Trading Activities | 4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The Wedbush Customer Agreement and the ADM Customer Agreement give the Partnership the legal right to net unrealized gains and losses on open futures and option contracts. The Partnership netted as applicable, for financial reporting purposes, the unrealized gains and losses on open futures and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet,” Ongoing selling agent fees paid to Baird, Morgan Stanley Wealth Management and Credit Suisse Securities (USA) LLC were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor for the Partnership. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “clearing fees”) paid to Wedbush, ADM, and other executing brokers, as applicable are borne by the Partnership. All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of option contracts held during the three months ended September 30, 2022 and 2021 were 1,412 and 219, respectively, and the nine months ended September 30, 2022 and 2021 were 1,436 and 275, respectively. The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at September 30, 2022 and December 31, 2021, respectively: Gross Amounts not Offset in the Statements of Financial Condition September 30, 2022 Gross Amounts Recognized Gross Offset Statements Financial Condition Amounts Presented Statements Financial Condition Financial Instruments Cash Collateral Received/ Pledged Net Amount Assets Options purchased $ — $ — $ — $ — $ — $ — Total assets — — — — — — Liabilities Written options $ (1,087 ) $ — $ (1,087 ) $ — $ — $ (1,087 ) Total liabilities (1,087 ) — (1,087 ) — — (1,087 ) Net fair value $ (1,087 ) Gross Amounts not Offset in the Statements of Financial Condition December 31, 2021 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial condition Amounts Presented in the Statements of Financial condition Financial Instruments Cash Collateral Net Amount Assets Options purchased $ — $ — $ — $ — $ — $ — Total assets — — — — — — Liabilities Written options $ — $ — $ — $ — $ — $ — Total liabilities — — — — — — Net fair value $ — The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of September 30, 2022 and December 31, 2021, respectively: September 30, 2022 Assets Options purchased Indices $ — Total options purchased $ — * Liabilities Written options Indices $ (1,087 ) Total written options $ (1,087 ) ** * This amount is in “Options purchased, at fair value” on the Statements of Financial Condition. ** This amount is in “Written options, at fair value” on the Statements of Financial Condition. December 31, 2021 Assets Options purchased Indices $ — Total options purchased $ — * Liabilities Written options Indices $ — Total written options $ — ** * This amount is in “Options purchased, at fair value” on the Statements of Financial Condition. ** This amount is in “Written options, at fair value” on the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, Sector-Indices 2022 2021 2022 2021 Net realized gains (losses) on closed contracts $ 195,397 $ 409,293 $ 1,085,111 $ 1,266,883 Change in net unrealized gains (losses) on open contracts (14,738 ) (31,125 ) 1,512 2,088 Total trading results $ 180,659 *** $ 378,168 *** $ 1,086,623 *** $ 1,268,971 *** *** This amount is included in “Total trading results” on the Statements of Income and Expenses. The following table rolls forward the transactions in Options Written for the nine-month period ended September 30, 2022: Calls Puts Notional (000) Notional (000) Contracts USD Premiums Received Contracts USD Premiums Received Outstanding options, beginning of year — $ — $ — — $ — $ — Options written 4,155 4,766,563 51,981 59,660 57,751,875 4,249,550 Options exercised (60 ) (64,350 ) (18,000 ) Options expired (3,920 ) (4,519,500 ) (49,381 ) (46,188 ) (44,035,775 ) (2,812,020 ) Options closed (13,412 ) (13,651,750 ) (1,419,530 ) Outstanding options, end of period 235 $ 247,063 $ 2,600 - $ - $ - |