Trading Activities

9 Months Ended

Sep. 30, 2025

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 Partnership’s Consolidated Statements of Income and Expenses. The Partnership also invests certain of its assets through a “master/feeder” structure. The Partnership’s

pro-rata

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

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

210-20,

“

Balance Sheet

,” have been met.

All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended September 30, 2025 and 2024 was 40,961 and 33,996, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2025 and 2024 was 37,641 and 36,251, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended September 30, 2025 and 2024 was 246 and 264, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the nine months ended September 30, 2025 and 2024 was 304 and 179, respectively. The monthly average notional value of currency forward contracts traded during the three months ended September 30, 2025 and 2024 was $28,986,156 and $99,339,529, respectively. The monthly average notional value of currency forward contracts traded during the nine months ended September 30, 2025 and 2024 was $40,586,198 and $86,410,029, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended September 30, 2025 and 2024 was 3,477 and 3,215, respectively. The monthly average number of option contracts traded directly by the Par

tne

rship during the nine months ended September 30, 2025 and 2024 was 3,117 and 1,167, respectively.

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

All clearing fees paid to MS&Co. for direct trading are borne by the Partnership. In addition, clearing fees are borne by the Funds and are allocated to the Funds’ limited partners/members, including the Partnership.

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2025 and December 31, 2024, respectively.


				Gross Amounts Offset in the Consolidated			Amounts Presented in the Consolidated		Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
September 30, 2025	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition		Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount

Assets
MS&Co.
Futures	$	22,949,046		$	(12,465,477	)	$	10,483,569	$	-	$	-	$	10,483,569
Forwards		284,488			(118,446	)		166,042		-		-		166,042

		23,233,534			(12,583,923	)		10,649,611		-		-		10,649,611
JPMorgan
Forwards		108,397			(29,462	)		78,935		-		-		78,935

Total assets	$	23,341,931		$	(12,613,385	)	$	10,728,546	$	-	$	-	$	10,728,546

Liabilities
MS&Co.
Futures	$	(12,465,477	)	$	12,465,477		$	-	$	-	$	-	$	-
Forwards		(118,446	)		118,446			-		-		-		-

		(12,583,923	)		12,583,923			-		-		-		-
JPMorgan
Forwards		(29,462	)		29,462			-		-		-		-

Total liabilities	$	(12,613,385	)	$	12,613,385		$	-	$	-	$	-	$	-

Net fair value													$	10,728,546	*


				Gross Amounts Offset in the Consolidated			Amounts Presented in the Consolidated		Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
December 31, 2024	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition		Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	22,260,086		$	(18,983,293	)	$	3,276,793	$	-	$	-	$	3,276,793
Forwards		494,409			(382,035	)		112,374		-		-		112,374

		22,754,495			(19,365,328	)		3,389,167		-		-		3,389,167
JPMorgan
Forwards		301,960			(94,327	)		207,633		-		-		207,633

Total assets	$	23,056,455		$	(19,459,655	)	$	3,596,800	$	-	$	-	$	3,596,800

Liabilities
MS&Co.
Futures	$	(18,983,293	)	$	18,983,293		$	-	$	-	$	-	$	-
Forwards		(382,035	)		382,035			-		-		-		-

		(19,365,328	)		19,365,328			-		-		-		-
JPMorgan
Forwards		(94,327	)		94,327			-		-		-		-

Total liabilities	$	(19,459,655	)	$	19,459,655		$	-	$	-	$	-	$	-

Net fair value													$	3,596,800	*

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

non-exchange-traded

contracts, as applicable, and JPMorgan, as a counterparty to certain of the Funds

non-exchange

traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPMorgan, as applicable, thereby minimizing MS&Co.’s and JPMorgan’s risk of loss. In certain instances, a counterparty, may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearingho

use

interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts, as applicable, held directly by the Partnership as separate assets and liabilities as of September 30, 2025 and December 31, 2024, respectively.


	September 30, 2025
Assets
Futures Contracts
Currencies	$	1,052,306
Energy		2,027,278
Grains		4,804,057
Indices		2,903,752
Interest Rates U.S.		325,345
Interest Rates Non-U.S.		1,869,376
Livestock		1,907,240
Metals		6,303,339
Softs		1,756,353

Total unrealized appreciation on open futures contracts		22,949,046


Liabilities
Futures Contracts
Currencies		(390,861	)
Energy		(2,061,388	)
Grains		(2,991,294	)
Indices		(382,113	)
Interest Rates U.S.		(909,824	)
Interest Rates Non-U.S.		(1,455,861	)
Livestock		(579,380	)
Metals		(1,135,887	)
Softs		(2,558,869	)

Total unrealized depreciation on open futures contracts		(12,465,477	)

Net unrealized appreciation on open futures contracts	$	10,483,569		*


Assets
Forward Contracts
Currencies	$	108,409
Metals		284,476

Total unrealized appreciation on open forward contracts		392,885


Liabilities
Forward Contracts
Currencies	$	(30,882	)
Metals		(117,026	)

Total unrealized depreciation on open forward contracts		(147,908	)

Net unrealized appreciation on open forward contracts	$	244,977		**


Assets
Options Purchased
Grains	$	2,929,230
Livestock		1,323,540

Total options purchased	$	4,252,770		***


Liabilities
Options Written
Grains	$	(188,784	)
Livestock		(495,900	)

Total options written	$	(684,684	)	****

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

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

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

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


	December 31, 2024
Assets
Futures Contracts
Currencies	$	5,256,659
Energy		3,307,704
Grains		1,944,120
Indices		669,398
Interest Rates U.S.		1,876,697
Interest Rates Non-U.S.		1,395,025
Livestock		1,102,352
Metals		1,454,502
Softs		5,253,629

Total unrealized appreciation on open futures contracts		22,260,086


Liabilities
Futures Contracts
Currencies		(1,607,607	)
Energy		(3,599,896	)
Grains		(3,029,646	)
Indices		(2,853,205	)
Interest Rates U.S.		(123,847	)
Interest Rates Non-U.S.		(2,661,527	)
Livestock		(325,047	)
Metals		(1,624,491	)
Softs		(3,158,027	)

Total unrealized depreciation on open futures contracts		(18,983,293	)

Net unrealized appreciation on open futures contracts	$	3,276,793		*


Assets
Forward Contracts
Currencies	$	301,960
Metals		494,409

Total unrealized appreciation on open forward contracts		796,369


Liabilities
Forward Contracts
Currencies	$	(96,955	)
Metals		(379,407	)

Total unrealized depreciation on open forward contracts		(476,362	)

Net unrealized appreciation on open forward contracts	$	320,007		**


Assets
Options Purchased
Grains	$	3,324,750
Livestock		580,320

Total options purchased	$	3,905,070		***


Liabilities
Options Written
Grains	$	(1,878,600	)
Livestock		(126,480	)

Total options written	$	(2,005,080	)	****

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

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

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

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

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,								Nine Months Ended September 30,
Sector	2025				2024				2025				2024
Currencies	$	1,534,067			$	(16,094,322	)		$	(8,134,766	)		$	(8,331,150	)
Energy		2,780,895				(4,065,982	)			(8,251,958	)			(3,933,217	)
Grains		1,757,853				(1,817,546	)			(1,272,126	)			(3,511,404	)
Indices		8,622,937				(1,572,878	)			4,149,375				6,344,649
Interest Rates U.S.		(650,194	)			1,915,895				(1,611,588	)			3,624,032
Interest Rates Non-U.S.		(280,214	)			758,189				(1,361,420	)			(6,508,951	)
Livestock		5,926,660				(1,171,035	)			10,851,456				(2,643,638	)
Metals		7,336,448				(1,326,661	)			13,858,164				2,352,367
Softs		(932,401	)			2,154,518				(1,626,365	)			12,810,070

Total	$	26,096,051		*****	$	(21,219,822	)	*****	$	6,600,772		*****	$	202,758		*****

*****

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

CERES ORION L.P. 10-Q