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

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

For the Transition Period from ___________ to ___________

Commission File Number: 000-54028

MILLBURN MULTI-MARKETS FUND L.P. 

(Exact name of registrant as specified in its charter)

Delaware	26-4038497
(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  No 

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

Yes  No 

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

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company 
	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  No  

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Millburn Multi-Markets Fund L.P.
Financial statements
As of and for the three months ended March 31, 2025 and 2024 (unaudited)
Statements of Financial Condition (a)	1
Statements of Operations (b)	2
Statements of Changes in Partners' Capital (b)	3
Statements of Financial Highlights (b)	5
Notes to Financial Statements	7
(a) At March 31, 2025 (unaudited) and December 31, 2024
(b) For the three months ended March 31, 2025 and 2024 (unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Financial Condition

ASSETS		March 31, 2025
		(unaudited)		December 31, 2024
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	116,121,737	$	121,077,762
Due from the Master Fund		160,574		1,395,871
Cash and cash equivalents		-		56,701
Total assets	$	116,282,311	$	122,530,334
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Capital contributions received in advance	$	-	$	56,701
Capital withdrawals payable to Limited Partners		160,574		895,871
Capital withdrawal payable to General Partner		-		500,000
Total liabilities		160,574		1,452,572
PARTNERS’ CAPITAL:
General Partner		2,917,386		2,906,007
Limited partners:
Series A (76,299.0352 and 79,074.9857 units outstanding)		98,328,535		102,464,490
Series B (4,217.5298 and 4,457.8217 units outstanding)		6,934,689		7,333,525
Series C (2,357.5903 and 2,286.1305 units outstanding)		3,955,131		3,837,204
Series D (2,363.8972 and 2,785.5884 units outstanding)		3,615,251		4,270,156
Series E (342.5541 and 247.0895 units outstanding)		370,745		266,380
Total limited partners		113,204,351		118,171,755
Total partners’ capital		116,121,737		121,077,762
TOTAL	$	116,282,311	$	122,530,334
NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,288.73	$	1,295.79
Series B	$	1,644.25	$	1,645.09
Series C	$	1,677.62	$	1,678.47
Series D	$	1,529.36	$	1,532.95
Series E	$	1,082.29	$	1,078.07

See notes to financial statements (Unaudited)

‎

1

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)

		For the three months ended
	March 31, 2025		March 31, 2024
INVESTMENT INCOME:
Interest income	$	-	$	330
Interest income, net (allocated from the Master Fund) (1)		1,316,812		1,619,199
Total interest income		1,316,812		1,619,529
EXPENSES:
Management fees (allocated from the Master Fund) (1)		506,425		549,627
Selling commissions and platform fees (allocated from the Master Fund) (1)		508,874		554,641
Administrative and operating expenses (allocated from the Master Fund) (1)		128,778		131,676
Custody fees and other expenses (allocated from the Master Fund) (1)		6,347		5,663
Total expenses		1,150,424		1,241,607
NET INVESTMENT INCOME		166,388		377,922
REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND (1)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		696,102		5,738,582
Brokerage commissions (allocated from the Master Fund) (1)		(103,716)		(140,380)
Foreign exchange transaction		(44,213)		(12,565)
Net change in unrealized:
Futures and forward currency contracts		(1,196,617)		2,689,067
Foreign exchange translation		18,626		(26,056)
Net gains (losses) from U.S. Treasury notes:
Realized		-		(4,999)
Net change in unrealized		(49,140)		(112,583)
Net realized and unrealized gains (losses)
allocated from the Master Fund		(678,958)		8,131,066
NET INCOME (LOSS)		(512,570)		8,508,988
LESS PROFIT SHARE ALLOCATION		1,277		16,675
TO THE MASTER FUND
NET INCOME (LOSS) AFTER PROFIT SHARE	$	(513,847)	$	8,492,313
NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	(7.06)	$	83.09
Series B	$	(0.84)	$	109.66
Series C	$	(0.85)	$	111.88
Series D	$	(3.59)	$	102.01
Series E	$	4.22	$	76.36
(1) The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

See notes to financial statements (Unaudited)

2

				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners' Capital (unaudited)
				For the three months ended March 31, 2025
			Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount
PARTNERS' CAPITAL — January 1, 2025	$	2,906,007	$	102,464,490		79,074.9857	$	7,333,525		4,457.8217	$	3,837,204		2,286.1305	$	4,270,156		2,785.5884	$	266,380		247.0895	$	121,077,762
Capital contributions		-		-		-		-		-		200,000		118.0838		-		-		103,492		95.4646		303,492
Capital withdrawals		-		(3,621,285)		(2,775.9505)		(395,668)		(240.2919)		(78,217)	-	(46.6240)		(650,500)		(421.6912)		-		-		(4,745,670)
Net income (loss) before profit share		11,379		(514,670)		-		(2,701)		-		(4,145)		-		(3,306)		-		873		-		(512,570)
Profit share		-		-		-		(467)		-		289		-		(1,099)		-		-		-		(1,277)
PARTNERS' CAPITAL —
March 31, 2025	$	2,917,386	$	98,328,535		76,299.0352	$	6,934,689		4,217.5298	$	3,955,131		2,357.5903	$	3,615,251		2,363.8972	$	370,745		342.5541	$	116,121,737
Net Asset Value per Unit at
March 31, 2025					$	1,288.73			$	1,644.25			$	1,677.62			$	1,529.36			$	1,082.29
See notes to financial statements (Unaudited)																								(Continued)

3

				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners' Capital (unaudited)
				For the three months ended March 31, 2024
				Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount
PARTNERS' CAPITAL — January 1, 2024	$	3,063,996	$	105,476,328		87,158.9000	$	7,114,188		4,701.2201	$	3,625,396		2,348.1019	$	4,559,744		3,218.3931	$	90,125		92.9304	$	123,929,777
Capital contributions		-		-		-		-		-		-		-		50,000		34.4922		87,869		89.1689		137,869
Capital withdrawals		-		(3,597,104)		(2,868.6285)		(64,670)		(39.8480)		-		-		(310,525)		(204.3881)		-		-		(3,972,299)
Net income before profit share		241,206		7,129,565		-		526,560		-		268,336		-		330,809		-		12,512		-		8,508,988
Profit share		-		-		-		(11,046)		-		(5,629)		-		-		-		-		-		(16,675)
PARTNERS' CAPITAL —
March 31, 2024	$	3,305,202	$	109,008,789		84,290.2715	$	7,565,032		4,661.3721	$	3,888,103		2,348.1019	$	4,630,028		3,048.4972		$          190,506		182.0993	$	128,587,660
Net Asset Value per Unit at
March 31, 2024					$	1,293.25			$	1,622.92			$	1,655.85			$	1,518.79			$	1,046.17
See notes to financial statements (Unaudited)																								(Concluded)

4

Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended March 31, 2025
The following information presents per unit operating performance data for each series for the three months ended March 31, 2025.
Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C				Series D		Series E
NET ASSET VALUE PER UNIT — Beginning of period	$	1,295.79		$	1,645.09		$	1,678.47		$	1,532.95		$	1,078.07
INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (1)		0.74			9.17			9.34			5.71			10.74
Total trading and investing losses (1)		(7.80)			(9.90)			(10.31)			(8.87)			(6.52)
Net income (loss) before profit share allocation from the Master Fund		(7.06)			(0.73)			(0.97)			(3.16)			4.22
Less: profit share allocation from the Master Fund (1) (6)		0.00			0.11			(0.12)			0.43			0.00
Net income (loss) from operations after profit share allocation from the Master Fund		(7.06)			(0.84)			(0.85)			(3.59)			4.22
NET ASSET VALUE PER UNIT — End of period	$	1,288.73		$	1,644.25		$	1,677.62		$	1,529.36		$	1,082.29
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)		(0.55)	%		(0.04)	%		(0.06)	%		(0.20)	%		0.39	%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2) (6)		0.00			0.01			(0.01)			0.03			0.00
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)		(0.55)	%		(0.05)	%		(0.05)	%		(0.23)	%		0.39	%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses (3) (4) (5)		4.21	%		2.21	%		2.21	%		2.96	%		0.46	%
Profit share allocation from the Master Fund (2) (6)		0.00			0.01			(0.01)			0.03			0.00
Total expenses		4.21	%		2.22	%		2.20	%		2.99	%		0.46	%
Net investment income (3) (4) (5)		0.23	%		2.22	%		2.22	%		1.49	%		3.96	%
(1) The net investment income per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income and profit share allocation from the Master Fund by the average number of units outstanding
during the period. Total trading and investing gains is a balancing amount necessary to reconcile the change in net
asset value per unit with the other per unit information.
(2) Not Annualized.
(3) Annualized.
(4) Includes the Partnership’s proportionate share of income (if applicable) and expense allocated from the Master Fund.
(5) Excludes profit share allocation from the Master Fund.
(6) Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.
See notes to financial statements (Unaudited)														(Continued)

5

Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended March 31, 2024
The following information presents per unit operating performance data for each series for the three months ended March 31, 2024.
Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B				Series C		Series D			Series E
NET ASSET VALUE PER UNIT — Beginning of period	$	1,210.16		$	1,513.26		$	1,543.97		$	1,416.78		$	969.81
INCOME ALLOCATED FROM THE MASTER FUND:
Net investment income (1)		2.72			11.39			11.62			7.84			11.85
Total trading and investing gains (1)		80.37			100.62			102.66			94.17			64.51
Net income before profit share allocation from the Master Fund		83.09			112.01			114.28			102.01			76.36
Less: profit share allocation from the Master Fund (1) (6)		0.00			2.35			2.40			0.00			0.00
Net income from operations after profit share allocation from the Master Fund		83.09			109.66			111.88			102.01			76.36
NET ASSET VALUE PER UNIT — End of period	$	1,293.25		$	1,622.92		$	1,655.85		$	1,518.79		$	1,046.17
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)		6.87	%		7.40	%		7.40	%		7.20	%		7.87	%
LESS: PROFIT SHARE ALLOCATION TO THE MASTER FUND (2) (6)		0.00			0.15			0.15			0.00			0.00
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND (2)		6.87	%		7.25	%		7.25	%		7.20	%		7.87	%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses (3) (4) (5)		4.18	%		2.18	%		2.18	%		2.93	%		0.43	%
Profit share allocation from the Master Fund (2) (6)		0.00			0.15			0.15			0.00			0.00
Total expenses		4.18	%		2.33	%		2.33	%		2.93	%		0.43	%
Net investment income (3) (4) (5)		0.85	%		2.85	%		2.85	%		2.10	%		4.58	%
(1) The net investment income per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding
during the period. Total trading and investing gains is a balancing amount necessary to reconcile the change in net
asset value per unit with the other per unit information.
(2) Not Annualized.
(3) Annualized.
(4) Includes the Partnership’s proportionate share of income (if applicable) and expense allocated from the Master Fund.
(5) Excludes profit share allocation from the Master Fund.
(6) Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.
See notes to financial statements (Unaudited)														(Concluded)

6

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Millburn Multi-Markets Fund L.P.’s (the “Partnership”) financial condition at March 31, 2025 (unaudited) and December 31, 2024 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 2024 annual report included in Form 10-K filed with the Securities and Exchange Commission. 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 with various financial institutions that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The 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.

Subsequent to the issuance of the financial statements for the quarter ended March 31, 2024, the Partnership determined that Brokerage Commissions in the amount of $140,380, for the quarter ended March 31, 2024, which were previously reported in Expenses in the Statement of Operations, should have been presented as a component of Realized and Unrealized Gains (Losses) in the Statement of Operations. As a result, Brokerage Commissions for the quarter ended March 31, 2024, are now reported within Realized and Unrealized Gains (Losses) instead of Expenses on the Statement of Operations and Statement of Financial Highlights in the accompanying financial statements. There was no impact on the amount previously reported for Net Assets at March 31, 2024.

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. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P.

The Partnership invests substantially all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”). The Partnership’s ownership percentage of the Master Fund at March 31, 2025 and December 31, 2024 was 27.12% and 28.05%, respectively, of total partners’ capital of the Master Fund. See the attached financial statements of the Master Fund.

3. RELATED PARTY TRANSACTIONS

The Partnership bears its own expenses, including, but not limited to, periodic legal, accounting and filing fees. Administrative and operating expenses related to investors in the Partnership (including their pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1% per annum of the Partnership’s average month-end partners’ capital.

Series A Limited Partners that redeem Units at or prior to the end of the first eleven months after such Units are sold shall be assessed redemption charges calculated based on their redeemed Units' net asset value as of the date of redemption. All redemption charges will be paid to the General Partner. At March 31, 2025 and December 31, 2024, there were no redemption charges owed to the General Partner.

4. FINANCIAL HIGHLIGHTS

Per Unit operating performance for Series A, Series B, Series C, Series D and Series E Units is calculated based on Limited Partners’ Partnership capital for each series taken as a whole utilizing the beginning and ending net asset value per unit and average number of units during the period.

7

5. 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 events were discovered that required disclosure or adjustment to the financial statements.

8

Millburn Multi-Markets Trading L.P.
Financial statements
As of and for the three months ended March 31, 2025 and 2024 (unaudited)
Statements of Financial Condition (a)	10
Condensed Schedules of Investments (a)	11
Statements of Operations (b)	15
Statements of Changes in Partners' Capital (b)	16
Statements of Financial Highlights (b)	17
Notes to Financial Statements	19
(a) At March 31, 2025 (unaudited) and December 31, 2024
(b) For the three months ended March 31, 2025 and 2024 (unaudited)

9

Millburn Multi-Markets Trading L.P.

Statements of Financial Condition

		March 31, 2025
ASSETS		(unaudited)		December 31, 2024
EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost
$76,722,558 and $72,229,741)	$	76,749,673	$	72,309,121
Net unrealized appreciation on open futures and forward currency contracts		3,623,928		3,173,807
Due from brokers, net		8,500,473		8,923,069
Cash denominated in foreign currencies (cost $3,161,749 and $3,958,254)		3,145,715		3,872,962
Total equity in trading accounts		92,019,789		88,278,959
INVESTMENTS IN U.S. TREASURY NOTES — at fair value
(amortized cost $318,183,429 and $316,308,299)		318,350,520		316,602,736
CASH AND CASH EQUIVALENTS		20,516,109		30,348,123
ACCRUED INTEREST RECEIVABLE		2,621,945		2,489,162
OTHER ASSETS		65		169
TOTAL	$	433,508,428	$	437,719,149
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	3,356,916	$	661,510
Subscriptions received in advance		40,000		90,000
Capital withdrawal payable to Limited Partners		160,574		2,285,933
Capital withdrawal payable to General Partner		-		1,710,536
Management fee payable		480,841		490,324
Selling commissions payable		166,174		174,164
Accrued expenses		528,809		242,262
Due to brokers, net		602,263		320,982
Commissions and other trading fees on open futures contracts		22,695		37,084
Accrued profit share		41,723		-
Total liabilities		5,399,995		6,012,795
PARTNERS’ CAPITAL		428,108,433		431,706,354
TOTAL	$	433,508,428	$	437,719,149

See notes to financial statements (Unaudited)

‎

10

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

March 31, 2025

	Net Unrealized
	Appreciation
	(Depreciation)		Net Unrealized
	as a % of		Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital		(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.01)	%	$	(45,285)
Energies	1.13			4,818,492
Grains	0.00			15,500
Interest rates:
2 Year U.S. Treasury Note (419 contracts, settlement date June 2025)	0.02			105,774
5 Year U.S. Treasury Note (238 contracts, settlement date June 2025)	0.01			35,578
10 Year U.S. Treasury Note (192 contracts, settlement date June 2025)	0.02			104,609
30 Year U.S. Treasury Bond (23 contracts, settlement date June 2025)	0.00			14,594
Other interest rates	0.39			1,641,610
Total interest rates	0.44			1,902,165
Livestock	0.00			20,040
Metals	0.08			329,618
Softs	(0.06)			(264,001)
Stock indices	(0.94)			(4,041,842)
Total long futures contracts	0.64			2,734,687
Short futures contracts:
Currencies	0.01			27,558
Energies	0.00			7,604
Grains	0.05			203,486
Interest rates	(0.23)			(982,207)
Livestock	0.00			750
Metals	0.19			812,973
Softs	0.00			(2,091)
Stock indices	0.00			9,150
Total short futures contracts	0.02			77,223
TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	0.66			2,811,910
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	0.01			61,659
Total short forward currency contracts	(0.61)			(2,606,557)
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	(0.60)			(2,544,898)
TOTAL	0.06	%	$	267,012
				(Continued)

11

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

March 31, 2025

U.S. TREASURY NOTES
			Fair Value
			as a % of
			Partners'
	Face Amount	Description	Capital		Fair Value
$	126,830,000	U.S. Treasury notes, 2.125%, 05/15/2025	29.55	%	$	126,493,108
	135,020,000	U.S. Treasury notes, 2.000%, 08/15/2025	31.27			133,880,769
	136,270,000	U.S. Treasury notes, 2.250%, 11/15/2025	31.47			134,726,316
		Total investments in U.S. Treasury notes
		(amortized cost $394,905,987)	92.29	%	$	395,100,193

See notes to financial statements (Unaudited) (Concluded)

‎

12

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2024

	Net Unrealized
	Appreciation
	(Depreciation)			Net Unrealized
	as a % of			Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital			(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.03)	%	$	(118,694)
Energies	0.50			2,179,167
Interest rates	(0.11)			(474,654)
Livestock	0.00			3,270
Metals	(0.50)			(2,163,747)
Softs	0.06			279,838
Stock indices	(0.27)			(1,198,465)
Total long futures contracts	(0.35)			(1,493,285)
Short futures contracts:
Currencies	0.12			507,566
Energies	(0.06)			(271,922)
Grains	(0.09)			(394,125)
Interest rates:
5 Year U.S. Treasury Note (885 contracts, settlement date March 2025)	0.02			99,062
Other interest rates	(0.03)			(124,167)
Total interest rates	(0.01)			(25,105)
Livestock	0.00			1,210
Metals	0.32			1,366,790
Softs	0.05			219,073
Stock indices	0.15			651,772
Total short futures contracts	0.48			2,055,259
TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	0.13			561,974
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	(2.18)			(9,422,549)
Total short forward currency contracts	2.63			11,372,872
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	0.45			1,950,323
TOTAL	0.58	%	$	2,512,297
				(Continued)

‎

13

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2024

U.S. TREASURY NOTES
			Fair Value
			as a % of
			Partners'
	Face Amount	Description	Capital		Fair Value
$	127,770,000	U.S. Treasury notes, 2.000%, 02/15/2025	29.51	%	$	127,410,647
	129,330,000	U.S. Treasury notes, 2.125%, 05/15/2025	29.73			128,327,187
	135,020,000	U.S. Treasury notes, 2.000%, 08/15/2025	30.85			133,174,023
		Total investments in U.S. Treasury notes
		(amortized cost $388,538,040)	90.09	%	$	388,911,857

See notes to financial statements (Unaudited) (Concluded)

‎

14

Millburn Multi-Markets Trading L.P.

Statements of Operations (unaudited)

	For the three months ended
	March 31		March 31
	2025		2024
INVESTMENT INCOME — Interest income, net	$	4,766,673	$	5,487,101
EXPENSES:
Management fees		1,453,995		1,533,528
Selling commissions and platform fees		508,880		554,647
Administrative and operating expenses		286,548		281,380
Custody fees and other expenses		23,043		19,239
Total expenses		2,272,466		2,388,794
NET INVESTMENT INCOME		2,494,207		3,098,307
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		1,694,229		19,522,034
Brokerage commissions		(375,625)		(475,375)
Foreign exchange transaction		(162,179)		(42,967)
Net change in unrealized:
Futures and forward currency contracts		(2,245,285)		8,894,195
Foreign exchange translation		69,258		(87,955)
Net gains (losses) from U.S. Treasury notes
Realized		-		(17,008)
Net change in unrealized		(179,611)		(382,439)
Total net realized and unrealized gains (losses)		(1,199,213)		27,410,485
NET INCOME		1,294,994		30,508,792
LESS PROFIT SHARE TO GENERAL PARTNER		44,758		710,261
NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER	$	1,250,236	$	29,798,531

 See notes to financial statements (Unaudited)

‎

15

Millburn Multi-Markets Trading L.P.

Statements of Changes in Partners' Capital (unaudited)

For the three months ended March 31, 2025
		Limited Partners			New Profit Memo Account			General Partner			Total
PARTNERS' CAPITAL - January 1, 2025	$	430,373,310		$	-		$	1,333,044		$	431,706,354
Contributions		588,492			3,035			-			591,527
Withdrawals		(5,439,684)			-			-			(5,439,684)
Net income (loss) before profit share		1,288,885			(24)			6,133			1,294,994
General Partner's allocation - profit share		(44,758)			-			-			(44,758)
PARTNERS' CAPITAL- March 31, 2025	$	426,766,245		$	3,011		$	1,339,177		$	428,108,433
For the three months ended March 31, 2024
		Limited Partners			New Profit Memo Account			General Partner			Total
PARTNERS' CAPITAL - January 1, 2024	$	413,703,860		$	-		$	1,196,120		$	414,899,980
Contributions		1,162,869			3,260			-			1,166,129
Withdrawals		(5,264,646)			-			-			(5,264,646)
Net income before profit share		30,413,738			6			95,048			30,508,792
General Partner's allocation - profit share		(710,261)			-			-			(710,261)
PARTNERS' CAPITAL- March 31, 2024	$	439,305,560	-	$	3,266	-	$	1,291,168	-	$	440,599,994

See notes to financial statements (Unaudited)

‎

16

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

The following information presents financial highlights of a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% and an annual profit share of 20% of Trading Profits (as defined in the Limited Partnership Agreement).

	For the three months ended
	March 31		March 31
	2025		2024
Total return before General Partner profit share allocation (3)	0.03	%	7.47	%
Less: General Partner profit share allocation (3)	0.01		0.18
Total return after General Partner profit share allocation (3)	0.02	%	7.29	%
Ratios to average net asset value:
Expenses (1) (4)	1.93	%	1.92	%
General Partner profit share allocation (3)	0.01		0.18
Total expenses (1)	1.94	%	2.10	%
Net investment income (1) (2) (4)	2.58	%	3.13	%
Total returns and the ratios to average net asset value are calculated for a Limited Partner.
(1) Includes the Limited Partner's proportionate share of expenses allocated from the Master Fund's
operations for the three months ended March 31, 2025 and 2024.
(2) Excludes General Partner profit share allocation and includes interest income.
(3) Not Annualized.
(4) Annualized.

See notes to financial statements (Unaudited)

‎

17

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

The following information presents financial highlights for Limited Partners as a whole.

	For the three months ended
	March 31		March 31
	2025		2024
Total return before General Partner profit share allocation (3)	0.31	%	7.38	%
Less: General Partner profit share allocation (3)	0.01		0.16
Total return after General Partner profit share allocation (3)	0.30	%	7.22	%
Ratios to average net asset value:
Expenses (1) (4)	2.11	%	2.22	%
General Partner profit share allocation (3)	0.01		0.16
Total expenses (1)	2.12	%	2.38	%
Net investment income (1) (2) (4)	2.39	%	2.83	%
Total returns and the ratios to average net asset value are calculated for a Limited Partner. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.
(1) Includes the Limited Partners' proportionate share of expenses allocated from the Master Fund's
operations for the three months ended March 31, 2025 and 2024.
(2) Excludes General Partner profit share allocation and includes interest income.
(3) Not Annualized.
(4) Annualized.

See notes to financial statements (Unaudited)

‎

18

NOTES TO FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Master Fund engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for the Partnership, and Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”).

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Master Fund’s 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 Master Fund’s annual report for the year ended December 31, 2024 included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission. 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 U.S. GAAP in the U.S, as detailed in the FASB 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 Master Fund enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Master Fund's maximum exposure under these arrangements is unknown. However, the Master Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The 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, 2020 to 2023, 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.

Subsequent to the issuance of the financial statements for the quarter ended March 31, 2024, the Partnership determined that Brokerage Commissions in the amount of $475,375 for the quarter ended March 31, 2024, which were previously reported in Expenses in the Statement of Operations, should have been presented as a component of Realized and Unrealized Gains (Losses) in the Statement of Operations. As a result, Brokerage Commissions for the quarter ended March 31, 2024, are now reported within Realized and Unrealized Gains (Losses) instead of Expenses on the Statement of Operations, and are excluded from the Ratios To Average Net Asset Value related to Expenses and Net investment income in the accompanying financial statements. There was no impact to the total amount previously reported for Net Income (Loss) After Profit Share to General Partner for quarter ended March 31, 2024, and there was no impact on the amount previously reported for Net Assets at March 31, 2024. 

2. INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P.

The Partnership and the Cayman Feeder invest substantially all of their assets in the Master Fund. At March 31, 2025 and December 31, 2024, the respective ownership percentages of the Master Fund are detailed below. The remaining interests are held by direct investors in the Master Fund.

	March 31,			December 31,
	2025			2024
Partnership		27.12	%		28.05	%
Cayman Feeder		55.59	%		54.87	%
Total		82.71	%		82.92	%

‎

19

The capital withdrawals payable at March 31, 2025 and December 31, 2024 were $160,574 and $3,996,469, respectively, as detailed below.

	March 31,		December 31,
	2025		2024
Direct investors (1)	$	-	$	2,350,598
Partnership		160,574		1,395,871
Cayman Feeder		-		250,000
Total	$	160,574	$	3,996,469

⁽¹⁾ Includes profit share to the General Partner of $1,710,536 and a limited partner redemption of $640,062, totaling $2,350,598 at December 31, 2024. 

The Master Fund bears expenses, including, but not limited to, periodic legal, accounting and filing fees, up to an amount equal to 1/4 of 1% per annum of average net assets of the Master Fund (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Master Fund and Cayman Feeder level. The General Partner bears any excess over such amounts.

3. FAIR VALUE

The Fair Value Measurement (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 Master Fund separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments. The Master Fund’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. The General Partner does not adjust the quoted price for such instruments, even in situations where the Master Fund holds a large position and a sale could reasonably impact the quoted price.

Cash equivalents includes investments in Dreyfus Treasury Securities Cash Management, a short term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less.

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.

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 Master Fund 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.

During the three months ended March 31, 2025 and 2024, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Master Fund’s investments by hierarchical level as of March 31, 2025 and December 31, 2024 in valuing the Master Fund’s investments at fair value. At March 31, 2025 and December 31, 2024, the Master Fund had no assets or liabilities in Level 3.

‎

20

Financial assets and liabilities at fair value as of March 31, 2025
	Level 1		Level 2		Total
U.S. Treasury notes (1)	$	395,100,193	$	-	$	395,100,193
Short-Term Money Market Fund*		20,266,109		-		20,266,109
Exchange-traded futures contracts
Currencies		(17,727)		-		(17,727)
Energies		4,826,096		-		4,826,096
Grains		218,986		-		218,986
Interest rates		919,958		-		919,958
Livestock		20,790		-		20,790
Metals		1,142,591		-		1,142,591
Softs		(266,092)		-		(266,092)
Stock indices		(4,032,692)		-		(4,032,692)
Total exchange-traded futures contracts		2,811,910		-		2,811,910
Over-the-counter forward currency contracts		-		(2,544,898)		(2,544,898)
Total futures and forward currency contracts (2)		2,811,910		(2,544,898)		267,012
Total financial assets and liabilities at fair value	$	418,178,212	$	(2,544,898)	$	415,633,314
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	76,749,673
Investments in U.S. Treasury notes held in custody						318,350,520
Total investments in U.S. Treasury notes					$	395,100,193
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,623,928
Net unrealized depreciation on open futures and forward currency contracts						(3,356,916)
Total net unrealized appreciation on open futures and forward currency contracts					$	267,012
* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

‎

21

Financial assets and liabilities at fair value as of December 31, 2024
	Level 1		Level 2		Total
U.S. Treasury notes (1)	$	388,911,857	$	-	$	388,911,857
Short-Term Money Market Fund*		30,098,123		-		30,098,123
Exchange-traded futures contracts
Currencies		388,872		-		388,872
Energies		1,907,245		-		1,907,245
Grains		(394,125)		-		(394,125)
Interest rates		(499,759)		-		(499,759)
Livestock		4,480		-		4,480
Metals		(796,957)		-		(796,957)
Softs		498,911		-		498,911
Stock indices		(546,693)		-		(546,693)
Total exchange-traded futures contracts		561,974		-		561,974
Over-the-counter forward currency contracts		-		1,950,323		1,950,323
Total futures and forward currency contracts (2)		561,974		1,950,323		2,512,297
Total financial assets and liabilities at fair value	$	419,571,954	$	1,950,323	$	421,522,277
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	72,309,121
Investments in U.S. Treasury notes						316,602,736
Total investments in U.S. Treasury notes					$	388,911,857
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,173,807
Net unrealized depreciation on open futures and forward currency contracts						(661,510)
Total net unrealized appreciation on open futures and forward currency contracts					$	2,512,297
* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

‎

22

4. DERIVATIVE INSTRUMENTS

The 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 Master Fund’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 Master Fund’s open positions and the liquidity of the markets in which it trades.

The Master Fund engages in the speculative trading of futures and forward contracts on interest rates, grains, softs, currencies, metals, energies, livestock and stock indices. The following were the primary trading risk exposures of the Master Fund at March 31, 2024 by market sector:

Agricultural (grains, livestock and softs) – The Master Fund’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.

Currencies – Exchange rate risk is a principal market exposure of the Master Fund. The Master Fund’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 Master Fund trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Master Fund’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 sector.

Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Master Fund 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 Master Fund’s profitability. The Master Fund’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 Master Fund 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 Master Fund for the foreseeable future.

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

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

The 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 a net 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 net liability position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized depreciation on open futures and forward currency contracts.” The Master Fund’s policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Master Fund 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 Master Fund’s trading gains and losses in the Statements of Operations.

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 Master Fund’s Statements of Financial Condition.

‎

23

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	$	245	$	(45,530)	$	44,661	$	(17,103)	$	(17,727)
Energies		4,820,022		(1,530)		7,604		-		4,826,096
Grains		15,650		(150)		250,065		(46,579)		218,986
Interest rates		1,906,164		(3,999)		227,036		(1,209,243)		919,958
Livestock		21,640		(1,600)		1,630		(880)		20,790
Metals		1,588,302		(1,258,684)		1,195,257		(382,284)		1,142,591
Softs		11,630		(275,631)		38,934		(41,025)		(266,092)
Stock indices		573,252		(4,615,094)		9,150		-		(4,032,692)
Total futures contracts		8,936,905		(6,202,218)		1,774,337		(1,697,114)		2,811,910
Forward currency contracts		4,472,293		(4,410,634)		3,340,101		(5,946,658)		(2,544,898)
Total futures and forward currency contracts	$	13,409,198	$	(10,612,852)	$	5,114,438	$	(7,643,772)	$	267,012

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	$	-	$	(118,694)	$	511,079	$	(3,513)	$	388,872
Energies		2,202,407		(23,240)		383		(272,305)		1,907,245
Grains		-		-		101,118		(495,243)		(394,125)
Interest rates		82,166		(556,820)		930,311		(955,416)		(499,759)
Livestock		3,270		-		1,210		-		4,480
Metals		138,343		(2,302,090)		1,429,240		(62,450)		(796,957)
Softs		338,426		(58,588)		220,248		(1,175)		498,911
Stock indices		261,314		(1,459,779)		728,726		(76,954)		(546,693)
Total futures contracts		3,025,926		(4,519,211)		3,922,315		(1,867,056)		561,974
Forward currency contracts		64,781		(9,487,330)		11,458,137		(85,265)		1,950,323
Total futures and forward currency contracts	$	3,090,707	$	(14,006,541)	$	15,380,452	$	(1,952,321)	$	2,512,297

24

The effect of trading futures and forward currency contracts is represented on the Master Fund’s 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

	Three months		Three months
	ended:		ended:
	March 31,		March 31,
Sector	2025		2024
Futures contracts:
Currencies	$	(1,836,296)	$	1,283,660
Energies		2,883,814		12,095,482
Grains		(519,164)		2,355,509
Interest rates		1,165,028		13,300,546
Livestock		(82,680)		(44,000)
Metals		4,390,722		(2,031,713)
Softs		512,313		(2,455,707)
Stock indices		(1,841,508)		(335,639)
Total futures contracts		4,672,229		24,168,138
Forward currency contracts		(5,223,285)		4,248,091
Total futures and forward currency contracts	$	(551,056)	$	28,416,229

For the three months ended March 31, 2025 and 2024, the monthly average number of futures contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:

		2025		2024
Average bought		53,734		58,130
Average sold		45,542		65,882
Average notional (in billions)	$	3.5	$	3.4

The customer agreements between the Master Fund, 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 Master Fund the legal right to net unrealized gains and losses on open futures and forward currency contracts. The Master Fund 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 FASB Accounting Standards Codification Topic 210, “Balance Sheet,” were met.

‎

25

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 of derivative assets and liabilities at March 31, 2025
			Gross amounts		Net amounts of
			offset in the		assets presented in
	Gross amounts of		Statements of		the Statements of
Assets	recognized assets		Financial Condition		Financial Condition
Futures contracts
Counterparty J	$	1,602,690	$	(787,485)	$	815,205
Counterparty L		8,636,650		(5,827,927)		2,808,723
Total futures contracts		10,239,340		(6,615,412)		3,623,928
Total assets	$	10,239,340	$	(6,615,412)	$	3,623,928
			Gross amounts		Net amounts of
			offset in the		liabilities presented in
	Gross amounts of		Statements of		the Statements of
Liabilities	recognized liabilities		Financial Condition		Financial Condition
Futures contracts
Counterparty C	$	1,283,920	$	(471,902)	$	812,018
Total futures contracts		1,283,920		(471,902)		812,018
Forward currency contracts
Counterparty G		4,539,352		(2,928,064)		1,611,288
Counterparty K		5,817,940		(4,884,330)		933,610
Total forward currency contracts		10,357,292		(7,812,394)		2,544,898
Total liabilities	$	11,641,212	$	(8,284,296)	$	3,356,916

‎

26

			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Assets
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Received(1)(2)		Net Amount(3)
Counterparty J	$	815,205	$	-	$	(815,205)	$	-
Counterparty L		2,808,723		-		(2,808,723)		-
Total	$	3,623,928	$	-	$	(3,623,928)	$	-
			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Liabilities
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Pledged(1)(2)		Net Amount(4)
Counterparty C	$	812,018	$	-	$	812,018	$	-
Counterparty G		1,611,288		-		1,611,288		-
Counterparty K		933,610		-		933,610		-
Total	$	3,356,916	$	-	$	3,356,916	$	-
(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 liabilities presented in the
Statements 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.
(4) Net amount represents the amounts owed by the Master Fund to each counterparty as of March 31, 2025.

‎

27

Offsetting of derivative assets and liabilities at December 31, 2024
			Gross amounts		Net amounts of
			offset in the		assets presented in
	Gross amounts of		Statements of		the Statements of
Assets	recognized assets		Financial Condition		Financial Condition
Futures contracts
Counterparty C	$	1,261,539	$	(776,307)	$	485,232
Counterparty J		1,081,253		(343,001)		738,252
Total futures contracts		2,342,792		(1,119,308)		1,223,484
Forward currency contracts
Counterparty G		5,148,779		(3,996,075)		1,152,704
Counterparty K		6,374,139		(5,576,520)		797,619
Total forward currency contracts		11,522,918		(9,572,595)		1,950,323
Total assets	$	13,865,710	$	(10,691,903)	$	3,173,807
			Gross amounts		Net amounts of
			offset in the		liabilities presented in
	Gross amounts of		Statements of		the Statements of
Liabilities	recognized liabilities		Financial Condition		Financial Condition
Futures contracts
Counterparty L	$	5,266,959	$	(4,605,449)	$	661,510
Total liabilities	$	5,266,959	$	(4,605,449)	$	661,510

‎

28

			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Assets
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Received(1)(2)		Net Amount(3)
Counterparty C	$	485,232	$	-	$	(485,232)	$	-
Counterparty J		738,252		-		(738,252)		-
Counterparty G		1,152,704		-		-		1,152,704
Counterparty K		797,619		-		-		797,619
Total	$	3,173,807	$	-	$	(1,223,484)	$	1,950,323
				Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Liabilities
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Pledged(1)(2)		Net Amount(4)
Counterparty L	$	661,510	$	-	$	661,510	$	-
Total	$	661,510	$	-	$	661,510	$	-
(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 liabilities presented in the Statements
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.
(4) Net amount represents the amounts owed by the Master Fund to each counterparty 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.

The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Master Fund’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Master Fund 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 Master Fund’s forward currency trading activities are cleared by DB, and BA. The Master Fund’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 $45,875,989 and $42,358,701 at March 31, 2025 and December 31, 2024, respectively.

29

5. 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 Master Fund’s Agreement of Limited Partnership.

	Three months ended:		Three months ended:
	March 31, 2025		March 31, 2024
Profit share earned	$	3,035	$	3,260
Profit share accrued		41,723		707,001
Total profit share	$	44,758	$	710,261

6. FINANCIAL HIGHLIGHTS

Ratios to average capital are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum) and 20% of Trading Profits and 2) 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 partners’ management fee, selling commission, platform fee and profit share allocation arrangements. Returns are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum) and 20% of Trading Profits and 2) Limited Partners’ capital 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 partners’ management fee, selling commission, platform fee 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 this Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the 10-Q.

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

The Partnership invests substantially all of its assets in the Master Fund. Due to the nature of the Master Fund'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 Master Fund'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 Master Fund, 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 Master Fund has a better likelihood of being profitable than in others. 

LIQUIDITY AND CAPITAL RESOURCES

Units 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 and the Master Fund have 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 Master Fund (in which the Partnership participates).

The Partnership raises additional capital only through the sale of Units and capital is increased through trading profits (if any). Neither the Partnership nor the Master Fund engages in borrowing.

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The Master Fund 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 substantially 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 and the Master Fund to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties. 

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

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

The Master Fund’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 Master Fund’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 Master Fund is assigned a position in the underlying future which is then settled by offset. The Master Fund’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 Master Fund’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 Master Fund’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 Master Fund’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 Master Fund is likely to suffer losses.

The Master Fund’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other Commodity Futures Trading Commission-authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund’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 to limited open interest in certain futures markets or to daily price fluctuation limits, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures, forward and spot trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations for the three months ended March 31, 2025, the Partnership, through its investment in the Master Fund, experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

The Master Fund 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 Master Fund 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.

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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, through its investment in the Master Fund, 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

	Total
	Partners'
	Capital of the
Month Ended:	Partnership
March 31, 2025	$	116,121,737
December 31, 2024		121,077,762
	Three Months
Change in Partners' Capital	$	(4,956,025)
Percent Change		(4.09)	%

THREE MONTHS ENDED MARCH 31, 2025

The decrease in the Partnership’s net assets of $4,956,025 was attributable to net loss after profit share of $513,847 and withdrawals of $4,745,670 which were partially offset by contributions of $303,492.

Management fees, through the Partnership’s investment in the Master Fund, 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, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2025 decreased $43,202 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended March 31, 2025 decreased $45,767 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2025 decreased $2,898 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2025 decreased $302,387 relative to the corresponding period in 2024. The 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.

For the three months ended March 31, 2025, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $678,958 from trading operations (including foreign exchange transactions and translations). Management fees of $506,425, selling commissions and platform fees of $508,874, administrative and operating expenses of $128,778, custody fees and other expenses of $6,347, and profit share of $1,277 were incurred. Interest income of $1,316,812 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $513,847.

32

An analysis of the Master Fund’s trading gain (loss) by sector is as follows:

	% Gain
Sector	(Loss)
Currencies		(1.64)	%
Energies		0.67	%
Grains		(0.11)	%
Interest rates		0.27	%
Livestock		(0.02)	%
Metals		1.03	%
Softs		0.11	%
Stock indices		(0.45)	%
Trading loss*		(0.14)	%
* Percentage of the Partnership Capital. Currencies include a 0.32% gain related to currency hedging allocated at the Master Fund level solely to the Cayman Feeder’s Class GBP Shares.

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.

33

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 

	Total
	Partners'
	Capital of the
Month Ended:	Partnership
March 31, 2024	$	128,587,660
December 31, 2023		123,929,777
	Three Months
Change in Partners' Capital	$	4,657,883
Percent Change		3.76	%

THREE MONTHS ENDED MARCH 31, 2024

The increase in the Partnership’s net assets of $4,657,883 was attributable to net income after profit share of $8,492,313 and contributions of $137,869 which were partially offset by withdrawals of $3,972,299.

Management fees, through the Partnership’s investment in the Master Fund, 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, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2024 decreased $33,508 relative to the corresponding period in 2023. The decrease was due to an decrease in the average net asset value of the Partnership during the three months ended March 31, 2024, relative to the corresponding period in 2023.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended March 31, 2024 decreased $24,986 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2024, relative to the corresponding period in 2023.

34

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2024 decreased $2,223 relative to the corresponding period in 2023. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2024, relative to the corresponding period in 2023.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2024 increased $419,533 relative to the corresponding period in 2023. The 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.

For the three months ended March 31, 2024, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $8,131,066 from trading operations (including foreign exchange transactions and translations). Management fees of $549,627, selling commissions and platform fees of $554,641, administrative and operating expenses of $131,676, custody fees and other expenses of $5,663, and profit share of $16,675. Interest income of $1,619,529 offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share of $8,492,313.

An analysis of the Master Fund’s trading gain (loss) by sector is as follows:

	% Gain
Sector	(Loss)
Currencies		1.33	%
Energies		2.88	%
Grains		0.57	%
Interest rates		3.13	%
Livestock		0.01	%
Metals		(0.45)	%
Softs		(0.56)	%
Stock indices		(0.04)	%
Trading gain*		6.87	%
* Percentage of the Partnership Capital

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.

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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.

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

Neither the Partnership nor the Master Fund engages in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

Neither the Partnership nor the Master Fund enters 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, through its investment in the Master Fund, is trading futures, forward currency, spot and swap contracts, both long (contracts to buy) and short (contacts 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 Master Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Master Fund present a condensed schedules of investments setting forth open futures, forward and other contracts at March 31, 2025 and December 31, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The General Partner, with the participation of the 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.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) Pursuant to the Partnership's Third Amended and Restated Limited Partnership Agreement (the “Partnership Agreement”), the Partnership may sell Units at the beginning of each calendar month. On January 1, 2025, February 1, 2025 and March 1, 2025, the Partnership sold Units to new and existing limited partners of $56,701, $245,061, and $1,730. There were no underwriting discounts or commissions in connection with the sales of the Units described above.

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 Partnership Agreement, investors may redeem their Units at the end of each calendar month at the then current month-end net asset value. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed.

The following table summarizes the redemptions by Series A, Series B, Series C and Series D limited partners during the three months ended March 31, 2025. There were no Series E redemptions.

	Series A		Series B		Series C		Series D
Date of	Units	NAV	Units	NAV	Units	NAV	Units	NAV
Withdrawal	Redeemed	per Unit	Redeemed	per Unit	Redeemed	per Unit	Redeemed	per Unit
January 31, 2025	(2,203.7235)	$       1,308.31	(47.5963)	$       1,660.03	-	$       1,693.71	(334.4303)	$       1,546.09
February 28, 2025	(555.6810)	1,289.95	(155.5766)	1,643.07	-	1,676.41	(87.2609)	1,529.22
March 31, 2025	(16.5460)	1,288.73	(37.1190)	1,644.25	(46.6240)	1,677.62	-	1,529.36
Total	(2,775.9505)		(240.2919)		(46.6240)		(421.6912)

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

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,
	General Partner

Date: May 14, 2025
	/s/ Michael W. Carter
	Michael W. Carter
	Vice-President
	(Principal Accounting Officer)

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