Millburn Multi-Markets Fund 10Q 2023 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended: March 31, 2023

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

For the Transition Period from ___________ to ___________

Commission File Number: 000-54028

MILLBURN MULTI-MARKETS FUND L.P.

(Exact name of registrant as specified in its charter)

Delaware		26-4038497
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o MILLBURN RIDGEFIELD CORPORATION

55 West 46^th Street, 31^stFloor

New York, NY 10036

(Address of principal executive offices) (Zip Code)

(212) 332-7300

(Registrant’s telephone number, including area code)

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

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

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

Yes ☒ No ☐

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

Yes ☒ No ☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

PART I. FINANANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Millburn Multi-Markets Fund L.P.
Financial statements
As of and for the three months ended March 31, 2023 and 2022 (unaudited)

Statements of Financial Condition (a)		1
Statements of Operations (b)		2
Statements of Changes in Partners’ Capital (b)		3
Statements of Financial Highlights (b)		4
Notes to Financial Statements		6

(a)

At March 31, 2023 (unaudited) and December 31, 2022

(b)

For the three months ended March 31, 2023 and 2022 (unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Financial Condition


	March 31, 2023		December 31, 2022
	(unaudited)
ASSETS
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	130,480,482	$	143,276,896
Due from the Master Fund		883,832		484,354
Cash and cash equivalents		82,513		400,119

Total assets	$	131,446,827	$	144,161,369

LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Capital contributions received in advance	$	82,513	$	400,000
Capital withdrawals payable to Limited Partners		883,832		484,354
Other liabilities		-		119

Total liabilities		966,345		884,473

PARTNERS’ CAPITAL:
General Partner		2,975,559		3,216,369

Limited partners:
Series A (90,521.2465 and 90,460.9714 units outstanding)		109,415,942		119,302,999
Series B (4,780.3086 and 4,884.6100 units outstanding)		7,117,991		7,896,417
Series C (2,594.6838 and 2,701.6303 units outstanding)		3,941,939		4,456,048
Series D (4,976.1632 and 5,512.0257 units outstanding)		6,976,213		8,405,063
Series E (56.1014 and 0 units outstanding)		52,838		-

Total limited partners		127,504,923		140,060,527

Total partners’ capital		130,480,482		143,276,896

TOTAL	$	131,446,827	$	144,161,369

NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,208.73	$	1,318.83
Series B	$	1,489.02	$	1,616.59
Series C	$	1,519.24	$	1,649.39
Series D	$	1,401.93	$	1,524.86
Series E^*	$	941.83	$	-

Series E had a beginning unit value of $1,000.00 as of March 1, 2023

See notes to financial statements (Unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)


	For the three months ended
	March 31, 2023			March 31, 2022
INVESTMENT INCOME:
Interest income	$	100		$	-
Interest income, net (allocated from the Master Fund)⁽¹⁾		1,199,666			62,600

Total investment income		1,199,766			62,600

EXPENSES:
Management fees (allocated from the Master Fund)⁽¹⁾		583,135			544,168
Brokerage commissions (allocated from the Master Fund)⁽¹⁾		140,107			174,890
Selling commissions and platform fees (allocated from the Master Fund)⁽¹⁾		579,627			540,752
Administrative and operating expenses (allocated from the Master Fund)⁽¹⁾		133,899			126,817
Custody fees and other expenses (allocated from the Master Fund)⁽¹⁾		6,103			5,690

Total expenses		1,442,871			1,392,317

NET INVESTMENT LOSS		(243,105	)		(1,329,717	)

REALIZED AND UNREALIZED GAINS (LOSSES) ALLOCATED FROM THE MASTER FUND⁽¹⁾
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(6,337,843	)		5,100,281
Foreign exchange transaction		(127,897	)		(63,103	)
Net change in unrealized:
Futures and forward currency contracts		(5,641,802	)		3,286,747
Foreign exchange translation		47,280			26,100
Net gains (losses) from U.S. Treasury notes:
Realized		(40,143	)		(4,863	)
Net change in unrealized		474,657			(120,338	)

Net realized and unrealized gains (losses) allocated from the Master Fund		(11,625,748	)		8,224,824

NET INCOME (LOSS)		(11,868,853	)		6,895,107

LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND		-			90,894

NET INCOME (LOSS) AFTER PROFIT SHARE	$	(11,868,853	)	$	6,804,213

NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	(110.10	)	$	63.56
Series B	$	(127.57	)	$	82.08
Series C	$	(130.15	)	$	83.75
Series D	$	(122.93	)	$	65.83
Series E*	$	(58.17	)	$	-

(1)

The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

Series E commenced on March 1, 2023

See notes to financial statements (Unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Changes in Partners’ Capital (unaudited)

For the three months ended March 31, 2023 and 2022


	General			Limited Partners
	Partner			Series A						Series B						Series C						Series D						Series E*					Total
	Amount			Amount			Units			Amount			Units			Amount			Units			Amount			Units			Amount			Units		Amount
PARTNERS’ CAPITAL — January 1, 2023	$	3,216,369		$	119,302,999			90,460.9714		$	7,896,417			4,884.6100		$	4,456,048			2,701.6303		$	8,405,063			5,512.0257		$	-			-	$	143,276,896

Capital contributions		-			400,000			303.2982			-			-			-			-			-			-			56,101			56.1014		456,101
Capital withdrawals		-			(295,248	)		(243.0231	)		(163,724	)		(104.3014	)		(167,951	)		(106.9465	)		(756,739	)		(535.8625	)		-			-		(1,383,662	)
Net loss before profit share		(240,810	)		(9,991,809	)		-			(614,702	)		-			(346,158	)		-			(672,111	)		-			(3,263	)		-		(11,868,853	)
Profit share		-			-			-			-			-			-			-			-			-			-			-		-
PARTNERS’ CAPITAL — March 31, 2023	$	2,975,559		$	109,415,942			90,521.2465		$	7,117,991			4,780.3086		$	3,941,939			2,594.6838		$	6,976,213			4,976.1632		$	52,838			56.1014	$	130,480,482

Net Asset Value per Unit at March 31, 2023							$	1,208.73					$	1,489.02					$	1,519.24					$	1,401.93					$	941.83

Series E had a beginning unit value of $1,000.00 as of March 1, 2023

	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, 2022	$	2,667,014	$	105,051,882			91,525.4967		$	6,954,675			4,982.8851		$	3,469,370			2,436.2995		$	9,933,216			7,448.6560		-	-	$	128,076,157

Capital contributions		-		-			-			40,000			29.4878			240,000			171.3364			-			-					280,000
Capital withdrawals		-		(2,064,223	)		(1,792.3638	)		(95,962	)		(64.9361	)		(679,554	)		(491.0000	)		(2,370,252	)		(1,797.7577	)				(5,209,991	)
Net income before profit share		174,213		5,710,979			-			425,576			-			167,204			-			417,135			-					6,895,107
Profit share		-		-			-			(13,002	)		-			(5,602	)		-			(72,290	)		-		-	-		(90,894	)
PARTNERS’ CAPITAL — March 31, 2022	$	2,841,227	$	108,698,638			89,733.1329		$	7,311,287			4,947.4368		$	3,191,418			2,116.6359		$	7,907,809			5,650.8983		-	-	$	129,950,379

Net Asset Value per Unit at March 31, 2022						$	1,211.35					$	1,477.79					$	1,507.78					$	1,399.39

See notes to financial statements (Unaudited)

Millburn Multi-Markets Fund L.P.

Statement of Financial Highlights (unaudited)

For the three months ended March 31, 2023

The following information presents per unit operating performance data for each series for the three months ended March 31, 2023.


Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C			Series D			Series E⁽⁷⁾
NET ASSET VALUE PER UNIT — Beginning of period	$	1,318.83		$	1,616.59		$	1,649.39		$	1,524.86		$	1,000.00

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (loss)⁽¹⁾		(3.26	)		3.64			3.71			0.75			2.50
Total trading and investing losses⁽¹⁾		(106.84	)		(131.21	)		(133.86	)		(123.68	)		(60.67	)

Net loss before profit share allocation from the Master Fund		(110.10	)		(127.57	)		(130.15	)		(122.93	)		(58.17	)

Less: profit share allocation from the Master Fund⁽¹⁾⁽⁶⁾		0.00			0.00			0.00			0.00			0.00

Net loss from operations after profit share allocation from the Master Fund		(110.10	)		(127.57	)		(130.15	)		(122.93	)		(58.17	)

NET ASSET VALUE PER UNIT — End of period	$	1,208.73		$	1,489.02		$	1,519.24		$	1,401.93		$	941.83

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		(8.35	)%		(7.89	)%		(7.89	)%		(8.06	)%		(5.82	)%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾⁽⁶⁾		0.00			0.00			0.00			0.00			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		(8.35	)%		(7.89	)%		(7.89	)%		(8.06	)%		(5.82	)%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses^(3)(4)(5)		4.57	%		2.58	%		2.58	%		3.32	%		0.84	%
Profit share allocation from the Master Fund⁽²⁾⁽⁶⁾		0.00			0.00			0.00			0.00			0.00

Total expenses		4.57	%		2.58	%		2.58	%		3.32	%		0.84	%

Net investment gain (loss)^(3)(4)(5)		(1.04	)%		0.95	%		0.95	%		0.21	%		3.18	%

	(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 period. Total trading and investing loss is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
	(2)	Not Annualized.
	(3)	Annualized.
	(4)	Includes the Partnership’s proportionate share of income (if applicable) and expense allocated from the Master Fund.
	(5)	Excludes profit share allocation from the Master Fund.
	(6)	Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by rebalancing due to monthly capital activity.
	(7)	Initial offering price for Series E was $1,000 as of March 1, 2023.

See notes to financial statements (Unaudited)

(Continued)

Millburn Multi-Markets Fund L.P.

Statement of Financial Highlights (unaudited)

For the three months ended March 31, 2022

The following information presents per unit operating performance data for each series for the three months ended March 31, 2022.


Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C			Series D
NET ASSET VALUE PER UNIT — Beginning of period	$	1,147.79		$	1,395.71		$	1,424.03		$	1,333.56

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment loss⁽¹⁾		(13.01	)		(8.85	)		(9.03	)		(11.01	)
Total trading and investing gains⁽¹⁾		76.57			93.53			95.36			87.34

Net income before profit share allocation from the Master Fund		63.56			84.68			86.33			76.33

Less: profit share allocation from the Master Fund⁽¹⁾⁽⁶⁾		0.00			2.60			2.58			10.50

Net income from operations after profit share allocation from the Master Fund		63.56			82.08			83.75			65.83

NET ASSET VALUE PER UNIT — End of period	$	1,211.35		$	1,477.79		$	1,507.78		$	1,399.39

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		5.54	%		6.07	%		6.07	%		5.73	%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾⁽⁶⁾		0.00			0.19			0.19			0.79

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		5.54	%		5.88	%		5.88	%		4.94	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses^(3)(4)(5)		4.73	%		2.72	%		2.72	%		3.49	%
Profit share allocation from the Master Fund⁽²⁾⁽⁶⁾		0.00			0.19			0.19			0.79

Total expenses		4.73	%		2.91	%		2.91	%		4.28	%

Net investment loss^(3)(4)(5)		(4.53	)%		(2.52	)%		(2.52	)%		(3.30	)%

	(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 period. Total trading and investing loss is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
	(2)	Not Annualized.
	(3)	Annualized.
	(4)	Includes the Partnership’s proportionate share of income (if applicable) and expense allocated from the Master Fund.
	(5)	Excludes profit share allocation from the Master Fund.
	(6)	Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by rebalancing due to monthly capital activity.

See notes to financial statements (Unaudited)

(Concluded)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Millburn Multi-Markets Fund L.P.’s (the “Partnership”) financial condition at March 31, 2023 (unaudited) and December 31, 2022 and the results of its operations for the three months ended March 31, 2023 and 2022 (unaudited).

These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership’s 2022 annual report included in Form 10-K filed with the Securities and Exchange Commission. The December 31, 2022 information has been derived from the audited financial statements as of December 31, 2022.

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

The Partnership enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2019 to 2022, Millburn Ridgefield Corporation (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

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

There have been no material changes with respect to the Partnership’s critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership’s Annual Report on Form 10-K for fiscal year 2022.

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

The Partnership invests substantially all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”). The Partnership’s ownership percentage of the Master Fund at March 31, 2023 and December 31, 2022 was 30.99% and 31.44%, respectively, of total partners’ capital of the Master Fund. See the attached financial statements of the Master Fund.

3. RELATED PARTY TRANSACTIONS

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

Series A Limited Partners that redeem Units at or prior to the end of the first eleven months after such Units are sold shall be assessed redemption charges calculated based on their redeemed Units’ net asset value as of the date of redemption. All redemption charges will be paid to the General Partner. At March 31, 2023 and December 31, 2022, there were no redemption charges owed to the General Partner.

4. FINANCIAL HIGHLIGHTS

Per Unit operating performance for Series A, Series B, Series C, Series D and Series E Units is calculated based on Limited Partners’ Partnership capital for each series taken as a whole utilizing the beginning and ending net asset value per unit and weighted average number of units during the period. On March 1, 2023, there was a subscription of Series E for $1,000. Weighted average number of units outstanding of each series is detailed below.

Schedule of weighted number of units
	Three months ended March 31,
	2023		2022
Series A		90,742.400		91,041.585
Series B		4,838.700		5,002.221
Series C		2,631.489		2,173.411
Series D		5,465.253		6,887.187
Series E		56.101		-

5. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from April 1, 2023 to May 15, 2023, the date the Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the financial statements.

Millburn Multi-Markets Trading L.P.

Financial statements

As of and for the three months ended March 31, 2023 and 2022 (unaudited)

Statements of Financial Condition (a)		8
Condensed Schedules of Investments (a)		9
Statements of Operations (b)		13
Statements of Changes in Partners’ Capital (b)		14
Statements of Financial Highlights (b)		15
Notes to Financial Statements		17

	(a)	At March 31, 2023 (unaudited) and December 31, 2022
	(b)	For the three months ended March 31, 2023 and 2022 (unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Financial Condition


	March 31, 2023		December 31, 2022
	(unaudited)
ASSETS

EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost $70,617,050 and $89,349,095)	$	70,540,543	$	88,701,332
Net unrealized appreciation on open futures and forward currency contracts		5,268,211		22,685,702
Due from brokers, net		10,261,820		20,495,996
Cash denominated in foreign currencies (cost $594,431 and $4,434)		607,906		4,701

Total equity in trading accounts		86,678,480		131,887,731

INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $313,001,211 and $309,961,675)		312,396,163		308,402,203

CASH AND CASH EQUIVALENTS		27,134,235		33,987,736

ACCRUED INTEREST RECEIVABLE		2,257,899		2,250,451

OTHER ASSETS		100		219

TOTAL	$	428,466,877	$	476,528,340

LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	328,878	$	-
Cash overdrafts denominated in foreign currencies (cost $874,179 and $5,261,847)		909,844		5,438,253
Subscriptions received in advance		230,000		575,000
Capital withdrawal payable to Limited Partners		3,627,437		1,287,624
Capital withdrawal payable to General Partner		-		12,464,726
Management fee payable		410,122		451,041
Selling commissions payable		187,501		206,886
Accrued expenses		623,354		346,648
Due to brokers, net		1,141,238		-
Commissions and other trading fees on open futures contracts		17,994		37,972

Total liabilities		7,476,368		20,808,150

PARTNERS’ CAPITAL		420,990,509		455,720,190

TOTAL	$	428,466,877	$	476,528,340

See notes to financial statements (Unaudited)

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

March 31, 2023


FUTURES AND FORWARD CURRENCY CONTRACTS	Net Unrealized Appreciation (Depreciation) as a % of Partners’ Capital			Net Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies		0.01	%	$	26,274
Energies		0.42			1,766,564
Grains		0.05			228,804
Interest rates:
10 Year U.S. Treasury Note (416 contracts, settlement date June 2023)		0.00			12,609
30 Year U.S. Treasury Bond (49 contracts, settlement date June 2023)		0.01			45,313
Other interest rates		(0.10	)		(406,205	)

Total interest rates		(0.09	)		(348,283	)

Metals		(0.09	)		(396,321	)
Softs		0.08			343,325
Stock indices		0.89			3,746,812

Total long futures contracts		1.27			5,367,175

Short futures contracts:
Currencies		0.00			11,885
Energies		(0.02	)		(73,691	)
Grains		(0.00	)		(10,130	)
Interest rates		(0.11	)		(460,232	)
Livestock		0.01			21,650
Metals		0.01			43,719
Softs		(0.03	)		(142,736	)
Stock indices		0.01			50,768

Total short futures contracts		(0.13	)		(558,767	)

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net		1.14			4,808,408

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts		2.25			9,492,764
Total short forward currency contracts		(2.22	)		(9,361,839	)

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net		0.03			130,925

TOTAL		1.17	%	$	4,939,333

(Continued)

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

March 31, 2023

U.S. TREASURY NOTES

Face Amount		Description	Fair Value as a % of Partners’ Capital			Fair Value
$	110,340,000	U.S. Treasury notes, 1.750%, 05/15/2023		26.12	%	$	109,967,172
	100,490,000	U.S. Treasury notes, 2.500%, 08/15/2023		23.67			99,655,854
	85,300,000	U.S. Treasury notes, 2.750%, 11/15/2023		20.01			84,247,078
	90,590,000	U.S. Treasury notes, 2.750%, 02/15/2024		21.16			89,066,602
		Total investments in U.S. Treasury notes (amortized cost $383,618,261)		90.96	%	$	382,936,706

See notes to financial statements (Unaudited)

(Concluded)

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2022

FUTURES AND FORWARD CURRENCY CONTRACTS	Net Unrealized Appreciation (Depreciation) as a % of Partners’ Capital			Net Unrealized Appreciation (Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies		0.01	%	$	51,834
Energies		0.91			4,130,190
Grains		0.09			400,196
Interest rates		(0.04	)		(183,318	)
Livestock		(0.00	)		(25,990	)
Metals		0.17			788,340
Softs		(0.02	)		(89,566	)
Stock indices		(0.06	)		(262,708	)

Total long futures contracts		1.06			4,808,978

Short futures contracts:
Currencies		0.00			(19,221	)
Energies		0.66			2,993,111
Grains		(0.02	)		(100,750	)
Interest rates:
2 Year U.S. Treasury Note (779 contracts, settlement date March 2023)		0.06			275,407
30 Year U.S. Treasury Bond (260 contracts, settlement date March 2023)		0.01			46,531
Other interest rates		2.86			13,022,545

Total interest rates		2.93			13,344,483

Metals		(0.15	)		(650,216	)
Softs		(0.01	)		(35,000	)
Stock indices		0.03			139,034

Total short futures contracts		3.44			15,671,441

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net		4.50			20,480,419

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts		1.06			4,825,541
Total short forward currency contracts		(0.58	)		(2,620,258	)

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net		0.48			2,205,283

TOTAL		4.98	%	$	22,685,702

(Continued)

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2022

U.S. TREASURY NOTES

Face Amount		Description	Fair Value as a % of Partners’ Capital			Fair Value
$	77,590,000	U.S. Treasury notes, 2.000%, 02/15/2023		16.98	%	$	77,385,416
	121,340,000	U.S. Treasury notes, 1.750%, 05/15/2023		26.35			120,074,462
	87,490,000	U.S. Treasury notes, 2.500%, 08/15/2023		18.94			86,293,848
	115,300,000	U.S. Treasury notes, 2.750%, 11/15/2023		24.87			113,349,809
		Total investments in U.S. Treasury notes (amortized cost $399,310,770)		87.14	%	$	397,103,535

See notes to financial statements (Unaudited)

(Concluded)

Millburn Multi-Markets Trading L.P.

Statements of Operations (unaudited)


	For the three months ended
	March 31			March 31
	2023			2022
INVESTMENT INCOME — Interest income, net	$	3,845,069		$	199,869

EXPENSES:
Brokerage fees		448,552			552,767
Management fees		1,264,391			1,107,871
Selling commissions and platform fees		579,633			540,756
Administrative and operating expenses		276,706			260,183
Custody fees and other expenses		19,514			18,272

Total expenses		2,588,796			2,479,849

NET INVESTMENT INCOME (LOSS)		1,256,273			(2,279,980	)

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(20,581,320	)		17,015,545
Foreign exchange transaction		(412,653	)		(202,650	)
Net change in unrealized:
Futures and forward currency contracts		(17,746,369	)		9,325,286
Foreign exchange translation		153,949			84,136
Net gains (losses) from U.S. Treasury notes
Realized		(128,300	)		(15,196	)
Net change in unrealized		1,525,680			(388,489	)

Total net realized and unrealized gains (losses)		(37,189,013	)		25,818,632

NET INCOME (LOSS)		(35,932,740	)		23,538,652

LESS PROFIT SHARE TO GENERAL PARTNER		-			2,164,421

NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	(35,932,740	)	$	21,374,231

See notes to financial statements (Unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Changes in Partners’ Capital (unaudited)

For the three months ended March 31, 2023


	Limited Partners			New Profit Memo Account		General Partner			Total
PARTNERS’ CAPITAL - January 1, 2023	$	454,468,058		$	-	$	1,252,132		$	455,720,190
Contributions		108,235,530			-		-			108,235,530
Withdrawals		(107,032,471	)		-		-			(107,032,471	)
Net loss before profit share		(35,839,740	)		-		(93,000	)		(35,932,740	)
General Partner’s allocation - profit share		-			-		-			-

PARTNERS’ CAPITAL - March 31, 2023	$	419,831,377		$	-	$	1,159,132		$	420,990,509

For the three months ended March 31, 2022

	Limited Partners			New Profit Memo Account		General Partner		Total
PARTNERS’ CAPITAL - January 1, 2022	$	398,976,730		$	-	$	1,035,802	$	400,012,532
Contributions		1,681,000			-		-		1,681,000
Withdrawals		(11,929,486	)		-		-		(11,929,486	)
Net income before profit share		23,470,270			-		68,382		23,538,652
General Partner’s allocation - profit share		(2,164,421	)		-		-		(2,164,421	)

PARTNERS’ CAPITAL - March 31, 2022	$	410,034,093		$	-	$	1,104,184	$	411,138,277

See notes to financial statements (Unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

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


	For the three months ended
	March 31,			March 31,
	2023			2022
Total return before General Partner profit share allocation⁽³⁾		(7.83	)%		6.13	%

Less: General Partner profit share allocation⁽³⁾		-			0.17

Total return after General Partner profit share allocation⁽³⁾		(7.83	)%		5.96	%

Ratios to average net asset value:
Expenses⁽¹⁾⁽⁴⁾		2.33	%		2.48	%
General Partner profit share allocation⁽³⁾		-			0.17

Total expenses⁽¹⁾		2.33	%		2.65	%

Net investment income (loss)^(1)(2)(4)		1.24	%		(2.28	)%

Total returns and the ratios to average net asset value are calculated for a Limited Partner.

⁽¹⁾	Includes the Limited Partner’s proportionate share of expenses allocated from the Master Fund’s operations for the three months ended March 31, 2023 and 2022.
⁽²⁾	Excludes General Partner profit share allocation and includes interest income.
⁽³⁾	Not Annualized.
⁽⁴⁾	Annualized.

See notes to financial statements (Unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

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


	For the three months ended
	March 31,			March 31,
	2023			2022
Total return before General Partner profit share allocation⁽³⁾		(7.79	)%		5.89	%

Less: General Partner profit share allocation⁽³⁾		-			0.54

Total return after General Partner profit share allocation⁽³⁾		(7.79	)%		5.35	%

Ratios to average net asset value:
Expenses⁽¹⁾⁽⁴⁾		2.39	%		2.52	%
General Partner profit share allocation⁽³⁾		-			0.54

Total expenses⁽¹⁾		2.39	%		3.06	%

Net investment income (loss)^(1)(2)(4)		1.18	%		(2.32	)%

Total returns and the ratios to average net asset value are calculated for a Limited Partners. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.

⁽¹⁾	Includes the Limited Partners’ proportionate share of expenses allocated from the Master Fund’s operations for the three months ended March 31, 2023 and 2022.
⁽²⁾	Excludes General Partner profit share allocation and includes interest income.
⁽³⁾	Not Annualized.
⁽⁴⁾	Annualized.

See notes to financial statements (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Master Fund’s financial condition at March 31, 2023 (unaudited) and December 31, 2022 (audited) and the results of its operations for the three months ended March 31, 2023 and 2022 (unaudited).

These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Master Fund’s annual report for the year ended December 31, 2022 included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission. The December 31, 2021 information has been derived from the audited financial statements as of December 31, 2022.

The preparation of financial statements in conformity with U.S. GAAP in the U.S, as detailed in the FASB Codification, requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Master Fund enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Master Fund’s maximum exposure under these arrangements is unknown. However, the Master Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2019 to 2022, the General Partner has determined that no reserves for uncertain tax positions were required.

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

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

The Partnership and the Cayman Feeder invest substantially all of their assets in the Master Fund. At March 31, 2023 and December 31, 2022, the respective ownership percentages of the Master Fund are detailed below. The remaining interests are held by direct investors in the Master Fund.

Schedule of interests are held by direct investors in the Master Fund
	March 31,			December 31,
	2023			2022
Partnership		30.99	%		31.44	%
Cayman Feeder		53.32	%		53.11	%

Total		84.31	%		84.55	%

The capital withdrawals payable at March 31, 2023 and December 31, 2022 were $3,627,437 and $13,752,350, respectively, as detailed below.

Schedule of capital withdrawals payable
	March 31,		December 31,
	2023		2022
Direct investors⁽¹⁾	$	276,505	$	13,267,996
Partnership		883,832		484,354
Cayman Feeder		2,467,100		-

Total	$	3,627,437	$	13,752,350

⁽¹⁾

Includes General Partner’s profit share of $12,464,726 at December 31, 2022.

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

3. FAIR VALUE

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

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

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

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

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

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

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

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

During the three months ended March 31, 2023 and 2022, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Master Fund’s investments by hierarchical level as of March 31, 2023 and December 31, 2022 in valuing the Master Fund’s investments at fair value. At March 31, 2023 and December 31, 2022, the Master Fund had no assets or liabilities in Level 3.

Financial assets and liabilities at fair value as of March 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
	Level 1			Level 2		Total
U.S. Treasury notes⁽¹⁾	$	382,936,706		$	-	$	382,936,706

Short-Term Money Market Fund*		26,884,235			-		26,884,235

Exchange-traded futures contracts
Currencies		38,159			-		38,159
Energies		1,692,873			-		1,692,873
Grains		218,674			-		218,674
Interest rates		(808,515	)		-		(808,515	)
Livestock		21,650			-		21,650
Metals		(352,602	)		-		(352,602	)
Softs		200,589			-		200,589
Stock indices		3,797,580			-		3,797,580

Total exchange-traded futures contracts		4,808,408			-		4,808,408

Over-the-counter forward currency contracts		-			130,925		130,925

Total futures and forward currency contracts⁽²⁾		4,808,408			130,925		4,939,333

Total financial assets and liabilities at fair value	$	414,629,349		$	130,925	$	414,760,274

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral	$	70,540,543
Investments in U.S. Treasury notes held in custody		312,396,163
Total investments in U.S. Treasury notes	$	382,936,706

(2)
Net unrealized appreciation on open futures and forward currency contracts	$	5,268,211
Net unrealized depreciation on open futures and forward currency contracts		(328,878	)
Total net unrealized appreciation on open futures and forward currency contracts	$	4,939,333

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, 2022

	Level 1			Level 2		Total
U.S. Treasury notes⁽¹⁾	$	397,103,535		$	-	$	397,103,535

Short-Term Money Market Fund*		33,737,736			-		33,737,736

Exchange-traded futures contracts
Currencies		32,613			-		32,613
Energies		7,123,301			-		7,123,301
Grains		299,446			-		299,446
Interest rates		13,161,165			-		13,161,165
Livestock		(25,990	)		-		(25,990	)
Metals		138,124			-		138,124
Softs		(124,566	)		-		(124,566	)
Stock indices		(123,674	)		-		(123,674	)

Total exchange-traded futures contracts		20,480,419			-		20,480,419

Over-the-counter forward currency contracts		-			2,205,283		2,205,283

Total futures and forward currency contracts⁽²⁾		20,480,419			2,205,283		22,685,702

Total financial assets and liabilities at fair value	$	451,321,690		$	2,205,283	$	453,526,973

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral	$	88,701,332
Investments in U.S. Treasury notes		308,402,203
Total investments in U.S. Treasury notes	$	397,103,535

(2)
Net unrealized appreciation on open futures and forward currency contracts	$	22,685,702
Net unrealized depreciation on open futures and forward currency contracts		-
Total net unrealized appreciation on open futures and forward currency contracts	$	22,685,702

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

4. DERIVATIVE INSTRUMENTS

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

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

The Master Fund engages in the speculative trading of futures and forward contracts on interest rates, grains, softs, currencies, metals, energies, livestock and stock indices. The following were the primary trading risk exposures of the Master Fund at March 31, 2023 by market sector:

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

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

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

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

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

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

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

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

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at March 31, 2023 and December 31, 2022. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Master Fund’s Statements of Financial Condition.

Fair value of futures and forward currency contracts at March 31, 2023

Schedule of fair value of futures and forward currency contracts
											Net Unrealized Gain (Loss)
	Fair Value - Long Positions					Fair Value - Short Positions					on Open
Sector	Gains		Losses			Gains		Losses			Positions
Futures contracts:
Currencies	$	44,905	$	(18,631	)	$	18,100	$	(6,215	)	$	38,159
Energies		1,808,155		(41,591	)		11,138		(84,829	)		1,692,873
Grains		235,950		(7,146	)		-		(10,130	)		218,674
Interest rates		210,443		(558,726	)		599,629		(1,059,861	)		(808,515	)
Livestock		-		-			26,990		(5,340	)		21,650
Metals		346,744		(743,065	)		808,692		(764,973	)		(352,602	)
Softs		343,325		-			68,393		(211,129	)		200,589
Stock indices		4,021,974		(275,162	)		971,991		(921,223	)		3,797,580
Total futures contracts		7,011,496		(1,644,321	)		2,504,933		(3,063,700	)		4,808,408

Forward currency contracts		10,410,947		(918,183	)		467,351		(9,829,190	)		130,925

Total futures and forward currency contracts	$	17,422,443	$	(2,562,504	)	$	2,972,284	$	(12,892,890	)	$	4,939,333

Fair value of futures and forward currency contracts at December 31, 2022

											Net Unrealized Gain (Loss)
	Fair Value - Long Positions					Fair Value - Short Positions					on Open
Sector	Gains		Losses			Gains		Losses			Positions
Futures contracts:
Currencies	$	97,003	$	(45,169	)	$	55	$	(19,276	)	$	32,613
Energies		4,273,340		(143,150	)		2,997,981		(4,870	)		7,123,301
Grains		563,235		(163,039	)		-		(100,750	)		299,446
Interest rates		-		(183,318	)		13,678,900		(334,417	)		13,161,165
Livestock		830		(26,820	)		-		-			(25,990	)
Metals		1,351,092		(562,752	)		542,450		(1,192,666	)		138,124
Softs		336		(89,902	)		49,611		(84,611	)		(124,566	)
Stock indices		105,622		(368,330	)		483,041		(344,007	)		(123,674	)
Total futures contracts		6,391,458		(1,582,480	)		17,752,038		(2,080,597	)		20,480,419

Forward currency contracts		7,099,705		(2,274,164	)		1,339,549		(3,959,807	)		2,205,283

Total futures and forward currency contracts	$	13,491,163	$	(3,856,644	)	$	19,091,587	$	(6,040,404	)	$	22,685,702

The effect of trading futures and forward currency contracts is represented on the Master Fund’s Statements of Operations for the three months ended March 31, 2023 and 2022 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three months ended March 31, 2023 and 2022

Schedule of trading gains (losses) of futures and forward currency contracts
Sector	Three months ended: March 31, 2023			Three months ended: March 31, 2022
Futures contracts:
Currencies	$	614,915		$	257,516
Energies		(10,737,030	)		26,379,450
Grains		(747,967	)		(1,585,421	)
Interest rates		(28,112,657	)		603,818
Livestock		31,870			(31,860	)
Metals		913,567			(7,731,113	)
Softs		(571,406	)		546,781
Stock indices		399,529			4,395,080
Total futures contracts		(38,209,179	)		22,834,251

Forward currency contracts		(118,510	)		3,506,580

Total futures and forward currency contracts	$	(38,327,689	)	$	26,340,831

For the three months ended March 31, 2023 and 2022, the monthly average number of futures contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:

Schedule of monthly average future and forward currency contracts
	2023		2022
Average bought		61,675		69,359
Average sold		60,142		70,889
Average notional	$	3,360,000,000	$	5,004,000,000

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

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of March 31, 2023 and December 31, 2022.

Offsetting of derivative assets and liabilities at March 31, 2023

Schedule of Offsetting of derivative assets and liabilities
Assets	Gross amounts of recognized assets		Gross amounts offset in the Statements of Financial Condition			Net amounts of assets presented in the Statements of Financial Condition
Futures contracts
Counterparty C	$	2,683,525	$	(1,057,748	)	$	1,625,777
Counterparty J		653,197		(143,514	)		509,683
Counterparty L		6,179,707		(3,506,759	)		2,672,948
Total futures contracts		9,516,429		(4,708,021	)		4,808,408

Forward currency contracts
Counterparty K		7,662,344		(7,202,541	)		459,803

Total assets	$	17,178,773	$	(11,910,562	)	$	5,268,211

Liabilities	Gross amounts of recognized liabilities		Gross amounts offset in the Statements of Financial Condition			Net amounts of liabilities presented in the Statements of Financial Condition
Forward currency contracts
Counterparty G	$	3,544,832	$	(3,215,954	)	$	328,878

Total liabilities	$	3,544,832	$	(3,215,954	)	$	328,878

			Amounts Not Offset in the Statements of Financial Condition

	Net amounts of Assets presented in the Statements of
Counterparty	Financial Condition		Financial Instruments		Collateral Received⁽¹⁾⁽²⁾			Net Amount⁽³⁾
Counterparty C	$	1,625,777	$	-	$	(1,625,777	)	$	-
Counterparty J		509,683		-		(509,683	)		-
Counterparty L		2,672,948		-		(2,672,948	)		-
Counterparty K		459,803		-		-			459,803

Total	$	5,268,211	$	-	$	(4,808,408	)	$	459,803

			Amounts Not Offset in the Statements of Financial Condition

	Net amounts of Liabilities presented in the Statements of
Counterparty	Financial Condition		Financial Instruments		Collateral pledged⁽¹⁾⁽²⁾		Net Amount⁽⁴⁾
Counterparty G	$	328,878	$	-	$	328,878	$	-

Total	$	328,878	$	-	$	328,878	$	-

⁽¹⁾

Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.

⁽²⁾

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

⁽³⁾

Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2023.

⁽⁴⁾

Net amount represents the amounts owed by the Master Fund to each counterparty as of March 31, 2023.

Offsetting of derivative assets and liabilities at December 31, 2022

Assets	Gross amounts of recognized assets		Gross amounts offset in the Statements of Financial Condition			Net amounts of assets presented in the Statements of Financial Condition
Futures contracts
Counterparty C	$	2,201,296	$	(739,360	)	$	1,461,936
Counterparty J		918,116		(400,150	)		517,966
Counterparty L		21,024,084		(2,523,567	)		18,500,517
Total futures contracts		24,143,496		(3,663,077	)		20,480,419

Forward currency contracts
Counterparty G		2,976,865		(2,194,130	)		782,735
Counterparty K		5,462,389		(4,039,841	)		1,422,548
Total forward currency contracts		8,439,254		(6,233,971	)		2,205,283

Total assets	$	32,582,750	$	(9,897,048	)	$	22,685,702

			Amounts Not Offset in the Statements of Financial Condition

	Net amounts of Assets presented in the Statements of
Counterparty	Financial Condition		Financial Instruments		Collateral Received⁽¹⁾⁽²⁾			Net Amount⁽³⁾
Counterparty C	$	1,461,936	$	-	$	(1,461,936	)	$	-
Counterparty J		517,966		-		(517,966	)		-
Counterparty L		18,500,517		-		(18,500,517	)		-
Counterparty G		782,735		-		-			782,735
Counterparty K		1,422,548		-		-			1,422,548

Total	$	22,685,702	$	-	$	(20,480,419	)	$	2,205,283

⁽¹⁾

Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange.

⁽²⁾

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

⁽³⁾

Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2022.

CONCENTRATION OF CREDIT RISK

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

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

The Master Fund’s forward currency trading activities are cleared by DB, and BA. The Master Fund’s concentration of credit risk associated with DB, or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB, and BA. The amount of such credit risk was $41,495,357 and $37,114,394 at March 31, 2023 and December 31, 2022, respectively.

5. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three months ended March 31, 2023 and 2022. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo account as defined in the Master Fund’s Agreement of Limited Partnership.

Schedule Of Profit Share Earned And Accrued
	Three months ended: March 31, 2023		Three months ended: March 31, 2022
Profit share earned	$	-	$	-
Profit share accrued		-		2,164,421
Total profit share	$	-	$	2,164,421

6. FINANCIAL HIGHLIGHTS

Ratios to average capital are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum, fee reduced to 1.75% from 2.00%, effective April 1, 2021) and 20% of Trading Profits and 2) Limited Partners’ capital taken as a whole. The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner’s capital account may vary from these ratios based on the timing of capital transactions and differences in individual partners’ management fee, selling commission, platform fee and profit share allocation arrangements. Returns are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum, fee reduced to 1.75% from 2.00%, effective April 1, 2021) and 20% of Trading Profits and 2) Limited Partners’ capital taken as a whole. An individual partner’s returns may vary from these returns based on the timing of capital transactions and differences in individual partners’ management fee, selling commission, platform fee and profit share allocation arrangements.

7. SUBSEQUENT EVENTS

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

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

OPERATIONAL OVERVIEW

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

LIQUIDITY AND CAPITAL RESOURCES

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

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

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

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

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

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

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

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

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

The Master Fund’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other Commodity Futures Trading Commission-authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund’s futures, forward, and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due to limited open interest in certain futures markets or to daily price fluctuation limits, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures, forward and spot trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations for the three months ended March 31, 2023, the Partnership, through its investment in the Master Fund, experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

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

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

RESULTS OF OPERATIONS

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

Period ended March 31, 2023

Month Ended:	Total Partners’ Capital of the Partnership
March 31, 2023	$	130,480,482
December 31, 2022		143,276,896

	Three Months
Change in Partners’ Capital	$	(12,796,414	)
Percent Change		(8.93	)%

THREE MONTHS ENDED MARCH 31, 2023

The decrease in the Partnership’s net assets of $12,796,414 was attributable to net loss after profit share through its investment in the Master Fund of $11,868,853 and withdrawals of $1,383,662 which were partially offset by contributions of $456,101.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2023 increased $38,967 relative to the corresponding period in 2022. The increase was due to an increase in the average net asset value of the Partnership during the three months ended March 31, 2023, relative to the corresponding period in 2022.

The Partnership, through its investment in the Master Fund, bears all trade-related commission and clearing charges due to third-party brokers. Brokerage commissions, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2023 decreased $34,783 relative to the corresponding period in 2022. The decrease was due to a decrease in the trading volume during the three months ended March 31, 2023, relative to the corresponding period in 2022.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended March 31, 2023 increased $38,875 relative to the corresponding period in 2022. The increase was due to an increase in the average net asset value of the Partnership during the three months ended March 31, 2023, relative to the corresponding period in 2022.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2023 increased $7,082 relative to the corresponding period in 2022. The increase was due to an increase in the average net asset value of the Partnership during the three months ended March 31, 2023, relative to the corresponding period in 2022.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2023 increased $1,137,066 relative to the corresponding period in 2022. The increase was due predominantly to an increase in short-term U.S. Treasury yields during the three months ended March 31, 2023, relative to the corresponding period in 2022.

For the three months ended March 31, 2023, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $11,625,748 from trading operations (including foreign exchange transactions and translations). Management fees of $583,135, brokerage commissions of $140,107, selling commissions and platform fees of $579,627, administrative and operating expenses of $133,899, and custody fees and other expenses of $6,103. Interest income of $1,199,766 partially offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $11,868,853.

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

Sector	% Gain (Loss)
Currencies		0.14	%
Energies		(2.38	)%
Grains		(0.14	)%
Interest rates		(6.14	)%
Livestock		0.04	%
Metals		0.24	%
Softs		(0.10	)%
Stock indices		0.14	%
Trading loss*		(8.20	)%

Percentage of the Partnership Capital

MANAGEMENT DISCUSSION – 2023

Three months ended March 31, 2023

The Partnership was unprofitable in the quarter predominantly due to losses from trading interest rate and energy futures. Elsewhere, trading of non-energy commodity futures was marginally unprofitable, trading of equity index futures was flat and trading of currency forwards was marginally profitable.

During January, February and into early March, markets were volatile as the negative impulses from tightening of monetary policies and sluggish manufacturing and housing sectors globally clashed with the positive impulses from better than expected employment, consumption and service sector growth globally. Then, during the last three weeks of the quarter, the banking crisis evidenced by the sudden collapses of Silicon Valley Bank and Signature Bank in the U.S., the Swiss government’s brokered sale of Credit Suisse to UBS in Europe, and the challenges of other European and small and mid-sized U.S. banks rattled trading in financial and commodity markets.

Interest rates were volatile during the quarter. In January, global interest rates declined as many market participants came to believe that a further easing of price and wage inflation may lead to an easing of monetary policy in the second half of the year. During February and into early March, however, the global bond market rally stalled as signs of continued inflation, the “hot” U.S. labor market, better-than-expected economic data in the U.S. and Europe, and Congressional testimony by Federal Reserve (“Fed”) Chairman Powell on March 7th and 8th led some investors to believe that global interest rates were primed to go still higher as central banks continued to address inflation. However, the next day global interest rates collapsed amid historic levels of interest rate volatility as risks of economic slowdown and/or recession rose in the wake of the banking crisis. For example, the U.S. 2-year note, which was yielding near 5 1/8% on March 8th following the Fed Chairman’s testimony, plunged to about 3.5% before recovering to around 4 1/8% at month-end. Overall, short positions in U.S., German, French, Italian, British, Canadian and Japanese interest futures were highly unprofitable.

For much of the quarter, energy prices as measured by WTI crude oil were influenced by conflicting forces and traded in a range between $73 and $82 per barrel. In general, global supply and demand fundamentals saw mixed results amid a number of global events: Russian supply did not fall as steeply as some expected; Iraq exports through Turkey were reduced significantly late in the quarter; Chinese demand did not pick up as quickly as many forecast; concerns about slowing growth in Europe and the U.S. likely impacted fundamentals; strikes at French refineries seemingly weakened crude consumption; the U.S. government did not replenish its Strategic Petroleum Reserve; and developed world commercial oil inventories rose. OPEC+ appeared unwilling to change policy until it better understood the mixed results. Then, in March as recession risks increased in the wake of the banking sector crisis, energy prices fell with WTI crude plunging from $80 per barrel on March 6 to $65 per barrel on March 20, before recovering to close the month near $70/barrel. On balance, long positions in Brent crude, WTI crude, London gas oil, heating oil and RBOB gasoline were unprofitable. On the other hand, short natural gas positions were quite profitable as prices declined amid warmer than typical weather in Europe and the U.S. and expanding inventories.

Equity markets, although also rattled by the mix of positive and negative factors discussed above, were steady during the quarter and results were mixed and flat. Long positions in European, Chinese, Taiwanese and Australian stock index futures were profitable. Short positions in Brazilian, Indian and U.S. Russell equity index futures, and trading of Singaporean futures were profitable. On the other hand, short U.S. NASDAQ, S&P and Mid-Cap 400 positions, and trading of Korean, Japanese and EAFE equity index futures posted offsetting losses.

A short silver position was profitable in February, possibly impacted by higher interest rates, a stronger U.S. dollar and sluggish manufacturing globally. In March, safe haven demand and a weaker U.S. dollar likely affected precious metal prices and a long gold trade was profitable. These gains slightly outpaced the loss from a short copper trade. Turning to grain futures, strong supply expectations from major producers of wheat, corn and soybeans seemingly weighed down grain prices. Losses on long corn and soybean trades outdistanced the profit from a short wheat position. Among soft commodities, small losses on short coffee, cotton and cocoa positions marginally outdistanced the profit from a long sugar trade.

Varying expectations about relative growth and monetary policy outlooks across countries likely caused fluctuations in the U.S. dollar during the quarter. Trading results were mixed, though marginally positive overall. Short U.S. dollar positions versus high yield currencies—Chile, Mexico and Poland—were profitable, particularly in March. Long U.S. dollar positions against the Japanese yen and Swiss franc posted gains in January and February. On the other hand, short U.S. dollar trades relative to the Korean won and Brazilian real in February were unprofitable, as was trading the U.S. dollar against the Australian, Canadian and New Zealand dollars, respectively, and trading the Norwegian krone versus the euro and U.S. dollar.

Period ended March 31, 2022

Month Ended:	Total Partners’ Capital of the Partnership
March 31, 2022	$	129,950,379
December 31, 2021		128,076,157

	Three Months
Change in Partners’ Capital	$	1,874,222
Percent Change		1.46	%

THREE MONTHS ENDED MARCH 31, 2022

The increase in the Partnership’s net assets of $1,874,222 was attributable to net income after profit share through its investment in the Master Fund of $6,804,213 and contributions of $280,000 which were partially offset by withdrawals of $5,209,991.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2022 decreased $137,548 relative to the corresponding period in 2021. The decrease was due to a decrease in the management fee rate, effective 4/1/2021 and a decrease in the average net asset value of the Partnership during the three months ended March 31, 2022, relative to the corresponding period in 2021.

The Partnership, through its investment in the Master Fund, bears all trade-related commission and clearing charges due to third-party brokers. Brokerage commissions, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2022 decreased $36,069 relative to the corresponding period in 2021. The decrease was due to a decrease in the trading volume during the three months ended March 31, 2022, relative to the corresponding period in 2021.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended March 31, 2022 decreased $31,166 relative to the corresponding period in 2021. The decrease was due predominantly to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2022, relative to the corresponding period in 2021.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2022 decreased $3,183 relative to the corresponding period in 2021. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2022, relative to the corresponding period in 2021.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2022 increased $44,732 relative to the corresponding period in 2021. The increase was due predominantly to an increase in short-term U.S. Treasury yields during the three months ended March 31, 2022, relative to the corresponding period in 2021.

For the three months ended March 31, 2022, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $8,224,824 from trading operations (including foreign exchange transactions and translations). Management fees of $544,168, brokerage commissions of $174,890, selling commissions and platform fees of $540,752, administrative and operating expenses of $126,817, custody fees and other expenses of $5,690, and profit share of $90,894 were paid or accrued. Interest income of $62,600 partially offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share of $6,804,213.

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

Sector	% Gain (Loss)
Currencies		0.89	%
Energies		6.82	%
Grains		(0.41	)%
Interest rates		0.16	%
Livestock		(0.01	)%
Metals		(1.97	)%
Softs		0.13	%
Stock indices		1.00	%
Trading gain*		6.61	%

Percentage of the Partnership Capital

MANAGEMENT DISCUSSION – 2022

Three months ended March 31, 2022

The Partnership was profitable in the quarter as gains from trading energy futures, stock index futures and currency forwards outpaced losses from trading metal futures. Elsewhere, trading of interest rate futures and softs futures were marginally positive while trading of agricultural commodity futures was marginally negative.

During the quarter, market prices experienced significant volatility as market participants endeavored to understand the impacts of recent events—including the increasingly hawkish Federal Reserve (the “Fed”) and global central bank monetary policies; the Russia-Ukraine war and accompanying sanctions; and the Chinese growth slowdown, which was exacerbated by recent COVID-19 lockdowns—on individual markets and on growth/inflation outlooks for various regions of the world.

Disciplined supply management from both Organization of the Petroleum Exporting Countries (“OPEC+”) and non-OPEC producers together with oil consumption recovering toward pre-pandemic levels underpinned a rise in Brent crude oil prices from $77/barrel at the end of 2021 to around $90/barrel on January 31 amid concerns that the market may face an oil-market squeeze triggered by too little investment and quickly rebounding demand. Then, as the Russia-Ukraine war erupted, energy prices, represented by Brent crude oil, surge to nearly $130/barrel on March 8 amid fears that Russian energy supplies would be negatively impacted. Russia is among the top three global producers of crude oil and natural gas. Over the last three weeks of the quarter, energy prices were extremely volatile with Brent crude plunging to $98/barrel on March 16 and jumping to $122/barrel on March 24 before closing the month at $108/barrel. The price drop near month-end followed news that the U.S. would release a million barrels per day from the Strategic Petroleum Reserve for up to six months. Overall, long positions in Brent crude, WTI crude, RBOB gasoline, London gas oil, and heating oil were profitable. In addition, periodic short positions in Brent crude, RBOB gasoline and London gas oil posted small gains. On the other hand, a short position in U.S. natural gas was unprofitable and shifted to a long position late in the quarter.

The Fed and other central banks’ embrace of more hawkish policy impacted global financial markets, contributing to increased volatility and significant losses for global equities, despite a modest recovery at quarter-end. China’s growth slowdown and property market distress also weighed on equities, as did Europe’s struggles with high energy prices, supply bottlenecks and personnel shortages. The potential stagflationary impacts of the Russia-Ukraine war also contributed to uncertainty in global equity markets. Overall, short positions in Chinese, Hong Kong, Korean, Singaporean, German, Italian, South African, and the EEM and EAFE index futures were profitable. Trading of the S&P Mid-Cap index, and long positions in Australian and British index futures late in the quarter were also profitable. On the other hand, long positions in most U.S. equity index futures and trading of Dutch, French, and the Euro Stoxx index futures posted partially offsetting losses. Short vix and Brazilian index futures positions, a long Canadian equity index future position, and trading of the Taiwanese stock index future were also unprofitable.

The U.S. dollar was volatile for most of the quarter, but it spiked about 3% higher during the first week of the Russian invasion of Ukraine and as market participants anticipated a hawkish tilt for the mid-March Federal Open Market Committee meeting. A long U.S. dollar trade versus the Japanese yen was particularly profitable as the Bank of Japan continued to pursue an expansive monetary policy while the Fed was becoming decidedly more restrictive. A long Brazilian real/short dollar trade benefitted from high level of Brazilian interest rates and from rising commodity prices. Given that the war in Ukraine is likely to have a much greater negative impact on Europe than the U.S., a long U.S. dollar position against the Euro was profitable. A short U.S. dollar trade versus the Russian ruble was closed out at a loss during February when the Partnership halted trading of the Russian currency. Elsewhere, trading the U.S. dollar against the currencies of Switzerland, Sweden, the U.K. and India; long U.S. dollar trades against the Australian and Canadian currencies; and a short U.S. dollar/ long New Zealand dollar position posted partially offsetting losses.

Led by a seemingly increasingly hawkish Fed, global interest rates increased throughout the quarter as Chairman Powell indicated that the March start to official rate increases and end to Quantitative Easing would be followed shortly thereafter by Quantitate Tightening (“QT”) as the Fed seeks to rein in inflation without derailing strong GDP and employment growth. Following this news, the 10-year U.S. government bond yield, which ended 2021 near 1.50%, soared to nearly 2.50% on March 28 before settling back to about 2.30% at month-end. Concerns that higher rates and QT would slow growth nor safe haven demand deriving from the Russian-Ukraine kept rates down. On balance, short positions in shorter-term U.S., European, Canadian and Italian interest rate futures were profitable. In addition, short positions in the U.S. ultra-bond future and the 10-year Italian bond future were profitable. On the other hand, trading of Australian, Canadian, French, Japanese and U.S. note futures posted largely offsetting losses.

Geopolitical developments, the Chinese growth slowdown, monetary policy uncertainties and dollar volatility impacted metal markets, which experienced an overall sector loss. Trading of silver, gold, platinum and copper futures produced losses. On the other hand, a long nickel position was profitable as rising demand—especially for EV batteries, and low inventories buoyed prices. Trading of zinc was also slightly profitable.

Finally, turning to soft and agricultural commodities, losses from a short wheat position and from trading soybean oil, sugar and coffee outdistanced the profits from long soybean, soybean meal and cotton positions.

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

Neither the Partnership nor the Master Fund enters into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business, through its investment in the Master Fund, is trading futures, forward currency, spot and swap contracts, both long (contracts to buy) and short (contacts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Master Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Master Fund present a condensed schedules of investments setting forth open futures, forward and other contracts at March 31, 2023 and December 31, 2022.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The General Partner, with the participation of the principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner’s internal controls over financial reporting during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, the General Partner’s internal controls over financial reporting with respect to the Partnership.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

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

(a) Pursuant to the Partnership’s Third Amended and Restated Limited Partnership Agreement (the “Partnership Agreement”), the Partnership may sell Units at the beginning of each calendar month. On January 1, 2023, and March 1, 2023, the Partnership sold Units to new and existing limited partners of $400,000, and $56,101. There were no underwriting discounts or commissions in connection with the sales of the Units described above.

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

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

The following table summarizes the redemptions by Series A, Series B, Series C and Series D limited partners during the three months ended March 31, 2023. There were no Series E redemptions.

	Series A					Series B					Series C					Series D
Date of Withdrawal	Units Redeemed			NAV per Unit		Units Redeemed			NAV per Unit		Units Redeemed			NAV per Unit		Units Redeemed			NAV per Unit
January 31, 2023		(33.3752	)	$	1,253.62		(32.1080	)	$	1,539.19		(106.9465	)	$	1,570.42		(54.8705	)	$	1,450.97
February 28, 2023		-			1,287.41		(72.1934	)		1,583.30		-			1,615.43		(31.3082	)		1,491.62
March 31, 2023		(209.6479	)		1,208.73		-			1,489.02		-			1,519.24		(449.6838	)		1,401.93

Total		(243.0231	)				(104.3014	)				(106.9465	)				(535.8625	)

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included herewith:

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

SIGNATURES

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

By:	Millburn Ridgefield Corporation,
	General Partner

Date: May 15, 2023

	/s/ Michael W. Carter
	Michael W. Carter
	Vice-President
	(Principal Accounting Officer)

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Millburn Multi-Markets Fund 10-Q2023 Q1 Quarterly report

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