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 2025-01-01
 2025-03-31

 fpf: Number

 UNITED
STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM

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

 EXCHANGE
ACT OF 1934

 For
the Fiscal Year Ended December 31, 2024

 Commission
file number: 000-50728

 LOCORR
FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

 Organized
in Maryland

 IRS Employer Identification No.: 52-1627106

 c /o
Steben & Company, LLC

 687 Excelsior Boulevard

 Excelsior,
 MN 55331

Telephone: (952) 767-6900

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

 Securities
to be registered pursuant to Section 12(g) of the Act: Limited partner interests

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
 No

by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive
Data File required to be submitted and posted 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 and post such files). Yes No

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definition of "accelerated filer," "large accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

 Large
 Accelerated Filer

 Accelerated
 Filer

 Non-Accelerated
 Filer

 Smaller
 reporting company

 Emerging
 growth company

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

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 Aggregate
market value of the voting and non-voting common equity held by non-affiliates: N/A.

 Table
of Contents

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 Selected Financial Data

 Item 7.

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

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 10.

 Directors, Executive Officers, and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Signatures

 PART
I

 Item
 1.
 Business

Futures Portfolio Fund, Limited Partnership ("Fund") is a Maryland limited partnership, was formed on May 11, 1989
and began trading on January 2, 1990. Using professional trading advisors, the Fund engages in the speculative trading of futures
contracts, forward currency contracts and other financial instruments traded in the United States ("U.S.") and internationally.
The Fund primarily trades within seven market sectors: agricultural commodities, currencies, energy products, equity indices,
interest rate instruments, metals and single stock futures.

 The
Fund's fiscal year ends each December 31 unless terminated earlier as provided in the Seventh Amended and Restated Limited
Partnership Agreement ("Partnership Agreement"). At December 31, 2024, the capitalization of the Fund and net asset
value per limited partner interest ("Units") was as follows:

 Class of Units

 Capitalization

 Net Asset

Value

per Unit

 $
 70,212,384

 $

 9,733

 30,691,082

 296,265

 6,907,989

 Total

 $
 108,117,453

 The
Fund's assets are allocated among professional trading advisors ("Trading Advisors"). Portions of the Fund's
assets may be allocated to other investment funds or pools at the discretion of Steben & Company, LLC ("General Partner").
The General Partner is responsible for selecting and monitoring the Trading Advisors, and the General Partner may add new Trading
Advisors in the future, terminate the current Trading Advisors, and will, in general, allocate and reallocate the Fund's
assets among the Trading Advisors as it deems is in the best interests of the Fund and without prior notice to investors.

 The
Fund maintains margin deposits and reserves in cash, U.S. Treasury securities, registered U.S. money market funds, commercial
paper, certificates of deposit, asset backed securities and corporate notes in accordance with Commodity Futures Trading Commission
("CFTC") rules. All related income earned accrues to the benefit of the Fund.

 The
Fund's business constitutes only one segment for financial reporting purposes. The Fund does not engage in material operations
in foreign countries, although it does trade on international futures markets, nor is a material portion of its revenues derived
from foreign customers.

Partner

 Under
the Partnership Agreement, management of all aspects of the Fund's business and administration is carried out exclusively
by the General Partner, a Maryland limited liability company originally organized in February 1989. The General Partner is registered
with the CFTC as a commodity pool operator and is also registered with the U.S. Securities and Exchange Commission ("SEC")
as an investment adviser. The General Partner is a member of the National Futures Association ("NFA").

 The
General Partner manages all aspects of the Fund's business, including selecting the Fund's trading advisors; allocating
the Fund's assets among them; investing a portion of the Fund's assets in other investment pools; selecting the Fund's
futures broker(s), accountants and attorneys; computing the Fund's net assets; reporting to limited partners; directing
the allocation of excess margin monies; and processing subscriptions and redemptions. The General Partner maintains office facilities
for and furnishes administrative and clerical services to the Fund. There have been no material administrative, civil or criminal
actions within the past five years against the General Partner or its principals, and no such actions currently are pending.

Advisors

 As
of February 28, 2025, the Trading Advisors of the Fund and the allocation of the Fund's trading level are reflected as follows:

 %
 of Total
 Allocations

 Crabel Capital Management, LLC

 31.8
 %

 Millburn Ridgefield Corporation

 20.3

 Graham Capital Management, LP

 15.1

 Transtrend BV

 13.4

 R.G. Niederhoffer Capital Management, Inc.

 10.1

 East X, LLP

 9.4

 Fulcrum Asset Management LLP

 0.0

 These
allocations are subject to change at the General Partner's sole discretion.

 An
objective of the Fund's multi-manager approach is to reduce the Fund's volatility without sacrificing overall rates
of return. Trading Advisors are selected by the General Partner based on a number of operational and performance factors.

Agents

 The
General Partner acts as a selling agent for the Fund. The General Partner has and intends to continue to appoint certain other
broker-dealers registered under the Securities Exchange Act of 1934, as amended ("1934 Act"), and members of FINRA,
to act as additional selling agents with respect to Class A, A2, B, I and R Units. As of March 1, 2023, Class A3 Units are no
longer being offered. Selling agents are selected to assist in the making of offers and sales of Class A, A2, B, I and R Units.
The Fund currently has approximately 100 selling agents. The selling agents are not required to purchase any Class A, A2, B, I
or R Units, or sell any specific number or dollar amount of Class A, A2, B, I and R Units, but instead use their best efforts
to sell such Units. Where the General Partner acts as the selling agent it may retain any selling agent fees.

 Futures
Brokers and Forward Currency Counterparties

 The
Fund's futures trading is currently conducted with SG Americas Securities, LLC ("SGAS"), Goldman Sach &
Company, LLC ("Goldman"), and Deutsche Bank Securities, Inc. ("DBSI"). The Fund's forward currency
trading is conducted with Soci t G n rale International Limited ("SGIL") and Deutsche
Bank AG. SGAS and SGIL are wholly owned subsidiaries of Soci t G n rale. Soci t G n rale
is one of the largest financial institutions in Europe. DBSI is an indirect, wholly owned subsidiary of Deutsche Bank AG, one
of the largest bank holding companies in Europe.

 The
General Partner may, in its discretion, have the Fund use other futures brokers, swap or forward currency counterparties if it
deems it to be in the best interest of the Fund.

 Cash
Managers

 The
Fund has engaged Principal Global Investors, LLC ("PGI" or the "Cash Manager") to provide cash management
services to the Fund. PGI manages the Fund's cash and excess margin through investments in fixed income instruments, pursuant
to investment parameters established by the General Partner.

of Current Charges

 Charges

 Amount

 Advisor Management Fees

 Each
 class of Units incurs monthly trading advisor management fees, payable monthly or quarterly
 in arrears, to the Trading Advisors (based on the assets under their management). The
 fees range from 0% to 3% annually.

 Advisor Incentive Fees

 Each
 class of Units incurs quarterly or annual trading advisor incentive fees, payable in
 arrears to the Trading Advisors, for any "Net New Trading Profits" generated
 on the portion of the Fund the respective Trading Advisor manages. The incentive fees
 range from 0% to 30%.

 Net
 New Trading Profits are calculated based on formulas defined in each Trading Advisor's trading agreement. In determining
 Net New Trading Profits, any trading losses generated by the respective Trading Advisor for the Fund in prior periods
 are carried forward, so that the incentive fee is assessed only if and to the extent the profits generated by the Trading
 Advisor for the period exceed any losses from prior periods. The loss carry-forward is proportionally reduced if and to
 the extent the Fund reduces the amount of assets allocated to the Trading Advisor.

 Brokerage
 Commissions and Trading Expenses

 The
 Fund incurs brokerage commissions and expenses on U.S. futures exchanges at an average
 of $2.61 per "round-turn" futures transaction (includes NFA, execution, clearing
 and exchange fees). Brokerage commissions and expenses may be higher for trades executed
 on certain foreign exchanges.

 Cash
 Manager Fees

 Each
 class of Units incurs a monthly cash manager fee, payable in arrears to the Cash Manager,
 equal to approximately 1/12 th of 0.15% of the investments in securities and
 certificates of deposit.

 Partner Management Fee

 The
 Fund incurs a monthly fee on Class A, A2, B, and R Units equal to 1/12 th of
 1.5% of the month-end net asset value of the Class A, A2, B and R Units, payable in arrears.
 The Fund incurs a monthly fee on Class I Units equal to 1/12 th of 0.75% of
 the month-end net asset value of the Class I Units, payable in arrears.

 Partner Performance Fee

 The
 Fund incurs a monthly fee on Class I Units equal to 7.5% of any Net Profits of the Class
 I Units calculated monthly. The general partner performance fee is payable quarterly
 in arrears.

 In
 determining Net Profits, any net losses incurred by the Class I Units in prior periods are carried forward, so that the
 incentive fee is assessed only if and to the extent the profits generated by the Class I units exceed any losses from
 prior periods.

 Partner 1 percent allocation

 Each
 year, the General Partner receives an annual allocation of 1% of net income earned by
 the Fund or pays to the Fund 1% of any net loss incurred by the Fund.

 Agent Fees and Broker Dealer Servicing Fees

 The
 General Partner charges monthly selling agent fees and/or broker dealer servicing fees
 to certain classes of units, as follows:

Class A Units pay a 2% per annum selling agent fee.

Class A2 Units may pay an up-front sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee.

 Class B Units pay a 0.2% per annum broker dealer servicing fee.

 The
 General Partner, in turn, pays selling agent fees and broker dealer servicing fees to the respective selling agents. If
 selling agent fees are not paid to the selling agents, such portions of the selling agent fees may be retained by the
 General Partner.

 Administrative
 Fee

 Each
 class of Units incur a monthly General Partner administrative fee equal to 1/12 th
 of 0.45% of Fund net assets at the end of each month, payable in arrears. In return,
 the General Partner provides operating and administrative services, including accounting,
 audit, legal, marketing, and administration (exclusive of extraordinary costs and administrative
 expenses charged by other commodity pools with which the Fund may have investments).
 The General Partner uses a portion of this fee to pay third party service providers.

Sectors

 The
Fund trades speculatively, through the allocation of its assets to Trading Advisors, in U.S. and international futures markets,
and may trade or hold futures, forwards, swaps or options. Specifically, the Fund trades futures on agricultural commodities,
currencies, energy products, equity indices, interest rate instruments, metals and single stock futures. The Fund also trades
forward currency contracts and may trade options, swaps and other forwards other than currencies in the future.

Types

 The
Fund trades on a variety of U.S. and international futures exchanges. As in the case of its market sector allocations, the Fund's
commitments to different types of markets - U.S. and non-U.S., regulated and non-regulated - differ substantially from time to
time, as well as over time, and may change at any time if a Trading Advisor, with the approval of the General Partner, determines
such change to be in the best interests of the Fund.

 Regulations

 The
Fund is a registrant with the SEC pursuant to the 1934 Act. As a registrant, the Fund is subject to the regulations of the SEC
and the reporting requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the CFTC, an agency
of the U.S. government, which regulates most aspects of the commodity futures industry; rules of the NFA, an industry self-regulatory
organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject
to the requirements of futures commission merchants, futures brokers and Interbank market makers through which the Fund trades.

 Commodity
exchanges in the U.S. are subject to regulation under the Commodity Exchange Act ("CEAct"), by the CFTC, the governmental
agency having responsibility for regulation of commodity exchanges and commodity interest trading conducted thereon. The function
of the CFTC is to implement the objectives of the CEAct of preventing price manipulation and excessive speculation and promoting
orderly and efficient commodities markets. In addition, the various commodity exchanges themselves exercise regulatory and supervisory
authority over their members.

 The
CFTC has exclusive authority to designate exchanges for the trading of specific futures contracts and options on futures contracts
and physicals and to prescribe rules and regulations for the marketing of each. The CFTC also possesses exclusive jurisdiction
to regulate the activities of commodity trading advisors, commodity pool operators, introducing brokers, futures commodity merchants,
swap dealers and floor brokers, among others, and may suspend, modify or terminate the registration of any registrant for failure
to comply with CFTC rules or regulations. Furthermore, the CEAct establishes an administrative procedure under which commodity
customers may institute complaints for damages arising from alleged violations of the CEAct by persons registered with the CFTC
("reparations"). The CEAct also gives the states certain powers to enforce its provisions and the regulations of the
CFTC.

 Pursuant
to authority in the CEAct, the NFA has been formed and registered with the CFTC as a "registered futures association."
At the present time, the NFA is the only non-exchange self-regulatory organization for commodities professionals. The CFTC has
delegated to the NFA responsibility for certain registration processing. The General Partner, the Fund's futures brokers
and swap dealers are members of the NFA (the Fund itself is not required to become a member of the NFA). As members, they are
subject to NFA standards relating to fair trade practices, financial condition and consumer protection. As the self-regulatory
body of the commodities industry, the NFA promulgates rules governing the conduct of commodity professionals and disciplines those
professionals which do not comply with such standards. The NFA also arbitrates disputes between members and their customers and
conducts registration and fitness screening of applicants for membership and audits of its existing members.

 The
regulations of the CFTC and the NFA prohibit any representation by a person registered with the CFTC or by any member of the NFA
that such registration or membership, respectively, in any respect indicates that the CFTC or the NFA, as the case may be, has
approved or endorsed such person or such person's trading program or objectives. The registrations and memberships described
above must not be considered as constituting any such approval or endorsement. No commodity exchange has given or will give any
such approval or endorsement.

 The
regulation of commodity trading in the U.S. and other countries is an evolving area of law, particularly in the context of implementing
various aspects of Dodd-Frank and similar laws being implemented in other countries. The various statements made herein are subject
to modification by legislative action and changes in the rules and regulations of the CFTC, NFA, and commodity exchanges or other
regulatory bodies.

 Competition

 The
Fund operates in a competitive environment in which it faces several forms of competition, including, without limitation, the
following:

 The Fund competes with other commodity pools and other
investment vehicles for investors.

 The
Trading Advisors may compete with other traders in the markets in establishing or liquidating positions on behalf of the Fund.

 Available
Information

 The
Fund files Forms 10-Q, 10-K, 8-K, 3 and 4, as required, with the SEC. The public may read and copy any materials filed with the
SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Additional information about the Reference
Room may be obtained by calling the SEC at (800) SEC-0330. Reports filed electronically with the SEC may be found at

 Reports
to Security Holders

 None.

 Enforceability
of Civil Liabilities Against Foreign Persons

 None.

 Item
 1A.
 Risk
 Factors

 No
Limitations on Trading Policies

 The
Fund's Partnership Agreement places no limitation on the trading policies the General Partner may pursue for the Fund.

 Potential
Increase in Leverage

 The
General Partner may increase the leverage used with a particular Trading Advisor by the use of notional funds. Notional funds
are used when a Trading Advisor is instructed to trade an account according to its trading system under the assumption that the
account is larger than the actual cash or securities on hand. This additional leverage, while creating additional profit potential
which the General Partner feels may be appropriate with certain Trading Advisors in light of the Fund's multi-trader diversification,
also increases the risk of loss to the Fund. It is anticipated that the General Partner will allocate between $1 and $2 to the
Trading Advisors for every $1 of equity in the Fund. Throughout 2024, the Fund maintained a notional trading level of approximately
$1.60 for every $1 of equity in the Fund.

 Volatility

 The
volatility of the Fund is expected to be similar to what it has been in the past, although it could be more or less volatile in
the future depending upon the volatility of the market, the success of the Trading Advisors and the level of notional funding
used by the General Partner in its allocations to the Trading Advisors.

 Liquidity

 Although
the Fund offers monthly redemptions, the Fund may delay payment if special circumstances require, such as a market emergency that
prevents the liquidation of commodity positions or a delay or default in payment to the Fund by a futures broker or a counterparty.

 Fund
Expenses Will Be Substantial

 The
Fund is obligated to pay brokerage expenses, Trading Advisor management and incentive fees, General Partner management and incentive
fees, ongoing selling agent fees, Cash Manager fees and other administrative fees, regardless of whether it realizes profits.
The Fund will need to make substantial trading profits to avoid depletion of its assets from these expenses.

 Reliance
on General Partner

 The
Fund's success depends significantly on the General Partner's ability to select Trading Advisors and support the operations
of the Fund.

 Dependence
on Key Personnel

 The
General Partner is dependent on the services of key management personnel.

 Reliance
on the Trading Advisors

 The
Fund's success depends largely on the ability of its Trading Advisors. There can be no assurance that their trading methods
will produce profits (or not generate losses). Past performance is not necessarily indicative of future results.

 Reliance
on Futures Brokers' Financial Condition

 If
one of the futures brokers becomes insolvent, the Fund might incur a loss of all or a portion of the funds it had deposited directly
or indirectly with such futures broker. There is no government insurance for commodity brokerage accounts. Such a loss could occur
if one of the futures brokers unlawfully failed to segregate its customers' funds or if a customer failed to pay a deficiency
in its account.

 Use
of Cash Manager

 A
significant percentage of the Fund's assets not placed as margin with the futures brokers are managed by PGI. Using investment
guidelines established by the General Partner, PGI may invest the excess margin in U.S. Treasury securities, U.S. and foreign
government sponsored enterprise notes, commercial paper, corporate notes, asset backed securities and certificates of deposit.
Although these investments are considered to be high quality, some of the securities purchased are neither guaranteed by the U.S.
government nor supported by the full faith and credit of the U.S. government. There is some risk that a security issuer may fail
to pay the interest and principal in a timely manner, or that negative perceptions about the issuer's ability to make such
payments will cause the price of these instruments to decline in value.

in Other Investment Pools

 The
Fund invests in other pools. The Fund expects to be liable to those pools (e.g., limited partners), only for the amount of its
investment plus any undistributed profits. However, there can be no assurance in this regard, and the Fund might invest as a general
partner if the situation warranted, and thus be liable for additional amounts. If the Fund does invest in other pools, investors
in the Fund could be subject to additional fees, as the Fund would be charged fees by the other pools.

in pools (or similar investment vehicles), as distinguished from direct participation in the markets, has several potential disadvantages.
Those investments may increase the Fund's expenses, since the Fund will have to pay its pro rata share of the expenses borne
by the investors in the pools, and the pools may have higher expenses. The Fund will generally be a minority investor in those
pools and thus lack control over the pools. The pools might (a) change trading policies, strategies and trading advisors without
prior notice to the Fund; (b) substantially restrict the ability of their investors to withdraw their capital from the pools;
(c) be new ventures with little or no operating history; (d) be general rather than limited partnerships, thus increasing the
Fund's liability; and/or (e) use aggressive leveraging policies.

 Use
of Electronic Trading

 The
Trading Advisors may use electronic trading while implementing their strategies on behalf of the Fund. Electronic trading differs
from traditional methods of trading. Electronic system transactions are subject to the rules and regulations of the exchanges
offering the system or listing the specific contracts. Attributes of electronic trading may vary widely among the various electronic
trading systems with respect to order requirements, processes and administration. There may also be differences regarding conditions
for access and reasons for termination and limitations on the types of orders that may be placed into the system. These factors
may present various risk factors with respect to trading on or using a specific system. Electronic trading systems may also possess
particular risks related to system access, varying response times and security procedures. Internet enabled systems may also have
additional risks associated with service providers and the delivery and monitoring of electronic communications.

 Electronic
trading may also be subject to risks associated with system or component failure. In the event of system or component failure,
it is possible that a Trading Advisor may not be able to initiate new orders, fill existing orders or modify or cancel orders
that were previously entered, as well as exit existing positions. System or component failure may also result in loss of orders
or order priority. Some contracts offered on an electronic trading system may also be traded electronically and through open outcry
during the same trading hours. Exchanges offering an electronic trading system which lists contracts may have implemented rules
to limit their liability, the liability of futures brokers, as well as software and communication system vendors and the damages
that may be collected for system inoperability and delays. These limitations of liability provisions may vary among the various
exchanges.

 Changes
in Trading Strategies

 The
trading strategies of the Trading Advisors are continually developing. The Trading Advisors are free to make any changes in their
trading strategies, without notice, if they feel that doing so will be in the Fund's best interest. The General Partner
will notify the limited partners of any such changes that the General Partner considers material. Changes in commodities or the
markets traded shall not be deemed a change in trading strategy.

 Disadvantages
of Periodic Incentive Fees

 Because
the Trading Advisor incentive fees (if any) are paid on a quarterly or annual basis, they could receive incentive fees for a period
even though their trading for the year was unprofitable. Once an incentive fee is paid, the Trading Advisors retain the fee regardless
of their subsequent performance, but no new incentive fees will be paid until after all previous losses have been recovered.

 Disadvantages
of Multi-Trader Structure

 The
Fund's use of multiple Trading Advisors to conduct its trading has several potential disadvantages. Each Trading Advisor
is paid incentive fees solely on the basis of its trading for the Fund. The Fund, therefore, could have periods in which it pays
fees to one or more Trading Advisors even though the Fund, as a whole, has a loss for the period (because the losses incurred
by the Fund from unprofitable Trading Advisors exceed the profits earned by the Fund from profitable Trading Advisors).

 Because
the Trading Advisors trade independently of each other, they may establish offsetting positions for the Fund. For example, one
Trading Advisor may sell 12 March wheat contracts at the same time another Trading Advisor buys 12 March wheat contracts. The
net effect for the Fund will be the incurring of two brokerage commissions without the potential for earning a profit (or incurring
a loss).

 Under
certain unusual circumstances, the Fund might have to direct a Trading Advisor to liquidate positions in order to generate funds
needed to meet margin calls, to fund the redemption of Units, or to permit the reallocation of funds to another Trading Advisor.
Such liquidations could disrupt the Trading Advisor's trading system or method.

 Disadvantages
of Replacing Trading Advisors

 The
General Partner has the authority to reallocate the Fund's assets among the Trading Advisors, terminate Trading Advisors
and allocate assets to new Trading Advisor(s), or invest the Fund's assets in other investment funds or commodity pools.

Advisors generally have to "make up" previous trading losses incurred by the Fund on portions of the Fund the Trading
Advisors are managing, before they can earn an incentive fee. However, a Trading Advisor might terminate its services to the Fund
or the General Partner might decide to replace a Trading Advisor when it has such a loss carry-forward. The Fund might have to
pay a new Trading Advisor higher advisory fees than are currently being paid to the current Trading Advisor. In addition, the
Fund would lose the potential benefit of not having to pay the Trading Advisor an incentive fee during the time that the Trading
Advisor was generating profits that made up for the prior losses. The replacement Trading Advisor would "start from scratch,"
that is, the Fund would have to pay a new Trading Advisor an incentive fee for each dollar of profit it generated for the Fund,
regardless of the Fund's previous experience.

 Limited
Partners Do Not Participate in Management

 Limited
partners are not entitled to participate in the management of the Fund or the conduct of its business.

 Non-Transferability
of Units

 Investors
may acquire Units only for investment and not for resale, and the Units are transferable only with the General Partner's
consent, provided that the economic benefits of ownership of a limited partner may be transferred or assigned without the consent
of the General Partner. There will be no resale market for the Units. However, limited partners may redeem all or (subject to
certain limitations) any portion of their Units at the end of any month, on five business days' written notice to the General
Partner.

 Possible
Adverse Effect of Large Redemptions

 The
Trading Advisors' trading strategies could be disrupted by large redemptions by limited partners. For example, such redemptions
could require the Trading Advisors to prematurely liquidate futures positions they had established for the Fund.

 Mandatory

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

 Cybersecurity
Breaches

 The
Fund and Traders are subject to risks associated with a breach in their cybersecurity. Cybersecurity is a generic term used to
describe the technology, processes and practices designed to protect networks, systems, computers, programs and data from "hacking"
by other computer users, other unauthorized access and the resulting damage and disruption of hardware and software systems, loss
or corruption of data as well as misappropriation of confidential information. If a cybersecurity breach occurs, the Fund may
incur substantial costs, including (without limitation) those associated with: forensic analysis of the origin and scope of the
breach; increased and upgraded cybersecurity; investment losses from sabotaged trading systems; identity theft; unauthorized use
of proprietary information; litigation; adverse investor reaction; the unauthorized dissemination of confidential and proprietary
information; and reputational damage. Any such breach could expose each of the General Partner, the applicable Trader, and/or
the Fund to civil liability as well as regulatory inquiry and/or action. In addition, any such breach could cause substantial
withdrawals from the Fund.

 Indemnification

 The
Fund is required to indemnify the General Partner, the Trading Advisors and the futures brokers, and their affiliates, against
various liabilities they may incur in providing services to the Fund, provided the indemnified party met the standard of conduct
specified in the applicable indemnification clause. The Fund's indemnification obligations could require the Fund to make
substantial indemnification payments.

 Termination
of Fund

 The
Fund will have an indefinite lifetime, unless terminated earlier as provided in the Partnership Agreement. For example, the General
Partner can withdraw as general partner on 90 days' prior written notice, and such a withdrawal could result in termination
of the Fund. The General Partner has no present intention of withdrawing and intends to continue the Fund business as long as
it believes that it is in the best interest of all partners to do so. In addition, certain other events may occur which could
result in early termination.

 Lack
of Regulation

 The
Fund is not an investment company under the federal securities laws. Thus, limited partners will not have the benefits of federal
regulation of investment companies.

 Conflicts
of Interest

 The
General Partner and its principals have organized and are involved in other business ventures and may have incentives to favor
certain of these ventures over the Fund. The Fund will not share in the risks or rewards of such other ventures. However, such
other ventures will compete for the General Partner's and its principals' time and attention, which might create other
conflicts of interest. The Partnership Agreement does not require the General Partner to devote any particular amount of time
to the Fund.

 The
General Partner or any of its affiliates or any person connected with it may invest in, directly or indirectly, or manage or advise
other investment funds or accounts which invest in assets which may also be purchased or sold by the Fund. Neither the General
Partner nor any of its affiliates nor any person connected with it is under any obligation to offer investment opportunities of
which any of them becomes aware to the Fund or to account to the Fund in respect of (or share with the Fund or inform the Fund
of) any such transaction or any benefit received by any of them from any such transaction, but will allocate such opportunities
on an equitable basis between the Fund and other clients.

 Payment
of Incentive Fees to the Trading Advisors

 The
Trading Advisors are entitled to incentive fees, therefore the Trading Advisors may have an incentive to cause the Fund to make
riskier or more speculative investments than it otherwise would.

 Personal

 The
Trading Advisors, the futures brokers, the General Partner and the principals and affiliates thereof may trade commodity interests
for their own account. In such trading, positions might be taken which are opposite those of the Fund, or that compete with the
Fund's trades.

 Trades
by the Trading Advisors and their Principals

 The
Trading Advisors and their principals may trade for their own accounts in addition to directing trading for client accounts. Therefore,
the Trading Advisors and their principals may be deemed to have a conflict of interest concerning the sequence in which orders
for transactions will be transmitted for execution. Additionally, a potential conflict may occur when the Trading Advisors and
their principals, as a result of a neutral allocation system, testing a new trading system, trading their own proprietary account(s)
more aggressively, or any other actions that would not constitute a violation of fiduciary duties, take positions in their own
proprietary account(s) which are opposite, or ahead of, the position(s) taken for a client. Proprietary accounts, in trading a
new or experimental system, may enter the same markets earlier than (either days before or on the same day) client accounts traded
at the same or other futures commission merchants. Since the principals of the Trading Advisors trade futures and foreign exchange
for their own accounts, there is potentially a conflict of interest between these principals and the Trading Advisors' clients
when allocating prices on trades that are executed by a futures commission merchant at multiple prices. In such instances, the
Trading Advisors use a non-preferential method of fill allocation. The clients of the Trading Advisors will not be permitted to
inspect the personal trading records of the Trading Advisors, futures brokers and forward currency counterparties, or their respective
principals, or the written policies relating to such trading. Client records are not available for inspection due to their confidential
nature.

 Effects
of Speculative Position Limits

 The
CFTC and domestic exchanges have established speculative position limits on the maximum net long or net short futures position
which any person, or group of persons, or group of persons acting in concert, may hold or control in particular futures contracts
or options on futures traded on U.S. commodity exchanges. All commodity accounts owned or controlled by the Trading Advisors and
their principals are combined for speculative position limits. Because speculative position limits allow the Trading Advisors
and their principals to control only a limited number of contracts in any one commodity, the Trading Advisors and their principals
are potentially subject to a conflict among the interests of all accounts the Trading Advisors and their principals control which
are competing for shares of that limited number of contracts. There exists a conflict between the Trading Advisors' interest
in maintaining a smaller position in an individual client's account in order to also provide positions in the specific commodity
to other accounts under management and the personal accounts of the Trading Advisors and their principals. The General Partner
does not believe, however, that the position limits are likely to impair the Trading Advisors' trading for the Fund, although
it is possible the issue could arise in the future.

 To
the extent that position limits restrict the total number of commodity positions which may be held by the Fund and those other
accounts, the Trading Advisors will allocate the orders equitably between the Fund and such other accounts. Similarly, where orders
for the same commodity given on behalf of both the Fund and other accounts managed by the Trading Advisors cannot be executed
in full, the Trading Advisors will equitably allocate between the Fund and such other accounts that portion of the total quantity
able to be executed.

 Other
Activities of the Principals of the Advisors

 Certain
principals of the Trading Advisors are currently engaged, and expect in the future to be engaged, in other activities, some of
which may involve other business activities in the futures industry. In addition, each principal of the Trading Advisors may be
engaged in trading for his own personal account. The principals will have a conflict of interest between their obligations to
devote all of their attention to client accounts and their interests in engaging in other activities. However, the principals
of the Trading Advisors intend to devote substantial attention to the operation and activities of the Trading Advisors consistent
with the division of responsibilities among them as is described herein.

 Fiduciary
Responsibility of the General Partner

 The
General Partner has a fiduciary duty to the Fund to exercise good faith and fairness in all dealings affecting the Fund. If a
limited partner believes this duty has been violated, he/she may seek legal relief under applicable law, for himself/herself and
other similarly situated partners, or on behalf of the Fund. However, it may be difficult for limited partners to obtain relief
because of the changing nature of the law in this area, the vagueness of standards defining required conduct and the broad discretion
given the General Partner in the Partnership Agreement and the exculpatory provisions therein.

Agents

 The
receipt by the selling agents and their registered representatives of continued sales commissions and/or servicing fees for outstanding
Units may give them an incentive to advise limited partners to remain investors in the Fund. These payments cease to the extent
the limited partners withdraw from the Fund.

 The
General Partner Serving as Selling Agent

 The
General Partner also serves as a selling agent for the Fund. As a result, the fees and other compensation received by the General
Partner as selling agent have not been independently negotiated.

 Futures
Brokers

 The
futures brokers affect transactions for customers (including public and private commodity pools), including the Fund, who may
compete with the Fund's transactions including with respect to priorities or order entry. Since the identities of the purchaser
and seller are not disclosed until after the trade, it is possible that the futures brokers could affect transactions for the
Fund in which the other parties to the transactions are the futures brokers' officers, directors, employees, customers or
affiliates. Such persons might also compete with the Fund in making purchases or sales of commodities without knowing that the
Fund is also bidding on such commodities. Since orders are filled in the order in which they are received by a particular floor
broker, transactions for any of such persons might be executed when similar trades for the Fund are not executed or are executed
at less favorable prices. However, in entering orders for the Fund and other customer accounts, including with respect to priorities
of order entry and allocations of executed trades, CFTC regulations prohibit a futures commission merchant from utilizing its
knowledge of one customer's trades for its own or its other customer's benefit.

 Item
 1B.
 Unresolved
 Staff Comments

 None.

 Item
 2.
 Properties

 The
Fund does not use any physical properties in the conduct of its business. Its assets currently consist of futures and other contracts,
cash and fixed income instruments.

 The
General Partner's principal business office is in Excelsior, Minnesota.

 Item
 3.
 Legal
 Proceedings

 None.

 Item
 4.
 Mine
 Safety Disclosures

 Not
applicable.

 PART
II

 Item
 5.
 for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases
 of Equity Securities

Information

 No
class of Units of the Fund is publicly traded. Interests in the Fund may be transferred or redeemed subject to the conditions
imposed by the Partnership Agreement.

 Each
class of Units is offered continuously by selling agents on a best-efforts basis at subsequent closing dates at a price equal
to the net asset value per unit as of the close of business on each applicable closing date, which is the first business day of
each month. The minimum investment for Class A, A2, B and R Units is $10,000, and for Class I Units it is $2,000,000.

 Holders

 As
of February 28, 2025, the number of holder of units by class were:

 Unit

 Class

 Unit

Holders

 A

 A2

 B

 I

 R

 Dividends

 The
General Partner has sole discretion in determining what distributions, if any, the Fund will make to its limited partners. From
inception through the date of this filing, the General Partner has not made any distributions.

 Securities
Authorized for Issuance under Equity Compensation Plans

 No
Units were authorized for issuance under equity compensation plans.

 Recent
Sales of Unregistered Securities and Use of Proceeds from Registered Securities

 There
were no sales of unregistered securities of the Fund during the year ended December 31, 2024.

 The
proceeds of the sale of registered securities are deposited in the Fund's bank and brokerage accounts for the purpose of
engaging in trading activities in accordance with the Fund's trading policies and the Trading Advisors' trading programs.

 Issuer
Purchases of Equity Securities

 All
classes of Units are eligible for redemption on a continuous basis at subsequent closing dates at a price equal to the net asset
value per unit as of the close of business on each applicable closing date, which is the last business day of each month. Redemptions
may be made by a limited partner as of the last business day of any month at the net asset value on such redemption date of the
redeemed Units (or portion thereof) on that date, on five business days' prior written notice to the General Partner. Partial
redemptions must be for at least $1,000, unless such requirement is waived by the General Partner. In addition, if making a partial
redemption, the limited partner must maintain at least $10,000 or his or her original investment amount, whichever is less, in
the Fund unless such requirement is waived by the General Partner.

of Units during the fourth quarter 2024 were as follows:

 October

 November

 Total

 A Units

 Units redeemed

 115.0401

 175.4071

 144.3348

 434.7820

 Average net asset value per unit

 $
 3,893.56

 $
 3,950.90

 $

 $
 3,955.43

 B Units

 Units redeemed

 107.5098

 (42.0798
)

 47.4820

 112.9120

 Average net asset value per unit

 $
 6,647.78

 $
 6,755.73

 $

 $
 6,699.92

 R Units

 Units redeemed

 (0.8063
)

 —

 —

 (0.8063
)

 Average net asset value per unit

 $
 1,116.14

 $
 —

 $
 —

 $
 1,116.14

 There
were no redemptions of Class A2, or I Units during the fourth quarter.

 Item
 6.
 Selected
 Financial Data

 The
following selected financial data of the Fund as of and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020 is derived
from the financial statements that have been audited by RSM US LLP, the Fund's independent registered public accountant.
This financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition
and Results of Operations," and with the Fund's financial statements and notes thereto, included elsewhere in this
Annual Report on Form 10-K.

 Certain
amounts in the selected financial information prior to 2024 have been reclassified to conform to the 2023 presentation without
affecting previously reported partners' capital (net asset value) or net income (loss).

 For the Year Ended December 31,

 2024

 2023

 2022

 2021

 2020

 Income Statement Items

 Net gain (loss) from trading

 $
 2,155,635

 $
 (7,065,396
)

 $
 23,972,708

 $
 19,254,765

 $
 (4,322,350
)

 Interest income

 5,185,309

 4,896,631

 2,228,346

 926,861

 2,478,658

 Net total expenses

 (6,952,578
)

 (6,929,820
)

 (12,485,975
)

 (9,512,311
)

 (10,023,816
)

 $
 388,366

 $
 (9,098,585
)

 $
 13,715,079

 $
 10,669,315

 $
 (11,867,508
)

 Balance Sheet Items

 Total assets

 $
 109,716,323

 $
 121,496,181

 $
 153,866,876

 $
 178,880,992

 $
 184,075,563

 Total partners' capital (net asset value)

 $
 108,117,453

 $
 119,376,040

 $
 151,824,418

 $
 172,437,632

 $
 180,040,735

 Class A Units

 $

 $

 $
 4,372.11

 $
 4,046.32

 $
 3,818.95

 $
 (42.26
)

 $
 (319.59
)

 $
 325.79

 $
 227.37

 $
 (183.44
)

 (1.04
)%

 (7.31
)%

 8.05
 %

 5.95
 %

 (4.58
)%

 Class A2 Units

 $

 $

 $
 1,177.64

 $
 1,074.85

 $
 1,000.45

 $
 3.78

 $
 (70.81
)

 $
 102.79

 $
 74.40

 $
 (33.59
)

 Total return 2

 0.34
 %

 (6.01
)%

 9.56
 %

 7.44
 %

 (3.25
)%

 Class A3 Units (began trading 7/1/19)

 $
 —

 $
 —

 $
 —

 $
 1,041.81

 $
 971.15

 $
 —

 $
 —

 $
 175.50

 $
 70.66

 $
 (34.10
)

 Total return 1

 —
 %

 —
 %

 16.85
 %

 7.28
 %

 (3.39
)%

 Class B Units

 $

 $

 $
 7,224.40

 $
 6,567.70

 $
 6,088.92

 $
 50.47

 $
 (407.43
)

 $
 656.70

 $
 478.78

 $
 (179.52
)

 0.74
 %

 (5.64
)%

 10.00
 %

 7.86
 %

 (2.86
)%

 Class I Units

 $

 $

 $
 1,237.43

 $
 1,114.41

 $
 1,023.49

 $
 19.96

 $
 (58.74
)

 $
 123.02

 $
 90.92

 $
 (20.30
)

 1.69
 %

 (4.75
)%

 11.04
 %

 8.88
 %

 (1.94
)%

 Class R Units

 $

 $

 $
 1,208.56

 $
 1,096.53

 $
 1,014.58

 $
 10.74

 $
 (65.89
)

 $
 112.03

 $
 81.95

 $
 (27.84
)

 0.94
 %

 (5.45
)%

 10.22
 %

 8.08
 %

 (2.67
)%

 Results from past periods are not necessarily indicative of results that may be expected for any future period.

 1 Class A3 Units were introduced in July 2019. Class A3 Units were fully redeemed July 1, 2022. Total return for 2022 is for the period from January 1, 2022 to June 30, 2022.

 The
following unaudited supplementary summarized quarterly data are presented for the three-months ended March 31, June 30, September
30 and December 31, 2024 and 2023.

 March 31, 2024

 $
 12,030,126

 $
 18,185

 $
 5,221,800

 $
 47,364

 $
 1,141,633

 626.82

 175.64

 1,089.65

 191.63

 183.30

 4,679.34

 1,282.47

 7,906.62

 1,370.32

 1,325.97

 87,656,132

 132,784

 37,245,736

 338,696

 8,221,950

 June 30, 2024

 $
 (2,059,678
)

 $
 (2,752
)

 $
 (714,064
)

 $
 (5,909
)

 $
 (148,953
)

 (112.88
)

 (26.58
)

 (156.21
)

 (23.91
)

 (25.55
)

 4,566.46

 1,255.89

 7,750.41

 1,346.41

 1,300.42

 83,595,475

 130,032

 35,795,486

 332,786

 7,787,404

 September 30, 2024

 $
 (8,962,225
)

 $
 (13,955
)

 $
 (3,662,936
)

 $
 (33,747
)

 $
 (802,678
)

 (490.94
)

 (131.12
)

 (802.31
)

 (136.53
)

 (134.04
)

 4,075.52

 1,124.77

 6,948.10

 1,209.88

 1,166.38

 73,126,927

 9,857

 31,836,100

 299,039

 6,984,726

 December 31, 2024

 $
 (1,194,793
)

 $
 (123
)

 $
 (388,518
)

 $
 (2,774
)

 $
 (77,637
)

 (65.26
)

 (14.16
)

 (80.66
)

 (11.23
)

 (12.97
)

 70,212,384

 9,733

 30,691,082

 296,265

 6,907,989

 March 31, 2023

 $
 (5,705,973
)

 $
 (18,295
)

 $
 (2,099,372
)

 $
 (15,866
)

 $
 (393,451
)

 (246.79
)

 (62.61
)

 (377.30
)

 (61.86
)

 (62.55
)

 4,125.32

 1,115.03

 6,847.10

 1,175.57

 1,146.01

 98,828,135

 325,818

 38,121,634

 290,560

 7,247,192

 June 30, 2023

 $
 4,588,751

 $
 11,455

 $
 2,075,632

 $
 16,592

 $
 399,627

 205.94

 59.74

 373.98

 67.13

 63.20

 4,331.26

 1,174.77

 7,221.08

 1,242.70

 1,209.21

 91,677,901

 111,336

 39,141,109

 307,151

 7,646,819

 September 30, 2023

 $
 2,391,688

 $
 3,437

 $
 1,233,561

 $
 10,543

 $
 247,793

 118.22

 36.26

 230.30

 42.66

 39.18

 4,449.48

 1,211.03

 7,451.38

 1,285.36

 1,248.39

 90,046,172

 114,774

 39,270,191

 317,695

 7,894,613

 December 31, 2023

 $
 (7,914,110
)

 $
 (9,875
)

 $
 (3,228,674
)

 $
 (26,364
)

 $
 (665,684
)

 (396.96
)

 (104.20
)

 (634.41
)

 (106.67
)

 (105.72
)

 78,554,826

 104,898

 33,308,431

 291,331

 7,116,554

 Item
 7.
 Management's
 Discussion and Analysis of Financial Condition and Results of Operations

 Current
Positioning

 The
Fund's exposures evolve dynamically based on the tactical opportunities perceived by the underlying systematic trading programs.
As macroeconomic trends change course, for example becoming more bearish, we would expect the portfolio's exposures to adapt
accordingly. For example, the Fund's current positioning has changed substantially from year end.

 Results
of Operations

 The
annual returns for each class of Units for the years ended December 31, 2024, 2023 and 2022 were:

 Class of Units

 2024

 2023

 2022

 (1.04
)%

 (7.31
)%

 8.05
 %

 0.34
 %

 (6.01
)%

 9.56
 %

 Class A3

 0.00
 %

 0.00
 %

 16.85
 %

 0.74
 %

 (5.64
)%

 10.00
 %

 1.69
 %

 (4.75
)%

 11.04
 %

 0.94
 %

 (5.45
)%

 10.22
 %

Class A3 Units were fully redeemed on July 1, 2022. The return for 2022 is for the period from January 1, 2022 to June 30, 2022.

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

 2024

 January

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

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

 February

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

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

 March

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

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

 April

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

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

 May

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

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

 June

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

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

 July

rose in July, adding to the gains in previous months, as the S&P 500 Index was up +1.22%, bringing its YTD return to +16.70%.
Despite equities being positive during the month, a strong selloff began on the 17th as weak economic data began to surface. The
Yen rallied strongly against the U.S. Dollar after a series of interventions from the Bank of Japan. Bonds were also positive
during the month, as the Bloomberg U.S. Aggregate Bond Index recovered from negative territory, rising +2.34% and bringing its
YTD return to up +1.61%. Outside of traditional asset classes, commodities fell on a move lower in energy, grains, and industrial
metals. The U.S. Dollar moved downward on weaker economic data.

 The
LoCorr Futures Portfolio Fund posted a loss in July but remains positive year to date. The negative month was driven largely by
currency trades, interest rates, and energies, while those losses were somewhat offset by gains in agricultural commodities The
Fund finished with a net loss of (5.24)%, (5.13)%, (5.09)%, (5.02)% and (5.08)% for Class A, A2, B, I, and R Units, respectively.

 August

 Despite
a strong selloff early in the month on weaker economic data, equities rose in August, adding to the gains in previous months,
as the S&P 500 Index was up +2.43%, bringing its YTD return to +19.53%. The yen continued its strong rally against the U.S.
Dollar after a series of interventions from the Bank of Japan. Overall, the U.S. Dollar moved downward against other major currencies
on weaker economic data. Bonds were also positive during the month, as the Bloomberg U.S. Aggregate Bond Index continued its recovery
from negative territory, rising +1.44% and bringing its YTD return to up +3.07%. Outside of traditional asset classes, commodities
were flat as gains in softs and metals were offset by losses in energy.

 The
LoCorr Futures Portfolio Fund posted a loss in August, driven by currencies, energies, interest rates, equities, and metals, while
those losses were somewhat offset by gains in agricultural commodities. The Fund finished with a net loss of (6.05)%, (5.94)%,
(5.91)%, (5.83)% and (5.89)% for Class A, A2, B, I, and R Units, respectively.

 September

 The
Federal Reserve finally cut interest rates – by half a percentage point – in September. This led to a rise in equities,
as the S&P 500 Index was up another +2.14%, bringing its YTD return to +22.08%. Bonds were also positive during the month,
as the Bloomberg U.S. Aggregate Bond Index continued its recovery from negative territory, rising +1.34% and bringing its YTD
return to up +4.45%. Outside of traditional asset classes, commodity prices in agriculture, metals, and natural gas rose while
oil sold off. The U.S. Dollar moved downward against a basket of foreign currencies on weaker economic data and doveish Fed comments.

 The
LoCorr Futures Portfolio Fund posted a gain in September, driven by equities, metals, interest rates, and currencies. Those gains
were somewhat offset by losses in energy and agricultural commodities, but overall, the Fund finished in positive territory for
the month. The Fund finished with a net gain of 0.24%, 0.36%, 0.39%, 0.47% and 0.41% for Class A, A2, B, I, and R Units, respectively.

 October

 As
investors braced for the November election and rate cut expectations eased, both equities and bonds posted negative monthly returns
for the first time in five months, as the S&P 500 Index was down -0.91%, and the Bloomberg U.S. Aggregate Bond Index was down
-2.48% in October. This brought YTD returns to +20.97 and +1.86, respectively. Outside of traditional asset classes, commodities
were mixed as natural gas, grains, softs, and industrial metals sold off while oil, precious metals, and livestock prices rose.
The U.S. Dollar moved up strongly against a basket of foreign currencies as expectations of Fed rate cuts cooled.

 The
LoCorr Futures Portfolio Fund posted a loss in October as profits in currencies, metals, and agricultural commodities were offset
by losses in interest rates, equities, and energy products. Overall, the Fund finished the month with a net loss of (4.46)%, (4.35)%,
(4.32)%, (4.25)% and (4.31)% for Class A, A2, B, I and R Units, respectively.

 November

markets rallied strongly in November as investors were finally able to put uncertainty surrounding the election behind them. The
S&P 500 Index posted its strongest month of the year, up +5.87%. Bonds also posted a gain on the month as the Bloomberg U.S.
Aggregate Bond Index was up +1.69%. This brought YTD returns to +28.07% and +2.93%, respectively. Outside of traditional asset
classes, commodities were mixed as natural gas and softs rose while precious and base metals, crude oil, and grains sold off.
The U.S. Dollar moved higher against a basket of major foreign currencies as election tension cooled and investors looked ahead
to a Trump presidency.

 The
LoCorr Futures Portfolio Fund posted a gain in November as profits in agricultural commodities, currencies, and equities were
slightly offset by losses in metals, energy products, and interest rates. Overall, the Fund finished the month with a net gain
of 1.47%, 1.59%, 1.62%, 1.70% and 1.64% for Class A, A2, B, I and R Units, respectively.

markets declined in December to wrap up what was otherwise a very strong year for stocks. Investors are likely now pricing in
some uncertainty surrounding U.S. trade and monetary policies associated with President Trump's second term. After posting
its strongest month of the year in November, the S&P 500 Index was down -2.38% in December bringing its YTD return to +25.02%.
Bonds also fell in the month as the Bloomberg U.S. Aggregate Bond Index was down -1.69%, finishing the year with a modest gain
of +1.25%. Outside of traditional asset classes, commodities were mixed as natural gas, crude oil, and grains rose while precious
and base metals, softs, and livestock sold off. The U.S. Dollar continued to move higher against a basket of major foreign currencies
as investors looked ahead to a Trump presidency.

 The
LoCorr Futures Portfolio Fund posted a gain in December as sizable profits in currencies were slightly offset by losses in energy
products, stock indices, metals, interest rates, and agricultural commodities. Overall, the Fund finished the month with a net
gain of 1.50%, 1.62%, 1.65%, 1.73% and 1.67% for Class A, A2, B, I and R Units, respectively.

 2023

 January

 Risk
markets rebounded to start the new year, with the S&P 500 Index rising +6.28%. Investor confidence was sparked by hopes of
a slowdown in the Federal Reserve's interest rate hike campaign and optimism that a "hard landing" can be avoided.
Bonds also rallied during the period, moving in tandem with equities, up +3.08%, after capping off the Bloomberg U.S. Aggregate
Bond Index's worst year since its inception in 1980. The U.S. Dollar, which had seen gains for much of 2022, continued its
slide from its fourth quarter weakness, down over -1.3% in January.

Futures Portfolio Fund (the "Fund") fell modestly in January as low volatility provided limited trading opportunities
for the Fund's managers. While a majority of the Fund's sectors detracted from performance, the Fund was profitable
in equity index and energy trading. Despite the negative performance, this month highlighted the Fund's ability to be sizably
invested in different themes, which has helped provide a positive return versus the losses sustained by major bond and equity
indices in 2022. The Fund finished with a net loss of (0.93)%, (0.81)%, (0.78)%, (0.70)% and (0.76)% for Class A, A2, B, I, and
R Units, respectively

 February

 After
a brief recovery in January, the S&P 500 Index resumed its downward trend in February, losing -2.44% and dropping its year-to-date
return to +3.69%. At the same time, bonds again failed to protect investor capital, selling off -2.59% and leaving the Bloomberg
U.S. Aggregate Bond Index up just +0.41% YTD. Negatively impacting equity and fixed income markets was a concern that elevated
inflation would last longer than expected and therefore prevent the Federal Reserve from cutting interest rates. The U.S. Dollar,
which slid in the fourth quarter of 2022, rebounded in February, up +2.72%. The strength in the Dollar, however, proved to be
a headwind for commodities, as the Bloomberg Commodity TR USD Index fell -4.70% during the period.

Futures Portfolio Fund's (the "Fund") positive return in February was overwhelmingly driven by short bond positioning
and, to a lesser extent, long U.S. Dollar positioning. While energy, metals, and equity trading were modest detractors, the strong
month highlighted the Fund's ability to be sizably invested in different themes, helping to provide positive returns against
the losses suffered by major bond and equity indices. The Fund finished with a net gain of 2.35%, 2.47%, 2.50%, 2.58% and 2.52%
for Class A, A2, B, I, and R Units, respectively

 March

 Amid
heightened volatility related to stress in the banking sector, stocks and bonds both recovered some of February's losses
in the month of March, with the S&P 500 Index up +7.50% YTD and the Bloomberg U.S. Aggregate Bond Index up +2.96%. Positively
impacting both equity and fixed income markets was optimism surrounding a possible pause in rate hikes by the Federal Reserve.
As a result, the short end of the U.S. Treasury yield curve (2-year Treasury) experienced its largest move since 1987.

Futures Portfolio Fund (the "Fund") fell in March, as the short fixed income trend, which had heavily contributed
year-to-date and in 2022, sharply reversed course. While a majority of other sectors detracted, the Fund's managers were
able to adjust for heightened market volatility and adjust position sizing accordingly. March performance was overwhelmingly driven
by the aforementioned short bond positioning. This nimble approach, inherent in managing risk, allowed the Fund to mitigate losses.
The Fund finished with a net loss of (6.95)%, (6.84)%, (6.81)%, (6.74)% and (6.79)% for Class A, A2, B, I, and R Units, respectively.

 April

 Relative
to recent months, April proved to be a quiet period for stocks and bonds as recessionary fears, stoked by rising interest rates
and banking failures, subsided. The S&P 500 Index continued to move higher, albeit at a slower pace, gaining +1.56% in the
period, bringing its YTD return to up +9.17%. Bonds, as represented by the Bloomberg U.S. Aggregate Bond Index, added +0.61% in
the month which brought their YTD return to up +3.59%.

Futures Portfolio Fund's (the "Fund") positive return in April was overwhelmingly driven by agricultural commodities,
specifically sugar and wheat, and long U.S. Dollar positioning, specifically against the Japanese Yen. While energies, metals,
and interest rates were modest detractors, the strong month highlighted the Fund's ability to be sizably invested in different
themes, helping to provide positive returns even when traditional long only bond and stock indices were modestly positive. The
Fund finished with a net gain of 2.51%, 2.63%, 2.67%, 2.75% and 2.68% for Class A, A2, B, I, and R Units, respectively.

 May

 Debt
ceiling talks and risk of a U.S. default added to volatility during May. The Fed raised interest rates another 25 basis points
early in the month, continuing its fight against persistently high inflation. The S&P 500 Index edged higher, up just +0.43%
in the period, bringing its YTD return to +9.65%. Bonds, as represented by the Bloomberg U.S. Aggregate Bond Index, reversed course
dropping -1.09% in May, bringing its YTD return to +2.46%.

Futures Portfolio Fund's (the "Fund") positive return in May was largely driven by currencies and energies trading,
specifically long U.S. Dollar positioning against the Chinese Renminbi and short natural gas exposure. Agricultural commodities
and interest rates also contributed to a lesser degree, while metals and equities detracted modestly. The Fund finished with a
net loss of (1.16)%, (1.28)%, (1.31)%, (1.39)% and (1.33)% for Class A, A2, B, I, and R Units, respectively.

 June

continued to move upward in June, with the S&P 500 Index posting its best month of 2023, up +6.61%, bringing the YTD return
to up +16.89%. Bonds, however, did not fare as well with the Bloomberg U.S. Aggregate Bond Index continuing its slide from the
previous month, down -0.36% in June, and up +2.09% YTD. Outside traditional asset classes, commodities rose during the period,
particularly oil, which bounced following Saudi Arabia's additional production cuts. The U.S. Dollar resumed its YTD downward
trend against the backdrop of shifting investor appetite to risk on assets.

Futures Portfolio Fund's (the "Fund") positive return in June was driven by short fixed income, long equity,
and short foreign currencies. Agricultural commodities and energy products were notable detractors to performance, while metals,
to a lesser extent, also detracted during the period. The Fund finished with a net loss of (1.24)%, (1.36)%, (1.39)%, (1.47)%
and (1.41)% for Class A, A2, B, I, and R Units, respectively.

 July

continued to move upward in July, albeit at a slower pace, up +3.21% and bringing the YTD return up to +20.65% for the S&P
500 Index. Bonds, however, did not fare as well with the Bloomberg U.S. Aggregate Bond Index continuing its slide from the previous
two months, down -0.07% in July, and up +2.02% YTD. Outside traditional asset classes, commodities rose during the period, particularly
oil, which bounced on tighter supply. The U.S. Dollar ("USD") continued its downward trend this year against the backdrop
of shifting investor appetite to risk on assets.

Futures Portfolio Fund's return in July was driven by long USD against a basket of short foreign currencies positioning
and to a lesser extent long Asian equities. Energy trading was the largest contributor to performance over the period as long
positioning in Brent Crude benefited from the spike in prices. The Fund finished with a net loss of (1.21)%, (1.10)%, (1.07)%,
(0.99)% and (1.05)% for Class A, A2, B, I, and R Units, respectively.

 August

fell in August, deviating from the year-long upward trend, with the S&P 500 Index falling -1.59%, bringing the YTD return
to up +18.73%. At the same time, bonds again failed to protect investor capital, with the Bloomberg U.S. Aggregate Bond Index
selling off -0.64% in the period and briefly moving into negative territory for 2023 before ending August up just +1.37% YTD.
Negatively impacting equity and fixed income markets was concern the Federal Reserve would continue its hawkish stance. The U.S.
Dollar, however, strengthened against the backdrop of the aforementioned potential Federal Reserve action.

Futures Portfolio Fund (the "Fund") fell modestly in August as low volatility provided limited trading opportunities
for the Fund's managers. The Fund's major sectors were mixed as stock indices, energy products, and metals detracted
from performance, while currencies and agricultural commodities, specifically wheat, were profitable. Fixed income trading was
not a significant contributor to performance over the period. The Fund finished with a net loss of (0.24)%, (0.13)%, (0.09)%,
(0.02)% and (0.08)% for Class A, A2, B, I, and R Units, respectively.

 September

fell in September, continuing the stumble from the previous month, with the S&P 500 Index falling -4.77%, bringing the YTD
return to up +13.07%. At the same time, bonds again failed to protect investor capital, with the Bloomberg U.S. Aggregate Bond
Index selling off -2.54% in the period and moving into negative territory for 2023, down -1.21% YTD. Concerns over tighter monetary
policy for longer and the potential looming government shutdown pushed the U.S. 10-Year Treasury Yield to its highest level in
more than 15 years. The U.S. Dollar, however, strengthened against the backdrop of the aforementioned potential Federal Reserve
action.

Futures Portfolio Fund's positive return in September was overwhelmingly driven by short bond and long energy positioning.
While metals and agricultural commodities were positive, these sectors were not a significant driver of performance. Currency
and stock indices were modest detractors to September returns. The Fund finished with a net gain of 4.25%, 4.37%, 4.40%, 4.48%
and 4.42% for Class A, A2, B, I, and R Units, respectively.

 October

continued to slide in October, concluding the third negative month in a row, with the S&P 500 Index falling -2.10%, bringing
the YTD return to up +10.69%. At the same time, bonds again failed to protect investor capital, with the Bloomberg U.S. Aggregate
Bond Index selling off -1.58% in the period and moving further into negative territory for 2023, down -2.77% YTD. Concerns over
tighter monetary policy for longer pushed the U.S. 10-year yield to its highest level in more than 15 years. The U.S. Dollar,
however, modestly strengthened against the backdrop of the aforementioned potential Federal Reserve action.

Futures Portfolio Fund (the "Fund") fell in October as a significant and swift shift in a long-term energy up trend
proved to be difficult for the Fund's managers. Outside of energy, the largest detractor to performance, the Fund's
other major sectors were mixed as FX and interest rates gained, while metals and agricultural commodities detracted. Overall,
the Fund finished the month with a net loss of (2.52)%, (2.41)%, (2.37)%, (2.30)% and (2.36)% for Class A, A2, B, I and R Units,
respectively.

 November

rebounded from a three-month slide in November, with the S&P 500 Index posting its best month of 2023, gaining +9.13% and
bringing its YTD return to up +20.80%. Bonds continued to move in the same direction, as the Bloomberg U.S. Aggregate Bond Index
rebounded from a six-month slide, rising +4.53%. November was, in fact, the best monthly return for the bond index since May 1985,
and brought its YTD return to up +1.64%. Outside of traditional asset classes, commodities fell during the period, particularly
oil, which added to October's fall as geopolitical tensions eased. The U.S. Dollar moved downward against the backdrop of
shifting investor appetite to risk-on assets.

Futures Portfolio Fund (the "Fund") fell in November as a significant and swift reversal in a long-term bond trend
proved difficult for the Fund's managers. Foreign Currency ("FX") was also a notable detractor to Fund performance.
Outside of fixed income and FX – the two largest detractors this month - the Fund's other major market sectors were
modest contributors, as commodities and stock indices gained. Overall, the Fund finished the month with a net loss of (3.27)%,
(3.15)%, (3.12)%, (3.05)% and (3.11)% for Class A, A2, B, I and R Units, respectively.

capped off a strong 2023, up +26.29% in the calendar year with a +4.54% return in December. Bonds continued to move in the same
direction, as the Bloomberg U.S. Aggregate Bond Index finished the year up +5.53%, with +3.83% of the return coming in December.
Outside of traditional asset classes, commodities fell during the month, particularly oil, which added to recent months'
downward move as geopolitical tensions eased and excess supply concerns surfaced. The U.S. Dollar moved down against the backdrop
of shifting investor appetite to risk-on assets.

Futures Portfolio Fund fell in December as a significant and swift reversal in long-term bond and foreign currency trends proved
difficult for the Fund's managers. Metals, energy products, and agricultural commodities modestly detracted while stock
indices were a positive contributor to performance. Overall, the Fund finished the month with a net loss of (3.41)%, (3.30)%,
(3.27)%, (3.19)% and (3.25)% for Class A, A2, B, I and R Units, respectively.

 2022

 January

 As
the new COVID-19 variant's control and impact on financial markets lessened, fears of an aggressive Federal Reserve and
inflation took hold. These events drove the S&P 500 Index down by about -9.7% in the opening weeks of 2022. The January Federal
Reserve meeting saw a continuation of the hawkish stance set forth by the central bank, indicating the need to begin raising interest
rates and winding down its $9 billion balance sheet. This drove yields higher as investors rotated out of fixed income securities.
The U.S. 10-Year Treasury rose 0.27% in January, to close the month at 1.78%. Much to the surprise of economists, the U.S. added
half a million new jobs in the month, showing the resilience of the labor market through the Omicron variant wave. Against the
backdrop of geopolitical tensions with Russia and Ukraine, along with rising global demand, oil prices continued their upward
trend as West Texas Intermediate surged over +17% to start the year.

Futures Portfolio Fund's modest negative returns in January were driven by interest rates and equity indices, while energy
and agricultural commodities contributed positively to performance. Despite the overall negative return for the month, the Fund's
ability to go both long and short helped mitigate losses relative to major bond and equity indices. In fixed income, mixed bond
positioning detracted as yields finished the month significantly higher. Also detracting was long equity positioning, as volatility
in the U.S. and abroad proved difficult for the Fund's managers. In energy trading, consistent long oil and oil product
positioning contributed the most, as prices rose sharply due to the aforementioned reasons. The Fund finished with a net loss
of (0.36)%, (0.25)%, (0.26)%, (0.21)%, (0.14)% and (0.20)% for Class A, A2, A3, B, I, and R Units, respectively.

 February

 COVID-19
related market shocks continue to fall by the wayside as rising interest rates and geopolitical tensions dominated the headlines
in February. The combination of these events drove the S&P 500 Index down -2.99% in February, bringing year-to-date 2022 performance
down to -8.01%. The continued hawkish stance by the Federal Reserve, coupled with persistent high inflation metrics drove bond
yields higher for much of the month. This upward trend in bonds quickly shifted on reports of the invasion of Ukraine by Russia.
The U.S. 10-Year Treasury fell from highs around 2% as investors quickly shifted to risk-off assets. This level of rates marks
a new high since late 2019. Against the backdrop of geopolitical tensions with Russia and Ukraine, oil prices continued their
blistering upward trend as West Texas Intermediate surged over +9% in February, bringing the year-to-date increase up over +28%.

Futures Portfolio Fund's positive returns in February were driven by energy, agricultural commodities, and interest rates,
while currencies and stock indices modestly detracted from performance. The strong month highlighted the Fund's ability
to be sizably invested in different themes, which has helped mitigate losses relative to major bond and equity indices. In energy,
consistent long oil and oil product positioning contributed positively as supply fears stemmed from aforementioned reasons. Also
contributing were long agricultural positioning which benefited from supply constraints. Detracting from performance was short
dollar and long equity positioning, as volatility in those markets proved difficult for the Fund's managers. The Fund finished
with a net gain of 1.97%, 2.09%, 2.07%, 2.12%, 2.20% and 2.14% for Class A, A2, A3, B, I, and R Units, respectively.

 March

 Rising
interest rates and the war in Ukraine dominated news headlines in March. While the S&P 500 Index finished the month up +3.71%,
these events contributed to a significant amount of volatility, bringing year-to-date performance for the equity index down -4.60%.
Renewed hawkish comments by the Federal Reserve, coupled with relentless higher inflation metrics drove bond yields up during
the month. Most notably, on the last day of March, the U.S. 2-year Treasury yield briefly rose above the U.S. 10-year yield, also
known as an "inversion", which was last seen in 2019. Investors view this market phenomenon as a potential warning
signal of a looming recession. Against the backdrop of Russia's attack on Ukraine, oil prices continued their blistering
upward trend as West Texas Intermediate surged over +7% in March, bringing the year-to-date increase up over +38%, reaching its
highest level since 2008.

Futures Portfolio Fund's strong return in March (+9.37%) received positive contributions from all sectors with energy, currencies,
and interest rates leading the way. The strong month highlighted the Fund's ability to be sizably invested in different
themes, which has helped mitigate losses relative to major bond and equity indices in 2022. In energy, decreasing long positioning
contributed positively as supply fears stemmed from the aforementioned reasons. Also contributing was long dollar/short foreign
currency positioning, which benefited from a flight-to-quality early in the month. Consistent short bond positioning also contributed
as yields rose across the globe on the back of rising inflation. While metals, agricultural commodities, and stock indices lagged
the other sectors, we are still pleased with their contribution to overall portfolio performance and diversification. The Fund
finished with a net gain of 9.12%, 9.25%, 9.24%, 9.29%, 9.37% and 9.30% for Class A, A2, A3, B, I, and R Units, respectively.

 April

 As
Russia's invasion of Ukraine entered its 3rd month, investors continued to size up daily news flow out of the region along
with the increasing pressures of inflation. The S&P 500 Index added to its negative 2022 performance as April proved to be
the worst month for the index since March of 2020, bringing the YTD return to down -12.92%. Continued hawkish comments by the
Federal Reserve, coupled with relentless higher inflation metrics drove bond yields higher during the month. Most notably, the
U.S. 10-year yield encroached on a critical 3% level, a point not seen since late 2018. Against the backdrop of Russia's
attack on Ukraine and the uncertainty of supply, oil prices continued their upward trend as West Texas Intermediate surged over
+3% in April, bringing the year-to-date increase up over +43%.

Futures Portfolio Fund added to its strong start in 2022 with contributions from currencies, interest rates, energy products,
and agricultural commodities, while equities modestly detracted. The strong month highlighted the Fund's ability to be sizably
invested in different themes, which has helped provide positive performance against the losses by major bond and equity indices
in 2022. In currency trading, long U.S. dollar positioning throughout the month contributed positively as real yields moved into
positive territory along with a boost from the flight to safety. Also contributing was consistent short bond positioning as yields
rose across the globe on the back of rising inflation. Choppy equity markets (as opposed to more sustained trends) provided a
difficult environment for the Fund's managers to take advantage of. As we enter the second quarter of 2022, we are pleased
with the portfolio performance and diversification it is providing investors. The Fund finished with a net gain of 5.88%, 6.00%,
5.99%, 6.04%, 6.12% and 6.06% for Class A, A2, A3, B, I, and R Units, respectively.

 May

 Rising
inflation and concerns surrounding China's zero COVID policy drove financial markets in May as investors assessed their
subsequent impact on global economic growth. The S&P 500 Index posted modestly positive performance in May, bringing year-to-date
performance to down -12.76%. The Index's slight gain did not come without its fair share of volatility as numerous companies
issued cautious outlooks, raising questions about economic growth and health of the consumer. Additionally, U.S. 10-year yields
encroached on a critical 3% level, a point not seen since late 2018. Against the backdrop of Russia's attack on Ukraine
and the uncertainty of supply, oil prices continued their upward trend as West Texas Intermediate surged over +11% in May, bringing
the year-to-date increase up over +60%.

Futures Portfolio Fund ("the Fund") had a small net loss in May, as currencies, interest rates, and agricultural commodities
gave back some of their sizable gains from earlier in the year. In currency trading, long U.S. dollar positioning throughout the
month detracted as the extended rally stalled on the back of slowing U.S. yield increases. Also detracting from performance was
fixed income as range-bound markets provided a difficult trading environment for the Fund's managers. Energy trading was
a positive contributor during the month, however, as consistent long exposure was able to capture the general upward trend due
to aforementioned reasons. The Fund finished with a net loss of (0.98)%, (0.86)%, (0.88)%, (0.83)%, (0.75)%, and (0.81)% for Class
A, A2, A3, B, I, and R Units, respectively.

 June

 While
the macro drivers from earlier in the year continued into June, market participants' focus shifted to the Federal Reserve's
response to these events. The S&P 500 Index added to its negative year-to-date return as June, down -8.25%, proved to be the
second worst month this year. This brought the 2022 return to down -19.96% for the Index. Continued hawkish comments by the Federal
Reserve, coupled with relentless higher inflation metrics drove bond yields higher during the month. Most notably, the U.S. 10-year
treasury yield rose to 3.49%, before retreating and closing the month below 3%.

Futures Portfolio Fund ("the Fund") had a small net loss in June, as agricultural commodities and energy products
gave back some of their sizable gains from earlier in the year. Gains in interest rates and currency trading were not enough to
offset the aforementioned losses. Agricultural commodities, specifically grains markets, detracted most from performance as persistently
long positions were hurt by better-than-expected news regarding weather, crop conditions, and exports from Ukraine. Contributing
the most to performance was short fixed income positioning as volatile markets provided ample trading opportunities to the Fund's
trading advisors. The Fund finished with a net loss of (0.98)%, (0.87)%, (0.83)%, (0.76)%, and (0.82)% for Class A, A2, B, I,
and R Units, respectively.

 July

 Both
stocks and bonds rebounded in July. While employment metrics remain robust, falling energy prices and slowing economic growth
boosted hopes that inflation is potentially peaking. Accordingly, market participants became more optimistic that the Fed's
interest rate hiking cycle may end sooner than previously thought which contributed to the rally in equities and fixed income.
The S&P 500 Index posted its best month since 2020, up +9.22%, bringing year-to-date performance to down -12.58%. Bond yields
fell steadily, with the U.S. 10-year treasury yield finishing July at 2.64%, down from a high of 3.5%, earlier in the year.

 While
LoCorr Futures Portfolio Fund ("the Fund") has been able to capitalize on most of the dominant trends in the markets
this year, the Fund had a negative return in July, with all major sectors experiencing losses. As persistent trends reversed,
the largest losses were realized in interest rates, where long duration fixed income, specifically in Europe, detracted most from
performance. Additionally, within the equity sector, short European positioning turned unprofitable as quickly reversing and volatile
markets created a difficult environment for the Fund's trading advisors. The Fund finished with a net loss of (4.59)%, (4.48)%,
(4.45)%, (4.37)% and (4.43)% for Class A, A2, B, I, and R Units, respectively.

 August

 Both
stocks and bonds resumed their year-to-date downward trend in August. While employment metrics remained historically robust, a
hawkish Federal Reserve, to combat inflation, signaled to markets the aggressive interest rate hikes were not over. The S&P
500 Index was down -4.08% for the month, bringing year-to-date performance to down -16.14%. August signaled the seventh month,
out of eight so far in 2022, in which broad-based stock and bond indices moved in the same direction. The Bloomberg U.S. Aggregate
Bond Index was down -2.83% as bond yields rose quickly. The U.S. 10-year Treasury yield finished August at 3.15%, down from a
high of 3.5%, earlier in the year.

Futures Portfolio Fund added to its strong performance in 2022 with contributions from currencies and interest rates, while equities
and agricultural commodities modestly detracted. The strong month highlighted the Fund's ability to be sizably invested
in different themes, which has helped provide a positive return against the losses sustained by major bond and equity indices.
In currency trading, long U.S. dollar positioning throughout the month contributed positively as relatively high interest rates
in the U.S. attracted foreign investment along with a boost from flight to safety. Also contributing was short bond positioning
as yields rose across the globe on the back of rising inflation. Choppy equity markets, however, provided a difficult environment
for the Fund's managers. As we enter the latter part of 2022, we are pleased with the portfolio's performance and
diversification it is providing investors. The Fund finished with a net gain of 3.58%, 3.70%, 3.73%, 3.81% and 3.75% for Class
A, A2, B, I, and R Units, respectively.

 September

 Both
stocks and bonds continued their downward trend in September. The Federal Reserve maintained its hawkish stance amid elevated
inflation reports, signaling to markets the aggressive rate hikes were far from over. The S&P 500 Index was down -9.21% in
September, its worst month since March of 2020, bringing the year-to-date return to negative -23.87%. The Bloomberg U.S. Aggregate
Bond Index was also down, -4.32%, its worst month since February 1980. This marked the eighth month out of nine in 2022 in which
broad-based stock and bond indices moved in the same direction. Oil markets fell as recessionary fears, sparked by a Federal Reserve
misstep, overwhelmed supply concerns relating to geopolitical tensions.

Futures Portfolio Fund added to its solid performance in 2022 with contributions from currencies and interest rates, while energies
and agricultural commodities modestly detracted. The strong month again highlighted the Fund's ability to be sizably invested
in different themes, which has helped provide a positive return versus the losses sustained by major bond and equity indices.
In currency trading, long U.S. dollar positioning contributed positively as relatively high interest rates in the U.S. attracted
foreign investment along with a boost from flight to safety. Also contributing was short bond positioning as yields rose across
the globe on the back of rising inflation. Volatile energy prices, however, provided a difficult environment for the Fund's
managers, resulting in small losses. As we enter the latter part of 2022, we are pleased with the portfolio's performance
and the diversification it is providing investors. The Fund finished with a net gain of 5.10%, 5.22%, 5.26%, 5.34% and 5.27% for
Class A, A2, B, I, and R Units, respectively.

 October

 Stocks
rebounded in October, in sharp contrast to the prior month, while bonds did not fare so well, continuing the yearlong downward
trend in fixed income. Optimism of a potential pause in interest rate hikes buoyed global equity markets. The S&P 500 Index
was up +8.10% in October, its second-best month in 2022, bringing the year-to-date return to -17.70%. The Bloomberg U.S. Aggregate
Bond Index was down -1.30%, bringing the year-to-date return to -15.72%. Oil markets climbed as recessionary fears cooled, supporting
demand expectations, and OPEC announced production cuts to support falling prices.

Futures Portfolio Fund added to its solid performance in 2022 with contributions from energy products and stock indices, while
agricultural commodities modestly detracted. The positive month once again highlighted the Fund's ability to be sizably
invested in different themes, which has helped provide a positive return versus the losses sustained by major bond and equity
indices. In energy trading, long positioning in oil and oil-related products contributed positively as markets rose for the aforementioned
reasons. Also profitable in October were equities, particularly long Asian indices, as prices rose amid anticipation that economic
conditions were improving. Volatile agricultural commodity prices provided a difficult environment for the Fund's managers,
resulting in small losses. The Fund finished with a net gain of 0.97%, 1.09%, 1.12%, 1.20% and 1.14% for Class A, A2, B, I, and
R Units, respectively.

 November

 Stocks
continued to recover in November, adding to last month's gains, bringing the year-to-date return for the S&P 50 Index
to -13.10%. Bonds posted their first positive month since July, up +3.68%, and best month since December 2008. Despite the positive
month, the Bloomberg U.S. Aggregate Bond Index continues to be in its most difficult performance period since its inception in
1980, down -12.62% year-to-date. Positively impacting both equity and fixed income was optimism surrounding a potential peak in
inflation and possible pause in rate hikes. As a result, the U.S. Dollar had its largest monthly loss since July 2010, down -5%,
bringing its year-to-date return to +10.40%.

Futures Portfolio Fund (the "Fund") fell in November, posting its first monthly loss since July as many major trends,
which had heavily contributed to year-to-date performance, sharply reversed course. While all major sectors detracted, the Fund's
managers were able to adjust for heightened market volatility and adjust position sizing accordingly. This nimble approach, inherent
in managing risk, allowed the Fund to stay well in positive territory when it comes to the largest positive contributing markets
thus far in 2022. Despite the negative performance, this month highlighted the Fund's ability to be sizably invested in
different themes, which has helped provide a positive return versus the losses sustained by major bond and equity indices thus
far in 2022. The Fund finished with a net loss of (9.01)%, (8.90)%, (8.87)%, (8.80)% and (8.85)% for Class A, A2, B, I, and R
Units, respectively.

 The
S&P 500 Index resumed its downward trend in December, dropping -5.76% and capping off its largest annual loss since 2008,
down -18.11% for the year. In addition, bonds failed to protect investor capital, selling off -0.45% during the month and finishing
the year down -13.01%, which was the worst year on record for the Bloomberg U.S. Aggregate Bond Index. Negatively impacting equity
and fixed income markets was pessimism surrounding potential Federal Reserve policy missteps in the central bank's pursuit
to stifle elevated inflation. The U.S. Dollar, which had gained for much of the year, but reversed course in October, continued
to slide, down over -2%, bringing its year-to-date return to just over +7.50%.

Futures Portfolio Fund (the "Fund") fell modestly in December as low volatility and range-bound markets provided limited
trading opportunities for the Fund's managers. While a majority of the Fund's sectors detracted from performance,
the Fund was profitable in fixed income trading. Despite the negative performance, this month highlighted the Fund's ability
to be sizably invested in different themes, which has helped provide a positive return versus the losses sustained by major bond
and equity indices in 2022. The Fund finished with a net loss of (1.63)%, (1.52)%, (1.48)%, (1.41)% and (1.47)% for Class A, A2,
B, I, and R Units, respectively.

 Liquidity

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

 Capital
Resources

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

 Contractual
Obligations

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

 Off-Balance
Sheet Risk

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

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

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

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

 Significant
Accounting Policies

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

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

 Item
 7A.
 Quantitative
 and Qualitative Disclosures about Market Risk

 Introduction

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

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

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

 Standard
of Materiality

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

 Quantifying
the Fund's Trading Value at Risk

 The
following quantitative disclosures regarding the Fund's market risk exposures contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All quantitative disclosures in this
section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

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

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

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

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

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

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

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

 The
face value of the market sector instruments held by the Fund is typically many times the applicable margin requirement (margin
requirements generally range between approximately 1% and 15% of contract face value) as well as many times the capitalization
of the Fund. The magnitude of the Fund's open positions creates a risk of ruin not typically found in most other investment vehicles.
Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could
cause the Fund to incur severe losses over a short period of time. The past performance of the Fund gives no indication of this
risk of ruin.

 Non-Trading
Risk

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

 Qualitative
Disclosures Regarding Primary Trading Risk Exposures

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

 The
following were the primary trading risk exposures of the Fund as of December 31, 2024, by market sector.

Commodities

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

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

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

Indices

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

Rate Instruments

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

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

 Single
Stock Futures

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

 Qualitative
Disclosures Regarding Non-Trading Risk Exposure

 The
following were the significant non-trading risk exposures of the Fund as of December 31, 2024 and 2023.

 Foreign
Currency Balances

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

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

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

 Qualitative
Disclosures Regarding Means of Managing Risk Exposure

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

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

 Item
 8.
 Statements and Supplementary Data

statements meeting the requirements of Regulation S-X appear in Part IV of this report. The supplementary financial information
specified by Item 302 of Regulation S-K is included in this report under the heading "Selected Financial Data" above.

 Item
 9.
 Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosures

 None.

 Item
 9A.
 Controls
 and Procedures

 Evaluation
of Disclosure Controls and Procedures

 The
General Partner of the Fund, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the
effectiveness of the design and operation of the Fund's disclosure controls and procedures at December 31, 2024 (the "Evaluation
Date"). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded
that, as of the Evaluation Date, the Fund's disclosure controls and procedures were effective.

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

 Management's
Annual Report on Internal Control over Financial Reporting

 The
management of the General Partner is responsible for establishing and maintaining adequate internal control over financial reporting
by the Fund.

 The
Fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles
generally accepted in the United States. The Fund's internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Fund; (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with accounting principles generally accepted in the United States, and that
receipts and expenditures of the Fund are being made only in accordance with authorizations of management of the Fund; and (iii)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
Fund's assets that could have a material effect on the financial statements.

 Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. All internal control
systems, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention
of overriding controls. Accordingly, even effective internal control over financial reporting can provide only reasonable assurance
with respect to financial statement preparation. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.

 Management
assessed the effectiveness of the Fund's internal control over financial reporting as of December 31, 2024, based on the
framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated
Framework published in 2013. Based on that assessment, management concluded that, as of December 31, 2024, the Fund's internal
control over financial reporting is effective based on the criteria established in Internal Control-Integrated Framework published
in 2013.

 Changes
in Internal Control Over Financial Reporting

 There
has been no change in internal control over financial reporting that occurred during the year ended December 31, 2024 that has
materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting.

 Item
 9B.
 Other
 Information

 None.

 PART
III

 Item
 10.
 Directors,
 Executive Officers and Corporate Governance

 Directors
and Executive Officers

 The
Fund itself has no directors or officers and has no employees. It is managed by the General Partner in its capacity as General
Partner. The General Partner is a wholly owned subsidiary of Octavus Group, LLC. The directors and executive officers of the General
Partner are Kevin Kinzie and Jon Essen. Their respective biographies are set forth below.

 Kevin
Kinzie is the General Partner's Chairman and Chief Executive Officer. Mr. Kinzie founded the LoCorr Investment Trust ("LIT"),
a family of mutual funds, in November 2010 and founded LoCorr Fund Management ("LFM"), a CPO, in March 2011. He has
served as Chairman and Trustee of LIT and as Chairman and CEO of LFM, since their inception. He has been listed as a Principal
of LoCorr Distributors ("LD"), an IB, since November 2005, and registered with the NFA as an Associated Person of
LD since November 2007. He has been listed as a Principal of LFM, a CPO since March 2013, and listed as a Principal of Steben
& Company since November 9, 2019. Mr. Kinzie holds a B.S. in Business and Marketing from the University of Colorado. He holds
the FINRA series 6, 7, 24, 31 and 63 licenses and the CLU designation.

 Jon
C. Essen is Chief Financial Officer at Steben & Company. He has served as Chief Financial Officer of LoCorr Fund Management,
a CPO, since March 2011. He has also served as Trustee, Treasurer, Chief Financial Officer and Portfolio Manager of the LoCorr
Investment Trust, a family of mutual funds, since March 2011. Mr. Essen has been listed as a Principal of LoCorr Distributors
LLC, an Introducing Broker, since April 2008. He has been registered as an Associated Person, approved as a Swap Associated Person,
and listed as a CFTC Principal of LoCorr Fund Management LLC, a CPO, since June 2013, August 2014 and May 2013 respectively. Mr.
Essen became registered as an Associated Person and listed as a CFTC principal of Steben & Company on February 10, 2020.Mr.
Essen received a Bachelor of Science in Business Administration from Minnesota State University Mankato, is a CPA (inactive),
and holds FINRA Series 3, 7, 24, 28 & 99 licenses.

 The
General Partner has acted as the investment manager for Steben Managed Futures Strategy Fund, an open-end mutual fund, which merged
into the LoCorr Macro Strategies Fund in January 2020. The General Partner also acted as either the general partner or investment
manager for the Steben Select Multi-Strategy funds. The Steben Select Multi-Strategy funds operated in a master feeder structure
involving two registered closed-end funds and a limited partnership. All of those funds liquidated during 2019. Because Steben
& Company, LLC served as the general partner or investment manager of these funds, the officers and directors of Steben &
Company, LLC effectively managed the respective funds.

 Significant
Employees

 The
General Partner is dependent on the services of key management personnel. If their services became unavailable, another principal
of the firm or a new principal (whose experience cannot be known at this time) would need to take charge of the General Partner.

 Family
Relationships

 None.

 Business
Experience

 See
"Item 10. Directors, Executive Officers and Corporate Governance" above.

 Involvement
in Certain Legal Proceedings

 None.

 Promoters
and Control Persons

 Not
applicable.

 Section
16 (A) Beneficial Ownership Reporting Compliance

 Section
16(a) of the 1934 Act requires that reports of beneficial ownership of limited partner interests and changes in such ownership
be filed with the SEC by Section 16 "reporting persons." The Fund is required to disclose in this annual report on
Form 10-K each reporting person whom it knows to have failed to file any required reports under Section 16(a) on a timely basis
during the year ended December 31, 2024. During the year ended December 31, 2024, all reporting persons complied with all Section
16(a) filing requirements applicable to them.

 Code
of Ethics

 The
General Partner has adopted a code of ethics, as of the period covered by this report, which applies to the Fund's principal
executive officer and principal financial officer, or persons performing similar functions. A copy of the code of ethics is available
without charge upon request by calling 952-767-2600.

 Item
 11.
 Executive
 Compensation

 The
Fund does not have any officers, directors or employees. The managing officers of the General Partner are remunerated by the General
Partner in their respective positions. The directors and managing officers of the General Partner receive no other compensation
from the Fund.

 The
following fees were paid by the Fund to the General Partner:

 Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, B and R
 Units equal to 1/12 th of 1.5% of the month-end net asset value of the Class
 A, A2, B and R Units, payable in arrears. The Fund incurs a monthly fee on Class I Units
 equal to 1/12 th of 0.75% of the month-end net asset value of the Class I Units,
 payable in arrears. During 2024, 2023 and 2022, the General Partner earned $1,825,047,
 $2,086,653 and $2,458,100, respectively, in General Partner management fees.

 Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal
 to 7.5% of new profits of the Class I Units. The general partner performance fee is payable
 quarterly in arrears. During 2024, 2023 and 2022, the General Partner did not earn any
 General Partner performance fees.

 Agent Fees – the Class A Units incur a monthly fee equal to 1/12 th of
 2% of the month-end net asset value of the Class A Units. Class A2 Units may pay an up-front
 sales commission of up to 3% of the offering price and a 0.6% per annum selling agent
 fee. Such amounts are included in selling agent and broker dealer servicing fees –
 General Partner in the statements of operations. The General Partner, in turn, pays the
 selling agent fee to the respective selling agents. If there is no designated selling
 agent or the General Partner was the selling agent, such portions of the selling agent
 fee are retained by the General Partner. During 2024, 2023 and 2022, the General Partner
 earned $1,597,770, $1,851,819 and $2,237,118, respectively, in selling agent fees.

 Broker
 Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12 th
 of 0.2% of the month-end net asset value of the Class B Units and such amounts
 are included in selling agent and broker dealer servicing fees – General Partner
 in the statements of operations. The General Partner, in turn, pays the fee to the respective
 selling agents. If there is no designated selling agent or the General Partner was the
 selling agent, such portions of the broker dealer servicing fee are retained by the General
 Partner. During 2024, 2023 and 2022, the General Partner earned $68,163, $77,316 and
 $87,032, respectively, in broker dealer servicing fees.

 Administrative
 Fee – each class of Units incurs a monthly General Partner administrative fee equal
 to 1/12 th of 0.45% of Fund net assets at the end of each month, payable in
 arrears. In return, the General Partner provides operating and administrative services,
 including accounting, audit, legal, marketing, and administration (exclusive of extraordinary
 costs and administrative expenses charged by other commodity pools with which the Fund
 may have investments). The General Partner uses a portion of this fee to pay third party
 service providers. During 2024, 2023 and 2022, the General Partner earned $548,428, $626,921
 and $738,438, respectively, in administrative fees.

 Additionally,
each year the General Partner receives from the Fund 1% of any net income earned by the Fund or pays to the Fund 1% of any net
loss incurred by the Fund. For the years ended December 31, 2024, 2023 and 2022, the General Partner received from or paid the
Fund the following amounts:

 Year

 Received from the

 Fund

 Paid to the

 Fund

 2024

 $
 3,923

 $
 —

 2023

 —

 91,905

 2022

 138,536

 —

 Total

 $
 142,459

 $
 91,905

 Item
 12.
 Security
 Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 The
Fund has no officers or directors as its affairs are managed by the General Partner, and there are no securities authorized for
issuance under an equity compensation plan.

 At
February 28, 2025, the General Partner did not own any Units; however, a Principal of the General Partner had the following investment
in the Fund: 13.9977 Class B Units with a Value of $96,124 as of December 31. 2024. The General Partner does participate in the
profits or losses of the Fund through its general partner 1 percent allocation, in which it receives 1 percent of the profits
or losses of the Fund.

 At
February 28, 2025, no person or group is known to have been the beneficial owner of more than 5% of the Units.

 On
October 31, 2019, and the General Partner was acquired by Octavus. See Item 2. for additional information.

 Item
 13.
 Certain
 Relationships and Related Transactions, and Director Independence

 See
"Item 1. Business" for a description of the relationships between the General Partner, the Fund, the Trading Advisor,
the futures brokers and the Cash Managers. See "Item 11. Executive Compensation" and "Item 12. Security Ownership
of Certain Beneficial Owners and Management and Related Stockholder Matters."

 Item 14.
 Principal
 Accountant Fees and Services

 The
following table sets forth the fees billed to the Fund for professional audit services provided by RSM US LLP, the Fund's
independent registered public accountant, for the audits of the Fund's annual financial statements for the years ended December
31, 2024 and 2023, and fees billed for other professional services rendered by RSM US LLP during those years.

 Fee Category

 2024

 2023

 Audit fees (1)

 $
 281,400

 $
 264,075

 Audit-related fees

 —

 —

 Tax fees (2)

 36,000

 33,000

 All other fees

 —

 —

 Total fees

 $
 317,400

 $
 297,075

 (1)
 Audit
fees consist of fees for professional services rendered for the audit of the Fund's financial statements and review of financial
statements included in the Fund's quarterly reports, as well as services normally provided by the independent accountant
in connection with statutory and regulatory filings or engagements.

 (2)
 Tax
fees consist of fees for the preparation of original tax returns.

 The
General Partner's Board of Directors pre-approves all audit and permitted non-audit services of the Fund's independent
accountants, including all engagement fees and terms. The General Partner's Board of Directors approved all the services
provided by RSM US LLP during 2024 and 2023 to the Fund described above. The General Partner's Board of Directors has determined
that the payments made to RSM US LLP for these services during 2024 and 2023 are compatible with maintaining that firm's
independence.

 Our
independent registered public accounting firm is RSM US LLP, Chicago, IL, Auditor ID: 49.

 PART
IV

 Item
 15.
 Exhibits
 and Financial Statement Schedules

 Report
of Independent Registered Public Accounting Firm

of Financial Condition as of December 31, 2024 and 2023

Schedule of Investments as of December 31, 2024

Schedule of Investments as of December 31, 2023

of Operations for the Years Ended December 31, 2024, 2023 and 2022

of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022

of Changes in Partners' Capital (Net Asset Value) for the Years Ended December 31, 2024, 2023 and 2022

 Notes
to Financial Statements

statement schedules not included in this Form 10-K have been omitted for the reason that they are not required or are not applicable
or that equivalent information has been included in the financial notes or statements thereto.

 Exhibits.

 The
following exhibits are filed herewith or incorporated by reference.

 Exhibit
 No.

 of Exhibit

 1.1 (a)

 Form of Selling Agreement

 3.1 (a)

 Maryland Certificate of Limited Partnership.

 4.1 (a)

 Limited Partnership Agreement.

 10.1 (a)

 Form of Subscription Agreement

 16.1 (a)

 Letter regarding change in certifying accountant.

 31.01

 Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

 31.02

 Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

 32.01

 Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

 32.02

 Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

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

 SIGNATURES

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

 Name

 Title

 Date

 /s/
Kevin Kinzie

 Kevin
Kinzie

 Chief
 Executive Officer and managing member of the General Partner

 March
 31, 2025

 /s/
Jon Essen

 Jon
Essen

 Chief
 Financial Officer of the General Partner

 March
 31, 2025

 Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 Dated March 31, 2025

 LoCorr Futures Portfolio Fund, Limited Partnership

 By:

 Steben & Company, LLC

 General Partner

 By:

 /s/ Kevin Kinzie

 Name:

 Kevin Kinzie

 Title:

 Chief Executive Officer and managing member
 of the General Partner

 Report
of Independent Registered Public Accounting Firm

 Partners
of LoCorr Futures Portfolio Fund, Limited Partnership

 Opinion
on the Financial Statements

 We
have audited the accompanying statements of financial condition, including the condensed schedules of investments, of LoCorr Futures
Portfolio Fund, Limited Partnership (the Fund) as of December 31, 2024 and 2023, the related statements of operations and cash flows,
and changes in partners' capital (net asset value) for each of the three years in the period ended December 31, 2024, and the related
notes to the financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Fund as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

 Basis
for Opinion

 These
financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's
financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) ( PCAOB) and are required to be independent with respect
to the Fund in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.

 We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

 Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

 Critical
Audit Matters

 Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the General Partner and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective or complex judgments. We determined that there are no critical audit matters.

 /s/
RSM US LLP

 We
have served as the Fund's auditor since 2007.

 Chicago,
Illinois

 March
31, 2025

 F- 1

of Financial Condition

31, 2024 and 2023

 2024

 2023

 Assets

 Equity in broker trading accounts

 Cash (restricted cash of $ 24,388,209 and $ 24,415,248)

 $
 41,794,802

 $
 38,283,809

 Net unrealized gain (loss) on open futures contracts

)

 Net unrealized gain (loss) on open forward currency contracts

)

 Net unrealized gain (loss) on swap contracts

 —

 Total equity in broker trading accounts

 44,248,217

 35,822,071

 Cash and cash equivalents

 2,390,015

 5,806,473

 Investment in private investment company, at fair value (cost$ 4,237,264 and $ 2,237,264)

 Investment in securities, at fair value (cost$ 60,029,157 and $ 77,451,839)

 60,605,106

 77,382,955

 General Partner 1 % allocation receivable

 —

 91,905

 Exchange membership, at fair value (cost$ 189,000 and $ 189,000)

 160,000

 114,000

 Dividend receivable

 30,595

 Total assets

 $
 109,716,323

 $
 121,496,181

 Liabilities and Partners' Capital (Net Asset Value)

 Liabilities

 Trading Advisor management fees payable

 $
 128,719

 $
 143,713

 Trading Advisor incentive fees payable

 202,916

 —

 Commissions and other trading fees payable on open contracts

 21,656

 19,591

 Cash Managers fees payable

 21,704

 27,533

 General Partner management and performance fees payable

 136,449

 151,291

 General Partner 1 % allocation payable

 3,923

 —

 Selling Agent payable - General Partner

 118,362

 133,452

 Broker dealer servicing fees payable - General Partner

 5,178

 5,622

 Administrative fee payable - General Partner

 39,779

 44,243

 Interest payable

 15,285

 40,887

 Redemption payable

 904,899

 1,544,109

 Subscriptions received in advance

 —

 9,700

 Total liabilities

 1,598,870

 2,120,141

 Partners' Capital (Net Asset Value)

 Class A Interests – 17,508.2067 and 19,384.2057 units

 70,212,384

 78,554,826

 Class A2 Interests – 8.7653 and 94.7752 units

 9,733

 104,898

 Class B Interests – 4,469.0732 and 4,886.1080 units

 30,691,082

 33,308,431

 Class I Interests – 247.1650 and 247.1650 units

 296,265

 291,331

 Class R Interests – 5,989.1724 and 6,228.0149 units

 6,907,989

 7,116,554

 Total partners' capital (net asset value)

 108,117,453

 119,376,040

 Total liabilities and partners' capital (net asset value)

 $
 109,716,323

 $
 121,496,181

 F- 2

 INVESTMENTS IN SECURITIES

 U.S. Treasury Securities

 Name

 $

 2/15/25

 2.00
 %

 $
 1,004,585

 0.93
 %

 1,250,000

 4/30/25

 3.88
 %

 1,256,343

 1.16
 %

 5/31/25

 4.25
 %

 1,003,424

 0.93
 %

 10/31/25

 5.00
 %

 1,014,345

 0.94
 %

 4/30/26

 4.88
 %

 1,016,162

 0.94
 %

 8/31/26

 3.75
 %

 1,005,085

 0.93
 %

 1,150,000

 5/15/27

 4.50
 %

 1,162,649

 1.07
 %

 850,000

 8/15/27

 3.75
 %

 851,415

 0.79
 %

 Total
U.S. Treasury securities (cost: $ 8,321,965)

 7.69
 %

 U.S. Commercial Paper

 Name

 $

 1/3/25

 Analog Devices, Inc.

 3.08
 %

 $
 699,820

 0.65
 %

 Banks

 3/26/25

 Mizuho Bank Ltd., New York Branch

 4.45
 %

 692,724

 0.64
 %

 Beverages

 2/13/25

 Brown-Forman Corporation

 4.42
 %

 696,238

 0.64
 %

 2/7/25

 Cabot Trail Funding LLC

 4.52
 %

 696,676

 0.64
 %

 1/21/25

 Citigroup Global Markets Inc.

 4.48
 %

 698,176

 0.65
 %

 2/13/25

 DCAT, LLC

 4.57
 %

 696,112

 0.64
 %

 1/9/25

 Gotham Funding Corporation

 4.18
 %

 799,164

 0.74
 %

 1/24/25

 National Rural Utilities Cooperative Finance Corporation

 4.38
 %

 697,961

 0.65
 %

 3/11/25

 Sheffield Receivables Company LLC

 4.51
 %

 693,909

 0.64
 %

 600,000

 1/15/25

 NiSource Inc.

 4.29
 %

 598,929

 0.55
 %

 1/6/25

 NSTAR Electric Company

 3.89
 %

 799,481

 0.74
 %

 Food

 1/16/25

 Archer Daniels Midland Company

 4.32
 %

 798,467

 0.74
 %

 Manufacturing

 1/10/25

 Cintas Corporation

 4.20
 %

 799,068

 0.74
 %

 Media

 2/11/25

 The Walt Disney Company

 4.51
 %

 795,809

 0.74
 %

 Water

 1/8/25

 American Water Capital Corporation

 4.05
 %

 699,371

 0.65
 %

 Total U.S. commercial paper (cost: $ 10,823,660)

 10,861,905

 10.05
 %

 F- 3

 Foreign Commercial Paper

 Banks

 $

 1/29/25

 The Toronto-Dominion Bank

 4.32
 %

 $
 697,572

 0.65
 %

 1/23/25

 Brookfield Corporate Treasury Ltd.

 4.60
 %

 797,653

 0.73
 %

 1/15/25

 Experian Finance plc

 4.39
 %

 698,721

 0.65
 %

 600,000

 1/27/25

 Lsega Financing Plc

 4.52
 %

 597,972

 0.55
 %

 Telecommunications

 1/10/25

 Telstra Group Limited

 4.18
 %

 699,188

 0.65
 %

 Total foreign commercial paper (cost: $ 3,478,317)

 3,491,106

 3.23
 %

 Total commercial paper (cost: $ 14,301,977)

 14,353,011

 13.28
 %

 U.S. Corporate Notes

 Name

 Banks

 $

 3/11/27

 Bank of America Corporation

 1.66
 %

 $
 1,937,494

 1.79
 %

 2,750,000

 1/26/26

 KeyBank National Association

 4.70
 %

 2,796,354

 2.59
 %

 3/18/27

 Goldman Sachs Bank USA

 5.28
 %

 1,018,940

 0.94
 %

 12/8/26

 JPMorgan Chase Bank, National Association

 5.11
 %

 2,024,145

 1.87
 %

 Computers

 950,000

 9/25/26

 Hewlett Packard Enterprise Company

 4.45
 %

 953,925

 0.88
 %

 1/20/27

 Morgan Stanley

 3.63
 %

 1,993,832

 1.85
 %

 1,500,000

 2/5/27

 National Rural Utilities Cooperative Finance Corporation

 4.80
 %

 1,535,242

 1.42
 %

 6/1/25

 DTE Energy Company

 1.05
 %

 985,557

 0.91
 %

 1,500,000

 1/29/26

 NextEra Energy Capital Holdings, Inc.

 4.95
 %

 1,533,720

 1.42
 %

 Machinery

 1/10/25

 John Deere Capital Corporation

 1.25
 %

 2,010,297

 1.86
 %

 Pharmaceuticals

 3/2/25

 Amgen Inc.

 5.25
 %

 1,018,407

 0.94
 %

 Software

 4/4/27

 Adobe Inc.

 4.85
 %

 1,016,309

 0.94
 %

 Telecommunications

 3/1/27

 AT&T Inc.

 4.25
 %

 2,006,791

 1.86
 %

 Total U.S. corporate notes (cost: $ 20,491,733)

 20,831,013

 19.27
 %

 F- 4

 % of Partners' Capital (Net Asset Value)

 Foreign Corporate Notes

 Name

 Banks

 $

 12/11/26

 The Toronto-Dominion Bank

 5.26
 %

 $
 1,013,662

 0.94
 %

 3,000,000

 1/13/25

 UBS AG, London Branch

 1.38
 %

 3,015,128

 2.79
 %

 Total foreign corporate notes (cost: $ 3,948,550)

 4,028,790

 3.73
 %

 Total corporate notes (cost: $ 24,440,283)

 24,859,803

 23.00
 %

 U.S. Asset Backed Securities

 Name

 84,772

 9/15/26

 Capital One Prime Auto Receivables Trust 2021-1

 0.77
 %

 83,816

 0.08
 %

 128,624

 CarMax Auto Owner Trust 2021-3

 0.55
 %

 127,512

 0.12
 %

 236,085

 4/26/27

 Chase Auto Owner Trust 2024-1

 5.48
 %

 237,016

 0.22
 %

 512,612

 5/25/27

 Chase Auto Owner Trust 2024-2

 5.66
 %

 515,306

 0.48
 %

 70,722

 Ford Credit Auto Owner Trust 2022-A

 1.29
 %

 70,247

 0.06
 %

 650,000

 11/20/26

 GM Financial Automobile Leasing Trust 2023-3

 5.38
 %

 654,430

 0.61
 %

 1,322,724

 9/21/26

 GM Financial Automobile Leasing Trust 2024-2

 5.43
 %

 1,331,329

 1.23
 %

 335,681

 11/16/26

 Mercedes-Benz Auto Receivables Trust 2023-2

 5.92
 %

 337,651

 0.31
 %

 53,035

 2/16/27

 Santander Drive Auto Receivables Trust 2023-4

 6.18
 %

 53,250

 0.05
 %

 79,398

 7/15/27

 Santander Drive Auto Receivables Trust 2023-5

 6.31
 %

 79,771

 0.07
 %

 256,673

 9/15/27

 Santander Drive Auto Receivables Trust 2024-2

 5.80
 %

 258,024

 0.24
 %

 214,161

 1/20/26

 Sbna Auto Lease Trust 2024 - A Fund

 5.45
 %

 214,780

 0.20
 %

 222,456

 9/15/26

 Toyota Auto Receivables 2022-B Owner Trust

 2.93
 %

 221,408

 0.20
 %

 199,856

 7/22/26

 Toyota Lease Owner Trust 2024-A

 5.33
 %

 200,461

 0.19
 %

 Credit cards

 5/15/25

 American Express Credit Account Master Trust

 3.39
 %

 1,994,709

 1.84
 %

 405,000

 8/15/25

 American Express Credit Account Master Trust 2022-3

 3.75
 %

 403,794

 0.37
 %

 460,000

 5/15/26

 American Express Credit Account Master Trust, series 2023-1

 4.87
 %

 463,253

 0.43
 %

 65,000

 6/16/25

 BA Credit Card Trust, Series 2022-1

 3.53
 %

 64,802

 0.06
 %

 435,000

 4/17/28

 BA Credit Card Trust, Series 2022-2

 5.00
 %

 436,266

 0.40
 %

 3/17/25

 Capital One Multi-Asset Execution Trust, Series 2022-1

 2.80
 %

 997,533

 0.92
 %

 600,000

 5/15/25

 Capital One Multi-Asset Execution Trust, Series 2022-2

 3.49
 %

 598,377

 0.55
 %

 1,100,000

 5/15/28

 Capital One Multi-Asset Execution Trust, Series 2023-1

 4.42
 %

 1,102,134

 1.02
 %

 500,000

 12/8/27

 Citibank Credit Card Issuance Trust

 5.23
 %

 505,072

 0.47
 %

 Equipment

 62,171

 3/14/29

 CCG Receivables Trust 2021-2

 0.54
 %

 61,882

 0.06
 %

 1,495,511

 8/20/27

 Dllad 2024-1 LLC

 5.50
 %

 1,506,688

 1.39
 %

 288,965

 6/13/28

 Mmaf Equipment Finance Llc 2021-A

 0.56
 %

 284,099

 0.26
 %

 275,000

 7/20/28

 Verizon Master Trust

 1.53
 %

 274,674

 0.25
 %

 Total U.S. asset backed securities (cost: $ 12,964,932)

 12.08
 %

 Total investments in securities (cost: $ 60,029,157)

 $
 60,605,106

 56.05
 %

 F- 5

 OPEN FUTURES CONTRACTS 2

 Long U.S. Futures Contracts

 $
 1,175,095

 1.09
 %

 ( 191,687
)

 ( 0.18
)%

 340,781

 0.32
 %

 ( 376,432
)

 ( 0.35
)%

 ( 22,552
)

 ( 0.02
)%

 Metals 2

 ( 3,774,110
)

 ( 3.50
)%

 Net unrealized gain (loss) on open long U.S. futures contracts

 ( 2,848,905
)

 ( 2.64
)%

 Short U.S. Futures Contracts

 ( 256,648
)

 ( 0.24
)%

 607,925

 0.56
 %

 ( 159,614
)

 ( 0.15
)%

 75,465

 0.07
 %

 483,044

 0.46
 %

 Metals 2

 3,618,404

 3.34
 %

 Net unrealized gain (loss) on open short U.S. futures contracts

 4,368,576

 4.04
 %

 Total U.S. Futures Contracts - net unrealized gain (loss) on open U.S. futures contracts

 1,519,671

 1.40
 %

 Long Foreign Futures Contracts

 339,585

 0.31
 %

 221,706

 0.21
 %

 70,980

 0.07
 %

 ( 269,186
)

 ( 0.25
)%

 ( 657,110
)

 ( 0.61
)%

 46,553

 0.04
 %

 Net unrealized gain (loss) on open long foreign futures contracts

 ( 247,472
)

 ( 0.23
)%

 F- 6

 OPEN FUTURES CONTRACTS 2 (continued)

 Short Foreign Futures Contracts

 $
 ( 42,416
)

 ( 0.04
)%

 ( 45,765
)

 ( 0.04
)%

 ( 130,618
)

 ( 0.12
)%

 21,706

 0.02
 %

 141,024

 0.13
 %

 Net unrealized gain (loss) on open short foreign futures contracts

 ( 56,069
)

 ( 0.05
)%

 Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts

 ( 303,541
)

 ( 0.28
)%

 Net unrealized gain (loss) on open futures contracts

 $

 1.12
 %

 OPEN FORWARD CURRENCY CONTRACTS 2

 U.S. Forward Currency Contracts

 Long

 $
 ( 1,042,592
)

 ( 0.96
)%

 Short

 2,211,210

 2.04
 %

 Net unrealized gain (loss) on open U.S. forward currency contracts

 1,168,618

 1.08
 %

 Foreign Forward Currency Contracts

 Long

 14,592

 0.01
 %

 Short

 54,075

 0.05
 %

 Net unrealized gain (loss) on open foreign forward currency contracts

 68,667

 0.06
 %

 Net unrealized gain (loss) on open forward currency contracts

 $

 1.14
 %

 TOTAL RETURN SWAP CONTRACTS

 Long

 –

 0.00
 %

 Short

 –

 0.00
 %

 –

 0.00
 %

 INVESTMENT IN PRIVATE INVESTMENT COMPANY 3

 Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC (cost: $ 4,237,264)

 $

 2.14
 %

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

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

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

 F- 7

 INVESTMENTS IN SECURITIES

 U.S. Treasury Securities

 Name

 $
 2,500,000

 1/31/24

 2.25
 %

 $
 2,516,593

 2.11
 %

 2/29/24

 1.50
 %

 1,997,160

 1.67
 %

 3/31/24

 2.25
 %

 998,094

 0.84
 %

 5,000,000

 4/15/24

 0.38
 %

 4,934,362

 4.13
 %

 6/30/24

 2.00
 %

 994,164

 0.83
 %

 4/30/25

 3.88
 %

 1,994,962

 1.67
 %

 5/31/25

 4.25
 %

 1,999,467

 1.67
 %

 2,500,000

 11/15/25

 4.50
 %

 2,522,502

 2.12
 %

 2,500,000

 4/15/26

 3.75
 %

 2,496,811

 2.09
 %

 Total U.S. Treasury securities (cost: $ 20,232,161)

 17.13
 %

 U.S. Commercial Paper

 Name

 $

 2/23/24

 Toyota Motor Credit Corp.

 5.30
 %

 $
 694,225

 0.58
 %

 3/15/24

 Volvo Treasury NA LP

 5.38
 %

 790,796

 0.66
 %

 Banks

 1/5/24

 MUFG Bank, Ltd., New York Branch

 4.63
 %

 799,280

 0.67
 %

 Beverages

 1/4/24

 Brown-Forman Corporation

 4.52
 %

 799,398

 0.66
 %

 1/26/24

 Cabot Trail Funding LLC

 5.25
 %

 796,736

 0.67
 %

 1/22/24

 DCAT, LLC

 5.29
 %

 697,530

 0.58
 %

 900,000

 1/4/24

 Equitable Short Term Funding LLC

 4.58
 %

 899,313

 0.76
 %

 3/4/24

 Fairway Finance Company LLC

 5.37
 %

 792,128

 0.66
 %

 2/27/24

 Gotham Funding Corporation

 5.39
 %

 792,814

 0.66
 %

 900,000

 1/12/24

 Liberty Street Funding LLC

 5.11
 %

 898,213

 0.75
 %

 1/2/24

 National Rural Utilities Cooperative Finance Corporation

 4.09
 %

 799,637

 0.68
 %

 1/31/24

 Sheffield Receivables Company LLC

 5.38
 %

 796,053

 0.67
 %

 2/6/24

 Thunder Bay Funding, LLC

 5.31
 %

 795,398

 0.67
 %

 1/8/24

 Berkshire Hathaway Energy Company

 4.93
 %

 798,904

 0.67
 %

 Insurance

 2/9/24

 Pacific Life Short Term Funding LLC

 5.27
 %

 695,695

 0.58
 %

 Machinery

 1/16/24

 John Deere Capital Corporation

 5.02
 %

 797,994

 0.67
 %

 Total U.S. commercial paper (cost: $ 12,583,605)

 12,644,114

 10.59
 %

 F- 8

 Foreign Commercial Paper

 Banks

 $

 1/22/24

 Bank of Montreal

 5.18
 %

 797,235

 0.67
 %

 1/11/24

 Barclays Bank PLC

 5.12
 %

 798,520

 0.67
 %

 900,000

 1/25/24

 National Bank of Canada

 5.22
 %

 896,477

 0.74
 %

 655,000

 1/18/24

 Oversea-Chinese Banking Corporation Limited

 5.24
 %

 653,092

 0.55
 %

 1/10/24

 Experian Finance plc

 5.04
 %

 798,656

 0.67
 %

 750,000

 1/2/24

 Longship Funding Designated Activity Company

 4.14
 %

 749,655

 0.63
 %

 Total foreign commercial paper (cost: $ 4,664,983)

 4,693,635

 3.93
 %

 Total commercial paper (cost: $ 17,248,588)

 17,337,749

 14.52
 %

 U.S. Corporate Notes

 Name

 Aerospace

 $
 3,000,000

 5/1/25

 Boeing Company

 4.88
 %

 3,009,047

 2.52
 %

 4,000,000

 6/14/24

 NVIDIA Corporation

 0.58
 %

 3,911,586

 3.28
 %

 Banks

 2/4/25

 Bank of America Corporation

 1.84
 %

 1,001,676

 0.84
 %

 3,500,000

 1/26/26

 KeyBank National Association

 4.70
 %

 3,484,531

 2.92
 %

 12/6/24

 Truist Bank

 2.15
 %

 1,943,377

 1.62
 %

 3,750,000

 1/24/24

 Wells Fargo & Company

 3.75
 %

 3,806,220

 3.19
 %

 8/18/24

 Air Lease Corporation

 0.80
 %

 971,412

 0.81
 %

 4,000,000

 1/8/24

 Athene Global Funding

 0.95
 %

 4,009,724

 3.36
 %

 714,000

 4/1/24

 Brookfield Finance LLC

 4.00
 %

 718,093

 0.60
 %

 Machinery

 1/10/25

 John Deere Capital Corp FXD

 1.25
 %

 1,941,228

 1.63
 %

 Telecommunications

 1,500,000

 3/22/24

 Verizon Communications Inc.

 0.75
 %

 1,487,364

 1.25
 %

 Total U.S. corporate notes (cost: $ 26,739,459)

 26,284,258

 22.02
 %

 F- 9

 Foreign Corporate Notes

 Name

 Banks

 $

 12/11/26

 The Toronto-Dominion Bank

 5.26
 %

 $
 1,023,217

 0.86
 %

 4,000,000

 1/13/25

 UBS AG

 1.38
 %

 3,878,058

 3.25
 %

 Total foreign corporate notes (cost: $ 4,931,400)

 4,901,275

 4.11
 %

 Total corporate notes (cost: $ 31,670,859)

 31,185,533

 26.13
 %

 U.S. Asset Backed Securities

 Name

 291,097

 9/15/26

 Capital One Prime Auto Receivables Trust 2021-1

 0.77
 %

 281,779

 0.24
 %

 36,022

 2/17/26

 CarMax Auto Owner Trust 2021-2

 0.52
 %

 35,232

 0.03
 %

 518,157

 CarMax Auto Owner Trust 2021-3

 0.55
 %

 501,736

 0.42
 %

 605,434

 4/15/33

 Chesapeake Funding II LLC - 2018 - 2

 0.47
 %

 590,823

 0.49
 %

 395,000

 7/15/30

 Ford Credit Auto Owner Trust 2019-Rev1

 3.52
 %

 395,487

 0.33
 %

 261,063

 Ford Credit Auto Owner Trust 2022-A

 1.29
 %

 254,303

 0.21
 %

 375,000

 11/16/26

 Mercedes-Benz Auto Receivables Trust 2023-2

 5.92
 %

 378,682

 0.32
 %

 198,000

 Santander Consumer Auto Receivables Trust 2021-A

 0.48
 %

 193,739

 0.16
 %

 69,230

 1/15/26

 Santander Drive Auto Receivables Trust 2022-7

 5.81
 %

 69,394

 0.06
 %

 256,619

 1/15/26

 Santander Drive Auto Receivables Trust 2023-2

 5.87
 %

 257,284

 0.22
 %

 188,709

 2/16/27

 Santander Drive Auto Receivables Trust 2023-4

 6.18
 %

 189,696

 0.16
 %

 575,000

 11/25/31

 Toyota Auto Loan Extended Note Trust 2019-1

 2.56
 %

 570,846

 0.48
 %

 85,777

 10/15/25

 Toyota Auto Receivables 2020-C Owner Trust

 0.57
 %

 84,552

 0.07
 %

 550,000

 9/15/26

 Toyota Auto Receivables 2022-B Owner Trust

 2.93
 %

 539,781

 0.45
 %

 Credit cards

 195,000

 11/16/26

 American Express Credit Account Master Trust, Series 2021-1

 0.90
 %

 188,188

 0.16
 %

 101,000

 9/16/24

 Barclays Dryrock Issuance Trust, Series 2021-1

 0.63
 %

 97,744

 0.08
 %

 1,625,000

 7/15/24

 Capital One Multi-Asset Execution Trust, Series 2021-1

 0.55
 %

 1,584,139

 1.33
 %

 450,000

 4/22/24

 Citibank Credit Card Issuance Trust

 6.09
 %

 451,129

 0.38
 %

 64,000

 9/15/24

 Discover Card Execution Note Trust

 0.58
 %

 61,896

 0.05
 %

 Equipment

 416,089

 3/14/29

 CCG Receivables Trust 2021-2

 0.54
 %

 404,233

 0.34
 %

 348,470

 1/21/25

 Dllst 2022-1 Llc

 3.40
 %

 346,532

 0.29
 %

 88,273

 9/20/29

 HPEFS Equipment Trust 2022-2

 3.15
 %

 88,052

 0.07
 %

 602,613

 6/13/28

 Mmaf Equipment Finance Llc 2021-A

 0.56
 %

 575,377

 0.48
 %

 275,000

 7/20/28

 Verizon Master Trust

 1.53
 %

 264,934

 0.22
 %

 Total U.S. asset backed securities (cost: $ 8,300,231)

 7.04
 %

 Total investments in securities (cost: $ 77,451,839)

 $
 77,382,955

 64.82
 %

 F- 10

 Fair
 Value

 %
 of Partners'

 OPEN FUTURES CONTRACTS 2

 Long U.S. Futures Contracts

 commodities

 $
 ( 116,871
)

 ( 0.10
)%

 93,565

 0.08
 %

 ( 367,095
)

 ( 0.31
)%

 246,214

 0.21
 %

 143,787

 0.12
 %

 950,297

 0.80
 %

 Net unrealized gain (loss) on open
 long U.S. futures contracts

 949,897

 0.80
 %

 Short U.S. Futures Contracts

 404,628

 0.34
 %

 ( 170,074
)

 ( 0.14
)%

 96,029

 0.08
 %

 ( 137,980
)

 ( 0.12
)%

 ( 1,637,022
)

 ( 1.36
)%

 ( 1,135,292
)

 ( 0.96
)%

 Net unrealized gain (loss) on open
 short U.S. futures contracts

 ( 2,579,711
)

 ( 2.16
)%

 Total U.S. Futures Contracts - net
 unrealized gain (loss) on open U.S. futures contracts

 ( 1,629,814
)

 ( 1.36
)%

 Long Foreign Futures Contracts

 223,122

 0.19
 %

 ( 84,588
)

 ( 0.07
)%

 275,581

 0.23
 %

 1,037,120

 0.87
 %

 ( 6,427
)

 ( 0.01
)%

 Net unrealized gain (loss) on open
 long foreign futures contracts

 1,444,808

 1.21
 %

 F- 11

 Fair
 Value

 %
 of Partners'

 OPEN FUTURES CONTRACTS 2 (continued)

 Short
 Foreign Futures Contracts

 commodities

 $
 159,588

 0.13
 %

 ( 141,652
)

 ( 0.11
)%

 ( 114,659
)

 ( 0.10
)%

 indices

 ( 103,131
)

 ( 0.09
)%

 rate instruments

 ( 355,037
)

 ( 0.29
)%

 Net
 unrealized gain (loss) on open short foreign futures contracts

 ( 554,891
)

 ( 0.46
)%

 Total
 foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts

 889,917

 0.75
 %

 Net
 unrealized gain (loss) on open futures contracts

 $
)

 ( 0.61
)%

 OPEN FORWARD CURRENCY CONTRACTS 2

 U.S.
 Forward Currency Contracts

 Long

 $
 1,245,553

 1.04
 %

 Short

 ( 2,360,245
)

 ( 1.97
)%

 Net
 unrealized gain (loss) on open U.S. forward currency contracts

 ( 1,114,692
)

 ( 0.93
)%

 Foreign
 Forward Currency Contracts

 Long

 ( 535,092
)

 ( 0.45
)%

 Short

 ( 72,075
)

 ( 0.06
)%

 Net
 unrealized gain (loss) on open foreign forward currency contracts

 ( 607,167
)

 ( 0.51
)%

 Net
 unrealized gain (loss) on open forward currency contracts

 $
)

 ( 1.44
)%

 TOTAL
 RETURN SWAP CONTRACTS

 Long

 0.00
 %

 Short

 —

 0.00
 %

 0.00
 %

 INVESTMENT IN PRIVATE INVESTMENT
 COMPANY 3

 Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC (cost: $ 2,237,264)

 $

 1.88
 %

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

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

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

 F- 12

of Operations

 Years

 2024

 2023

 2022

 Realized
 and Change in Unrealized Gain (Loss) on Investments

 Net
 realized gain (loss) on:

 Futures,
 futures options, swaps and forward contracts

 $
 ( 286,067
)

 $
 ( 505,837
)

 $
 22,391,642

 in private investment company

 —

 ( 11,736
)

 2,212,908

 Investments
 in securities

 ( 163,994
)

 ( 729,841
)

 ( 287,406
)

 Net
 change in unrealized gain (loss) on:

 Futures,
 futures options, swaps and forward contracts

 4,915,153

 ( 4,891,977
)

 2,555,134

 in private investment company

 ( 1,935,200
)

 ( 2,145,513
)

 ( 261,911
)

 Investments
 in securities and certificates of deposit

 669,011

 2,215,424

 ( 1,721,642
)

 membership

 46,000

 ( 73,000
)

 75,000

 Brokerage
 commissions and trading expenses

 ( 1,089,268
)

 ( 922,916
)

 ( 991,017
)

 Net
 realized and change in unrealized gain (loss) on investments

 2,155,635

 ( 7,065,396
)

 23,972,708

 Net
 Investment Income (Loss)

 Income

 and dividend income

 5,185,309

 4,896,631

 2,228,346

 Expenses

 Advisor management fees

 1,728,779

 1,944,813

 2,438,667

 Advisor incentive fees

 1,074,381

 310,713

 4,254,074

 Cash
 Managers fees

 106,087

 123,490

 134,010

 Partner management and performance fees

 1,825,047

 2,086,653

 2,458,100

 agent fees - General Partner

 1,597,770

 1,851,819

 2,237,118

 Broker
 dealer servicing fees - General Partner

 68,163

 77,316

 87,032

 Partner 1 % allocation

 3,923

 ( 91,905
)

 138,536

 Adminstrative
 fee - General Partner

 548,428

 626,921

 738,438

 Total
 expenses

 6,952,578

 6,929,820

 12,485,975

 Net
 investment income (loss)

 ( 1,767,269
)

 ( 2,033,189
)

 ( 10,257,629
)

 Net
 Income (Loss) attributable to the Fund

 $
 388,366

 $
 ( 9,098,585
)

 $
 13,715,079

 F- 13

of Operations (continued)

 Years

 Class A Units

 Class A2 Units

 2024

 2023

 2022

 2024

 2023

 2022

 Increase (decrease) in net asset value per unit for the year

 $
 ( 42.26
)

 $
 ( 319.59
)

 $
 325.79

 $
 3.78

 $
 ( 70.81
)

 $
 102.79

 Net income (loss) per unit

 $
 ( 10.15
)

 $
 ( 310.45
)

 $
 359.59

 $
 20.40

 $
 ( 85.38
)

 $
 111.90

 Weighted average number of units outstanding

 18,379.1872

 21,387.3436

 24,536.7560

 66.4120

 155.5220

 318.3211

 Class A3 Units

 Class B Units

 2024

 2023

 2022

 2024

 2023

 2022

 Increase (decrease) in net asset value per unit for the year

 $
 —

 $
 —

 $
 ( 1,041.81
)

 $
 50.47

 $
 ( 407.43
)

 $
 656.70

 Net income (loss) per unit

 $
 —

 $
 —

 $
 175.50

 $
 98.55

 $
 ( 376.57
)

 $
 699.31

 Weighted average number of units outstanding

 —

 —

 38.0000

 4,630.1509

 5,361.1194

 5,837.8944

 Class I Units

 Class R Units

 2024

 2023

 2022

 2024

 2023

 2022

 Increase (decrease) in net asset value per unit for the year

 $
 19.96

 $
 ( 58.74
)

 $
 123.02

 $
 10.74

 $
 ( 65.89
)

 $
 112.03

 Net income (loss) per unit

 $
 19.96

 $
 ( 60.55
)

 $
 123.03

 $
 18.50

 $
 ( 65.08
)

 $
 113.47

 Weighted average number of units outstanding

 247.1650

 249.3139

 256.4767

 6,072.4895

 6,326.0639

 6,481.6076

 based on weighted
average number of units outstanding during the year.

 Class A 3 Units were fully redeemed on July 1, 2022.

 F- 14

of Cash Flows

 Years

 2024

 2023

 2022

 Cash
 flows from operating activities

 Net
 income (loss)

 $
 388,366

 $
 ( 9,098,585
)

 $
 13,715,079

 Adjustments
 to reconcile net income (loss) to net cash provided by (used in) operating activities:

 Net
 change in unrealized (gain) loss from futures, future options, forwards contracts and swap contracts

 ( 4,915,153
)

 4,891,977

 ( 2,555,134
)

 Net
 realized and change in unrealized (gain) loss on private investment company, securities and certificates of deposit

 1,430,183

 671,666

 58,051

 Purchases
 of securities and private investment company

 ( 350,148,886
)

 ( 211,876,630
)

 ( 360,508,855
)

 Proceeds
 from disposition of private investment company and securities.

 365,431,752

 230,950,774

 366,048,450

 Changes
 in

 Membership

 ( 46,000
)

 73,000

 ( 75,000
)

 Dividend
 receivable

 30,592

 ( 9,358
)

 ( 20,336
)

 Advisor management fee payable

 ( 14,994
)

 ( 42,308
)

 ( 39,917
)

 Advisor incentive fee payable

 202,916

 ( 354,828
)

 ( 367,086
)

 Commissions
 and other trading fees payable on open contracts

 2,065

 ( 1,350
)

 ( 1,368
)

 Cash
 Manager fees Payable

 ( 5,829
)

 ( 2,938
)

 Partner management and performance fees payable

 ( 14,842
)

 ( 39,615
)

 ( 1,190
)

 Partner 1 % allocation receivable / payable

 95,828

 ( 230,441
)

 30,765

 Agent fees payable - General Partner

 ( 15,090
)

 ( 39,106
)

 ( 3,773
)

 Broker
 dealer servicing fees payable - General Partner

 ( 444
)

 ( 1,209
)

 Administrative
 fee payable – General Partner

 ( 4,464
)

 ( 11,917
)

 ( 877
)

 payable

 ( 25,602
)

 19,518

 17,985

 Net
 cash provided by (used in) operating activities

 12,390,398

 14,898,650

 16,297,024

 Cash
 flows from financing activities

 200,000

 1,406,000

 512,300

 received in advance

 —

 9,700

 162,000

 ( 12,495,862
)

 ( 24,075,521
)

 ( 15,140,061
)

 Net
 cash provided by (used in) financing activities

 ( 12,295,862
)

 ( 22,659,821
)

 ( 14,465,761
)

 Net
 increase (decrease) in cash and cash equivalents

 94,535

 ( 7,761,171
)

 1,831,263

 Cash
 and cash equivalents, beginning of year

 44,090,282

 51,851,453

 50,020,190

 Cash
 and cash equivalents, end of year

 $
 44,184,817

 $
 44,090,282

 $
 51,851,453

 End
 of year cash and cash equivalents consists of

 Cash and restricted cash in broker trading accounts

 $
 41,794,802

 $
 38,283,809

 $
 41,012,793

 Cash
 and cash equivalents

 2,390,015

 5,806,473

 10,838,660

 Total
 end of year cash and cash equivalents

 $
 44,184,817

 $
 44,090,282

 $
 51,851,453

 Supplemental disclosure of cash flow information

 Prior year redemptions paid

 $
 1,544,109

 $
 701,837

 $
 1,285,931

 Prior year subscriptions received in advance

 $
 9,700

 $
 162,000

 $
 —

 Supplemental schedule of non-cash financing activities

 Redemptions payable

 $
 904,899

 $
 1,544,109

 $
 701,837

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

 F- 15

of Changes in Partners' Capital (Net Asset Value)

 Years

 Class
 A

 Class
 A2

 Class
 A3

 Class
 B

 Class
 I

 Class
 R

 Total

 Balance at December 31, 2021

 104,241,918

 366,207

 39,588

 40,086,210

 285,819

 7,133,264

 152,153,006

 8,823,243

 35,621

 6,669

 4,082,504

 31,553

 735,489

 13,715,079

 85,000

 —

 —

 427,300

 —

 —

 512,300

 ( 10,051,849
)

 ( 57,715
)

 ( 46,257
)

 ( 4,295,394
)

 —

 ( 104,752
)

 ( 14,555,967
)

 ( 410,142
)

 —

 —

 410,142

 —

 —

 —

 Balance at December 31, 2022

 102,688,170

 344,113

 —

 40,710,762

 317,372

 7,764,001

 151,824,418

 ( 6,639,644
)

 ( 13,278
)

 —

 ( 2,018,853
)

 ( 15,095
)

 ( 411,715
)

 ( 9,098,585
)

 826,000

 —

 —

 742,000

 —

 —

 1,568,000

 ( 17,560,350
)

 ( 225,937
)

 —

 ( 6,884,828
)

 ( 10,946
)

 ( 235,732
)

 ( 24,917,793
)

 ( 759,350
)

 —

 —

 759,350

 —

 —

 —

 Balance at December 31, 2023

 78,554,826

 104,898

 —

 33,308,431

 291,331

 7,116,554

 119,376,040

 ( 186,570
)

 1,355

 —

 456,282

 4,934

 112,365

 388,366

 —

 9,700

 —

 200,000

 —

 —

 209,700

 ( 6,615,899
)

 —

 —

 ( 4,852,292
)

 —

 ( 388,461
)

 ( 11,856,652
)

 ( 1,539,973
)

 ( 106,219
)

 —

 1,578,661

 —

 67,531

 —

 Balance at December

 $
 70,212,384

 $
 9,733

 $
 —

 $
 30,691,082

 $
 296,265

 $
 6,907,989

 $
 108,117,453

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

 F- 16

of Changes in Partners' Capital (Net Asset Value) continued

 Years

 Units

 Class
 A

 Class
 A2

 Class
 A3

 Class
 B

 Class
 I

 Class
 R

 Balance
 at December 31, 2021

 25,762.1732

 340.7072

 38.0000

 6,103.5404

 256.4767

 6,505.3148

 18.7502

 —

 —

 58.3221

 —

 —

 ( 2,203.8652
)

 ( 48.5000
)

 ( 38.0000
)

 ( 581.4620
)

 —

 ( 81.1583
)

 ( 89.9735
)

 —

 —

 54.7784

 —

 —

 Balance at December
 31, 2022

 23,487.0847

 292.2072

 —

 5,635.1789

 256.4767

 6,424.1565

 193.3296

 —

 —

 105.8827

 —

 —

 ( 4,121.4827
)

 ( 197.4320
)

 —

 ( 959.6027
)

 ( 9.3117
)

 ( 196.1416
)

 ( 174.7259
)

 —

 —

 104.6491

 —

 —

 Balance at December

 19,384.2057

 94.7752

 —

 4,886.1080

 247.1650

 6,228.0149

 —

 8.7638

 —

 28.8970

 —

 —

 ( 1,504.0157
)

 —

 —

 ( 669.3850
)

 —

 ( 299.3456
)

 ( 371.9833
)

 ( 94.7737
)

 —

 223.4532

 —

 60.5031

 Balance
 at December 31, 2024

 17,508.2067

 8.7653

 —

 4,469.0732

 247.1650

 5,989.1724

 Net
 Asset Value per Unit

 Class
 A

 Class
 A2

 Class
 A3

 Class
 B

 Class
 I

 Class
 R

 $

 $

 $
 —

 $

 $

 $

 December 31, 2023

 —

 December 31, 2022

 4,372.11

 1,177.64

 —

 7,224.40

 1,237.43

 1,208.56

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

 F- 17

 Notes
to Financial Statements

 1.
 Organization
 and Summary of Significant Accounting Policies

of the Fund

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

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

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

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

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

 The
five classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2 % per annum
selling agent fee. Class A2 Units may pay an up-front sales commission of up to 3 % of the offering price and a 0.6 % per annum
selling agent fee. Class B Units are subject to a 0.2 % per annum broker dealer servicing fee. Class I Units are subject to higher
minimum investments requirements and lower General Partner management fees ( 0.75 % per annum instead of 1.5 0% per annum) as well
as a General Partner performance fee ( 7.5 % of new profits, described more fully in Footnote 4). Class R Units do not pay selling
compensation or servicing fees to selling agents and are generally intended for clients of registered investment advisors.

 Significant
Accounting Policies

 Accounting
Principles

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

 Use
of Estimates

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

 Revenue
Recognition

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

 F- 18

 Fair
Value of Financial Instruments

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

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

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

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

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

 The
Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized
on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund's accounting
policy regarding the recognition of transfers between levels of the fair value hierarchy. For the years ended December 31, 2024
and 2023, there were no such transfers between levels.

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

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

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

 F- 19

 Cash
and Cash Equivalents

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

Membership

 During
2017, the Fund purchased a membership interest in the Chicago Mercantile Exchange (CME). By purchasing the membership, the Fund
will incur reduced fees for transactions on the CME. The membership is accounted at its fair value and changes in fair value are
reported in net change in unrealized gain (loss) in exchange membership on the statement of operations.

 Brokerage
Commissions and Trading Expenses

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

Payable

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

 Income
Taxes

 The
Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as
each partner is individually liable for his or her allocable share of the Fund's income, expenses and trading gains or losses.
The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to
determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability
in the current year. Management has determined there are no material uncertain income tax positions through December 31, 2024.
With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities
for the current and prior three years.

 Foreign
Currency Transactions

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

 Reclassification

 Certain
amounts in the 2022 financial statements may have been reclassified to conform to the 2023 presentation without affecting previously
reported partners' capital (net asset value) or net income (loss).

 New
Accounting Pronouncements

 Operating
Segments —In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements
to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only
and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280
as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating
results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources
to be allocated to the segment and assess its performance, and has discrete financial information available. The Investment Committee
acts as the Fund's CODM. The Fund has a single operating segment, as the CODM monitors the operating results of the Fund as a whole
and its long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment
strategy which is executed by the Fund's portfolio managers. The financial information in the form of portfolio composition, total
returns, expense ratios and changes in net assets which are used by the CODM to assess the segment's performance versus comparative
benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the
financial statements. Segment assets are reflected on the accompanying statement of financial condition as "assets" and significant
segment expenses are listed on the accompanying statement of operations.

 F- 20

 2.
 Fair
 Value Disclosures

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

 At December 31, 2024

 Level

 Level

 Valued
 at NAV

 Total

 Equity in broker trading
 accounts:

 Net unrealized
 gain (loss) on open futures contracts*

 $

 $
 —

 $
 —

 $

 Net unrealized gain
 (loss) on open forward currency contracts*

 —

 —

 Cash and cash equivalents:

 Money market funds

 422,658

 —

 —

 422,658

 Investment in private
 investment company

 —

 —

 Investment in securities:

 U.S. Treasury securities*

 —

 —

 Asset backed securities*

 —

 —

 Commercial paper*

 —

 14,353,011

 —

 14,353,011

 Corporate notes*

 —

 24,859,803

 —

 24,859,803

 membership

 —

 160,000

 —

 160,000

 Total

 $
 9,952,796

 $
 53,688,383

 $

 $
 65,954,161

 *
 See the condensed schedule
of investments for further description.

 At
 December 31, 2023

 Level

 Level

 Valued
 at NAV

 Total

 in broker trading accounts:

 Net
 unrealized gain (loss) on open futures contracts*

 $
)

 $
 —

 $
 —

 $
)

 Net
 unrealized gain (loss) on open forward currency contracts*

 —

)

 —

)

 Net
 unrealized gain (loss) on swap contracts*

 —

 —

 Cash
 and cash equivalents:

 Money
 market funds

 1,864,439

 —

 —

 1,864,439

 in private investment company

 —

 —

 in securities:

 U.S.
 Treasury securities*

 —

 —

 Asset
 backed securities*

 —

 Commercial
 paper*

 —

 17,337,749

 —

 17,337,749

 Corporate
 notes*

 —

 31,185,533

 —

 31,185,533

 membership

 —

 114,000

 —

 114,000

 Total

 $
 21,578,657

 $
 55,320,999

 $

 $
 79,147,838

 *
 See the condensed schedule
of investments for further description.

 There
were no Level 3 holdings or transfers at December 31, 2024 and 2023, or during the three years ended December 31, 2024.

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

 F- 21

 3.
 Derivative
 Instruments Disclosures

 The
Fund's derivative contracts are comprised of futures, forward currency contracts and swap contracts, none of which are designated
as hedging instruments. At December 31, 2024 and 2023, the Fund's derivative contracts are netted on the statements of financial condition and had the following impact on the statements of financial condition:

 Derivative
 Assets and Liabilities, at fair value

 of Financial Condition Location

 Gross
 Amounts of Recognized Assets

 Gross
 Amounts Offset in the Statement of Financial Condition

 Net
 Amount of Assets Presented in the Statement of Financial Condition

 in broker trading accounts:

 Net
 unrealized gain (loss) on open futures contracts

 commodities

 $
 2,041,361

 $
 ( 825,745
)

 $
 1,215,616

 964,924

 ( 372,745
)

 592,179

 434,141

 ( 312,612
)

 121,529

 indices

 250,497

 ( 798,944
)

 ( 548,447
)

 rate instruments

 1,055,395

 ( 1,110,989
)

 ( 55,594
)

 3,832,274

 ( 3,941,427
)

 ( 109,153
)

 Net
 unrealized gain (loss) on open futures contracts

 $
 8,578,592

 $
 ( 7,362,462
)

 $

 Net
 unrealized gain (loss) on open forward currency contracts

 $
 2,532,659

 $
 ( 1,295,374
)

 $

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

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

 At December 31, 2024

 Gross
 Amounts Not Offset in the

 Statements of Financial Condition

 Counterparty

 Net
 Amount of Assets in the Statements of Financial Condition

 Instruments

 Cash
 Collateral Received

 Net
 Amount

 Deutsche
 Bank, AG

 $
 457,978

 $
 —

 $
 —

 $
 457,978

 Deutsche Bank Securities,
 Inc

 368,649

 —

 —

 368,649

 SG Americas Securities,
 LLC

 1,603,551

 —

 —

 1,603,551

 Goldman
 Sachs & Co. LLC

 23,237

 —

 —

 23,237

 Total

 $
 2,453,415

 $
 —

 $
 —

 $
 2,453,415

 F- 22

 Derivative
 Assets and Liabilities, at fair value

 Statements of Financial Condition Location

 Gross
 Amounts of Recognized Assets

 Gross
 Amounts Offset in the Statement of Financial Condition

 Net
 Amount of Assets Presented in the Statement of Financial Condition

 Equity in broker trading accounts:

 Net unrealized gain (loss) on open futures contracts

 $
 1,459,095

 $
 ( 788,628
)

 $
 670,467

 333,251

 ( 636,000
)

 ( 302,749
)

 467,312

 ( 853,037
)

 ( 385,725
)

 765,085

 ( 484,401
)

 280,684

 1,392,319

 ( 2,203,471
)

 ( 811,152
)

 1,593,837

 ( 1,785,259
)

 ( 191,422
)

 Net unrealized gain (loss) on open futures contracts

 $
 6,010,899

 $
 ( 6,750,796
)

 $
)

 Net unrealized gain (loss) on open forward currency contracts

 $
 1,826,591

 $
 ( 3,548,450
)

 $
)

 Net unrealized gain (loss) on swap contract

 $

 $
 —

 $

 At
December 31, 2023, there were 9,399 open futures contracts, 2,620 open forward currency contracts and 253 open swap contracts.

 The
Fund's financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2023 were:

 At December 31, 2023

 Gross
 Amounts Not Offset in the

 Statements of Financial Condition

 Counterparty

 Net
 Amount of Liabilities in the Statements of Financial Condition

 Instruments

 Cash
 Collateral Received

 Net
 Amount

 Deutsche Bank, AG

 $
 ( 935,202
)

 $
 —

 $
 —

 $
 ( 935,202
)

 Deutsche Bank Securities, Inc

 ( 648,634
)

 —

 —

 ( 648,634
)

 SG Americas Securities, LLC

 ( 779,195
)

 —

 —

 ( 779,195
)

 Goldman Sachs & Co. LLC

 ( 98,707
)

 —

 —

 ( 98,707
)

 Total

 $
 ( 2,461,738
)

 $
 —

 $
 —

 $
 ( 2,461,738
)

 F- 23

 For
the years ended December 31, 2024, 2023 and 2022, the Fund's futures, forwards and swap contracts had the following impact
on the statements of operations:

 2024

 2023

 Types
 of Exposure

 Net
 realized gain (loss)

 Net
 change
 in unrealized
 gain (loss)

 Net
 realized gain (loss)

 Net
 change
 in unrealized
 gain (loss)

 Futures contracts

 commodities

 $
 6,121,741

 $
 545,149

 $
 2,009,524

 $
 ( 30,513
)

 ( 1,028,397
)

 894,927

 513,203

 ( 680,360
)

 ( 3,781,544
)

 507,255

 ( 35,162
)

 ( 1,540,432
)

 indices

 5,386,856

 ( 829,130
)

 ( 72,594
)

 1,604,502

 rate instruments

 ( 6,104,750
)

 755,556

 ( 242,998
)

 ( 2,415,184
)

 ( 76,794
)

 82,270

 ( 2,444,933
)

 ( 77,537
)

 Total
 futures contracts

 517,112

 1,956,027

 ( 272,960
)

 ( 3,139,524
)

 Future options contracts

 392,738

 —

 —

 —

 rate instruments

 —

 —

 ( 95,205
)

 —

 Total
 future options contracts

 392,738

 —

 ( 95,205
)

 —

 Forward
 currency contracts

 ( 2,084,616
)

 2,959,144

 1,204,039

 ( 1,751,432
)

 Swap
 contracts

 762,364

 ( 18
)

 ( 1,311,983
)

 ( 1,021
)

 Total
 futures, futures options, swap and forward contracts

 $
 ( 412,402
)

 $
 4,915,153

 $
 ( 476,109
)

 $
 ( 4,891,977
)

 2022

 Types of Exposure

 Net realized gain (loss)

 Net change
 in unrealized
 gain
 (loss)

 Futures contracts

 $
 ( 2,678,624
)

 $
 371,527

 ( 389,809
)

 507,136

 12,294,731

 899,000

 ( 8,906,934
)

 ( 1,717,334
)

 14,260,170

 3,149,938

 ( 457,696
)

 ( 86,924
)

 Total futures contracts

 14,121,838

 3,123,343

 Future options contracts

 ( 508,190
)

 —

 Total future options contracts

 ( 508,190
)

 —

 Forward currency contracts

 9,720,459

 ( 298,466
)

 Swap contracts

 ( 872,588
)

 ( 269,743
)

 Total futures, futures options, swap and forward currency

 $
 22,461,519

 $
 2,555,134

 For
the years ended December 31, 2024, 2023 and 2022, the number of futures contracts closed was 449,117, 412,833 and 470,288, respectively,
the number of futures options contracts closed was 219, 698 and 730, respectively, the number of forward currency contracts closed
was 255,017, 229,843 and 257,987, respectively and the number of swap contracts closed was 2,415, 2,347 and 260, respectively.

 F- 24

 4. General
Partner

 At
December 31, 2024, 2023 and 2022, and for the years then ended, the General Partner did not maintain a capital balance in the
Fund.

 The
following fees are paid to the General Partner:

 Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, B and R
 Units equal to 1/12 th of 1.5 % of the month-end net asset value of the Class
 A, A2, B and R Units, payable in arrears. The Fund incurs a monthly fee on Class I Units
 equal to 1/12 th of 0.75 % of the month-end net asset value of the Class I Units,
 payable in arrears. For the years ended December 31, 2024, 2023 and 2022, the General Partner received $ 1,825,047, $ 2,086,653, and $ 2,458,100, respectively.

 Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal
 to 7.5 % of any Net New Trading Profits of the Class I Units calculated monthly. In determining
 Net New Trading Profits, any trading losses incurred by the Class I Units in prior periods
 is carried forward, so that the incentive fee is assessed only if and to the extent the
 profits generated by the Class I units exceed any losses from prior periods. The general
 partner performance fee is payable quarterly in arrears. For the years ended December 31, 2024, 2023 and 2022, the General Partner did not receive performance fees.

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

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

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

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

 5.
 Advisors and Cash Managers

 The
Fund has advisory agreements with various trading advisors, pursuant to which the Fund incurs a monthly advisor management fee
that ranges from 0 % to 3 % per annum of allocated net assets (as defined in each respective advisory agreement as the amount of
Fund assets deposited in the account maintained with the broker plus any notional funds which may be allocated to the Trading
Advisor, which, in aggregate, is typically greater than the Fund's net assets), paid monthly or quarterly in arrears. Additionally,
the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0 % to 30 % of net new trading profits (as defined
in each respective advisory agreement).

 Principal
Global Investors, LLC serves as the cash manager for the Fund (the "Cash Manager"). The Fund incurs monthly fees,
payable in arrears to the Cash Manager, equal to approximately 1/12th of 0.15 % and 1/12th of 0.15 % of the investments in securities
and certificates of deposit as of the period ended December 31, 2024 and 2023, respectively.

 6.
 Deposits
 with Brokers

 To
meet margin requirements, the Fund deposits funds with brokers, subject to CFTC regulations and various exchange and broker requirements.
The Fund earns interest income on its assets deposited with brokers. At December 31, 2024 and 2023, the Fund had assets totaling
$ 44,248,217 and $ 35,822,071, respectively, with brokers and margin deposit requirements of $ 24,388,209 and $ 24,415,248, respectively.

 F- 25

 7.
 Subscriptions,
 Distributions and Redemptions

 Investments
in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject
to acceptance by the General Partner. The minimum investment is $ 10,000 for Class A, A2, B and R units and $ 2,000,000 for Class
I units. Units are sold at the respective net asset value per unit for Class A, A2, B, I or R interests as of the close of business
on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as
limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At December
31, 2024 and 2023, the Fund received advance subscriptions of $ 0 and $ 9,700, respectively, which were recognized as subscriptions
to the Fund subsequent to period-end.

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

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

 8.
 Activities and Related Risks

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

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

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

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

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

 F- 26

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

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

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

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

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

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

 Through
its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.

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

 Country or Region

 U.S. Treasury Securities

 Commercial Paper

 Corporate Notes

 Asset Backed Securities

 Total

 % of Partners' Capital (Net Asset Value)

 United States

 $

 $
 10,861,905

 $
 20,831,013

 $

 $
 53,085,210

 49.10
 %

 United Kingdom

 —

 1,296,693

 3,015,128

 —

 4,311,821

 3.98
 %

 Canada

 —

 1,495,225

 1,013,662

 —

 2,508,887

 2.32
 %

 Australia

 —

 699,188

 —

 —

 699,188

 0.65
 %

 Total

 $

 $
 14,353,011

 $
 24,859,803

 $

 $
 60,605,106

 56.05
 %

 The
following table presents the exposure at December 31, 2023:

 Country or Region

 U.S. Treasury Securities

 Commercial Paper

 Corporate Notes

 Asset Backed Securities

 Total

 % of Partners' Capital (Net Asset Value)

 United States

 $

 $
 12,644,114

 $
 26,284,258

 $

 $
 67,788,045

 56.79
 %

 Ireland

 —

 749,655

 —

 —

 749,655

 0.62
 %

 United Kingdom

 —

 1,597,176

 3,878,058

 —

 5,475,234

 4.58
 %

 Canada

 —

 1,693,712

 1,023,217

 —

 2,716,929

 2.28
 %

 Singapore

 —

 653,092

 —

 —

 653,092

 0.55
 %

 Total

 $

 $
 17,337,749

 $
 31,185,533

 $

 $
 77,382,955

 64.82
 %

 F- 27

 9.
 Indemnifications

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

 F- 28

 10.
 Highlights

 The
following information presents per unit operating performance data and other ratios for the years ended December 31, 2024, 2023
and 2022, assuming the unit was outstanding throughout the entire year:

 2024

 Per Unit Operating Performance

 Net asset value per unit, beginning of year

 $

 $

 $

 $

 $

 Net realized and change in
 unrealized gain (loss) on investments (1)

 48.34

 12.54

 71.45

 11.07

 11.83

 Net investment income (loss) (1)

 ( 90.60
)

 ( 8.76
)

 ( 20.98
)

 8.89

 ( 1.09
)

 Total income (loss) from operations

 ( 42.26
)

 3.78

 50.47

 19.96

 10.74

 Net asset value per unit, end of year

 $

 $

 $

 $

 $

 ( 1.04
)%

 0.34
 %

 0.74
 %

 1.69
 %

 0.94
 %

 Other Financial Ratios

 Ratios to average net asset value

 Expenses prior to General Partner
 1% allocation (2)

 6.42
 %

 5.38
 %

 4.58
 %

 3.57
 %

 4.37
 %

 General Partner 1% allocation

 0.00
 %

 0.02
 %

 0.01
 %

 0.02
 %

 0.02
 %

 Net total expenses

 6.42
 %

 5.40
 %

 4.59
 %

 3.59
 %

 4.39
 %

 Net investment income (loss) (2) (3)

 ( 2.11
)%

 ( 0.70
)%

 ( 0.27
)%

 0.72
 %

 ( 0.07
)%

 2023

 Per Unit Operating Performance

 Net asset value per unit, beginning of year

 $
 4,372.11

 $
 1,177.64

 $
 7,224.40

 $
 1,237.43

 $
 1,208.56

 Net realized and change in
 unrealized gain (loss) on investments (1)

 ( 229.78
)

 ( 60.79
)

 ( 387.10
)

 ( 67.28
)

 ( 65.26
)

 Net investment income (loss) (1)

 ( 89.81
)

 ( 10.02
)

 ( 20.33
)

 8.54

 ( 0.63
)

 Total income (loss) from operations

 ( 319.59
)

 ( 70.81
)

 ( 407.43
)

 ( 58.74
)

 ( 65.89
)

 Net asset value per unit, end of year

 $

 $

 $

 $

 $

 ( 7.31
)%

 ( 6.01
)%

 ( 5.64
)%

 ( 4.75
)%

 ( 5.45
)%

 Other Financial Ratios

 Ratios to average net asset value

 Expenses prior to General Partner
 1% allocation (2)

 5.71
 %

 4.34
 %

 3.90
 %

 2.89
 %

 3.65
 %

 General Partner 1% allocation

 ( 0.07
)%

 ( 0.07
)%

 ( 0.05
)%

 ( 0.05
)%

 ( 0.05
)%

 Net total expenses

 5.64
 %

 4.27
 %

 3.85
 %

 2.84
 %

 3.60
 %

 Net investment income (loss) (2) (3)

 ( 2.17
)%

 ( 0.94
)%

 ( 0.34
)%

 0.65
 %

 ( 0.11
)%

 F- 29

 2022

 Class A3

 Per Unit Operating Performance

 Net asset value per unit, beginning of year

 $
 4,046.32

 $
 1,074.85

 $
 1,041.81

 $
 6,567.70

 $
 1,114.41

 $
 1,096.53

 Net
 realized and change in unrealized gain (loss) on investments (1)

 637.69

 170.40

 221.97

 1,031.19

 173.43

 171.00

 Net investment income (loss) (1)

 ( 311.90
)

 ( 67.61
)

 ( 46.47
)

 ( 374.49
)

 ( 50.41
)

 ( 58.97
)

 Total income (loss) from operations

 325.79

 102.79

 175.50

 656.70

 123.02

 112.03

 Redemption value per share

 —

 —

 ( 1,217.31
)

 —

 —

 —

 Net asset value per unit, end of year

 $
 4,372.11

 $
 1,177.64

 $
 —

 $
 7,224.40

 $
 1,237.43

 $
 1,208.56

 8.05
 %

 9.56
 %

 16.85
 %

 10.00
 %

 11.04
 %

 10.22
 %

 Other Financial Ratios

 Ratios to average net asset value

 Expenses
 prior to General Partner 1% allocation (2)

 8.25
 %

 6.90
 %

 4.27
 %

 6.38
 %

 5.32
 %

 6.10
 %

 General Partner 1% allocation

 0.08
 %

 0.09
 %

 0.16
 %

 0.10
 %

 0.10
 %

 0.09
 %

 Net total expenses (3)

 8.33
 %

 6.99
 %

 4.43
 %

 6.48
 %

 5.42
 %

 6.19
 %

 Net investment income (loss) (2) (4)

 ( 6.87
)%

 ( 5.55
)%

 ( 4.04
)%

 ( 5.00
)%

 ( 3.92
)%

 ( 4.70
)%

 Class A3 units
were fully redeemed on July 1, 2022. The total return for 2022 is for the period from January 1, 2022 to June 30, 2022 and is not annualized.

 Total
returns are calculated based on the change in value of a Class A, Class A2, Class A3, Class B, Class I or Class R Unit during
the year. An individual partner's total returns and ratios may vary from the above total returns and ratios based on the
timing of subscriptions and redemptions.

 (1)
 The net investment
income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R
Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary
to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation
of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the
period relative to the number of units outstanding.

 (2)
 The net investment
income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities
as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are
included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value
for the period.

 (3)
 Ratio excludes
expenses from investment in private investment company.

 (4)
 Ratio excludes
General Partner 1% allocation.

 11.
 Subsequent Events

 After
year end, there were $ 0 of contributions and $ 1,380,954 of redemptions from the Fund.

 F- 30