10-Q

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

June 30

, 2026

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

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission File Number

000-52602

CERES TACTICAL COMMODITY L.P.

(Exact name of registrant as specified in its charter)


New York		20-2718952
(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

No _

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

No _

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

non-accelerated

filer, a smaller reporting company or an emerging growth company. See 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

As of July 31, 2026, 30,525.2107 Limited Partnership Class A Redeemable Units were outstanding, 0.0000 Limited Partnership Class D Redeemable Units were outstanding and 608.2100 Limited Partnership Class Z Redeemable Units were outstanding.

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Ceres Tactical Commodity L.P.

Statements of Financial Condition


	June 30,		December 31,
	2026		2025
	(Unaudited)
Assets:
Investment in the Fund (1) , at fair value	$	7,197,004	$	11,847,983
Redemptions receivable from the Fund		3,130,316		702,858

Equity in related party trading account:
Unrestricted cash		73,962,218		79,042,378
Restricted cash		5,969,293		5,167,871
Foreign cash (cost $557,421 and $506,181 at June 30, 2026 and December 31, 2025, respectively)		593,956		552,502
Net unrealized appreciation on open futures contracts		-		506,700
Net unrealized appreciation on open forward contracts		-		550,362
Options purchased, at fair value (premiums paid $1,698,348 and $7,705,730 at June 30, 2026 and December 31, 2025, respectively)		1,682,357		6,674,073

Total equity in related party trading account		82,207,824		92,493,886
Interest receivable		255,204		290,608

Total assets	$	92,790,348	$	105,335,335

Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open futures contracts	$	98,168	$	-
Net unrealized depreciation on open forward contracts		433,912		-
Options written, at fair value (premiums received $1,622,562 and $4,026,188 at June 30, 2026 and December 31, 2025, respectively)		1,515,788		3,133,651
Accrued expenses:
Ongoing selling agent fees		55,203		62,242
Management fees		89,426		100,768
General Partner fees		56,525		63,720
Professional fees		246,779		187,798
Redemptions payable to General Partner		209,979		210,000
Redemptions payable to Limited Partners		8,243,052		2,020,957

Total liabilities		10,948,832		5,779,136

Partners’ Capital:
General Partner, Class Z, 407.1010 and 504.1130 Redeemable Units outstanding at June 30, 2026 and December 31, 2025, respectively		881,156		1,080,340
Limited Partners, Class A, 30,992.0817 and 37,963.8037 Redeemable Units outstanding at June 30, 2026 and December 31, 2025, respectively		79,643,916		96,958,704
Limited Partners, Class D, 0.0000 and 100.0580 Redeemable Units outstanding at June 30, 2026 and December 31, 2025, respectively		-		202,639
Limited Partners, Class Z, 608.2100 and 613.3870 Redeemable Units outstanding at June 30, 2026 and December 31, 2025, respectively		1,316,444		1,314,516

Total partners’ capital (net asset value)		81,841,516		99,556,199

Total liabilities and partners’ capital	$	92,790,348	$	105,335,335

Net asset value per Redeemable Unit:
Class A	$	2,569.82	$	2,553.98

Class D	$	-	$	2,025.22

Class Z	$	2,164.46	$	2,143.05

(1)	Defined in Note 1.

See accompanying notes to financial statements.

Ceres Tactical Commodity L.P.

Condensed Schedule of Investments

June 30, 2026

(Unaudited)


	Number of Contracts		Fair Value		% of Partners Capital
Futures Contracts Purchased
Energy		330	$	(350,891)		(0.43) %
Grains		555		(102,454)		(0.13)
Livestock		311		(134,810)		(0.16)
Metals		32		(156,984)		(0.19)
Softs		283		75,845		0.09

Total futures contracts purchased				(669,294)		(0.82)

Futures Contracts Sold
Energy		367		167,300		0.20
Grains		1,894		384,198		0.47
Livestock		121		91,482		0.11
Metals		4		30,830		0.04
Softs		274		(102,684)		(0.12)

Total futures contracts sold				571,126		0.70

Net unrealized depreciation on open futures contracts			$	(98,168)		(0.12) %

Unrealized Appreciation on Open Forward Contracts
Metals		256	$	2,355,575		2.88 %

Total unrealized appreciation on open forward contracts				2,355,575		2.88

Unrealized Depreciation on Open Forward Contracts
Metals		319		(2,789,487)		(3.41)

Total unrealized depreciation on open forward contracts				(2,789,487)		(3.41)

Net unrealized depreciation on open forward contracts			$	(433,912)		(0.53) %

Options Purchased
Calls
Grains		847	$	263,152		0.32 %
Livestock		137		83,090		0.10
Metals		20		11,081		0.01
Puts
Grains
SOYBEAN FUT OPTN P @ 1130 NOV 26		668		1,106,375		1.35
Other		176		213,687		0.26
Livestock		2		220		0.00 *
Metals		17		4,416		0.02
Softs		6		336		0.00 *

Total options purchased (premiums paid $1,698,348)			$	1,682,357		2.06 %

Options Written
Calls
Grains		835	$	(375,750)		(0.46) %
Livestock		6		(30)		(0.00) *
Metals		22		(13,808)		(0.02)
Softs		28		(202,024)		(0.25)
Puts
Energy		8		(32,960)		(0.04)
Grains		1,092		(671,424)		(0.81)
Metals		51		(219,792)		(0.27)

Total options written (premiums received $1,622,562)			$	(1,515,788)		(1.85) %

			Fair Value		% of Partners Capital
Investment in the Fund
CMF Drakewood Master Fund LLC			$	7,197,004		8.79 %

Total investment in the Fund			$	7,197,004		8.79 %

*	Due to rounding.

See accompanying notes to financial statements.

Ceres Tactical Commodity L.P.

Condensed Schedule of Investments

December 31, 2025


	Number of Contracts		Fair Value		% of Partners Capital
Futures Contracts Purchased
Energy		1,548	$	(581,600)		(0.58) %
Grains		603		(299,835)		(0.30)
Livestock		66		32,972		0.03
Metals		63		276,408		0.28
Softs		411		(105,638)		(0.11)

Total futures contracts purchased				(677,693)		(0.68)

Futures Contracts Sold
Energy		1,478		732,439		0.74
Grains		1,617		482,236		0.48
Livestock		92		(10,490)		(0.01)
Metals		57		(234,445)		(0.24)
Softs		284		214,653		0.22

Total futures contracts sold				1,184,393		1.19

Net unrealized appreciation on open futures contracts			$	506,700		0.51 %

Unrealized Appreciation on Open Forward Contracts
Metals
LME COPPER FUTURE_18 MAR26		29	$	1,014,356		1.02 %
Other		229		1,850,203		1.85

Total unrealized appreciation on open forward contracts				2,864,559		2.87

Unrealized Depreciation on Open Forward Contracts
Metals		226		(2,314,197)		(2.32)

Total unrealized depreciation on open forward contracts				(2,314,197)		(2.32)

Net unrealized appreciation on open forward contracts			$	550,362		0.55 %

Options Purchased
Calls
Grains		1,040	$	676,352		0.68 %
Livestock		6		9,360		0.01
Metals		77		434,011		0.44
Softs		93		5,831		0.01
Puts
Grains
SOYBEAN FUT OPTN P @ 1100 JUL 26		808		2,272,500		2.28
Other		278		194,046		0.19
Livestock
LIVE CATTLE OPTN P @ 224 APR 26		606		1,133,220		1.14
Other		1,088		1,856,220		1.86
Metals		44		21,883		0.02
Softs		20		70,650		0.07

Total options purchased (premiums paid $7,705,730)			$	6,674,073		6.70 %

Options Written
Calls
Grains		1,242	$	(409,699)		(0.41) %
Livestock		36		(77,013)		(0.08)
Metals		80		(445,871)		(0.45)
Softs		8		(56,025)		(0.06)
Puts
Energy		47		(179,580)		(0.18)
Grains		1,236		(713,534)		(0.72)
Livestock		1,616		(1,223,615)		(1.22)
Metals		45		(28,314)		(0.03)

Total options written (premiums received $4,026,188)			$	(3,133,651)		(3.15) %

			Fair Value		% of Partners Capital
Investment in the Fund
CMF Drakewood Master Fund LLC			$	11,847,983		11.90 %

Total investment in the Fund			$	11,847,983		11.90 %

See accompanying notes to financial statements.

Ceres Tactical Commodity L.P.

Statements of Changes in Partners’ Capital

For the Three and Six Months Ended June 30, 2026 and 2025

(Unaudited)


	Class A				Class D				Class Z				Total
	Amount		Redeemable Units		Amount		Redeemable Units		Amount		Redeemable Units		Amount		Redeemable Units
Partners’ Capital, December 31, 2024	$	120,743,082		45,958.9087	$	208,449		100.0580	$	2,243,716		1,025.4880	$	123,195,247		47,084.4547
Subscriptions - Limited Partners		625,000		232.4390		-		-		25,000		11.4260		650,000		243.8650
Redemptions - Limited Partners		(10,073,153)		(3,770.8880)		-		-		(39,626)		(17.8990)		(10,112,779)		(3,788.7870)
Net income (loss)		2,255,049		-		3,934		-		51,103		-		2,310,086		-

Partners’ Capital, June 30, 2025	$	113,549,978		42,420.4597	$	212,383		100.0580	$	2,280,193		1,019.0150	$	116,042,554		43,539.5327

Partners’ Capital, March 31, 2025	$	120,330,946		44,373.0017	$	215,162		100.0580	$	2,346,191		1,036.9140	$	122,892,299		45,509.9737
Subscriptions - Limited Partners		375,000		138.2840		-		-		-		-		375,000		138.2840
Redemptions - Limited Partners		(5,569,858)		(2,090.8260)		-		-		(39,626)		(17.8990)		(5,609,484)		(2,108.7250)
Net income (loss)		(1,586,110)		-		(2,779)		-		(26,372)		-		(1,615,261)		-

Partners’ Capital, June 30, 2025	$	113,549,978		42,420.4597	$	212,383		100.0580	$	2,280,193		1,019.0150	$	116,042,554		43,539.5327


	Class A				Class D				Class Z				Total
	Amount		Redeemable Units		Amount		Redeemable Units		Amount		Redeemable Units		Amount		Redeemable Units
Partners’ Capital, December 31, 2025	$	96,958,704		37,963.8037	$	202,639		100.0580	$	2,394,856		1,117.5000	$	99,556,199		39,181.3617
Subscriptions - Limited Partners		260,000		100.0150		-		-		150,000		68.5340		410,000		168.5490
Redemptions - General Partner		-		-		-		-		(209,979)		(97.0120)		(209,979)		(97.0120)
Redemptions - Limited Partners		(18,340,687)		(7,071.7370)		(207,889)		(100.0580)		(162,149)		(73.7110)		(18,710,725)		(7,245.5060)
Net income (loss)		765,899		-		5,250		-		24,872		-		796,021		-

Partners’ Capital, June 30, 2026	$	79,643,916		30,992.0817	$	-		-	$	2,197,600		1,015.3110	$	81,841,516		32,007.3927

Partners’ Capital, March 31, 2026	$	94,067,661		35,477.0737	$	-		-	$	2,428,807		1,089.6020	$	96,496,468		36,566.6757
Subscriptions - Limited Partners		180,000		68.6910		-		-		150,000		68.5340		330,000		137.2250
Redemptions - General Partner		-		-		-		-		(209,979)		(97.0120)		(209,979)		(97.0120)
Redemptions - Limited Partners		(11,750,925)		(4,553.6830)		-		-		(100,270)		(45.8130)		(11,851,195)		(4,599.4960)
Net income (loss)		(2,852,820)		-		-		-		(70,958)		-		(2,923,778)		-

Partners’ Capital, June 30, 2026	$	79,643,916		30,992.0817	$	-		-	$	2,197,600		1,015.3110	$	81,841,516		32,007.3927

See accompanying notes to financial statements.

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

1.	Organization:

Ceres Tactical Commodity L.P. (the “Partnership”) is a limited partnership organized on April 20, 2005 under the partnership laws of the State of New York to engage, directly and indirectly, in the speculative trading of commodity interests on United States (“U.S.”) and international futures, options on futures and forward markets. The Partnership may also engage, directly or indirectly, in swap transactions and other derivative transactions with the approval of the General Partner (as defined below). Initially, the Partnership’s investment strategy focused on energy and energy-related investments. While the Partnership is expected to continue to have significant exposure to energy and energy-related markets, such trading will no longer be the Partnership’s primary focus. Therefore, the Partnership’s past trading performance will not necessarily be indicative of future results. The sectors traded include energy, grains, livestock, metals and softs. The commodity interests that are traded by the Partnership, directly or indirectly through its investment in the Fund (as defined below), are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Fund) in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. During the initial offering period, the Partnership sold 11,925 redeemable units of limited partnership interest (“Redeemable Units”). The Partnership commenced trading on September 6, 2005. The Partnership privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

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

As of June 30, 2026, all trading decisions are made for the Partnership by Millburn Ridgefield Corporation (“Millburn”), Ospraie Management, LLC (“Ospraie”), Drakewood Capital Management Limited (“Drakewood”) and Opus Futures, LLC (“Opus”) (each, an “Advisor” and, collectively, the “Advisors”), each of which is, a registered commodity trading advisor, or has otherwise represented that it is exempt from registration as a commodity trading advisor. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through individually managed accounts, or indirectly through its investment in the Fund. The Advisors are not affiliated with one another, are not affiliated with the General Partner and Morgan Stanley & Co. LLC (“MS&Co.”) and are not responsible for the organization or operation of the Partnership.

As of June 13, 2018, the Partnership began offering three classes of limited partnership interests, Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to October 31, 2016 were deemed “Class A Redeemable Units.” Class Z Redeemable Units were first issued on January 1, 2017. The rights, liabilities, risks and fees associated with investment in the Class A Redeemable Units were not changed. Class D Redeemable Units were first issued on July 1, 2018. The rights, liabilities, risks and fees associated with investment in the Class A Redeemable Units and Class Z Redeemable Units were not changed. Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” Class A Redeemable Units are and Class D Redeemable Units were available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and

non-U.S.

investors. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units are identical, except that Class A Redeemable Units and Class D Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12 of 0.75% (a 0.75% annual rate) of the adjusted net assets of Class A Redeemable Units and Class D Redeemable Units, respectively, as of the end of each month, whereas Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee. Effective January 1, 2021, the Partnership ceased offering Class D Redeemable Units.

As of February 28, 2026, the Class D Redeemable Units were fully redeemed.

During the reporting periods ended June 30, 2026 and 2025, the Partnership’s/Fund’s commodity broker was MS&Co., a registered futures commission merchant.

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

The programs traded by each Advisor on behalf of the Partnership are: Millburn — Commodity Program, Ospraie — Commodity Program, Drakewood – Drakewood Prospect Fund Strategy, Opus – Opus Advanced Ag Program. The General Partner may modify or terminate the allocation of assets among the Advisors at any time and may allocate assets to additional Advisors at any time.

The Partnership and CMF Drakewood Master Fund LLC (“Drakewood Master”) have entered into futures brokerage account agreements with MS&Co. Drakewood Master is referred to as the “Fund.” The Partnership, directly and through its investment in the Fund, pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, the execution of transactions as well as exchange, user,

give-up,

floor brokerage and National Futures Association fees (collectively, the “clearing fees”).

The Partnership has entered into a selling agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 0.75% per year of the adjusted

month-end

net assets of Class A and Class D Redeemable Units. Morgan Stanley Wealth Management pays a portion of its ongoing selling agent fees to properly registered or exempted financial advisors who have sold Class A and Class D Redeemable Units.

The ongoing selling agent fees for the three and six months ended June 30, 2026 for Class A were $169,835 and $351,773, respectively. The ongoing selling agent fees for the three and six months ended June 30, 2025 for Class A were $219,610 and $448,717, respectively. The ongoing selling agent fees for the three and six months ended June 30, 2026 for Class D were $0 and $261, respectively. The ongoing selling agent fees for the three and six months ended June 30, 2025 for Class D were $397 and $796, respectively. Class Z Redeemable Units are not subject to an ongoing selling agent fee.

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

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

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at June 30, 2026 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2026 and 2025. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form

10-K

(the “Form

10-K”)

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

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

Use of Estimates.

The preparation of 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 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.

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

Statement of Cash Flows.

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

“Statement of Cash Flows.”

The Statements of Changes in Partners’ Capital are included herein, and as of and for the periods ended June 30, 2026 and 2025, the Partnership carried no debt and all of the Partnership’s and the Fund’s investments were carried at fair value and classified as Level 1 or Level 2 measurements.

Partnership’s Investment in the Fund.

The Partnership carries its investment in Drakewood Master based on the Partnership’s (1) net contribution to Drakewood Master and (2) its allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of Drakewood Master.

Partnership’s/Fund’s Derivative Investments.

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

first-in,

first-out

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

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

Partnership’s Cash

. 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. At June 30, 2026 and December 31, 2025, the amount of cash held for margin requirements was $5,969,293 and $5,167,871, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Partnership’s restricted and unrestricted cash includes cash denominated in foreign currencies of $593,956 (cost of $557,421) and $552,502 (cost of $506,181) as of June 30, 2026 and December 31, 2025, 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 Partnership’s 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 Statements of Income and Expenses in the period 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 2022 through 2025

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

Investment Company Status

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

Financial Services—Investment Companies (Topic 946)

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

Net Income (Loss) per Redeemable Unit.

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

“Financial Services – Investment Companies.”

See Note 3, “Financial Highlights.”

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

Segment Reporting

. The Partnership operates as a

single

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

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

10-K

for the year ended December 31, 2025.

3.	Financial Highlights:

Financial highlights for the limited partner Classes as a whole for the three and six months ended June 30, 2026 and 2025 were as follows.


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025									Six Months Ended June 30, 2026									Six Months Ended June 30, 2025
	Class A			Class Z			Class A			Class D			Class Z			Class A			Class D ****			Class Z			Class A			Class D			Class Z
Per Redeemable Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	(76.76)		$	(64.56)		$	(31.04)		$	(24.61)		$	(25.87)		$	26.92		$	55.82		$	22.45		$	58.07		$	46.04		$	48.39
Net investment income (loss)		(4.93)			(0.06)			(4.00)			(3.17)			0.84			(11.08)			(3.36)			(1.04)			(8.50)			(6.72)			1.30

Increase (decrease) for the period		(81.69)			(64.62)			(35.04)			(27.78)			(25.03)			15.84			52.46			21.41			49.57			39.32			49.69
Final Redemption		-			-			-			-			-			-			(2,077.68)			-			-			-			-
Net asset value per Redeemable Unit, beginning of period		2,651.51			2,229.08			2,711.81			2,150.38			2,262.67			2,553.98			2,025.22			2,143.05			2,627.20			2,083.28			2,187.95

Net asset value per Redeemable Unit, end of period	$	2,569.82		$	2,164.46		$	2,676.77		$	2,122.60		$	2,237.64		$	2,569.82		$	-		$	2,164.46		$	2,676.77		$	2,122.60		$	2,237.64


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025									Six Months Ended June 30, 2026									Six Months Ended June 30, 2025
	Class A			Class Z			Class A			Class D			Class Z			Class A			Class D ****			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital: **
Net investment income (loss) ***		(0.8)	%		(0.1)	%		(0.6)	%		(0.6)	%		0.2	%		(0.9)	%		(1.0)	%		(0.1)	%		(0.6)	%		(0.6)	%		0.1	%

Operating expenses		4.3	%		3.6	%		4.4	%		4.3	%		3.6	%		4.4	%		4.4	%		3.6	%		4.5	%		4.4	%		3.7	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%

Total expenses		4.3	%		3.6	%		4.4	%		4.3	%		3.6	%		4.4	%		4.4	%		3.6	%		4.5	%		4.4	%		3.7	%

Total return:
Total return before incentive fees		(3.1)	%		(2.9)	%		(1.3)	%		(1.3)	%		(1.1)	%		0.6	%		2.6	%		1.0	%		1.9	%		1.9	%		2.3	%
Incentive fees		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%		-	%

Total return after incentive fees		(3.1)	%		(2.9)	%		(1.3)	%		(1.3)	%		(1.1)	%		0.6	%		2.6	%		1.0	%		1.9	%		1.9	%		2.3	%

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

** Annualized (except for incentive fees).

*** Interest income less total expenses.

**** On February 28, 2026, Class D fully redeemed.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner Classes using the limited partners’ share of income, expenses and average partners’ capital of the respective Class and include the income and expenses allocated from the Fund. The ratios do not reflect the Partnership’s proportionate share of income and expenses of the Fund.

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

4.	Trading Activities:

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

pro-rata

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

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

210-20,

“Balance Sheet-Offsetting,”

have been met.

All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Fund are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were 3,442 and 5,874, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were 3,481 and 6,389. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were 862 and 901, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were 800 and 881, respectively. The monthly average number of option contracts purchased traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were 1,695 and 2,587, respectively. The monthly average number of option contracts purchased traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were 1,912 and 2,552, respectively. The monthly average number of option contracts written traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were 1,866 and 1,093, respectively. The monthly average number of option contracts written traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were 1,808 and 1,790, respectively.

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

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 Fund for indirect trading and are allocated to the Fund’s members, including the Partnership.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of June 30, 2026 and December 31, 2025, respectively.


	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition
June 30, 2026	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,222,049		$	(1,222,049	)	$	-		$	-	$	-	$	-
Forwards		2,355,575			(2,355,575	)		-			-		-	$	-

Total assets	$	3,577,624		$	(3,577,624	)	$	-		$	-	$	-	$	-

Liabilities
Futures	$	(1,320,217	)	$	1,222,049		$	(98,168	)	$	-	$	98,168	$	-
Forwards		(2,789,487	)		2,355,575			(433,912	)		-		433,912		-

Total liabilities	$	(4,109,704	)	$	3,577,624		$	(532,080	)	$	-	$	532,080	$	-

Net fair value														$	-	*

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)


	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2025	Gross Amounts Recognized								Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	2,253,532		$	(1,746,832	)	$	506,700	$	-	$	-	$	506,700
Forwards		2,864,559			(2,314,197	)		550,362		-		-		550,362

Total assets	$	5,118,091		$	(4,061,029	)	$	1,057,062	$	-	$	-	$	1,057,062

Liabilities
Futures	$	(1,746,832	)	$	1,746,832		$	-	$	-	$	-	$	-
Forwards		(2,314,197	)		2,314,197			-		-		-		-

Total liabilities	$	(4,061,029	)	$	4,061,029		$	-	$	-	$	-	$	-

Net fair value													$	1,057,062	*

In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s

non-exchange-traded

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

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2026 and 2025, respectively.


	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2026			2025			2026			2025
Currencies	$	1,656		$	36,899		$	(10,829)		$	69,047
Energy		(486,069)			(1,200,143)			899,838			(138,478)
Grains		615,850			135,132			696,208			594,266
Livestock		(1,340,432)			100,201			(2,605,848)			(450,486)
Metals		(506,451)			714,051			1,774,185			2,279,868
Softs		(424,354)			224,628			302,866			(318,414)

Total	$	(2,139,800)	*****	$	10,768	*****	$	1,056,420	*****	$	2,035,803	*****

*****

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

5.	Fair Value Measurements:

Partnership’s and the Fund’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, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of

non-exchange

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

non-exchange-traded

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

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

non-exchange-traded

futures, forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of June 30, 2026 and December 31, 2025 and for the periods ended June 30, 2026 and 2025, the Partnership and the Fund did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)


June 30, 2026	Total		Level 1		Level 2		Level 3
Assets
Futures	$	1,222,049	$	1,222,049	$	-	$	-
Forwards		2,355,575		-		2,355,575		-
Options purchased		1,682,357		1,682,357		-		-

Total assets	$	5,259,981	$	2,904,406	$	2,355,575	$	-

Liabilities
Futures	$	1,320,217	$	1,320,217	$	-	$	-
Forwards		2,789,487		-		2,789,487		-
Options written		1,515,788		1,515,788		-		-

Total liabilities	$	5,625,492	$	2,836,005	$	2,789,487	$	-


December 31, 2025	Total		Level 1		Level 2		Level 3
Assets
Futures	$	2,253,532	$	2,253,532	$	-	$	-
Forwards		2,864,559		-		2,864,559		-
Options purchased		6,674,073		6,674,073		-		-

Total assets	$	11,792,164	$	8,927,605	$	2,864,559	$	-

Liabilities
Futures	$	1,746,832	$	1,746,832	$	-	$	-
Forwards		2,314,197		-		2,314,197		-
Options written		3,133,651		3,133,651		-		-

Total liabilities	$	7,194,680	$	4,880,483	$	2,314,197	$	-

The Investment in the Fund measured using the net asset value practical expedient is not required to be included in the fair value hierarchy. Please refer to the Condensed Schedules of Investments as of June 30, 2026 and December 31, 2025, respectively.

6.	Investment in the Fund:

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

The General Partner is not aware of any material changes to the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended June 30, 2026.

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

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

Generally, a member in the Fund withdraws all or part of its capital contribution and undistributed profits, if any, from the Fund 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 member elects to redeem and informs the Fund. However, a member 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.

Management fees, General Partner fees, ongoing selling 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 Fund and allocated to the Fund’s members, including the Partnership.

At June 30, 2026, the Partnership owned approximately 24.9% of Drakewood

Master

. At December 31, 2025, the Partnership owned approximately 35.0% of Drakewood Master. It is the Partnership’s intention to continue to invest in Drakewood Master. The performance of the Partnership is directly affected by the performance of the Fund. Expenses to investors as a result of the investment in the Fund are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.

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


	June 30, 2026
	Total Assets		Total Liabilities		Total Capital
Drakewood Master	$	44,934,271	$	16,024,753	$	28,909,518

	December 31, 2025
	Total Assets		Total Liabilities		Total Capital
Drakewood Master	$	40,290,634	$	6,443,067	$	33,847,567

Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Fund is shown in the following tables:
	For the three months ended June 30, 2026
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Drakewood Master	$	211,121	$	(1,939,071	)	$	(1,727,950	)

	For the six months ended June 30, 2026
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Drakewood Master	$	466,210	$	213,557		$	679,767

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)


	For the three months ended June 30, 2025
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Drakewood Master	$	81,691	$	(3,778,222	)	$	(3,696,531	)

	For the six months ended June 30, 2025
	Net Investment Income (Loss)		Total Trading Results			Net Income (Loss)
Drakewood Master	$	249,335	$	1,507,729		$	1,757,064

Summarized information reflecting the Partnership’s investments

and the Partnership’s

pro-rata

share of the results of operations

the Fund is shown in the following tables:


	June 30, 2026					For the three months ended June 30, 2026

	% of Partners’ Capital								Expenses				Net Income (Loss)
Fund	% of Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Net Income (Loss)			Investment Objective	Redemptions Permitted
Drakewood Master		8.79	%	$	7,197,004	$	(511,010	)	$	28,484	$	5,943	$	(545,437	)	Commodity Portfolio	Monthly

				$	7,197,004	$	(511,010	)	$	28,484	$	5,943	$	(545,437	)


	June 30, 2026					For the six months ended June 30, 2026

	% of Partners’ Capital								Expenses				Net Income (Loss)
Fund	% of Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Net Income (Loss)			Investment Objective	Redemptions Permitted
Drakewood Master		8.79	%	$	7,197,004	$	349,963		$	48,970	$	12,247	$	288,746		Commodity Portfolio	Monthly

				$	7,197,004	$	349,963		$	48,970	$	12,247	$	288,746


	December 31, 2025					For the three months ended June 30, 2025

	% of Partners’ Capital								Expenses				Net Income (Loss)
Fund	% of Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Net Income (Loss)			Investment Objective	Redemptions Permitted
Drakewood Master		11.90	%	$	11,847,983	$	(1,363,224	)	$	49,458	$	7,246	$	(1,419,928	)	Commodity Portfolio	Monthly

				$	11,847,983	$	(1,363,224	)	$	49,458	$	7,246	$	(1,419,928	)


	December 31, 2025					For the six months ended June 30, 2025

	% of Partners’ Capital								Expenses				Net Income (Loss)
Fund	% of Partners’ Capital			Fair Value		Income (Loss)			Clearing Fees		Professional Fees		Net Income (Loss)			Investment Objective	Redemptions Permitted
Drakewood Master		11.90	%	$	11,847,983	$	870,785		$	104,502	$	14,837	$	751,446		Commodity Portfolio	Monthly

				$	11,847,983	$	870,785		$	104,502	$	14,837	$	751,446

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

7.	Financial Instrument Risks:

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

off-balance-sheet

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

over-the-counter

(“OTC”). Exchange-traded instruments include futures and certain standardized forward, swap and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s/Fund’s contracts are traded OTC, although contracts may be traded OTC in the future.

Futures Contracts.

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

London Metal Exchange Forward Contracts.

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

Options.

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

marked-to-market

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

marked-to-market

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

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

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

Futures Options

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

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

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

The General Partner/Trading Manager monitors and attempts to mitigate the Partnership’s/Fund’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/Fund may be subject. These monitoring systems generally allow the General Partner/Trading Manager to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

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

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

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

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

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

Changes in trade policies, including the imposition of tariffs or other trade restrictions, may adversely affect the trading strategies of certain of the Partnership’s advisors, and the Partnership. The current tariff environment remains uncertain and highly volatile, and it is difficult to predict the direction or scope of future tariff policies in the short term. The current U.S. administration has proposed and recently begun to implement global

broad-based

tariffs on imports from key trading partners to the U.S., including, but not limited to, Canada, China, the European Union and Mexico. While the current U.S. administration has agreed to pause the implementation of certain tariffs proposed under its existing policies, the continued implementation of certain other tariffs (and the threat that additional tariffs may be imposed in the future) can be expected to lead to increased costs, supply chain disruptions, and heightened market volatility. Retaliatory trade measures by governments have been proposed and, in certain instances, implemented, which can be expected to create further economic uncertainty.

8.	Subsequent Events:

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

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

Liquidity and Capital Resources

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

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

Other than the risks inherent in commodity futures, forwards, options and swaps trading, and U.S. Treasury bills and money market mutual fund securities, the General Partner/Trading Manager knows of no trends, demands, commitments, events or uncertainties which will result in or which are reasonably likely to result in the Partnership’s/Fund’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 realized and/or unrealized gains and losses on trading and by expenses, interest income, subscriptions and redemptions of Redeemable Units and distributions of profits, if any. The Partnership’s primary need for capital resources is for Futures Interests trading.

For the six months ended June 30, 2026, Partnership capital decreased 17.8% from $99,556,199 to $81,841,516. This decrease was attributable to redemptions of 7,071.7370 Class A limited partner Redeemable Units totaling $18,340,687, redemptions of 100.0580 Class D limited partner Redeemable Units totaling $207,889, redemptions of 73.7110 Class Z limited partner Redeemable Units totaling $162,149 and redemptions of 97.0120 Class Z general partner Redeemable Units totaling $209,979 which was partially offset by subscriptions of 100.0150 Class A limited partner Redeemable Units totaling $260,000 and subscriptions of 68.5340 Class Z limited partner Redeemable Units totaling $150,000 and net income of $796,021. Future redemptions can impact the amount of funds available for direct investments and investment in the Fund 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 and assumptions utilized in preparing the financial statements are reasonable. As a result, actual results could differ from those estimates. A summary of the Partnership’s significant accounting policies is described in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” of the Financial Statements.

The Partnership records all investments at fair value in their financial statements, with changes in fair value reported as a component of trading results or net realized gains (losses) on closed contracts and net change in unrealized gains (losses) on open contracts in the Statements of Income and Expenses.

Results of Operations

During the Partnership’s second quarter of 2026, the net asset value per Redeemable Unit for Class A decreased 3.1% from $2,651.51 to $2,569.82 as compared to a decrease of 1.3% in the second quarter of 2025. During the Partnership’s second quarter of 2026, the net asset value per Redeemable Unit for Class Z decreased 2.9% from $2,229.08 to $2,164.46 as compared to a decrease of 1.1% in the second quarter of 2025. The Partnership experienced a net trading loss before fees and expenses during the second quarter of 2026 of $2,752,569. Losses were primarily attributable to the Partnership’s/Fund’s trading of commodity futures in energy, livestock, metals and softs and were partially offset by gains in currencies and grains. The Partnership experienced a net trading loss before fees and expenses during the second quarter of 2025 of $1,440,305. Losses were primarily attributable to the Partnership’s/Fund’s trading of commodity futures in currencies, energy, grains and metals and were partially offset by gains in livestock and softs.

During the second quarter, the Partnership’s largest losses were incurred in the livestock sector during April and June from short positions in live cattle futures, as prices advanced amid tight beef production and tightening supplies in the U.S. and South America. In the metals sector, losses were recorded in June from long positions in aluminum, copper, and nickel futures, as prices moved lower amid uncertainty surrounding Chinese demand for industrial metals. In the energy sector, losses were recorded during May and June from long positions in crude oil futures. Smaller energy losses were incurred in June from positions in natural gas futures. In the soft commodities, losses were incurred in June from short positions in cocoa and coffee futures, as prices moved higher on signs of weak crop production in key global growing regions. Partially offsetting the Partnership’s second-quarter losses were gains in the grains sector during June from short positions in corn, soybean, and wheat futures, as prices declined on reports of favorable growing conditions.

During the Partnership’s six months ended June 30, 2026, the net asset value per Redeemable Unit for Class A increased 0.6% from $2,553.98 to $2,569.82 as compared to an increase of 1.9% during the six months ended June 30, 2025. During the Partnership’s six months ended June 30, 2026, the net asset value per Redeemable Unit for Class Z increased 1.0% from $2,143.05 to $2,164.46 as compared to an increase of 2.3% during the six months ended June 30, 2025. The Partnership experienced a net trading gain before fees and expenses for the six months ended June 30, 2026 of $1,193,641. Gains were primarily attributable to the Partnership’s/Fund’s trading of commodity futures in currencies, energy, grains, metals and softs and were partially offset by losses in livestock. The Partnership experienced a net trading gain before fees and expenses for the six months ended June 30, 2025 of $2,689,359. Gains were primarily attributable to the Partnership’s/Fund’s trading of commodity futures in grains and metals and were partially offset by losses in currencies, energy, livestock and softs.

During the first six months of the year, the Partnership’s most meaningful gains were recorded in the metals sector in January from long positions in gold and silver futures, as prices rallied to record highs amid continued investor demand for precious metals. Gains from short positions in gold and silver were also recorded in March, as a stronger U.S. dollar and rising yields pressured precious metals prices lower. In the energy sector, gains were generated in January from long futures positions in crude oil and its refined products, as supply concerns, geopolitical tensions, and strong demand drove prices higher. Additional gains were generated in the grain sector in June from short positions in corn, soybean, and wheat futures, as favorable growing conditions outweighed export demand for U.S. and South American grain products and pressured prices lower. In soft commodities, gains were recorded in January from short positions in cocoa futures, as favorable weather conditions in key West African growing regions led to lower prices. Further gains were recorded in February from short positions in coffee futures, as increasing global stockpiles weighed on prices. Partially offsetting the Partnership’s trading gains for the first six months of that year were losses incurred in the livestock sector during January from spread trades in live cattle and feeder cattle futures, amid volatile action driven by changing tariff conditions and an uncertain U.S. cattle supply outlook. Additional losses were recorded in April and June from short positions in live cattle futures, as prices advanced amid tight beef production and tightening supplies in the U.S. and South America.

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

Interest income on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Fund’s) brokerage account during each month is earned at a rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. For the avoidance of doubt, the Partnership/Fund will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership’s and/or the Fund’s 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 income earned on U.S. Treasury bills and money market mutual fund securities will be retained by the Partnership and/or the Fund, as applicable. Interest income earned for the three and six months ended June 30, 2026 decreased by $308,607 and $629,359, respectively, as compared to the corresponding periods in 2025. The decrease in interest income was primarily due to lower interest rates and lower average daily equity during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends on (1) the average daily equity maintained in cash in the Partnership’s and/or the applicable Fund’s accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Fund and (3) interest rates over which none of the Partnership, the Fund or MS&Co. has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Fund. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees related to direct investments for the three and six months ended June 30, 2026 decreased by $120,781 and $216,600, respectively, as compared to the corresponding periods in 2025. The decrease in these clearing fees was primarily due to a decrease in the number of direct trades made by the Partnership during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Ongoing selling agent fees are calculated as a percentage of the Partnership’s adjusted Net Assets of Class A Redeemable Units and Class D Redeemable Units as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Ongoing selling agent fees for the three and six months ended June 30, 2026 decreased by $50,172 and $97,479, respectively, as compared to the corresponding periods in 2025. The decrease was due to lower average adjusted net assets during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Management fees are calculated as a percentage of the Partnership’s adjusted Net Assets as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. Management fees for the three and six months ended June 30, 2026 decreased by $58,763 and $121,410, respectively, as compared to the corresponding periods in 2025. The decrease was due to lower average net assets during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

General Partner fees are paid to the General Partner for administering the business and affairs of the Partnership including, among other things, (i) selecting, appointing and terminating the Partnership’s commodity trading advisors, (ii) allocating and reallocating the Partnership’s assets among the commodity trading advisors and (iii) monitoring the activities of the commodity trading advisors. These fees are calculated as a percentage of the Partnership’s adjusted net assets as of the end of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values. General Partner fees for the three and six months ended June 30, 2026 decreased by $49,904 and $96,949, respectively, as compared to the corresponding periods in 2025. This decrease was due to lower average net assets during the three and six months ended June 30, 2026 as compared to the corresponding periods in 2025.

Incentive fees are based on the Net Trading Profits (as defined in the respective management agreements between the Partnership, the General Partner and each Advisor) generated by each Advisor at the end of each quarter, half year or year, as applicable. Trading performance for the three and six months ended June 30, 2026 resulted in incentive fees of $0 and $0, respectively. Trading performance for the three and six months ended June 30, 2025 resulted in incentive fees of $0 and $0, respectively. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid incentive fees until such 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 Advisors, the General Partner considers, among other factors, the 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 Advisors and allocate assets to additional advisors at any time.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

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

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

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

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

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

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

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

“Value at Risk” is a measure of the maximum amount which the Partnership/Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s/Fund’s speculative trading and the recurrence in the markets traded by the Partnership/Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s/Fund’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/Fund’s losses in any market sector will be limited to Value at Risk or by the Partnership’s/Fund’s attempts to manage their market risk.

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

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

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of June 30, 2026. As of June 30, 2026, the Partnership’s total capitalization was $81,841,516.


June 30, 2026

Market Sector	Value at Risk		% of Total Capitalization
Currencies	$	3,643		-	%
Energy		1,033,833		1.27
Grains		2,217,956		2.71
Livestock		392,842		0.48
Metals		2,480,505		3.03
Softs		817,959		1.00

Total	$	6,946,738		8.49	%

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of December 31, 2025. As of December 31, 2025, the Partnership’s total capitalization was $99,556,199.


December 31, 2025

Market Sector	Value at Risk		% of Total Capitalization
Currencies	$	11,869		0.01	%
Energy		1,704,873		1.71
Grains		1,352,861		1.36
Livestock		336,509		0.34
Metals		1,483,010		1.49
Softs		853,563		0.86

Total	$	5,742,685		5.77	%

The following tables indicate the trading Value at Risk associated with the Partnership’s direct investments and indirect investment in the Fund as of June 30, 2026 and December 31, 2025, and the highest, lowest and average values during the three months ended June 30, 2026 and the twelve months ended December 31, 2025. All open contracts trading risk exposures have been included in calculating the figures set forth below.

As of June 30, 2026 and December 31, 2025, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:


		June 30, 2026
						Three Months Ended June 30, 2026
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Energy	$	1,033,833		1.26	%	$	1,248,500	$	414,283	$	780,498
Grains		2,217,956		2.71			2,652,891		815,688		1,785,457
Livestock		392,842		0.48			771,128		58,322		348,191
Metals		1,587,338		1.94			1,587,338		599,568		981,299
Softs		817,959		1.00			817,959		175,790		462,855

Total	$	6,049,928		7.39	%

*	Average of daily Values at Risk.


		December 31, 2025
						Twelve Months Ended December 31, 2025
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Energy	$	1,704,873		1.71	%	$	2,785,848	$	518,337	$	1,523,838
Grains		1,352,861		1.36			5,374,584		767,509		1,777,668
Livestock		336,509		0.34			669,054		50,820		208,939
Metals		837,089		0.84			1,705,887		699,597		1,181,362
Softs		853,563		0.86			2,386,203		458,315		980,614

Total	$	5,084,895		5.11	%

*	Annual average of daily Values at Risk.

As of June 30, 2026, Drakewood Master’s total capitalization was $28,909,518, and the Partnership owned approximately 24.9% of Drakewood Master. As of June 30, 2026, Drakewood Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Drakewood Master for trading) was as follows:


		June 30, 2026
						Three Months Ended June 30, 2026
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Currencies	$	14,630		0.05	%	$	104,364	$	14,630	$	66,440
Metals		3,587,015		12.41			4,004,299		720,044		1,840,206

Total	$	3,601,645		12.46	%

*	Average of daily Values at Risk.

As of December 31, 2025, Drakewood Master’s total capitalization was $33,847,567, and the Partnership owned approximately

35.0% of Drakewood Master. As of December 31, 2025, Drakewood Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to Drakewood Master for trading) was as follows:


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

Total	$	1,879,401		5.55	%

*	Annual average of daily Values at Risk.

Item 4. Controls and Procedures.

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

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

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2026, and, based on that evaluation, the General Partner’s President and CFO have concluded that at that date the Partnership’s disclosure controls and procedures were effective.

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

•

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

•

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

•

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

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended June 30, 2026 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

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

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

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

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

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

The Company contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the consolidated statement of financial condition and the Company can

reasonably estimate the amount of that loss or the range of loss, the Company accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below.

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

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

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

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

Civil Litigation

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

in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 17, 2025, the court granted final approval of the settlement. The claims brought by the three operators of swap execution facilities remain pending, and on March 12, 2026, defendants filed a motion for summary judgment.

The Company is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Company, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision and, on August 1, 2025, affirmed the court’s decision. On December 1, 2025, defendants filed a petition for writ of certiorari with the United States Supreme Court regarding the Second Circuit’s August 2025 decision, which the Supreme Court denied on April 20, 2026. On July 13, 2026, defendants filed a motion for summary judgment.

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

On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Company and certain affiliates in the Supreme Court of the State of New York, New York County. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Company to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Company for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent

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, 2025 other than as disclosed in Note 7, “

Financial Instrument Risks

.” of the Financial Statements and under Part II, Item 1A. “

Risk Factors

” in the Partnership’s Quarterly Report on Form

10-Q

for the quarter ended March 31, 2026.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

For the three months ended June 30, 2026, there were subscriptions of 68.6910 Class A Redeemable Units totaling $180,000 and subscriptions of 68.5340 Class Z Redeemable Units totaling $150,000. Redeemable 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. The Redeemable Units are purchased by accredited investors, as described in Regulation D. In determining the applicability of the exemption, the General Partner relies on the fact that the Redeemable Units are purchased by accredited investors in a private offering.

Proceeds from the sale of Redeemable Units are used in the trading of commodity interests including futures, option and forward contracts and any other interests pertaining thereto, including interest in commodity pools.

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



Period	Class A (a) Total Number of Redeemable Units Purchased *		Class A (b) Average Price Paid per Redeemable Unit **		Class Z (a) Total Number of Redeemable Units Purchased *		Class Z (b) Average Price Paid per Redeemable Unit **		(c) Total Number of Redeemable Units Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Redeemable Units that May Yet be Purchased Under the Plans or Programs
April 1, 2026 - April 30, 2026		1,039.2760	$	2,601.82		45.8130	$	2,188.68	N/A	N/A
May 1, 2026 - May 31, 2026		306.7690	$	2,620.42		N/A		N/A	N/A	N/A
June 1, 2026 - June 30, 2026		3,207.6380	$	2,569.82		N/A		N/A	N/A	N/A
		4,553.6830	$	2,580.53		45.8130	$	2,188.68

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

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

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not Applicable.

Item 5.

Other Information

The Partnership has no directors or executive officers and its affairs are managed by its General Partner. The General Partner is managed by a board of directors. During the fiscal quarter ended June 30, 2026, no officers or directors of the General Partner adopted, modified or terminated a

“Rule 10b5-1

trading arrangement” (as defined in Item 408 of Regulation

S-K

of the Exchange Act).

There were no

“non-Rule

10b5-1

trading arrangements” (as defined in Item 408 of Regulation

S-K

of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended June 30, 2026 by the directors and officers of the General Partner.


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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Investment Income from Related Party:
Interest income	$	698,822	$	1,021,339	$	1,430,835	$	2,055,707
Interest income allocated from the Fund		101,759		87,849		212,742		217,229

Total investment income from related party		800,581		1,109,188		1,643,577		2,272,936

Expenses:
Expenses allocated from the Fund		34,427		56,704		61,217		119,339
Clearing fees related to direct investments		203,496		324,277		466,303		682,903
Ongoing selling agent fees		169,835		220,007		352,034		449,513
Management fees		275,912		334,675		571,178		692,588
General Partner fees		173,831		223,735		360,120		457,069
Professional fees		114,289		124,746		230,345		250,797

Total expenses		971,790		1,284,144		2,041,197		2,652,209

Net investment income (loss)		(171,209)		(174,956)		(397,620)		(379,273)

Trading Results:
Net gains (losses) on trading of commodity interests and investments in the Fund:
Net realized gains (losses) on closed contracts		(2,216,078)		1,169,657		2,425,445		1,356,180
Net realized gains (losses) on closed contracts allocated from the Fund		558,381		(1,222,964)		3,363,369		1,729,888
Net change in unrealized gains (losses) on open contracts		76,278		(1,158,889)		(1,369,025)		679,623
Net change in unrealized gains (losses) on open contracts allocated from the Fund		(1,171,150)		(228,109)		(3,226,148)		(1,076,332)

Total trading results		(2,752,569)		(1,440,305)		1,193,641		2,689,359

Net income (loss)	$	(2,923,778)	$	(1,615,261)	$	796,021	$	2,310,086


Advisor	June 30, 2026		June 30, 2026 (percentage of Partners’ Capital)		March 31, 2026		March 31, 2026 (percentage of Partners’ Capital)
Millburn	$	35,223,383		43%	$	38,763,307		40%
Ospraie		23,648,097		29%		27,195,461		28%
Drakewood		7,229,873		9%		10,788,297		11%
Opus		15,068,637		18%		18,872,821		20%
Unallocated		671,526		1%		876,582		1%


CERES TACTICAL COMMODITY L.P.

By:		Ceres Managed Futures LLC
		(General Partner)

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

Date:		August 11, 2026

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

Date:		August 11, 2026


	June 30, 2026
Assets
Futures Contracts
Energy	$	235,005
Grains		653,443
Livestock		187,266
Metals		42,093
Softs		104,242

Total unrealized appreciation on open futures contracts		1,222,049

Liabilities
Futures Contracts
Energy		(418,596)
Grains		(371,699)
Livestock		(230,594)
Metals		(168,247)
Softs		(131,081)

Total unrealized depreciation on open futures contracts		(1,320,217)

Net unrealized depreciation on open futures contracts	$	(98,168)	*

Assets
Forward Contracts
Metals	$	2,355,575

Total unrealized appreciation on open forward contracts		2,355,575

Liabilities
Forward Contracts
Metals		(2,789,487)

Total unrealized depreciation on open forward contracts		(2,789,487)

Net unrealized depreciation on open forward contracts	$	(433,912)	**

Assets
Options Purchased
Grains	$	1,583,214
Livestock		83,310
Metals		15,497
Softs		336

Total options purchased	$	1,682,357	***

Liabilities
Options Written
Energy	$	(32,960)
Grains		(1,047,174)
Livestock		(30)
Metals		(233,600)
Softs		(202,024)

Total options written	$	(1,515,788)	****


	December 31, 2025
Assets
Futures Contracts
Energy	$	1,009,142
Grains		509,437
Livestock		37,022
Metals		355,281
Softs		342,650

Total unrealized appreciation on open futures contracts		2,253,532

Liabilities
Futures Contracts
Energy		(858,303)
Grains		(327,036)
Livestock		(14,540)
Metals		(313,318)
Softs		(233,635)

Total unrealized depreciation on open futures contracts		(1,746,832)

Net unrealized appreciation on open futures contracts	$	506,700	*

Assets
Forward Contracts
Metals	$	2,864,559

Total unrealized appreciation on open forward contracts		2,864,559

Liabilities
Forward Contracts
Metals		(2,314,197)

Total unrealized depreciation on open forward contracts		(2,314,197)

Net unrealized appreciation on open forward contracts	$	550,362	**

Assets
Options Purchased
Grains	$	3,142,898
Livestock		2,998,800
Metals		455,894
Softs		76,481

Total options purchased	$	6,674,073	***

Liabilities
Options Written
Energy	$	(179,580)
Grains		(1,123,233)
Livestock		(1,300,628)
Metals		(474,185)
Softs		(56,025)

Total options written	$	(3,133,651)	****