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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
   
to
   
Commission File Number:
000-25603
 
CERES CLASSIC L.P.
(Exact name of registrant as specified in its charter)
 
Delaware
  
13-4018068
(State or other jurisdiction of
incorporation or organization)
   (I.R.S. Employer
Identification No.)
c/o Ceres Managed Futures LLC
1585 Broadway
New York, New York 10036
 
(Address of principal executive offices) (Zip Code)
 
(855)
672-4468
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
 
Title of each class    Trading Symbol(s)    Name of each exchange on which registered
N/A    N/A    N/A
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
X
 No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
X
 No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
 
   
Accelerated filer
 
   
Non-accelerated
filer
X
   
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
X
As of October 31, 2025, 4,412,582.408 Limited Partnership Class A Units were outstanding and 11,079.649 Limited Partnership Class Z Units were
outstanding.

PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
.
Ceres Classic L.P.
Consolidated Statements of Financial Condition
 
    
September 30, 2025
(Unaudited)
   
December 31,

2024
Assets:
      
Equity in trading account:
      
Unrestricted cash
     $ 99,433,935       $ 116,041,683  
Restricted cash
      25,843,594        25,673,499  
Foreign cash (cost $1,260,102 and $1,029,782 at September 30, 2025 and December 31, 2024, respectively)
      1,292,545        1,025,300  
Net unrealized appreciation on open futures contracts
      4,210,070        2,269,270  
Net unrealized appreciation on open forward contracts
      963,926        1,672,427  
  
 
 
 
   
 
 
 
Total equity in trading account
      131,744,070        146,682,179  
  
 
 
 
   
 
 
 
Interest receivable
      325,991        405,325  
  
 
 
 
   
 
 
 
Total assets
     $   132,070,061       $   147,087,504  
  
 
 
 
   
 
 
 
Liabilities and Partners’ Capital:
      
Liabilities:
      
Accrued expenses:
      
Administrative and General Partner’s fees
     $ 79,195       $ 88,886  
Management fees
      124,392        145,970  
Professional fees
      265,095        247,616  
Redemptions payable to General Partner
      -      
 
75,000
 
Redemptions payable to Limited Partners
      737,275        889,494  
  
 
 
 
   
 
 
 
Total liabilities
      1,205,957        1,446,966  
  
 
 
 
   
 
 
 
Partners’ Capital:
      
General Partner, Class Z, 119,150.531 Units outstanding at September 30, 2025 and December 31, 2024
      1,511,032        1,540,021  
Limited Partners, Class A, 4,460,960.367 and 4,849,003.081 Units outstanding at September 30, 2025 and December 31, 2024, respectively
      129,212,563        143,957,312  
Limited Partners, Class Z, 11,079.649 Units outstanding at September 30, 2025 and December 31, 2024
      140,509        143,205  
  
 
 
 
   
 
 
 
Total partners’ capital (net asset value)
      130,864,104        145,640,538  
  
 
 
 
   
 
 
 
Total liabilities and partners’ capital
     $ 132,070,061       $ 147,087,504  
  
 
 
 
   
 
 
 
Net asset value per Unit:
      
Class A
     $ 28.97       $ 29.69  
  
 
 
 
   
 
 
 
Class Z
     $ 12.68       $ 12.93  
  
 
 
 
   
 
 
 
See accompanying notes to consolidated financial statements.
 
1
Ceres Classic L.P.
Consolidated Condensed Schedule of Investments
September 30, 2025
(Unaudited)
 
    
Notional ($)/

Number of

Contracts
         
Fair Value
        
% of Partners’
Capital
      
Futures Contracts Purchased
              
Currencies
      387          $ (14,984 )        (0.01)      %
Energy
      220          (135,951 )        (0.10)     
Grains
      153          (178,277 )        (0.14)     
Indices
      679          873,911         0.66      
Interest Rates U.S.
      271                (111,000 )        (0.08)     
Interest Rates
Non-U.S.
      2,866          (359,718 )        (0.28)     
Livestock
      206          270,892         0.21      
Metals
      305          2,353,381         1.80      
Softs
      90          12,546         0.01      
       
 
 
 
    
 
 
    
Total futures contracts purchased
           2,710,800         2.07      
       
 
 
 
    
 
 
    
Futures Contracts Sold
              
Currencies
      452          238,557         0.18      
Energy
      275          63,818         0.05      
Grains
      864          1,102,242         0.84      
Indices
      90          (80,715 )        (0.06)     
Interest Rates U.S.
      414          20,313         0.02      
Interest Rates
Non-U.S.
      659          21,891         0.02      
Metals
      16          (157,683 )        (0.12)     
Softs
      342          290,847         0.22      
       
 
 
 
    
 
 
    
Total futures contracts sold
           1,499,270         1.15      
       
 
 
 
    
 
 
    
Net unrealized appreciation on open futures contracts
          $   4,210,070         3.22       %
       
 
 
 
    
 
 
    
Unrealized Appreciation on Open Forward Contracts
              
Currencies
     $ 284,290,046         $ 1,899,584         1.45       %
Metals
      338          927,349         0.71      
       
 
 
 
    
 
 
    
Total unrealized appreciation on open forward contracts
           2,826,933         2.16      
       
 
 
 
    
 
 
    
Unrealized Depreciation on Open Forward Contracts
              
Currencies
     $   208,112,449          (1,319,477 )        (1.01)     
Metals
      270          (543,530 )        (0.41)     
       
 
 
 
    
 
 
    
Total unrealized depreciation on open forward contracts
           (1,863,007 )        (1.42)     
       
 
 
 
    
 
 
    
Net unrealized appreciation on open forward contracts
          $ 963,926         0.74       %
       
 
 
 
    
 
 
    
See accompanying notes to consolidated financial statements.
 
2
Ceres Classic L.P.
Consolidated Condensed Schedule of Investments
December 31, 2024
 
    
Notional ($)/

Number of

Contracts
         
Fair Value
         
% of Partners’

Capital
      
Futures Contracts Purchased
               
Currencies
      305          $ (219,182 )         (0.15)      %
Energy
      242          370,225          0.25      
Grains
      275                197,902                0.14      
Indices
      649          (947,792 )         (0.65)     
Interest Rates U.S.
      131          (24,445 )         (0.02)     
Interest Rates
Non-U.S.
      1,435          (643,848 )         (0.44)     
Livestock
      298          211,452          0.15      
Metals
      192          (332,012 )         (0.23)     
Softs
      197          895,529          0.61      
       
 
 
 
     
 
 
    
Total futures contracts purchased
           (492,171 )         (0.34)     
       
 
 
 
     
 
 
    
Futures Contracts Sold
               
Currencies
      880          1,586,795          1.09      
Energy
      157          (443,094 )         (0.30)     
Grains
      588          193,157          0.13      
Indices
      261          143,452          0.10      
Interest Rates U.S.
      497          306,828          0.21      
Interest Rates
Non-U.S.
      1,753          750,066          0.51      
Livestock
      1          (3,463 )         (0.00)      *
Metals
      68          127,693          0.09      
Softs
      125          100,007          0.07      
       
 
 
 
     
 
 
    
Total futures contracts sold
           2,761,441          1.90      
       
 
 
 
     
 
 
    
Net unrealized appreciation on open futures contracts
          $ 2,269,270          1.56       %
       
 
 
 
     
 
 
    
Unrealized Appreciation on Open Forward Contracts
               
Currencies
     $    212,686,968         $ 3,566,168          2.45       %
Metals
      247          681,918          0.47      
       
 
 
 
     
 
 
    
Total unrealized appreciation on open forward contracts
           4,248,086          2.92      
       
 
 
 
     
 
 
    
Unrealized Depreciation on Open Forward Contracts
               
Currencies
     $   133,420,276          (1,986,002 )         (1.36)     
Metals
      270          (589,657 )         (0.41)     
       
 
 
 
     
 
 
    
Total unrealized depreciation on open forward contracts
           (2,575,659 )         (1.77)     
       
 
 
 
     
 
 
    
Net unrealized appreciation on open forward contracts
          $   1,672,427           1.15       %
       
 
 
 
     
 
 
    
* Due to rounding.
See accompanying notes to consolidated financial statements.
 
3
Ceres Classic L.P.
Consolidated Statements of Income and Expenses
(Unaudited)
 
   
Three Months Ended

September 30,
  
Nine Months Ended

September 30,
   
2025
  
2024
  
2025
  
2024
Investment Income:
        
Interest income
    $   1,153,930      $ 1,722,118      $   3,668,250      $ 5,350,755  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Expenses:
        
Clearing fees
     156,107       171,881       414,655       451,273  
Administrative and General Partner’s fees
     239,189       289,746       763,699       889,104  
Ongoing placement agent fees
     236,225       286,367       754,521       878,559  
Management fees
     373,661       472,852       1,216,797       1,463,867  
Incentive fees
     -        -        -        1,081,370  
Professional fees
     125,337       143,650       385,852       421,456  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total expenses
     1,130,519       1,364,496       3,535,524       5,185,629  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net investment income
     23,411       357,622       132,726       165,126  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Trading Results:
        
Net gains (losses) on trading of commodity interests:
        
Net realized gains (losses) on closed contracts
     2,543,187       (11,514,480 )      (5,061,704 )      3,147,105  
Net change in unrealized gains (losses) on open contracts
     3,076,243       1,571,233       1,269,224       5,545,073  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total trading results
     5,619,430       (9,943,247 )      (3,792,480 )      8,692,178  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss)
    $ 5,642,841      $ (9,585,625 )     $ (3,659,754 )     $ 8,857,304  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) per Unit*:
        
Class A
    $ 1.25      $ (1.89 )     $ (0.72 )     $ 1.63  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Class Z
    $ 0.56      $ (0.79 )     $ (0.25 )     $ 0.78  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted average Units outstanding:
        
Class A
     4,538,407.565       5,003,139.734       4,669,024.819       5,086,163.505  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Class Z
     130,230.180       136,030.644       130,230.180       140,889.730  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
*
Represents the change in net asset value per Unit during the period.
See accompanying notes to consolidated financial statements.
 
4
Ceres Classic L.P.
Consolidated Statements of Changes in Partners’ Capital
For the Three and Nine Months Ended September 30, 2025 and 2024
(Unaudited)
 
   
Class A
  
Class Z
  
Total
   
Amount
  
Units
  
Amount
  
Units
  
Amount
  
Units
Partners’ Capital, December 31, 2023
    $  145,519,896       5,183,355.701      $  1,738,699       143,319.273      $  147,258,595       5,326,674.974  
Redemptions - General Partner
     -        -        (99,854 )      (7,288.629 )      (99,854 )      (7,288.629 ) 
Redemptions - Limited Partners
     (7,220,187 )      (233,110.561 )      -        -        (7,220,187 )      (233,110.561 ) 
Net income (loss)
     8,740,308       -        116,996       -        8,857,304       -   
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Partners’ Capital, September 30, 2024
    $  147,040,017       4,950,245.140      $  1,755,841       136,030.644      $  148,795,858       5,086,275.784  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Partners’ Capital, June 30, 2024
    $  159,221,730       5,040,037.288      $  1,863,861       136,030.644      $  161,085,591       5,176,067.932  
Redemptions - Limited Partners
     (2,704,108 )      (89,792.148 )      -        -        (2,704,108 )      (89,792.148 ) 
Net income (loss)
     (9,477,605 )      -        (108,020 )      -        (9,585,625 )      -   
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Partners’ Capital, September 30, 2024
    $  147,040,017       4,950,245.140      $  1,755,841       136,030.644      $  148,795,858       5,086,275.784  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
   
Class A
  
Class Z
  
Total
   
Amount
  
Units
  
Amount
  
Units
  
Amount
  
Units
Partners’ Capital, December 31, 2024
    $  143,957,312       4,849,003.081      $  1,683,226       130,230.180      $  145,640,538       4,979,233.261  
Redemptions - Limited Partners
     (11,116,680 )      (388,042.714 )      -        -        (11,116,680 )      (388,042.714 ) 
Net income (loss)
     (3,628,069 )      -        (31,685 )      -        (3,659,754 )      -   
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Partners’ Capital, September 30, 2025
    $  129,212,563       4,460,960.367      $  1,651,541       130,230.180      $  130,864,104       4,591,190.547  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Partners’ Capital, June 30, 2025
    $  127,353,521       4,593,461.609      $  1,577,903       130,230.180      $  128,931,424       4,723,691.789  
Redemptions - Limited Partners
     (3,710,161 )      (132,501.242 )      -        -        (3,710,161 )      (132,501.242 ) 
Net income (loss)
     5,569,203       -        73,638       -        5,642,841       -   
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Partners’ Capital, September 30, 2025
    $  129,212,563       4,460,960.367      $  1,651,541       130,230.180      $  130,864,104       4,591,190.547  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
See accompanying notes to consolidated financial statements.
 
5
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
1.
Organization:
Ceres Classic L.P. (the “Partnership”) is a Delaware limited partnership organized in 1998 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy and agricultural products (collectively, “Futures Interests”) (refer to Note 4, “Financial Instrument Risks”). The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates.
Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnership. The General Partner is a wholly-owned subsidiary of Morgan Stanley Capital Management LLC (“MSCM”). MSCM is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”), currently acts as the placement agent for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSCM.
As of September 30, 2025, all trading decisions were made for the Partnership by Graham Capital Management, L.P. (“Graham”), Winton Capital Management Limited (“WCM”), EMC Capital Advisors, LLC (“EMC”) and Campbell & Company, LP (“Campbell”), as the commodity trading advisors to the Partnership (each, a “Trading Advisor” and collectively, the “Trading Advisors”). Each Trading Advisor is allocated a portion of the Partnership’s assets to manage. Ceres is responsible for selecting additional commodity trading advisors from time to time and for replacing Trading Advisors as it deems necessary. Trading advisors can be added, removed, or replaced at any time by Ceres, or Ceres may determine to adjust the allocation of assets to each Trading Advisor, without the consent of, or advance notice to, the limited partners.
As of January 1, 2021, the Partnership invested a portion of its assets in CMF Winton Master L.P., organized in New York as a limited partnership (“CMF Winton” or the “Trading Company”). The Partnership and any other feeder fund investing in the Trading Company constitute the limited partners of the Trading Company. The Trading Company is managed by Ceres. CMF Winton has a single account with WCM. The Trading Company may and will, among other things, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of Futures Interests.
The General Partner is not aware of any material changes to the trading programs discussed above during the fiscal quarter ended September 30, 2025.
During the reporting periods ended September 30, 2025 and 2024, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. As of January 1, 2021, JPMorgan Chase Bank, N.A. (“JPM”) acts as prime broker in connection with foreign exchange forward and swap transactions for the Trading Company.
As of September 30, 2025, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in two share classes (each, a “Class” or collectively, the “Classes”). A Limited Partner will initially receive Class A Units in the Partnership, provided, that certain investors (other than ERISA/IRA investors) who subscribe for Units on a consulting basis, the General Partner, and certain employees of Morgan Stanley and/or its subsidiaries (and their family members) may be designated to hold Class Z Units.
Each of Class A and Z Units of the Partnership have the same investment exposure and rights except for the amount of the ongoing placement agent fee charged to each Class of Units. Class Z Units are not subject to an ongoing placement agent fee.
 
6
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
The ongoing placement agent fee paid by the Partnership to Morgan Stanley Wealth Management for Class A unit holders is equal to an annual rate of 0.75% of the adjusted net assets of Class A units (computed monthly by multiplying the adjusted net assets of the Class A units by 0.75% and dividing the result thereof by 12).
The administrative and general partner fee paid by the Partnership to Ceres for all limited partners is equal to an annual rate of 0.75% of the Partnership’s net assets (as defined in the Partnership’s Limited Partnership Agreement).
The Partnership directly pays the brokerage fees and other transaction-related fees and expenses, as incurred and also pays its ongoing administrative, operating, offering and organizational expenses (including, but not limited to, periodic legal, accounting, administrative, filing, reporting and data processing fees) and its pro rata share of such expenses of any trading company to which the Partnership has allocated assets.
The Trading Company has entered into a foreign exchange brokerage account agreement and a futures brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. Pursuant to these agreements, the Partnership, directly or indirectly through its investment in the Trading Company, pays MS&Co. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, user,
give-up,
floor brokerage and National Futures Association fees (collectively, the “clearing fees”).
The Partnership has also entered into a selling agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management is paid a monthly ongoing placement agent fee at the rates described above. The ongoing placement agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Class A Units.
The ongoing placement agent fees for the three and nine months ended September 30, 2025 for Class A were $236,225 and $
754,521
, respectively. The ongoing placement agent fees for the three and nine months ended September 30, 2024 for Class A were $
286,367
and $
878,559
, respectively. Class Z Units are not subject to an ongoing placement agent fee.
The Trading Company entered into certain agreements with JPM in connection with trading in forward foreign currency contracts on behalf of the Trading Company and, indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under the FX Agreement, JPM charges a fee on the aggregate foreign currency transactions entered into on behalf of the Trading Company during a month.
The General Partner has delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership.
 
7
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
2.
Basis of Presentation and Summary of Significant Accounting Policies:
The accompanying consolidated financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2025 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2025 and 2024. These consolidated financial statements present the results of interim periods and do not include all of the disclosures normally provided in annual financial statements. These consolidated financial statements should be read together with the consolidated financial statements and notes included in the Partnership’s Annual Report on Form
10-K
(the “Form
10-K”)
filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited consolidated financial statements as of and for the year ended December 31, 2024.
Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.
Use of Estimates
. The preparation of consolidated financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material.
Profit Allocation.
Except for class specific expenses, the General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any.
Statement of Cash Flows.
The Partnership has not provided a Consolidated Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230,
“Statement of Cash Flows.”
The Consolidated Statements of Changes in Partners’ Capital are included herein, and as of and for the periods ended September 30, 2025 and 2024, the Partnership carried no debt and all of the Partnership’s investments were carried at fair value and classified as Level 1 or Level 2 measurements.
Consolidation/Partnership’s Investment in the Trading Company.
The Partnership consolidates its wholly owned investment in the Trading Company. Accordingly, the Partnership’s Consolidated Condensed Schedule of Investments as of September 30, 2025 and December 31, 2024 includes the portfolio holdings of the Trading Company. The consolidated financial statements for the year ended December 31, 2024 and for the period ended September 30, 2025, include the accounts of the Partnership and the Trading Company. All inter-company transactions and balances have been eliminated.
Partnership’s Investments.
All Futures Interests held by the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 6, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the
first-in,
first-out
method. Net unrealized gains or losses on open contracts are included as a component of equity in trading account in the Consolidated Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Consolidated Statements of Income and Expenses. The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Consolidated Statements of Income and Expenses.
 
8
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
Partnership’s Cash
. The cash held by the Partnership that is available for Futures Interests trading is on deposit in a commodity brokerage account with MS&Co. The Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. and/or JPM, as applicable. All of these amounts are maintained separately. At September 30, 2025 and December 31, 2024, the amount of cash held for margin requirements was $25,843,594 and $25,673,499, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $1,292,545 (cost of $1,260,102) and $1,025,300 (cost of $1,029,782) as of September 30, 2025 and December 31, 2024, respectively.
Income Taxes.
Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740,
“Income Taxes,”
which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are
“more-likely-than-not”
of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the
more-likely-than-not
threshold would be recorded as a tax benefit or liability in the Consolidated Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Partnership’s Consolidated Statements of Income and Expenses in the periods in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2021 through 2024 tax years remain subject to examination by U.S. federal and most state tax authorities.
Investment Company Status.
The Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of
Financial Services—Investment Companies (Topic 946)
and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in
the
Consolidated Statements of Income and Expenses.
Net Income (Loss) per Unit.
Net income (loss) per Unit is calculated in accordance with ASC 946,
“Financial Services – Investment Companies.”
See Note 3, “Financial Highlights.”
Segment Reporting.
During the year ended December 31, 2024, the Partnership adopted FASB Accounting Standards Update
No. 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,
(ASU
2023-07),
which requires incremental disclosures related to a public entity’s
reportable
segments. The Partnership operates as a single reportable segment, as the Chief Operating Decision Maker (CODM) monitors the operating results of the Partnership as a whole against its investment objective, which is included in Note 1. The Partnership’s President acts as the Partnership’s CODM and is responsible for assessing the performance of the Partnership’s single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the total trading results as reflected in the accompanying Consolidated Statements of Income and Expenses and total return as reflected in the financial highlights as included in the notes to the Partnership’s consolidated financial statements. Additionally, segment assets are presented in the accompanying Consolidated Statements of Financial Condition and significant segment expenses are reported in the accompanying Consolidated Statements of Income and Expenses.
There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form
10-K
for the year ended December 31, 2024.
 
9
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
3.
Financial Highlights:
Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2025 and 2024 were as follows:
 
   
Three Months Ended

September 30,
  
Nine Months Ended

September 30,
   
2025
  
2024
  
2025
  
2024
   
Class A
  
Class Z
  
Class A
  
Class Z
  
Class A
  
Class Z
  
Class A
  
Class Z
Per Unit Performance (for a unit outstanding throughout the period):*                
Net realized and unrealized gains (losses)
    $ 1.25       $ 0.54       $ (1.96 )      $ (0.85 )      $ (0.75 )      $ (0.33 )      $ 1.60       $ 0.69   
Net investment income
     -         0.02       0.07       0.06       0.03       0.08       0.03       0.09  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Increase (decrease) for the period
     1.25       0.56       (1.89 )      (0.79 )      (0.72 )      (0.25 )      1.63       0.78  
Net asset value per Unit, beginning of period
     27.72       12.12       31.59       13.70       29.69       12.93       28.07       12.13  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net asset value per Unit, end of period
    $  28.97      $  12.68      $  29.70      $  12.91      $  28.97      $  12.68      $  29.70      $  12.91  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Three Months Ended

September 30,
    
Nine Months Ended

September 30,
  
    
2025
    
2024
    
2025
    
2024
  
    
Class A
    
Class Z
    
Class A
    
Class Z
    
Class A
    
Class Z
    
Class A
    
Class Z
  
Ratios to Average Limited Partners’ Capital: **                                                                                         
Net investment income ***
      0.1   %      0.8   %      0.9   %      1.7   %      0.1   %      0.9   %      0.4   %      1.1   % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses
      3.5   %      2.8   %      3.6   %      2.8   %      3.5   %      2.7   %      3.5   %      2.7   % 
Incentive fees
      -    %      -    %      -    %      -    %      -    %      -    %      0.7   %      0.7   % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      3.5   %      2.8   %      3.6   %      2.8   %      3.5   %      2.7   %      4.2   %      3.4   % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total return:
                 
Total return before incentive fees
      4.5   %      4.6   %      (6.0)  %      (5.8)  %      (2.4)  %      (1.9)  %      6.6   %      7.2   % 
Incentive fees
      -    %      -    %      -    %      -    %      -    %      -    %      (0.8)  %      (0.8)  % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total return after incentive fees
      4.5   %      4.6   %      (6.0)  %      (5.8)  %      (2.4)  %      (1.9)  %      5.8   %      6.4   % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Net investment income (loss) per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.
 
**
Annualized (except for incentive fees).
 
***
Interest income less total expenses.
The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of consolidated income, expenses and average partners’ capital of the Partnership.
 
10
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
4.
Financial Instrument Risks:
The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price.
For the three months ended September 30, 2025, the General Partner estimates approximately 28.0% to 38.0% of the Partnership’s contracts are traded
over-the-counter.
In general, the risks associated with
non-exchange-traded
contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to a
non-exchange-traded
contract. The Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gain amounts reflected in the Consolidated Statements of Financial Condition.
The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s
non-exchange-traded
forward currency contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership’s accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MS&Co., for the benefit of MS&Co. With respect to those
non-exchange-traded
forward currency contracts, the Partnership is dependent upon the ability of MS&Co. and JPM, the counterparties on all such contracts, to perform. The Partnership has a netting agreement with MS&Co and JPM. The primary terms are based on industry standard master netting agreements. This agreement, which seeks to reduce the Partnership’s, MS&Co.’s and JPM’s exposure on
non-exchange-traded
forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co. and JPM’s bankruptcy or insolvency.
The General Partner monitors and attempts to mitigate the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of U.S. Treasury bills, futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.
The Futures Interests traded, and the U.S. Treasury bills held, by the Partnership involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently, in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on
non-exchange-traded
forward currency contracts are settled upon termination of the contract.
In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The General Partner considers the risk of any future obligation relating to these indemnifications to be remote.
 
11
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
Beginning in February 2022, the United States, the United Kingdom, the European Union, and a number of other nations imposed sanctions against Russia in response to Russia’s invasion of Ukraine, and these and other governments around the world may impose additional sanctions in the future as the conflict develops. In addition, the armed conflict between Israel and Hamas and subsequent sanctions have created volatility in the price of various commodities and may lead to a deterioration in the political and trade relationships that exist between the countries involved and have a negative impact on business activity globally, and therefore could affect the performance of the Partnership’s/Trading Company’s investments. Furthermore, uncertainties regarding these conflicts and the varying involvement of the United States and other countries preclude prediction as to the ultimate impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Partnership/Trading Company and the performance of its investments or operations, and the ability of the Partnership/Trading Company to achieve its investment objectives. Additionally, to the extent that investors, service providers and/or other third parties have material operations or assets in Russia, Belarus, Ukraine or Israel, they may have their operations disrupted and/or suffer adverse consequences related to the ongoing conflicts.
 
5.
Trading Activities:
The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisor will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategy. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.
All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2025 and 2024 were 8,167 and 7,747, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2025 and 2024 were 7,416 and 7,942, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2025 and 2024 were 1,022 and 915, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2025 and 2024 were 1,054 and 996, respectively. The monthly average notional values of currency forward contracts traded during the three months ended September 30, 2025 and 2024 were $894,053,163 and $927,153,673, respectively. The monthly average notional values of currency forward contracts traded during the nine months ended September 30, 2025 and 2024 were $763,991,792 and $988,603,926, respectively.
 
12
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar arrangements as of September 30, 2025 and December 31, 2024, respectively.
 
    
Gross

Amounts

 Recognized 
  
 Gross Amounts 

Offset in the

Consolidated

Statements of

Financial

Condition
  
Amounts

 Presented in the 

Consolidated

Statements of

Financial

Condition
   
  Gross Amounts Not Offset in the  

Consolidated Statements of

Financial Condition
         
September 30, 2025
   
Financial

 Instruments 
     
 Cash Collateral 

Received/

Pledged*
     
 Net Amount 
  
Assets
                
MS&Co.
                
Futures
     $ 5,932,968      $ (1,722,898 )     $ 4,210,070       $ -         $ -         $ 4,210,070   
Forwards
      2,676,959       (1,791,753 )      885,206        -          -          885,206   
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
     
 
 
  
       8,609,927       (3,514,651 )      5,095,276        -          -          5,095,276   
JPMorgan
                
Forwards
      149,974       (71,254 )      78,720        -          -          78,720   
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
     
 
 
  
Total assets
     $ 8,759,901      $ (3,585,905 )     $  5,173,996       $ -         $ -         $ 5,173,996   
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
     
 
 
  
Liabilities
                
MS&Co.
                
Futures
     $ (1,722,898 )     $ 1,722,898      $ -         $ -         $ -         $ -    
Forwards
      (1,791,753 )      1,791,753       -          -          -          -    
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
     
 
 
  
     (3,514,651 )      3,514,651       -          -          -          -    
JPMorgan
                
Forwards
      (71,254 )      71,254       -          -          -          -    
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
     
 
 
  
Total liabilities
     $ (3,585,905 )     $   3,585,905      $ -         $
 -  
       $
 -  
       $ -    
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
     
 
 
  
Net fair value
                  $  5,173,996  * 
               
 
 
  
 
13
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
    
Gross

Amounts

 Recognized 
  
 Gross Amounts 

Offset in the

Consolidated

Statements of

Financial

Condition
  
Amounts

 Presented in the 

Consolidated

Statements of

Financial

Condition
  
  Gross Amounts Not Offset in the  

Consolidated Statements of

Financial Condition
     
 Net Amount 
  
December 31, 2024
  
Financial

 Instruments 
     
 Cash Collateral 

Received/

Pledged*
  
Assets
               
MS&Co.
               
Futures
     $ 6,264,672      $ (3,995,402 )     $ 2,269,270      $ -         $ -         $ 2,269,270   
Forwards
      4,173,747       (2,328,677 )      1,845,070       -          -          1,845,070   
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
     
 
 
     
 
 
  
      10,438,419       (6,324,079 )      4,114,340       -          -          4,114,340   
JPMorgan
               
Forwards
      74,339       (74,339 )      -        -          -          -    
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
     
 
 
     
 
 
  
Total assets
     $ 10,512,758      $ (6,398,418 )     $  4,114,340      $ -         $ -         $  4,114,340   
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
     
 
 
     
 
 
  
Liabilities
               
MS&Co.
               
Futures
     $ (3,995,402 )     $ 3,995,402      $ -       $ -         $ -         $ -    
Forwards
      (2,328,677 )      2,328,677       -        -          -          -    
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
     
 
 
     
 
 
  
     (6,324,079 )      6,324,079       -        -          -          -    
JPMorgan
               
Forwards
      (246,982 )      74,339       (172,643 )      -          172,643         -    
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
     
 
 
     
 
 
  
Total liabilities
     $ (6,571,061 )     $   6,398,418      $ (172,643 )     $
  -  
       $  172,643        $ -    
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
     
 
 
     
 
 
  
Net fair value
                 $ 4,114,340  * 
              
 
 
  
 
*
In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and a counterparty to the Partnership’s
non-exchange-traded
contracts, as applicable, and JPM, as a counterparty to certain
non-exchange
traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPM, as applicable, thereby minimizing MS&Co.’s and JPM’s risk of loss. In certain instances, a counterparty may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
 
14
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2025 and December 31, 2024, respectively.
 
    
September 30, 2025
  
Assets
   
Futures Contracts
   
Currencies
     $ 335,086   
Energy
      211,216   
Grains
      1,107,762   
Indices
      928,239   
Interest Rates U.S.
      51,141   
Interest Rates
Non-U.S.
      208,811   
Livestock
      286,062   
Metals
      2,385,935   
Softs
      418,716   
  
 
 
  
Total unrealized appreciation on open futures contracts
      5,932,968   
  
 
 
  
Liabilities
   
Futures Contracts
   
Currencies
      (111,513)   
Energy
      (283,349)   
Grains
      (183,797)   
Indices
      (135,043)   
Interest Rates U.S.
      (141,828)   
Interest Rates
Non-U.S.
      (546,638)   
Livestock
      (15,170)   
Metals
      (190,237)   
Softs
      (115,323)   
  
 
 
  
Total unrealized depreciation on open futures contracts
      (1,722,898)   
  
 
 
  
Net unrealized appreciation on open futures contracts
     $ 4,210,070  * 
  
 
 
  
Assets
   
Forward Contracts
   
Currencies
     $     1,899,584   
Metals
      927,349   
  
 
 
  
Total unrealized appreciation on open forward contracts
      2,826,933   
  
 
 
  
Liabilities
   
Forward Contracts
   
Currencies
      (1,319,477)   
Metals
      (543,530)   
  
 
 
  
Total unrealized depreciation on open forward contracts
      (1,863,007)   
  
 
 
  
Net unrealized appreciation on open forward contracts
     $ 963,926  ** 
  
 
 
  
 
*
This amount is in “Net unrealized appreciation on open futures contracts” in the Consolidated Statements of Financial Condition.
 
**
This amount is in “Net unrealized appreciation on open forward contracts” in the Consolidated Statements of Financial Condition.
 
15
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
    
December 31, 2024
  
Assets
   
Futures Contracts
   
Currencies
     $ 1,699,357   
Energy
      389,655   
Grains
      653,953   
Indices
      395,900   
Interest Rates U.S.
      335,383   
Interest Rates
Non-U.S.
      973,618   
Livestock
      328,742   
Metals
      154,495   
Softs
      1,333,569   
  
 
 
  
Total unrealized appreciation on open futures contracts
      6,264,672   
  
 
 
  
Liabilities
   
Futures Contracts
   
Currencies
      (331,744)   
Energy
      (462,524)   
Grains
      (262,894)   
Indices
      (1,200,240)   
Interest Rates U.S.
      (53,000)   
Interest Rates
Non-U.S.
      (867,400)   
Livestock
      (120,753)   
Metals
      (358,814)   
Softs
      (338,033)   
  
 
 
  
Total unrealized depreciation on open futures contracts
      (3,995,402)   
  
 
 
  
Net unrealized appreciation on open futures contracts
     $     2,269,270  * 
  
 
 
  
Assets
   
Forward Contracts
   
Currencies
     $ 3,566,168   
Metals
      681,918   
  
 
 
  
Total unrealized appreciation on open forward contracts
      4,248,086   
  
 
 
  
Liabilities
   
Forward Contracts
   
Currencies
      (1,986,002)   
Metals
      (589,657)   
  
 
 
  
Total unrealized depreciation on open forward contracts
      (2,575,659)   
  
 
 
  
Net unrealized appreciation on open forward contracts
     $ 1,672,427  ** 
  
 
 
  
 
*
This amount is in “Net unrealized appreciation on open futures contracts” in the Consolidated Statements of Financial Condition.
 
**
This amount is in “Net unrealized appreciation on open forward contracts” in the Consolidated Statements of Financial Condition.
 
16
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2025 and 2024, respectively.
 
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
Sector        
  
2025
    
2024
    
2025
    
2024
  
Currencies
    $ (286,721)      $ (3,289,057)      $ (3,938,663)      $ (1,255,863 )  
Energy
     608,351         (1,336,648)        (4,357,588)        (2,078,392 )  
Grains
     606,211         463,919         547,405         1,751,363    
Indices
     3,544,282         (3,235,977)        5,577,600         6,782,805    
Interest Rates U.S.
     (1,405,244)        (1,192,894)        (3,489,612)        (37,122 )  
Interest Rates
Non-U.S.
     (2,661,895)        (793,680)        (4,945,351)        (560,124 )  
Livestock
     1,527,710         (315,633)        2,785,396         (1,538,018 )  
Metals
     3,436,394         (943,173)        4,111,775         (1,676,099 )  
Softs
     250,342         699,896         (83,442)        7,303,628    
 
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $  5,619,430    ***     $  (9,943,247)   ***     $  (3,792,480)   ***     $  8,692,178    *** 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
***
This amount is in “Total trading results” in the Consolidated Statements of Income and Expenses.
 
6.
Fair Value Measurements:
Partnership’s and the Trading Company’s Fair Value Measurements.
Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The fair value of exchange-traded futures, forward and option contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of
non-exchange-traded
foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period.
The Partnership and the Trading Company consider prices for commodity futures, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills,
non-exchange-traded
forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2025 and December 31, 2024 and for the periods ended September 30, 2025 and 2024, the Partnership and the Trading Company did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).
 
17
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
September 30, 2025
   
Total
   
Level 1
   
Level 2
   
Level 3
Assets
            
Futures
     $ 5,932,968       $ 5,932,968       $ -        $ -   
Forwards
      2,826,933        -         2,826,933        -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total assets
     $   8,759,901       $   5,932,968       $ 2,826,933       $ -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
            
Futures
     $ 1,722,898       $ 1,722,898       $ -        $ -   
Forwards
      1,863,007        -         1,863,007        -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total liabilities
     $ 3,585,905       $ 1,722,898       $   1,863,007       $      -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
December 31, 2024
   
Total
   
Level 1
   
Level 2
   
Level 3
Assets
            
Futures
     $ 6,264,672       $ 6,264,672       $ -        $ -   
Forwards
      4,248,086        -         4,248,086        -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total assets
     $ 10,512,758       $ 6,264,672       $ 4,248,086       $ -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
            
Futures
     $ 3,995,402       $ 3,995,402       $ -        $ -   
Forwards
      2,575,659        -         2,575,659        -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total liabilities
     $ 6,571,061       $ 3,995,402       $ 2,575,659       $ -   
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
7.
Investment in the Trading Company:
On January 1, 2021, the assets allocated to WCM for trading were invested in CMF Winton, a limited partnership organized under the partnership laws of the State of New York. CMF Winton permits accounts managed by WCM using the Winton Futures Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of CMF Winton. Individual and pooled accounts currently managed by WCM, including the Partnership, are permitted to be limited partners of CMF Winton. The General Partner and WCM believe that trading through this structure promotes efficiency and economy in the trading process. The General Partner and WCM have agreed that WCM will trade the Partnership’s assets allocated to WCM at a level that is up to 1.5 times the amount of assets allocated, provided that the General Partner may instruct WCM to change such level in accordance with the investment management agreement from time to time.
The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2025.
The Partnership’s/Trading Company’s trading of futures, forward, swap, and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Partnership/Trading Company engage in such trading through commodity brokerage accounts maintained with MS&Co. and JPM, as applicable.
Generally, a limited partner in the Trading Company may withdraw all or part of its capital contribution and undistributed profits, if any, from the Trading Company as of the end of any month (the “Redemption Date”) after a request has been made to the Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Trading Company. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the Trading Manager at least three days in advance of the proposed withdrawal date.
 
18
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
Management fees, Administrative and General Partner fees, ongoing placement agent fees and incentive fees are charged at the Partnership level. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Trading Company and allocated to the Trading Company’s limited partners, including the Partnership. Professional fees are borne by the Trading Company and allocated to the Partnership, and also charged directly at the Partnership level.
As of September 30, 2025 and December 31, 2024, the Partnership owned 100% of CMF Winton. It is the Partnership’s intention to continue to invest in the Trading Company. The performance of the Partnership is directly affected by the performance of the Trading Company. The Partnership consolidates its wholly owned investment in the Trading Company. Expenses to investors as a result of investment in the Trading Company are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.
Summarized information reflecting the total assets, liabilities and partners’ capital of the Trading Company is shown in the following tables:
 
    
September 30, 2025
  
    
 Total Assets 
     
 Total Liabilities 
     
 Total Capital 
  
CMF Winton
     $  46,729,822       $  882,188       $  45,847,634  
    
December 31, 2024
  
    
Total Assets
     
Total Liabilities
     
Total Capital
  
CMF Winton
     $  52,656,503       $  218,198       $  52,438,305  
Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Trading Company is shown in the following tables:
 
    
For the three months ended September 30, 2025
  
    
 Net Investment 
Income (Loss)
     
 Total Trading 
Results
     
 Net Income (Loss) 
  
CMF Winton
     $  304,542        $  3,997,074        $  4,301,616   
    
For the nine months ended September 30, 2025
  
    
Net Investment
Income (Loss)
     
Total Trading
Results
     
Net Income (Loss)
  
CMF Winton
     $  997,760        $  (1,443,189)        $  (445,429)   
    
For the three months ended September 30, 2024
  
    
Net Investment
Income (Loss)
     
Total Trading
Results
     
Net Income (Loss)
  
CMF Winton
     $  510,834        $  (4,362,338)        $  (3,851,504)   
    
For the nine months ended September 30, 2024
  
    
Net Investment
Income (Loss)
     
Total Trading
Results
     
Net Income (Loss)
  
CMF Winton
     $  1,687,308        $  3,062,770        $  4,750,078   
 
19
Ceres Classic L.P.
Notes to Consolidated Financial Statements
(Unaudited)
 
Summarized information reflecting the Partnership’s investment in and the Partnership’s
pro-rata
share of the results of operations of the Trading Company is shown in the following tables:
 
    
September 30, 2025
  
For the three months ended September 30, 2025
         
    
% of

Partners’
Capital
          
Expenses
  
Net

Income

(Loss)
         
Funds
  
Fair

Value
  
Income

(Loss)
  
Clearing

Fees
  
Professional
Fees
  
Investment

Objective
   
Redemptions
Permitted
CMF Winton
         35.11 %     $  45,947,574       $  4,363,843       $  43,168       $   19,059       $  4,301,616      Commodity Portfolio    Monthly
    
September 30, 2025
  
For the nine months ended September 30, 2025
         
    
% of

Partners’
Capital
          
Expenses
  
Net

Income

(Loss)
         
Funds
  
Fair

Value
  
Income

(Loss)
  
Clearing

Fees
  
Professional
Fees
  
Investment

Objective
   
Redemptions
Permitted
CMF Winton
         35.11 %     $  45,947,574      $   (272,059)      $  116,193      $   57,177      $  (445,429)     Commodity Portfolio    Monthly
    
December 31, 2024
  
For the three months ended September 30, 2024
         
    
% of

Partners’
Capital
          
Expenses
  
Net

Income

(Loss)
         
Funds
  
Fair

Value
  
Income

(Loss)
  
Clearing

Fees
  
Professional
Fees
  
Investment

Objective
   
Redemptions
Permitted
CMF Winton
         36.10 %     $  52,570,193      $  (3,757,935)      $  74,944      $   18,625      $  (3,851,504)     Commodity Portfolio    Monthly
    
December 31, 2024
  
For the nine months ended September 30, 2024
         
    
% of

Partners’
Capital
          
Expenses
  
Net

Income

(Loss)
         
Funds
  
Fair

Value
  
Income

(Loss)
  
Clearing

Fees
  
Professional
Fees
  
Investment

Objective
   
Redemptions
Permitted
CMF Winton
         36.10 %     $  52,570,193      $   4,965,356      $  159,402      $   55,876      $   4,750,078     Commodity Portfolio    Monthly
 
8.
Subsequent Events:
The General Partner evaluates events that occur after the balance sheet date but before and up until consolidated financial statements are issued. The General Partner has assessed the subsequent events through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the consolidated financial statements.
 
 
20

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

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. Its assets are its (i) equity in trading account, consisting of restricted and unrestricted cash, net unrealized appreciation on open futures contracts and net unrealized appreciation on open forward contracts, as applicable, and (ii) interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership, through its direct investments. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the third quarter of 2025.

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

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

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

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

For the nine months ended September 30, 2025, the Partnership’s capital decreased 10.1% from $145,640,538 to $130,864,104. This decrease was attributable to redemptions of 388,042.714 Class A limited partner Units totaling $11,116,680 and a net loss of $3,659,754. Future redemptions could impact the amount of funds available for investments in commodity contract positions in subsequent periods.

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

Off-Balance Sheet Arrangements and Contractual Obligations

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

Critical Accounting Policies

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

 

21

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

Results of Operations

During the Partnership’s third quarter of 2025, the net asset value per Unit for Class A increased 4.5% from $27.72 to $28.97 as compared to a decrease of 6.0% during the third quarter of 2024. During the Partnership’s third quarter of 2025, the net asset value per Unit for Class Z increased 4.6% from $12.12 to $12.68 as compared to a decrease of 5.8% during the third quarter of 2024. The Partnership experienced a net trading gain before fees and expenses in the third quarter of 2025 of $5,619,430. Gains were primarily attributable to the Partnership’s trading of Futures Interests in energy, grains, indices, livestock, metals and softs and were partially offset by losses in currencies, U.S. and non-U.S. interest rates. The Partnership experienced a net trading loss before fees and expenses in the third quarter of 2024 of $9,943,247. Losses were primarily attributable to the Partnership’s trading of Futures Interests in currencies, energy, indices, U.S. interest rates, livestock and metals and were partially offset by gains in grains, non-U.S. interest rates and softs.

During the third quarter, the Partnership’s most notable gains were achieved in the global stock index sector throughout the quarter from long positions in U.S., Asian, and European equity index futures, as prices moved higher, driven by demand for artificial intelligence stocks and expectations of central bank interest rate cuts. In the metals sector, gains were recorded during August and September from long positions in gold, silver, and platinum futures as prices rallied on increased investor demand for precious metals. The agricultural sector saw gains during July and August from long positions in livestock futures, as prices continued to advance amid a depletion of U.S. cattle supply. Further gains in the sector came during July and September from short futures positions in soybeans, soybean meal, and wheat. In the energy sector, gains were achieved during July from long futures positions in crude oil and its refined products, as prices rallied on a potential energy purchase agreement between the European Union and the U.S., and following the U.S. announcement of sanctions on Russian oil exports. Additional profits in the energy sector during July were achieved from short positions in natural gas futures, as prices trended lower. A portion of the Partnership’s gains for the third quarter was offset by losses incurred within the global fixed income sector, stemming from long positions in European government debt futures as prices declined throughout much of the quarter. Further losses in this sector were experienced during August and September from short positions in U.S. Treasury note futures, driven by expectations the Federal Reserve would cut interest rates at a faster-than-anticipated pace. Currency sector losses were recorded during July from long positions in the British pound, which pulled back against the U.S. dollar amid speculation of softer economic momentum in the U.K.

During the Partnership’s nine months ended September 30, 2025, the net asset value per Unit for Class A decreased 2.4% from $29.69 to $28.97 as compared to an increase of 5.8% during the nine months ended September 30, 2024. During the Partnership’s nine months ended September 30, 2025, the net asset value per Unit for Class Z decreased 1.9% from $12.93 to $12.68 as compared to an increase of 6.4% during the nine months ended September 30, 2024. The Partnership experienced a net trading loss before fees and expenses in the nine months ended September 30, 2025 of $3,792,480. Losses were primarily attributable to the Partnership’s trading of Futures Interests in currencies, energy, U.S. and non-U.S. interest rates and softs and were partially offset by gains in grains, indices, livestock and metals. The Partnership experienced a net trading gain before fees and expenses in the nine months ended September 30, 2024 of $8,692,178. Gains were primarily attributable to the Partnership’s trading of Futures Interests in grains, indices and softs and were partially offset by losses in currencies, energy, U.S. and non-U.S. interest rates, livestock and metals.

During the first nine months of the year, the Partnership’s largest trading losses were incurred from positions in U.S. and European fixed income futures, as inconsistent signals from central banks regarding interest rate policies led to volatile global debt prices throughout the first three quarters. Losses were also recorded in the energy sector during April, May, and June from long positions in crude oil futures, as prices fell amid concerns about the global economy and OPEC’s announcement of production increases. In the currency sector, losses were recorded during April and May from short positions in the Australian dollar, Canadian dollar, and Swiss franc versus the U.S. dollar as the relative value of the U.S. currency weakened amid speculation that widespread tariff implementation by the Trump Administration would negatively impact the U.S. economy. Additional losses in the currency sector occurred during July from long positions in British pound, which declined against the U.S. dollar amid speculation of softer economic momentum in the U.K. A portion of the Partnership’s trading losses was offset by gains in the global stock index sector during January from long positions in European equity index futures, as prices were buoyed by expectations of aggressive interest rate cuts by the European Central Bank. Additional gains were achieved during May, June, July and September from long positions in U.S. and Asian equity index futures.

 

22

In the metals sector, gains were recorded during August and September from long positions in gold, silver, and platinum futures, as prices rallied on increased investor demand for precious metals. Further gains in the metals sector were achieved during January and March, primarily from long positions in gold futures, as prices rose on a weakening U.S. dollar and concerns about the strength of the global economy. The agricultural sector experienced gains throughout much of the first three quarters of the year from long positions in live cattle futures, as prices trended higher amid tight U.S. cattle supplies.

Commodity markets are highly volatile. Broad price fluctuations and rapid inflation increase not only the risk involved in commodity trading, but also the possibility of profit. The profitability of the Partnership depends on the existence of major price trends and the ability of the Trading Advisor to correctly identify those price trends. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Trading Advisor is able to identify them, the Partnership expects to increase capital through operations.

The Partnership receives monthly interest on 100% of the average daily equity maintained in cash in the Partnership’s account during each month at a rate equal to 100% of the monthly average of the 4-week U.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership’s cash account in excess of the amounts described above, if any, will be retained by MS&Co. and/or shared with the General Partner. All interest earned on U.S. Treasury bills and money market fund securities will be retained by the Partnership, as applicable. Interest income for the three and nine months ended September 30, 2025 decreased by $568,188 and $1,682,505, respectively, as compared to the corresponding periods in 2024. The decrease in interest income was primarily due to lower interest rates and lower average daily equity during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends on (1) the average daily equity maintained in cash in the Partnership’s accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and (3) interest rates over which none of the Partnership or MS&Co. has control.

Certain clearing fees are based on the number of trades executed by the Trading Advisors for the Partnership. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees for the three and nine months ended September 30, 2025 decreased by $15,774 and $36,618, respectively, as compared to the corresponding periods in 2024. The decrease in clearing fees was primarily due to a decrease in the number of trades made by the Partnership during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Ongoing placement agent fees are calculated as a percentage of the Partnership’s Class A adjusted net assets on the first day of each month and are affected by trading performance, subscriptions, and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Ongoing placement agent fees for the three and nine months ended September 30, 2025 decreased by $50,142 and $124,038, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in Class A adjusted net assets during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

Administrative and General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership. The Administrative and General Partner’s fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the beginning of each month and are affected by trading performance and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Administrative and General Partner’s fees for the three and nine months ended September 30, 2025 decreased by $50,557 and $125,405, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024. Effective January 1, 2021, the Partnership directly pays the brokerage fees and other transaction-related fees and expenses, as incurred and also pays its ongoing administrative, operating, offering and organizational expenses (including, but not limited to, periodic legal, accounting, administrative, filing, reporting and data processing fees) and its pro rata share of such expenses of any trading company to which the Partnership has allocated assets.

Management fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the beginning of each month and are affected by trading performance and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Management fees for the three and nine months ended September 30, 2025 decreased by $99,191 and $247,070, respectively, as compared to the corresponding periods in 2024. The decrease was primarily due to a decrease in average net assets during the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024.

 

23

Incentive fees are based on the new trading profits generated by the Trading Advisors at the end of the year as defined in the management agreement among the Partnership, the General Partner and the relevant Trading Advisor. Trading performance for the three and nine months ended September 30, 2025 resulted in incentive fees of $0 and $0, respectively. Trading performance for the three and nine months ended September 30, 2024 resulted in incentive fees of $0 and $1,081,370, respectively. To the extent that a Trading Advisor incurs a loss for the Partnership, the Trading Advisor will not be paid incentive fees until such Trading Advisor recovers any net loss incurred and earns additional new trading profits for the Partnership.

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

As of September 30, 2025 and June 30, 2025, the Partnership’s Net Assets were allocated among the Trading Advisors in the following approximate percentages:

 

Advisor

   September 30, 2025   September 30, 2025
(percentage of
 Partners’ Capital) 		     June 30, 2025   June 30, 2025
(percentage of
 Partners’ Capital) 		  

 Campbell

    $    38,808,434       30%      $    40,139,559       31%  

 EMC

     9,663,129       7%       9,109,237       7%  

 Graham

     22,896,571       18%       23,395,633       18%  

 WCM

     45,983,450       35%       41,703,099       32%  

 Unallocated

     13,512,520       10%       14,583,896       12%  

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

The Partnership and the Trading Company are commodity pools engaged primarily in the speculative trading of Futures Interests. The market-sensitive instruments held by the Partnership are acquired for speculative trading purposes only and, as a result, all or substantially all of the Partnership’s assets are at risk of trading loss. Unlike an operating company, the risk of market-sensitive instruments is inherent to the primary business activity of the Partnership.

The Futures Interests on such contracts traded by the Partnership involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of held interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward and exchange-traded futures-styled option contracts are settled daily through variation margin. Gains and losses on non-exchange-traded forward currency contracts and forward currency option contracts are settled upon termination of the contract. Gains and losses on non-exchange-traded forward currency option contracts are settled on an agreed-upon settlement date.

The Partnership’s total market risk may increase or decrease as it is influenced by a wide variety of factors, including, but not limited to, the diversification among the Partnership’s open positions, the volatility present within the markets, and the liquidity of the markets.

The face value of the market sector instruments held by the Partnership is typically many times the applicable margin requirements. Margin requirements generally range between 2% and 15% of contract face value. Additionally, the use of leverage causes the face value of the market sector instruments held by the Partnership typically to be many times the total capitalization of the Partnership.

 

24

The Partnership’s past performance is no guarantee of its future results. Any attempt to numerically quantify the Partnership’s market risk is limited by the uncertainty of its speculative trading. The Partnership’s speculative trading and use of leverage may cause future losses and volatility (i.e., “risk of ruin”) that far exceed the Partnership’s experience to date as discussed under the “Partnership’s Value at Risk in Different Market Sectors” section and significantly exceed the Value at Risk tables disclosed.

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

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

The following quantitative disclosures regarding the Partnership’s/Trading Company’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

The Partnership/Trading Company accounts for open positions on the basis of fair value accounting principles. Any loss in the market value of the Partnership’s open positions is directly reflected in the Partnership’s/Trading Company’s earnings and cash flow.

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

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

Exchange margin requirements have been used by the Partnership/Trading Company 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 (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market sensitive instruments. The first trading Value at Risk table reflects the market sensitive instruments held by the Partnership directly and through its investments in the Trading Company. The remaining trading Value at Risk tables reflect the market sensitive instruments held by the Partnership directly (i.e. in the managed accounts in the Partnership’s name traded by certain Trading Advisors) and indirectly by the Trading Company separately. There have been no material changes in the trading Value at Risk, non-trading risk and risk management information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.

 

25

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of September 30, 2025. As of September 30, 2025, the Partnership’s total capitalization was $130,864,104.

 

September 30, 2025  

Market Sector

   

 Value at Risk 

     

% of Total
 Capitalization 

  

Currencies

     $ 8,611,010         6.58  % 

Energy

      1,602,665         1.22   

Grains

      1,391,764         1.07   

Indices

      5,017,188         3.83   

Interest Rates U.S.

      1,399,411         1.07   

Interest Rates Non-U.S.

      2,425,678         1.85   

Livestock

      583,220         0.45   

Metals

      3,255,772         2.49   

Softs

      1,218,011         0.93   
  

 

 

     

 

 

  

Total

     $  25,504,719            19.49  % 
  

 

 

     

 

 

  

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of December 31, 2024. As of December 31, 2024, the Partnership’s total capitalization was $145,640,538.

 

December 31, 2024  

Market Sector

   

 Value at Risk 

     

% of Total
 Capitalization 

  

Currencies

     $ 8,687,856         5.97  % 

Energy

      1,679,336         1.15   

Grains

      1,004,445         0.69   

Indices

      5,160,318         3.54   

Interest Rates U.S.

      1,427,820         0.98   

Interest Rates Non-U.S.

      2,335,063         1.60   

Livestock

      708,359         0.49   

Metals

      3,181,670         2.18   

Softs

      1,273,860         0.88   
  

 

 

     

 

 

  

Total

     $   25,458,727            17.48  % 
  

 

 

     

 

 

  

 

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The following tables indicate the trading Value at Risk associated with the Partnership’s/Trading Company’s open positions by market category as of September 30, 2025 and December 31, 2024, and the highest, lowest and average values during the three months ended September 30, 2025 and for the twelve months ended December 31, 2024. All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below.

As of September 30, 2025, the Partnership’s total capitalization was $130,864,104.

 

September 30, 2025

 

                Three Months Ended September 30, 2025

Market Sector

     Value at Risk     % of Total
 Capitalization 		     High
 Value at Risk 		    Low
 Value at Risk 		    Average
 Value at Risk* 

Currencies

     $ 7,421,366        5.67  %     $ 9,872,128       $ 6,813,552       $ 7,981,744  

Energy

      1,013,545        0.77        1,359,738        713,578        976,355  

Grains

      1,062,780        0.81        1,095,244        600,328        827,720  

Indices

      3,762,685        2.88        5,195,276        3,423,032        4,318,985  

Interest Rates U.S.

      1,020,487        0.78        1,473,205        421,725        1,002,777  

Interest Rates Non-U.S.

      2,108,680        1.61        2,604,091        1,687,549        2,096,131  

Livestock

      206,250        0.16        314,216        199,122        262,089  

Metals

      1,491,329        1.14        1,863,349        940,926        1,346,964  

Softs

      637,960        0.49        705,186        493,112        583,064  
  

 

 

 

   

 

 

          

Total

     $  18,725,082        14.31  %         
  

 

 

 

   

 

 

          

*Average of daily Values at Risk.

As of December 31, 2024, the Partnership’s total capitalization was $145,640,538.

 

December 31, 2024

 

                Twelve Months Ended December 31, 2024

Market Sector

     Value at Risk     % of Total
 Capitalization 		     High
 Value at Risk 		    Low
 Value at Risk 		    Average
 Value at Risk* 

Currencies

     $ 6,652,350        4.57  %     $ 9,996,999       $ 6,102,381       $ 7,909,249  

Energy

      1,330,599        0.91        2,153,964        617,343        1,331,481  

Grains

      546,359        0.38        1,348,185        541,766        926,079  

Indices

      4,081,285        2.80        6,101,737        2,093,362        4,773,863  

Interest Rates U.S.

      733,252        0.50        1,905,998        409,260        1,104,728  

Interest Rates Non-U.S.

      1,874,641        1.29        3,627,783        1,227,513        2,116,847  

Livestock

      241,574        0.17        354,448        36,778        173,714  

Metals

      1,761,295        1.21        1,931,359        587,705        1,305,043  

Softs

      808,305        0.55        1,068,763        510,019        814,107  
  

 

 

 

   

 

 

          

Total

     $   18,029,660        12.38  %         
  

 

 

 

   

 

 

          

*Annual average of daily Values at Risk.

 

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As of September 30, 2025, the Trading Company’s total capitalization was $45,847,634 and the Partnership owned 100% of the Trading Company. The Partnership invests a portion of its assets in the Trading Company. The Trading Company’s Value at Risk as of September 30, 2025 was as follows:

 

September 30, 2025

 

                Three Months Ended September 30, 2025

Market Sector

     Value at Risk     % of Total
 Capitalization 		     High
 Value at Risk 		    Low
 Value at Risk 		    Average
 Value at Risk* 

Currencies

     $ 1,189,644        2.59  %     $ 1,276,658       $ 921,695       $ 1,149,213  

Energy

      589,120        1.28        709,928        458,239        549,473  

Grains

      328,984        0.72        356,066        257,863        306,589  

Indices

      1,254,503        2.74        1,306,691        954,714        1,136,626  

Interest Rates U.S.

      378,924        0.83        482,806        52,572        214,315  

Interest Rates Non-U.S.

      316,998        0.69        513,330        316,998        399,868  

Livestock

      376,970        0.82        404,910        313,830        353,477  

Metals

      1,764,443        3.85        1,764,443        1,416,731        1,586,043  

Softs

      580,051        1.27        580,051        358,494        453,419  
  

 

 

 

   

 

 

          

Total

     $  6,779,637        14.79  %         
  

 

 

 

   

 

 

          

*Average of daily Values at Risk.

As of December 31, 2024, the Trading Company’s total capitalization was $52,438,305 and the Partnership owned 100% of the Trading Company. The Partnership invests a portion of its assets in the Trading Company. The Trading Company’s Value at Risk as of December 31, 2024 was as follows:

 

December 31, 2024

 

                Twelve Months Ended December 31, 2024

Market Sector

     Value at Risk     % of Total
 Capitalization 		     High
 Value at Risk 		    Low
 Value at Risk 		    Average
 Value at Risk* 

Currencies

     $ 2,035,506        3.88  %     $ 2,035,506       $ 848,533       $ 1,509,319  

Energy

      348,737        0.67        1,091,174        250,868        684,844  

Grains

      458,086        0.87        762,494        246,591        500,205  

Indices

      1,079,033        2.06        2,399,147        789,261        1,477,895  

Interest Rates U.S.

      694,568        1.32        991,018        23,950        466,595  

Interest Rates Non-U.S.

      460,422        0.88        1,170,906        191,699        655,404  

Livestock

      466,785        0.89        466,785        83,078        229,688  

Metals

      1,420,375        2.71        1,679,995        653,076        1,274,642  

Softs

      465,555        0.89        920,916        310,983        589,139  
  

 

 

 

   

 

 

          

Total

     $   7,429,067        14.17  %         
  

 

 

 

   

 

 

          

*Annual average of daily Values at Risk.

 

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Item 4. Controls and Procedures.

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

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

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2025 and, based on that evaluation, the General Partner’s President and CFO have concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

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

 

  •  

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

 

  •  

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

 

  •  

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

There were no changes in the Partnership’s internal control over financial reporting during the fiscal quarter ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

 

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

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

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

The Company is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the SEC as required by the Securities Exchange Act of 1934, as amended (the “Exchange Act”) which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including the Company. As a consolidated subsidiary of Morgan Stanley, the Company does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, we refer you to the “Legal Proceedings” section of Morgan Stanley’s SEC 10-K filings for 2024, 2023, 2022, 2021, and 2020. In addition, the Company annually prepares an Audited, Consolidated Statement of Financial Condition (“Audited Financial Statement”) that is publicly available on Morgan Stanley’s website at www.morganstanley.com. We refer you to the Commitments, Guarantees and Contingencies – Legal section of the Company’s 2024 Audited Financial Statement.

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

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

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

 

30

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

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

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

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

Civil Litigation

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

 

31

court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement.

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

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

On August 13, 2021, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”) a purported class action complaint alleging violations of federal securities laws against ViacomCBS (“Viacom”), certain of its officers and directors, and the underwriters, including the Company, of two March 2021 Viacom offerings: a $1,700 million Viacom Class B Common Stock offering and a $1,000 million offering of 5.75% Series A Mandatory Convertible Preferred Stock (collectively, the “Offerings”). The complaint seeks certification of the class of plaintiffs and unspecified compensatory damages and alleges, inter alia, that the Viacom offering documents for both issuances contained material misrepresentations and omissions because they did not disclose that certain of the underwriters, including the Company, had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos Capital Management LP (“Archegos”), a fund with significant exposure to Viacom securities across multiple prime brokers. The complaint also alleges that the offering documents did not adequately disclose the risks associated with Archegos’s concentrated Viacom positions at the various prime brokers, including that the unwind of those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the complaint was amended to add allegations that defendants failed to disclose that certain underwriters, including the Company, had intended to

 

32

unwind Archegos’s Viacom positions while simultaneously distributing the Offerings. On February 6, 2023, the court issued a decision denying motions to dismiss as to the Company and the other underwriters, but granting the motion to dismiss as to Viacom and the Viacom individual defendants. On February 15, 2023, the underwriters, including the Company, filed their notices of appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court’s decision as to the Company and other underwriter defendants that had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos, dismissed the remaining underwriters, and upheld the dismissal of Viacom and its officers and directors. On July 25, 2024, the Appellate Division denied the plaintiff’s and the Company’s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff’s motion for class certification, which the defendants appealed. In February of 2025, the parties reached an agreement in principle to settle the litigation. On April 3, 2025, the court granted preliminary approval of the settlement and, on August 5, 2025, granted final approval.

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Company and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Company for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Company’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Company or sold to the plaintiff by the Company was approximately $116 million. On August 11, 2016, the Appellate Division, affirmed the trial court’s order denying in part the Company’s motion to dismiss the complaint. On July 15, 2022, the Company filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Company’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On August 28, 2024, the court dismissed the case, and judgment was entered in the Company’s favor. The plaintiff has appealed.

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

 

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Item 1A.
Risk Factors
.
There have been no material changes to the risk factors set forth under Part I, Item 1A. “
Risk Factors
.” in the Partnership’s Annual Report on Form
10-K
for the fiscal year ended December 31, 2024 and under Part II, Item 1A. “
Risk Factors
.” in the Partnership’s Quarterly Reports on
Form 10-Q
for the quarters ended March 31, 2025 and June 30, 2025, other than as disclosed in Note 4, “Financial Instrument Risks,” of the financial statements.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
.
For the three months ended September 30, 2025, there were no subscriptions of Class A and Class Z Units. Units are issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Securities Act and Section 506 of Regulation D promulgated thereunder. Units are purchased by accredited investors as defined in Regulation D. In determining the applicability of the exemption, the General Partner relies on the fact that the Units are purchased by accredited investors in a private offering.
Proceeds of net offering are used for the trading of Futures Interests.
The following chart sets forth the purchases of Units by the Partnership.
 
Period
  
Class A (a) Total
Number of
Units Purchased*
    
Class A (b)
Average
Price Paid per
Unit**
    
(c) Total Number of Units
Purchased as Part of
Publicly
Announced
Plans or Programs
    
(d) Maximum Number
(or Approximate Dollar
Value) of Units that May
Yet Be Purchased Under
the Plans or Programs
  
July 1, 2025 - July 31, 2025
     58,110.490     $ 27.67       N/A       N/A  
August 1, 2025 - August 31, 2025
     48,941.151     $ 27.89       N/A       N/A  
September 1, 2025 - September 30, 2025
     25,449.601     $ 28.97       N/A       N/A  
      132,501.242     $ 28.00                  
*  Generally, limited partners are permitted to redeem their Units as of the end of each month on three business days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although to date the General Partner has not exercised this right. Purchases of Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for limited partners.
** Redemptions of Units are effected as of the last day of each month at the net asset value per Unit as of that day.
Item 3.
Defaults Upon Senior Securities
.
None.
Item 4.
Mine Safety Disclosures
.
Not applicable.
Item 5.
Other Information
.
The Partnership has no directors or executive officers and its affairs are managed by its General Partner. The General Partner is managed by a board of directors. During the fiscal quarter ended September 30, 2025, no officers or directors of the General Partner adopted, modified or terminated a “Rule
10b5-1
trading arrangement” (as defined in Item 408 of Regulation
S-K
of the Exchange Act).
There were no
“non-Rule
10b5-1
trading arrangements” (as defined in Item 408 of Regulation
S-K
of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended September 30, 2025 by the directors and officers of the General Partner.
 
3
4

Item 6. Exhibits.

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

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

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

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

101.INS Inline XBRL Instance Document.

101.SCH Inline XBRL Taxonomy Extension Schema Document.

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF Inline XBRL Taxonomy Extension Definition Document.

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

 

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SIGNATURES

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

 

CERES CLASSIC L.P.

 

  

By:

  

Ceres Managed Futures LLC

   

(General Partner)

 

By:

  

/s/ Patrick T. Egan

   

Patrick T. Egan

   

President and Director

 

Date: November 10, 2025

 

By:

  

/s/ Brooke Lambert

   

Brooke Lambert

   

Chief Financial Officer

   

(Principal Accounting Officer)

Date: November 10, 2025

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

 

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