UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 x  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 For the Quarterly Period Ended:   March 31, 2025

Or

 o  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 000-50725

NESTOR PARTNERS

(Exact name of registrant as specified in its charter)

New Jersey	22-2149317
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

c/o MILLBURN RIDGEFIELD LLC

55 West 46^th Street, 31^st Floor

New York, NY 10036

(Address of principal executive offices) (Zip code)

(212) 332-7300

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:   

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
none	none	none

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

Yes  x           No  o

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  x           No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company x
	Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  o         No  x

PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Nestor Partners
Financial statements
As of and for the three months ended March 31, 2025 and 2024 (unaudited)
Statements of Financial Condition (a)	1
Condensed Schedules of Investments (a)	2
Statements of Operations (b)	6
Statements of Changes in Partners' Capital (b)	7
Statements of Financial Highlights (b)	8
Notes to the Financial Statements	9
(a) At March 31, 2025 (unaudited) and December 31, 2024
(b) As of and for the three months ended March 31, 2025 and 2024 (unaudited)

‎

Nestor Partners
Statements of Financial Condition
		March 31, 2025 (unaudited)		December 31, 2024
ASSETS
EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes − at fair value
(amortized cost $22,819,501 and $21,132,300)	$	22,826,820	$	21,155,457
Net unrealized appreciation on open futures and forward
currency contracts		1,106,542		862,180
Due from brokers, net		2,910,347		3,224,562
Cash denominated in foreign currencies (cost $720,688
and $369,306)		715,602		344,936
Total equity in trading accounts		27,559,311		25,587,135
INVESTMENTS IN U.S. TREASURY NOTES − at fair value
(amortized cost $82,741,465 and $84,017,183)		82,785,957		84,096,306
CASH AND CASH EQUIVALENTS		4,359,260		5,702,804
ACCRUED INTEREST RECEIVABLE		702,913		667,071
TOTAL	$	115,407,441	$	116,053,316
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Capital contributions received in advance	$	-	$	56,857
Net unrealized depreciation on open futures and forward
currency contracts		1,337,807		14,702
Accrued management fees		79,113		78,666
Accrued installment selling commissions		55,305		60,511
Accrued trade execution and clearing costs		6,142		10,010
Cash overdraft denominated in foreign currencies (cost $22,197
and $0)		22,053		-
Accrued expenses		142,952		71,197
Capital withdrawals payable to Limited Partners		1,149,503		835,909
Capital withdrawals payable to General Partner		-		336,603
Accrued profit share		3,196		-
Total liabilities		2,796,071		1,464,455
PARTNERS' CAPITAL		112,611,370		114,588,861
TOTAL	$	115,407,441	$	116,053,316
See notes to financial statements (unaudited)

1

Nestor Partners
Condensed Schedule of Investments
March 31, 2025 (unaudited)
Futures and Forward Currency Contracts	Net Unrealized ‎Appreciation/ ‎(Depreciation) as a % of ‎Partners' Capital			Net Unrealized ‎Appreciation/ ‎(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.01)	%	$	(12,055)
Energies	1.14			1,285,699
Grains	0.00			4,338
Interest rates:
2 Year U.S. Treasury Note (111 contracts, settlement date June 2025)	0.02			28,047
5 Year U.S. Treasury Note (63 contracts, settlement date June 2025)	0.01			9,055
10 Year U.S. Treasury Note (51 contracts, settlement date June 2025)	0.03			28,281
30 Year U.S. Treasury Bond (6 contracts, settlement date June 2025)	0.00			3,750
Other	0.38			428,961
Total interest rates	0.44			498,094
Livestock	0.00			4,800
Metals	0.07			79,985
Softs	(0.05)			(60,341)
Stock indices	(0.95)			(1,068,195)
Total long futures contracts	0.64			732,325
Short futures contracts:
Currencies	0.01			6,754
Energies	0.00			2,004
Grains	0.05			53,726
Interest rates	(0.23)			(263,014)
Livestock	(0.00)			(380)
Metals	0.20			221,517
Softs	(0.00)			(2,472)
Stock indices	0.00			2,850
Total short futures contracts	0.03			20,985
TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net	0.67			753,310
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	(0.25)			(276,114)
Total short forward currency contracts	(0.63)			(708,461)
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS − Net	(0.88)			(984,575)
TOTAL	(0.21)	%	$	(231,265)
				(Continued)

2

Nestor Partners
Condensed Schedule of Investments
March 31, 2025 (unaudited)
	U.S. TREASURY NOTES
	Face ‎Amount	Description	Fair Value as a % of Partners' Capital			Fair Value
$	35,179,000	U.S. Treasury notes, 2.125%, 05/15/2025	31.16	%	$	35,085,556
	35,679,000	U.S. Treasury notes, 2.000%, 08/15/2025	31.42			35,377,958
	35,552,000	U.S. Treasury notes, 2.250%, 11/15/2025	31.21			35,149,263
		TOTAL INVESTMENTS IN U.S. TREASURY
		NOTES (amortized cost $105,560,966)	93.79	%	$	105,612,777
	See notes to financial statements (unaudited)					(Concluded)

‎

3

Nestor Partners
Condensed Schedule of Investments
December 31, 2024
Futures and Forward Currency Contracts	Net Unrealized ‎Appreciation/ ‎(Depreciation) as a % of ‎Partners' Capital			Net Unrealized ‎Appreciation/ ‎(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.03)	%	$	(30,910)
Energies	0.51			578,925
Interest rates	(0.11)			(122,025)
Livestock	0.00			640
Metals	(0.52)			(598,495)
Softs	0.03			37,588
Stock indices	(0.27)			(315,087)
Total long futures contracts	(0.39)			(449,364)
Short futures contracts:
Currencies	0.12			134,284
Energies	(0.07)			(75,482)
Grains	(0.09)			(102,126)
Interest rates:
5 Year U.S. Treasury Note (235 contracts, settlement date March 2025)	0.02			25,641
Other	(0.03)			(34,926)
Total interest rates	(0.01)			(9,285)
Metals	0.34			387,826
Softs	0.05			58,994
Stock indices	0.15			171,660
Total short futures contracts	0.49			565,871
TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net	0.10			116,507
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	(1.98)			(2,270,433)
Total short forward currency contracts	2.62			3,001,404
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS − Net	0.64			730,971
TOTAL	0.74	%	$	847,478
				(Continued)

4

Nestor Partners
Condensed Schedule of Investments
December 31, 2024
	U.S. TREASURY NOTES
	Face ‎Amount	Description	Fair Value as a % of Partners' Capital			Fair Value
$	35,552,000	U.S. Treasury notes, 2.000%, 02/15/2025	30.94	%	$	35,452,010
	34,879,000	U.S. Treasury notes, 2.125%, 05/15/2025	30.20			34,608,552
	35,679,000	U.S. Treasury notes, 2.000%, 08/15/2025	30.71			35,191,201
		TOTAL INVESTMENTS IN U.S. TREASURY
		NOTES (amortized cost $105,149,483)	91.85	%	$	105,251,763
	See notes to financial statements (unaudited)					(Concluded)

‎

5

Nestor Partners
Statements of Operations (unaudited)
		For the three months ended
		March 31, 2025		March 31, 2024
INVESTMENT INCOME:
Interest income, net	$	1,270,694	$	1,531,651
EXPENSES:
Brokerage and management fees:
Management fees		242,651		274,870
Installment selling commissions		168,302		205,360
Trade execution and clearing costs		101,811		135,726
Total brokerage and management fees		512,764		615,956
Administrative expenses		71,755		74,872
Custody fees and other expenses		5,242		5,354
Total expenses		589,761		696,182
NET INVESTMENT INCOME		680,933		835,469
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		674,946		5,596,890
Foreign exchange transactions		(38,817)		(8,075)
Net change in unrealized:
Futures and forward currency contracts		(1,078,743)		2,545,981
Foreign exchange translation		19,428		(29,227)
Net losses from U.S. Treasury notes:
Realized		-		(6,583)
Net change in unrealized		(50,469)		(107,381)
Total net realized and unrealized gains (losses)		(473,655)		7,991,605
NET INCOME		207,278		8,827,074
LESS PROFIT SHARE TO GENERAL PARTNER		3,221		27,930
NET INCOME AFTER PROFIT SHARE TO
GENERAL PARTNER	$	204,057	$	8,799,144
See notes to financial statements (unaudited)

6

Nestor Partners
Statements of Changes in Partners' Capital (unaudited)
For the three months ended March 31, 2025:
		Limited Partners		Special Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS' CAPITAL-
January 1, 2025	$	43,776,004	$	68,669,182	$	-	$	2,143,675	$	114,588,861
Contributions		-		103,782		25		-		103,807
Withdrawals		(2,042,587)		(242,768)		-		-		(2,285,355)
Net income (loss)		(119,269)		314,957		-		11,590		207,278
General Partner's allocation:
New Profit-Accrued		(3,221)		-		-		-		(3,221)
PARTNERS' CAPITAL-
March 31, 2025	$	41,610,927	$	68,845,153	$	25	$	2,155,265	$	112,611,370
For the three months ended March 31, 2024:
		Limited Partners		Special Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS' CAPITAL-
January 1, 2024	$	50,975,447	$	63,600,311	$	-	$	2,101,886	$	116,677,644
Contributions		-		87,872		234		-		88,106
Withdrawals		(1,655,659)		(767,826)		-		-		(2,423,485)
Net income		3,606,457		5,051,899		-		168,718		8,827,074
General Partner's allocation:
New Profit-Accrued		(27,930)		-		-		-		(27,930)
PARTNERS' CAPITAL-
March 31, 2024	$	52,898,315	$	67,972,256	$	234	$	2,270,604	$	123,141,409
See notes to financial statements (unaudited)

7

Nestor Partners
Statements of Financial Highlights (unaudited)
For the three months ended March 31, 2025 and 2024	Limited ‎Partners				Special Limited ‎Partners
	2025		2024		2025		2024
Ratios to average capital:
Net investment income (a)	0.59	%	1.09	%	3.51	%	3.97	%
Total expenses (a)	3.89	%	3.91	%	0.96	%	1.02	%
Profit share allocation (b) (c)	0.01	%	0.05	%	0.00	%	0.00	%
Total expenses and profit share allocation	3.90	%	3.96	%	0.96	%	1.02	%
Total return before profit share allocation (b)	(0.26)	%	7.17	%	0.47	%	7.95	%
Less: profit share allocation (b) (c)	0.01	%	0.05	%	0.00	%	0.00	%
Total return after profit share allocation	(0.27)	%	7.12	%	0.47	%	7.95	%
(a) annualized
(b) not annualized
(c) in instances of 0.00, value is less than 0.01 when rounded to two decimal places

See notes to financial statements (unaudited)

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8

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Nestor Partners’ (the “Partnership”) financial condition at March 31, 2025 (unaudited) and December 31, 2024 (audited) and the results of its operations for the three months ended March 31, 2025 and 2024 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership's annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited financial statements as of December 31, 2024.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Partnership enters into contracts that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. The Partnership does not anticipate recognizing any loss related to these arrangements.

Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2021 to 2024, Millburn Ridgefield LLC (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.   

There have been no material changes with respect to the Partnership's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year 2024.

2. FAIR VALUE

Fair Value Measurements (Topic 820) of the Codification defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments – The Partnership’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations and an investment in a quoted short-term U.S. government securities money market fund. The General Partner does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.

Derivative Contracts – Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.

9

Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price, plus the financing cost or benefit (“Forward Point”). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

The following tables represent the Partnership’s investments by hierarchical level as of March 31, 2025 and December 31, 2024 in valuing the Partnership’s investments at fair value. During the three months ended March 31, 2025 and December 31, 2024, respectively, the Partnership held no assets or liabilities in Level 3. At March 31, 2025 and December 31, 2024, the Partnership held no assets or liabilities in Level 3.

Financial assets and liabilities at fair value as of March 31, 2025
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	105,612,777	$	-	$	105,612,777
Short-Term Money Market Fund*		4,109,260		-		4,109,260
Exchange-Traded Futures Contracts
Currencies		(5,301)		-		(5,301)
Energies		1,287,703		-		1,287,703
Grains		58,064		-		58,064
Interest rates		235,080		-		235,080
Livestock		4,420		-		4,420
Metals		301,502		-		301,502
Softs		(62,813)		-		(62,813)
Stock indices		(1,065,345)		-		(1,065,345)
Total exchange-traded futures contracts		753,310		-		753,310
Over-the-Counter Forward Currency Contracts		-		(984,575)		(984,575)
Total futures and forward currency contracts (2)		753,310		(984,575)		(231,265)
Total financial assets and liabilities at fair value	$	110,475,347	$	(984,575)	$	109,490,772
Per line item in the Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	22,826,820
Investments in U.S. Treasury notes						82,785,957
Total investments in U.S. Treasury notes					$	105,612,777
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	1,106,542
Net unrealized depreciation on open futures and forward currency contracts						(1,337,807)
Total net unrealized depreciation on open futures and forward currency contracts					$	(231,265)
*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition.

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Financial assets and liabilities at fair value as of December 31, 2024
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	105,251,763	$	-	$	105,251,763
Short-Term Money Market Fund*		5,452,804		-		5,452,804
Exchange-Traded Futures Contracts
Currencies		103,374		-		103,374
Energies		503,443		-		503,443
Grains		(102,126)		-		(102,126)
Interest rates		(131,310)		-		(131,310)
Livestock		640		-		640
Metals		(210,669)		-		(210,669)
Softs		96,582		-		96,582
Stock indices		(143,427)		-		(143,427)
Total exchange-traded futures contracts		116,507		-		116,507
Over-the-Counter Forward Currency Contracts		-		730,971		730,971
Total futures and forward currency contracts (2)		116,507		730,971		847,478
Total financial assets and liabilities at fair value	$	110,821,074	$	730,971	$	111,552,045
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	21,155,457
Investments in U.S. Treasury notes						84,096,306
Total investments in U.S. Treasury notes					$	105,251,763
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	862,180
Net unrealized depreciation on open futures and forward currency contracts						(14,702)
Total net unrealized appreciation on open futures and forward currency contracts					$	847,478
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

3. DERIVATIVE INSTRUMENTS

Derivatives and Hedging (Topic 815) of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions, and the liquidity of the markets in which it trades.

The Partnership engages in the speculative trading of futures and forward contracts on currencies, energies, grains, interest rates, livestock, metals, softs and stock indices. The following were the primary trading risk exposures of the Partnership at March 31, 2025, by market sector:

Agricultural (grains, livestock and softs) – The Partnership’s primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions as well as supply and demand factors.
‎

11

Currencies – Exchange rate risk is a principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes, as well as political and general economic conditions. The Partnership trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Partnership’s primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country, as well as relative interest rate movements between countries, may materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in countries or regions, including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S., and the Eurozone. However, the Partnership also may take positions in futures contracts on the government debt of other nations. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future.

Metals – The Partnership’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc.

Stock indices – The Partnership’s equity exposure, through stock index futures, is to equity price risk in the major industrialized countries, as well as other countries.

Derivatives and Hedging (Topic 815) of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair values of futures and forward currency contracts in an asset position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts.” Fair values of futures and forward currency contracts in a liability position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized depreciation on open futures and forward currency contracts.” The Partnership’s policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading gains and losses in the Statements of Operations.

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12

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at March 31, 2025 and December 31, 2024. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

Fair Value of Futures and Forward Currency Contracts at March 31, 2025
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Currencies	$	60	$	(12,115)	$	11,558	$	(4,804)	$	(5,301)
Energies		1,285,850		(151)		2,004		-		1,287,703
Grains		4,338		-		65,510		(11,784)		58,064
Interest rates		499,316		(1,222)		59,162		(322,176)		235,080
Livestock		5,570		(770)		210		(590)		4,420
Metals		418,321		(338,336)		322,152		(100,635)		301,502
Softs		6,413		(66,754)		10,438		(12,910)		(62,813)
Stock indices		152,876		(1,221,071)		2,850		-		(1,065,345)
Total futures contracts		2,372,744		(1,640,419)		473,884		(452,899)		753,310
Forward currency contracts		887,919		(1,164,033)		877,912		(1,586,373)		(984,575)
Total futures and
forward currency contracts	$	3,260,663	$	(2,804,452)	$	1,351,796	$	(2,039,272)	$	(231,265)
Fair Value of Futures and Forward Currency Contracts at December 31, 2024
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Currencies	$	-	$	(30,910)	$	135,028	$	(744)	$	103,374
Energies		586,246		(7,321)		-		(75,482)		503,443
Grains		-		-		28,595		(130,721)		(102,126)
Interest rates		22,146		(144,171)		245,290		(254,575)		(131,310)
Livestock		640		-		-		-		640
Metals		37,384		(635,879)		403,497		(15,671)		(210,669)
Softs		53,283		(15,695)		59,394		(400)		96,582
Stock indices		70,331		(385,418)		192,548		(20,888)		(143,427)
Total futures contracts		770,030		(1,219,394)		1,064,352		(498,481)		116,507
Forward currency contracts		17,178		(2,287,611)		3,023,976		(22,572)		730,971
Total futures and
forward currency contracts	$	787,208	$	(3,507,005)	$	4,088,328	$	(521,053)	$	847,478

‎

13

The effect of trading futures and forward currency contracts is represented on the Statements of Operations for the three months ended March 31, 2025 and 2024 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three months ended March 31, 2025 and 2024 

Sector	Three months ended: March 31, 2025		Three months ended: March 31, 2024
Futures contracts:
Currencies	$	(488,581)	$	364,664
Energies		752,225		3,417,792
Grains		(133,717)		663,392
Interest rates		315,340		3,714,941
Livestock		(24,420)		(11,220)
Metals		1,160,428		(565,856)
Softs		139,842		(683,786)
Stock indices		(505,183)		(66,912)
Total futures contracts		1,215,934		6,833,015
Forward currency contracts		(1,619,731)		1,309,856
Total futures and
forward currency contracts	$	(403,797)	$	8,142,871

The following table presents average notional value by sector of open futures and forward currency contracts for the three months ended March 31, 2025 and 2024 in U.S. dollars. The Partnership’s average net asset value for the three months ended March 31, 2025 and 2024 was approximately $115,000,000 and $123,000,000, respectively.

Average notional value by sector of futures and forward currency contracts for the three months ended March 31, 2025 and 2024
		2025				2024
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Currencies	$	1,859,724	$	7,636,263	$	2,543,965	$	8,057,463
Energies		27,949,612		564,347		20,917,984		5,181,110
Grains		120,825		6,302,592		1,980,319		6,306,215
Interest rates		61,173,671		94,845,323		37,929,334		153,335,689
Livestock		486,350		57,165		257,085		276,830
Metals		12,400,880		812,243		4,368,241		6,652,857
Softs		2,183,100		1,074,438		840,263		1,584,268
Stock indices		67,720,942		5,141,019		44,585,790		17,270,923
Total futures contracts		173,895,104		116,433,390		113,422,981		198,665,355
Forward currency contracts		27,279,732		32,486,063		29,670,181		33,466,336
Total futures and
forward currency contracts	$	201,174,836	$	148,919,453	$	143,093,162	$	232,131,691

14

Notional values in the interest rate sector were calculated by converting the notional value in local currency of open interest rate futures positions with maturities less than 10 years to 10-year equivalent fixed income instruments and translated to U.S. dollars at March 31, 2025 and 2024. The 10-year note is often used as a benchmark for many types of fixed-income instruments and the General Partner believes it is a more meaningful representation of notional values of the Partnership’s open interest rate positions.

The averages have been calculated based on the amounts outstanding at the end of each quarter during the calculation period.

The customer agreements between the Partnership, the futures clearing brokers, including Deutsche Bank Securities Inc. (a wholly-owned subsidiary of Deutsche Bank AG), BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) and Goldman Sachs & Co. LLC, as well as the FX prime brokers, Deutsche Bank AG (“DB”) and Bank of America, N.A. (“BA”), give the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under Balance Sheet (Topic 210) of the codification were met. 

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of March 31, 2025 and December 31, 2024.

Offsetting derivative assets and liabilities at March 31, 2025
Assets		Gross amounts of ‎recognized assets		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎assets presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty J	$	752,680	$	(421,018)	$	331,662
Counterparty L		1,900,593		(1,125,713)		774,880
Total assets	$	2,653,273	$	(1,546,731)	$	1,106,542
Liabilities		Gross amounts of ‎recognized liabilities		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎liabilities presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty C	$	546,587	$	(193,355)	$	353,232
Forward currency contracts
Counterparty G		1,197,683		(463,457)		734,226
Counterparty K		1,552,723		(1,302,374)		250,349
Total forward currency contracts		2,750,406		(1,765,831)		984,575
Total liabilities	$	3,296,993	$	(1,959,186)	$	1,337,807

‎

15

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of assets ‎presented in the Statement ‎of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty J	$	331,662	$	-	$	(331,662)	$	-
Counterparty L		774,880		-		(774,880)		-
Total	$	1,106,542	$	-	$	(1,106,542)	$	-
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of liabilities ‎presented in the Statement ‎of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount
Counterparty C	$	353,232	$	-	$	(353,232)	$	-
Counterparty G		734,226		-		(734,226)		-
Counterparty K		250,349		-		(250,349)		-
Total	$	1,337,807	$	-	$	(1,337,807)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2025.

Offsetting derivative assets and liabilities at December 31, 2024
Assets		Gross amounts of ‎recognized assets		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎assets presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty C	$	388,756	$	(278,352)	$	110,404
Counterparty L		1,131,818		(1,111,013)		20,805
Total futures contracts		1,520,574		(1,389,365)		131,209
Forward currency contracts
Counterparty G		1,350,771		(831,382)		519,389
Counterparty K		1,690,383		(1,478,801)		211,582
Total forward currency contracts		3,041,154		(2,310,183)		730,971
Total assets	$	4,561,728	$	(3,699,548)	$	862,180
						(continued)

16

Liabilities		Gross amounts of ‎recognized liabilities		Gross amounts ‎offset in the ‎Statement of ‎Financial Condition		Net amounts of ‎liabilities presented in ‎the Statement of ‎Financial Condition
Futures contracts
Counterparty J	$	328,510	$	(313,808)	$	14,702
Total liabilities	$	328,510	$	(313,808)	$	14,702
						(concluded)

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of assets ‎presented in the Statement ‎of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	110,404	$	-	$	(110,404)	$	-
Counterparty G		519,389		-		-		519,389
Counterparty K		211,582		-		-		211,582
Counterparty L		20,805		-		(20,805)		-
Total	$	862,180	$	-	$	(131,209)	$	730,971
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of liabilities ‎presented in the Statement ‎of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount
Counterparty J	$	14,702	$	-	$	(14,702)	$	-
Total	$	14,702	$	-	$	(14,702)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024.

CONCENTRATION OF CREDIT RISK

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as a counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange.

17

The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Partnership enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Partnership’s forward currency trading activities are cleared through DB and BA. The Partnership’s concentration of credit risk associated with DB or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB and BA. The amount of such credit risk was $11,634,629 and $11,972,270 at March 31, 2025 and December 31, 2024, respectively.

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three months ended March 31, 2025 and 2024. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo Account as defined in the Partnership’s Agreement of Limited Partnership.

	Three months ended:
	March 31,		March 31,
	2025		2024
Profit share earned	$	25	$	234
Profit share accrued		3,196		27,696
Total profit share	$	3,221	$	27,930

5. RELATED PARTY TRANSACTIONS

Limited partnership interests (“Interests”) sold through selling agents engaged by the General Partner are generally subject to a 2.5% redemption charge for redemptions made prior to the end of the twelfth month following their sale. All redemption charges will be paid to the General Partner. At March 31, 2025 and December 31, 2024, $0 was owed to the General Partner.

6. STATEMENTS OF FINANCIAL HIGHLIGHTS

The ratios are calculated based on limited partners’ capital and special limited partners’ capital taken as a whole. The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner’s capital account may vary from these ratios based on the timing of capital transactions and differences in individual partner’s brokerage fees and profit share allocation arrangements.

Returns are calculated for limited partners and special limited partners taken as a whole. An individual partner’s returns may vary from these returns based on the timing of capital transactions and differences in individual partner’s brokerage fees and profit share allocation arrangements.

7. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from April 1, 2025 to May 14, 2025, the date the Form 10-Q was filed. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the Financial Statements.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to Item 1, "Financial Statements." The information contained therein is essential to, and should be read in connection with, the following analysis.

OPERATIONAL OVERVIEW

Due to the nature of the Partnership's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Partnership's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Partnership and its past performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Partnership has a better likelihood of being profitable than in others.

18

LIQUIDITY AND CAPITAL RESOURCES

Interests may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

The amount of capital raised for the Partnership should not have a significant impact on its operations, as the Partnership has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges. Within broad ranges of capitalization, the General Partner’s trading positions should increase or decrease in approximate proportion to the size of the Partnership.

The Partnership raises additional capital only through the sale of Interests and capital is increased through trading profits (if any). The Partnership does not engage in borrowing.

The Partnership trades futures, forward, and spot contracts on interest rate instruments, agricultural commodities, currencies, metals, energy and stock indices, and forward contracts on currencies, and may trade options on the foregoing and swaps thereon. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account’s net assets, though the amount may at any time be higher; and (4) prohibiting pyramiding - that is, using unrealized profits in a particular market as margin for additional positions in the same market. The General Partner attempts to control credit risk by causing the Partnership to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties.

The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures, forward, and spot contracts or the Partnership’s satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Partnership.

Due to the nature of the Partnership’s business, substantially all its assets are represented by cash, cash equivalents, and U.S. government obligations while the Partnership maintains its market exposure through open futures, forward, and spot currency contract positions.

The Partnership’s futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Open futures positions are marked to market each trading day and the Partnership’s trading accounts are debited or credited accordingly. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Partnership is assigned a position in the underlying future which is then settled by offset. The Partnership’s spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Partnership’s cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Partnership’s debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down market price trends during which the Partnership’s profit potential generally increases. However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Partnership is likely to suffer losses.

The Partnership’s assets are generally held as cash or cash equivalents, including short-term U.S. government obligations, which are used to margin the Partnership’s futures, forward and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures, forward and spot trading, the Partnership’s assets are highly liquid and are expected to remain so.

During its operations for the three months ended March 31, 2025, the Partnership experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

19

CRITICAL ACCOUNTING ESTIMATES

The Partnership records its transactions in futures, forward and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Partnership on the day with respect to which net assets are being determined. Open spot currency contracts are valued based on the current Spot Price. Open forward currency contracts are recorded at fair value, based on pricing models that consider the Spot Price and Forward Point. Spot Prices and Forward Points for open forward currency contracts are generally based on the median of the average midpoint of bid/ask quotations at the last minute ending at 3:00 P.M. New York time provided by widely used quotation service providers on the day with respect to which net assets are being determined. Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of Months to Maturity, then identifying the Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, such as accrual of expenses, that affect the amounts and disclosures reported in the financial statements. Based on the nature of the business and operations of the Partnership, the General Partner believes that the estimates utilized in preparing the Partnership’s financial statements are appropriate and reasonable, however actual results could differ from these estimates. The estimates used do not provide a range of possible results that would require the exercise of subjective judgment. The General Partner further believes that, based on the nature of the business and operations of the Partnership, no other reasonable assumptions relating to the application of the Partnership’s critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

RESULTS OF OPERATIONS

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

Period ended March 31, 2025
Month Ended:		Total Partners' ‎Capital
March 31, 2025	$	112,611,370
December 31, 2024		114,588,861
		Three months ended
Change in Partners' Capital	$	(1,977,491)
Percent Change		(1.73)%

THREE MONTHS ENDED MARCH 31, 2025

The decrease in the Partnership’s net assets of $1,977,491 was attributable to withdrawals of $2,285,355, which was partially offset by net income after profit share of $204,057 and contributions of $103,807.

Management fees and installment selling commissions are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees and installment selling commissions for the three months ended March 31, 2025 decreased $32,219 and $37,058, respectively, relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Partnership’s net assets during the three months ended March 31, 2025, relative to the corresponding period in 2024.

Trade execution and clearing costs for the three months ended March 31, 2025 decreased $33,915 relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Partnership’s net assets and a decrease in trading volume during the three months ended March 31, 2025 relative to the corresponding period in 2024.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended March 31, 2025 decreased $260,957 relative to the corresponding period in 2024. This decrease was due predominantly to a decrease in short-term U.S. treasury yields during the three months ended March 31, 2025 relative to the corresponding period in 2024.

20

During the three months ended March 31, 2025, the Partnership experienced net realized and unrealized losses of $473,655 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Total brokerage and management fees of $512,764, administrative expenses of $71,755, custody fees and other expenses of $5,242 were incurred. Interest income of $1,270,694 and profit share from the General Partner of $3,221 offset the Partnership expenses resulting in net income after profit share to the General Partner of $204,057. An analysis of the trading gain (loss) by sector is as follows:

Sector	% Gain (Loss) of Partnership Capital
Currencies		(1.84)	%
Energies		0.67	%
Grains		(0.12)	%
Interest rates		0.28	%
Livestock		(0.03)	%
Metals		1.02	%
Softs		0.11	%
Stock indices		(0.48)	%
Trading Loss		(0.39)	%

MANAGEMENT DISCUSSION –2025

Three months ended March 31, 2025

The Partnership was unprofitable during the quarter as losses from trading currency forwards and stock index futures outpaced profits from trading interest rate and commodity futures.

A series of Trump administration policy initiatives announced during the first quarter were primarily focused on tariffs, immigration and fiscal spending while additional initiatives targeted at tax policy and deregulation seemed likely to be implemented later in the year. This sequencing seemingly weighed on consumer and business confidence, depressed growth expectations and raised inflation concerns. Financial and commodity markets were unsettled amid these developments and the Trump administration’s foreign policy efforts to end Russia’s war on Ukraine and the Israeli-Hamas conflict.

Weakening growth expectations for the U.S., juxtaposed against slight improvements in the prospects for Europe and China and combined with a narrowing of interest rate differentials favoring the U.S. seemingly weighed on the U.S. currency. Long U.S. dollar positions against the euro, United Kingdom pound sterling, Japanese yen, Norwegian krone, Swedish krona, Swiss franc, Chinese renminbi and Singapore, Australian, New Zealand and Canadian dollars were unprofitable. On the other hand, long positions in the high-yielding Brazilian real, Indian rupee and Polish zloty and trading the Korean won relative to the U.S. dollar generated partially offsetting profits.

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S. policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean, Korean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Partnership generated partially offsetting gains on long positions in European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi met with corporate leaders, particularly ahead of the March National People’s Congress.

Interest rates faced conflicting forces during the quarter. In America, the deployment of tariffs and use of the Department of Government Efficiency to reduce government spending coincided with consumer and business uncertainty, as well as slower growth and lower interest rates. Conversely, in Germany, newly elected Chancellor Merz’s policy initiatives coincided with a change in government borrowing and spending, higher growth and interest rates. Short positions in German, French and Italian note and bond interest rate futures were profitable. On the other hand, trading of U.K., European and U.S. short-term interest rate futures produced partially offsetting losses. A long position in Japanese government bond futures was also slightly unprofitable, amid concern from market participants that the Bank of Japan might raise official interest rates.

21

Long gold positions were profitable as prices as demand for safe-haven assets amid tariff uncertainties, geopolitical tensions and continuing central bank diversification demand rose to record highs during the quarter. Long platinum and aluminum trades were also slightly profitable. Elsewhere, trading of copper, nickel, zinc and silver produced partially offsetting losses as prices vacillated alongside trade and tariff uncertainties, an unsettled U.S. dollar and changing global growth and inflation outlooks.

Energy prices were volatile during the quarter amid conflicting influences. President Trump threatened to impose tighter sanctions and/or secondary tariffs on buyers of Russian crude oil if President Putin blocked President Trump’s Ukraine peace initiative and to impose additional tariffs and military strikes on Iran if Tehran failed to reach an agreement with the U.S. regarding its nuclear program. Improving growth in China also possibly impacted product price in a positive way. On the other hand, President Trump’s policies seeking lower oil prices and the non-Organization of the Petroleum Exporting Countries’ (“OPEC+”) announcement of impending increased production starting in April seemingly weighed on prices. Concerns about the strength of the U.S. economy and worries that that Trump administration’s trade and tariff policies could dampen global growth possibly constrained prices as well. On balance, long crude oil trades were profitable. A long U.S. natural gas trade was also profitable as prices continued to increase on strong export demand from Europe and Asia. However, a long Dutch Title Transfer Facility (TTF) natural gas position was unprofitable as prices fell from recent one-year highs when the winter heating season reached an end.

A long Arabica coffee position performed well as prices increased to record highs, while adverse weather conditions reportedly damaged crops in Brazil and Vietnam, the world’s two largest producers. Furthermore, the world has consumed more coffee than it produced for the past four years, decreasing inventory levels. On the other hand, cocoa prices, which had risen sharply between November and January, declined throughout the quarter as recent rains improved the outlook for Ivory Coast’s April-to-September mid-crop, making long positions unprofitable. Trading sugar futures was also unprofitable.

Grain prices were volatile during the quarter, coinciding with uncertainties generated by the Trump administration’s trade and tariff policies and its foreign policy initiatives toward Russia, Ukraine and the Black Sea trade corridor. A short soybean oil trade registered a loss as prices rose when an increase in crude palm oil prices pushed up demand for soybean oil as a substitute. Trading of corn was also unprofitable. On the other hand, short wheat and soybean meal positions posted partially offsetting profits.

Period ended March 31, 2024
Month Ended:		Total Partners' ‎Capital
March 31, 2024	$	123,141,409
December 31, 2023		116,677,644
		Three months ended
Change in Partners' Capital	$	6,463,765
Percent Change		5.54%

THREE MONTHS ENDED MARCH 31, 2024

The increase in the Partnership’s net assets of $6,463,765 was attributable to net income after profit share of $8,799,144 and contributions of $88,106, which was partially offset by withdrawals of $2,423,485.

Management fees and installment selling commissions are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees and installment selling commissions for the three months ended March 31, 2024 decreased $19,523 and $9,922, respectively, relative to the corresponding period in 2023. The decrease was due to a decrease in average net assets of the Partnership during the three months ended March 31, 2024, relative to the corresponding period in 2023.

Trade execution and clearing costs for the three months ended March 31, 2024 increased $4,853 relative to the corresponding period in 2023. The increase was due mainly to an increase in the trading of futures contracts with higher commission rates during the three months ended March 31, 2024 relative to the corresponding period in 2023.

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Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended March 31, 2024 increased $427,114 relative to the corresponding period in 2023. This increase was due predominantly to an increase in short-term U.S. treasury yields during the three months ended March 31, 2024 relative to the corresponding period in 2023.

During the three months ended March 31, 2024, the Partnership experienced net realized and unrealized gains of $7,991,605 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Total brokerage and management fees of $615,956, administrative expenses of $74,872, custody fees and other expenses of $5,354 and accrued profit share of to the General Partner of $27,930 were incurred. The Partnership’s gains achieved from trading operations, in addition to interest income of $1,531,651, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $8,799,144. An analysis of the trading gain (loss) by sector is as follows:

Sector	% Gain (Loss) of Partnership Capital
Currencies		1.34	%
Energies		2.90	%
Grains		0.57	%
Interest rates		3.12	%
Livestock		0.01	%
Metals		(0.45)	%
Softs		(0.55)	%
Stock indices		(0.02)	%
Trading Gain		6.92	%

MANAGEMENT DISCUSSION –2024

Three months ended March 31, 2024

The Partnership was profitable during the quarter as gains from trading interest rate futures, energy futures, currency forwards and grain futures outdistanced losses from trading soft commodity and metals futures. Trading of equity futures was nearly flat.

Financial and commodity market prices vacillated during the quarter as market participants reacted to impacts of uncertainty about the timing and pace of expected central bank interest rate cuts, disparate regional growth and inflation outlooks and the influence of developments surrounding the use of artificial intelligence (“AI”).

Interest rates were volatile during the quarter. They rose broadly as developed market central banks, led by the Federal Reserve (“Fed”), pushed back against market expectations of early and official interest rate cuts. Concerns about “sticky” inflation and strong wage data and labor markets seemingly helped support this higher-for-longer interest rate narrative. However, interest rates did ease a bit during March as developed market central banks, following recent meetings, seemed more willing to take longer to return to their target inflation levels than had previously been the case to avoid a hard growth landing. Overall, short positions in medium- and long-term U.S. and German note and bond futures were broadly profitable. A short position in the U.S. short-term interest rate future was also profitable. On the other hand, during January, long positions in British, U.S. and European short-term interest rate futures, and in Italian short-term and long-term interest rate futures, registered partially offsetting losses. A short position in the Japanese government bond future was also slightly unprofitable as the Bank of Japan executed a “dovish” end to its zero-interest rate and yield curve control policies.

Relative strength in U.S. growth, equity markets and interest rate differentials seemingly helped buoy the U.S. dollar. Long U.S. dollar positions versus the Japanese, Swiss, New Zealand, Canadian and Australian currencies were profitable. Elsewhere, a short U.S. dollar trade against the euro in January and trading the U.S. dollar relative to the Brazilian real and Singapore dollar produced partially offsetting losses.

Energy prices rose during the quarter as Middle East tensions, including a drone attack by Iran-backed militants that killed U.S. troops in Jordan and an expansion of Houthi missile strikes in the Red Sea on a Trafigura-operated fuel tanker carrying Russian products, stoked fears of supply disruptions. The continuation of production cuts by Organization of the Petroleum Exporting Countries (“OPEC+”) and Ukrainian attacks on Russian oil refineries also likely contributed to supply worries. On the demand side, stronger-than-expected US economic data and fresh stimulus in China seemed to strengthen the outlook in two of the world’s largest oil consumers. In this environment, long positions in Brent crude, WTI crude, RBOB gasoline, London gasoil and heating oil were profitable. A short carbon emissions trade was also profitable as the recent slowdown in the electric vehicle market weighed on demand for emission credits.

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Ample supplies of grain from South America, Russia, Ukraine and the U.S. likely impacted prices and short wheat and soybean positions were profitable, especially early in the quarter. In March, amid reports of destructive rain and hail across crucial grain-producing regions in Argentina supporting soybean prices, a long soybean trade was profitable.

Sugar prices, following a sharp drop late last year, rebounded in January amid concerns about hot weather damaging crops in southeast Asia, particularly in India and New Delhi extended its export ban. A short sugar trade was unprofitable as prices rose. Cocoa prices rallied to an historic high as weather and disease afflicted cocoa trees in the world’s main growing regions in West Africa, raising supply concerns. A short cocoa trade was unprofitable. Trading of coffee and cotton were also slightly unprofitable.

Silver prices were buoyed amid expectations that developed market central banks would embark on an interest rate easing cycle. Indeed, the Swiss National Bank announced a quarter point cut in its official interest rate in March. Consequently, a short silver trade was unprofitable. Trading of gold, platinum and zinc also posted small losses.

Trading of stock index futures was mixed and flat during the quarter. Improving growth, inflation and corporate earnings outlooks in Japan seemingly contributed to strong profits on long Japanese equity index futures positions. A long Spanish IBEX equity futures position and a short Brazilian equity index futures trade were also profitable. On the other hand, in the U.S., where AI optimism, growth and central bank rate cut prospects seemed to support equities, losses on short positions in Russell, MIDCAP 400 and Dow Jones index futures outdistanced profits from trading the NASDAQ index futures. Short positions in European, Singaporean and emerging market equity index futures, a long Korean index futures position, and trading of Australian and Canadian index futures registered offsetting losses too.

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, forward currency, spot, option and swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements present a Condensed Schedule of Investments setting forth the Partnership’s open futures and forward currency contracts, both long and short, at March 31, 2025.

ITEM 4.   CONTROLS AND PROCEDURES

The General Partner, with the participation of its principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner's internal controls over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the General Partner's internal controls over financial reporting with respect to the Partnership.

PART II.  OTHER INFORMATION

ITEM 1.  Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

ITEM 2.  Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

(a)  Pursuant to the Partnership's Agreement of Limited Partnership, the Partnership may sell Interests at the beginning of each calendar month. On January 1, 2025, February 1, 2025 and March 1, 2025, The Partnership sold Interests to new and existing limited partners of $56,857, $45,214 and $1,736, respectively. There were no underwriting discounts or commissions in connection with the sales of the Interests described above.

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Each of the foregoing Interests were offered and sold only to “accredited investors” as defined in Rule 501(a) under the Securities Act of 1933 as amended (the “1933 Act”), in reliance on the exemption from registration provided by Rule 506(b) under the 1933 Act.

(b)  Pursuant to the Partnership’s Agreement of Limited Partnership, Limited Partners may redeem their Interests at the end of each calendar month at the then current month-end net asset value. The redemption of Interests has no impact on the value of Interests that remain outstanding, and Interests are not reissued once redeemed.

The following table summarizes Interests redeemed during the three months ended March 31, 2025:
Date of ‎Withdrawal	Limited ‎Partners	Special Limited ‎Partners	Total
January 31, 2025	$                 (10,000)	$              (33,993)	$                        (43,993)
February 28, 2025	(991,860)	(100,000)	(1,091,860)
March 31, 2025	(1,040,727)	(108,775)	(1,149,502)
Total	$            (2,042,587)	$            (242,768)	$                   (2,285,355)

ITEM 3.  Defaults Upon Senior Securities

None.

ITEM 4.  Mine Safety Disclosures

Not Applicable.

ITEM 5.  Other Information

During the three months ended March 31, 2025, neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended ).

ITEM 6.  Exhibits

The following exhibits are included herewith:

31.01	Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.02	Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.03	Rule 13(a)-14(a)/15(d)-14(a) Certification of President and Chief Operating Officer
31.04	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer
32.01	Section 1350 Certification of Co-Chief Executive Officer
32.02	Section 1350 Certification of Co-Chief Executive Officer
32.03	Section 1350 Certification of President and Chief Operating Officer
32.04	Section 1350 Certification of Chief Financial Officer
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

‎

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SIGNATURES

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

By:	Millburn Ridgefield LLC,	/s/ Michael W. Carter
	General Partner	Michael W. Carter
		Vice-President
Date: May 14, 2025		(Principal Accounting Officer)

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