Ceres Tactical Commodity 10-Q 2022 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

10-Q

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

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

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

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period fromto

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

522 Fifth Avenue

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(855)

672-4468

(Registrant’s telephone number, including area code)

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

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

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

Yes

X

    No _

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

S-T

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

Yes

X

    No _

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

non-accelerated

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

12b-2

of the Exchange Act.

Large accelerated filer	Accelerated filer	Non-accelerated filer X
Smaller reporting company	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

_

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act).

Yes _     No 

X

As of April 30, 2022, 54,636.1947 Limited Partnership Class A Redeemable Units were outstanding, 600.0580 Limited Partnership Class D Redeemable Units were outstanding and 445.5690 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

	March 31, 2022 (Unaudited)		December 31, 2021
Assets:
Investment in the Funds (1) , at fair value	$	34,748,101	$	31,910,757
Redemptions receivable from the Funds		85,002		9,530,301
Equity in trading account:
Unrestricted cash		67,110,913		83,266,107
Restricted cash		9,124,876		7,622,510
Net unrealized appreciation on open futures contracts		21,539,832		2,520,777
Net unrealized appreciation on open forward contracts		629,044		32,498
Options purchased, at fair value (premiums paid $6,636,342 and $6,171,271 at March 31, 2022 and December 31, 2021, respectively)		26,370,739		11,866,605
Total equity in trading account		124,775,404		105,308,497
Interest receivable		12,372		2,728
Total assets	$	159,620,879	$	146,752,283
Liabilities and Partners’ Capital:
Liabilities:
Options written, at fair value (premiums received $7,472,742 and $6,265,420 at March 31, 2022 and December 31, 2021, respectively)	$	16,464,992	$	7,039,257
Accrued expenses:
Ongoing selling agent fees		87,925		85,818
Management fees		126,622		125,544
General Partner fees		89,272		87,151
Incentive fees		2,905,394		10,012,065
Professional fees		232,082		186,105
Redemptions payable to General Partner		0		50,000
Redemptions payable to Limited Partners		753,342		1,255,919
Total liabilities		20,659,629		18,841,859
Partners’ Capital:
General Partner, Class Z, 748.1180 Redeemable Units outstanding at March 31, 2022 and December 31, 2021		1,515,845		1,394,753
Limited Partners, Class A, 54,486.3317 and 54,425.1587 Redeemable Units outstanding at March 31, 2022 and December 31, 2021, respectively		135,360,469		124,645,209
Limited Partners, Class D, 600.0580 Redeemable Units outstanding at March 31, 2022 and December 31, 2021		1,182,120		1,089,766
Limited Partners, Class Z, 445.5690 and 418.7500 Redeemable Units outstanding at March 31, 2022 and December 31, 2021, respectively		902,816		780,696
Total partners’ capital (net asset value)		138,961,250		127,910,424
Total liabilities and partners’ capital	$	159,620,879	$	146,752,283
Net asset value per Redeemable Unit:
Class A	$	2,484.30	$	2,290.21
Class D	$	1,970.01	$	1,816.10
Class Z	$	2,026.21	$	1,864.35

(1) Defined in Note 1.

See accompanying notes to financial statements.

1

Ceres Tactical Commodity L.P.

Condensed Schedule of Investments

March 31, 2022

(Unaudited)

	Number of         Contracts		Fair Value		% of Partners’         Capital
Futures Contracts Purchased
Currencies		26	$	3,383		0.00	* %
Energy
WTI CRUDE FUTURE JUN22		156		(1,794,390)		(1.29)
NAT GAS LAST DAY Nov22		97		3,090,490		2.22
NAT GAS LAST DAY Dec22		230		7,451,760		5.36
GLOBEX NAT GAS LD DEC23		235		3,880,850		2.79
Henry LD1 Fix FUT Jan 2024		815		1,921,388		1.38
NATURAL GAS FUTR Nov22		2,364		17,972,080		12.93
NATURAL GAS FUTR Nov23		3,146		7,270,713		5.23
NATURAL GAS FUTR Dec22		2,412		18,504,515		13.32
NATURAL GAS FUTR Dec23		1,354		3,020,245		2.17
NATURAL GAS FUTR Dec24		754		1,614,633		1.16
NATURAL GAS FUTR JAN23		147		1,719,700		1.24
NATURAL GAS FUTR NOV22		266		3,899,190		2.81
NATURAL GAS FUTR Dec22		179		3,373,130		2.43
NATURAL GAS FUTR Dec23		353		2,571,470		1.85
Other		3,909		10,752,965		7.74
Grains		385		(489,589)		(0.35)
Indices		281		97,583		0.07
Lives tock		49		(6,010)		(0.00)	*
Metals		69		(15,659)		(0.01)
Softs		244		472,960		0.34
Total futures contracts purchased				85,311,407		61.39
Futures Contracts Sold
Energy
WTI CRUDE FUTURE MAY22		175		2,082,370		1.50
GLOBEX NAT GAS LD MAR23		65		(1,677,280)		(1.21)
GLOBEX NAT GAS LD MAR24		235		(3,302,390)		(2.38)
Henry LD1 Fix FUT Jan 2023		543		(3,673,583)		(2.64)
NATURAL GAS FUTR Mar24		705		(1,829,778)		(1.32)
NATURAL GAS FUTR APR23		2,233		(4,425,190)		(3.18)
NATURAL GAS FUTR May22		1,645		(8,990,593)		(6.47)
NATURAL GAS FUTR SEP22		1,196		(9,183,765)		(6.61)
NATURAL GAS FUTR MAY23		299		(1,754,070)		(1.26)
NATURAL GAS FUTR JUL22		666		(7,706,070)		(5.55)
NATURAL GAS FUTR Oct22		657		(6,187,460)		(4.45)
Other		10,114		(17,060,380)		(12.28)
Grains		144		206,485		0.15
Indices		502		(70,771)		(0.05)
Livestock		53		26,090		0.02
Metals		49		(32,215)		(0.02)
Softs		132		(192,975)		(0.14)
Total futures contracts sold				(63,771,575)		(45.89)
Net unrealized appreciation on open futures contracts			$	21,539,832		15.50	%
Unrealized Appreciation on Open Forward Contracts
Metals		324	$	5,047,749		3.63	%
Total unrealized appreciation on open forward contracts				5,047,749		3.63
Unrealized Depreciation on Open Forward Contracts
Metals		292		(4,418,705)		(3.18)
Total unrealized depreciation on open forward contracts				(4,418,705)		(3.18)
Net unrealized appreciation on open forward contracts			$	629,044		0.45	%
Options Purchased
Calls
Energy		2,029	$	25,430,266		18.30	%
Grains		32		15,200		0.01
Metals		63		787,832		0.57
Puts
Energy		722		61,532		0.04
Livestock		8		7,600		0.01
Metals		24		68,309		0.05
Total options purchased (premiums paid $6,636,342)			$	26,370,739		18.98	%
Options Written
Calls
Energy		1,725	$	(12,702,367)		(9.15)	%
Metals		89		(921,353)		(0.66)
Softs		24		(41,708)		(0.03)
Puts
Energy		2,306		(2,412,538)		(1.74)
Grains		43		(169,725)		(0.12)
Metals		44		(116,832)		(0.08)
Softs		129		(100,469)		(0.07)
Total options written (premiums received $7,472,742)			$	(16,464,992)		(11.85)	%
			Fair Value		% of Partners ‘         Capital
Investment in the Funds
CMF NL Master Fund LLC			$	10,723,271		7.72	%
CMF GSL Master Fund LLC				24,024,830		17.29
Total investment in the Funds			$	34,748,101		25.01	%

* Due to rounding.

See accompanying notes to financial statements.

2

Ceres Tactical Commodity L.P.

Condensed Schedule of Investments

December 31, 2021

	Number of         Contracts		Fair Value		% of Partners ‘         Capital
Futures Contracts Purchased
Currencies		40	$	9,055		0.01	%
Energy
NATURAL GAS FUTR Feb 22 - Dec 24		12,525		15,688,463		12.26
NAT GAS LAST DAY Dec 22		230		2,925,360		2.29
GLOBEX NAT GAS LD Dec 23		235		1,984,400		1.55
Other		2,294		1,051,178		0.82
Grains		285		37,245		0.03
Indices		476		(1,154,113)		(0.90)
Livestock		31		990		0.00	*
Metals		110		134,848		0.11
Softs		322		1,057		0.00	*
Total futures contracts purchased				20,678,483		16.17
Futures Contracts Sold
Energy
NATURAL GAS FUTR Mar 22 - Mar 25		13,228		(7,865,625)		(6.15)
NAT GAS LAST DAY Mar 22 - Oct 22		699		(6,817,820)		(5.33)
GLOBEX NAT GAS LD Mar 24		235		(1,558,690)		(1.22)
Other		3,371		(2,197,193)		(1.72)
Grains		211		115,235		0.09
Indices		320		233,958		0.18
Livestock		42		(12,440)		(0.01)
Metals		34		(17,100)		(0.01)
Softs		249		(38,031)		(0.03)
Total futures contracts sold				(18,157,706)		(14.20)
Net unrealized appreciation on open futures contracts			$	2,520,777		1.97	%
Unrealized Appreciation on Open Forward Contracts
Metals		493	$	2,333,825		1.83	%
Total unrealized appreciation on open forward contracts				2,333,825		1.83
Unrealized Depreciation on Open Forward Contracts
Metals		507		(2,301,327)		(1.80)
Total unrealized depreciation on open forward contracts				(2,301,327)		(1.80)
Net unrealized appreciation on open forward contracts			$	32,498		0.03	%
Options Purchased
Calls
Energy
NAT GAS EUR OPT C, 3% - 4.25%, Feb 22 - Dec 25		1,695	$	10,523,414		8.23	%
Metals		97		551,393		0.43
Puts
Energy		920		661,421		0.52
Metals		83		130,377		0.10
Total options purchased (premiums paid $6,171,271)			$	11,866,605		9.28	%
Options Written
Calls
Energy		1,377	$	(3,786,346)		(2.96)	%
Metals		97		(551,393)		(0.43)
Puts
Energy		2,179		(2,553,333)		(2.00)
Metals		83		(130,377)		(0.10)
Softs		25		(17,808)		(0.01)
Total options written (premiums received $6,265,420)			$	(7,039,257)		(5.50)	%
			Fair Value		% of Partners’ Capital
Investment in the Funds
CMF NL Master Fund LLC			$	10,984,329		8.59	%
CMF GSL Master Fund LLC				20,926,428		16.36
Total investment in the Funds			$	31,910,757		24.95	%

* Due to rounding.

See accompanying notes to financial statements.

3

Ceres Tactical Commodity L.P.

Statements of Income and Expenses

(Unaudited)

	Three Months Ended March 31,
	2022			2021
Investment Income:
Interest income	$	17,429		$	6,623
Interest income allocated from the Funds		5,994			2,509
Total investment income		23,423			9,132
Expenses:
Expenses allocated from the Funds		45,663			65,313
Clearing fees related to direct investments		226,515			302,542
Ongoing selling agent fees		254,969			196,540
Management fees		366,185			292,344
General Partner fees		258,895			199,084
Incentive fees		2,905,394			6,802,246
Professional fees		116,078			98,296
Total expenses		4,173,699			7,956,365
Net investment loss		(4,150,276	)		(7,947,233	)
Trading Results:
Net gains (losses) on trading of commodity interests and investments in the Funds:
Net realized gains (losses) on closed contracts		(15,439,393	)		7,520,684
Net realized gains (losses) on closed contracts allocated from the Funds		5,063,427			31,007,246
Net change in unrealized gains (losses) on open contracts		25,438,091			(1,742,679	)
Net change in unrealized gains (losses) on open contracts allocated from the Funds		(2,897	)		231,632
Total trading results		15,059,228			37,016,883
Net income (loss)	$	10,908,952		$	29,069,650
Net income (loss) per Redeemable Unit: *
Class A	$	194.09		$	508.87
Class D	$	153.91		$	403.53
Class Z	$	161.86		$	414.05
Weighted average Redeemable Units outstanding:
Class A		54,722.4877			55,343.8350
Class D		600.0580			600.0580
Class Z		1,193.6870			1,058.1130

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

See accompanying notes to financial statements.

4

Ceres Tactical Commodity L.P.

Statements of Changes in Partners’ Capital

For the Three Months Ended March 31, 2022 and 2021

(Unaudited)

	Class A						Class D				Class Z						Total
	Amount			Redeemable Units			Amount		Redeemable Units		Amount			Redeemable Units			Amount			Redeemable Units
Partners’ Capital, December 31, 2020	$	81,673,675			56,256.1017		$	690,828		600.0580	$	1,274,933			1,087.4260		$	83,639,436			57,943.5857
Subscriptions - Limited Partners		1,327,560			783.4600			-		-		0			0			1,327,560			783.4600
Redemptions - General Partner		-			-			-		-		(140,000	)		(87.9390	)		(140,000	)		(87.9390	)
Redemptions - Limited Partners		(7,158,576	)		(3,885.1220	)		-		-		-			-			(7,158,576	)		(3,885.1220	)
Net income (loss)		28,376,773			-			242,140		-		450,737			-			29,069,650			-
Partners’ Capital, March 31, 2021	$	104,219,432			53,154.4397		$	932,968		600.0580	$	1,585,670			999.4870		$	106,738,070			54,753.9847

	Class A						Class D				Class Z				Total
	Amount			Redeemable Units			Amount		Redeemable Units		Amount		Redeemable Units		Amount			Redeemable Units
Partners’ Capital, December 31, 2021	$	124,645,209			54,425.1587		$	1,089,766		600.0580	$	2,175,449		1,166.8680	$	127,910,424			56,192.0847
Subscriptions - Limited Partners		1,758,000			748.8100			-		-		50,000		26.8190		1,808,000			775.6290
Redemptions - Limited Partners		(1,666,126	)		(687.6370	)		-		-		-		-		(1,666,126	)		(687.6370	)
Net income (loss)		10,623,386			-			92,354		-		193,212		-		10,908,952			-
Partners’ Capital, March 31, 2022	$	135,360,469			54,486.3317		$	1,182,120		600.0580	$	2,418,661		1,193.6870	$	138,961,250			56,280.0767

See accompanying notes to financial statements.

5

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 Funds (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 Funds) 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 NL Master (as defined below) and GSL Master (as defined below). The General Partner is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses.

As of March 31, 2022, all trading decisions were made for the Partnership by Millburn Ridgefield Corporation (“Millburn”), Ospraie Management, LLC (“Ospraie”), Pan Capital Management L.P. (“Pan”), Northlander Commodity Advisors LLP (“Northlander”) and Geosol Capital, LLC (“Geosol”) (each, an “Advisor” and, collectively, the “Advisors”), each, a registered 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 Funds. The Advisors are not affiliated with one another, are not affiliated with the General Partner and 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.

6

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

During the reporting periods ended March 31, 2022 and 2021, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant.

Millburn, Ospraie and Pan directly trade the Partnership’s assets allocated to each Advisor through managed accounts in the name of the Partnership pursuant to Millburn’s Commodity Program, Ospraie’s Commodity Program and Pan’s Energy Trading Program, respectively.

The Partnership, CMF NL Master Fund LLC (“NL Master”) and CMF GSL Master Fund LLC (“GSL Master”) have entered into futures brokerage account agreements with MS&Co. NL Master and GSL Master are collectively referred to as the “Funds.” The Partnership, directly and through its investment in the Funds, 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 also entered into a selling agreement (as amended, the “Selling Agreement”) with Morgan Stanley Wealth Management. Pursuant to 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 Redeemable Units and Class D Redeemable Units, respectively. 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 in the Partnership. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee.

Effective January 1, 2021, the management fee paid to Millburn was reduced to 1/12 of 1.0% (1.0% per year) of the adjusted

month-end

Net Assets (as defined in its management agreement with the Partnership and the General Partner) allocated to Millburn and the incentive fee paid to Millburn was increased to 27.5% of New Trading Profits (as defined in its management agreement with the Partnership and the General Partner) earned by Millburn for the Partnership during the calendar year.

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

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 March 31, 2022 and the results of its operations and changes in partners’ capital for the three months ended March 31, 2022 and 2021. 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

filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2021. The December 31, 2021 information has been derived from the audited financial statements as of and for the year ended December 31, 2021.

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.

7

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

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.

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

Statement of Cash Flows.

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

“Statement of Cash Flows.”

The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended March 31, 2022 and 2021, the Partnership carried no debt and all of the Partnership’s and the Funds’ investments were carried at fair value and classified as Level 1 or Level 2 measurements.

Partnership’s Investment in the Funds.

The Partnership carries its investment in the Funds based on the Partnership’s (1) net contribution to the Funds 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 the Funds.

Partnership’s/Funds’ Derivative Investments.

All commodity interests held by the Partnership/Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on 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 trading account in the Partnership’s/Funds’ Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership’s/Funds’ Statements of Income and Expenses.

The Partnership/Funds do 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/Funds’ 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 March 31, 2022 and December 31, 2021, the amount of cash held for margin requirements was $9,124,876 and $7,622,510, 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 $557,205 (cost of $561,817) and $162,449 (cost of $168,901) as of March 31, 2022 and December 31, 2021, 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 0 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 2018 through 2021 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 Accounting Standards Update

2013-08

“Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”

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.

8

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

Net Income (Loss) per Redeemable Unit.

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

“Financial Services – Investment Companies.”

See Note 3, “Financial Highlights.”

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, 2021.

3. Financial Highlights:

Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2022 and 2021

were

as follows.

	Three Months Ended March 31, 2022									Three Months Ended March 31, 2021
	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)	$	268.06		$	212.56		$	218.34		$	649.12		$	513.98		$	523.75
Net investment loss		(73.97)			(58.65)			(56.48)			(140.25)			(110.45)			(109.70)
Increase (decrease) for the period		194.09			153.91			161.86			508.87			403.53			414.05
Net asset value per Redeemable Unit, beginning of period		2,290.21			1,816.10			1,864.35			1,451.82			1,151.27			1,172.43
Net asset value per Redeemable Unit, end of period	$	2,484.30		$	1,970.01		$	2,026.21		$	1,960.69		$	1,554.80		$	1,586.48
	Three Months Ended March 31, 2022									Three Months Ended March 31, 2021
	Class A			Class D			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(6.0)	%		(6.0)	%		(5.2)	%		(12.0)	%		(11.8)	%		(11.0)	%
Operating expenses		3.9	%		3.9	%		3.1	%		4.9	%		4.9	%		4.0	%
Incentive fees		2.2	%		2.2	%		2.2	%		7.1	%		7.0	%		7.0	%
Total expenses		6.1	%		6.1	%		5.3	%		12.0	%		11.9	%		11.0	%
Total return:
Total return before incentive fees		10.7	%		10.7	%		10.9	%		43.3	%		43.2	%		43.5	%
Incentive fees		(2.2)	%		(2.2)	%		(2.2)	%		(8.2)	%		(8.1)	%		(8.2)	%
Total return after incentive fees		8.5	%		8.5	%		8.7	%		35.1	%		35.1	%		35.3	%

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

** Annualized (except for incentive fees).

*** Interest income less total expenses.

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

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

9

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

The futures brokerage account agreements with MS&Co. give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition. The Partnership and the Funds 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,”

have been met.

All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended March 31, 2022 and 2021 were 35,716 and 26,095, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended March 31, 2022 and 2021 were 1,063 and 1,691, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended March 31, 2022 and 2021 were 7,035 and 4,539, 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 Funds for indirect trading and allocated to the Funds’ 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 March 31, 2022 and December 31, 2021, respectively.

				Gross Amounts     Offset in the			Amounts     Presented in the		Gross Amounts Not Offset in the     Statements of Financial Condition
March 31, 2022	Gross Amounts      Recognized			Statements of Financial Condition			Statements of Financial Condition		Financial     Instruments		Cash Collateral     Received/ Pledged*		Net Amount
Assets
Futures	$	92,275,219		$	(70,735,387	)	$	21,539,832	$	-	$	-	$	21,539,832
Forwards		5,047,749			(4,418,705	)		629,044		-		-		629,044
Total assets	$	97,322,968		$	(75,154,092	)	$	22,168,876	$	-	$	-	$	22,168,876
Liabilities
Futures	$	(70,735,387	)	$	70,735,387		$	-	$	-	$	-	$	-
Forwards		(4,418,705	)		4,418,705			-		-		-		-
Total liabilities	$	(75,154,092	)	$	75,154,092		$	-	$	-	$	-	$	-
Net fair value													$	22,168,876	*

10

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

				Gross Amounts   Offset in the			Amounts     Presented in the		Gross Amounts Not Offset in the     Statements of Financial Condition
December 31,��2021	Gross Amounts     Recognized			Statements of Financial Condition			Statements of Financial Condition		Financial     Instruments		Cash Collateral     Received/ Pledged*		Net Amount
Assets
Futures	$	33,395,257		$	(30,874,480	)	$	2,520,777	$	-	$	-	$	2,520,777
Forwards		2,333,825			(2,301,327	)		32,498		-		-		32,498
Total assets	$	35,729,082		$	(33,175,807	)	$	2,553,275	$	-	$	-	$	2,553,275
Liabilities
Futures	$	(30,874,480	)	$	30,874,480		$	-	$	-	$	-	$	-
Forwards		(2,301,327	)		2,301,327			-		-		-		-
Total liabilities	$	(33,175,807	)	$	33,175,807		$	-	$	-	$	-	$	-
Net fair value													$	2,553,275	*

* 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.

11

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2022 and December 31, 2021, respectively.

	March 31,       2022
Assets
Futures Contracts
Currencies	$	3,676
Energy		91,250,029
Grains		269,799
Indices		115,548
Livestock		39,080
Metals		97,359
Softs		499,728
Total unrealized appreciation on open futures contracts		92,275,219
Liabilities
Futures Contracts
Currencies		(293	)
Energy		(69,709,479	)
Grains		(552,903	)
Indices		(88,736	)
Livestock		(19,000	)
Metals		(145,233	)
Softs		(219,743	)
Total unrealized depreciation on open futures contracts		(70,735,387	)
Net unrealized appreciation on open futures contracts	$	21,539,832		*
Assets
Forward Contracts
Metals	$	5,047,749
Total unrealized appreciation on open forward contracts		5,047,749
Liabilities
Forward Contracts
Metals		(4,418,705	)
Total unrealized depreciation on open forward contracts		(4,418,705	)
Net unrealized appreciation on open forward contracts	$	629,044		**
Assets
Options Purchased
Energy	$	25,491,798
Grains		15,200
Livestock		7,600
Metals		856,141
Total options purchased	$	26,370,739		***
Liabilities
Options Written
Energy	$	(15,114,905	)
Grains		(169,725	)
Metals		(1,038,185	)
Softs		(142,177	)
Total options written	$	(16,464,992	)	****

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

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

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

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

12

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

	December 31,     2021
Assets
Futures Contracts
Currencies	$	19,552
Energy		32,506,206
Grains		269,015
Indices		240,961
Livestock		14,300
Metals		164,478
Softs		180,745
Total unrealized appreciation on open futures contracts		33,395,257
Liabilities
Futures Contracts
Currencies		(10,497	)
Energy		(29,296,133	)
Grains		(116,535	)
Indices		(1,161,116	)
Livestock		(25,750	)
Metals		(46,730	)
Softs		(217,719	)
Total unrealized depreciation on open futures contracts		(30,874,480	)
Net unrealized appreciation on open futures contracts	$	2,520,777		*
Assets
Forward Contracts
Metals	$	2,333,825
Total unrealized appreciation on open forward contracts		2,333,825
Liabilities
Forward Contracts
Metals		(2,301,327	)
Total unrealized depreciation on open forward contracts		(2,301,327	)
Net unrealized appreciation on open forward contracts	$	32,498		**
Assets
Options Purchased
Energy	$	11,184,835
Metals		681,770
Total options purchased	$	11,866,605		***
Liabilities
Options Written
Energy	$	(6,339,679	)
Metals		(681,770	)
Softs		(17,808	)
Total options written	$	(7,039,257	)	****

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

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

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

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

13

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 months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
Sector	2022				2021
Currencies	$	(27,512	)		$	(14,993	)
Energy		9,910,912				3,340,408
Grains		124,887				934,914
Indices		226,788				1,606,927
Livestock		(120,222	)			(670,921	)
Metals		(1,092,615	)			457,531
Softs		976,460				124,139
Total	$	9,998,698		*****	$	5,778,005		*****

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

5. Fair Value Measurements:

Partnership’s and the Funds’ Fair Value Measurements.

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

The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of

non-exchange-traded

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

The Partnership and the Funds consider prices for commodity futures, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded futures, forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of March 31, 2022 and December 31, 2021 and for the periods ended March 31, 2022 and 2021, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3).

14

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

March 31, 2022	Total		Level 1		Level 2		Level 3
Assets
Futures	$	92,275,219	$	39,670,785	$	52,604,434	$	-
Forwards		5,047,749		-		5,047,749		-
Options purchased		26,370,739		26,370,739		-		-
Total assets	$	123,693,707	$	66,041,524	$	57,652,183	$	-
Liabilities
Futures	$	70,735,387	$	30,721,627	$	40,013,760	$	-
Forwards		4,418,705		-		4,418,705		-
Options written		16,464,992		16,464,992		-		-
Total liabilities	$	91,619,084	$	47,186,619	$	44,432,465	$	-

December 31, 2021	Total		Level 1		Level 2		Level 3
Assets
Futures	$	33,395,257	$	33,395,257	$	-	$	-
Forwards		2,333,825		-		2,333,825		-
Options purchased		11,866,605		11,866,605		-		-
Total assets	$	47,595,687	$	45,261,862	$	2,333,825	$	-
Liabilities
Futures	$	30,874,480	$	30,874,480	$	-	$	-
Forwards		2,301,327		-		2,301,327		-
Options written		7,039,257		7,039,257		-		-
Total liabilities	$	40,215,064	$	37,913,737	$	2,301,327	$	-

The Investment in the Funds measured using the net asset value per share practical expedient is not required to be included in the fair value hierarchy. Please refer to the Condensed Schedules of Investments as of March 31, 2022 and December 31, 2021, respectively.

6. Investment in the Funds:

On April 1, 2019, the Partnership allocated a portion of its assets to NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permits accounts managed by Northlander using Northlander’s Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of NL Master. Individual and pooled accounts currently managed by Northlander, including the Partnership, are permitted to be members of NL Master. The Trading Manager and Northlander believe that trading through this master/feeder structure should promote efficiency and economy in the trading process.

On November 1, 2020, the Partnership allocated a portion of its assets to GSL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. GSL Master permits accounts managed by Geosol using Geosol’s U.S. Power and Natural Gas Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of GSL Master. Individual and pooled accounts currently managed by Geosol, including the Partnership, are permitted to be members of GSL Master. The Trading Manager and Geosol believe that trading through the master/feeder structure should promote efficiency and economy in the trading process. The Trading Manager and Geosol have agreed that the volatility applied to the assets allocated to Geosol shall initially be 50.0% (one half) of the volatility typically employed for the trading of the program.

15

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

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 March 31, 2022.

The Partnership’s/Funds’ 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/Funds engage in such trading through commodity brokerage accounts maintained with MS&Co.

Generally, a member in the Funds withdraws all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request has been made to the 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 Funds. 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 Funds and allocated to the Funds’ members, including the Partnership. Professional fees are borne by the Funds and allocated to the Partnership, and are also charged directly at the Partnership level.

At March 31, 2022, the Partnership owned approximately 27.5% of NL Master and 100% of GSL Master. At December 31, 2021, the Partnership owned approximately 26.0% of NL Master and 100% of GSL Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.

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

	March 31, 2022
	Total Assets		Total Liabilities		Total Capital
GSL Master	$	24,998,212	$	976,456	$	24,021,756
NL Master		39,059,751		127,262		38,932,489
	December 31, 2021
	Total Assets		Total Liabilities		Total Capital
GSL Master	$	27,210,336	$	6,284,765	$	20,925,571
NL Master		50,260,292		8,006,342		42,253,950

16

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

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

	For the three months ended March 31, 2022
	Net Investment     Income (Loss)		Total Trading         Results		Net Income (Loss)
GSL Master	$	(29,127)	$	3,293,118	$	3,263,991
NL Master		(39,824)		6,608,368		6,568,544

	For the three months ended March 31, 2021
	Net Investment     Income (Loss)		Total Trading         Results		Net Income (Loss)
GSL Master	$	(55,028)	$	30,626,597	$	30,571,569
NL Master		(37,646)		2,842,858		2,805,212

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

pro-rata

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

	March 31, 2022				For the three months ended March 31, 2022
	% of						Expenses				Net
Funds	Partners’ Capital		Fair Value		Income (Loss)		Clearing Fees		Professional Fees		Income (Loss)		Investment Objective		Redemptions Permitted
GSL Master		17.29  %	$	24,024,830	$	3,297,520	$	17,280	$	16,249	$	3,263,991		Commodity Portfolio		Monthly
NL Master		7.72  %		10,723,271		1,769,004		8,103		4,031		1,756,870		Commodity Portfolio		Monthly
			$	34,748,101	$	5,066,524	$	25,383	$	20,280	$	5,020,861
	December 31, 2021				For the three months ended March 31, 2021
	% of						Expenses				Net
Funds	Partners’ Capital		Fair Value		Income (Loss)		Clearing Fees		Professional Fees		Income (Loss)		Investment Objective		Redemptions Permitted
GSL Master		16.36  %	$	20,926,428	$	30,628,832	$	40,012	$	17,251	$	30,571,569		Commodity Portfolio		Monthly
NL Master		8.59  %		10,984,329		612,555		5,056		2,994		604,505		Commodity Portfolio		Monthly
			$	31,910,757	$	31,241,387	$	45,068	$	20,245	$	31,176,074

17

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

7. Financial Instrument Risks:

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

off-balance-sheet

risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, 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 related 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/Funds’ contracts are traded OTC, although contracts may be traded OTC in the future.

Futures Contracts.

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

London Metal Exchange Forward Contracts.

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

Options.

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

marked-to-market

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

marked-to-market

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

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

18

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

Futures-Style Options

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

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

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

exchange-traded

instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Funds’ counterparty is an exchange or clearing organization.

The General Partner/Trading Manager monitors and attempts to mitigate the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems and, accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner/Trading Manager to statistically analyze actual trading results with

risk-adjusted

performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.

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

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

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

Since its discovery in December 2019, a new strain of coronavirus, which causes the viral disease known as

COVID-19,

has spread from China to many other countries, including the United States. The outbreak has been declared a pandemic by the World Health Organization, and the U.S. Health and Human Services Secretary has declared a public health emergency in the United States in response to the outbreak.

19

Ceres Tactical Commodity L.P.

Notes to Financial Statements

(Unaudited)

The

COVID-19

pandemic and related voluntary and government-imposed social and business restrictions has impacted global economic conditions and adversely affected various industries (including, but not limited to, transportation, hospitality and entertainment), resulting in volatility in the global financial markets, disruption in global supply chains, increased unemployment, and operational challenges such as the temporary and permanent closures of businesses,

sheltering-in-place

directives and increased remote work protocols. If the pandemic continues to be prolonged or the actions of governments and central banks are unsuccessful, including actions to facilitate the comprehensive distribution of effective vaccines, the adverse impact on the global economy will deepen.

Given the continuing development of this situation, it is not possible to accurately predict how the market disruptions caused by

COVID-19

will further impact the U.S and other world economies or the value of the Partnership’s/Funds’ investments, or for how long the effects of such events will continue. Nevertheless, the novel coronavirus continues to present material uncertainty and risk with respect to the Partnership’s/Funds’ investments and operations.

On February 22, 2022, the United States and several European nations announced sanctions against Russia in response to Russia’s mobilization of forces and threat of invasion of the Ukraine, and governments around the world imposed, and may in the future impose, additional sanctions on Russia in response to its continued escalation of this conflict. On February 24, 2022, Russian President Putin commenced a full-scale invasion of Russia’s

pre-positioned

forces into the Ukraine. The conflict has created volatility in the price of various commodities and may have a negative impact on business activity globally, and therefore could adversely affect the performance of the Partnership’s/Funds’ investments. Furthermore, uncertainties regarding the conflict between the two nations and the varying involvement of the United States and other NATO countries preclude prediction as to the ultimate impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Partnership/Funds and the performance of their 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 Russia or Ukraine, they may have their operations disrupted and/or suffer adverse consequences related to the ongoing conflict.

8. Subsequent Events:

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

On May 1, 2022, the Partnership allocated a portion of its assets to Drakewood Capital Management Limited (“Drakewood”), which is invested in CMF Drakewood Master Fund LLC and is traded by Drakewood pursuant to Drakewood’s Drakewood Prospect Fund Strategy.

20

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

.

Liquidity and Capital Resources

The Partnership does not have, nor does it expect to have, any capital assets. The Partnership does not engage in sales of goods or services. Its assets are its (i) investment in the Funds, (ii) redemptions receivable from the Funds, (iii) equity in trading account, consisting of unrestricted cash, restricted 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 Funds. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the first quarter of 2022.

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

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

For the three months ended March 31, 2022, Partnership capital increased 8.6% from $127,910,424 to $138,961,250. This increase was attributable to subscriptions of 748.8100 Class A limited partner Redeemable Units totaling $1,758,000, subscriptions of 26.8190 Class Z limited partner Redeemable Units totaling $50,000 and net income of $10,908,952 which was partially offset by redemptions of 687.6370 Class A limited partner Redeemable Units totaling $1,666,126. Future redemptions can impact the amount of funds available for direct investments and investment in the Funds 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/Funds record all investments at fair value in their respective financial statements, with changes in fair value reported as a component of net realized gains (losses) and net change in unrealized gains (losses) in the respective Statements of Income and Expenses.

21

Results of Operations

During the Partnership’s first quarter of 2022, the net asset value per Redeemable Unit for Class A increased 8.5% from $2,290.21 to $2,484.30 as compared to an increase of 35.1% in the first quarter of 2021. During the Partnership’s first quarter of 2022, the net asset value per Redeemable Unit for Class D increased 8.5% from $1,816.10 to $1,970.01 as compared to an increase of 35.1% in the first quarter of 2021. During the Partnership’s first quarter of 2022, the net asset value per Redeemable Unit for Class Z increased 8.7% from $1,864.35 to $2,026.21 as compared to an increase of 35.3% in the first quarter of 2021. The Partnership experienced a net trading gain before fees and expenses during the first quarter of 2022 of $15,059,228. Gains were primarily attributable to the Partnership’s/Funds’ trading of commodity futures in energy and softs and were partially offset by losses in currencies, grains, livestock, and metals. The Partnership experienced a net trading gain before fees and expenses during the first quarter of 2021 of $37,016,883. Gains were primarily attributable to the Partnership’s/Funds’ trading of commodity futures in energy, grains, metals and softs and were partially offset by losses in currencies and livestock.

During the first quarter of 2022, the most notable gains were experienced during January, February, and March from long positions in natural gas futures as prices rallied to start the year on tight gas storage supplies and steady winter heating demand. Additional gains within the energies were experienced from long futures positions in crude oil and refined oil products as prices advanced in the lead up to Russia’s invasion of Ukraine. Further gains in the energy markets were recorded from long futures positions in coal, carbon emission allowances, and electrical power. Within the soft commodities, gains were recorded during March from long positions in sugar, cotton, and cocoa futures as inflationary pressures pushed commodity prices higher. The Partnership’s overall trading gains for the quarter were partially offset by small trading losses within the grains markets during March from short positions in wheat futures as prices spiked early in the month as demand for U.S. grain exports advanced. Losses were recorded in the metals sector throughout the quarter from positions in both industrial and precious metals. Smaller losses were incurred within the livestock sector during January from short positions in lean hog futures as prices moved higher on increased demand from pork processors.

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/Funds depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends. Price trends are influenced by, among other 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/Funds 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 Funds’) 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/Funds will not receive interest on amounts in the futures brokerage account that are committed to margin. Any interest earned on the Partnership’s and/or the Funds’ 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 Funds, as applicable. Interest income earned for the three months ended March 31, 2022 increased by $14,291 as compared to the corresponding period in 2021. The increase in interest income was primarily due to higher interest rates and average daily equity during the three months ended March 31, 2022 as compared to the corresponding period in 2021. 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 Funds’ accounts, (2) the amount of U.S. Treasury bills and/or money market mutual fund securities held by the Partnership and/or the Funds and (3) interest rates over which none of the Partnership, the Funds or MS&Co. has control.

Certain clearing fees are based on the number of trades executed by the Advisors for the Partnership/Funds. Accordingly, they must be compared in relation to the number of trades executed during the period. Clearing fees related to direct investments for the three months ended March 31, 2022 decreased by $76,027 as compared to the corresponding period in 2021. 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 months ended March 31, 2022 as compared to the corresponding period in 2021.

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 months ended March 31, 2022 increased by $58,429 as compared to the corresponding period in 2021. The increase was due to higher average adjusted net assets during the three months ended March 31, 2022 as compared to the corresponding period in 2021.

22

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 months ended March 31, 2022 increased by $73,841 as compared to the corresponding period in 2021. The increase was due to higher average net assets during the three months ended March 31, 2022 as compared to the corresponding period in 2021.

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 months ended March 31, 2022 increased by $59,811 as compared to the corresponding period in 2021. This increase was due to higher average net assets during the three months ended March 31, 2022 as compared to the corresponding period in 2021.

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 months ended March 31, 2022 and 2021 resulted in incentive fees of $2,905,394 and $6,802,246, 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.

As of March 31, 2022 and December 31, 2021, the Partnership’s assets were allocated among the Advisors in the following approximate percentages:

Advisor	March 31, 2022		March 31, 2022 (percentage of Partners’ Capital)		December 31, 2021		December 31, 2021 (percentage of Partners’ Capital)
Millburn	$	29,899,133		22%	$	28,587,320		22%
Ospraie		31,285,170		23%		28,131,705		22%
Pan		28,039,577		20%		25,139,538		20%
Northlander		10,389,640		7%		11,684,330		9%
Geosol		23,406,029		17%		20,926,427		16%
Unallocated		15,941,701		11%		13,441,104		11%

For additional disclosures about operational and financial risk related to the

COVID-19

outbreak, refer to Part II, Item 5. “Other Information.” in this Form

10-Q.

23

Item 3.  

Quantitative and Qualitative Disclosures about Market Risk

.

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

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

Market movements result in frequent changes in the fair value of the Partnership’s/Funds’ open positions and, consequently, in their earnings and cash balances. The Partnership’s/Funds’ 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/Funds’ open positions and the liquidity of the markets in which they trade.

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

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

The following quantitative disclosures regarding the Partnership’s/Funds’ market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act 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/Funds account for open positions on the basis of fair value accounting principles. Any loss in the market value of the Partnership’s/Funds’ open positions is directly reflected in the Partnership’s/Funds’ earnings and cash flow.

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

“Value at Risk” is a measure of the maximum amount which the Partnership/Funds could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s/Funds’ speculative trading and the recurrence in the markets traded by the Partnership/Funds of market movements far exceeding expectations could result in actual trading or

non-trading

losses far beyond the indicated Value at Risk or the Partnership’s/Funds’ experience to date (i.e., “risk of ruin”). In light of the foregoing, as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s/Funds’ losses in any market sector will be limited to Value at Risk or by the Partnership’s/Funds’ attempts to manage their market risk.

Exchange margin requirements have been used by the Partnership/Funds as the measure of their Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in

95%-99%

of any

one-day

interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term

one-day

price fluctuation.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market sensitive instruments. Northlander and Geosol trade the Partnership’s assets indirectly in master fund managed accounts established in the name of the master funds over which they have been granted limited authority to make trading decisions. Millburn, Ospraie and Pan 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 Funds. 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, 2021.

24

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of March 31, 2022. As of March 31, 2022, the Partnership’s total capitalization was $138,961,250.

March 31, 2022
Market Sector	Value at Risk		% of Total       Capitalization
Currencies	$	61,490		0.04	%
Energy		9,004,986		6.48
Grains		2,726,092		1.96
Livestock		65,120		0.05
Metals		1,077,662		0.78
Softs		859,377		0.62
Total	$	13,794,727		9.93	%

The following table indicates the trading Value at Risk associated with the Partnership’s open positions by market category as of December 31, 2021. As of December 31, 2021, the Partnership’s total capitalization was $127,910,424.

December 31, 2021
Market Sector	Value at Risk		% of Total       Capitalization
Currencies	$	94,600		0.08	%
Energy		6,985,797		5.46
Grains		470,493		0.37
Livestock		81,180		0.06
Metals		910,596		0.71
Softs		844,031		0.66
Total	$	9,386,697		7.34	%

The following tables indicate the trading Value at Risk associated with the Partnership’s direct investments and indirect investment in the Funds as of March 31, 2022 and December 31, 2021, and the highest, lowest and average values during the three months ended March 31, 2022 and the twelve months ended December 31, 2021. All open contracts trading risk exposures have been included in calculating the figures set forth below.

As of March 31, 2022 and December 31, 2021, the Partnership’s Value at Risk for the portion of its assets that are traded directly was as follows:

March 31, 2022
						Three Months Ended March 31, 2022
Market Sector	Value at Risk		% of Total   Capitalization			High     Value at Risk		Low     Value at Risk		Average   Value at Risk *
Currencies	$	61,490		0.04	%	$	112,860	$	27,610	$	64,862
Energy		5,891,686		4.24			7,379,838		4,917,284		6,323,624
Grains		2,726,092		1.96			2,726,092		385,530		790,944
Livestock		65,120		0.05			161,389		39,820		87,295
Metals		1,077,662		0.78			1,575,045		645,208		1,023,459
Softs		859,377		0.62			1,684,245		811,591		1,168,494
Total	$	10,681,427		7.69	%

*      Average of daily Values at Risk.

25

December 31, 2021
						Twelve Months Ended December 31, 2021
Market Sector	Value at Risk		% of Total   Capitalization			High     Value at Risk		Low     Value at Risk		Average   Value at Risk *
Currencies	$	94,600		0.07	%	$	122,815	$	-	$	34,894
Energy		5,371,868		4.20			7,462,084		1,836,386		3,525,980
Grains		470,493		0.37			1,842,907		301,478		946,454
Livestock		81,180		0.06			748,599		32,615		234,921
Metals		910,596		0.71			2,702,004		357,295		1,494,999
Softs		844,031		0.66			1,213,593		266,446		770,096
Total	$	7,772,768		6.07	%

*      Annual average of daily Values at Risk.

As of March 31, 2022, GSL Master’s total capitalization was $24,021,756, and the Partnership owned 100% of GSL Master. As of March 31, 2022, GSL Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to GSL Master for trading) was as follows:

March 31, 2022
						Three Months Ended March 31, 2022
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Energy	$	32,887		0.14	%	$	521,514	$	20,164	$	144,305
Total	$	32,887		0.14	%

*      Average of daily Values at Risk.

As of December 31, 2021, GSL Master’s total capitalization was $20,925,571, and the Partnership owned 100% of GSL Master. As of December 31, 2021, GSL Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to GSL Master for trading) was as follows:

December 31, 2021
						Twelve Months Ended December 31, 2021
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Energy	$	252,733		1.21	%	$	4,098,617	$	-	$	564,146
Total	$	252,733		1.21	%

*      Annual average of daily Values at Risk.

26

As of March 31, 2022, NL Master’s total capitalization was $38,932,489, and the Partnership owned approximately 27.5% of NL Master. As of March 31, 2022, NL Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to NL Master for trading) was as follows:

March 31, 2022
						Three Months Ended March 31, 2022
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Energy	$	11,201,500		28.77	%	$	12,115,826	$	2,176,917	$	6,024,722
Total	$	11,201,500		28.77	%

*      Average of daily Values at Risk.

As of December 31, 2021, NL Master’s total capitalization was $42,253,950, and the Partnership owned approximately 26.0% of NL Master. As of December 31, 2021, NL Master’s Value at Risk for its assets (including the portion of the Partnership’s assets allocated to NL Master for trading) was as follows:

December 31, 2021
						Twelve Months Ended December 31, 2021
Market Sector	Value at Risk		% of Total Capitalization			High Value at Risk		Low Value at Risk		Average Value at Risk *
Energy	$	5,235,369		12.39	%	$	12,881,816	$	670,621	$	3,221,401
Total	$	5,235,369		12.39	%

*      Annual average of daily Values at Risk.

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Item 4.

Controls and Procedures

.

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

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

The General Partner’s President and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules

13a-15(e)

and

15d-15(e)

under the Exchange Act) as of March 31, 2022, 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 March 31, 2022 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

.

This section describes the major pending legal proceedings, other than ordinary routine litigation incidental to the business, to which MS&Co. 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.”).

MS&Co. 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 MS&Co. As a consolidated subsidiary of Morgan Stanley, MS&Co. 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 2021, 2020, 2019, 2018, and 2017. In addition, MS&Co. 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 MS&Co.’s 2020 Audited Financial Statement.

In addition to the matters described in those filings, in the normal course of business, each of Morgan Stanley and MS&Co. 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 legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Each of Morgan Stanley and MS&Co. is also involved, from time to time, in investigations and proceedings by governmental and/or regulatory agencies or self-regulatory organizations, certain of which may result in adverse judgments, fines or penalties. The number of these investigations and proceedings has increased in recent years with regard to many financial services institutions, including Morgan Stanley and MS&Co.

MS&Co. is a Delaware limited liability company with its main business office located at 1585 Broadway, New York, New York 10036. Among other registrations and memberships, MS&Co. is registered as a futures commission merchant and is a member of the National Futures Association.

During the preceding five years, the following administrative, civil, or criminal actions pending, on appeal or concluded against MS&Co. or any of its principals are material within the meaning of CFTC Rule 4.24(l)(2) or 4.34(k)(2):

29

Regulatory and Governmental Matters.

On September 28, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. regarding violations of CFTC Rule 166.3 by failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on multiple exchanges. The order and settlement required MS&Co. to pay a $500,000 penalty and cease and desist from violating CFTC Rule 166.3.

On November 2, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. for

non-compliance

with applicable rules governing Part 17 Large Trader reports to the CFTC. The order requires MS&Co. to pay a $350,000 penalty and cease and desist from further violations of the Commodity Exchange Act.

On September 30, 2020, the SEC entered into a settlement order with MS&Co. settling an administrative action which relates to MS&Co.’s violations of the order marking requirements of Regulation SHO of the Exchange Act resulting from its improper use of aggregation units in structuring the Firm’s equity swaps business. The order found that MS&Co. improperly operated its equity swaps business without netting certain “long” and “short” positions as required by Rule 200(c) of Regulation SHO. The order found that the long exposure to an equity security (the “Long Unit”) and the short exposure to an equity security (the “Short Unit”) were not independent from one another and did not have separate trading strategies or objectives without regard to each other, and that the Long and Short Units were not eligible for the exception in Rule 200(f) of Regulation SHO. The order found that MS&Co. willfully violated Section 200(g) of Regulation SHO. MS&Co. consented, without admitting or denying the findings and without adjudication of any issue of law or fact, to a censure; to cease and desist from committing or causing future violations; to pay a civil penalty of $5 million; and to comply with the undertaking enumerated in the order.

Civil Litigation

On August 18, 2009, Relators Roger Hayes and C. Talbot Heppenstall, Jr., filed a qui tam action in New Jersey state court styled

State of New Jersey ex. rel. Hayes v. Bank of America Corp., et al

. The complaint, filed under seal pursuant to the New Jersey False Claims Act, alleged that the Company and several other underwriters of municipal bonds had defrauded New Jersey issuers by misrepresenting that they would achieve the best price or lowest cost of capital in connection with certain municipal bond issuances. On March 17, 2016, the court entered an order unsealing the complaint. On November 17, 2017, Relators filed an amended complaint to allege the Company mispriced certain bonds issued in twenty-three bond offerings between 2008 and 2017, having a total par amount of $6,946 million. The complaint seeks, among other relief, treble damages. On February 22, 2018, the Company moved to dismiss the amended complaint, and on July 17, 2018, the court denied the Company’s motion. On October 13, 2021, following a series of voluntary and involuntary dismissals, Relators limited their claims to certain bonds issued in five offerings the Company underwrote between 2008 and 2011, having a total par amount of $3,856 million.

30

On May 17, 2013, plaintiff in

IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al.

filed a complaint against MS&Co. and certain affiliates in the Supreme Court of the State of New York County (“Supreme Court of NY”). The complaint alleges that defendants made material misrepresentations and omissions in the sale to 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 MS&Co. to plaintiff was approximately $133 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part MS&Co.’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $116 million. On August 11, 2016, the Appellate Division, First Department (“First Department”) affirmed the trial court’s decision denying in part MS&Co.’s motion to dismiss the complaint. At December 25, 2019, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $22 million, and the certificates had incurred actual losses of $58 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $22 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, plus

pre-

and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

In August of 2017, MS&Co. was named as a defendant in a purported antitrust class action in the United States District Court for the Southern District of New York (“SDNY”) styled

Iowa Public Employees’ Retirement System et al. v. Bank of America Corporation et al.

Plaintiffs allege, inter alia, that MS&Co., together with a number of other financial institution defendants, violated U.S. antitrust laws and New York state law in connection with their alleged efforts to prevent the development of electronic exchange-based platforms for securities lending. The class action complaint was filed on behalf of a purported class of borrowers and lenders who entered into stock loan transactions with the defendants. The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble damages. On September 27, 2018, the court denied the defendants’ motion to dismiss the class action complaint. A decision on plaintiffs’ motion for class certification is pending.

Settled Civil Litigation

On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against MS&Co., styled

China

Development Industrial Bank v. Morgan Stanley

 & Co. Incorporated et al.

, in the Supreme Court of NY. The complaint related to a $275 million credit default swap (“CDS”) referencing the super senior portion of the STACK

2006-1

CDO. The complaint asserted claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that MS&Co. misrepresented the risks of the STACK

2006-1

CDO to CDIB, and that MS&Co knew that the assets backing the CDO were of poor quality when it entered into the CDS with CDIB. On March 22, 2021, the parties entered into a settlement agreement. On April 16, 2021, the court entered a stipulation of voluntary discontinuance, with prejudice.

31

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against MS&Co. and other defendants in the Circuit Court of the State of Illinois, styled

Federal Home Loan Bank of

 Chicago

 v.

 Bank of America Funding Corporation

 et al.

A corrected amended complaint was filed on April 8, 2011, which alleges that defendants made untrue statements and material omissions in the sale to plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS&Co. at issue in the action was approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On November 4, 2021, the Firm entered into an agreement to settle the litigation.

On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against MS&Co. and other defendants in the Superior Court of the Commonwealth of Massachusetts styled

Federal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al.

An amended complaint was filed on June 29, 2012 and alleged that defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $385 million. The amended complaint raised claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed its claims against MS&Co. with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to plaintiff by MS&Co. was approximately $332 million. On July 13, 2018, the parties reached an agreement in principle to settle the litigation.

On May 3, 2013, plaintiffs in

Deutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al.

filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleged that defendants made material misrepresentations and omissions in the sale to plaintiffs 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 MS&Co. to plaintiff was approximately $634 million. The complaint alleged causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and sought, among other things, compensatory and punitive damages. On June 26, 2018, the parties entered into an agreement to settle the litigation.

On April 1, 2016, the California Attorney General’s Office filed an action against MS&Co. in California state court styled

California v. Morgan Stanley, et al.

, on behalf of California investors, including the California Public Employees’ Retirement System and the California Teachers’ Retirement System. The complaint alleged that MS&Co. made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV, and asserted violations of the California False Claims Act and other state laws and sought treble damages, civil penalties, disgorgement, and injunctive relief. On April 24, 2019, the parties reached an agreement to settle the litigation.

32

Beginning on March 25, 2019, MS&Co. was named as a defendant in a series of putative class action complaints filed in the United States District Court for the SDNY, the first of which is styled

Alaska Electrical Pension Fund v.

BofA

Secs., Inc., et al

. Each complaint alleged a conspiracy to fix prices and restrain competition in the market for unsecured bonds issued by the following Government-Sponsored Enterprises: the Federal National Mortgage Association; the Federal Home Loan Mortgage Corporation; the Federal Farm Credit Banks Funding Corporation; and the Federal Home Loan Banks. The purported class period for each suit is from January 1, 2012 to June 1, 2018. Each complaint raised a claim under Section 1 of the Sherman Act and sought, among other things, injunctive relief and treble compensatory damages. On May 23, 2019, plaintiffs filed a consolidated amended class action complaint styled

In

re GSE Bonds Antitrust Litigation

, with a purported class period from January 1, 2009 to January 1, 2016. On June 13, 2019, the defendants filed a joint motion to dismiss the consolidated amended complaint. On August 29, 2019, the court denied MS&Co.’s motion to dismiss. On December 15, 2019, MS&Co. and certain other defendants entered into a stipulation of settlement to resolve the action as against each of them in its entirety. On June 16, 2020, the court granted final approval of the settlement.

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

33

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, 2021 other than as disclosed in Note 7, “Financial Instrument Risks,” of the Financial Statements.

Item 2.    

Unregistered Sales of Equity Securities and Use of Proceeds

.

For the three months ended March 31, 2022, there were subscriptions of 748.8100 Class A Redeemable Units totaling $1,758,000 and 26.8190 Class Z Redeemable Units totaling $50,000. 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 **	(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 by Purchased Under the  Plans or Programs
January 1, 2022 -January 31, 2022	277.8680	$                      2,360.13	N/A	N/A
February 1, 2022 -February 28, 2022	106.5280	$                      2,412.32	N/A	N/A
March 1, 2022 - March 31, 2022	303.2410	$                      2,484.30	N/A	N/A
	687.6370	$                      2,422.97

* 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

.

Certain impacts to public health conditions particular to the coronavirus

(COVID-19)

outbreak that occurred after December 31, 2021 could impact the operations and financial performance of the Partnership’s investments subsequent to March 31, 2022. The extent of the impact to the financial performance of the Partnership’s investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of the Partnership’s investments is impacted because of these factors for an extended period, the Partnership’s performance may be adversely affected.

34

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).

35

SIGNATURES

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

CERES TACTICAL COMMODITY L.P.

By:	Ceres Managed Futures LLC
	(General Partner)
By:	/s/ Patrick T. Egan
	Patrick T. Egan
	President and Director
Date:	May 11, 2022
By:	/s/ Brooke Lambert
	Brooke Lambert
	Chief Financial Officer
	(Principal Accounting Officer)
Date:	May 11, 2022

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

36