10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-K 

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

For the Fiscal Year Ended: December 31, 2020

or

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

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 CORPORATION

55 West 46th Street, 31st Floor

New York, New York 10036

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 332-7300 

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

Securities registered pursuant to Section 12(g) of the Act: Limited Partnership Interests

(Title of Class)

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

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

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 ☐

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. ☐ 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ 

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

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. 

Not applicable. 

Documents Incorporated by Reference 

Registrant’s Financial Statements for the years ended December 31, 2020 and 2019 and Report of Independent Registered Public Accounting Firm, the annual report to security holders for the fiscal year ended December 31, 2020, is incorporated by reference into Part II Item 8 and Part IV hereof and filed as an exhibit herewith.

PART I

Item 1. Business

(a) General development of business

Millburn Multi-Markets Fund L.P. (the “Partnership”) is a limited partnership organized September 8, 2008 under the Delaware Revised Uniform Limited Partnership Act. The Partnership commenced operations on August 1, 2009. The Partnership is required, pursuant to its Fourth Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), to invest all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”), a Delaware limited partnership that began trading on October 20, 2004. The Partnership is one of a number of investors in the Master Fund. As of December 31, 2020, the Partnership’s partnership percentage in the Master Fund was approximately 25.08% of total partners’ capital of the Master Fund. The general partner and trading advisor of the Partnership and the Master Fund is Millburn Ridgefield Corporation, a Delaware corporation operating in New York, New York (the “General Partner”).

The Master Fund’s business is trading a diversified portfolio of futures, forward, swap, spot and option contracts on currencies, metals, interest rate instruments, stock indices, energy and agricultural commodities. The Master Fund may also, to a limited extent, invest in equities, equity baskets, instruments related to equities, exchange traded funds or notes. The General Partner invests globally pursuant to its proprietary quantitative and systematic trading methodology, based upon signals generated from an analysis of a range of quantitative data. Approximately 20%-30% of the Master Fund’s trading, measured by the General Partner’s assessment of risk, currently takes place in the currency markets.

The General Partner conducts and manages the business of the Partnership and the Master Fund. The Master Fund serves as a master fund for a non-U.S. investment vehicle managed by the General Partner and also permits direct investment by persons qualified to so invest, including qualified General Partner employees.

The General Partner was organized in May 1982 to manage discretionary accounts in futures and forward markets. It and its principals have been trading in the futures and forwards markets pursuant to systematic quantitative, trading and risk management methods since 1971. The General Partner has been registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator (“CPO”) since July 1, 1982, as a commodity trading advisor (“CTA”) since September 13, 1984 and has been a member of the National Futures Association (the “NFA”) since July 1, 1982. The General Partner has been an approved swaps firm with the NFA since December 26, 2012. The General Partner conducts all trading and investment activities through the Master Fund. The Millburn Corporation, a former affiliate of the General Partner, that, prior to January 1, 2019, performed research, trading, technology, operations, marketing, accounting, tax, legal, compliance, human resources, and other administrative functions for the Partnership and the Master Fund and other commodity pools and investment partnerships managed by the General Partner, merged with and into the General Partner on December 31, 2018, and the General Partner now performs the functions formerly performed by The Millburn Corporation.

As of December 31, 2020, the aggregate net asset value of the Partnership was $139,012,777 and the aggregate net asset value of the Master Fund was $554,247,918. The net asset value of a Series A Unit originally sold for $1,000.00 as of August 1, 2009 was $1,089.83 as of December 31, 2020. The net asset value of a Series B Unit originally sold for $1,000.00 as of August 1, 2009 was $1,299.02 as of December 31, 2020. The net asset value of a Series C Unit originally sold for $1,000.00 as of August 1, 2009 was $1,325.38 as of December 31, 2020. The net asset value of a Series D Unit originally sold for $1,331.20 as of November 1, 2017 was $1,251.08 as of December 31, 2020. In each case, these are based on the actual rate of return a limited partner’s investment in the Partnership would have recognized, net of the highest charges applicable to a limited partner, during each month in the calculation period from August 1, 2009 to December 31, 2020.

The Partnership’s and the Master Fund’s fiscal year ends on December 31 of each calendar year.

The Partnership will terminate upon the prior withdrawal, insolvency, bankruptcy or dissolution of the General Partner or occurrence of any event legally requiring termination.

The Partnership is not a registered investment company or mutual fund. Accordingly, investors in the Partnership do not have the protections afforded by the Investment Company Act of 1940, as amended.

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(c) Description of business

The Partnership, through the Master Fund, engages in the speculative trading of futures, forward and spot contracts and may trade options thereon as well as swap contracts. The Master Fund’s sole trading advisor is the General Partner. The Master Fund trades in the agricultural, metals, energy, interest rate and stock indices futures markets and in the currency markets, trading primarily forward contracts in the interbank market. The Master Fund may also, to a limited extent, invest in equities, equity baskets, instruments related to equities, exchange traded funds or notes. The General Partner makes its systematically-based trading decisions pursuant to its investment and trading methodology, based on signals generated from an analysis of price, price derivatives, fundamental and other quantitative data, as well as incorporating money management principles, each of which may be revised from time to time. The objective of the General Partner’s investment and trading methods is to consider these multiple data inputs, or “factors,” in order to arrive at relatively near-term return forecasts for each traded instrument and take appropriate risk-managed positions. These factors include price data, but also a range of price derivative and non-price data. Trades generated by quantitative models may be profitable or unprofitable. Since the General Partner is well aware that many trades will ultimately lose money, its objective is to more-than cover those losses by generating more frequent and/or larger profitable trades than losing trades. During periods in which market behavior differs significantly from that analyzed to build the models, or periods where data inputs important to predicting price movements were not included in those analyzed to build the models, substantial losses are possible, and even likely.

The General Partner is engaged in an ongoing research effort to improve its investment and trading methods and to apply its quantitative analytic expertise to new financial products, markets and instruments.

Successful systematic trading depends on several elements. Two of the main factors are the development and selection of the trading systems used in each market and the allocation of portfolio risk among the markets available for trading.

Market environments change over time, and particular systems may perform well in one environment but poorly in another. Likewise, market sectors and individual markets go through periods where systematic trading is profitable and other periods where no system is able to generate any profits.

The goal of the General Partner’s research has been to develop and select a mix of systems in each market and to allocate risk across a wide array of markets, so as to contain overall portfolio risk within a targeted range, while allowing exposure to profitable opportunities.

Over more than 50 years, the General Partner and its predecessor entities have developed hundreds of trading systems. These trading systems generate buy or sell decisions in a particular market based on the analysis of a range of quantitative data, and the interactions of such data, in the particular market or in markets in general.

Of course, systems can be materially different — better in some periods and worse in others. Some of the main distinguishing characteristics include: the time frame over which systems work (e.g., intra-day to long-term); the granularity of data fed into them (e.g., tick data to daily, weekly or monthly frequencies) the amount of historical data used to learn the market structure; the statistical methods used to make forecasts; the type of data (e.g., price, price-derivative, fundamental and other quantitative data); and the source of data (e.g., cash, futures, forwards, option or equity markets-generated data or government-, and industry- or company-generated statistical information). No single system will work all the time. Therefore, the General Partner’s objective is to have several systems operating in conjunction with one another.

When arriving at the portfolio allocation, the General Partner generally seeks maximum diversification, subject to liquidity and sector concentration constraints and subject to the mandate of the strategy. Each market is traded using a diversified set of systems, which may be optimized for groups of markets, sectors or specific markets. The markets traded and allocations are reviewed at least monthly, although changes may occur more or less frequently. The following factors, among others, are considered in constructing a universe of markets to trade for the Master Fund: profitability, liquidity of markets, professional judgment, desired diversification, transaction costs, exchange regulations and depth of markets. The current allocation to any market in the Master Fund’s portfolio does not exceed 3.0% of total market exposure, measured by risk allocation.

Risk is a function of both price level and price volatility. For example, for any given level of volatility, a 100,000 barrel crude oil position is worth more and is, therefore, probably more risky with oil at $90 per barrel than with oil at $50 per barrel. Similarly, oil would be more risky if prices are moving in a 5% daily range than if prices are moving in a 1% daily range. The General Partner sizes the position in each market taking into account its measurement of risk based on price level and volatility in that market. Market exposure is then managed by the position-sizing models which measure the risk in the portfolio’s position in each market. In the event the model determines that the risk has changed beyond an acceptable threshold, it will signal a change in the position — a decrease in position size when risk increases and an increase in position size when risk decreases. The General Partner’s position-sizing models maintain overall portfolio risk and distribution of risk across markets within designated ranges. The position-sizing model manages the position traded in aggregate by the combination of the (directional) trading systems discussed above.

In addition, the General Partner’s risk management processes focus on money management principles applicable to the portfolio as a whole and also to individual markets. The first principle is portfolio diversification, which attempts to improve the quality of profits by reducing volatility.

Additional money management principles applicable to the portfolio as a whole include: (1) 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 or lower and (2) prohibiting pyramiding — that is, using unrealized profits in a particular market as margin for additional positions solely in the same market.

2

Another important risk management function is the careful control of leverage or total portfolio exposure. Leverage levels are determined by simulating the entire portfolio — all markets, all systems, all risk control models, the exact weightings of the markets in the portfolio and the proposed level of leverage — over multiple years to determine the portfolio’s simulated risk and return characteristics as well as the simulated worst case drawdown experienced by the portfolio in the simulation period. The simulated worst case drawdown, or peak-to-trough drawdown, is measured from a daily high in portfolio assets to the subsequent daily low whether that occurs days, weeks or months after the daily high. If the General Partner considers the simulated drawdown too severe or the portfolio’s simulated volatility too high, it can set the leverage or level of the actual portfolio accordingly so as to reduce the total portfolio exposure. There are, however, no restrictions on the amount of leverage the Master Fund may use at any given time.

Decisions whether to trade a particular market require the exercise of judgment. The decision not to trade certain markets for certain periods, or to reduce the size of a position in a particular market, may result at times in missing significant profit opportunities.

The General Partner’s discretion and expertise in the execution of trades plays a role in timing of orders and, from time to time, the General Partner may adjust the size of a position, long or short, in any given market indicated by its systematic trading strategies. This exercise of discretion (other than in trade execution) has historically been very rare and would generally occur only in response to unusual market conditions that may not have been factored into the design of the trading systems. Such adjustments would be done with the intention of reducing risk exposures as opposed to seeking additional risk. Decisions to make such adjustments also require the exercise of judgment and may include consideration of the volatility of the particular market; the pattern of price movements, both inter-day and intra-day; open interest; volume of trading; changes in spread relationships between various forward contracts; and overall portfolio balance and risk exposure.

The Partnership’s units of limited partnership interest (“Units”) are issued in four series: Series A, Series B, Series C and Series D (each, a “Series”). The sole differences among the Series are the fees applicable to each Series, and the “series” designation is an administrative, not a legal, distinction. All Partnership fees and expenses, including those described below, are borne by the Partnership and are paid on behalf of, and allocated to, the Partnership at the Master Fund level. All such fees and expenses paid at the Master Fund level are borne indirectly by limited partners as investors in the Partnership, but only to the extent those fees and expenses are properly allocable to such limited partners, pro rata on a Series-by-Series basis, as described herein.

The Partnership bears all of its own direct expenses, including, but not limited to, any taxes to which the Partnership is subject, regulatory fees, and interest charges.

Series A, Series B, Series C and Series D Units are issued in order to account for different selling commissions and registered investment adviser (“RIA”) platform fees, if any, applicable to each Series. Other than with respect to such selling commissions, RIA platform fees and the Profit Share calculation (described below), the Series are subject to the same fees, expenses and other terms of the Partnership and share in the profits and losses of the Partnership on a pro rata basis.

Series A Units are subject to an ongoing compensation charge to be paid to selling agents selling Units (“Selling Agents”) equal to 1/12 of 2% based on the month-end net asset value of such Series’ investment in the Master Fund prior to reduction for any redemptions, distributions, Management Fees (as defined below), any accrued Profit Share (as defined below) and the amounts payable to the Selling Agents then being calculated (a 2% annual rate).

Series B and C Units are not subject to any fees or ongoing compensation to Selling Agents.

Series D Units are subject to an ongoing compensation charge to be paid to Selling Agents equal to 1/12 of 0.75% based on the month-end net asset value of such Series’ investment in the Master Fund prior to reduction for any redemptions, distributions, Management Fees, any accrued Profit Share and the amounts payable to the Selling Agents then being calculated (a 0.75% annual rate).

The General Partner receives from the Master Fund a monthly “Management Fee” in respect of each Series’ investment in the Master Fund, in an amount equal to 1/12 of 2% of the net asset value of such Series’ investment in the Master Fund as of each month-end prior to reduction for any redemptions, distributions, any amounts payable to Selling Agents, any accrued Profit Share or the Management Fee then being calculated (a 2% annual rate), prorated for partial months.

The General Partner’s “Profit Share” is calculated separately as of the end of a fiscal year, with respect to (i) Series A Units (the “Series A Profit Share”), (ii) Series B and Series C Units in the aggregate (the “Series B/C Profit Share”) and (iii) Series D Units (the “Series D Profit Share”).  The Series A Profit Share and Series D Profit Share equal 20% of any increase in Series A trading profits and Series D trading profits, respectively, over the previous high point in trading profits as of a date on which a Profit Share was paid with respect to Series A or Series D, respectively (or $0 if no Profit Share has been paid with respect to such Units).  The Series B/C Profit Share equals 20% of any increase in aggregate trading profits attributable to Series B and Series C over the previous high point in such trading profits as of a date on which a Profit Share was paid with respect to Series B and Series C (or $0 if no Profit Share has been paid with respect to such Units).

3

The General Partner’s Profit Share with respect to withdrawals made from the Master Fund as a result of redemptions of Units as of a month-end other than a fiscal year-end are computed and a corresponding allocation made to the General Partner as though the month-end were a fiscal year-end.

The Partnership bears its pro rata share of all of the Master Fund’s expenses, including, but not limited to, all expenses that the General Partner reasonably determines to be incurred in connection with the Master Fund’s investment activities, including brokerage commissions and electronic platform trading costs; any taxes to which the Master Fund is subject; regulatory fees; and interest charges.

A capital account will be established for each Unit and for the General Partner, and its initial balance is the amount of the initial price of such Unit and the initial capital contribution of the General Partner, respectively.  The net assets of the Partnership are determined monthly, and any increase or decrease from the end of the preceding month is added to or subtracted from the accounts in the ratio that each account bears to all accounts.

In connection with the Master Fund’s futures trading, the Master Fund currently executes and clears transactions through Deutsche Bank Securities Inc. (“Deutsche Bank”), BofA Securities Inc. (“BofA”) and Goldman Sachs & Co. LLC (“GS&Co”), each a registered futures commission merchant, but may use other futures commission merchants or cease using any particular futures commission merchant at any time in the General Partner’s discretion. The Master Fund also currently engages in currency forward trading with Deutsche Bank AG and Bank of America, N.A., which serve as the Master Fund’s prime brokers for such transactions, but may utilize the services of additional prime brokers or engage in such trading with other banks and dealers as well. At this time, the Master Fund clears its currency forward trades with Deutsche Bank AG and Bank of America, N.A.

The General Partner estimates that 90% or more of the Master Fund’s assets, including the assets used to satisfy margin and collateral requirements, will be invested in U.S. government securities or securities issued by federal agencies (or, to a limited extent, foreign government securities in connection with trading on non-U.S. exchanges), other CFTC-authorized investments and certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits). All interest earned on such securities or other obligations purchased with Master Fund assets will accrue to the Master Fund. The balance of the Master Fund’s assets will be held in cash in commodity brokerage accounts, bank accounts or other accounts in the name of the Master Fund and will be used for trading which requires cash for margin and to avoid daily buying and selling of government securities. Neither the Partnership nor the Master Fund will make any loans; provided, however, that the Partnership and the Master Fund may purchase CFTC-authorized investments, including debt instruments, as described above. The General Partner will not commingle the property of the Partnership or the Master Fund with the property of any other person or entity (the deposit of Partnership or Master Fund assets with banks, brokers and dealers for margin, collateral or otherwise not being deemed a prohibited commingling).

The Partnership does not engage in lending (other than through permitted securities investments).

Regulation

Under the Commodity Exchange Act, as amended (the “CEA”), commodity exchanges and futures trading are subject to regulation by the CFTC. NFA, a “registered futures association” under the CEA, is the only non-exchange self-regulatory organization for futures industry professionals. The CFTC has delegated to the NFA responsibility for the registration of CTAs, CPOs, “futures commission merchants,” “introducing brokers,” “swap dealers” and their respective associated persons and “floor brokers” and “floor traders.” The CEA requires CPOs and CTAs, such as the General Partner, and commodity brokers or futures commission merchants and swap dealers, such as Deutsche Bank, Deutsche Bank AG, BofA, Bank of America, N.A. and GS&Co to be registered and to comply with various reporting and record keeping requirements. The CFTC may suspend a CPO’s or CTA’s registration if it finds that its trading practices tend to disrupt orderly market conditions or in certain other situations. In the event that the registration of the General Partner as a CPO or a CTA were terminated or suspended, the General Partner would be unable to continue to manage the business of the Partnership. Should the General Partner’s registration be suspended, termination of the Partnership might result.

In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short positions which any person may hold or control in certain futures contracts. Most exchanges also limit the changes in futures contract prices that may occur during a single trading day. The CFTC has also proposed, but not yet adopted, additional position limit rules covering energy, metals and agricultural derivative contracts. All accounts controlled by the General Partner are combined for speculative position limit purposes. The General Partner could be required to liquidate positions it holds on behalf of the Master Fund in order to comply with such limits. Any such liquidation or limited implementation could result in substantial costs to the Partnership. It is as yet unclear whether the rules will have an adverse effect on the Partnership.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Reform Act”) mandates that a substantial portion of over-the-counter (“OTC”) derivatives be executed in regulated markets and be submitted for clearing to regulated clearinghouses, subject to margin requirements. Associated dealer costs are generally passed through to market participants in the form of clearing account maintenance fees and less favorable dealer marks.

4

The Master Fund may also trade forward contracts in the inter-bank currency market. Such forward contracts are not currently traded on exchanges; rather, banks and dealers act as principals in these markets. As a result of the Reform Act, the CFTC regulates non-deliverable forwards (including many deliverable forwards where the parties do not take delivery), although currency forward contracts are generally not otherwise subject to regulation by any other U.S. government agency. Changes in the forward markets may entail increased costs and result in burdensome reporting requirements. There is currently no limitation on the daily price movements of forward contracts. Principals in the forward markets have no obligation to continue to make markets in the forward contracts traded. The imposition of credit controls by governmental authorities or the implementation of regulations pursuant to the Reform Act might limit such forward trading to less than that which the General Partner would otherwise recommend, to the possible detriment of the Master Fund.

1(i) through (v) - not applicable.

(2)(i) - not applicable.

(2)(ii) - the Partnership has no employees.

Item 1A. Risk Factors

Not required.

Item 1B. Unresolved Staff Comments

Not required.

Item 2. Properties

The Partnership does not own or use any physical properties in the conduct of its business. The General Partner performs administrative services for the Partnership from its offices.

Item 3. Legal Proceedings

The General Partner is not aware of any pending legal proceedings to which either the Partnership is a party or to which any of its assets are subject. In addition there are no pending material legal proceedings involving the General Partner.

Item 4. Mine Safety Disclosures

Not required.

5

PART II

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

(a) Market Information

There is no trading market for the Units, and none is likely to develop. Units may be redeemed upon 15 days’ written notice at their net asset value as of the last day of any month, subject to certain early redemption charges.

(b) Holders

As of December 31, 2020, there were 599 holders of Series A Units, 89 holders of Series B Units, 21 holders of Series C Units and 101 holders of Series D Units.

(c) Dividends

The General Partner has sole discretion in determining what distributions, if any, the Partnership will make to the Partners. No distributions have been made on the Units, and none are contemplated.

(d) Securities Authorized for Issuance Under Equity Compensation Plans

None.

6

(e) Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

Units are sold on a monthly basis through the General Partner and selling agents retained by the General Partner to act as its agents. Units were initially issued at $1,000.00 per Unit, except for Series D Units, which were issued at $1,331.20 and thereafter at net asset value. Between October 1, 2020 and December 31, 2020, the Partnership issued Units at monthly closings, as set forth in the following charts, to both new limited partners as well as to existing limited partners making additional investments. There were no Series B or Series C subscriptions during the fourth calendar quarter of 2020.

	Number of		Dollar Amount
	Series A Units		of Series A
Month	Sold		Units Sold
October 1, 2020		56.2282	$	60,000
November 1, 2020		90.4050	$	91,500
Total		146.6332	$	151,500

	Number of		Dollar Amount
	Series D Units		of Series D
Month	Sold		Units Sold
November 1, 2020		84.5235	$	98,000
Total		84.5235	$	98,000

(f) Purchases of Equity Securities by the Issuer

Pursuant to the Limited Partnership Agreement, limited partners may redeem Units as of the end of each calendar month. The redemption of Units by limited partners has no impact on other limited partners.

The following table summarizes limited partner redemptions of Series A, Series B and Series C during the fourth calendar quarter of 2020. There were no Series D redemptions during the fourth calendar quarter of 2020.

Series A Units

			Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2020		3,296.5997	$	1,012.11
November 30, 2020		2,931.3960		1,048.33
December 31, 2020		1,485.3830		1,089.83
Total		7,713.3787

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Series B Units

			Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2020		116.5967	$	1,202.36
November 30, 2020		276.3570		1,247.47
December 31, 2020		229.1120		1,299.02
Total		622.0657

Series C Units

			Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2020		139.5859	$	1,226.76
December 31, 2020		136.8790		1,325.38
Total		276.4649

Series D Units

			Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2020		35.7212	$	1,159.44
December 31, 2020		139.3080		1,251.08
Total		175.0292

Item 6. Selected Financial Data

Not required.

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

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.

The Master Fund trades futures and forward contracts, and may trade, among other instruments, swap, spot and options contracts, on interest rates, commodities, currencies, metals, energy and stock indices. 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 to be 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.

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The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account’s net assets, though the amount may at any time be higher; and (4) prohibiting pyramiding — that is, using unrealized profits in a particular market as margin for additional positions in the same market. The Master Fund controls credit risk by dealing 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 and forward 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 and forward 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 important, 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 CFTC-authorized investments or held in bank 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 and forward currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures and forward trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations through December 31, 2020, 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.

Results of Operations

The Partnership’s success depends on the General Partner’s ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner’s investment and trading methods are confidential, so that substantially the only information that can be furnished regarding the Partnership’s results of operations is its performance record. Unlike most operating businesses, general economic or seasonal conditions have no direct effect on the profit potential of the Partnership, while, at the same time, its past performance is not necessarily indicative of future results. Because of the speculative nature of the Master Fund’s trading, operational or economic trends have little relevance to the Partnership’s results. The General Partner believes, however, that there are certain market conditions — for example, markets with strong price trends — in which the Partnership has a better opportunity of being profitable than in others. Since the mid-1990s, the world has seen a number of outbreaks of new viral illnesses of varying severity, including avian flus, Severe Acute Respiratory Syndrome (SARS), Middle East Respiratory Syndrome (MERS), the H1N1 Flu (Swine Flu), and COVID-19 caused by the novel Coronavirus known as SARS–CoV-2. The responses to these outbreaks have varied as has their impact on human health, local economies and the global economy, and it is impossible at the outset of any such outbreak to estimate accurately what the ultimate impact of any such outbreak will be. Protective measures taken by governments and the private sector, including the General Partner, to mitigate the spread of any such illness, including travel restrictions and outright bans, mandatory business closures, quarantines, and work-from-home arrangements, may lead to, or may be expected to lead to, wide spread economic damage, resulting in severe disruptions in the markets in which the Partnership trades and, potentially, adversely affecting the Partnership’s profit potential; and the spread of any such illness within the offices of the General Partner, the Partnership’s service providers, and/or the exchanges and other components of market infrastructure could severely impair the operational capabilities of the General Partner, the Partnership’s service providers or various markets themselves resulting in harm to the Partnership’s business and its operating results.

9

2020

During 2020, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $22,228,084 from trading operations (including foreign exchange transactions and translations). Management fees of $3,148,410, brokerage commissions of $817,597, selling commissions and platform fees of $2,707,949, administrative and operating expenses of $562,898 and custody fees and other expenses of $28,172 were paid or accrued. Interest income of $1,450,954 (inclusive of $5,931 attributed to interest income earned by the Partnership) partially offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share to the General Partner of $28,042,156.

Sector	% Gain (Loss)
Currencies		4.60	%
Energies		1.65	%
Grains		1.21	%
Interest rates		(4.68	)%
Livestock		0.30	%
Metals		0.66	%
Softs		(0.25	)%
Stock indices		(13.08	)%
Total		(9.59	)%

The Partnership was unprofitable in 2020 as losses from trading equity, interest rate and soft commodity futures outdistanced profits from trading currency forwards and energy, grain, metal and livestock futures.

Economic activity and financial and commodity markets, which had been underpinned early in the year by the U.S.-China trade deal, accommodative global monetary policy and the election in Great Britain, collapsed as COVID-19 became a global pandemic. Market participants came to the realization that the measures to contain the disease would not last weeks or months, but would last for at least several quarters. As the scope and duration of the damage to global demand became evident, the selling of financial and commodity investments cascaded towards the end of the first quarter.

In response, strong, coordinated and unprecedented monetary and fiscal measures were implemented by countries across the globe. For example, in the U.S., the Federal Reserve (the “Fed”), during two emergency meetings in March, cut interest rates by 1.5% to nearly zero. At its September meeting, the Fed shifted to an average inflation targeting regime that set a higher bar for rates to be raised. The Fed also expanded its Quantitative Easing (“QE”), swap lines and other lending facilities beyond that seen during the Global Financial Crisis of 2008. A U.S. fiscal stimulus package measured at about 10% of gross domestic product (“GDP”) was approved on March 25 and added to two smaller packages announced early in March. In December, Congress approved further fiscal stimulus worth $900 million or 4% of GDP. A steady stream of similar policy actions were announced by monetary and fiscal authorities worldwide beginning in March and throughout the final three quarters of 2020. In 2020, there were 207 central bank interest rate cuts according to CBRates.com. According to Morgan Stanley, G4 Central bank balance sheets expanded by $13 trillion (29% of GDP) to $29 trillion and G4+BRIC government deficits expanded to 13.3% of GDP from 5.2% in 2019.

During the last three quarters of 2020, market sentiment improved significantly, coinciding with improvements in economic activity as economies cautiously reopened, and sporadic but increasingly encouraging news concerning the rapid development of COVID-19 therapies and vaccines, which culminated with initial vaccinations in the U.S. and Europe in December. However, this overall attitude improvement was muted periodically by: outbreaks of new COVID-19 variants, hotspots and lockdowns (such as the U.K. in December), the continuing statistical reports on unemployment and travel and tourism, persistent tensions between the U.S. and other western countries with China, uncertainty around the U.S. presidential and congressional elections, and Brexit talks, as markets saw episodic decelerations in economic momentum and turbulence.

During the first quarter, broad-based losses were sustained on long positions in U.S., Canadian, European, British, Japanese, non-Japanese Asian and emerging markets equity index futures and on a short VIX trade. While equity futures gains were widespread over the final three quarters of the year, those gains fell short of the first quarter losses. Overall, trading of European, British, non-tech U.S., Japanese, Australian, Korean, Singaporean, Thai, Indian and VIX index futures were unprofitable. On the other hand, long Chinese, Taiwanese and NASDAQ index futures positions were profitable.

10

Entering 2020, interest rates had been firming on the basis of a modest improvement in the economic outlook. For example, the 10-year U.S. Treasury yield was near 1.90%. Then, as the pandemic struck, volatility soared and returns on government debt plunged erratically as market participants were buffeted by a variety of cross currents including: the pandemic’s actual and anticipated negative impact on global growth and inflation; increased demand for government debt; a rush for liquidity and U.S. dollars that at times led to a forced liquidation of government debt; central bank official rate cuts during March; and creation of numerous liquidity provision and QE programs designed to stabilize struggling financial markets globally. The U.S. 10-year yield fell to 0.54% on March 9, jumped to 1.19% nine days later, and closed at the end of March at 0.70%. Losses were sustained trading global note and bond interest rate futures. During the second quarter and the beginning of the third quarter, long interest rate futures positions were profitable as accommodative monetary policy, safe haven buying, declining inflation and shrinking economies kept downward pressure on interest rates. Then, after briefly dipping to a 2020 low just under 0.50% in early August, the U.S. 10-year yield moved higher in a saw-toothed manner through year-end, producing losses from trading interest rate futures. Concern about the ability of governments to trust fiscal deficits and debt, worries about the potential for future increases in inflation (underscored by the announcement of the Fed’s new average inflation targeting policy), and hope for a strong global economic rebound as vaccinations become widespread raised concerns about increasing inflation, rising long-term interest rates, and steepening yield curves. The U.S. 10-year yield closed 2020 at 0.93%. Overall for the year, trading of U.S., German, British, French, Australian and Canadian note and bond futures was unprofitable. On the other hand, long positions in short-term Eurodollar, U.K. sterling, Italian and Australian interest rate futures and in Italian bond futures produced profits partially offsetting losses, especially from early in 2020.

The U.S. dollar vacillated narrowly before spiking higher by 8-9% in mid-March corresponding to a pandemic-driven safe haven demand. Thereafter, from late March through year-end, the U.S. dollar fell about 13-15% in volatile trading, as market participants saw the pillars of U.S. dollar strength eroded. The interest rate differential that had previously favored the U.S. dollar collapsed and the Federal Reserve cut policy rates to nearly zero. Numerous other Fed programs, including expanded swap lines, reduced fears of a U.S. dollar shortage. The discussion and passage of a joint European fiscal program led to euro strength versus the U.S. dollar. Growth in China and throughout Asia led to gains for the renminbi and Asian currencies more generally. Uncertainty around the U.S. Presidential and Congressional elections also affected enthusiasm for the U.S. dollar. The Brexit agreement was a fillip for the pound. The November vaccine approvals and December start of vaccine distribution failed to stem the U.S. dollar decline. For the year, short U.S. dollar trades versus the euro, Singapore dollar, South African rand and a few other currencies were profitable. Long U.S. dollar positions against the Brazilian real and Turkish lira were profitable: both countries faced currency crises during the first half of 2020. Both long and short U.S. dollar positions relative to the Swiss franc, Russian ruble and British pound sterling were periodically profitable. A long euro/short Norway trade was profitable during the March collapse of oil. On the other hand, long U.S. dollar trades against the Japanese yen, Australian dollar, Canadian dollar, Norwegian kroner and Mexican peso registered partially offsetting losses, as did trading the U.S. dollar against the currencies of Poland, Sweden and Colombia.

Oil prices fell to their lowest levels in more than 20 years as demand collapsed as the pandemic spiked and supply surged in the face of the unrelenting price war between Saudi Arabia and Russia. The price of WTI crude oil, which had eased down from $61/barrel at the end of 2019 to about $54/barrel on February 20, plunged precipitously thereafter, dropping below $12/barrel near the end of April—after briefly falling below zero in mid-April. Consequently, short positions in Brent crude, WTI crude, RBOB gasoline, London gas oil, heating oil and natural gas were highly profitable, particularly in March. During the final three quarters of the year, trading of energy futures produced partially offsetting losses. Supply reductions from Organization of the Petroleum Exporting Countries (“OPEC+”) via agreement and from non-OPEC+ producers put a floor under the market and helped the price rise sharply to nearly $40/barrel in early June. From June through October, crude oil prices vacillated in the $36-43/barrel range as production control efforts and signs of economic reopening undergirded prices while the demand destruction partially caused by the COVID-19 pandemic restrained any upward impulse. However, during November and December, the development, approval and start of COVID-19 vaccinations globally, the passage of a relief package in the U.S., a final Brexit Trade agreement and U.S. election results drove prices toward $50/barrel, even as OPEC+ slightly loosened its production constraints. On balance, trading of Brent crude oil, WTI crude oil, RBOB gasoline, and London gas oil was profitable. Short natural gas positions were profitable early in 2020 as the pandemic reduced demand and again later in the year as warmer than normal weather impacted prices. Meanwhile, trading of heating oil posted partially offsetting losses.

Grain trading was profitable despite volatile prices influenced by the pandemic, the weakening U.S. dollar, inventory questions and drought worries late in year. Early in the year, a short soybean position was profitable as prices fell in response to sizable inventories and a pandemic-related China trade slowdown. During the fourth quarter, long soybean, soybean meal and soybean oil trades were profitable when revived Chinese demand, the falling U.S. dollar and weather concerns impacted grain prices. Meanwhile, short wheat trades produced partially offsetting losses, particularly late in the year when prices jumped higher on drought worries for Brazil, Argentina, the Black Sea region and parts of the U.S.

Trading of metal futures was fractionally profitable. A long gold trade was profitable during the January-April period due to safe haven demand and again at yearend in response to a weakening U.S. dollar. Long London zinc and copper trades during the fourth quarter were also somewhat profitable. On the other hand, trading of silver and a short New York copper position during the April-August time frame produced partially offsetting losses.

Finally, the profit from trading live cattle largely offset the small losses sustained from a short sugar position and trading coffee.

11

2019

During 2019, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $17,856,601 from trading operations (including foreign exchange transactions and translations). Management fees of $3,415,443, brokerage commissions of $917,967, selling commissions and platform fees of $3,083,970, administrative and operating expenses of $578,293 and custody fees of $29,669 were paid or accrued. The Master Fund allocated $2,664,064 in Profit Share to the General Partner in respect of the Partnership. Interest income of $3,798,503 partially offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share to the General Partner of $10,965,698.

For the year ended December 31, 2019, the Master Fund achieved net realized and unrealized gains of $57,860,084 from trading operations (including foreign exchange transactions and translations).  Management fees of $8,522,450, brokerage commissions of $3,054,092, selling commissions and platform fees of $3,095,156, administrative and operating expenses of $1,135,541 and custody fees of $98,119 were paid or accrued. The Master Fund allocated $9,214,564 in Profit Share to the General Partner. Interest income of $12,584,791 partially offset the Master Fund expenses resulting in net income after profit share to the General Partner of $45,324,953.

An analysis of the Master Fund’s trading gain (loss) by sector for the year ended December 31, 2019 is as follows:

Sector	% Gain (Loss)
Currencies		(2.70	)%
Energies		(3.63	)%
Grains		1.01	%
Interest rates		7.54	%
Livestock		(0.06	)%
Metals		(0.23	)%
Softs		(0.40	)%
Stock indices		8.79	%
Total		10.32	%

The Partnership was profitable during 2019 as gains from trading equity futures, interest rate futures and, to a lesser extent, grain futures far outdistanced losses from trading energy futures and foreign exchange forwards. Trading of metal and soft commodity futures was also slightly unprofitable.

Financial and commodity market participants rode a risk roller coaster during the year. Risk appetites receded in the face of an escalation of the U.S.-China trade war, evidence of slowing global growth and trade, rising Brexit uncertainty, mounting political confrontation in the U.S., and increasing geopolitical tension—e.g. in Hong Kong, Japan, Korea, India, Iran, Saudi Arabia, Iraq, Russia, and across South America and Continental Europe. On the other hand, whenever these factors calmed or whenever global central banks, led by the Federal Reserve and European Central Bank (“ECB”), would ease their policy stances, risk appetites would expand.

During the first eight months of 2019 indications of slowing growth globally, slackening inflation pressures in Europe, China and the U.S. and persistent uncertainties around Brexit and U.S.-China trade negotiations led to a dovish policy pivot by global central banks—especially the Federal Reserve and ECB. Indeed, in 2019 there were 130 official rate cuts versus just 21 rate increases. The Partnership saw an increased demand for government notes and bonds, declining yields, and profits from long interest rate futures positions, even though during August some model-driven countertrend trades generated sizable losses. The U.S. 10-year government bond yield fell from 2.69% on 12/31/2018 to 1.47% on 9/3/2019. Subsequently, however, as the trade war between the U.S. and China calmed and a phase one deal was reached; as Boris Johnson led a Conservative landslide victory in the U.K. and the fear of a “no deal” Brexit receded; and as the world growth outlook steadied, global interest rates recovered in a saw-toothed manner from the lows reached late in the summer, closing the year at 1.92%. Ultimately, short interest rate futures positions were profitable. Overall, trading of German, French, Italian, British, and, to a lesser extent, Japanese and Australian interest rate futures were profitable.

Trading of equity futures was profitable in 2019 even though equity markets were buffeted by opposing forces during the year. On the one hand, there was the persistent positive influence from more accommodative global monetary policy and, late in the year, from supportive fiscal policy initiatives, particularly out of Asia. On the other hand, there were negative influences periodically from global growth worries, trade tensions, Brexit uncertainty and geopolitical unrest, although these negative influences did abate in the fourth quarter. Overall, long positions in U.S., U.K., European, Japanese, Australian, Taiwanese, Singaporean and Korean stock index futures were profitable, particularly later in the year. A short vix trade was also quite profitable. Meanwhile, long positions in Hong Kong and Chinese futures and trading of the U.S. Russell and mid-cap indices posted losses.

Ample supplies, trade disputes, and African swine fever reduced the demand for feed grains and weighed on grain prices for much of 2019. Short corn and soybean positions were profitable, especially in July and August. Corn and soybean prices were lifted for a time in May and June and long soybean and corn positions were profitable in those months. Meanwhile, a short wheat trade and a long soybean meal position each registered small losses.

12

The U.S. dollar traded fitfully in a 3 ½% range during 2019, and performance was mixed but overall unprofitable. At times, the dollar was supported by solid U.S. growth, safe haven demand, high relative interest rates, and global political uncertainties. At other times, however, worries that growth was slowing, declines in U.S. market interest rates, Federal Reserve cuts to official interest rates, and a favorable resolution of the aforementioned political difficulties would weigh on the U.S. currency. The stabilization of the global economic outlook during the last four months of 2019 coincided with a reduced demand for the U.S. dollar, which fell from its 2019 high reached in September. On balance, trading the dollar versus the currencies of Australia, Great Britain, Brazil, Canada, Japan, Korea, Mexico, New Zealand, Norway, South Africa and the euro were unprofitable. Conversely, dollar trading against the Chilean, Indian, Swiss, Swedish, Turkish and Singaporean currencies was profitable.

Energy prices, as represented by WTI crude oil, were quite volatile throughout 2019. WTI crude, which had closed 2018 near $45/barrel, rebounded over the first four months of 2019 to about $66/barrel on April 23. Prices were underpinned by news that the U.S. would end waivers on Iranian crude oil exports, by the continued OPEC+ effort to curtail production, and by the impact of the Libyan crisis on oil production. However, as the economic outlook deteriorated and as U.S. shale production pushed U.S. crude inventories to 2 year highs, the WTI price fell over 20% to a 5-month low near $51/barrel in mid-June. Thereafter, WTI experienced numerous sharp swings in a $51-61/barrel range. Heightened U.S.-Iran tensions pushed prices sharply higher at the start of the summer; then in August, prices depressed among increased U.S.-China trade tensions and global growth worries; they soared again in mid-September following an apparently devastating attack on Saudi production and export facilities; and collapsed later that month when after-attack reports showed the actual damage to be easily managed. Finally during the fourth quarter, crude prices rose once more among improved U.S.-China prospects. Consequently, trading of WTI crude, Brent crude, London gas oil, and heating oil were unprofitable. On the other hand, a short natural gas position was slightly profitable—largely in Nov—as ample supplies, evidenced by an 8-year high in European inventories, depressed prices even as we entered the winter heating season.

Trading of metal futures was slightly unprofitable as small losses from trading copper, gold and nickel outweighed small gains from trading aluminum, palladium, zinc and platinum. Trading of soft commodity futures was also marginally unprofitable with small losses from trading coffee, sugar and cotton.

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 contracts are recorded at fair value based on current market prices (“spot prices”). Open forward currency contracts are recorded at fair value, based on pricing models that consider the current spot prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The spot prices and forward points for open forward currency contracts are generally based on the 3:00 P.M. New York time prices provided by widely used quotation service providers on the day with respect to which net assets are being determined. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign currency contracts traded by the Partnership may be in between these periods.

The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“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.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 8. Financial Statements and Supplementary Data

The report of Deloitte & Touche LLP for the fiscal years ended December 31, 2020 and 2019, as required by this item, is included as Exhibit 13.1 to this report. Supplementary data is not required.

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

None.

13

Item 9A. Controls and Procedures

The General Partner, with the participation of the General Partner’s 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 fiscal year covered by this Annual Report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no significant changes in the General Partner’s internal controls with respect to the Partnership or in other factors applicable to the Partnership that could significantly affect these controls subsequent to the date of their evaluation.

Management’s Annual Report on Internal Control over Financial Reporting

The General Partner is responsible for establishing and maintaining adequate internal control over the Partnership’s financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as a process designed by, or under the supervision of, a company’s principal executive and principal financial officers and effected by a company’s board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. The General Partner’s internal control over financial reporting includes those policies and procedures that:

● pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Partnership’s assets;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of the Partnership’s financial statements in accordance with U.S. GAAP, and that the Partnership’s receipts and expenditures are being made only in accordance with authorizations of the General Partner’s management and directors; and

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the Partnership’s financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The General Partner assessed the effectiveness of its internal control over financial reporting with respect to the Partnership as of December 31, 2020. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control — Integrated Framework (2013). Based on its assessment, management has concluded that, as of December 31, 2020, the General Partner’s internal control over financial reporting with respect to the Partnership is effective based on those criteria.

Changes in Internal Control over Financial Reporting

Section 404 of the Sarbanes-Oxley Act of 2002 requires the General Partner to evaluate annually the effectiveness of its internal controls over financial reporting as of the end of each fiscal year, and to include a management report assessing the effectiveness of its internal control over financial reporting in all annual reports. There were no changes in the Partnership’s internal control over financial reporting during the quarter ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

(a, b) Identification of Directors and Executive Officers

The Partnership has no directors or executive officers. The Partnership is controlled and managed by the General Partner.

The General Partner is a Delaware corporation operating in New York, New York, organized in May 1982 to manage discretionary accounts primarily in futures, forward and spot markets. It is the corporate successor to a futures trading and advisory organization which has been continuously managing assets in the currency and futures markets using quantitative, systematic techniques since 1971.

14

The principals and senior officers of the General Partner as of December 31, 2020 are as follows: 

Harvey Beker, age 67. Mr. Beker is Chairman of the General Partner, and serves as a member of the General Partner’s Investment Committee. He received a Bachelor of Arts degree in economics from New York University (“NYU”) in 1974 and a Master of Business Administration degree in finance from NYU in 1975. From June 1975 to July 1977, Mr. Beker was employed by the investment bank Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, Mr. Beker was a futures trader at the commodities and securities brokerage firm of Clayton Brokerage Co. of St. Louis. Mr. Beker joined The Millburn Corporation in June 1978. He initially served as the Director of Operations for its affiliate, Millburn Partners, and most recently thereafter served as Co-Chief Executive Officer of the General Partner and Chairman and Chief Executive Officer of The Millburn Corporation until November 1, 2015. During his tenure at the General Partner (including its former affiliates, The Millburn Corporation, Millburn Partners and CommInVest), he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in June 1982, and a partner in the predecessor to ShareInVest in April 1982. Mr. Beker became registered as an Associated Person and a Swap Associated Person of the General Partner effective November 25, 1986 and March 8, 2013, respectively. He was also listed as a Principal and registered as an Associated Person of ShareInVest effective February 20, 1986 until February 25, 2007. Since March 20, 2020, Mr. Beker has also served as Chairman of Millburn Asia, LLC and Millburn International, LLC (collectively, “Millburn International Group”) and prior to that date served as Co-Chairman of each such entity since its inception. 

Gregg R. Buckbinder, age 62. Mr. Buckbinder is President and Chief Operating Officer of the General Partner. He joined the General Partner and The Millburn Corporation in January 1998 from Odyssey Partners, L.P., an investment management firm, where he was responsible for the operation, administration and accounting of the firm’s merchant banking and managed account businesses from July 1990 through December 1997. Mr. Buckbinder was employed by Tucker Anthony, a securities broker and dealer, from June 1985 to July 1990 where he was First Vice President and Controller, and from August 1983 to June 1984 where he designed and implemented various operations and accounting systems. He was with the public accounting firm of Ernst & Whinney from June 1984 to June 1985 as a manager in the tax department and from September 1980 to August 1983 as a senior auditor, with an emphasis on clients in the financial services business. Mr. Buckbinder graduated cum laude from Pace University (“Pace”) in 1980 with a B.B.A. in accounting and received an M.S. in taxation from Pace in 1988. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Mr. Buckbinder served as Senior Vice-President of the General Partner and The Millburn Corporation until November 1, 2015, the Chief Financial Officer of the General Partner until February 1, 2020, and has since served as the President and Chief Operating Officer of both entities with his affiliation with The Millburn Corporation ceasing on December 31, 2018 upon The Millburn Corporation’s merger into the General Partner. Mr. Buckbinder has also served as Senior Vice President, Chief Operating Officer and a Director of each entity in Millburn International Group since inception. Mr. Buckbinder became listed as a Principal of the General Partner effective February 5, 1999. He became listed as a Principal of The Millburn Corporation, effective March 23, 1998, until January 17, 2019 following The Millburn Corporation’s merger into the General Partner. Mr. Buckbinder became a partner in ShareInVest in January 2000. He was also listed as a Principal of ShareInVest, effective February 28, 2001 until February 25, 2007. 

Michael W. Carter, age 51. Mr. Carter is a Vice President, Director of Operations and Principal Accounting Officer of the General Partner. He is responsible for overseeing operations and accounting for the firm’s commodity pools. Mr. Carter has served as Principal Accounting Officer of the General Partner since May 2014, and prior to the merger of The Millburn Corporation into the General Partner on December 31, 2018, also served as Vice President and Director of Operations of The Millburn Corporation since January 2011, maintaining responsibility for the entity’s operations. Mr. Carter previously held the positions of Fund Controller (February 2001 until February 2011) and Senior Accountant (March 2000 until February 2001) with The Millburn Corporation. He graduated from Rutgers, The State University of New Jersey – Newark in May 1997 with a B.S. in Accounting. Prior to joining the General Partner and its affiliates in March 2000, he was employed with the accounting firm Rothstein Kass & Company, P.C., as a fund accountant from March 1997 until September 1997 and as a staff auditor from September 1997 until June 1999, and then an equity analyst covering restaurants with the brokerage firm of Sidoti & Company, LLC, which conducts independent small-cap equity research for institutional investors, from June 1999 until February 2000. He is a Certified Public Accountant. Mr. Carter became listed as Principal of the General Partner effective April 22, 2014. Mr. Carter’s affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into the General Partner. 

Steven M. Felsenthal, age 51. Mr. Felsenthal is General Counsel and Chief Compliance Officer of the General Partner. Prior to joining the General Partner and its affiliates (including its former affiliate The Millburn Corporation) in January 2004, Mr. Felsenthal was a senior associate in the investment management group at the law firm of Schulte Roth & Zabel LLP (September 1999 to January 2004), where he represented and advised hedge funds, registered investment companies, investment advisers, broker-dealers and banks in connection with all facets of their asset management businesses, and a member of the tax department of the law firm of Kramer, Levin, Naftalis & Frankel LLP (October 1996 to September 1999). He graduated cum laude from Yeshiva University in 1991 with a B.A. in political science, and order of the coif from Fordham University School of Law in 1996, where he also served as an editor of the Fordham Environmental Law Journal. Mr. Felsenthal received an LL.M. degree in taxation from NYU School of Law in 2001 and has written and been quoted in numerous published articles, and frequently speaks at conferences, on various topics related to investment management. Mr. Felsenthal is a member of the New York State Bar (since August 1997), a member of NFA’s Compliance and Risk Committee (since May 2014), a member of MFA’s CTA, CPO and Futures Committee, serving as a Chair (since April 2018) and Vice Chair (February 2017 to April 2018), a former member of the Steering Committee of MFA’s Chief Compliance Officer Forum (June 2014 to December 2015), former Chairman of MFA’s CPO/CTA Advisory Committee (November 2006 to June 2010) and former Co-Chairman of the Steering Committee of MFA’s CPO/CTA Forum (June 2010 to January 2013), is currently a member of the Editorial Boards of the Journal of Securities Operations & Custody (formerly known as the Journal of Securities Law, Regulation and Compliance) (since February 2007) and the Journal of Financial Compliance (since August 2017) and a regular lecturer for the Regulatory Compliance Association’s Chief Compliance Officer University (since May 2009). Mr. Felsenthal has also served as General Counsel, Chief Compliance Officer and Secretary of each entity in Millburn International Group since inception. Mr. Felsenthal became listed as a Principal of the General Partner effective June 24, 2004. Mr. Felsenthal also served as General Counsel and Chief Compliance Officer of ShareInVest. Mr. Felsenthal’s affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into the General Partner. 

15

Mark B. Fitzsimmons, age 73. Mr. Fitzsimmons is a Senior Vice President of the General Partner. His responsibilities mainly involve business development. He joined the General Partner and its affiliates (including its former affiliate The Millburn Corporation) in January 1990 from the brokerage firm of Morgan Stanley & Co. Incorporated, a global financial services firm, where he was a Principal and Manager of institutional foreign exchange sales and was involved in strategic trading for the firm from October 1987 until January 1990. From September 1977 to October 1987, he was with the financial institution Chemical Bank New York Corporation (“Chemical”), first as a Senior Economist in Chemical’s Foreign Exchange Advisory Service and later as a Vice President and Manager of Chemical’s Corporate Trading Group. While at Chemical, he also traded both foreign exchange and fixed income products. From September 1973 to September 1977, Mr. Fitzsimmons was employed by the Federal Reserve Bank of New York, dividing his time between the International Research Department and the Foreign Exchange Department. He graduated summa cum laude from the University of Bridgeport, Connecticut in 1970 with a B.S. degree in economics. His graduate work was done at the University of Virginia, where he received a certificate of candidacy for a Ph.D. in economics in 1973. Mr. Fitzsimmons became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the General Partner, effective July 2, 1993, April 15, 2009 and March 8, 2013, respectively. Mr. Fitzsimmons was a partner in ShareInVest beginning in January 2000. He was also a listed Principal of ShareInVest effective May 19, 1999 until February 25, 2007. Mr. Fitzsimmons also served as a Senior Vice President of The Millburn Corporation until December 31, 2011 with his main responsibilities including business development and investment strategy.

Barry Goodman, age 63. Mr. Goodman is Co-Chief Executive Officer and Executive Director of Trading of the General Partner, and serves as a member of the General Partner’s Investment Committee. Mr. Goodman plays an integral role in business and product development, and in the strategic direction of the firm as a whole. Mr. Goodman joined the General Partner (including its former affiliate The Millburn Corporation) and Millburn Partners in November 1982 as Assistant Director of Trading and most recently thereafter served as Executive Vice President of the General Partner and The Millburn Corporation until November 1, 2015. Mr. Goodman has since served as Co-Chief Executive Officer and Executive Director of Trading of both entities with his affiliation with The Millburn Corporation ceasing on December 31, 2018 upon the merger of The Millburn Corporation into the General Partner. His responsibilities include overseeing the firm’s trading operations and managing its trading relationships, as well as the design and implementation of trading systems. From September 1980 through October 1982, he was a commodity trader at the brokerage firm of E.F. Hutton & Co., Inc. (“E.F. Hutton”). At E.F. Hutton, he also designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics. Mr. Goodman has also served as President and a Director of each entity in Millburn International Group since inception. Mr. Goodman became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the General Partner effective December 19, 1991, May 23, 1989 and January 14, 2013, respectively. He became a partner in ShareInVest in January 1994. Mr. Goodman was a listed Principal of ShareInVest, effective May 19, 1999 until February 25, 2007.

Grant N. Smith, age 69. Mr. Smith is Co-Chief Executive Officer and Chief Investment Officer of the General Partner, and serves as a member of the General Partner’s Investment Committee. He is responsible for the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. degree from the Massachusetts Institute of Technology (“MIT”) in 1974 and an M.S. degree from MIT in 1975. While at MIT, he held several teaching and research positions in the computer science field and participated in various projects relating to database management. He joined the predecessor entity to The Millburn Corporation in June 1975, and has been continuously associated with the General Partner and its affiliates since that time. Mr. Smith served as the Executive Vice President of the General Partner and The Millburn Corporation until November 1, 2015 and as the Director of Research of both such entities until May 31, 2016. He has since served as the Co-Chief Executive Officer and Chief Investment Officer of both entities with his affiliation with The Millburn Corporation ceasing on December 31, 2018 upon the merger of The Millburn Corporation into the General Partner. He has also served as a Director of each entity in Millburn International Group since inception, where he, along with the other Directors of each of those entities, is responsible for its overall management. Mr. Smith became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the General Partner, effective December 19, 1991, April 15, 2009, and March 8, 2013, respectively. Mr. Smith also became a partner in ShareInVest in January 1994. He also was listed as a Principal of ShareInVest, effective May 19, 1999 until February 25, 2007.

Ilon Wu, age 44. Ms. Wu is a Vice President and Chief Financial Officer of Millburn.  Her areas of responsibility include overseeing the accounting and finance for Millburn Ridgefield Corporation and accounting and administration of many of the investment vehicles managed by Millburn.  Ms. Wu has served as Chief Financial Officer of Millburn since January 2020, before which she served as Controller of The Millburn Corporation (since January 2011), a position she held prior to the merger of The Millburn Corporation into Millburn on December 31, 2018, and then in the same capacity at Millburn. Ms. Wu previously held the positions of Assistant Controller (August 2005 until December 2010) and Senior Financial Accountant (June 2000 until August 2006) with The Millburn Corporation.  She graduated from Baruch College, The City University of New York in May 1998 with a B.B.A. in Accounting. Prior to joining Millburn and its affiliates in June 2000, she was employed with the accounting firm Grant Thornton LLP, as a staff accountant from October 1998 to June 2000. She is a Certified Public Accountant. Ms. Wu became listed as principal of Millburn effective March 9, 2020. Ms. Wu’s affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into Millburn.

16

None of the individuals listed above currently serves as a director of a public company.

(c) Identification of Certain Significant Employees

None.

(d) Family Relationships

None.

(e) Business Experience

See Item 10 (a, b) above.

(f) Involvement in Certain Legal Proceedings

None.

(g) Code of Ethics

The Partnership has no employees, officers or directors and is managed by the General Partner.  The General Partner has adopted an Executive Code of Ethics that applies to its principal executive officers, principal financial officer and principal accounting officer.  A copy of this Executive Code of Ethics may be obtained at no charge by written request to Millburn Ridgefield Corporation, 55 West 46th Street, 31st Floor, New York, New York 10036 or by calling 212-332-7300 (ask for Client Services).

(h) Audit Committee Financial Expert

Because the Partnership has no employees, officers or directors, the Partnership has no audit committee. The Partnership is managed by the General Partner. Gregg Buckbinder serves as the General Partner’s “audit committee financial expert.” Mr. Buckbinder is not independent of the management of the General Partner. The General Partner is a privately owned corporation managed by its shareholders. It has no independent directors.

Item 11. Executive Compensation

The Partnership has no directors, officers or employees. None of the directors, officers or employees of the General Partner receive compensation from the Partnership. The Partnership invests all of its assets in the Master Fund. The General Partner makes all investment decisions on behalf of the Master Fund. The General Partner receives monthly management fees of 0.0833 of 2% of the Master Fund’s net assets and an annual profit share of 20% of any new trading profit.

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

(a) Security Ownership of Certain Beneficial Owners

All of the Partnership’s general partner interest is held by the General Partner.

(b) Security Ownership of Management

The Partnership has no officers or directors. Under the terms of the Limited Partnership Agreement, the Partnership is required to invest all its assets in the Master Fund. The General Partner has discretionary authority over the Master Fund’s trading. As of December 31, 2020, the General Partner’s interest was valued at $2,803,226, which constituted 2.02% of the Partnership’s capital as of December 31, 2020.

As of December 31, 2020, no directors or executive officers of the General Partner beneficially owned Units in the Partnership.

(c) Changes in Control

None.

(d) Securities Authorized for Issuance Under Equity Compensation Plans

None.

17

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

See “Item 11. Executive Compensation” and “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” The Partnership, through its investment in the Master Fund, paid $3,148,410 in management fees to the General Partner for the year ended December 31, 2020. The General Partner’s capital interest was allocated a net loss of $319,369 for the year ended December 31, 2020. The Partnership, through its investment in the Master Fund, paid to the General Partner $3,415,443 in management fees, and $2,664,064 in Profit Share for the year ended December 31, 2019. The General Partner’s capital interest was allocated net income of $333,682 for the year ended December 31, 2019.

Item 14. Principal Accountant Fees and Services

(1) Audit Fees

The aggregate fees for professional services rendered by Deloitte & Touche LLP in connection with their audit of the Partnership’s financial statements in connection with the statutory and regulatory filings for the years ended December 31, 2020 and 2019 were approximately $120,000 and $110,000, respectively.

(2) Tax Fees

The Partnership did not engage Deloitte & Touche LLP for professional services for tax compliance, advice or planning services.

(3) All Other Fees

There were no other fees for the years ended December 31, 2020 and 2019.

(4) Pre-Approval Policies

The board of directors of the General Partner pre-approves the engagement of the Partnership’s auditor for all services to be provided by the auditor.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)(1) Financial Statements

The following are included with the 2020 Annual Report to Security Holders, a copy of which is filed herewith as Exhibit 13.1.

With respect to the Partnership:

Affirmation of Millburn Ridgefield Corporation

Report of Independent Registered Public Accounting Firm

Statements of Financial Condition

Statements of Operations

Statements of Changes in Partners’ Capital

Statements of Financial Highlights

Notes to Financial Statements

With respect to the Master Fund:

Affirmation of Millburn Ridgefield Corporation

Report of Independent Registered Public Accounting Firm

Statements of Financial Condition

Condensed Schedules of Investments

Statements of Operations

Statements of Changes in Partners’ Capital

Statements of Financial Highlights

Notes to Financial Statements

18

(a)(2) Financial Statement Schedules

All Schedules are omitted for the reason that they are not required or are not applicable because equivalent information has been included in the financial statements or the notes thereto.

(a)(3) Exhibits as required by Item 601 of Regulation S-K

The following exhibits are included herewith.

Designation	Description
10.1	Sixth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Trading L.P.
13.1	2020 Annual Report to Security Holders
31.1	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.3	Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer
31.4	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1	Section 1350 Certification of Co-Chief Executive Officer
32.2	Section 1350 Certification of Co-Chief Executive Officer
32.3	Section 1350 Certification of President and Chief Operating Officer
32.4	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

The following exhibits were filed by the Partnership as a part of its Registration Statement on Form 10 (Reg. No. 000-54028) on June 30, 2010 and are incorporated herein by reference.

Exhibit Number	Description of Document
3.1	Certificate of Formation of Millburn Multi-Markets Fund L.P.

The following exhibit was filed by the Partnership on Form 8-K (Reg. No. 000-54028) on August 28, 2019 and is incorporated herein by reference.

Exhibit Number	Description of Document
4.1	Fourth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Fund L.P.

Item 16. Form 10-K Summary

None.

19

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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, on the 30th day of March, 2021.

MILLBURN MULTI-MARKETS FUND L.P.
By:	Millburn Ridgefield Corporation,
	General Partner
By:	/s/ Harvey Beker
	Harvey Beker
	Chairman

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

	Title with
Signature	General Partner	Date
/s/ Harvey Beker	Chairman	March 30, 2021
Harvey Beker	(Director)
/s/ Barry Goodman	Co-Chief Executive Officer	March 30, 2021
Barry Goodman	(Principal Executive Officer)
/s/ Grant N. Smith	Co-Chief Executive Officer	March 30, 2021
Grant N. Smith	(Principal Executive Officer)
/s/ Gregg Buckbinder	President and Chief Operating Officer	March 30, 2021
Gregg Buckbinder	(Principal Executive Officer)
/s/ Michael W. Carter	Vice President	March 30, 2021
Michael W. Carter	(Principal Accounting Officer)

/s/ Ilon Wu	Chief Financial Officer	March 30, 2021
Ilon Wu	(Principal Financial Officer)

(Being the principal executive officers, the principal financial officer and principal accounting officer, and a majority of the directors of Millburn Ridgefield Corporation)

20

EXHIBIT INDEX

The following exhibits are included herewith.

Designation	Description
10.1	Sixth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Trading L.P.
13.1	2020 Annual Report to Security Holders
31.1	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.3	Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer
31.4	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1	Section 1350 Certification of Co-Chief Executive Officer
32.2	Section 1350 Certification of Co-Chief Executive Officer
32.3	Section 1350 Certification of President and Chief Operating Officer
32.4	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

The following exhibits were filed by the Partnership as a part of its Registration Statement on Form 10 (Reg. No. 000-54028) on June 30, 2010 and are incorporated herein by reference.

Exhibit Number	Description of Document
3.1	Certificate of Formation of Millburn Multi-Markets Fund L.P.

The following exhibit was filed by the Partnership on Form 8-K (Reg. No. 000-54028) on August 28, 2019 and is incorporated herein by reference.

4.1 Fourth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Fund L.P.

21

EX-13.1

Exhibit 13.1

Millburn Multi-Markets
Fund L.P. 

(A Delaware Limited Partnership)

Financial Statements for the Years Ended December 31,

2020 and 2019, and Report of Independent Registered

Public Accounting Firm

F-1

MILLBURN MULTI-MARKETS FUND L.P.

TABLE OF CONTENTS

	Page(s)
THIS ANNUAL REPORT IS COMPRISED OF SECTION I CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS FUND L.P. FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 AND SECTION II, CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P. FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019.
SECTION I
AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION	F-3
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-4
FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019:
Statements of Financial Condition	F-5
Statements of Operations	F-6
Statements of Changes in Partners’ Capital	F-7
Statements of Financial Highlights	F-8–F-9
Notes to Financial Statements	F-10–F-13
SECTION II — FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P.	F-14

F-2

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission’s regulations, I hereby affirm that to the best of my knowledge and belief, the information contained in the Statements of Financial Condition of Millburn Multi-Markets Fund L.P. as of December 31, 2020 and 2019, including the related Statements of Operations, Changes in Partners’ Capital and Financial Highlights for each of the two years in the period ended December 31, 2020, are complete and accurate.

Gregg Buckbinder, President

Millburn Ridgefield Corporation
General Partner of Millburn Multi-Markets Fund L.P.

F-3

Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA
Tel: +1 212 492 4000
Fax: +1 212 489 1687
www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Millburn Multi-Markets Fund L.P.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of financial condition of Millburn Multi-Markets Fund L.P. (the “Partnership”), as of December 31, 2020 and 2019, the related statements of operations, changes in partners’ capital and the financial highlights for each of the two years in the period ended December 31, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Partnership as of December 31, 2020 and 2019, and the results of its operations, the changes in its partners’ capital, and the financial highlights for each of the two years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

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

/s/ Deloitte & Touche LLP
March 18, 2021

We have served as the auditor of one or more Millburn Ridgefield Corporation investment companies since 2004.

F-4

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF FINANCIAL CONDITION

AS OF DECEMBER 31, 2020 AND 2019

	2020		2019
ASSETS
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	139,012,777	$	191,189,357
Due from the Master Fund		2,272,143		736,814
Cash and cash equivalents		-		2,864,000
Total assets	$	141,284,920	$	194,790,171
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Capital contributions received in advance	$	-	$	2,864,000
Capital withdrawal payable to Limited Partners		2,272,143		736,814
Total liabilities		2,272,143		3,600,814
PARTNERS’ CAPITAL:
General Partner		2,803,226		3,122,595
Limited partners:
Series A (99,597.6414 and 132,149.4067 units outstanding)		108,544,835		166,972,241
Series B (5,720.6069 and 7,006.4813 units outstanding)		7,431,183		10,343,480
Series C (3,029.4662 and 3,207.8856 units outstanding)		4,015,189		4,831,807
Series D (12,963.4335 and 4,132.1394 units outstanding)		16,218,344		5,919,234
Total limited partners		136,209,551		188,066,762
Total partners’ capital		139,012,777		191,189,357
TOTAL	$	141,284,920	$	194,790,171
NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,089.83	$	1,263.51
Series B	$	1,299.02	$	1,476.27
Series C	$	1,325.38	$	1,506.23
Series D	$	1,251.08	$	1,432.49

See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

F-5

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2020 AND 2019

	2020			2019
NET INVESTMENT LOSS
Interest income	$	5,931		$	-
Interest income, net (allocated from the Master Fund)		1,445,023			3,798,503
Total investment income		1,450,954			3,798,503
Expenses:
Management fees (allocated from the Master Fund) (see note 4)		3,148,410			3,415,443
Brokerage commissions (allocated from the Master Fund)		817,597			917,967
Selling commissions and platform fees (allocated from the Master Fund) (see note 4)		2,707,949			3,083,970
Operating expenses (allocated from the Master Fund) (see note 5)		562,898			578,293
Custody fees and other expenses (allocated from the Master Fund)		28,172			29,669
Total expenses		7,265,026			8,025,342
Net investment loss		(5,814,072	)		(4,226,839	)
REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(27,502,396	)		23,000,241
Foreign exchange transactions		195,956			(167,733	)
Net change in unrealized:
Futures and forward currency contracts		4,931,684			(5,321,011	)
Foreign exchange translation		62,045			133,981
Net gains (losses) from U.S. Treasury notes:
Realized		223,242			28,729
Net change in unrealized		(138,615	)		182,394
Net realized and unrealized gains (losses) allocated from the Master Fund		(22,228,084	)		17,856,601
NET INCOME (LOSS)		(28,042,156	)		13,629,762
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND		-			2,664,064
NET INCOME (LOSS) AFTER PROFIT SHARE	$	(28,042,156	)	$	10,965,698
NET INCOME PER UNIT OUTSTANDING:
Series A	$	(173.68	)	$	72.22
Series B	$	(177.25	)	$	106.63
Series C	$	(180.85	)	$	108.80
Series D	$	(181.41	)	$	94.22

See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

F-6

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

YEARS ENDED DECEMBER 31, 2020 AND 2019

	General			Limited Partners
	Partner			Series A						Series B						Series C						Series D						Total
	Amount			Amount			Units			Amount			Units			Amount			Units			Amount			Units			Amount
PARTNERS’ CAPITAL — January 1, 2019	$	2,788,913		$	144,621,713			121,399.2481		$	9,305,965			6,794.4628		$	2,008,278			1,437.1195		$	794,737			593.8529		$	159,519,606
Capital contributions		-			24,245,369			19,958.3203			1,017,500			732.3428			3,026,843			2,063.5082			4,810,150			3,553.2974			33,099,862
Capital withdrawals					(11,221,354	)		(9,208.1617	)		(751,777	)		(534.8900	)		(422,678	)		(292.7421	)		-			-			(12,395,809	)
Transfers between Series					-			-			21,503			14.5657			-			-			(21,503	)		(15.0109	)		-
Net income		333,682			11,664,001			-			937,753			-			274,513			-			419,813			-			13,629,762
Profit share		-			(2,337,488	)		-			(187,464	)		-			(55,149	)		-			(83,963	)		-			(2,664,064	)
PARTNERS’ CAPITAL — December 31, 2019		3,122,595			166,972,241			132,149.4067			10,343,480			7,006.4813			4,831,807			3,207.8856			5,919,234			4,132.1394			191,189,357
Capital contributions		-			2,408,900			1,937.3600			150,000			120.8101			150,000			106.9465			11,957,000			9,137.4424			14,665,900
Capital withdrawals					(36,313,448	)		(34,489.1253	)		(1,751,324	)		(1,406.6845	)		(363,693	)		(285.3659	)		(371,859	)		(306.1483	)		(38,800,324	)
Net loss		(319,369	)		(24,522,858	)		-			(1,310,973	)		-			(602,925	)		-			(1,286,031	)		-			(28,042,156	)
Profit share		-			-			-						-			-			-			-			-			-
PARTNERS’ CAPITAL — December 31, 2020	$	2,803,226		$	108,544,835			99,597.6414		$	7,431,183			5,720.6069		$	4,015,189			3,029.4662		$	16,218,344			12,963.4335		$	139,012,777
NET ASSET VALUE PER UNIT — December 31, 2019				$	1,263.51					$	1,476.27					$	1,506.23					$	1,432.49
NET ASSET VALUE PER UNIT — December 31, 2020				$	1,089.83					$	1,299.02					$	1,325.38					$	1,251.08

See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

F-7

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENT OF FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2020

The following information presents per unit operating performance data for each series for the year ended December 31, 2020.

Per Unit Performance
(For a Unit Outstanding Throughout the Year)	Series A			Series B			Series C			Series D
NET ASSET VALUE PER UNIT — Beginning of year	$	1,263.51		$	1,476.27		$	1,506.23		$	1,432.49
LOSS ALLOCATED FROM THE MASTER FUND:
Net investment loss (1)		(42.52	)		(25.17	)		(26.03	)		(34.83	)
Total trading and investing losses (1)		(131.16	)		(152.08	)		(154.82	)		(146.58	)
Net loss before profit share allocation from the Master Fund		(173.68	)		(177.25	)		(180.85	)		(181.41	)
Less profit share allocation from the Master Fund (1) (4)		-			-			-			-
Net loss after profit share allocation from the Master Fund		(173.68	)		(177.25	)		(180.85	)		(181.41	)
NET ASSET VALUE PER UNIT — End of year	$	1,089.83		$	1,299.02		$	1,325.38		$	1,251.08
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(13.75	)%		(12.01	)%		(12.01	)%		(12.66	)%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND(4)		-			-			-			-
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(13.75	)%		(12.01	)%		(12.01	)%		(12.66	)%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses (2)		4.89	%		2.89	%		2.89	%		3.64	%
Profit share allocation from Master Fund (4)		-			-			-			-
Total expenses		4.89	%		2.89	%		2.89	%		3.64	%
Net investment loss (2) (3)		(3.96	)%		(1.99	)%		(2.02	)%		(2.89	)%

⁽¹⁾ The net investment loss 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 year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

⁽²⁾ Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.

⁽³⁾ Excludes profit share allocation from the Master Fund.

⁽⁴⁾ 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 within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

F-8

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENT OF FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2019        

The following information presents per unit operating performance data for each series for the year ended December 31, 2019.

Per Unit Performance
(For a Unit Outstanding Throughout the Year)	Series A			Series B			Series C			Series D
NET ASSET VALUE PER UNIT — Beginning of year	$	1,191.29		$	1,369.64		$	1,397.43		$	1,338.27
GAIN (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment loss (1)		(32.83	)		(9.75	)		(10.55	)		(20.62	)
Total trading and investing gains (1)		123.69			143.00			147.07			144.52
Net income before profit share allocation from the Master Fund		90.86			133.25			136.52			123.90
Less profit share allocation from the Master Fund (1) (4)		18.64			26.62			27.72			29.68
Net income after profit share allocation from the Master Fund		72.22			106.63			108.80			94.22
NET ASSET VALUE PER UNIT — End of year	$	1,263.51		$	1,476.27		$	1,506.23		$	1,432.49
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		7.59	%		9.68	%		9.71	%		9.19	%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (4)		1.53			1.89			1.92			2.15
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		6.06	%		7.79	%		7.79	%		7.04	%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses (2)		4.91	%		2.90	%		2.92	%		3.67	%
Profit share allocation from Master Fund (4)		1.53			1.89			1.92			2.15
Total expenses		6.44	%		4.79	%		4.84	%		5.82	%
Net investment loss (2) (3)		(2.70	)%		(0.69	)%		(0.73	)%		(1.50	)%

⁽¹⁾ The net investment loss 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 year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

⁽²⁾ Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.

⁽³⁾ Excludes profit share allocation from the Master Fund.

⁽⁴⁾ 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 within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

F-9

MILLBURN MULTI-MARKETS FUND L.P.

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2020 AND 2019

1. ORGANIZATION

Millburn Multi-Markets Fund L.P. (the “Partnership”) is a limited partnership organized on September 8, 2008, under the Delaware Revised Uniform Limited Partnership Act and commenced operations on August 1, 2009. The Limited Partnership Agreement (the “Agreement”) was amended and restated as of August 27, 2010.

The Partnership is a “feeder-fund” and pools partners’ capital contributions for investment in Millburn Multi-Markets Trading L.P. (“Master Fund”). The Master Fund is a limited partnership organized during September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Master Fund engages in the trading and investing in futures and forward currency contracts. Millburn Ridgefield Corporation (the “General Partner”) is the General Partner of the Partnership and the Master Fund (collectively, the “Funds”) and manages the business of the Funds. The financial statements of the Master Fund, including the Condensed Schedules of Investments, are included in Section II of this annual report and should be read in conjunction with the Partnership’s financial statements.

The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units. On November 1, 2017, the Partnership offered Series D (collectively, the “Series”) and may offer additional series in the future. A Limited Partner may redeem some or all of its Units as of the end of any month on 15 days’ prior written notice.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States (“U.S.”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”).

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

Investment — The investment in the Master Fund is reported at fair value in the Partnership’s Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund’s valuation policies and reported at the time of the Partnership’s valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial statements included in Section II of this annual report.

F-10

Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership’s income and expenses.

The Income Taxes topic 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, 2017 to 2020, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.

Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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.

Estimates — The preparation of financial statements in conformity with U.S. GAAP 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.

Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership’s underlying investments held within the Master Fund are included in the attached Master Fund’s financial statements.

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

During the years ended December 31, 2020 and 2019, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2020 and 2019, the Partnership’s investment in the Master Fund represents 25.08% and 30.30%, respectively, of total partners’ capital of the Master Fund.

As the Partnership’s sole investing activity during the years ended December 31, 2020 and 2019 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership’s allocated amount of each item of income and expense from the Master Fund.

The Partnership may make additional contributions to or redemptions from its investment in the Master Fund on a monthly basis subject to approval of the General Partner of the Master Fund.

The General Partner of the Master Fund may have different management fee and profit share allocation agreements for the limited partners of the Partnership as disclosed in the Master Fund’s financial statements included in Section II of this annual report.

4. MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE

Each Series of Units are allocated management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of a limited partner’s interest and a 20% profit share. Such management fees and profit share are allocated to the limited partners of the Partnership but charged at the Master Fund level. For the years ended December 31, 2020 and 2019, the Partnership incurred Partnership-level management fees of $3,148,410 and $3,415,443, respectively. These amounts are included in the Statements of Operations under “Management fees.” The management fee and profit share are described in more detail in the Master Fund’s financial statements included in Section II of this annual report.

F-11

The original terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to a platform fee of 1/12 of 0.25% (0.25% per annum) based on the month end net asset value of such Series investment and are for those investors participating in asset-based or fixed fee registered investment adviser (“RIA”) platforms; and 3) Series C Units which are subject to the management fees and profit share allocable to the General Partner and are for those investors participating in asset-based or fixed fee RIA platforms not subject to the Platform Fee.

The amended terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units and Series C Units, each have the same terms, are subject to management fees and profit share allocable to the General Partner and are not subject to any fees payable to Selling Agents; and 3) Series D Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 0.75% (0.75% per annum) based on the month-end Net Asset Value of such Series investment. For the years ended December 31, 2020 and 2019, there were no Platform Fees. Selling Commissions were as follows:

	Selling Commissions
	2020		2019
Series A Units	$	2,604,190	$	3,054,665
Series D Units		103,759		29,305
	$	2,707,949	$	3,083,970

Amounts were charged at the Master Fund level and allocated to applicable Partnership investors only. No amounts were allocated to Series B and Series C Units.

5. OPERATING EXPENSES

Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its 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 net asset value. For the years ended December 31, 2020 and 2019, the Partnership incurred Partnership-level administrative and operating expenses of $386,250 and $378,968, respectively. These amounts are included in the Statements of Operations under “Operating expenses.”

6. DERIVATIVE INSTRUMENTS

The Partnership’s investment in the Master Fund is subject to the market and credit risk of financial instruments which include exchange-traded futures contracts and over-the-counter forward currency contracts. The Partnership bears the risk of loss only to the extent of the fair value of its investment in the Master Fund.

Millburn Ridgefield Corporation, as the General Partner of the Funds, has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will, in fact, succeed in doing so. The limited partners bear the risk of loss only to the extent of the fair value of their respective investments.

F-12

7. INDEMNIFICATIONS

In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.

8. ADMINISTRATOR AGREEMENT

The Partnership and the Master Fund (collectively, the “Funds”) have engaged SS&C (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and calculation of the Funds’ Net Asset Value.

9. FINANCIAL HIGHLIGHTS

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. An individual partner’s returns may vary from these returns based on the timing of capital transactions.

10. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events through March 18, 2021, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements.

******

F-13

SECTION II

F-14

Millburn Multi-Markets

Trading L.P.

(A Delaware Limited Partnership)

Financial Statements for the Years Ended December 31,
2020 and 2019, and Independent Auditors’ Report

F-15

MILLBURN MULTI-MARKETS TRADING L.P.

TABLE OF CONTENTS

	Page(s)
AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION	F-17
INDEPENDENT AUDITORS’ REPORT	F-18
FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019:
Statements of Financial Condition	F-19
Condensed Schedules of Investments	F-20–F-23
Statements of Operations	F-24
Statements of Changes in Partners’ Capital	F-25
Statements of Financial Highlights	F-26–F-27
Notes to Financial Statements	F-28–F-46

F-16

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission’s regulations, I hereby affirm that to the best of my knowledge and belief, the information contained in the Statements of Financial Condition of Millburn Multi-Markets Trading L.P., including the Condensed Schedules of Investments, as of December 31, 2020 and 2019, and the related Statements of Operations, Changes in Partners’ Capital and Financial Highlights for each of the two years in the period ended December 31, 2020, are complete and accurate.

Gregg Buckbinder, President

Millburn Ridgefield Corporation
General Partner of Millburn Multi-Markets Trading L.P.

F-17

Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA
Tel: +1 212 492 4000
Fax: +1 212 489 1687
www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Millburn Multi-Markets Trading L.P.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of financial condition of Millburn Multi-Markets Trading L.P. (the “Partnership”), including the condensed schedules of investments, as of December 31, 2020 and 2019, the related statements of operations, changes in partners’ capital and the financial highlights for each of the two years in the period ended December 31, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Partnership as of December 31, 2020 and 2019, and the results of its operations, the changes in its partners’ capital, and the financial highlights for each of the two years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

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

/s/ Deloitte & Touche LLP

March 18, 2021

We have served as the auditor of one or more Millburn Ridgefield Corporation investment companies since 2004.

F-18

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL CONDITION

AS OF DECEMBER 31, 2020 AND 2019

	2020		2019
ASSETS
EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost  $91,546,413 and $99,692,940)	$	91,539,195	$	99,835,520
Net unrealized appreciation on open futures and forward currency contracts		20,183,485		5,430,488
Due from brokers, net		22,876,161		20,430,870
Cash denominated in foreign currencies (cost $21,945,775  and $31,152,549)		22,644,281		31,566,671
Total equity in trading accounts		157,243,122		157,263,549
INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $408,518,267 and $440,349,793)		408,476,105		440,688,034
CASH AND CASH EQUIVALENTS		42,498,650		53,997,893
ACCRUED INTEREST RECEIVABLE		3,523,202		2,333,434
DUE FROM MILLBURN MULTI-MARKETS LTD.		100		100
TOTAL	$	611,741,179	$	654,283,010
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	125,252	$	5,818,429
Subscriptions received in advance		-		1,565,000
Capital withdrawal payable to Limited Partners		53,597,364		736,814
Capital withdrawal payable to General Partner		622,309		9,224,590
Management fee payable		648,347		798,199
Selling commissions payable		196,027		283,920
Accrued expenses		286,761		254,637
Due to brokers, net		1,909,153		4,479,776
Commissions and other trading fees on open futures contracts		108,048		119,320
Total liabilities		57,493,261		23,280,685
PARTNERS’ CAPITAL		554,247,918		631,002,325
TOTAL	$	611,741,179	$	654,283,010

See notes to financial statements

F-19

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2020

	Net Unrealized
	Appreciation
	(Depreciation)			Net
	as a % of Partners’			Unrealized Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Capital			(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Energies		0.15	%	$	819,755
Grains		0.60			3,317,996
Interest rates:
2 Year U.S. Treasury Note (400 contracts, settlement date March 2021)		0.00			12,742
5 Year U.S. Treasury Note (2,390 contracts, settlement date March 2021)		0.04			227,326
10 Year U.S. Treasury Note (1,971 contracts, settlement date March 2021)		0.04			201,234
30 Year U.S. Treasury Bond (556 contracts, settlement date March 2021)		0.02			85,906
Other interest rates		0.28			1,560,583
Total interest rates		0.38			2,087,791
Metals		1.13			6,253,013
Softs		0.06			345,995
Stock indices		0.82			4,567,677
Total long futures contracts		3.14			17,392,227
Short futures contracts:
Energies		0.11			591,490
Grains		(0.06	)		(347,625	)
Interest rates		0.00			(25,918	)
Livestock		0.00			(12,760	)
Metals		(0.22	)		(1,137,354	)
Softs		(0.02	)		(115,670	)
Stock indices		0.14			773,085
Total short futures contracts		(0.05	)		(274,752	)
TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net		3.09			17,117,475
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts		2.02			11,186,702
Total short forward currency contracts		(1.49	)		(8,245,944	)
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net		0.53			2,940,758
TOTAL		3.62	%	$	20,058,233

(Continued)

F-20

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2020

U.S. TREASURY NOTES

Face Amount		Description	Fair Value as a % of   Partners’ Capital			Fair Value
$	189,080,000	U.S. Treasury notes, 2.250%, 02/15/2021		34.21	%	$	189,560,086
	152,900,000	U.S. Treasury notes, 2.625%, 05/15/2021		27.84			154,306,561
	153,640,000	U.S. Treasury notes, 2.750%, 08/15/2021		28.17			156,148,653
		Total investments in U.S. Treasury notes (amortized cost $500,064,680)		90.22	%	$	500,015,300

See notes to financial statements. (Concluded)

F-21

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2019

	Net Unrealized
	Appreciation
	(Depreciation)			Net
	as a % of Partners’			Unrealized Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Capital			(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Energies		0.16	%	$	1,041,056
Grains		0.02			97,048
Interest rates:
2 Year U.S. Treasury Note (300 contracts, settlement date March 2020)		0.00			11,242
5 Year U.S. Treasury Note (612 contracts, settlement date March 2020)		0.00			1,312
Other interest rates		(0.04	)		(274,802	)
Total interest rates		(0.04	)		(262,248	)
Livestock		0.00			(560	)
Metals		0.30			1,850,831
Softs		0.01			78,535
Stock indices		0.05			334,857
Total long futures contracts		0.50			3,139,519
Short futures contracts:
Energies		0.07			447,160
Grains		(0.17	)		(1,053,425	)
Interest rates:
10 Year U.S. Treasury Note (773 contracts, settlement date March 2020)		0.00			15,234
Other interest rates		0.35			2,235,084
Total interest rates		0.35			2,250,318
Metals		(0.07	)		(432,195	)
Softs		(0.01	)		(90,206	)
Stock indices		0.19			1,169,317
Total short futures contracts		0.36			2,290,969
TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net		0.86			5,430,488
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts		2.22			13,991,397
Total short forward currency contracts		(3.14	)		(19,809,826	)
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net		(0.92	)		(5,818,429	)
TOTAL		(0.06	)%	$	(387,941	)

(Continued)

F-22

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2019

U.S. TREASURY NOTES

Face Amount		Description	Fair Value as a % of Partners' Capital			Fair Value
$	178,740,000	U.S. Treasury notes, 1.375%, 02/15/2020		28.32	%	$	178,698,108
	184,140,000	U.S. Treasury notes, 1.500%, 05/15/2020		29.17			184,089,649
	177,840,000	U.S. Treasury notes, 1.500%, 08/15/2020		28.17			177,735,797
		Total investments in U.S. Treasury notes (amortized cost $540,042,733)		85.66	%	$	540,523,554

See notes to financial statements. (Concluded)

F-23

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2020 AND 2019

	2020			2019
INVESTMENT INCOME — Interest income, net	$	6,011,434		$	12,584,791
EXPENSES:
Brokerage commissions		3,422,934			3,054,092
Management fees		8,923,504			8,522,450
Selling commissions		2,731,894			3,095,156
Operating expenses		1,272,162			1,135,541
Custody fees and other expenses		120,360			98,119
Total expenses		16,470,854			15,905,358
NET INVESTMENT LOSS		(10,459,420	)		(3,320,567	)
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(114,346,895	)		72,332,240
Foreign exchange transactions		838,679			(557,191	)
Net change in unrealized:
Futures and forward currency contracts		20,446,174			(15,056,938	)
Foreign exchange translation		284,384			443,419
Net gains (losses) from U.S. Treasury notes:
Realized		943,072			100,553
Net change in unrealized		(530,201	)		598,001
Total net realized and unrealized gains (losses)		(92,364,787	)		57,860,084
NET INCOME (LOSS)		(102,824,207	)		54,539,517
LESS PROFIT SHARE TO GENERAL PARTNER		622,309			9,214,564
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	(103,446,516	)	$	45,324,953

See notes to financial statements

F-24

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

YEARS ENDED DECEMBER 31, 2020 AND 2019

				New Profit
	Limited			Memo			General
	Partners			Account			Partner			Total
PARTNERS’ CAPITAL —January 1, 2019	$	473,885,200		$	-		$	939,174		$	474,824,374
Contributions		199,073,445			-			-			199,073,445
Transfers		4,000			-			(4,000	)		-
Withdrawals		(88,210,421	)		-			(9,224,590	)		(97,435,011	)
Net income		54,415,274			10,026			114,217			54,539,517
General Partner’s allocation —profit share		(9,214,564	)		9,214,564			-			-
Transfer of New Profit Memo Account to General Partner		-			(9,224,590	)		9,224,590			-
PARTNERS’ CAPITAL —December 31, 2019		629,952,934			-			1,049,391			631,002,325
Contributions		290,299,100			-			-			290,299,100
Withdrawals		(263,606,991	)		-			(622,309	)		(264,229,300	)
Net loss		(102,719,131	)					(105,076	)		(102,824,207	)
General Partner’s allocation —profit share		(622,309	)		622,309			-			-
Transfer of New Profit Memo Account to General Partner		-			(622,309	)		622,309			-
PARTNERS’ CAPITAL —December 31, 2020	$	553,303,603		$	-		$	944,315		$	554,247,918

See notes to financial statements

F-25

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL HIGHLIGHTS

YEARS ENDED DECEMBER 31, 2020 AND 2019

The following information presents financial highlights of a Limited Partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% per annum) and an annual profit share of 20% of Trading Profits (as defined in the Limited Partnership Agreement).

	2020			2019
Total return before General Partner profit share allocation		(11.80	)%		9.92	%
Less: General Partner profit share allocation		-			1.94
Total return after General Partner profit share allocation		(11.80	)%		7.98	%
Ratios to average net asset value:
Expenses (1) (2)		2.64	%		2.68	%
General Partner profit share allocation (3)		-			1.94
Total expenses (1)		2.64	%		4.62	%
Net investment loss (1) (2)		(1.76	)%		(0.48	)%

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 proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).

⁽²⁾ Excludes General Partner profit share allocation.

⁽³⁾ In instances of 0.00, value is less than 0.01 when rounded to two decimal places.

See notes to financial statements

F-26

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL HIGHLIGHTS

YEARS ENDED DECEMBER 31, 2020 AND 2019

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

	2020			2019
Total return before General Partner profit share allocation		(10.95	)%		9.81	%
Less: General Partner profit share allocation		0.09			1.62
Total return after General Partner profit share allocation		(11.04	)%		8.19	%
Ratios to average net asset value:
Expenses (1) (2)		2.47	%		2.79	%
General Partner profit share allocation		0.09			1.62
Total expenses (1)		2.56	%		4.41	%
Net investment loss (1) (2)		(1.56	)%		(0.58	)%

Total returns and the ratios to average net asset value are calculated for Limited Partners’ capital taken as a whole. 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 agreement and the timing of contributions and withdrawals.

⁽¹⁾ Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).

⁽²⁾ Excludes General Partner profit share allocation.

See notes to financial statements

F-27

MILLBURN MULTI-MARKETS TRADING L.P.

NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2020 AND 2019

1. ORGANIZATION

Millburn Multi-Markets Trading L.P. (the “Partnership”) is a limited partnership organized in September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Partnership engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”), and Millburn Multi-Markets Fund L.P., a Delaware limited partnership (the “U.S. Feeder”). The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. The Cayman Feeder and U.S. Feeder commenced operations on July 1, 2008, and August 1, 2009, respectively. All feeder fees and expenses will be charged at the master level. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (“U.S.”) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

The Limited Partnership Agreement (the “Agreement”) provides that subject to certain limitations, Millburn Ridgefield Corporation (the “General Partner”) shall conduct and manage the business of the Partnership. The General Partner has the right to make all investment decisions regarding the Partnership, authorize the payments of distributions to partners, enter into customer agreements with brokers and take such other actions, as it deems necessary or desirable, to manage the business of the Partnership.

The limited partners, special limited partners, New Profit Memo Account (Note 4) and the General Partner share in the profits and losses of the Partnership which are determined before management fees, selling commissions (Note 2) and profit share allocations on the basis of their proportionate interests of Partnership capital (Note 4). The General Partner and special limited partners are charged none or lower management fees than limited partners in accordance with the Agreement. No limited partner or special limited partner shall be liable for Partnership obligations in excess of their capital contribution plus profits allocated to their capital accounts, if any.

Subject to certain conditions, a partner has the right to redeem all or a portion of its partnership capital as of any month-end upon fifteen days’ prior written notice to the General Partner. In its sole discretion, the General Partner may permit redemptions on shorter notice or as of a date other than month-end. Redemptions will be made as of the last day of the month for an amount equal to the Net Asset Value of the portion of a partner’s capital being redeemed. A redeeming partner shall receive such redeemed capital less the redemption fee, if any.

The General Partner, subject to Commodity Futures Trading Commission requirements, may, at its discretion, sell additional limited partnership interests to investors desiring to become limited partners.

The Partnership will dissolve in the event of certain conditions set forth in the Agreement.

F-28

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation.

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

Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers.

Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations.

Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership’s trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A.

Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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.

Foreign Currency Cash — Includes foreign currency cash held at the Partnership’s trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition.

Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. dollars at the exchange rate prevailing when such transactions occurred.

F-29

Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2020 and 2019 were as follows:

	Management Fees
	2020		2019
US Feeder	$	3,148,410	$	3,415,443
Cayman Feeder		5,609,122		4,977,566
Other (1)		165,972		129,441
Total	$	8,923,504	$	8,522,450

⁽¹⁾ Direct investors in the Partnership

Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2% per annum. These selling commissions are charged at the Partnership level but are allocated only to the applicable U.S. Feeder investors. On March 1, 2012, the Cayman Feeder began offering shares that are subject to selling commissions of 2% per annum. For the years ended December 31, 2020 and 2019, selling commissions were as follows:

	Selling Commissions
	2020		2019
U.S. Feeder	$	2,707,949	$	3,083,970
Cayman Feeder		23,945		11,186
Total	$	2,731,894	$	3,095,156

Operating Expenses — The Partnership 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 Partners’ Capital of the Partnership (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level and the Administration Fee due to the General Partner. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary expenses.

The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the years ended December 31, 2020 and 2019, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.

F-30

Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors.

For the year ended December 31, 2020 and 2019, operating expenses were as follows:

	Operating Expenses
	2020		2019
Partnership	$	732,611	$	648,908
U.S. Feeder		386,250		378,968
Cayman Feeder		153,301		107,665
Total	$	1,272,162	$	1,135,541

Income Taxes — The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Partnership’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes.

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, 2017 to 2020, the General Partner has determined that no reserves for uncertain tax positions were required.

Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition.

Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities which qualify as financial instruments under the Fair Value Measurements and Disclosures topic of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of 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;

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

F-31

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

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

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

OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. 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 years ended December 31, 2020 and 2019, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2020 and 2019 in valuing the Partnership’s investments at fair value. At December 31, 2020 and 2019, the Partnership held no assets or liabilities classified in Level 3.

F-32

Financial assets and liabilities at fair value as of December 31, 2020

	Level 1			Level 2		Total
U.S. Treasury notes (1)	$	500,015,300		$	-	$	500,015,300
Short-Term Money Market Fund*		42,248,650			-		42,248,650
Exchange-traded futures contracts
Energies		1,411,245			-		1,411,245
Grains		2,970,371			-		2,970,371
Interest rates		2,061,873			-		2,061,873
Livestock		(12,760	)		-		(12,760	)
Metals		5,115,659			-		5,115,659
Softs		230,325			-		230,325
Stock indices		5,340,762			-		5,340,762
Total exchange-traded futures contracts		17,117,475			-		17,117,475
Over-the-counter forward currency contracts		-			2,940,758		2,940,758
Total futures and forward currency contracts (2)		17,117,475			2,940,758		20,058,233
Total financial assets and liabilities at fair value	$	559,381,425		$	2,940,758	$	562,322,183
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral						$	91,539,195
Investments in U.S. Treasury notes							408,476,105
Total investments in U.S. Treasury notes						$	500,015,300
(2)
Net unrealized appreciation on open futures and forward currency contracts						$	20,183,485
Net unrealized depreciation on open futures and forward currency contracts							(125,252	)
Total net unrealized appreciation on open futures and forward currency contracts						$	20,058,233

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

F-33

Financial assets and liabilities at fair value as of December 31, 2019

	Level 1			Level 2			Total
U.S. Treasury notes (1)	$	540,523,554		$	-		$	540,523,554
Short-Term Money Market Fund*		53,739,414			-			53,739,414
Exchange-traded futures contracts
Energies		1,488,216			-			1,488,216
Grains		(956,377	)		-			(956,377	)
Interest rates		1,988,070			-			1,988,070
Livestock		(560	)		-			(560	)
Metals		1,418,636			-			1,418,636
Softs		(11,671	)		-			(11,671	)
Stock indices		1,504,174			-			1,504,174
Total exchange-traded futures contracts		5,430,488			-			5,430,488
Over-the-counter forward currency contracts		-			(5,818,429	)		(5,818,429	)
Total futures and forward currency contracts (2)		5,430,488			(5,818,429	)		(387,941	)
Total financial assets and liabilities at fair value	$	599,693,456		$	(5,818,429	)	$	593,875,027
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral							$	99,835,520
Investments in U.S. Treasury notes								440,688,034
Total investments in U.S. Treasury notes							$	540,523,554
(2)
Net unrealized appreciation on open futures and forward currency contracts							$	5,430,488
Net unrealized depreciation on open futures and forward currency contracts								(5,818,429	)
Total net unrealized depreciation on open futures and forward currency contracts							$	(387,941	)

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

3. ADMINISTRATOR AGREEMENT

The Partnership, U.S. Feeder, and Cayman Feeder (collectively, the “Funds”) have engaged SS&C (USA) Inc. (the “Administrator”) to provide certain administrative services for the Funds, including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds’ net asset value.

F-34

4. PROFIT SHARE ALLOCATION

The General Partner’s profit share equal to between 0% and 30% of Trading Profits at the end of each year is charged to the limited partners’ capital accounts. New Trading Profits include realized and unrealized trading profits (losses), interest income, brokerage fees, trading-related expenses and administrative expenses. For limited partners’ withdrawals during the year, the profit share calculation shall be computed as though the withdrawal date was at year-end. Profit share attributable to interests redeemed during a year is tentatively credited to an account maintained for bookkeeping purposes called the New Profit Memo Account. Because limited partners may purchase their partnership interests at different times, they may recognize different amounts of Trading Profits. Each limited partner pays a profit share only on Trading Profits applicable to its partnership interest. Profit share will be determined based on the Trading Profits of each limited partners’ investment in the Partnership as a whole rather than on the Trading Profits of each capital contribution made by a limited partner.

Any profit share charged is added to the General Partner’s capital account to the extent that net taxable capital gains are allocated to the General Partner and the remainder, if any, of such profit share is added to the New Profit Memo Account. The General Partner may not make any withdrawal from the balance in the New Profit Memo Account. If, at the end of a subsequent year, net taxable gains are allocated to the General Partner in excess of such year’s profit share, a corresponding amount is transferred from the New Profit Memo Account to the General Partner’s capital account.

Profit share allocation for the years ended December 31, 2020 and 2019 were as follows:

	Profit Share
	2020		2019
US Feeder	$	-	$	2,664,064
Cayman Feeder		505,336		6,447,171
Other (1)		116,973		103,329
Total	$	622,309	$	9,214,564

⁽¹⁾ Direct investors in the Partnership

5. DUE FROM/TO BROKERS

At December 31, 2020 and 2019, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from broker balance also includes cash held as collateral at Bank of America, N.A.

6. TRADING ACTIVITIES

The Partnership conducts its futures trading with various futures commission merchants (“FCMs”) on futures exchanges and its forward currency trading with various banks or dealers (“Dealers”) in the interbank markets. Substantially all assets included in the Partnership’s equity in trading accounts and certain liability accounts, as discussed below, were held as collateral by such FCMs in either U.S. regulated segregated accounts (for futures contracts traded on U.S. exchanges) or non-U.S. secured accounts (for futures contracts traded on non-U.S. exchanges) as required by U.S. Commodity Futures Trading Commission’s regulations, or held as collateral by the counterparty Dealers.

Liabilities in the Statements of Financial Condition that are components of “Total equity in trading accounts” include net unrealized depreciation on open futures and forward currency contracts, cash denominated in foreign currencies and due to brokers, if any.

F-35

The Partnership enters into contracts with various institutions that contain a variety of indemnifications. 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.

7. DERIVATIVE INSTRUMENTS

The Partnership is party to derivative financial instruments in the normal course of its business. These financial instruments include futures and forward currency contracts which may be traded on an exchange or OTC.

The Partnership records its derivative activities on a mark-to-market basis as described in Note 2. For OTC contracts, the Partnership enters into master netting agreements with its counterparties. Therefore, assets represent the Partnership’s unrealized gains, less unrealized losses for OTC contracts in which the Partnership has a master netting agreement. Similarly, liabilities represent net amounts owed to counterparties on OTC contracts.

Futures contracts are agreements to buy or sell an underlying asset or index for a set price in the future. Initial margin deposits are made upon entering into futures contracts and can be either in cash or treasury securities. Open futures contracts are revalued on a daily basis to reflect the market value of the contracts at the end of each trading day. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. The Partnership bears the market risk that arises from changes in the value of these financial instruments.

Forward currency contracts entered into by the Partnership represent a firm commitment to buy or sell an underlying currency at a specified value and point in time based upon an agreed or contracted quantity. The ultimate gain or loss is equal to the difference between the value of the contract at the onset and the value of the contract at settlement date.

Each of these financial instruments is subject to various risks similar to those related to the underlying financial instruments including market risk, credit risk, concentration risk and sovereign risk.

Market risk is the potential change in the value of the instruments traded by the Partnership due to market changes including interest and foreign exchange rate movements and fluctuations in futures or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward currency contracts and the Partnership’s satisfaction of its obligations related to such market value changes may exceed the amount recognized in the Statements of Financial Condition.

F-36

Since the mid-1990s, the world has seen a number of outbreaks of new viral illnesses of varying severity, including avian flus, Severe Acute Respiratory Syndrome (SARS), Middle East Respiratory Syndrome (MERS), the H1N1 Flu (Swine Flu), and COVID-19 caused by the novel Coronavirus known as SARS–CoV-2. The responses to these outbreaks have varied as has their impact on human health, local economies and the global economy, and it is impossible at the outset of any such outbreak to estimate accurately what the ultimate impact of any such outbreak will be. Protective measures taken by governments and the private sector, including the General Partner, to mitigate the spread of any such illness, including travel restrictions and outright bans, mandatory business closures, quarantines, and work-from-home arrangements, may lead to, or may be expected to lead to, wide spread economic damage, resulting in severe disruptions in the markets in which the Partnership trades and, potentially, adversely affecting the Partnership’s profit potential; and the spread of any such illness within the offices of the General Partner, the Partnership’s service providers, and/or the exchanges and other components of market infrastructure could severely impair the operational capabilities of the General Partner, the Partnership’s service providers or various markets themselves resulting in harm to the Partnership’s business and its operating results.

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 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. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership’s risk of loss due to counterparty nonperformance. The Partnership’s exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $47,021,416 and $55,480,494 at December 31, 2020 and 2019, respectively.

The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will in fact succeed in doing so. The General Partner’s market risk control procedures include diversification of the Partnership’s portfolio and continuously monitoring the portfolio’s open positions, historical volatility and maximum historical loss. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and brokers which the General Partner believes to be creditworthy. The Partnership’s trading activities are primarily with brokers and other financial institutions located in North America, Europe and Asia. All futures transactions of the Partnership are cleared by major securities firms, pursuant to customer agreements, including Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), Goldman Sachs & Co., and BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc), collectively the “Futures Clearing Brokers”. The Partnership ceased clearing trades through SG Americas Securities, LLC. during November 2020. For all forward currency transactions, the Partnership utilizes two prime brokers, Deutsche Bank AG, and Bank of America, N.A.

F-37

The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership’s functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2020 and 2019, by settlement currency type, denominated in U.S. Dollars, is detailed below:

	As of December 31,
	2020						2019
	Total Net						Total Net
	Unrealized						Unrealized
	Appreciation			Percent			Appreciation			Percent
Currency Type	(Depreciation)			of Total			(Depreciation)			of Total
Australian dollar	$	114,388			0.57	%	$	113,405			(29.23	)%
Brazilian real		15,123			0.08			20			(0.01	)
British pound		575,236			2.87			(137,801	)		35.52
Canadian dollar		266,411			1.33			182,285			(46.99	)
Euro		353,192			1.76			1,775,867			(457.77	)
Hong Kong dollar		1,924,362			9.59			162,175			(41.80	)
Japanese yen		(11,111	)		(0.06	)		(885,850	)		228.35
Korean won		-			-			765,900			(197.43	)
Malaysian ringgit		(3,157	)		(0.02	)		(29,911	)		7.71
Norwegian krone		172,312			0.86			(423,000	)		109.04
Polish zloty		35,226			0.18			264,515			(68.18	)
Singapore dollar		14,315			0.07			2,740			(0.71	)
South African rand		(3,522	)		(0.02	)		87,305			(22.50	)
Swedish krona		(228,598	)		(1.14	)		112,125			(28.90	)
Taiwan dollar		23,145			0.12			(4,145	)		1.07
Thai baht		(5,437	)		(0.03	)		(3,188	)		0.82
U.S. dollar		16,816,348			83.84			(2,370,383	)		611.01
Total	$	20,058,233			100.00	%	$	(387,941	)		100.00	%

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

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

The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2020 and 2019, by market sector:

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

F-38

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

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

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

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

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

The Derivatives and Hedging topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair value of futures and forward currency contracts are first netted by the broker as discussed in Note 2. Futures and forward currency contracts in a net asset or liability position are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts” or “Net unrealized depreciation on open futures and forward currency contracts,” respectively. The Partnership’s policy regarding fair value measurement is discussed in Note 2.

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

The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2020 and 2019. Fair value, below, is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

F-39

Fair Value of Futures and Forward Currency Contracts at December 31, 2020

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	951,320	$	(131,565	)	$	854,540	$	(263,050	)	$	1,411,245
Grains		3,318,296		(300	)		-		(347,625	)		2,970,371
Interest rates		2,550,872		(463,081	)		-		(25,918	)		2,061,873
Livestock		-		-			1,910		(14,670	)		(12,760	)
Metals		7,202,141		(949,128	)		737,287		(1,874,641	)		5,115,659
Softs		346,947		(952	)		2,090		(117,760	)		230,325
Stock indices		5,173,445		(605,768	)		795,375		(22,290	)		5,340,762
Total futures contracts		19,543,021		(2,150,794	)		2,391,202		(2,665,954	)		17,117,475
Forward currency contracts		14,163,798		(2,977,096	)		3,203,228		(11,449,172	)		2,940,758
Total futures and forward currency contracts	$	33,706,819	$	(5,127,890	)	$	5,594,430	$	(14,115,126	)	$	20,058,233

Fair Value of Futures and Forward Currency Contracts at December 31, 2019

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	1,656,534	$	(615,478	)	$	454,900	$	(7,740	)	$	1,488,216
Grains		108,438		(11,390	)		27,625		(1,081,050	)		(956,377	)
Interest rates		100,513		(362,761	)		2,831,719		(581,401	)		1,988,070
Livestock		220		(780	)		-		-			(560	)
Metals		3,111,912		(1,261,081	)		1,384,686		(1,816,881	)		1,418,636
Softs		85,545		(7,010	)		51,203		(141,409	)		(11,671	)
Stock indices		1,842,192		(1,507,335	)		1,346,994		(177,677	)		1,504,174
Total futures contracts		6,905,354		(3,765,835	)		6,097,127		(3,806,158	)		5,430,488
Forward currency contracts		16,640,916		(2,649,519	)		2,433,081		(22,242,907	)		(5,818,429	)
Total futures and forward currency contracts	$	23,546,270	$	(6,415,354	)	$	8,530,208	$	(26,049,065	)	$	(387,941	)

F-40

The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2020 and 2019 as “Net realized gains 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 years ended December 31, 2020 and 2019

Sector	2020			2019
Futures contracts:
Energies	$	19,671,270		$	(18,872,478	)
Grains		6,792,979			5,709,589
Interest rates		(31,940,798	)		38,105,109
Livestock		1,908,210			(130,000	)
Metals		3,326,401			(689,005	)
Softs		(2,098,002	)		(2,319,947	)
Stock indices		(120,979,734	)		50,352,316
Total futures contracts		(123,319,674	)		72,155,584
Forward currency contracts		29,418,953			(14,880,282	)
Total futures and forward currency contracts	$	(93,900,721	)	$	57,275,302

For the years ended December 31, 2020 and 2019, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:

	2020		2019
Average bought		103,440		87,028
Average sold		100,852		88,251
Average notional	$	7,540,000,000	$	9,596,000,000

The Customer Agreement between the Partnership, the Futures Clearing Brokers and the FX Prime Brokers gives the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” were met.

F-41

The following tables summarize the valuation of the Partnership’s investments as of December 31, 2020 and 2019.

Offsetting of derivative assets and liabilities at December 31, 2020

						Net amounts of
			Gross amounts offset in the			assets presented in the
	Gross amounts of		Statement of			Statement of
Assets	recognized assets		Financial Condition			Financial Condition
Futures contracts
Counterparty C	$	7,424,604	$	(845,191	)	$	6,579,413
Counterparty J		2,079,575		(195,917	)		1,883,658
Counterparty L		12,430,044		(3,775,640	)		8,654,404
Total futures contracts		21,934,223		(4,816,748	)		17,117,475
Forward currency contracts
Counterparty G		8,394,326		(5,328,316	)		3,066,010
Total assets	$	30,328,549	$	(10,145,064	)	$	20,183,485

						Net amounts of
			Gross amounts offset in the			liabilities presented in the
	Gross amounts of		Statement of			Statement of
Liabilities	recognized liabilities		Financial Condition			Financial Condition
Forward currency contracts
Counterparty K	$	9,097,952	$	(8,972,700	)	$	125,252
Total liabilities	$	9,097,952	$	(8,972,700	)	$	125,252

(Continued)

F-42

	Net amounts of
	Assets presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Received(1)(2)			Net Amount(3)
Counterparty C	$	6,579,413	$	-	$	(6,579,413	)	$	-
Counterparty J		1,883,658		-		(1,883,658	)		-
Counterparty L		8,654,404		-		(8,654,404	)		-
Counterparty G		3,066,010		-		-			3,066,010
Total	$	20,183,485	$	-	$	(17,117,475	)	$	3,066,010

	Net amounts of
	Liabilities presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Pledged(1)(2)			Net Amount(4)
Counterparty K	$	125,252		-	$	(125,252	)		-
Total	$	125,252	$	-	$	(125,252	)		-

⁽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 Statement of Financial Condition, for each respective counterparty.

⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2020.

⁽⁴⁾ Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2020.

(Concluded)

F-43

Offsetting of derivative assets and liabilities at December 31, 2019

						Net amounts of
			Gross amounts offset in the			assets presented in the
	Gross amounts of		Statement of			Statement of
Assets	recognized assets		Financial Condition			Financial Condition
Futures contracts
Counterparty C	$	3,717,018	$	(1,875,962	)	$	1,841,056
Counterparty I		8,233,113		(4,958,504	)		3,274,609
Counterparty J		1,052,350		(737,527	)		314,823
Total assets	$	13,002,481	$	(7,571,993	)	$	5,430,488

						Net amounts of
			Gross amounts offset in the			liabilities presented in the
	Gross amounts of		Statement of			Statement of
Liabilities	recognized liabilities		Financial Condition			Financial Condition
Forward currency contracts
Counterparty G	$	13,703,550	$	(9,104,039	)	$	4,599,511
Counterparty K		11,188,876		(9,969,958	)		1,218,918
Total liabilities	$	24,892,426	$	(19,073,997	)	$	5,818,429

(Continued)

F-44

	Net amounts of
	Assets presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Received(1)(2)			Net Amount(3)
Counterparty C	$	1,841,056	$	-	$	(1,841,056	)	$	-
Counterparty I		3,274,609		-		(3,274,609	)		-
Counterparty J		314,823		-		(314,823	)		-
Total	$	5,430,488	$	-	$	(5,430,488	)	$	-

	Net amounts of
	Liabilities presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Pledged(1)(2)			Net Amount(4)
Counterparty G	$	4,599,511	$	-	$	(4,599,511	)	$	-
Counterparty K		1,218,918		-		(1,218,918	)		-
Total	$	5,818,429	$	-	$	(5,818,429	)	$	-

⁽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 Statement of Financial Condition, for each respective counterparty.

⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019.

⁽⁴⁾ Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019.

(Concluded)

8. FINANCIAL HIGHLIGHTS

The ratios are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% 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 partner’s 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 2.00% (2.00% 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.

F-45

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

The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. For the years ended December 31, 2020 and 2019, respective ownership percentages of the Partnership are detailed below:

	2020			2019
U.S. Feeder		25.08	%		30.30	%
Cayman Feeder		65.81			60.29
Total		90.89	%		90.59	%

The remaining interests are held by direct investors in the Partnership.

The capital withdrawals payable at December 31, 2020 and 2019 were $54,219,673 and $9,961,404, respectively, detailed below.

	2020		2019
Direct investors (1)	$	990,861	$	9,224,590
U.S. Feeder		2,272,143		736,814
Cayman Feeder		50,956,669		-
Total	$	54,219,673	$	9,961,404

⁽¹⁾ Includes profit share to the General Partner of $622,309 and a limited partner redemption of $368,552, totaling $990,861 at December 31, 2020. Includes profit share to the General Partner of $9,224,590 at December 31, 2019.

During February 2020, the Cayman Feeder created a new GBP share class. As the Cayman Feeder determines its net asset value in U.S. dollars and the GBP share class’s functional currency is British Pound Sterling, an investment in the GBP share class involves exchange-rate risk. It’s the Master Fund’s general practice to enter into a one-month forward currency contract at the beginning of each month for the purpose of hedging the GBP share class’ beginning of month exposure to U.S. dollars. Hedging the Cayman Feeder’s GBP share class exposure to U.S. dollars takes place at the Master Fund level. In the event of mid-month investor subscriptions or redemptions, the Master Fund may increase or decrease its hedge by entering into one or more additional forward currency contracts. The Master Fund may or may not adjust the hedge during a month for profits and losses. All gains and losses and all expenses of such currency hedging will be allocated at the Master Fund level to the Class GBP Shares.

10. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events through March 18, 2021, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements. 

F-46

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Barry Goodman, certify that:

1. I have reviewed this report on Form 10-K of Millburn Multi-Markets Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2021

/s/ Barry Goodman

Barry Goodman

Co-Chief Executive Officer

Millburn Ridgefield Corporation

General Partner, Millburn Multi-Markets Fund L.P.

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Grant N. Smith, certify that:

1. I have reviewed this report on Form 10-K of Millburn Multi-Markets Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2021

/s/ Grant N. Smith

Grant N. Smith

Co-Chief Executive Officer

Millburn Ridgefield Corporation

General Partner, Millburn Multi-Markets Fund L.P.

EX-31.3

Exhibit 31.3

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Gregg Buckbinder, certify that:

1. I have reviewed this report on Form 10-K of Millburn Multi-Markets Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2021

/s/ Gregg Buckbinder

Gregg Buckbinder

President and Chief Operating Officer

Millburn Ridgefield Corporation

General Partner, Millburn Multi-Markets Fund L.P.

EX-31.4

Exhibit 31.4

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Ilon Wu, certify that:

1. I have reviewed this report on Form 10-K of Millburn Multi-Markets Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 30, 2021

/s/ Ilon Wu

Ilon Wu

Chief Financial Officer

Millburn Ridgefield Corporation

General Partner, Millburn Multi-Markets Fund L.P.

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Barry Goodman, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Barry Goodman

Barry Goodman

Co-Chief Executive Officer

Millburn Ridgefield Corporation

General Partner

Millburn Multi-Markets Fund L.P.

March 30, 2021

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

 I, Grant N. Smith, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Grant N. Smith

Grant N. Smith

Co-Chief Executive Officer

Millburn Ridgefield Corporation

General Partner

Millburn Multi-Markets Fund L.P.

March 30, 2021

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Gregg Buckbinder, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Gregg Buckbinder

Gregg Buckbinder

President and Chief Operating Officer

Millburn Ridgefield Corporation

General Partner

Millburn Multi-Markets Fund L.P.

March 30, 2021

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

 I, Ilon Wu, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the “Partnership”) on Form 10-K for the period ended December 31, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Ilon Wu

Ilon Wu

Chief Financial Officer

Millburn Ridgefield Corporation

General Partner

Millburn Multi-Markets Fund L.P.

March 30, 2021

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Millburn Multi-Markets Fund L.P.
Entity Central Index Key	0001468910
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity Incorporation State Country Code	DE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity File Number	000-54028
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		0
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
ICFR Auditor Attestation Flag	false

XML

Statements of Financial Condition - USD ($)	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Investment in Millburn Multi-Markets Trading L.P. (the "Master Fund")	$ 139,012,777	$ 191,189,357
Due from the Master Fund	2,272,143	736,814
Cash and cash equivalents	0	2,864,000
Total assets	141,284,920	194,790,171
LIABILITIES:
Capital contributions received in advance	0	2,864,000
Capital withdrawal payable to Limited Partners	2,272,143	736,814
Total liabilities	2,272,143	3,600,814
PARTNERS' CAPITAL:
General Partner	2,803,226	3,122,595
Total limited partners	136,209,551	188,066,762
Total partners' capital	139,012,777	191,189,357
TOTAL	141,284,920	194,790,171
Series A [Member]
PARTNERS' CAPITAL:
Limited Partners	$ 108,544,835	$ 166,972,241
NET ASSET VALUE PER UNIT OUTSTANDING:
Net Asset Value Per Unit Outstanding	$ 1,089.83	$ 1,263.51
Series B [Member]
PARTNERS' CAPITAL:
Limited Partners	$ 7,431,183	$ 10,343,480
NET ASSET VALUE PER UNIT OUTSTANDING:
Net Asset Value Per Unit Outstanding	$ 1,299.02	$ 1,476.27
Series C [Member]
PARTNERS' CAPITAL:
Limited Partners	$ 4,015,189	$ 4,831,807
NET ASSET VALUE PER UNIT OUTSTANDING:
Net Asset Value Per Unit Outstanding	$ 1,325.38	$ 1,506.23
Series D [Member]
PARTNERS' CAPITAL:
Limited Partners	$ 16,218,344	$ 5,919,234
NET ASSET VALUE PER UNIT OUTSTANDING:
Net Asset Value Per Unit Outstanding	$ 1,251.08	$ 1,432.49
Millburn Multi-Markets Trading L.P. [Member]
ASSETS
Investments in U.S. Treasury notes - at fair value (amortized cost $91,546,413 and $99,692,940)	$ 91,539,195	$ 99,835,520
Net unrealized appreciation on open futures and forward currency contracts	20,183,485	5,430,488
Due from brokers	22,876,161	20,430,870
Cash denominated in foreign currencies (cost $21,945,775 and $31,152,549)	22,644,281	31,566,671
Total equity in trading accounts	157,243,122	157,263,549
INVESTMENTS IN U.S. TREASURY NOTES - at fair value (amortized cost $408,518,267 and $440,349,793)	408,476,105	440,688,034
Cash and cash equivalents	42,498,650	53,997,893
ACCRUED INTEREST RECEIVABLE	3,523,202	2,333,434
DUE FROM MILLBURN MULTI-MARKETS LTD.	100	100
TOTAL	611,741,179	654,283,010
LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	125,252	5,818,429
Subscriptions in advance	0	1,565,000
Capital withdrawal payable to Limited Partners	53,597,364	736,814
Capital withdrawal payable to General Partner	622,309	9,224,590
Management fee payable	648,347	798,199
Selling commissions payable	196,027	283,920
Accrued expenses	286,761	254,637
Due to brokers	1,909,153	4,479,776
Commissions and other trading fees on open futures contracts	108,048	119,320
Total liabilities	57,493,261	23,280,685
PARTNERS' CAPITAL:
Total partners' capital	554,247,918	631,002,325
TOTAL	$ 611,741,179	$ 654,283,010

XML

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Series A [Member]
Limited partners, units outstanding	99,597.6414	132,149.4067
Series B [Member]
Limited partners, units outstanding	5,720.6069	7,006.4813
Series C [Member]
Limited partners, units outstanding	3,029.4662	3,207.8856
Series D [Member]
Limited partners, units outstanding	12,963.4335	4,132.1394
Millburn Multi-Markets Trading L.P. [Member]
Investments in U.S Treasury notes, amortized cost	$ 91,546,413	$ 99,692,940
Cash denominated in foreign currencies, cost	21,945,775	31,152,549
Investments in U.S Treasury notes, amortized cost	$ 408,518,267	$ 440,349,793

XML

Condensed Schedule of Investments (Futures And Forward Currency Contracts) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	3.62%	(0.06%)
Net Unrealized Appreciation (Depreciation)	$ 20,058,233	$ (387,941)
Energies [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.15%	0.16%
Net Unrealized Appreciation (Depreciation)	$ 819,755	$ 1,041,056
Energies [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.11%	0.07%
Net Unrealized Appreciation (Depreciation)	$ 591,490	$ 447,160
Grains [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.60%	0.02%
Net Unrealized Appreciation (Depreciation)	$ 3,317,996	$ 97,048
Grains [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	(0.06%)	(0.17%)
Net Unrealized Appreciation (Depreciation)	$ (347,625)	$ (1,053,425)
Second Year U S Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.00%	0.00%
Net Unrealized Appreciation (Depreciation)	$ 12,742	$ 11,242
Five Year U S Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.04%	0.00%
Net Unrealized Appreciation (Depreciation)	$ 227,326	$ 1,312
Ten Year U.S. Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.04%
Net Unrealized Appreciation (Depreciation)	$ 201,234
Ten Year U.S. Treasury Note [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital		0.00%
Net Unrealized Appreciation (Depreciation)		$ 15,234
Thirty Year U.S. Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.02%
Net Unrealized Appreciation (Depreciation)	$ 85,906
Other interest rates [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.28%	0.04%
Net Unrealized Appreciation (Depreciation)	$ 1,560,583	$ (274,802)
Other interest rates [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital		0.35%
Net Unrealized Appreciation (Depreciation)		$ 2,235,084
Interest Rates [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.38%	0.04%
Net Unrealized Appreciation (Depreciation)	$ 2,087,791	$ (262,248)
Interest Rates [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.00%	0.35%
Net Unrealized Appreciation (Depreciation)	$ (25,918)	$ 2,250,318
Metals [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	1.13%	0.30%
Net Unrealized Appreciation (Depreciation)	$ 6,253,013	$ 1,850,831
Metals [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	(0.22%)	(0.07%)
Net Unrealized Appreciation (Depreciation)	$ (1,137,354)	$ (432,195)
Softs [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.06%	1.00%
Net Unrealized Appreciation (Depreciation)	$ 345,995	$ 78,535
Softs [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	(0.02%)	(0.01%)
Net Unrealized Appreciation (Depreciation)	$ (115,670)	$ (90,206)
Stock Indices [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.82%	0.05%
Net Unrealized Appreciation (Depreciation)	$ 4,567,677	$ 334,857
Stock Indices [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.14%	0.19%
Net Unrealized Appreciation (Depreciation)	$ 773,085	$ 1,169,317
Futures Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	3.09%	0.86%
Net Unrealized Appreciation (Depreciation)	$ 17,117,475	$ 5,430,488
Futures Contracts [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	3.14%	0.50%
Net Unrealized Appreciation (Depreciation)	$ 17,392,227	$ 3,139,519
Futures Contracts [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	(0.05%)	0.36%
Net Unrealized Appreciation (Depreciation)	$ (274,752)	$ 2,290,969
Livestock [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital		0.00%
Net Unrealized Appreciation (Depreciation)		$ (560)
Livestock [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.00%
Net Unrealized Appreciation (Depreciation)	$ (12,760)
Total long forward currency contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	0.53%	0.92%
Net Unrealized Appreciation (Depreciation)	$ 2,940,758	$ (5,818,429)
Total long forward currency contracts [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	2.02%	2.22%
Net Unrealized Appreciation (Depreciation)	$ 11,186,702	$ 13,991,397
Total long forward currency contracts [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital	(1.49%)	(3.14%)
Net Unrealized Appreciation (Depreciation)	$ (8,245,944)	$ (19,809,826)

XML

Condensed Schedule of Investments (Futures And Forward Currency Contracts) (Parenthetical) - Contract	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Second Year U S Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Investment term	2 years	2 years
Contracts	400	300
Investment settlement date	Mar. 31, 2021	Mar. 31, 2020
Five Year U S Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Investment term	5 years	5 years
Contracts	2,390	612
Investment settlement date	Mar. 31, 2021	Mar. 31, 2020
Ten Year U.S. Treasury Note [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Investment term	10 years
Contracts	1,971
Investment settlement date	Mar. 31, 2021
Ten Year U.S. Treasury Note [Member] | Short Contracts [Member]
Investment Holdings [Line Items]
Investment term		10 years
Contracts		773
Investment settlement date		Mar. 31, 2020
Thirty Year U S Treasury Bond [Member] | Long Contracts [Member]
Investment Holdings [Line Items]
Investment term	30 years
Contracts	556
Investment settlement date	Mar. 31, 2021

XML

Condensed Schedule of Investments (U.S. Treasury Notes) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Fair Value as a % of Partners' Capital	3.62%	(0.06%)
U.S. Treasury notes, 2.250%, 02/15/2021 [Member[
Investment Holdings [Line Items]
Face Amount	$ 189,080,000
Fair Value as a % of Partners' Capital	34.21%
Fair Value	$ 189,560,086
U.S. Treasury notes, 2.625%, 05/15/2021 [Member[
Investment Holdings [Line Items]
Face Amount	$ 152,900,000
Fair Value as a % of Partners' Capital	27.84%
Fair Value	$ 154,306,561
U.S. Treasury notes, 2.750%, 08/15/2021 [Member[
Investment Holdings [Line Items]
Face Amount	$ 153,640,000
Fair Value as a % of Partners' Capital	28.17%
Fair Value	$ 156,148,653
US Treasury Notes [Member]
Investment Holdings [Line Items]
Fair Value as a % of Partners' Capital	90.22%	85.66%
Fair Value	$ 500,015,300	$ 540,523,554
U.S. Treasury notes, 1.375%, 02/15/2020 [Member[
Investment Holdings [Line Items]
Face Amount		$ 178,740,000
Fair Value as a % of Partners' Capital		28.32%
Fair Value		$ 178,698,108
U.S. Treasury notes, 1.500%, 05/15/2020 [Member]
Investment Holdings [Line Items]
Face Amount		$ 184,140,000
Fair Value as a % of Partners' Capital		29.17%
Fair Value		$ 184,089,649
U.S. Treasury notes, 1.500%, 08/15/2020 [Member]
Investment Holdings [Line Items]
Face Amount		$ 177,840,000
Fair Value as a % of Partners' Capital		28.17%
Fair Value		$ 177,735,797

XML

Condensed Schedule of Investments (U.S. Treasury Notes) (Parenthetical) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
U.S. Treasury notes, 2.250%, 02/15/2021 [Member[
Investment Holdings [Line Items]
Investment Interest Rate	2.25%
Investment Maturity Date	Feb. 15, 2021
U.S. Treasury notes, 2.625%, 05/15/2021 [Member[
Investment Holdings [Line Items]
Investment Interest Rate	2.625%
Investment Maturity Date	May 15, 2021
U.S. Treasury notes, 2.750%, 08/15/2021 [Member[
Investment Holdings [Line Items]
Investment Interest Rate	2.75%
Investment Maturity Date	Aug. 15, 2021
US Treasury Notes [Member]
Investment Holdings [Line Items]
Amortized Cost of U.S. Treasury Notes	$ 500,064,680	$ 540,042,733
U.S. Treasury notes, 1.375%, 02/15/2020 [Member[
Investment Holdings [Line Items]
Investment Interest Rate		1.375%
Investment Maturity Date		Feb. 15, 2020
U.S. Treasury notes, 1.500%, 05/15/2020 [Member]
Investment Holdings [Line Items]
Investment Interest Rate		1.50%
Investment Maturity Date		May 15, 2020
U.S. Treasury notes, 1.500%, 08/15/2020 [Member]
Investment Holdings [Line Items]
Investment Interest Rate		1.50%
Investment Maturity Date		Aug. 15, 2020

XML

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
INVESTMENT INCOME
Interest income	$ 5,931	$ 0
Interest income, net (allocated from the Master Fund)	1,445,023	3,798,503
Total investment income	1,450,954	3,798,503
Expenses:
Management fees (see note 4)	3,148,410	3,415,443
Brokerage commissions (allocated from the Master Fund)	817,597	917,967
Selling commissions and platform fees (see note 4)	2,707,949	3,083,970
Operating expenses (see note 5)	562,898	578,293
Custody fees and other expenses (allocated from the Master Fund)	28,172	29,669
Total expenses	7,265,026	8,025,342
Net investment loss	(5,814,072)	(4,226,839)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts	(27,502,396)	23,000,241
Foreign exchange translation	195,956	(167,733)
Net change in unrealized:
Futures and forward currency contracts	4,931,684	(5,321,011)
Foreign exchange translation	62,045	133,981
Realized	223,242	28,729
Net change in unrealized	(138,615)	182,394
Net realized and unrealized gains allocated from the Master Fund	(22,228,084)	17,856,601
NET INCOME	(28,042,156)	13,629,762
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND	0	2,664,064
NET INCOME AFTER PROFIT SHARE	$ (28,042,156)	$ 10,965,698
Series A [Member]
Net change in unrealized:
NET INCOME PER UNIT OUTSTANDING	$ (173.68)	$ 72.22
Series B [Member]
Net change in unrealized:
NET INCOME PER UNIT OUTSTANDING	(177.25)	106.63
Series C [Member]
Net change in unrealized:
NET INCOME PER UNIT OUTSTANDING	(180.85)	108.80
Series D [Member]
Net change in unrealized:
NET INCOME PER UNIT OUTSTANDING	$ (181.41)	$ 94.22
Millburn Multi-Markets Trading L.P. [Member]
INVESTMENT INCOME
Total investment income	$ 6,011,434	$ 12,584,791
Expenses:
Management fees (see note 4)	3,422,934	3,054,092
Brokerage commissions (allocated from the Master Fund)	8,923,504	8,522,450
Selling commissions and platform fees (see note 4)	2,731,894	3,095,156
Operating expenses (see note 5)	1,272,162	1,135,541
Custody fees and other expenses (allocated from the Master Fund)	120,360	98,119
Total expenses	16,470,854	15,905,358
Net investment loss	(10,459,420)	(3,320,567)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts	(114,346,895)	72,332,240
Foreign exchange translation	838,679	(557,191)
Net change in unrealized:
Futures and forward currency contracts	20,446,174	(15,056,938)
Foreign exchange translation	284,384	443,419
Realized	943,072	100,553
Net change in unrealized	(530,201)	598,001
Net realized and unrealized gains allocated from the Master Fund	(92,364,787)	57,860,084
NET INCOME	(102,824,207)	54,539,517
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND	622,309	9,214,564
NET INCOME AFTER PROFIT SHARE	$ (103,446,516)	$ 45,324,953

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Statements of Changes in Partners' Capital - USD ($)	General Partner [Member]	General Partner [Member] Millburn Multi-Markets Trading L.P. [Member]	Limited Partner [Member] Series A [Member]	Limited Partner [Member] Series B [Member]	Limited Partner [Member] Series C [Member]	Limited Partner [Member] Series D [Member]	Limited Partner [Member] Millburn Multi-Markets Trading L.P. [Member]	Total	Millburn Multi-Markets Trading L.P. [Member]	New Profit Memo Account [Member] Millburn Multi-Markets Trading L.P. [Member]
PARTNERS' CAPITAL at Dec. 31, 2018	$ 2,788,913	$ 939,174	$ 144,621,713	$ 9,305,965	$ 2,008,278	$ 794,737	$ 473,885,200	$ 159,519,606	$ 474,824,374
PARTNERS' CAPITAL, units at Dec. 31, 2018			121,399.2481	6,794.4628	1,437.1195	593.8529
Increase (Decrease) in Partners' Capital [Roll Forward]
Capital contributions			$ 24,245,369	$ 1,017,500	$ 3,026,843	$ 4,810,150	199,073,445	33,099,862	199,073,445
Capital contributions, units			19,958.3203	732.3428	2,063.5082	3,553.2974
Capital withdrawals		(9,224,590)	$ (11,221,354)	$ (751,777)	$ (422,678)		(88,210,421)	(12,395,809)	(97,435,011)
Capital withdrawals, units			9,208.1617	534.8900	292.7421
Transfers between Series		(4,000)		$ 21,503		$ (21,503)	4,000
Transfers between Series, units				14.5657		(15.0109)
Net income (loss)	333,682	114,217	$ 11,664,001	$ 937,753	$ 274,513	$ 419,813	54,415,274	13,629,762	54,539,517	10,026
Profit share			(2,337,488)	(187,464)	(55,149)	(83,963)		(2,664,064)
General Partner's allocation - profit share							(9,214,564)			9,214,564
Transfer of New Profit Memo Account to General Partner		9,224,590								(9,224,590)
PARTNERS' CAPITAL at Dec. 31, 2019	3,122,595	1,049,391	$ 166,972,241	$ 10,343,480	$ 4,831,807	$ 5,919,234	629,952,934	191,189,357	631,002,325
PARTNERS' CAPITAL, units at Dec. 31, 2019			132,149.4067	7,006.4813	3,207.8856	4,132.1394
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Asset Value per Unit - End of period			$ 1,263.51	$ 1,476.27	$ 1,506.23	$ 1,432.49
Capital contributions			$ 2,408,900	$ 150,000	$ 150,000	$ 11,957,000	290,299,100	14,665,900	290,299,100
Capital contributions, units			1,937.3600	120.8101	106.9465	9,137.4424
Capital withdrawals		(622,309)	$ (36,313,448)	$ (1,751,324)	$ (363,693)	$ (371,859)	(263,606,991)	(38,800,324)	(264,229,300)
Capital withdrawals, units			34,489.1253	1,406.6845	285.3659	306.1483
Transfers between Series
Net income (loss)	(319,369)	(105,076)	$ (24,522,858)	$ (1,310,973)	$ (602,925)	$ (1,286,031)	(102,719,131)	(28,042,156)	(102,824,207)
Profit share
General Partner's allocation - profit share							(622,309)			622,309
Transfer of New Profit Memo Account to General Partner		622,309								(622,309)
PARTNERS' CAPITAL at Dec. 31, 2020	$ 2,803,226	$ 944,315	$ 108,544,835	$ 7,431,183	$ 4,015,189	$ 16,218,344	$ 553,303,603	$ 139,012,777	$ 554,247,918
PARTNERS' CAPITAL, units at Dec. 31, 2020			99,597.6414	5,720.6069	3,029.4662	12,963.4335
Increase (Decrease) in Partners' Capital [Roll Forward]
Net Asset Value per Unit - End of period			$ 1,089.83	$ 1,299.02	$ 1,325.38	$ 1,251.08

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Statements of Financial Highlights - $ / shares		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Series A [Member] | Limited Partner [Member]
NET ASSET VALUE PER UNIT - Beginning of period		$ 1,263.51	$ 1,191.29
Net investment loss	[1]	(42.52)	(32.83)
Total trading and investing gains	[1]	(131.16)	123.69
Net income before profit share allocation from the Master Fund		(173.68)	90.86
Less profit share allocation from the Master Fund		0.00	18.64	[1],[2]
Net income after profit share allocation from the Master Fund		(173.68)	72.22
NET ASSET VALUE PER UNIT - End of year		$ 1,089.83	$ 1,263.51
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(13.75%)	7.59%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND		0.00%	1.53%
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(13.75%)	6.06%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses	[3]	4.89%	4.91%
Profit share allocation from Master Fund		0.00%	1.53%	[2]
Total expenses		4.89%	6.44%
Net investment loss	[3],[4]	(3.96%)	(2.70%)
Series B [Member] | Limited Partner [Member]
NET ASSET VALUE PER UNIT - Beginning of period		$ 1,476.27	$ 1,369.64
Net investment loss	[1]	(25.17)	(9.75)
Total trading and investing gains	[1]	(152.08)	143.00
Net income before profit share allocation from the Master Fund		(177.25)	133.25
Less profit share allocation from the Master Fund		0.00	26.62	[1],[2]
Net income after profit share allocation from the Master Fund		(177.25)	106.63
NET ASSET VALUE PER UNIT - End of year		$ 1,299.02	$ 1,476.27
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(12.01%)	9.68%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND		0.00%	1.89%
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(12.01%)	7.79%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses	[3]	2.89%	2.90%
Profit share allocation from Master Fund		0.00%	1.89%	[2]
Total expenses		2.89%	4.79%
Net investment loss	[3],[4]	(1.99%)	(0.69%)
Series C [Member] | Limited Partner [Member]
NET ASSET VALUE PER UNIT - Beginning of period		$ 1,506.23	$ 1,397.43
Net investment loss	[1]	(26.03)	(10.55)
Total trading and investing gains	[1]	(154.82)	147.07
Net income before profit share allocation from the Master Fund		(180.85)	136.52
Less profit share allocation from the Master Fund		0.00	27.72	[1],[2]
Net income after profit share allocation from the Master Fund		(180.85)	108.80
NET ASSET VALUE PER UNIT - End of year		$ 1,325.38	$ 1,506.23
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(12.01%)	9.71%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND		0.00%	1.92%
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(12.01%)	7.79%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses	[3]	2.89%	2.92%
Profit share allocation from Master Fund		0.00%	1.92%	[2]
Total expenses		2.89%	4.84%
Net investment loss	[3],[4]	(2.02%)	(0.73%)
Series D [Member] | Limited Partner [Member]
NET ASSET VALUE PER UNIT - Beginning of period		$ 1,432.49	$ 1,338.27
Net investment loss	[1]	(34.83)	(20.62)
Total trading and investing gains	[1]	(146.58)	144.52
Net income before profit share allocation from the Master Fund		(181.41)	123.90
Less profit share allocation from the Master Fund		0.00	29.68	[1],[2]
Net income after profit share allocation from the Master Fund		(181.41)	94.22
NET ASSET VALUE PER UNIT - End of year		$ 1,251.08	$ 1,432.49
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(12.66%)	9.19%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND		0.00%	2.15%
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(12.66%)	7.04%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses	[3]	3.64%	3.67%
Profit share allocation from Master Fund		0.00%	2.15%	[2]
Total expenses		3.64%	5.82%
Net investment loss	[3],[4]	(2.89%)	(1.50%)
Millburn Multi-Markets Trading L.P. [Member] | Limited Partner [Member]
Total return before General Partner profit share allocation		(11.80%)	9.92%
Less: General Partner profit share allocation		0.00%	1.94%
Total return after General Partner profit share allocation		(11.80%)	7.98%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses	[5],[6]	2.64%	2.68%
General Partner profit share allocation	[7]	0.00%	1.94%
Total expenses	[6]	2.64%	4.62%
Net investment loss	[5],[6]	(1.76%)	(0.48%)
Millburn Multi-Markets Trading L.P. [Member] | Tracking Partner [Member]
Total return before General Partner profit share allocation		(10.95%)	9.81%
Less: General Partner profit share allocation		0.09%	1.62%
Total return after General Partner profit share allocation		(11.04%)	8.19%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses	[5],[6]	2.47%	2.79%
General Partner profit share allocation		0.09%	1.62%
Total expenses	[6]	2.56%	4.41%
Net investment loss	[5],[6]	(1.56%)	(0.58%)

[1] The net investment loss 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 year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

[2] 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.

[3] Includes the Partnership's proportionate share of income and expense allocated from the Master Fund.

[4] Excludes profit share allocation from the Master Fund.

[5] Excludes General Partner profit share allocation.

[6] Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).

[7] In instances of 0.00, value is less than 0.01 when rounded to two decimal places.

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Organization

12 Months Ended

Dec. 31, 2020

ORGANIZATION

1. ORGANIZATION

Millburn Multi-Markets Fund L.P. (the “Partnership”) is a limited partnership organized on September 8, 2008, under the Delaware Revised Uniform Limited Partnership Act and commenced operations on August 1, 2009. The Limited Partnership Agreement (the “Agreement”) was amended and restated as of August 27, 2010.

The Partnership is a “feeder-fund” and pools partners’ capital contributions for investment in Millburn Multi-Markets Trading L.P. (“Master Fund”). The Master Fund is a limited partnership organized during September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Master Fund engages in the trading and investing in futures and forward currency contracts. Millburn Ridgefield Corporation (the “General Partner”) is the General Partner of the Partnership and the Master Fund (collectively, the “Funds”) and manages the business of the Funds. The financial statements of the Master Fund, including the Condensed Schedules of Investments, are included in Section II of this annual report and should be read in conjunction with the Partnership’s financial statements.

The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units. On November 1, 2017, the Partnership offered Series D (collectively, the “Series”) and may offer additional series in the future. A Limited Partner may redeem some or all of its Units as of the end of any month on 15 days’ prior written notice.

Millburn Multi-Markets Trading L.P. [Member]

ORGANIZATION

1. ORGANIZATION

Millburn Multi-Markets Trading L.P. (the “Partnership”) is a limited partnership organized in September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Partnership engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”), and Millburn Multi-Markets Fund L.P., a Delaware limited partnership (the “U.S. Feeder”). The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. The Cayman Feeder and U.S. Feeder commenced operations on July 1, 2008, and August 1, 2009, respectively. All feeder fees and expenses will be charged at the master level. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (“U.S.”) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

The Limited Partnership Agreement (the “Agreement”) provides that subject to certain limitations, Millburn Ridgefield Corporation (the “General Partner”) shall conduct and manage the business of the Partnership. The General Partner has the right to make all investment decisions regarding the Partnership, authorize the payments of distributions to partners, enter into customer agreements with brokers and take such other actions, as it deems necessary or desirable, to manage the business of the Partnership.

The limited partners, special limited partners, New Profit Memo Account (Note 4) and the General Partner share in the profits and losses of the Partnership which are determined before management fees, selling commissions (Note 2) and profit share allocations on the basis of their proportionate interests of Partnership capital (Note 4). The General Partner and special limited partners are charged none or lower management fees than limited partners in accordance with the Agreement. No limited partner or special limited partner shall be liable for Partnership obligations in excess of their capital contribution plus profits allocated to their capital accounts, if any.

Subject to certain conditions, a partner has the right to redeem all or a portion of its partnership capital as of any month-end upon fifteen days’ prior written notice to the General Partner. In its sole discretion, the General Partner may permit redemptions on shorter notice or as of a date other than month-end. Redemptions will be made as of the last day of the month for an amount equal to the Net Asset Value of the portion of a partner’s capital being redeemed. A redeeming partner shall receive such redeemed capital less the redemption fee, if any.

The General Partner, subject to Commodity Futures Trading Commission requirements, may, at its discretion, sell additional limited partnership interests to investors desiring to become limited partners.

The Partnership will dissolve in the event of certain conditions set forth in the Agreement.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States (“U.S.”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”).

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

Investment — The investment in the Master Fund is reported at fair value in the Partnership’s Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund’s valuation policies and reported at the time of the Partnership’s valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial statements included in Section II of this annual report.

Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership’s income and expenses.

The Income Taxes topic 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, 2017 to 2020, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.

Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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.

Estimates — The preparation of financial statements in conformity with U.S. GAAP 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.

Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership’s underlying investments held within the Master Fund are included in the attached Master Fund’s financial statements.

Millburn Multi-Markets Trading L.P. [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation.

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

Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers.

Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations.

Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership’s trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A.

Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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.

Foreign Currency Cash — Includes foreign currency cash held at the Partnership’s trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition.

Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. dollars at the exchange rate prevailing when such transactions occurred.

Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2020 and 2019 were as follows:

	Management Fees
	2020		2019
US Feeder	$	3,148,410	$	3,415,443
Cayman Feeder		5,609,122		4,977,566
Other (1)		165,972		129,441
Total	$	8,923,504	$	8,522,450

⁽¹⁾ Direct investors in the Partnership

Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2% per annum. These selling commissions are charged at the Partnership level but are allocated only to the applicable U.S. Feeder investors. On March 1, 2012, the Cayman Feeder began offering shares that are subject to selling commissions of 2% per annum. For the years ended December 31, 2020 and 2019, selling commissions were as follows:

	Selling Commissions
	2020		2019
U.S. Feeder	$	2,707,949	$	3,083,970
Cayman Feeder		23,945		11,186
Total	$	2,731,894	$	3,095,156

Operating Expenses — The Partnership 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 Partners’ Capital of the Partnership (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level and the Administration Fee due to the General Partner. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary expenses.

The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the years ended December 31, 2020 and 2019, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.

Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors.

For the year ended December 31, 2020 and 2019, operating expenses were as follows:

	Operating Expenses
	2020		2019
Partnership	$	732,611	$	648,908
U.S. Feeder		386,250		378,968
Cayman Feeder		153,301		107,665
Total	$	1,272,162	$	1,135,541

Income Taxes — The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Partnership’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes.

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, 2017 to 2020, the General Partner has determined that no reserves for uncertain tax positions were required.

Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition.

Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities which qualify as financial instruments under the Fair Value Measurements and Disclosures topic of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of 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;

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

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

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

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

OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. 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 years ended December 31, 2020 and 2019, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2020 and 2019 in valuing the Partnership’s investments at fair value. At December 31, 2020 and 2019, the Partnership held no assets or liabilities classified in Level 3.

Financial assets and liabilities at fair value as of December 31, 2020

	Level 1			Level 2		Total
U.S. Treasury notes (1)	$	500,015,300		$	-	$	500,015,300
Short-Term Money Market Fund*		42,248,650			-		42,248,650
Exchange-traded futures contracts
Energies		1,411,245			-		1,411,245
Grains		2,970,371			-		2,970,371
Interest rates		2,061,873			-		2,061,873
Livestock		(12,760	)		-		(12,760	)
Metals		5,115,659			-		5,115,659
Softs		230,325			-		230,325
Stock indices		5,340,762			-		5,340,762
Total exchange-traded futures contracts		17,117,475			-		17,117,475
Over-the-counter forward currency contracts		-			2,940,758		2,940,758
Total futures and forward currency contracts (2)		17,117,475			2,940,758		20,058,233
Total financial assets and liabilities at fair value	$	559,381,425		$	2,940,758	$	562,322,183
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral						$	91,539,195
Investments in U.S. Treasury notes							408,476,105
Total investments in U.S. Treasury notes						$	500,015,300
(2)
Net unrealized appreciation on open futures and forward currency contracts						$	20,183,485
Net unrealized depreciation on open futures and forward currency contracts							(125,252	)
Total net unrealized appreciation on open futures and forward currency contracts						$	20,058,233

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

Financial assets and liabilities at fair value as of December 31, 2019

	Level 1			Level 2			Total
U.S. Treasury notes (1)	$	540,523,554		$	-		$	540,523,554
Short-Term Money Market Fund*		53,739,414			-			53,739,414
Exchange-traded futures contracts
Energies		1,488,216			-			1,488,216
Grains		(956,377	)		-			(956,377	)
Interest rates		1,988,070			-			1,988,070
Livestock		(560	)		-			(560	)
Metals		1,418,636			-			1,418,636
Softs		(11,671	)		-			(11,671	)
Stock indices		1,504,174			-			1,504,174
Total exchange-traded futures contracts		5,430,488			-			5,430,488
Over-the-counter forward currency contracts		-			(5,818,429	)		(5,818,429	)
Total futures and forward currency contracts (2)		5,430,488			(5,818,429	)		(387,941	)
Total financial assets and liabilities at fair value	$	599,693,456		$	(5,818,429	)	$	593,875,027
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral							$	99,835,520
Investments in U.S. Treasury notes								440,688,034
Total investments in U.S. Treasury notes							$	540,523,554
(2)
Net unrealized appreciation on open futures and forward currency contracts							$	5,430,488
Net unrealized depreciation on open futures and forward currency contracts								(5,818,429	)
Total net unrealized depreciation on open futures and forward currency contracts							$	(387,941	)

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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Investment/Investors in millburn multi-markets trading L.P

12 Months Ended

Dec. 31, 2020

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

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

During the years ended December 31, 2020 and 2019, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2020 and 2019, the Partnership’s investment in the Master Fund represents 25.08% and 30.30%, respectively, of total partners’ capital of the Master Fund.

As the Partnership’s sole investing activity during the years ended December 31, 2020 and 2019 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership’s allocated amount of each item of income and expense from the Master Fund.

The Partnership may make additional contributions to or redemptions from its investment in the Master Fund on a monthly basis subject to approval of the General Partner of the Master Fund.

The General Partner of the Master Fund may have different management fee and profit share allocation agreements for the limited partners of the Partnership as disclosed in the Master Fund’s financial statements included in Section II of this annual report.

Millburn Multi-Markets Trading L.P. [Member]

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

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

The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. For the years ended December 31, 2020 and 2019, respective ownership percentages of the Partnership are detailed below:

	2020			2019
U.S. Feeder		25.08	%		30.30	%
Cayman Feeder		65.81			60.29
Total		90.89	%		90.59	%

The remaining interests are held by direct investors in the Partnership.

The capital withdrawals payable at December 31, 2020 and 2019 were $54,219,673 and $9,961,404, respectively, detailed below.

	2020		2019
Direct investors (1)	$	990,861	$	9,224,590
U.S. Feeder		2,272,143		736,814
Cayman Feeder		50,956,669		-
Total	$	54,219,673	$	9,961,404

⁽¹⁾ Includes profit share to the General Partner of $622,309 and a limited partner redemption of $368,552, totaling $990,861 at December 31, 2020. Includes profit share to the General Partner of $9,224,590 at December 31, 2019.

During February 2020, the Cayman Feeder created a new GBP share class. As the Cayman Feeder determines its net asset value in U.S. dollars and the GBP share class’s functional currency is British Pound Sterling, an investment in the GBP share class involves exchange-rate risk. It’s the Master Fund’s general practice to enter into a one-month forward currency contract at the beginning of each month for the purpose of hedging the GBP share class’ beginning of month exposure to U.S. dollars. Hedging the Cayman Feeder’s GBP share class exposure to U.S. dollars takes place at the Master Fund level. In the event of mid-month investor subscriptions or redemptions, the Master Fund may increase or decrease its hedge by entering into one or more additional forward currency contracts. The Master Fund may or may not adjust the hedge during a month for profits and losses. All gains and losses and all expenses of such currency hedging will be allocated at the Master Fund level to the Class GBP Shares.

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Management Fees, Selling Commissions, Platform Fees And Profit Share

12 Months Ended

Dec. 31, 2020

Management Fees, Selling Commissions, Platform Fees And Profit Share [Abstract]

Management Fees, Selling Commissions, Platform Fees And Profit Share

4. MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE

Each Series of Units are allocated management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of a limited partner’s interest and a 20% profit share. Such management fees and profit share are allocated to the limited partners of the Partnership but charged at the Master Fund level. For the years ended December 31, 2020 and 2019, the Partnership incurred Partnership-level management fees of $3,148,410 and $3,415,443, respectively. These amounts are included in the Statements of Operations under “Management fees.” The management fee and profit share are described in more detail in the Master Fund’s financial statements included in Section II of this annual report.

The original terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to a platform fee of 1/12 of 0.25% (0.25% per annum) based on the month end net asset value of such Series investment and are for those investors participating in asset-based or fixed fee registered investment adviser (“RIA”) platforms; and 3) Series C Units which are subject to the management fees and profit share allocable to the General Partner and are for those investors participating in asset-based or fixed fee RIA platforms not subject to the Platform Fee.

The amended terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units and Series C Units, each have the same terms, are subject to management fees and profit share allocable to the General Partner and are not subject to any fees payable to Selling Agents; and 3) Series D Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 0.75% (0.75% per annum) based on the month-end Net Asset Value of such Series investment. For the years ended December 31, 2020 and 2019, there were no Platform Fees. Selling Commissions were as follows:

	Selling Commissions
	2020		2019
Series A Units	$	2,604,190	$	3,054,665
Series D Units		103,759		29,305
	$	2,707,949	$	3,083,970

Amounts were charged at the Master Fund level and allocated to applicable Partnership investors only. No amounts were allocated to Series B and Series C Units.

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Operating Expenses

12 Months Ended

Dec. 31, 2020

Operating Expenses [Abstract]

OPERATING EXPENSES

5. OPERATING EXPENSES

Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its 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 net asset value. For the years ended December 31, 2020 and 2019, the Partnership incurred Partnership-level administrative and operating expenses of $386,250 and $378,968, respectively. These amounts are included in the Statements of Operations under “Operating expenses.”

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Derivative Instruments

12 Months Ended

Dec. 31, 2020

DERIVATIVE INSTRUMENTS

6. DERIVATIVE INSTRUMENTS

The Partnership’s investment in the Master Fund is subject to the market and credit risk of financial instruments which include exchange-traded futures contracts and over-the-counter forward currency contracts. The Partnership bears the risk of loss only to the extent of the fair value of its investment in the Master Fund.

Millburn Ridgefield Corporation, as the General Partner of the Funds, has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will, in fact, succeed in doing so. The limited partners bear the risk of loss only to the extent of the fair value of their respective investments.

Millburn Multi-Markets Trading L.P. [Member]

DERIVATIVE INSTRUMENTS

7. DERIVATIVE INSTRUMENTS

The Partnership is party to derivative financial instruments in the normal course of its business. These financial instruments include futures and forward currency contracts which may be traded on an exchange or OTC.

The Partnership records its derivative activities on a mark-to-market basis as described in Note 2. For OTC contracts, the Partnership enters into master netting agreements with its counterparties. Therefore, assets represent the Partnership’s unrealized gains, less unrealized losses for OTC contracts in which the Partnership has a master netting agreement. Similarly, liabilities represent net amounts owed to counterparties on OTC contracts.

Futures contracts are agreements to buy or sell an underlying asset or index for a set price in the future. Initial margin deposits are made upon entering into futures contracts and can be either in cash or treasury securities. Open futures contracts are revalued on a daily basis to reflect the market value of the contracts at the end of each trading day. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. The Partnership bears the market risk that arises from changes in the value of these financial instruments.

Forward currency contracts entered into by the Partnership represent a firm commitment to buy or sell an underlying currency at a specified value and point in time based upon an agreed or contracted quantity. The ultimate gain or loss is equal to the difference between the value of the contract at the onset and the value of the contract at settlement date.

Each of these financial instruments is subject to various risks similar to those related to the underlying financial instruments including market risk, credit risk, concentration risk and sovereign risk.

Market risk is the potential change in the value of the instruments traded by the Partnership due to market changes including interest and foreign exchange rate movements and fluctuations in futures or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward currency contracts and the Partnership’s satisfaction of its obligations related to such market value changes may exceed the amount recognized in the Statements of Financial Condition.

Since the mid-1990s, the world has seen a number of outbreaks of new viral illnesses of varying severity, including avian flus, Severe Acute Respiratory Syndrome (SARS), Middle East Respiratory Syndrome (MERS), the H1N1 Flu (Swine Flu), and COVID-19 caused by the novel Coronavirus known as SARS–CoV-2. The responses to these outbreaks have varied as has their impact on human health, local economies and the global economy, and it is impossible at the outset of any such outbreak to estimate accurately what the ultimate impact of any such outbreak will be. Protective measures taken by governments and the private sector, including the General Partner, to mitigate the spread of any such illness, including travel restrictions and outright bans, mandatory business closures, quarantines, and work-from-home arrangements, may lead to, or may be expected to lead to, wide spread economic damage, resulting in severe disruptions in the markets in which the Partnership trades and, potentially, adversely affecting the Partnership’s profit potential; and the spread of any such illness within the offices of the General Partner, the Partnership’s service providers, and/or the exchanges and other components of market infrastructure could severely impair the operational capabilities of the General Partner, the Partnership’s service providers or various markets themselves resulting in harm to the Partnership’s business and its operating results.

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 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. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership’s risk of loss due to counterparty nonperformance. The Partnership’s exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $47,021,416 and $55,480,494 at December 31, 2020 and 2019, respectively.

The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will in fact succeed in doing so. The General Partner’s market risk control procedures include diversification of the Partnership’s portfolio and continuously monitoring the portfolio’s open positions, historical volatility and maximum historical loss. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and brokers which the General Partner believes to be creditworthy. The Partnership’s trading activities are primarily with brokers and other financial institutions located in North America, Europe and Asia. All futures transactions of the Partnership are cleared by major securities firms, pursuant to customer agreements, including Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), Goldman Sachs & Co., and BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc), collectively the “Futures Clearing Brokers”. The Partnership ceased clearing trades through SG Americas Securities, LLC. during November 2020. For all forward currency transactions, the Partnership utilizes two prime brokers, Deutsche Bank AG, and Bank of America, N.A.

The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership’s functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2020 and 2019, by settlement currency type, denominated in U.S. Dollars, is detailed below:

	As of December 31,
	2020						2019
	Total Net						Total Net
	Unrealized						Unrealized
	Appreciation			Percent			Appreciation			Percent
Currency Type	(Depreciation)			of Total			(Depreciation)			of Total
Australian dollar	$	114,388			0.57	%	$	113,405			(29.23	)%
Brazilian real		15,123			0.08			20			(0.01	)
British pound		575,236			2.87			(137,801	)		35.52
Canadian dollar		266,411			1.33			182,285			(46.99	)
Euro		353,192			1.76			1,775,867			(457.77	)
Hong Kong dollar		1,924,362			9.59			162,175			(41.80	)
Japanese yen		(11,111	)		(0.06	)		(885,850	)		228.35
Korean won		-			-			765,900			(197.43	)
Malaysian ringgit		(3,157	)		(0.02	)		(29,911	)		7.71
Norwegian krone		172,312			0.86			(423,000	)		109.04
Polish zloty		35,226			0.18			264,515			(68.18	)
Singapore dollar		14,315			0.07			2,740			(0.71	)
South African rand		(3,522	)		(0.02	)		87,305			(22.50	)
Swedish krona		(228,598	)		(1.14	)		112,125			(28.90	)
Taiwan dollar		23,145			0.12			(4,145	)		1.07
Thai baht		(5,437	)		(0.03	)		(3,188	)		0.82
U.S. dollar		16,816,348			83.84			(2,370,383	)		611.01
Total	$	20,058,233			100.00	%	$	(387,941	)		100.00	%

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

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

The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2020 and 2019, by market sector:

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

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

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

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

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

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

The Derivatives and Hedging topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair value of futures and forward currency contracts are first netted by the broker as discussed in Note 2. Futures and forward currency contracts in a net asset or liability position are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts” or “Net unrealized depreciation on open futures and forward currency contracts,” respectively. The Partnership’s policy regarding fair value measurement is discussed in Note 2.

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

The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2020 and 2019. Fair value, below, is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

Fair Value of Futures and Forward Currency Contracts at December 31, 2020

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	951,320	$	(131,565	)	$	854,540	$	(263,050	)	$	1,411,245
Grains		3,318,296		(300	)		-		(347,625	)		2,970,371
Interest rates		2,550,872		(463,081	)		-		(25,918	)		2,061,873
Livestock		-		-			1,910		(14,670	)		(12,760	)
Metals		7,202,141		(949,128	)		737,287		(1,874,641	)		5,115,659
Softs		346,947		(952	)		2,090		(117,760	)		230,325
Stock indices		5,173,445		(605,768	)		795,375		(22,290	)		5,340,762
Total futures contracts		19,543,021		(2,150,794	)		2,391,202		(2,665,954	)		17,117,475
Forward currency contracts		14,163,798		(2,977,096	)		3,203,228		(11,449,172	)		2,940,758
Total futures and forward currency contracts	$	33,706,819	$	(5,127,890	)	$	5,594,430	$	(14,115,126	)	$	20,058,233

Fair Value of Futures and Forward Currency Contracts at December 31, 2019

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	1,656,534	$	(615,478	)	$	454,900	$	(7,740	)	$	1,488,216
Grains		108,438		(11,390	)		27,625		(1,081,050	)		(956,377	)
Interest rates		100,513		(362,761	)		2,831,719		(581,401	)		1,988,070
Livestock		220		(780	)		-		-			(560	)
Metals		3,111,912		(1,261,081	)		1,384,686		(1,816,881	)		1,418,636
Softs		85,545		(7,010	)		51,203		(141,409	)		(11,671	)
Stock indices		1,842,192		(1,507,335	)		1,346,994		(177,677	)		1,504,174
Total futures contracts		6,905,354		(3,765,835	)		6,097,127		(3,806,158	)		5,430,488
Forward currency contracts		16,640,916		(2,649,519	)		2,433,081		(22,242,907	)		(5,818,429	)
Total futures and forward currency contracts	$	23,546,270	$	(6,415,354	)	$	8,530,208	$	(26,049,065	)	$	(387,941	)

The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2020 and 2019 as “Net realized gains 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 years ended December 31, 2020 and 2019

Sector	2020			2019
Futures contracts:
Energies	$	19,671,270		$	(18,872,478	)
Grains		6,792,979			5,709,589
Interest rates		(31,940,798	)		38,105,109
Livestock		1,908,210			(130,000	)
Metals		3,326,401			(689,005	)
Softs		(2,098,002	)		(2,319,947	)
Stock indices		(120,979,734	)		50,352,316
Total futures contracts		(123,319,674	)		72,155,584
Forward currency contracts		29,418,953			(14,880,282	)
Total futures and forward currency contracts	$	(93,900,721	)	$	57,275,302

For the years ended December 31, 2020 and 2019, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:

	2020		2019
Average bought		103,440		87,028
Average sold		100,852		88,251
Average notional	$	7,540,000,000	$	9,596,000,000

The Customer Agreement between the Partnership, the Futures Clearing Brokers and the FX Prime Brokers gives the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” were met.

The following tables summarize the valuation of the Partnership’s investments as of December 31, 2020 and 2019.

Offsetting of derivative assets and liabilities at December 31, 2020

						Net amounts of
			Gross amounts offset in the			assets presented in the
	Gross amounts of		Statement of			Statement of
Assets	recognized assets		Financial Condition			Financial Condition
Futures contracts
Counterparty C	$	7,424,604	$	(845,191	)	$	6,579,413
Counterparty J		2,079,575		(195,917	)		1,883,658
Counterparty L		12,430,044		(3,775,640	)		8,654,404
Total futures contracts		21,934,223		(4,816,748	)		17,117,475
Forward currency contracts
Counterparty G		8,394,326		(5,328,316	)		3,066,010
Total assets	$	30,328,549	$	(10,145,064	)	$	20,183,485

						Net amounts of
			Gross amounts offset in the			liabilities presented in the
	Gross amounts of		Statement of			Statement of
Liabilities	recognized liabilities		Financial Condition			Financial Condition
Forward currency contracts
Counterparty K	$	9,097,952	$	(8,972,700	)	$	125,252
Total liabilities	$	9,097,952	$	(8,972,700	)	$	125,252

(Continued)

	Net amounts of
	Assets presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Received(1)(2)			Net Amount(3)
Counterparty C	$	6,579,413	$	-	$	(6,579,413	)	$	-
Counterparty J		1,883,658		-		(1,883,658	)		-
Counterparty L		8,654,404		-		(8,654,404	)		-
Counterparty G		3,066,010		-		-			3,066,010
Total	$	20,183,485	$	-	$	(17,117,475	)	$	3,066,010

	Net amounts of
	Liabilities presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Pledged(1)(2)			Net Amount(4)
Counterparty K	$	125,252		-	$	(125,252	)		-
Total	$	125,252	$	-	$	(125,252	)		-

⁽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 Statement of Financial Condition, for each respective counterparty.

⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2020.

⁽⁴⁾ Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2020.

(Concluded)

Offsetting of derivative assets and liabilities at December 31, 2019

						Net amounts of
			Gross amounts offset in the			assets presented in the
	Gross amounts of		Statement of			Statement of
Assets	recognized assets		Financial Condition			Financial Condition
Futures contracts
Counterparty C	$	3,717,018	$	(1,875,962	)	$	1,841,056
Counterparty I		8,233,113		(4,958,504	)		3,274,609
Counterparty J		1,052,350		(737,527	)		314,823
Total assets	$	13,002,481	$	(7,571,993	)	$	5,430,488

						Net amounts of
			Gross amounts offset in the			liabilities presented in the
	Gross amounts of		Statement of			Statement of
Liabilities	recognized liabilities		Financial Condition			Financial Condition
Forward currency contracts
Counterparty G	$	13,703,550	$	(9,104,039	)	$	4,599,511
Counterparty K		11,188,876		(9,969,958	)		1,218,918
Total liabilities	$	24,892,426	$	(19,073,997	)	$	5,818,429

(Continued)

	Net amounts of
	Assets presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Received(1)(2)			Net Amount(3)
Counterparty C	$	1,841,056	$	-	$	(1,841,056	)	$	-
Counterparty I		3,274,609		-		(3,274,609	)		-
Counterparty J		314,823		-		(314,823	)		-
Total	$	5,430,488	$	-	$	(5,430,488	)	$	-

	Net amounts of
	Liabilities presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Pledged(1)(2)			Net Amount(4)
Counterparty G	$	4,599,511	$	-	$	(4,599,511	)	$	-
Counterparty K		1,218,918		-		(1,218,918	)		-
Total	$	5,818,429	$	-	$	(5,818,429	)	$	-

⁽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 Statement of Financial Condition, for each respective counterparty.

⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019.

⁽⁴⁾ Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019.

(Concluded)

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Indemnifications

12 Months Ended

Dec. 31, 2020

Indemnifications [Abstract]

INDEMNIFICATIONS

7. INDEMNIFICATIONS

In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.

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Administrator Agreement

12 Months Ended

Dec. 31, 2020

ADMINISTRATOR AGREEMENT

8. ADMINISTRATOR AGREEMENT

The Partnership and the Master Fund (collectively, the “Funds”) have engaged SS&C (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and calculation of the Funds’ Net Asset Value.

Millburn Multi-Markets Trading L.P. [Member]

ADMINISTRATOR AGREEMENT

3. ADMINISTRATOR AGREEMENT

The Partnership, U.S. Feeder, and Cayman Feeder (collectively, the “Funds”) have engaged SS&C (USA) Inc. (the “Administrator”) to provide certain administrative services for the Funds, including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds’ net asset value.

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Profit Share Allocation

12 Months Ended

Dec. 31, 2020

Millburn Multi-Markets Trading L.P. [Member]

PROFIT SHARE ALLOCATION

4. PROFIT SHARE ALLOCATION

The General Partner’s profit share equal to between 0% and 30% of Trading Profits at the end of each year is charged to the limited partners’ capital accounts. New Trading Profits include realized and unrealized trading profits (losses), interest income, brokerage fees, trading-related expenses and administrative expenses. For limited partners’ withdrawals during the year, the profit share calculation shall be computed as though the withdrawal date was at year-end. Profit share attributable to interests redeemed during a year is tentatively credited to an account maintained for bookkeeping purposes called the New Profit Memo Account. Because limited partners may purchase their partnership interests at different times, they may recognize different amounts of Trading Profits. Each limited partner pays a profit share only on Trading Profits applicable to its partnership interest. Profit share will be determined based on the Trading Profits of each limited partners’ investment in the Partnership as a whole rather than on the Trading Profits of each capital contribution made by a limited partner.

Any profit share charged is added to the General Partner’s capital account to the extent that net taxable capital gains are allocated to the General Partner and the remainder, if any, of such profit share is added to the New Profit Memo Account. The General Partner may not make any withdrawal from the balance in the New Profit Memo Account. If, at the end of a subsequent year, net taxable gains are allocated to the General Partner in excess of such year’s profit share, a corresponding amount is transferred from the New Profit Memo Account to the General Partner’s capital account.

Profit share allocation for the years ended December 31, 2020 and 2019 were as follows:

	Profit Share
	2020		2019
US Feeder	$	-	$	2,664,064
Cayman Feeder		505,336		6,447,171
Other (1)		116,973		103,329
Total	$	622,309	$	9,214,564

⁽¹⁾ Direct investors in the Partnership

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Due From/to Brokers

12 Months Ended

Dec. 31, 2020

Millburn Multi-Markets Trading L.P. [Member]

Due From/to Brokers

5. DUE FROM/TO BROKERS

At December 31, 2020 and 2019, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from broker balance also includes cash held as collateral at Bank of America, N.A.

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Trading Activities

12 Months Ended

Dec. 31, 2020

Millburn Multi-Markets Trading L.P. [Member]

TRADING ACTIVITIES

6. TRADING ACTIVITIES

The Partnership conducts its futures trading with various futures commission merchants (“FCMs”) on futures exchanges and its forward currency trading with various banks or dealers (“Dealers”) in the interbank markets. Substantially all assets included in the Partnership’s equity in trading accounts and certain liability accounts, as discussed below, were held as collateral by such FCMs in either U.S. regulated segregated accounts (for futures contracts traded on U.S. exchanges) or non-U.S. secured accounts (for futures contracts traded on non-U.S. exchanges) as required by U.S. Commodity Futures Trading Commission’s regulations, or held as collateral by the counterparty Dealers.

Liabilities in the Statements of Financial Condition that are components of “Total equity in trading accounts” include net unrealized depreciation on open futures and forward currency contracts, cash denominated in foreign currencies and due to brokers, if any.

The Partnership enters into contracts with various institutions that contain a variety of indemnifications. 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.

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Financial Highlights

12 Months Ended

Dec. 31, 2020

FINANCIAL HIGHLIGHTS

9. FINANCIAL HIGHLIGHTS

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. An individual partner’s returns may vary from these returns based on the timing of capital transactions.

Millburn Multi-Markets Trading L.P. [Member]

FINANCIAL HIGHLIGHTS

8. FINANCIAL HIGHLIGHTS

The ratios are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% 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 partner’s 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 2.00% (2.00% 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.

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Subsequent Events

12 Months Ended

Dec. 31, 2020

SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events through March 18, 2021, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements.

Millburn Multi-Markets Trading L.P. [Member]

SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events through March 18, 2021, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements. 

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Basis of Presentation

Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States (“U.S.”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”).

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

Investments

Investment — The investment in the Master Fund is reported at fair value in the Partnership’s Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund’s valuation policies and reported at the time of the Partnership’s valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial statements included in Section II of this annual report.

Income Taxes

Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership’s income and expenses.

The Income Taxes topic 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, 2017 to 2020, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.

Cash and Cash Equivalents

Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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.

Estimates

Estimates — The preparation of financial statements in conformity with U.S. GAAP 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.

Fair Value of Financial Instruments

Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership’s underlying investments held within the Master Fund are included in the attached Master Fund’s financial statements.

Millburn Multi-Markets Trading L.P. [Member]

Basis of Presentation

Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation.

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

Investments

Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers.

Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations.

Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership’s trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A.

Income Taxes

Income Taxes — The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Partnership’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes.

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, 2017 to 2020, the General Partner has determined that no reserves for uncertain tax positions were required.

Cash and Cash Equivalents

Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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.

Foreign Currency Cash

Foreign Currency Cash — Includes foreign currency cash held at the Partnership’s trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition.

Foreign Currency Translation

Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. dollars at the exchange rate prevailing when such transactions occurred.

Management Fees

Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2020 and 2019 were as follows:

	Management Fees
	2020		2019
US Feeder	$	3,148,410	$	3,415,443
Cayman Feeder		5,609,122		4,977,566
Other (1)		165,972		129,441
Total	$	8,923,504	$	8,522,450

⁽¹⁾ Direct investors in the Partnership

Selling Commissions

Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2% per annum. These selling commissions are charged at the Partnership level but are allocated only to the applicable U.S. Feeder investors. On March 1, 2012, the Cayman Feeder began offering shares that are subject to selling commissions of 2% per annum. For the years ended December 31, 2020 and 2019, selling commissions were as follows:

	Selling Commissions
	2020		2019
U.S. Feeder	$	2,707,949	$	3,083,970
Cayman Feeder		23,945		11,186
Total	$	2,731,894	$	3,095,156

Operating Expenses

Operating Expenses — The Partnership 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 Partners’ Capital of the Partnership (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level and the Administration Fee due to the General Partner. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary expenses.

The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the years ended December 31, 2020 and 2019, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.

Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors.

For the year ended December 31, 2020 and 2019, operating expenses were as follows:

	Operating Expenses
	2020		2019
Partnership	$	732,611	$	648,908
U.S. Feeder		386,250		378,968
Cayman Feeder		153,301		107,665
Total	$	1,272,162	$	1,135,541

Estimates

Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

Right of Offset

Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition.

Fair Value of Financial Instruments

Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities which qualify as financial instruments under the Fair Value Measurements and Disclosures topic of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of 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;

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

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

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

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

OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. 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 years ended December 31, 2020 and 2019, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2020 and 2019 in valuing the Partnership’s investments at fair value. At December 31, 2020 and 2019, the Partnership held no assets or liabilities classified in Level 3.

Financial assets and liabilities at fair value as of December 31, 2020

	Level 1			Level 2		Total
U.S. Treasury notes (1)	$	500,015,300		$	-	$	500,015,300
Short-Term Money Market Fund*		42,248,650			-		42,248,650
Exchange-traded futures contracts
Energies		1,411,245			-		1,411,245
Grains		2,970,371			-		2,970,371
Interest rates		2,061,873			-		2,061,873
Livestock		(12,760	)		-		(12,760	)
Metals		5,115,659			-		5,115,659
Softs		230,325			-		230,325
Stock indices		5,340,762			-		5,340,762
Total exchange-traded futures contracts		17,117,475			-		17,117,475
Over-the-counter forward currency contracts		-			2,940,758		2,940,758
Total futures and forward currency contracts (2)		17,117,475			2,940,758		20,058,233
Total financial assets and liabilities at fair value	$	559,381,425		$	2,940,758	$	562,322,183
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral						$	91,539,195
Investments in U.S. Treasury notes							408,476,105
Total investments in U.S. Treasury notes						$	500,015,300
(2)
Net unrealized appreciation on open futures and forward currency contracts						$	20,183,485
Net unrealized depreciation on open futures and forward currency contracts							(125,252	)
Total net unrealized appreciation on open futures and forward currency contracts						$	20,058,233

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

Financial assets and liabilities at fair value as of December 31, 2019

	Level 1			Level 2			Total
U.S. Treasury notes (1)	$	540,523,554		$	-		$	540,523,554
Short-Term Money Market Fund*		53,739,414			-			53,739,414
Exchange-traded futures contracts
Energies		1,488,216			-			1,488,216
Grains		(956,377	)		-			(956,377	)
Interest rates		1,988,070			-			1,988,070
Livestock		(560	)		-			(560	)
Metals		1,418,636			-			1,418,636
Softs		(11,671	)		-			(11,671	)
Stock indices		1,504,174			-			1,504,174
Total exchange-traded futures contracts		5,430,488			-			5,430,488
Over-the-counter forward currency contracts		-			(5,818,429	)		(5,818,429	)
Total futures and forward currency contracts (2)		5,430,488			(5,818,429	)		(387,941	)
Total financial assets and liabilities at fair value	$	599,693,456		$	(5,818,429	)	$	593,875,027
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral							$	99,835,520
Investments in U.S. Treasury notes								440,688,034
Total investments in U.S. Treasury notes							$	540,523,554
(2)
Net unrealized appreciation on open futures and forward currency contracts							$	5,430,488
Net unrealized depreciation on open futures and forward currency contracts								(5,818,429	)
Total net unrealized depreciation on open futures and forward currency contracts							$	(387,941	)

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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Summary of Significant Accounting Policies (Tables) - Millburn Multi-Markets Trading L.P. [Member]

12 Months Ended

Dec. 31, 2020

Schedule of management fees

Management fees for the years ended December 31, 2020 and 2019 were as follows:

	Management Fees
	2020		2019
US Feeder	$	3,148,410	$	3,415,443
Cayman Feeder		5,609,122		4,977,566
Other (1)		165,972		129,441
Total	$	8,923,504	$	8,522,450

⁽¹⁾ Direct investors in the Partnership

Schedule of selling commissions

For the years ended December 31, 2020 and 2019, selling commissions were as follows:

	Selling Commissions
	2020		2019
U.S. Feeder	$	2,707,949	$	3,083,970
Cayman Feeder		23,945		11,186
Total	$	2,731,894	$	3,095,156

Schedule of operating expenses

For the year ended December 31, 2020 and 2019, operating expenses were as follows:

	Operating Expenses
	2020		2019
Partnership	$	732,611	$	648,908
U.S. Feeder		386,250		378,968
Cayman Feeder		153,301		107,665
Total	$	1,272,162	$	1,135,541

Schedule of financial assets and liabilities at fair value

 Financial assets and liabilities at fair value as of December 31, 2020

	Level 1			Level 2		Total
U.S. Treasury notes (1)	$	500,015,300		$	-	$	500,015,300
Short-Term Money Market Fund*		42,248,650			-		42,248,650
Exchange-traded futures contracts
Energies		1,411,245			-		1,411,245
Grains		2,970,371			-		2,970,371
Interest rates		2,061,873			-		2,061,873
Livestock		(12,760	)		-		(12,760	)
Metals		5,115,659			-		5,115,659
Softs		230,325			-		230,325
Stock indices		5,340,762			-		5,340,762
Total exchange-traded futures contracts		17,117,475			-		17,117,475
Over-the-counter forward currency contracts		-			2,940,758		2,940,758
Total futures and forward currency contracts (2)		17,117,475			2,940,758		20,058,233
Total financial assets and liabilities at fair value	$	559,381,425		$	2,940,758	$	562,322,183
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral						$	91,539,195
Investments in U.S. Treasury notes							408,476,105
Total investments in U.S. Treasury notes						$	500,015,300
(2)
Net unrealized appreciation on open futures and forward currency contracts						$	20,183,485
Net unrealized depreciation on open futures and forward currency contracts							(125,252	)
Total net unrealized appreciation on open futures and forward currency contracts						$	20,058,233

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

Financial assets and liabilities at fair value as of December 31, 2019

	Level 1			Level 2			Total
U.S. Treasury notes (1)	$	540,523,554		$	-		$	540,523,554
Short-Term Money Market Fund*		53,739,414			-			53,739,414
Exchange-traded futures contracts
Energies		1,488,216			-			1,488,216
Grains		(956,377	)		-			(956,377	)
Interest rates		1,988,070			-			1,988,070
Livestock		(560	)		-			(560	)
Metals		1,418,636			-			1,418,636
Softs		(11,671	)		-			(11,671	)
Stock indices		1,504,174			-			1,504,174
Total exchange-traded futures contracts		5,430,488			-			5,430,488
Over-the-counter forward currency contracts		-			(5,818,429	)		(5,818,429	)
Total futures and forward currency contracts (2)		5,430,488			(5,818,429	)		(387,941	)
Total financial assets and liabilities at fair value	$	599,693,456		$	(5,818,429	)	$	593,875,027
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral							$	99,835,520
Investments in U.S. Treasury notes								440,688,034
Total investments in U.S. Treasury notes							$	540,523,554
(2)
Net unrealized appreciation on open futures and forward currency contracts							$	5,430,488
Net unrealized depreciation on open futures and forward currency contracts								(5,818,429	)
Total net unrealized depreciation on open futures and forward currency contracts							$	(387,941	)

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

XML

Investment/Investors In Millburn Multi-Markets Trading L.P (Tables) - Millburn Multi-Markets Trading L.P. [Member]

12 Months Ended

Dec. 31, 2020

Schedule of interests are held by direct investors in the Master Fund

For the years ended December 31, 2020 and 2019, respective ownership percentages of the Partnership are detailed below:

	2020			2019
U.S. Feeder		25.08	%		30.30	%
Cayman Feeder		65.81			60.29
Total		90.89	%		90.59	%

Schedule of capital withdrawals payable

The capital withdrawals payable at December 31, 2020 and 2019 were $54,219,673 and $9,961,404, respectively, detailed below.

	2020		2019
Direct investors (1)	$	990,861	$	9,224,590
U.S. Feeder		2,272,143		736,814
Cayman Feeder		50,956,669		-
Total	$	54,219,673	$	9,961,404

⁽¹⁾ Includes profit share to the General Partner of $622,309 and a limited partner redemption of $368,552, totaling $990,861 at December 31, 2020. Includes profit share to the General Partner of $9,224,590 at December 31, 2019.

XML

Management Fees, Selling Commissions, Platform Fees And Profit Share (Tables)

12 Months Ended

Dec. 31, 2020

Management Fees, Selling Commissions, Platform Fees And Profit Share [Abstract]

Schedule of selling commissions and platform fees

For the years ended December 31, 2020 and 2019, there were no Platform Fees. Selling Commissions were as follows:

	Selling Commissions
	2020		2019
Series A Units	$	2,604,190	$	3,054,665
Series D Units		103,759		29,305
	$	2,707,949	$	3,083,970

XML

Derivative Instruments (Tables) - Millburn Multi-Markets Trading L.P. [Member]

12 Months Ended

Dec. 31, 2020

Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type

Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2020 and 2019, by settlement currency type, denominated in U.S. Dollars, is detailed below:

	As of December 31,
	2020						2019
	Total Net						Total Net
	Unrealized						Unrealized
	Appreciation			Percent			Appreciation			Percent
Currency Type	(Depreciation)			of Total			(Depreciation)			of Total
Australian dollar	$	114,388			0.57	%	$	113,405			(29.23	)%
Brazilian real		15,123			0.08			20			(0.01	)
British pound		575,236			2.87			(137,801	)		35.52
Canadian dollar		266,411			1.33			182,285			(46.99	)
Euro		353,192			1.76			1,775,867			(457.77	)
Hong Kong dollar		1,924,362			9.59			162,175			(41.80	)
Japanese yen		(11,111	)		(0.06	)		(885,850	)		228.35
Korean won		-			-			765,900			(197.43	)
Malaysian ringgit		(3,157	)		(0.02	)		(29,911	)		7.71
Norwegian krone		172,312			0.86			(423,000	)		109.04
Polish zloty		35,226			0.18			264,515			(68.18	)
Singapore dollar		14,315			0.07			2,740			(0.71	)
South African rand		(3,522	)		(0.02	)		87,305			(22.50	)
Swedish krona		(228,598	)		(1.14	)		112,125			(28.90	)
Taiwan dollar		23,145			0.12			(4,145	)		1.07
Thai baht		(5,437	)		(0.03	)		(3,188	)		0.82
U.S. dollar		16,816,348			83.84			(2,370,383	)		611.01
Total	$	20,058,233			100.00	%	$	(387,941	)		100.00	%

Schedule of fair value of futures and forward currency contracts

The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2020 and 2019. Fair value, below, is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

Fair Value of Futures and Forward Currency Contracts at December 31, 2020

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	951,320	$	(131,565	)	$	854,540	$	(263,050	)	$	1,411,245
Grains		3,318,296		(300	)		-		(347,625	)		2,970,371
Interest rates		2,550,872		(463,081	)		-		(25,918	)		2,061,873
Livestock		-		-			1,910		(14,670	)		(12,760	)
Metals		7,202,141		(949,128	)		737,287		(1,874,641	)		5,115,659
Softs		346,947		(952	)		2,090		(117,760	)		230,325
Stock indices		5,173,445		(605,768	)		795,375		(22,290	)		5,340,762
Total futures contracts		19,543,021		(2,150,794	)		2,391,202		(2,665,954	)		17,117,475
Forward currency contracts		14,163,798		(2,977,096	)		3,203,228		(11,449,172	)		2,940,758
Total futures and forward currency contracts	$	33,706,819	$	(5,127,890	)	$	5,594,430	$	(14,115,126	)	$	20,058,233

Fair Value of Futures and Forward Currency Contracts at December 31, 2019

											Net Unrealized
	Fair Value - Long Positions					Fair Value - Short Positions					Gain (Loss) on
Sector	Gains		Losses			Gains		Losses			Open Positions
Futures contracts:
Energies	$	1,656,534	$	(615,478	)	$	454,900	$	(7,740	)	$	1,488,216
Grains		108,438		(11,390	)		27,625		(1,081,050	)		(956,377	)
Interest rates		100,513		(362,761	)		2,831,719		(581,401	)		1,988,070
Livestock		220		(780	)		-		-			(560	)
Metals		3,111,912		(1,261,081	)		1,384,686		(1,816,881	)		1,418,636
Softs		85,545		(7,010	)		51,203		(141,409	)		(11,671	)
Stock indices		1,842,192		(1,507,335	)		1,346,994		(177,677	)		1,504,174
Total futures contracts		6,905,354		(3,765,835	)		6,097,127		(3,806,158	)		5,430,488
Forward currency contracts		16,640,916		(2,649,519	)		2,433,081		(22,242,907	)		(5,818,429	)
Total futures and forward currency contracts	$	23,546,270	$	(6,415,354	)	$	8,530,208	$	(26,049,065	)	$	(387,941	)

Schedule of trading gains (losses) of futures and forward currency contracts

The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2020 and 2019 as “Net realized gains 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 years ended December 31, 2020 and 2019

Sector	2020			2019
Futures contracts:
Energies	$	19,671,270		$	(18,872,478	)
Grains		6,792,979			5,709,589
Interest rates		(31,940,798	)		38,105,109
Livestock		1,908,210			(130,000	)
Metals		3,326,401			(689,005	)
Softs		(2,098,002	)		(2,319,947	)
Stock indices		(120,979,734	)		50,352,316
Total futures contracts		(123,319,674	)		72,155,584
Forward currency contracts		29,418,953			(14,880,282	)
Total futures and forward currency contracts	$	(93,900,721	)	$	57,275,302

Schedule of monthly average future and forward currency contracts

For the years ended December 31, 2020 and 2019, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:

	2020		2019
Average bought		103,440		87,028
Average sold		100,852		88,251
Average notional	$	7,540,000,000	$	9,596,000,000

Schedule of offsetting Derivative Assets And Liabilities

The following tables summarize the valuation of the Partnership’s investments as of December 31, 2020 and 2019.

Offsetting of derivative assets and liabilities at December 31, 2020

						Net amounts of
			Gross amounts offset in the			assets presented in the
	Gross amounts of		Statement of			Statement of
Assets	recognized assets		Financial Condition			Financial Condition
Futures contracts
Counterparty C	$	7,424,604	$	(845,191	)	$	6,579,413
Counterparty J		2,079,575		(195,917	)		1,883,658
Counterparty L		12,430,044		(3,775,640	)		8,654,404
Total futures contracts		21,934,223		(4,816,748	)		17,117,475
Forward currency contracts
Counterparty G		8,394,326		(5,328,316	)		3,066,010
Total assets	$	30,328,549	$	(10,145,064	)	$	20,183,485

						Net amounts of
			Gross amounts offset in the			liabilities presented in the
	Gross amounts of		Statement of			Statement of
Liabilities	recognized liabilities		Financial Condition			Financial Condition
Forward currency contracts
Counterparty K	$	9,097,952	$	(8,972,700	)	$	125,252
Total liabilities	$	9,097,952	$	(8,972,700	)	$	125,252

(Continued)

	Net amounts of
	Assets presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Received(1)(2)			Net Amount(3)
Counterparty C	$	6,579,413	$	-	$	(6,579,413	)	$	-
Counterparty J		1,883,658		-		(1,883,658	)		-
Counterparty L		8,654,404		-		(8,654,404	)		-
Counterparty G		3,066,010		-		-			3,066,010
Total	$	20,183,485	$	-	$	(17,117,475	)	$	3,066,010

	Net amounts of
	Liabilities presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Pledged(1)(2)			Net Amount(4)
Counterparty K	$	125,252		-	$	(125,252	)		-
Total	$	125,252	$	-	$	(125,252	)		-

⁽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 Statement of Financial Condition, for each respective counterparty.

⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2020.

⁽⁴⁾ Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2020.

(Concluded)

Offsetting of derivative assets and liabilities at December 31, 2019

						Net amounts of
			Gross amounts offset in the			assets presented in the
	Gross amounts of		Statement of			Statement of
Assets	recognized assets		Financial Condition			Financial Condition
Futures contracts
Counterparty C	$	3,717,018	$	(1,875,962	)	$	1,841,056
Counterparty I		8,233,113		(4,958,504	)		3,274,609
Counterparty J		1,052,350		(737,527	)		314,823
Total assets	$	13,002,481	$	(7,571,993	)	$	5,430,488

						Net amounts of
			Gross amounts offset in the			liabilities presented in the
	Gross amounts of		Statement of			Statement of
Liabilities	recognized liabilities		Financial Condition			Financial Condition
Forward currency contracts
Counterparty G	$	13,703,550	$	(9,104,039	)	$	4,599,511
Counterparty K		11,188,876		(9,969,958	)		1,218,918
Total liabilities	$	24,892,426	$	(19,073,997	)	$	5,818,429

(Continued)

	Net amounts of
	Assets presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Received(1)(2)			Net Amount(3)
Counterparty C	$	1,841,056	$	-	$	(1,841,056	)	$	-
Counterparty I		3,274,609		-		(3,274,609	)		-
Counterparty J		314,823		-		(314,823	)		-
Total	$	5,430,488	$	-	$	(5,430,488	)	$	-

	Net amounts of
	Liabilities presented in the		Amounts Not Offset in the Statement
	Statement		of Financial Condition
	of Financial		Financial		Collateral
Counterparty	Condition		Instruments		Pledged(1)(2)			Net Amount(4)
Counterparty G	$	4,599,511	$	-	$	(4,599,511	)	$	-
Counterparty K		1,218,918		-		(1,218,918	)		-
Total	$	5,818,429	$	-	$	(5,818,429	)	$	-

⁽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 Statement of Financial Condition, for each respective counterparty.

⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019.

⁽⁴⁾ Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019.

(Concluded)

XML

Profit Share Allocation (Tables)

12 Months Ended

Dec. 31, 2020

Millburn Multi-Markets Trading L.P. [Member]

Schedule of profit share allocation

Profit share allocation for the years ended December 31, 2020 and 2019 were as follows:

	Profit Share
	2020		2019
US Feeder	$	-	$	2,664,064
Cayman Feeder		505,336		6,447,171
Other (1)		116,973		103,329
Total	$	622,309	$	9,214,564

⁽¹⁾ Direct investors in the Partnership

XML

Summary of Significant Accounting Policies (Details) - Millburn Multi Markets Trading L P [Member] - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Management Fees		$ 8,923,504	$ 8,522,450
U S Feeder [Member]
Summary Of Significant Accounting Policies [Line Items]
Management Fees		3,148,410	3,415,443
Cayman Feeder [Member]
Summary Of Significant Accounting Policies [Line Items]
Management Fees		5,609,122	4,977,566
Other [Member]
Summary Of Significant Accounting Policies [Line Items]
Management Fees	[1]	$ 165,972	$ 129,441

[1] Direct investors in the Partnership

XML

Summary of Significant Accounting Policies (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items]
Selling Commissions	$ 2,707,949	$ 3,083,970
Millburn Multi Markets Trading L P [Member]
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items]
Selling Commissions	2,731,894	3,095,156
Millburn Multi Markets Trading L P [Member] | U S Feeder [Member]
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items]
Selling Commissions	2,707,949	3,083,970
Millburn Multi Markets Trading L P [Member] | Cayman Feeder [Member]
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items]
Selling Commissions	$ 23,945	$ 11,186

XML

Summary of Significant Accounting Policies (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses	$ 7,265,026	$ 8,025,342
Millburn Multi Markets Trading L P [Member]
Operating Expenses	1,272,162	1,135,541
Millburn Multi Markets Trading L P [Member] | Partnership [Member]
Operating Expenses	732,611	648,908
Millburn Multi Markets Trading L P [Member] | U S Feeder [Member]
Operating Expenses	386,250	378,968
Millburn Multi Markets Trading L P [Member] | Cayman Feeder [Member]
Operating Expenses	$ 153,301	$ 107,665

XML

Summary of Significant Accounting Policies (Details 3) - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Total net unrealized depreciation on open futures and forward currency contracts		$ 4,931,684	$ (5,321,011)
Millburn Multi Markets Trading L P [Member]
Total futures and forward currency contracts		20,058,233	(387,941)
Total financial assets and liabilities at fair value		562,322,183	593,875,027
Investments in U.S. Treasury notes held in equity trading accounts as collateral		91,539,195	99,835,520
Investments in U.S. Treasury notes		408,476,105	440,688,034
Total investments in U.S. Treasury notes		500,015,300	540,523,554
Net unrealized appreciation on open futures and forward currency contracts		20,183,485	5,430,488
Net unrealized depreciation on open futures and forward currency contracts		(125,252)	(5,818,429)
Total net unrealized depreciation on open futures and forward currency contracts		20,058,233	(387,941)
Millburn Multi Markets Trading L P [Member] | Short-Term Money Market Funds [Member]
Investment owned	[1]	42,248,650	53,739,414
Millburn Multi Markets Trading L P [Member] | US Treasury Notes [Member]
Investment owned		500,015,300	540,523,554
Millburn Multi Markets Trading L P [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		17,117,475	5,430,488
Millburn Multi Markets Trading L P [Member] | Total long forward currency contracts [Member] | Over the Counter [Member]
Over-the-counter forward currency contracts		2,940,758	(5,818,429)
Millburn Multi Markets Trading L P [Member] | Level 1 [Member]
Total futures and forward currency contracts		17,117,475	5,430,488
Total financial assets and liabilities at fair value		559,381,425	599,693,456
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Short-Term Money Market Funds [Member]
Investment owned	[1]	42,248,650	53,739,414
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | US Treasury Notes [Member]
Investment owned		500,015,300	540,523,554
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		17,117,475	5,430,488
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Total long forward currency contracts [Member] | Over the Counter [Member]
Over-the-counter forward currency contracts		0	0
Millburn Multi Markets Trading L P [Member] | Level 2 [Member]
Total futures and forward currency contracts		2,940,758	(5,818,429)
Total financial assets and liabilities at fair value		2,940,758	(5,818,429)
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Short-Term Money Market Funds [Member]
Investment owned	[1]	0	0
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | US Treasury Notes [Member]
Investment owned		0	0
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Total long forward currency contracts [Member] | Over the Counter [Member]
Over-the-counter forward currency contracts		2,940,758	(5,818,429)
Millburn Multi Markets Trading L P [Member] | Energy Related Derivative [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		1,411,245	1,488,216
Millburn Multi Markets Trading L P [Member] | Energy Related Derivative [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		1,411,245	1,488,216
Millburn Multi Markets Trading L P [Member] | Energy Related Derivative [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | Commodity Contract [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		2,970,371	(956,377)
Millburn Multi Markets Trading L P [Member] | Commodity Contract [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		2,970,371	(956,377)
Millburn Multi Markets Trading L P [Member] | Commodity Contract [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		2,061,873	1,988,070
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		2,061,873	1,988,070
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | LivestockContractMember | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		(12,760)	(560)
Millburn Multi Markets Trading L P [Member] | LivestockContractMember | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		(12,760)	(560)
Millburn Multi Markets Trading L P [Member] | LivestockContractMember | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | MetalContractMember | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		5,115,659	1,418,636
Millburn Multi Markets Trading L P [Member] | MetalContractMember | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		5,115,659	1,418,636
Millburn Multi Markets Trading L P [Member] | MetalContractMember | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | SoftsContractMember | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		230,325	(11,671)
Millburn Multi Markets Trading L P [Member] | SoftsContractMember | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		230,325	(11,671)
Millburn Multi Markets Trading L P [Member] | SoftsContractMember | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		0	0
Millburn Multi Markets Trading L P [Member] | StockIndicesContractMember | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		5,340,762	1,504,174
Millburn Multi Markets Trading L P [Member] | StockIndicesContractMember | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		5,340,762	1,504,174
Millburn Multi Markets Trading L P [Member] | StockIndicesContractMember | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member]
Total exchange-traded futures contracts		$ 0	$ 0

[1] The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Management fee, per month	0.167%
Management fee, per annum	2.00%
Millburn Multi-Markets Trading L.P. [Member]
Summary Of Significant Accounting Policies [Line Items]
Management fee, per month	0.167%
Management fee, per annum	2.00%
Millburn Multi-Markets Trading L.P. [Member] | U S Feeder [Member]
Summary Of Significant Accounting Policies [Line Items]
Selling commissions	2.00%
Description of operating expenses	Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.For the years ended December 31, 2020and 2019, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.
Millburn Multi-Markets Trading L.P. [Member] | Cayman Feeder [Member]
Summary Of Significant Accounting Policies [Line Items]
Selling commissions	2.00%
Description of operating expenses	The Partnership 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 Partners' Capital of the Partnership (the "Expense Cap").

XML

Investors In Millburn Multi-Markets Trading L.P. (Details) - Millburn Multi-Markets Trading L.P. [Member]	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Partnership's ownership percentage of the Master Fund	90.89%	90.59%
U S Feeder [Member]
Schedule of Equity Method Investments [Line Items]
Partnership's ownership percentage of the Master Fund	25.08%	30.30%
Cayman Feeder [Member]
Schedule of Equity Method Investments [Line Items]
Partnership's ownership percentage of the Master Fund	65.81%	60.29%

XML

Investors In Millburn Multi-Markets Trading L.P. (Details 1) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Capital withdrawals payable		$ 54,219,673	$ 9,961,404
Direct Investor [Member]
Schedule of Equity Method Investments [Line Items]
Capital withdrawals payable	[1]	990,861	9,224,590
U S Feeder [Member]
Schedule of Equity Method Investments [Line Items]
Capital withdrawals payable		2,272,143	736,814
Cayman Feeder [Member]
Schedule of Equity Method Investments [Line Items]
Capital withdrawals payable		$ 50,956,669

[1] Includes profit share to the General Partner of $622,309 and a limited partner redemption of $368,552, totaling $990,861 at December 31, 2020. Includes profit share to the General Partner of $9,224,590 at December 31, 2019.

XML

Investors In Millburn Multi-Markets Trading L.P. (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Partnership’s investment	25.08%	30.30%
Millburn Multi-Markets Trading L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Capital withdrawals payable	$ 54,219,673	$ 9,961,404
Capital withdrawal payable to General Partner	622,309	9,224,590
Limited partner redemption	$ 990,861	$ 368,552

XML

Management Fees, Selling Commissions, Platform Fees and Profit Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Selling Commissions	$ 2,707,949	$ 3,083,970
Series A [Member]
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Selling Commissions	2,604,190	3,054,665
Series D [Member]
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Selling Commissions	$ 103,759	$ 29,305

XML

Management Fees, Selling Commissions, Platform Fees and Profit Share (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Management fee, per month	0.167%
Management fee, per annum	2.00%
Profit share percentage	20.00%
Management fees	$ 3,148,410	$ 3,415,443
Series A [Member]
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Selling commissions, per month	0.167%
Selling commissions, per annum	2.00%
Series B [Member]
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Platform fee, per month	0.208%
Platform fee, per annum	0.25%
Series D [Member]
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items]
Selling commissions, per month	0.062%
Selling commissions, per annum	0.75%

XML

Operating Expenses (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses And Administration Fee [Line Items]
Paid expenses incurred in connection with the organization of the Partnership	$ 562,898	$ 578,293
Partnership [Member]
Operating Expenses And Administration Fee [Line Items]
Paid expenses incurred in connection with the organization of the Partnership	$ 386,250	$ 378,968

XML

Profit Share Allocation (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
General Partner's allocation - profit share		$ 622,309	$ 9,214,564
U S Feeder [Member]
General Partner's allocation - profit share		0	2,664,064
Cayman Feeder [Member]
General Partner's allocation - profit share		505,336	6,447,171
Financial Asset Portfolio Other [Member]
General Partner's allocation - profit share	[1]	$ 116,973	$ 103,329

[1] Direct investors in the Partnership

XML

Derivative Instruments (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 20,058,233	$ (387,941)
Percent of Total	100.00%	100.00%
Australian Dollar [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 114,388	$ 113,405
Percent of Total	0.57%	(29.23%)
Brazilian real [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 15,123	$ 20
Percent of Total	0.08%	(0.01%)
British Pound [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 575,236	$ (137,801)
Percent of Total	2.87%	35.52%
Canadian Dollar [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 266,411	$ 182,285
Percent of Total	1.33%	(46.99%)
Euro [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 353,192	$ 1,775,867
Percent of Total	1.76%	(457.77%)
Hong Kong Dollar [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 1,924,362	$ 162,175
Percent of Total	9.59%	(41.80%)
Japanese Yen [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ (11,111)	$ (885,850)
Percent of Total	(0.06%)	228.35%
Korean Won [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 0	$ 765,900
Percent of Total	0.00%	(197.43%)
Malaysian Ringgit [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ (3,157)	$ (29,911)
Percent of Total	(0.02%)	7.71%
Norwegian Krone [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 172,312	$ (423,000)
Percent of Total	0.86%	109.04%
Polish Zloty [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 35,226	$ 264,515
Percent of Total	0.18%	(68.18%)
Singapore Dollar [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 14,315	$ 2,740
Percent of Total	0.07%	(0.71%)
South African Rand [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ (3,522)	$ 87,305
Percent of Total	(0.02%)	(22.50%)
Swedish Krona [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ (228,598)	$ 112,125
Percent of Total	(1.14%)	(28.90%)
Taiwan dollar [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 23,145	$ (4,145)
Percent of Total	0.12%	1.07%
Thai Baht [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ (5,437)	$ (3,188)
Percent of Total	(0.03%)	0.82%
U.S. Dollar [Member]
Derivative [Line Items]
Total Net Unrealized Appreciation (Depreciation)	$ 16,816,348	$ (2,370,383)
Percent of Total	83.84%	611.01%

XML

Derivative Instruments (Details 1) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	$ 20,058,233	$ (387,941)
Energies [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	1,411,245	1,488,216
Grains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	2,970,371	(956,377)
Interest Rates [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	2,061,873	1,988,070
Livestock [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(12,760)	(560)
Metals [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	5,115,659	1,418,636
Softs [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	230,325	(11,671)
Stock Indices [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	5,340,762	1,504,174
Futures Contracts [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	17,117,475	5,430,488
Total long forward currency contracts [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	2,940,758	(5,818,429)
Futures And Forward Currency Contracts Gains [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	33,706,819	23,546,270
Futures And Forward Currency Contracts Gains [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	5,594,430	8,530,208
Futures And Forward Currency Contracts Gains [Member] | Energies [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	951,320	1,656,534
Futures And Forward Currency Contracts Gains [Member] | Energies [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	854,540	454,900
Futures And Forward Currency Contracts Gains [Member] | Grains [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	3,318,296	108,438
Futures And Forward Currency Contracts Gains [Member] | Grains [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	0	27,625
Futures And Forward Currency Contracts Gains [Member] | Interest Rates [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	2,550,872	100,513
Futures And Forward Currency Contracts Gains [Member] | Interest Rates [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	0	2,831,719
Futures And Forward Currency Contracts Gains [Member] | Livestock [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	0	220
Futures And Forward Currency Contracts Gains [Member] | Livestock [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	1,910	0
Futures And Forward Currency Contracts Gains [Member] | Metals [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	7,202,141	3,111,912
Futures And Forward Currency Contracts Gains [Member] | Metals [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	737,287	1,384,686
Futures And Forward Currency Contracts Gains [Member] | Softs [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	346,947	85,545
Futures And Forward Currency Contracts Gains [Member] | Softs [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	2,090	51,203
Futures And Forward Currency Contracts Gains [Member] | Stock Indices [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	5,173,445	1,842,192
Futures And Forward Currency Contracts Gains [Member] | Stock Indices [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	795,375	1,346,994
Futures And Forward Currency Contracts Gains [Member] | Futures Contracts [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	19,543,021	6,905,354
Futures And Forward Currency Contracts Gains [Member] | Futures Contracts [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	2,391,202	6,097,127
Futures And Forward Currency Contracts Gains [Member] | Total long forward currency contracts [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	14,163,798	16,640,916
Futures And Forward Currency Contracts Gains [Member] | Total long forward currency contracts [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	3,203,228	2,433,081
Futures And Forward Currency Contracts Losses [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(5,127,890)	(6,415,354)
Futures And Forward Currency Contracts Losses [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(14,115,126)	(26,049,065)
Futures And Forward Currency Contracts Losses [Member] | Energies [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(131,565)	(615,478)
Futures And Forward Currency Contracts Losses [Member] | Energies [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(263,050)	(7,740)
Futures And Forward Currency Contracts Losses [Member] | Grains [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(300)	(11,390)
Futures And Forward Currency Contracts Losses [Member] | Grains [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(347,625)	(1,081,050)
Futures And Forward Currency Contracts Losses [Member] | Interest Rates [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(463,081)	(362,761)
Futures And Forward Currency Contracts Losses [Member] | Interest Rates [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(25,918)	(581,401)
Futures And Forward Currency Contracts Losses [Member] | Livestock [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	0	(780)
Futures And Forward Currency Contracts Losses [Member] | Livestock [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(14,670)	0
Futures And Forward Currency Contracts Losses [Member] | Metals [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(949,128)	(1,261,081)
Futures And Forward Currency Contracts Losses [Member] | Metals [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(1,874,641)	(1,816,881)
Futures And Forward Currency Contracts Losses [Member] | Softs [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(952)	(7,010)
Futures And Forward Currency Contracts Losses [Member] | Softs [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(117,760)	(141,409)
Futures And Forward Currency Contracts Losses [Member] | Stock Indices [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(605,768)	(1,507,335)
Futures And Forward Currency Contracts Losses [Member] | Stock Indices [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(22,290)	(177,677)
Futures And Forward Currency Contracts Losses [Member] | Futures Contracts [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(2,150,794)	(3,765,835)
Futures And Forward Currency Contracts Losses [Member] | Futures Contracts [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(2,665,954)	(3,806,158)
Futures And Forward Currency Contracts Losses [Member] | Total long forward currency contracts [Member] | Long [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(2,977,096)	(2,649,519)
Futures And Forward Currency Contracts Losses [Member] | Total long forward currency contracts [Member] | Short [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	$ (11,449,172)	$ (22,242,907)

XML

Derivative Instruments (Details 2) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	$ (93,900,721)	$ 57,275,302
Energies [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	19,671,270	(18,872,478)
Grains [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	6,792,979	5,709,589
Interest Rates [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(31,940,798)	38,105,109
Livestock [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	1,908,210	(130,000)
Metals [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	3,326,401	(689,005)
Softs [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(2,098,002)	(2,319,947)
Stock Indices [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(120,979,734)	50,352,316
Futures Contracts [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(123,319,674)	72,155,584
Total long forward currency contracts [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	$ 29,418,953	$ (14,880,282)

XML

Derivative Instruments (Details 3) - Millburn Multi-Markets Trading L.P. [Member]	12 Months Ended
	Dec. 31, 2020 USD ($) Decimal	Dec. 31, 2019 USD ($) Decimal
Average bought	103,440	87,028
Average sold	100,852	88,251
Average notional | $	$ 7,540,000,000	$ 9,596,000,000

XML

Derivative Instruments (Details 4) - Millburn Multi-Markets Trading L.P. [Member] - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Offsetting Liabilities [Line Items]
Net amounts of Assets presented in the Statement of Financial Condition		$ 20,183,485	$ 5,430,488
Net amounts of liabilities presented in the Statement of Financial Condition		125,252	5,818,429
Financial Instruments, Assets
Financial Instruments, Liabilities
Collateral Pledged	[1],[2]	(125,252)	(5,818,429)
Collateral Received	[1],[2]	(17,117,475)	(5,430,488)
Net Amount, Liabilities	[3]
Net Amount, Assets	[4]	3,066,010
Futures Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets		21,934,223
Gross amounts offset in the Statement of Financial Condition, Assets		(4,816,748)
Net amounts of Assets presented in the Statement of Financial Condition		17,117,475
Total long forward currency contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets		30,328,549	13,002,481
Gross amounts of recognized liabilities		9,097,952	24,892,426
Gross amounts offset in the Statement of Financial Condition, Assets		(10,145,064)	(7,571,993)
Gross amounts offset in the Statement of Financial Condition, Liabilities		(8,972,700)	(19,073,997)
Net amounts of Assets presented in the Statement of Financial Condition		20,183,485	5,430,488
Net amounts of liabilities presented in the Statement of Financial Condition		125,252	5,818,429
Counterparty C [Member]
Offsetting Liabilities [Line Items]
Net amounts of Assets presented in the Statement of Financial Condition		6,579,413	1,841,056
Financial Instruments, Assets
Collateral Received	[1],[2]	(6,579,413)	(1,841,056)
Net Amount, Assets	[4]
Counterparty C [Member] | Futures Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets		7,424,604	3,717,018
Gross amounts offset in the Statement of Financial Condition, Assets		(845,191)	(1,875,962)
Net amounts of Assets presented in the Statement of Financial Condition		6,579,413	1,841,056	[1],[2]
Counterparty J [Member]
Offsetting Liabilities [Line Items]
Net amounts of Assets presented in the Statement of Financial Condition		1,883,658	314,823
Financial Instruments, Assets
Collateral Received	[1],[2]	(1,883,658)	(314,823)
Net Amount, Assets	[4]
Counterparty J [Member] | Futures Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets		2,079,575	1,052,350
Gross amounts offset in the Statement of Financial Condition, Assets		(195,917)	(737,527)
Net amounts of Assets presented in the Statement of Financial Condition		1,883,658	314,823	[1],[2]
Counterparty L [Member]
Offsetting Liabilities [Line Items]
Net amounts of Assets presented in the Statement of Financial Condition		8,654,404
Financial Instruments, Assets
Collateral Received	[1],[2]	(8,654,404)
Net Amount, Assets	[4]
Counterparty L [Member] | Futures Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets		12,430,044
Gross amounts offset in the Statement of Financial Condition, Assets		(3,775,640)
Net amounts of Assets presented in the Statement of Financial Condition		8,654,404
Counterparty G [Member]
Offsetting Liabilities [Line Items]
Net amounts of Assets presented in the Statement of Financial Condition		3,066,010
Net amounts of liabilities presented in the Statement of Financial Condition			4,599,511
Financial Instruments, Assets
Financial Instruments, Liabilities
Collateral Pledged	[1],[2]		(4,599,511)
Collateral Received	[1],[2]
Net Amount, Liabilities	[3]
Net Amount, Assets	[4]	3,066,010
Counterparty G [Member] | Total long forward currency contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets		8,394,326
Gross amounts of recognized liabilities			13,703,550
Gross amounts offset in the Statement of Financial Condition, Assets		(5,328,316)
Gross amounts offset in the Statement of Financial Condition, Liabilities			(9,104,039)
Net amounts of Assets presented in the Statement of Financial Condition		3,066,010
Net amounts of liabilities presented in the Statement of Financial Condition			4,599,511
Counterparty K [Member]
Offsetting Liabilities [Line Items]
Net amounts of liabilities presented in the Statement of Financial Condition		125,252	1,218,918
Financial Instruments, Liabilities
Collateral Pledged	[1],[2]	(125,252)	(1,218,918)
Net Amount, Liabilities	[3]
Counterparty K [Member] | Total long forward currency contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities		9,097,952	11,188,876
Gross amounts offset in the Statement of Financial Condition, Liabilities		(8,972,700)	(9,969,958)
Net amounts of liabilities presented in the Statement of Financial Condition		$ 125,252	1,218,918
Counterparty I [Member]
Offsetting Liabilities [Line Items]
Net amounts of Assets presented in the Statement of Financial Condition			3,274,609
Financial Instruments, Assets
Collateral Received	[1],[2]		(3,274,609)
Net Amount, Assets	[4]
Counterparty I [Member] | Futures Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized assets			8,233,113
Gross amounts offset in the Statement of Financial Condition, Assets			(4,958,504)
Net amounts of Assets presented in the Statement of Financial Condition	[1],[2]		$ 3,274,609

[1] Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty.

[2] 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.

[3] Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019

[4] Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.

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Derivative Instruments (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Credit risk	$ 47,021,416	$ 55,480,494

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Financial Highlights (Details) - Millburn Multi-Markets Trading L.P. [Member]	12 Months Ended
	Dec. 31, 2020
Management fee percentage per annum	2.00%
Trading profits percent included in computing ratios to average capital	20.00%
Monthly management fee charges description	1/12 of 2.00% (2.00% per annum)