
Asset backed securities*		—		8,886,632		—		8,886,632
Commercial paper*		—		8,473,862		—		8,473,862
Corporate notes*		—		16,225,204		—		16,225,204
Exchange membership		—		313,000		—		313,000
Total	$	7,541,744	$	34,517,300	$	1,514,700	$	43,573,744

See the condensed schedule of investments for further description.

At December 31, 2024
	Level 1		Level 2		Valued at NAV		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	1,216,130	$	—	$	—	$	1,216,130
Net unrealized gain (loss) on open forward currency contracts*		—		1,237,285		—		1,237,285
Cash and cash equivalents:
Money market funds		422,658		—		—		422,658
Investment in private investment company		—		—		2,312,982		2,312,982
Investment in securities:
U.S. Treasury securities*		8,314,008		—		—		8,314,008
Asset backed securities*		—		13,078,284		—		13,078,284
Commercial paper*		—		14,353,011		—		14,353,011
Corporate notes*		—		24,859,803		—		24,859,803
Exchange membership		—		160,000		—		160,000
Total	$	9,952,796	$	53,688,383	$	2,312,982	$	65,954,161

See the condensed schedule of investments for further description.

There were no Level 3 holdings at June 30, 2025 and December 31, 2024, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At June 30, 2025, the Fund’s derivative contracts had the following impact on the statements of financial condition:

June 30, 2025
	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition			Net Amount of Assets Presented in the Statement of Financial Condition
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	1,136,322	$	(228,225	)	$	908,097
Currencies		525,633		(181,018	)		344,615
Energy		124,649		(1,103,152	)		(978,503	)
Equity indices		740,142		(122,570	)		617,572
Interest rate instruments		616,547		(722,075	)		(105,528	)
Metals		4,555,749		(4,672,295	)		(116,546	)
Net unrealized gain (loss) on open futures contracts	$	7,699,042	$	(7,029,335	)	$	669,707

Net unrealized gain (loss) on open forward currency contracts	$	2,014,227	$	(1,395,625	)	$	618,602

At June 30, 2025, there were 9,267 open futures contracts, 248 open swap contracts and 3,068 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2025 were:

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Liabilities in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received*		Net Amount
Deutsche Bank, AG	$	503,823		$	—	$	—	$	503,823
Deutsche Bank Securities, Inc		(302,778	)		—		302,778		0
Goldman Sachs & Co. LLC		248,453			—		—		248,453
SG Americas Securities, LLC		838,811			—		—		838,811
Total	$	1,288,309		$	—	$	302,778	$	1,591,087

In the event of any liability balances, collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

For the three and six months ended June 30, 2025, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(324,033	)	$	279,138		$	(521,057	)	$	(307,520	)
Currencies		169,439			248,343			(1,029,999	)		(247,563	)
Energy		(1,716,422	)		(1,587,123	)		(2,944,108	)		(1,100,033	)
Equity indices		(2,181,153	)		1,146,749			(81,155	)		1,166,018
Interest rate instruments		(953,626	)		(323,964	)		(3,013,114	)		(49,932	)
Metals		271,215			(586,626	)		1,386,901			(7,393	)
Total futures contracts		(4,734,580	)		(823,483	)		(6,202,532	)		(546,423	)

Forward currency contracts		(2,514,261	)		882,583			(3,859,117	)		(618,683	)
Net open futures options contracts		(7,358	)		—			(7,358	)		—
Swap contracts		84,655			—			(256,546	)		—
Total futures and forward currency	$	(7,171,544	)	$	59,100		$	(10,325,553	)	$	(1,165,106	)

For the three months ended June 30, 2025, the number of futures contracts closed was 90,962, the number of futures options contracts closed was 266, the number of swap contracts closed was 5,211 and the number of forward currency contracts closed was 55,829. For the six months ended June 30, 2025, the number of futures contracts closed was 192,958, the number of futures options contracts closed was 266, the number of swap contracts closed was 9,020 and the number of forward currency contracts closed was 123,890.

At December 31, 2024, the Fund’s derivative contracts had the following impact on the statements of financial condition:

December 31, 2024
	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition			Net Amount of Assets Presented in the Statement of Financial Condition
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	2,041,361	$	(825,745	)	$	1,215,616
Currencies		964,924		(372,745	)		592,179
Energy		434,141		(312,612	)		121,529
Equity indices		250,497		(798,944	)		(548,447	)
Interest rate instruments		1,055,395		(1,110,989	)		(55,594	)
Metals		3,832,274		(3,941,427	)		(109,153	)
Net unrealized gain (loss) on open futures contracts	$	8,578,592	$	(7,362,462	)	$	1,216,130

Net unrealized gain (loss) on open forward currency contracts	$	2,532,659	$	(1,295,374	)	$	1,237,285

At December 31, 2024, there were 10,697 open futures contracts, 3,102 open forward currency contracts and 255 open swap contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2024 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank, AG	$	457,978	$	—	$	—	$	457,978
Deutsche Bank Securities, Inc		368,649		—		—		368,649
SG Americas Securities, LLC		1,603,551		—		—		1,603,551
Goldman Sachs & Co. LLC		23,237		—		—		23,237
Total	$	2,453,415	$	—	$	—	$	2,453,415

For the three and six months ended June 30, 2024, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(191,505	)	$	(415,270	)	$	3,979,273		$	123,113
Currencies		417,661			(604,183	)		1,382,179			975,126
Energy		(877,812	)		(748,084	)		792,482			838,337
Equity indices		192,451			(1,592,205	)		6,377,642			(210,290	)
Interest rate instruments		766,482			(811,115	)		(553,874	)		337,498
Metals		1,388,106			(244,839	)		865,034			(27,690	)
Total futures contracts		1,695,383			(4,415,696	)		12,842,736			2,036,094

Forward currency contracts		117,820			(382,256	)		(643,661	)		2,582,558

Net open futures options contracts		392,737			52,013			392,737			—

Swap contracts		(279,894	)		(434	)		592,898			(17	)

Total futures and forward currency	$	1,926,047		$	(4,746,373	)	$	13,184,711		$	4,618,635

For the three months ended June 30, 2024, the number of futures contracts closed was 127,512, the number of futures options contracts closed was 219, the number of swap contracts closed was 1,625 and the number of forward currency contracts closed was 69,352. For the six months ended June 30, 2024, the number of futures contracts closed was 235,710, the number of futures options contracts closed was 219, the number of swap contracts closed was 2,829 and the number of forward currency contracts closed was 124,070.

General Partner

The General Partner does not maintain a capital balance in the Fund. Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the statements of financial condition and as General Partner 1% allocation in the statements of operations.

At June 30, 2025 and December 31, 2024, the Principal of the General Partner had the following investment balance in the Fund:

	June 30, 2025		December 31, 2024
Units Owned		13.9977		13.9977
Value of Units	$	84,453	$	96,124

The following fees are paid to the General Partner:

■

General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, B and R Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A, A2, B and R Units, payable in arrears. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears. The General Partner was paid management fees of $321,518 and $713,151 for the three-month and six-month periods ended June 30, 2025, respectively, and was paid $500,293 and $986,327 for the three-month and six-month periods ended June 30, 2024, respectively.

■

General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of any Net New Trading Profits of the Class I Units calculated monthly. In determining Net New Trading Profits, any trading losses incurred by the Class I Units in prior periods is carried forward, so that the incentive fee is assessed only if and to the extent the profits generated by the Class I units exceed any losses from prior periods. The general partner performance fee is payable quarterly in arrears. For the periods ending June 30, 2025 and 2024, the General Partner did not earn any performance fees.

■

Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner and the amounts are recorded in the statements of operations.

■

Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner and the amounts are recorded in the statements of operations.

■

Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the Fund, payable in arrears to the General Partner and the amounts are recorded in the statements of operations. In return, the General Partner provides operating and administrative services, including accounting, audit, legal, marketing, and administration (exclusive of extraordinary costs and administrative expenses charged by other funds in which the Fund may have investments).

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the statements of financial condition and as General Partner 1% allocation in the statements of operations.

Trading Advisors and Cash Manager

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0% to 3% per annum of allocated net assets (as defined in each respective advisory agreement as the amount of Fund assets deposited in the account maintained with the broker plus any notional funds which may be allocated to the Trading Advisor, which, in aggregate, is typically greater than the Fund’s net assets), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0% to 25% of net new trading profits (as defined in each respective advisory agreement).

Principal Global Investors, LLC serves as the cash manager for the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Manager, equal to approximately 1/12^th of 0.18% and 0.15% of the investments in securities as of the period ended June 30, 2025 and 2024, respectively.

Deposits with Brokers

To meet margin requirements, the Fund deposits funds with brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At June 30, 2025 and December 31, 2024, the Fund had assets totaling $29,423,932 and $44,248,217, respectively, with brokers, which includes margin deposit requirements of $19,342,991 and $24,388,209, respectively.

Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A, A2, B and R units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, A2, B, I or R interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted.

The Fund is not required to make distributions but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, A2, B, I or R Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations.

Trading Activities and Related Risks

The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

The Portfolios are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolios’ service providers rely and could otherwise disrupt the ability of the Portfolios’ service providers to perform essential tasks.

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses SG Americas Securities, LLC and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Goldman Sachs & Company, LLC and Deutsche Bank AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

Entering into swap agreements involves, to varying degrees, credit, market, and counterparty risk in excess of the amounts recognized on the statement of financial condition.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments.

Through its investments in debt securities, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at June 30, 2025.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	6,080,420	$	5,084,862	$	14,187,668	$	8,886,632	$	34,239,582		45.02	%
Canada		—		598,191		1,017,222		—		1,615,413		2.12	%
Ireland		—		697,330		—		—		697,330		0.92	%
United Kingdom		—		1,398,869		1,020,314		—		2,419,183		3.19	%
Singapore		—		694,610		—		—		694,610		0.91	%
Total	$	6,080,420	$	8,473,862	$	16,225,204	$	8,886,632	$	39,666,118		52.16	%

The following table presents the exposure at December 31, 2024.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	8,314,008	$	10,861,905	$	20,831,013	$	13,078,284	$	53,085,210		49.10	%
United Kingdom		—		1,296,693		3,015,128		—		4,311,821		3.98	%
Canada		—		1,495,225		1,013,662		—		2,508,887		2.32	%
Australia		—		699,188		—		—		699,188		0.65	%
Total	$	8,314,008	$	14,353,011	$	24,859,803	$	13,078,284	$	60,605,106		56.05	%

Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for such indemnifications.

10.

Interim Financial Statements

The statements of financial condition, including the condensed schedule of investments, at June 30, 2025, the statements of operations, the statements of cash flows, and statement of changes in partners’ capital (net asset value) for the three and six months ended June 30, 2025 and 2024, and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at June 30, 2025, results of operations, cash flows and changes in partners’ capital (net asset value) for the three and six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

11.

Financial Highlights

The following information presents per unit operating performance data and other ratios for the three and six months ended June 30, 2025 and 2024, assuming the unit was outstanding throughout the entire period:


	Three Months Ended June 30, 2025
	Class A			Class A2			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	3,819.66		$	1,061.50		$	6,570.31		$	1,149.49		$	1,104.06

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		(318.86	)		(88.96	)		(550.22	)		(96.20	)		(92.58	)
Net investment income (loss) ⁽¹⁾		(8.95	)		1.07			13.22			4.74			2.84
Total income (loss) from operations		(327.81	)		(87.89	)		(537.00	)		(91.46	)		(89.74	)

Net asset value per unit, end of period	$	3,491.85		$	973.61		$	6,033.31		$	1,058.03		$	1,014.32

Total return ⁽⁴⁾		(8.58	)%		(8.28	)%		(8.17	)%		(7.96	)%		(8.13	)%

Other Financial Ratios
Ratios to average net asset value Expenses prior to General Partner 1% allocation ^{(2) (3)}		5.95	%		4.13	%		3.86	%		2.78	%		3.74	%
General Partner 1% allocation		(0.10	)%		(0.09	)%		(0.09	)%		(0.09	)%		(0.10	)%
Net total expenses		5.85	%		4.04	%		3.77	%		2.69	%		3.64	%

Net investment income (loss) ^{(2) (3) (5)}		(1.43	)%		0.07	%		0.49	%		1.42	%		0.72	%


	Three Months Ended June 30, 2024
	Class A			Class A2			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per Unit, beginning of period	$	4,679.34		$	1,282.47		$	7,906.62		$	1,370.32		$	1,325.97

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		(114.80	)		(31.62	)		(195.27	)		(33.93	)		(32.76	)
Net investment income (loss) ⁽¹⁾		1.92			5.04			39.06			10.02			7.21
Total income (loss) from operations		(112.88	)		(26.58	)		(156.21	)		(23.91	)		(25.55	)

Net asset value per unit, end of period	$	4,566.46		$	1,255.89		$	7,750.41		$	1,346.41		$	1,300.42

Total return ⁽⁴⁾		(2.41	)%		(2.07	)%		(1.98	)%		(1.74	)%		(1.93	)%

Other Financial Ratios
Ratios to average net asset value Expenses prior to General Partner 1% allocation ^{(2) (3)}		4.47	%		3.02	%		2.64	%		1.67	%		2.47	%
General Partner 1% allocation		(0.02	)%		(0.02	)%		(0.02	)%		(0.02	)%		(0.02	)%
Net total expenses		4.45	%		3.00	%		2.62	%		1.65	%		2.45	%

Net investment income (loss) ^{(2) (3) (5)}		0.07	%		1.48	%		1.88	%		2.83	%		2.08	%


	Six Months Ended June 30, 2025
	Class A			Class A2			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per unit, beginning of period	$	4,010.26		$	1,110.61		$	6,867.44		$	1,198.65		$	1,153.41

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		(496.63	)		(138.31	)		(855.22	)		(149.55	)		(143.75	)
Net investment income (loss) ⁽¹⁾		(21.78	)		1.31			21.09			8.93			4.66
Total income (loss) from operations		(518.41	)		(137.00	)		(834.13	)		(140.62	)		(139.09	)

Net asset value per unit, end of period	$	3,491.85		$	973.61		$	6,033.31		$	1,058.03		$	1,014.32

Total return ⁽⁴⁾		(12.93	)%		(12.34	)%		(12.15	)%		(11.73	)%		(12.06	)%

Other Financial Ratios
Ratios to average net asset value Expenses prior to General Partner 1% allocation ^{(2) (3)}		5.58	%		4.07	%		3.72	%		2.73	%		3.52	%
General Partner 1% allocation		(0.14	)%		(0.13	)%		(0.13	)%		(0.13	)%		(0.13	)%
Net total expenses		5.44	%		3.94	%		3.59	%		2.60	%		3.39	%

Net investment income (loss) ^{(2) (3) (5)}		(1.44	)%		(0.01	)%		0.39	%		1.33	%		0.59	%


	Six Months Ended June 30, 2024
	Class A			Class A2			Class B			Class I			Class R
Per Unit Operating Performance

Net asset value per Unit, beginning of period	$	4,052.52		$	1,106.83		$	6,816.97		$	1,178.69		$	1,142.67

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		587.79			160.26			988.05			170.55			165.64
Net investment income (loss) ⁽¹⁾		(73.85	)		(11.20	)		(54.61	)		(2.83	)		(7.89	)
Total income (loss) from operations		513.94			149.06			933.44			167.72			157.75

Net asset value per unit, end of period	$	4,566.46		$	1,255.89		$	7,750.41		$	1,346.41		$	1,300.42

Total return ⁽⁴⁾		12.68	%		13.47	%		13.69	%		14.23	%		13.81	%

Other Financial Ratios
Ratios to average net asset value Expenses prior to General Partner 1% allocation ^{(2) (3)}		7.37	%		5.92	%		5.50	%		4.47	%		5.30	%
General Partner 1% allocation		0.12	%		0.12	%		0.13	%		0.13	%		0.13	%
Net total expenses		7.49	%		6.04	%		5.63	%		4.60	%		5.43	%

Net investment income (loss) ^{(2) (3) (5)}		(3.05	)%		(1.57	)%		(1.19	)%		(0.17	)%		(0.98	)%

Total returns are calculated based on the change in value of a Class A, A2, B, I or R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

⁽¹⁾

The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.

⁽²⁾

The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾

Ratios have been annualized.

⁽⁴⁾

Ratios have not been annualized.

⁽⁵⁾

Ratio excludes General Partner 1% allocation.

12. Subsequent Events

Subsequent to quarter end, there were $0 of contributions into the Fund and $769,422 of redemptions from the Fund.

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

Current Positioning

Sector risk allocations and net positioning as of June 30, 2025 and second quarter 2025 gross performance contribution by sector was as follows:

Risk Allocation	Net Position	Sector	Gross Performance Contribution
15%	Short	Agriculturals	(0.08)%
14%	Long	Energies	(4.19)%
9%	Long	Metals	(0.44)%
25%	Long FX	Currencies	(1.33)%
20%	Long	Equity indices	(0.92)%
17%	Long	Interest rates	(1.72)%

Aggregate commodity exposure at the end of the quarter was long, though mixed by sector. Base metals ended the period slightly long while precious metals longs were more sizable. Agricultural commodities were short with long livestock exposure more than offset by short grains and softs. Energy exposure was long with significant long positions in oil and oil products and small shorts in natural gas and power markets. The Fund was long FX with the largest exposure in emerging markets, British Pound, and Swiss Franc. Digital currency positions were also long at the end of the quarter. Equity exposure was long across major regions with the largest position in the U.S., followed by Asia, and Europe. In fixed income markets, positioning was long with the largest exposure in short-duration instruments. Geographically, the largest exposure was in European and U.S. markets.

Results of Operations

The returns for each Class of Units for the six months ended June 30, 2025 and 2024 were:

Class of Units	2025	2024
Class A	(12.93)%	12.68%
Class A2	(12.34)%	13.47%
Class B	(12.15)%	13.69%
Class I	(11.73)%	14.23%
Class R	(12.06)%	13.81%

Results from past periods are not necessarily indicative of results that may be expected for any future period. Monthly analysis of the trading gains and losses is provided below.

2025

January

After the S&P 500 Index posted its second consecutive +20% annual gain in 2024, equity markets were again on the rise in January. Despite uncertainty surrounding President Trump’s influx of post-inauguration executive orders, tariff talks, and a report from China’s DeepSeek regarding significantly cheaper AI models causing a major mega cap tech selloff, the Index finished the month up +2.78%. Bonds rose slightly in the month as the Bloomberg U.S. Aggregate Bond Index was up 0.53%. Outside of traditional asset classes, commodities rose as crude oil, grains, precious and base metals, softs, and livestock prices rose, while natural gas sold off. The U.S. Dollar fell negligibly against a basket of major foreign currencies as investors began to weigh the impact of a Trump presidency.

The LoCorr Futures Portfolio Fund posted a gain in January as profits were not limited to just equities, but also in agricultural commodities, metals, and energy, with some losses in currencies and interest rates. The Fund finished with a net gain of 0.94%, 1.06%, 1.09%, 1.17% and 1.11% for Class A, A2, B, I, and R Units, respectively.

February

Equities took a pause in February as the S&P 500 Index fell -1.3%. Weaker-than-expected economic data coupled with uncertainty surrounding President Trump’s influx of post-inauguration executive orders, and tariff talks caused a risk-off move in markets. Bonds continued to rise in the month as the Bloomberg U.S. Aggregate Bond Index was up 2.20%. Outside of traditional asset classes, commodities such as natural gas, base metals, and softs were up while livestock, crude oil, grains, and precious metals sold off. The U.S. Dollar fell against a basket of major foreign currencies as investors continue to weigh the impact of a Trump presidency.

The LoCorr Futures Portfolio Fund declined in February as losses in currencies, agricultural commodities, energy, interest rates, and metals overshadowed gains in equities. The Fund finished with a net gain of -4.77%, -4.66%, -4.63%, -4.55% and -4.61% for Class A, A2, B, I, and R Units, respectively.

March

Equities accelerated their decline in March as the S&P 500 Index fell -5.63%. The month was dominated by tariff talk and uncertainty surrounding global trade policies. Bonds were relatively flat in March as the Bloomberg U.S. Aggregate Bond Index was up +0.04%. Outside of traditional asset classes, commodities such as precious metals, natural gas, industrial metals, and crude oil prices rose on inflationary pressure from tariff headlines, while agricultural commodities fell. The U.S. Dollar declined against a basket of major foreign currencies as investors continued to weigh the impact of tariffs.

The LoCorr Futures Portfolio Fund declined in March as losses in currencies, equities, and agricultural commodities overshadowed gains in metals. Performance in interest rates and energy products was negligible. The Fund finished with a net gain of -0.91%, -0.80%, -0.77%, -0.69% and -0.75% for Class A, A2, B, I, and R Units, respectively.

April

Equities continued to fall in April as the S&P 500 Index fell -0.68%. The month was dominated by global trade policy uncertainty. The S&P 500 fell -12% in the three trading days following “Liberation Day”, though it would come roaring back. The Bloomberg U.S. Aggregate Bond Index gained +0.39%. Commodities fell as OPEC+ announced plans to increase oil production, driving both WTI and Brent crude oil down more than -17%. The U.S. Dollar continued its rapid decline as investors weighed the impact of tariffs.

The LoCorr Futures Portfolio Fund declined in April as losses in equities, currencies, energy products, metals, and agricultural commodities overshadowed gains in interest rates. . The Fund finished with a net gain of (5.43)%, (5.32)%, (5.29)%, (5.22)% and (5.27)% for Class A, A2, B, I, and R Units, respectively.

May

The month of May was marked by a rotation back into risk assets as the S&P 500 Index rallied over +6%, carrying the Index into positive territory on the year. The tariff-related selloff that occurred in April was reversed by news that the U.S. and China agreed to a 90-day tariff pause. Debt sustainability, however, was brought into question as the U.S. sovereign rating was lowered by Moody’s. This caused yields to rise and bond prices to sell off as the Bloomberg U.S. Aggregate Bond Index dropped -0.72%. Outside of traditional asset classes, commodities were mixed as energy products and metals rose while agricultural commodities fell. The U.S. Dollar declined slightly against a basket of major foreign currencies as investors continued to weigh the impact of tariffs.

The LoCorr Futures Portfolio Fund declined in May as losses in energy products, interest rates, agricultural commodities, metals, and currencies overshadowed gains in equities. The Fund finished with a net loss of (2.12)%, (2.01)%, (1.97)%, (1.90)% and (1.96)% for Class A, A2, B, I, and R Units, respectively.

June

June saw a continuation into risk assets as the S&P 500 Index rallied +5.09%, bringing its year-to-date return to +6%. Markets were turbulent, however, as the 12-day war between Iran and Israel created uncertainty across asset classes. The U.S. and China reached a trade agreement in late June which further bolstered risk assets. Bond investors are now assessing the implications of the “Big Beautiful Bill” which could add trillions to the Federal government debt in the next decade. Debt sustainability and tariff implications remain in question. Despite these concerns, bonds rallied as the Bloomberg U.S. Aggregate Bond Index gained +1.54%. Meanwhile, commodities were mixed as energy products and metals rose while agricultural commodities fell. The U.S. Dollar continued its decline as investors weighed the impact of tariffs and spending.

The LoCorr Futures Portfolio Fund declined in June as losses in energies and interest rates overshadowed gains in agricultural commodities, currencies, metals, and equities.The Fund finished with a net loss of (1.24)%, (1.12)%, (1.09)%, (1.01)% and (1.08)% for Class A, A2, B, I, and R Units, respectively.

2024

January

Equities continued their move to the upside in January, albeit at a moderated pace, as the S&P 500 Index hit an all-time high intra month and finished the period up +1.68%. Bonds did not fair the same as the Bloomberg U.S. Aggregate Bond Index finished modestly in negative territory, down -0.27%. Outside of traditional asset classes, commodities rose during the month, particularly oil, which gained over +5% after falling significantly in the fourth quarter of 2023. The U.S. Dollar moved upward against the backdrop of shifting investor sentiment surrounding Federal Reserve interest rate policy.

LoCorr Futures Portfolio Fund rose in January, a strong start to the year. The Fund was able to deliver positive returns while seeking to provide diversification, a benefit relative to traditional asset allocation strategies. The strong month was boosted by equities, agricultural commodities, and energies while interest rates and metals detracted. Foreign currency positioning was not a significant driver of returns in the month. The Fund finished with a net gain of 2.62%,2.74%,2.77%, 2.85% and 2.79% for Class A, A2, B, I, and R Units, respectively.

February

Equities continued their move to the upside in February at an accelerated cadence from the month prior, as the S&P 500 Index hit an all-time high intra-month and finished the period up +5.34%, bringing the YTD return to up +7.11%. Bonds did not fair the same as the Bloomberg U.S. Aggregate Bond Index finished in negative territory, down -1.41%, bringing its YTD return to down -1.68%. Outside of traditional asset classes, commodities fell during the month, despite a strong upward move for oil which has gained over +9% in 2024 after falling significantly in the fourth quarter of 2023. The U.S. Dollar moved upward against the backdrop of shifting investor perception on the timing of Federal Reserve interest rate cuts.

LoCorr Futures Portfolio Fund rose in February, adding to a strong start for the year. The Fund delivered a positive return while providing diversification relative to traditional asset classes. The strong month was boosted by equities, agricultural commodities, interest rates, and FX, while metals were a modest detractor. The Fund finished with a net gain of 7.20%, 7.32%, 7.36%, 7.44% and 7.37% for Class A, A2, B, I, and R Units, respectively.

March

Equities continued their move to the upside in March as the S&P 500 Index hit an all-time high intra month and finished the period up +3.22%, bringing its YTD return to up +10.56%. Bonds had their first positive month of the year, as the Bloomberg U.S. Aggregate Bond Index was up +0.92%, but still in negative territory YTD, down -0.78%. Outside of traditional asset classes, commodities rose in March, boosted by higher oil prices. The U.S Dollar was relatively flat as U.S. Treasury yields stabilized amid investors seeking additional clarification on the Federal Reserve’s next steps.

The LoCorr Futures Portfolio Fund rose in March, adding to its strong start for the year. The positive month was boosted by equities, currencies, energy products, and agricultural commodities while modest gains in metals trading were offset by losses in interest rates. The Fund finished with a net gain of 4.97%, 5.09%, 5.12%, 5.21% and 5.14% for Class A, A2, B, I, and R Units, respectively.

April

Equities fell in April, deviating from the monthly uptrend that has persisted since November of 2023, as the S&P 500 Index dropped -4.08%, bringing its YTD return to up +6.04%. Bonds again failed to protect, as the Bloomberg U.S. Aggregate Bond Index sold off -2.53%, pushing its YTD return down to -3.28%. Outside of traditional asset classes, commodities rose on a strong move higher by industrial metals. The U.S. Dollar rallied against a broad basket of foreign currencies as the U.S. economy showed signs of strength.

The LoCorr Futures Portfolio Fund rose again in April, adding to its strong start for the year. The positive month was bolstered by interest rates, currencies, and metals, while gains in these markets were somewhat offset by modest losses in equities, energy products, and agricultural commodities. The Fund finished with a net gain of 3.16%, 3.28%, 3.31%, 3.40% and 3.33% for Class A, A2, B, I, and R Units, respectively.

May

Equities rose in May, rebounding from a loss of -4.08% in April, as the S&P 500 Index gained +4.96%, bringing its YTD return to up +11.30%. Bonds were slightly positive, as the Bloomberg U.S. Aggregate Bond Index rose +1.70% bringing its YTD return to down -1.64%. Outside of traditional asset classes, commodities rose on a move higher in grains and precious metals. The U.S. Dollar moved downward against the backdrop of shifting investor appetite to risk-on assets.

The LoCorr Futures Portfolio Fund posted a modest loss in May but is still in strong positive territory this year. The negative month was driven by interest rates, currencies, energy products, and agricultural commodities, while losses in these markets were somewhat offset by gains in metals and stock indices. The Fund finished with a net loss of (2.59)%, (2.48)%, (2.44)%, (2.37)% and (2.43)% for Class A, A2, B, I, and R Units, respectively.

June

Equities rose in June, continuing the gains in May, as the S&P 500 Index rose +3.59%, bringing its YTD return to up +15.29%. Bonds were slightly positive, as the Bloomberg U.S. Aggregate Bond Index rose +0.95% bringing its YTD return to down -0.71%. Outside of traditional asset classes, commodities fell on a move lower in grains and industrial metals. The U.S. Dollar moved upward on stronger economic data and hawkish Fed comments.

The LoCorr Futures Portfolio Fund posted a modest loss in June but is still in strong positive territory this year. The negative month was driven by interest rates, currencies, metals, and stock indices, while losses in these markets were somewhat offset by gains in agricultural commodities and energy products. The Fund finished with a net loss of (2.89)%, (2.78)%, (2.74)%, (2.67)% and (2.73)% for Class A, A2, B, I, and R Units, respectively.

Liquidity

There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way.

Capital Resources

The Fund intends to raise additional capital through the continued sale of Units and does not intend to raise capital through borrowing. Due to the nature of the Fund’s business, the Fund does not contemplate making capital expenditures. The Fund does not have, nor does it expect to have, any capital assets. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investment in futures contracts, etc. in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future inflows and outflows funds related to the sale and redemption of Units. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Fund’s capital resource arrangements at the present time.

Contractual Obligations

The Fund does not have any contractual obligations of the type contemplated by Item 303(a)(5) of Regulation S-K. The Fund’s sole business is trading futures and forward currency contracts, both long (contracts to buy) and short (contracts to sell).

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward currency contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions of the Fund at the same time, and if the trading advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner minimizes market risk through diversification of the portfolio allocations to multiple trading advisors, and maintenance of a margin-to-equity ratio that rarely exceeds 35%.

In addition to subjecting the Fund to market risk, upon entering into futures and forward currency contracts there is a risk that the counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this risk. In cases where the clearinghouse is not backed by the clearing members, as is the case with some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions, thus there may be a greater counterparty risk. The General Partner utilized only those counterparties that it believes to be creditworthy for the Fund. All positions of the Fund are valued each day on a mark-to-market basis. There can be no assurance, however, that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund may invest in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, asset backed securities and corporate notes. Should an issuing entity default on its obligation to the Fund and such entity is not backed by the full faith and credit of the U.S. government, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities of firms with high quality debt ratings.

Significant Accounting Policies

A summary of the Fund’s significant accounting policies is included in Note 1 to the financial statements.

The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, fixed income instruments and investments in private investment companies. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based on quoted market prices for identical shares. U.S. Treasury securities are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as commercial paper, asset backed securities and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Introduction

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

Market movements result in frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades.

The Fund rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund’s past performance cannot be relied on as indicative of its future results.

Standard of Materiality

Materiality as used in this section, Quantitative and Qualitative Disclosures about Market Risk, is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Fund’s market sensitive instruments.

Quantifying the Fund’s Trading Value at Risk

The following quantitative disclosures regarding the Fund’s market risk exposures contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. 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.

Value at Risk is a measure of the maximum amount which the Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Fund’s speculative trading and the recurrence in the markets traded by the Fund to market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Fund’s experience to date (i.e., “risk of ruin”). Risk of ruin is defined to be no more than a 5% chance of losing 20% or more on a monthly basis. In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Fund’s losses in any market sector will be limited to Value at Risk or by the Fund’s attempts to manage its market risk.

The Fund’s risk exposure in the various market sectors traded by the Fund’s Trading Advisors is quantified below in terms of Value at Risk. Due to mark-to-market accounting, any loss in the fair value of the Fund’s open positions is directly reflected in the Fund’s earnings.

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

In the case of market sensitive instruments that are not exchange-traded (includes currencies, certain energy products and metals), the margin requirements required by the forward counterparty is used as Value at Risk.

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

Value at Risk as calculated herein may not be comparable to similarly titled measures used by others.

The Fund’s Trading Value at Risk in Different Market Sectors

The following table indicates the trading Value at Risk associated with the Fund’s open positions by market sector at June 30, 2025 and December 31, 2024. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below.

	June 30, 2025					December 31, 2024
Market Sector	Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization

Agricultural commodities	$	721,263		0.92	%	$	1,037,820		0.95	%
Currencies		1,167,036		1.48	%		1,579,163		1.45	%
Energy		642,593		0.82	%		705,641		0.65	%
Equity indices		934,080		1.19	%		1,093,045		1.00	%
Interest rate instruments		787,144		1.00	%		1,557,386		1.43	%
Metals		425,298		0.54	%		485,822		0.45	%
Total	$	4,677,414		5.95	%	$	6,458,877		5.93	%

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

The face value of the market sector instruments held by the Fund is typically many times the applicable margin requirement (margin requirements generally range between 1% and 10% of contract face value) as well as many times the capitalization of the Fund. The magnitude of the Fund’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Fund to incur severe losses over a short period of time. The foregoing Value at Risk table – as well as the past performance of the Fund – gives no indication of this “risk of ruin.”

Non-Trading Risk

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury securities, U.S. government sponsored enterprise notes, commercial paper, asset backed securities and corporate notes. Although these investments are considered to be high quality, some of the securities purchased are neither guaranteed by the U.S. government nor supported by the full faith and credit of the U.S. government. There is some risk that a security issuer may fail to pay the interest and principal in a timely manner, or that negative perceptions about the issuer’s ability to make such payments will cause the price of these instruments to decline in value.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Fund’s market risk exposures - except for those disclosures that are statements of historical fact and the descriptions of how the Fund manages its primary market risk exposures - constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, (“1933 Act”) and Section 21E of the Securities Exchange Act of 1934, (“1934 Act”). The Fund’s primary market risk exposures as well as the strategies used and to be used by the Fund’s Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Fund’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Fund. There can be no assurance that the Fund’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of June 30, 2025, by market sector.

Agricultural Commodities

The Fund takes positions in a broad range of agricultural futures, including soybeans, wheat, corn, sugar, and cotton among others. Prices in these markets can be affected by changes in demand, as well changes in supply factors such as weather and inventory levels.

Currencies

The Fund trades in foreign exchange markets by taking positions in currency futures and forward contracts for a large number of developed and emerging market currencies. Exposures may take the form of direct exchange rates against the U.S. dollar, or cross-rates between two foreign currencies. Exchange rates can be impacted by economic differences between regions (such as interest rate differentials or economic growth differentials), political events, as well as investor risk sentiment.

Energy

The Fund gains trading exposure in energy markets through oil and gas futures, which include WTI crude oil, Brent crude oil, distillates such as heating oil, and natural gas. Prices have historically been highly volatile, driven by demand side factors such as global economic growth and weather conditions, as well as supply side factors such as Middle East conflicts, OPEC production agreements, and shale production.

Equity Indices

The Fund has exposure to major stock market indices around the world through equity index futures. Primary exposures are in developed markets such as the U.S., the UK, Germany, Japan, Hong Kong and Australia, but there can also be exposure to smaller developing market stock indices. Equity index price movements can be affected by microeconomic factors such as corporate earnings, by macroeconomic factors such as government fiscal and monetary policy, as well as by investor sentiment.

Interest Rate Instruments

The Fund has exposure to global fixed income markets through bond futures and interest rate futures in countries such as the U.S., the UK, Germany, Japan and Australia. The Fund has exposure across the yield curve with positions in the futures for both short-term and long-term instruments. The yield curve (and futures prices) can be affected by economic growth, inflation expectations, monetary policy and investor risk aversion.

Metals

The Fund has exposure to metals futures, including both precious metals such as gold, silver and platinum, as well as industrial metals such as copper, aluminum and zinc. Metals prices can be volatile. Precious metals prices are often driven by inflation expectations, risk aversion, and mining output. Industrial metals prices tend to be impacted by industrial demand relative to production.

Single Stock Futures

The Fund may have a small exposure to single stock futures, with positions primarily in companies that trade on U.S. exchanges. The price drivers here tend to be more microeconomic with corporate earnings and industry trends being important. However, macroeconomic and market-wide factors can also affect single stock futures prices.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following represent non-trading risk exposures of the Fund as of June 30, 2025.

Foreign Currency Balances

The Fund’s primary foreign currency balances are in euros, Japanese yen, British pounds, Australian dollars, Hong Kong dollars and Canadian dollars. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than once a week).

U.S. Treasury Securities, U.S. and Foreign Government Sponsored Enterprise Notes, Commercial Paper, Corporate Notes, and Asset Backed Securities

Monies in excess of margin requirements are invested in fixed income instruments, including U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes, and asset backed securities. Fluctuations in prevailing interest rates could cause mark-to-market gains or losses on the Fund’s investments; although substantially all of these investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Fund and the Fund’s trading advisors, severally, attempt to manage the risk of the Fund’s open positions is essentially the same in all market sectors traded. The Fund’s trading advisors apply risk management policies to their respective trading which generally limit the total exposure that may be taken. In addition, the trading advisors generally follow proprietary diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups).

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Fund generally will use a small percentage of assets as margin, the Fund does not believe that any increase in margin requirements, as proposed, will have a material effect on the Fund’s operations.

Item 4. Controls and Procedures

The General Partner, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at June 30, 2025 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective.

Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes from risk factors disclosed in the Fund’s Form 10-K for year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no sales of unregistered securities of the Fund during the three months ended June 30, 2025. Under the Fund’s Partnership Agreement, limited partners may redeem their Units at the end of each calendar month at the then current month-end net asset value per Unit. Redemptions of Units during the three months ended June 30, 2025 were as follows:

	April			May			June			Total
A Units
Units redeemed		(1,573.7958	)		(999.7522	)		(525.0960	)		(3,098.6440	)
Average net asset value per unit	$	3,612.23		$	3,535.66		$	3,491.85		$	3,567.13

A2 Units
Units redeemed		—			—			—			—
Average net asset value per unit	$	—		$	—		$	—		$	—

B Units
Units redeemed		(74.4867	)		(253.6128	)		(116.8668	)		(444.9663	)
Average net asset value per unit	$	6,222.76		$	6,099.93		$	6,033.31		$	6,102.99

I Units
Units redeemed		—			—			—			—
Average net asset value per unit	$	—		$	—		$	—		$	—

R Units
Units redeemed		750.0222			(20.6344	)		(156.9778	)		(927.6344	)
Average net asset value per unit	$	1,045.83		$	1,025.35		$	1,014.32		$	1,040.04

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith of incorporated by reference.

Exhibit No.	Description of Exhibit

1.1^(a)	Form of Selling Agreement

3.1^(a)	Maryland Certificate of Limited Partnership.

4.1^(a)	Limited Partnership Agreement.

10.1^(a)	Form of Subscription Agreement

31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

(a)

Incorporated by reference to the corresponding exhibit to the Registrant’s registration statement (File no. 000-50728) filed on April 29, 2004 on Form 10 under the 1934 Act, as amended.

SIGNATURES

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

Dated:

August 13, 2025

Futures Portfolio Fund, Limited Partnership

	By:	Steben & Company, LLC
		General Partner

	By:	/s/ Kevin M. Kinzie
	Name:	Kevin M. Kinzie
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)

	By:	/s/ Jon C. Essen
	Name:	Jon C. Essen
	Title:	Chief Financial Officer and Director of the General Partner
		(Principal Financial and Accounting Officer)

LOCORR FUTURES PORTFOLIO FUND L.P. 10-Q