UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x Annual Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the Fiscal Year Ended: December 31, ~~2023~~2024

 Transition Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Commission File Number: 000-54028

MILLBURN MULTI-MARKETS FUND L.P.

(Exact name of registrant as specified in its charter)


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

c/o MILLBURN RIDGEFIELD CORPORATION

55 West 46th Street, 31st Floor


		New York, New York 10036

(Address of principal executive offices) (Zip Code)

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

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


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

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

(Title of Class)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No 

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 ~~1


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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). 

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

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

Not applicable.

Documents Incorporated by Reference

Registrant’s Financial Statements for the years ended December 31, ~~2023~~2024 and ~~2022~~2023 and Report of Independent Registered Public Accounting Firm, the annual report to security holders for the fiscal year ended December 31, ~~2023~~2024, is incorporated by reference into Part II Item 8 and Part IV hereof and filed as an exhibit herewith.

‎

PART I

Item 1. Business

(a) General development of business

Millburn Multi-Markets Fund L.P. (the “Partnership”) is a limited partnership organized September 8, 2008 under the Delaware Revised Uniform Limited Partnership Act. The Partnership commenced operations on August 1, 2009. The Partnership is required, pursuant to its Fourth Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), to invest all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”), a Delaware limited partnership that began trading on October 20, 2004. The Partnership is one of a number of investors in the Master Fund. As of December 31, ~~2023~~2024, the Partnership’s partnership percentage in the Master Fund was approximately 2928.8705% of total partners’ capital of the Master Fund. The general partner and trading advisor of the Partnership and the Master Fund is Millburn Ridgefield ~~Corporation~~LLC, a Delaware ~~corporation~~limited liability company operating in New York, New York (the “General Partner”).

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

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

The General Partner was organized in May 1982 to manage discretionary accounts in futures and forward markets. It and its principals have been trading in the futures and forwards markets pursuant to systematic quantitative, trading and risk management methods since 1971. The General Partner has been registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator (“CPO”) since July 1, 1982, as a commodity trading advisor (“CTA”) since September 13, 1984 and has been a member of the National Futures Association (the “NFA”) since July 1, 1982. The General Partner has been an approved swaps firm with the NFA since December 26, 2012. The General Partner conducts all trading and investment activities through the Master Fund. The Millburn Corporation, a former affiliate of the General Partner, that, prior to January 1, 2019, performed research, trading, technology, operations, marketing, accounting, tax, legal, compliance, human resources, and other administrative functions for the Partnership and the Master Fund and other commodity pools and investment partnerships managed by the General Partner, merged with and into the General Partner on December 31, 2018, and the General Partner now performs the functions formerly performed by The Millburn Corporation. 2

AsThe ofGeneral ~~December~~Partner ~~31,~~was ~~2023,~~organized ~~the~~in ~~aggregate~~May ~~net~~1982 ~~asset~~to ~~value~~manage ofdiscretionary ~~the~~accounts ~~Partnership~~in ~~was~~futures ~~$123,929,777~~and forward markets. It and ~~the~~its ~~aggregate~~principals ~~net~~have ~~asset~~been ~~value~~trading ofin the ~~Master~~futures ~~Fund~~and ~~was~~forwards ~~$414~~markets pursuant to systematic quantitative,~~899,980.~~ ~~The~~trading ~~net~~and ~~asset~~risk ~~value~~management ofmethods asince ~~Series~~1971. The AGeneral ~~Unit~~Partner ~~originally~~has ~~sold~~been ~~for~~registered ~~$1,000.00~~with asthe ofCommodity ~~August~~Futures 1,Trading ~~2009~~Commission ~~was~~(the ~~$1,210.16~~“CFTC”) as ofa ~~December~~commodity ~~31,~~pool ~~2023. The~~operator ~~net~~(“CPO”) ~~asset~~since ~~value~~July of1, 1982, as a ~~Series~~commodity Btrading ~~Unit~~advisor ~~originally~~(“CTA”) ~~sold~~since ~~for~~September $113,~~000.00~~ as1984 and has been a member of ~~August~~the 1,National ~~2009~~Futures ~~was~~Association ~~$1,513.26~~(the as“NFA”) ofsince ~~December 31~~July 1, ~~2023~~ 1982. The ~~net~~General ~~asset~~Partner ~~value~~has ofbeen aan ~~Series~~approved Cswaps ~~Unit~~firm ~~originally~~with ~~sold~~the ~~for~~NFA $1since December 26,~~000~~ 2012.00 asThe ofGeneral ~~August~~Partner 1,conducts ~~2009~~all ~~was~~trading ~~$1,543.97~~and asinvestment ofactivities ~~December 31, 2023~~through the Master Fund. The ~~net~~Millburn ~~asset~~Corporation, ~~value of~~ a ~~Series~~former Daffiliate ~~Unit~~of ~~originally~~the ~~sold~~General ~~for~~Partner, $1that,~~331.20~~ asprior ofto ~~November~~January 1, ~~2017~~2019, ~~was~~performed $1research,~~416.78~~ astrading, oftechnology, ~~December 31~~operations, ~~2023.~~marketing, Asaccounting, oftax, ~~March 1~~legal, ~~2023~~compliance, ~~the~~human ~~Trust~~resources, ~~also~~and ~~began~~other ~~offering~~administrative ~~Series~~functions Efor ~~Units.~~the ~~The~~Partnership ~~net~~and ~~asset~~the ~~value~~Master ofFund aand ~~Series~~other Ecommodity ~~Unit~~pools ~~originally~~and ~~sold~~investment ~~for~~partnerships ~~$1,000.00~~managed asby ofthe ~~March~~General 1Partner, ~~2023~~merged ~~was~~with ~~$969.81~~and asinto ofthe General Partner on December 31, ~~2023.~~2018, Inand ~~each~~the ~~case,~~General ~~these~~Partner ~~are~~now ~~based~~performs onthe functions formerly performed by The Millburn Corporation. Until January 30, 2025, the ~~actual~~General ~~rate~~Partner ofoperated ~~return~~as a ~~limited~~Delaware ~~partner’s~~corporation ~~investment~~under in the ~~Partnership~~name ~~would~~“Millburn ~~have~~Ridgefield ~~recognized,~~Corporation”. ~~net~~Effective as of January 30, 2025, the ~~highest~~General ~~charges~~Partner ~~applicable~~converted to a Delaware limited ~~partner,~~liability ~~during~~company ~~each~~named ~~month~~“Millburn inRidgefield ~~the~~LLC”. ~~calculation~~All ~~period~~references ~~from~~to ~~August~~the 1,General ~~2009~~Partner herein refer to ~~December~~“Millburn 31Ridgefield Corporation” prior to January 30, 2025, ~~2023~~as appliable.

As of December 31, 2024, the aggregate net asset value of the Partnership was $121,077,762 and the aggregate net asset value of the Master Fund was $431,706,354. The net asset value of a Series A Unit originally sold for $1,000.00 as of August 1, 2009 was $1,295.79 as of December 31, 2024. The net asset value of a Series B Unit originally sold for $1,000.00 as of August 1, 2009 was $1,645.09 as of December 31, 2024. The net asset value of a Series C Unit originally sold for $1,000.00 as of August 1, 2009 was $1,678.47 as of December 31, 2024. The net asset value of a Series D Unit originally sold for $1,331.20 as of November 1, 2017 was $1,532.95 as of December 31, 2024. As of March 1, 2023, the Partnership also began offering Series E Units. The net asset value of a Series E Unit originally sold for $1,000.00 as of March 1, 2023 was $1,078.07 as of December 31, 2024. In each case, these are based on the actual rate of return a limited partner’s investment in the Partnership would have recognized, net of the highest charges applicable to a limited partner, during each month in the calculation period from August 1, 2009 to December 31, 2024.

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

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

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

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

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

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

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

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

Over approximately 5354 years, the General Partner and its predecessor entities have developed hundreds of trading systems. These trading systems generate buy or sell decisions in a particular market based on the analysis of a range of quantitative data, and the interactions of such data, in the particular market or in markets in general.

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

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

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

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

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

Additional money management principles applicable to the portfolio as a whole include: (1) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account’s net assets, though the amount may at any time be substantially higher or lower and (2) prohibiting pyramiding — that is, using unrealized profits in a particular market as margin for additional positions solely in the same market.

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

experienced by the portfolio in the simulation period. The simulated worst-case drawdown, or peak-to-trough drawdown, is measured from a daily high in portfolio assets to the subsequent daily low whether that occurs days, weeks or months after the daily high. If the General Partner considers this simulated drawdown too severe or the portfolio’s simulated volatility too high, it can set the leverage or level of the actual portfolio accordingly so as to reduce the total portfolio exposure. There are, however, no restrictions on the amount of leverage the Master Fund may use at any given time.

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

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

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

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

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

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

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

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

The General Partner receives from the Master Fund a monthly “Management Fee” in respect of each Series’ investment in the Master Fund, in an amount equal to 1/12 of 1.75% of the net asset value of such Series’ investment in the Master Fund as of each month-end prior to reduction for any redemptions, distributions, any amounts payable to Selling Agents, any accrued Profit Share or the Management Fee then being calculated (a 1.75% annual rate), prorated for partial months.

The General Partner’s “Profit Share” is calculated separately as of the end of a fiscal year, with respect to (i) Series A Units (the “Series A Profit Share”), (ii) Series B and Series C Units in the aggregate (the “Series B/C Profit Share”) and (iii) Series D Units (the “Series D Profit Share”). The Series A Profit Share and Series D Profit Share equal 20% of any increase in Series A trading profits and Series D trading profits, respectively, over the previous high point in trading profits as of a date on which a Profit Share was paid with respect to Series A or Series D, respectively (or $0 if no Profit Share has been paid with respect to such Units). The Series B/C Profit Share equals 20% of any increase in aggregate trading profits attributable to Series B and Series C over the previous high point in such trading profits as of a date on which a Profit Share was paid with respect to Series B and Series C (or $0 if no Profit Share has been paid with respect to such Units). Series E is not charged a Profit Share.

point in trading profits as of a date on which a Profit Share was paid with respect to Series A or Series D, respectively (or $0 if no Profit Share has been paid with respect to such Units). The Series B/C Profit Share equals 20% of any increase in aggregate trading profits attributable to Series B and Series C over the previous high point in such trading profits as of a date on which a Profit Share was paid with respect to Series B and Series C (or $0 if no Profit Share has been paid with respect to such Units). Series E is not charged a Profit Share.

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

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

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

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

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

held in cash in commodity brokerage accounts, bank accounts or other accounts in the name of the Master Fund and will be used for trading which requires cash for margin and to avoid daily buying and selling of government securities. Neither the Partnership nor the Master Fund will make any loans; provided, however, that the Partnership and the Master Fund may purchase CFTC-authorized investments, including debt instruments, as described above. The General Partner will not commingle the property of the Partnership or the Master Fund with the property of any other person or entity (the deposit of Partnership or Master Fund assets with banks, brokers and dealers for margin, collateral or otherwise not being deemed a prohibited commingling).

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

Regulation

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

unable to continue to manage the business of the Partnership. Should the General Partner’s registration be suspended, termination of the Partnership might result.

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

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

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

1(i) through (v) - not applicable.

(2)(i) - not applicable.

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

Item 1A. Risk Factors

Not required.

Item 1B. Unresolved Staff Comments

Not required.

Item 1C. Cybersecurity

The General Partner has written procedures and policies that govern the Partnership’s general cybersecurity program. These policies and procedures include, among other things, the identification of risks, locations of information, management of third party risk and incident response, among other factors, and are designed to address real world concerns.

The Cybersecurity Committee (the “Committee”) of the General Partner is responsible for overseeing cyber and information security. The Committee meets at least quarterly to discuss cybersecurity risks and frequently holds more informal discussions in the interim. The Committee is subject to oversight by the board of directors of the General Partner (the “Board”). The Committee is co-chaired by the General Partner’s President/Chief Operating Officer, Chief Technology Officer/Co-Head of Trading, and General Counsel/Chief Compliance Officer who oversee day-to-day implementation of cyber and information security by employees with specialized expertise and experience in such matters. The Board is kept apprised of the cybersecurity policies and procedures on a formal basis at least annually, and is kept informed on a less formal basis through participation in training and policy updates. The Committee meets at least quarterly to discuss and review testing, cybersecurity risks/events and all other relevant matters. Committee members are given the opportunity at these meetings to ask questions of all relevant personnel.

The General Partner utilizes a combination of statistics, data and testing by third party service providers and software in order to monitor and identify cybersecurity threats. To the extent those threats require immediate attention, they are dealt with and reported to the Committee thereafter in accordance with the procedures outlined in the General Partner’s incident response plan. Other threats, as well as follow ups once threats are properly dealt with, are then discussed and analyzed by the Committee. Reports on these activities are discussed with the Board on at least an annual basis, with any material issues raised promptly to the Board as well.

To assess the effectiveness of the General Partner’s cybersecurity programs and to mitigate exposure, the General Partner has consulted with strategic partners, such as outside counsel specializing in this subject matter as well as the General Partner’s cyber insurance provider. The General Partner also undertook a table top exercise designed to identify and mitigate issues and train personnel.

The General Partner’s head of risk management (who is also mentioned above as one of the co-chairmen of the Committee) participates in all Committee meetings and, as part of the risk management function, the Committee applies principles of risk management to its information security program. As with all risks identified by the General Partner, risks are identified and evaluated, with higher risk items receiving priority attention.

The General Partner has undertaken efforts to mitigate cyber risks and their impact, including, but not limited to, certain implementation of firewalls, anti-virus/anti-malware, controls around remote network access, multi-factor authentication, system event monitoring and notifications and electronic surveillance, frequent backups, encryption and password protection, education and testing, supervision of third parties, limitations on access, vulnerability scanning, patch installation, physical safeguards, virus scanning, and penetration testing.

Employees are required to complete initial cybersecurity training upon commencement of employment and, thereafter, on an annual basis. The training is designed by a third party service provider. The General Partner carries cyber insurance. The General Partner maintains formal cybersecurity procedures that are considered during contract review with respect to third party vendors handling and having access to information.

The General Partner has not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected the General Partner or the Partnership’s business strategy, results of operation or financial condition. Nonetheless, there is no guarantee that a future cyber incident would not materially affect the General Partner or the Partnership’s business strategy, results of operations or financial condition. Despite the various efforts the General Partner has undertaken to mitigate cyber risks and their impact, systems, networks and/or devices potentially can be breached. Such cybersecurity breaches may cause: (i) disruptions and impacts to business operations, potentially resulting in financial losses to the Partnership and limited partners; (ii) interference with the General Partner’s ability to calculate the value of an investment; (iii) impediments to trading; (iv) the inability of the Partnership and its service providers to transact business; (v) violations of applicable privacy and other laws; (vi) regulatory fines, penalties, reputational damage, reimbursement or other compensation costs or additional compliance costs; and (vii) the inadvertent release of confidential information. Similar adverse consequences could result from cybersecurity breaches affecting counterparties with which the Partnership engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions; and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future. The nature of malicious cyber-attacks is becoming increasingly sophisticated and the Partnership cannot control the cyber systems and cybersecurity systems of counterparties or third party service providers. While, to date, we have not been subject to cyberattacks that, individually or in the aggregate, have been material to our operations or financial condition, the preventive actions we take to reduce the risks associated with cyberattacks may be insufficient to repel or mitigate the effects of a major cyberattack in the future.

additional compliance costs; and (vii) the inadvertent release of confidential information. Similar adverse consequences could result from cybersecurity breaches affecting counterparties with which the Partnership engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions; and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future. The nature of malicious cyber-attacks is becoming increasingly sophisticated and the Partnership cannot control the cyber systems and cybersecurity systems of counterparties or third party service providers. While, to date, we have not been subject to cyberattacks that, individually or in the aggregate, have been material to our operations or financial condition, the preventive actions we take to reduce the risks associated with cyberattacks may be insufficient to repel or mitigate the effects of a major cyberattack in the future.

Item 2. Properties

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

Item 3. Legal Proceedings

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

Item 4. Mine Safety Disclosures

Not required.

PART II

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

(a) Market Information

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

(b) Holders

As of December 31, ~~2023~~2024, there were ~~400~~348 holders of Series A Units, 6965 holders of Series B Units, 1917 holders of Series C Units, 3931 holders of Series D Units and 1 holder of Series E Units.

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

(d) Securities Authorized for Issuance Under Equity Compensation Plans

None.

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

Units are sold on a monthly basis through the General Partner and selling agents retained by the General Partner to act as its agents. Units were initially issued at $1,000.00 per Unit, except for Series D Units, which were issued at $1,331.20 and thereafter at net asset value. Between October 1, ~~2023~~2024 and December 31, ~~2023~~2024, the Partnership issued Units at monthly closings, as set forth in the following charts, to both new limited partners as well as to existing limited partners making additional investments. There were no Series A, Series C or Series D subscriptions during the fourth calendar quarter of ~~2023~~2024.

	Number of	Dollar Amount
	Series E Units	of Series E
Month	Sold	Units Sold

October 1, 2024	2.3140	$	2,368
November 1, 2024	2.1700		2,280
December 1, 2024	15.1425		16,141

Total	19.6265	$	20,789

	Number of	Dollar Amount
	Series B Units	of Series B
Month	Sold	Units Sold
December 1, 2023	31.3529	$	50,000
	Number of	Dollar Amount
	Series E Units	of Series E
Month	Sold	Units Sold
October 1, 2023	3.3800	$	3,677
November 1, 2023	3.4620		3,731
December 1, 2023	2.9184		2,977
Total	9.7604	$	10,385

(f) Purchases of Equity Securities by the Issuer

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

The following table summarizes limited partner redemptions of Series A, Series CB, ~~and~~Series C, Series D during the fourth calendar quarter of ~~2023~~2024. There were no Series E redemptions during the fourth calendar quarter of ~~2023~~2024.

	Number of
	Series A Units		Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2023	144.5751	$	1,346.31
November 30, 2023	117.4220		1,277.45
December 31, 2023	82.5610		1,210.16
Total	344.5581
	Number of
	Series B Units		Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2023	43.5920	$	1,671.96
	Number of
	Series C Units		Redemption Date
Month	Units Redeemed		NAV per Unit
October 31, 2023	95.1431	$	1,705.89
	Number of
	Series D Units		Redemption Date
Month	Units Redeemed		NAV per Unit
December 31, 2023	37.5605	$	1,416.78

	Number of
	Series A Units		Redemption Date
Month	Units Redeemed		NAV per Unit

October 31, 2024	259.3612	$	1,271.23
November 30, 2024	47.3760		1,285.20
December 31, 2024	246.9320		1,295.79

Total	553.6692

	Number of
	Series B Units		Redemption Date
Month	Units Redeemed		NAV per Unit

December 31, 2024	179.3964		1,645.09

	Number of
	Series C Units		Redemption Date
Month	Units Redeemed		NAV per Unit

November 30, 2024	171.3364	$	1,665.22

	Number of
	Series D Units		Redemption Date
Month	Units Redeemed		NAV per Unit

October 31, 2024	23.8270	$	1,503.82
December 31, 2024	183.1622		1,532.95

Total	206.9892

Item 6. [Reserved]

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

Liquidity and Capital Resources

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

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

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

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

associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

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

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

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

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

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

11The Master Fund’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other CFTC-authorized investments or held in bank or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund’s futures and forward currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures and forward trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations through December 31, 2024, 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.

inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Master Fund is likely to suffer losses.

The Master Fund’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other CFTC-authorized investments or held in bank or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund’s futures and forward currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures and forward trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations through December 31, 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.

Results of Operations

The Partnership’s success depends on the General Partner’s ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner’s investment and trading methods are confidential, so that substantially the only information that can be furnished regarding the Partnership’s results of operations is its performance record. Unlike most operating businesses, general economic or seasonal conditions have no direct effect on the profit potential of the Partnership, while, at the same time, its past performance is not necessarily indicative of future results. Because of the speculative nature of the Master Fund’s trading, operational or economic trends have little relevance to the Partnership’s results. The General Partner believes, however, that there are certain market conditions — for example, markets with strong price trends — in which the Partnership has a better opportunity of being profitable than in others.

2024

During 2024, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $7,853,428 from trading operations (including foreign exchange transactions and translations). Management fees of $2,163,045, selling commissions and platform fees of $2,169,385, administrative and operating expenses of $523,237 and custody fees of $22,901 were paid or accrued. The Master Fund allocated $100,066 in Profit Share to the General Partner in respect of the Partnership. Interest income of $6,331,099 (inclusive of $330 attributed to interest income earned by the Partnership) offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share to the General Partner of $9,205,893.


Sector	% Gain (Loss)
Currencies	2.61	%
Energies	(3.00)	%
Grains	1.25	%
Interest rates	2.17	%
Livestock	(0.16)	%
Metals	(0.83)	%
Softs	(0.05)	%
Stock indices	4.48	%

Total	6.47	%

The Partnership was profitable due to gains from trading equity index futures, interest rate futures and currency forwards. Meanwhile, trading of commodity futures produced a partially offsetting loss as negative results from trading energy and metal futures exceeded a profit from trading agricultural and soft commodities futures.

U.S. equities during the year were positively impacted amid declining interest rates, growth, optimism around artificial intelligence and the presidential election. Meanwhile, concerns about high valuations, stagnation in Europe, deflation in China and wars in the Middle East and Europe impacted stock price gains globally. Late in the year, monetary and fiscal policy support measures from China intended to stimulate economic activity, boost financial markets and stabilize property markets seemingly provided support to equities. Overall, trading of equity futures was profitable. Fiscal policy and inflation worries weighed on Brazilian equity markets and a short Bovespa trade was profitable. Long positions in Japanese and Taiwanese equity futures and trading of Chinese futures were also profitable. Trading of European stock index futures and the EAFE index also posted gains. Trading of U.S. equity futures was mixed but slightly profitable overall. Meanwhile, trading of Korean, Indian, Australian and South African stock index futures registered modest losses.

Interest rates were volatile during 2024. They rose from January through April as developed market central banks, led by the Federal Reserve, pushed back against market expectations of official interest rate cuts. Concerns about “sticky” inflation, strong wage data and solid labor markets helped support this higher-for-longer interest rate narrative. From May to mid-September, global interest rates fell sharply, and yield curves steepened. Market participant responses to actual and anticipated reductions in official interest rates among major developed market central banks possibly impacted moderating inflation, growth and employment statistics. However, this decrease was followed by an interest rate resurgence amid solid employment and growth data in the U.S., worries about fiscal deficits in the U.S. and Europe and anticipated Trump Administration fiscal, trade and immigration policy choices. Overall, short positions in U.S., German and Australian interest rate futures were profitable, notably during the January-April period. Conversely, trading of Canadian, French, Italian and short-term U.K. interest rate futures posted partially offsetting losses, particularly during the summer when interest rates decreased.

Relative strength in U.S. growth, equity markets and interest rate differentials seemingly supported the U.S. dollar during the year, although growth worries during the summer likely impacted the U.S. currency temporarily. Numerous factors possibly contributed to the U.S. dollar during the year, including European political uncertainties, particularly in France, Germany and the U.K.; expanding geopolitical turmoil in the Middle East and in Ukraine; domestic political turmoil in Japan and South Korea; China’s struggle to overcome deflationary pressures and fiscal policy worries around Mexico and Latin America. Long U.S. dollar positions versus the Japanese yen, Australian dollar, Canadian dollar, New Zealand dollar, Norwegian krone, euro, Korean won and Chilean peso were profitable. On the other hand, a short U.S. dollar trade against the high yield Mexico peso and trading the U.S. dollar against the currencies of Singapore, Brazil and the U.K. produced partially offsetting losses.

Energy prices rose early in the year amid escalating Middle East tensions and fears of supply disruptions. The continuation of production cuts by OPEC+, along with Ukrainian attacks on Russian oil refineries, seemingly contributed to supply worries. On the demand side, stronger-than-expected U.S. economic data and fresh stimulus in China seemed to increase the outlook in two of the world’s largest oil consumers. From early April to mid-September energy prices decreased. Deflation in China, sluggish growth in Europe, and moderating growth in the U.S., particularly in the manufacturing sectors, appeared to weigh on energy demand. The continuing transition toward EVs also possibly impacted demand. Concurrently, non-OPEC supplies continued to grow, and OPEC+ struggled to maintain production and export constraints on all of its members. Broad-based easing of global monetary policies appeared unable to support energy prices. Thereafter, prices were volatile and generally rangebound. In this environment, long crude oil positions and trading of crude oil products were broadly unprofitable. Short U.S. natural gas positions were also unprofitable, especially late in the year when prices rose as demand from Europe and Asia was unexpectedly strong due in part to disruptions of natural gas flows to Eastern Europe from Russia. Conversely, a short carbon emissions trade was profitable as rising costs for alternative energy strategies and the recent slowdown in the EV market seemingly weighed on prices for emission credits.

Base metal prices were volatile during 2024 amid changes to interest rates, the U.S. dollar, and growth expectations (particularly in China). Trading copper and zinc was unprofitable. Short aluminum trades were also unprofitable as U.S. and U.K. bans on the trading of new Russian metals supplies, several mine closures and rising freight costs and logistics problems appeared to push prices higher. Short silver trades were unprofitable early in the year amid expectations of impending interest rate cuts by developed market central banks and rising demand from the solar power industry. On the other hand, long gold positions were profitable as prices reached new highs near $2800/ounce in October possibly reflecting broad-based demand from central banks, high-net-worth investors, retail investors and traditional Asian buyers. Geopolitical uncertainties, worries about government debt levels and declining interest rates may have helped encourage buyers.

Although grain prices were quite volatile during 2024 due in part to weather conditions, excess grain supplies from South America, Russia, Ukraine and the U.S. contributed to decreased prices overall. Amid these factors, short wheat, soybean and corn trades were profitable. Conversely, trading of soybean meal, livestock and soft commodity futures was marginally unprofitable.

2023

During 2023, the Partnership, through its investment in the Master Fund, experienced net realized and unrealized losses of $11,~~274~~825,~~226~~779 from trading operations (including foreign exchange transactions and translations). Management fees of $2,279,482, ~~brokerage commissions of $551,553,~~ selling commissions and platform fees of $2,284,856, administrative and operating expenses of $557,936 and custody fees and other expenses of $24,105 were paid or accrued. The Master Fund allocated $9,225 in Profit Share to the General Partner in respect of the Partnership. Interest income of $5,821,882 (inclusive of $2,534 attributed to interest income earned by the Partnership) partially offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share to the General Partner of $11,159,501.

‎


Sector	% Gain (Loss)
Currencies	(0.76)	%
Energies	(3.89)	%
Grains	(0.03)	%
Interest rates	(4.44)	%
Livestock	0.02	%
Metals	(0.39)	%
Softs	(0.08)	%
Stock indices	1.16	%

Total	(8.41)	%

The Partnership was unprofitable for the year largely due to losses from trading interest rate and energy futures. Trading of currency forwards and non-energy futures were each also unprofitable, but to a lesser extent. On the other hand, trading of stock index futures was profitable.

A factor influencing markets in 2023 was the effort by global central banks, led by the Federal Reserve, to tighten monetary policy to bring down high inflation. However, this drive to higher interest rates was not linear. During the first half of the year, the March banking crisis impacted trading in financial and commodity markets and contributed to lower interest rates. Persistent negative reports from global manufacturing and housing sectors also seemingly periodically reversed the upward thrust of interest rates. During that time, the U.S. Treasury 10-year interest rate traded in a 3¼% to 4% range. In the second half of the year, the U.S. 10-year Treasury yield rose from around 3.75% at the start of the summer to around 5% in late October as inflation, tight labor markets, growth, and debt supply fears seemingly contributed to central banks maintaining a hawkish path. Subsequently, however, increasing evidence that global inflation rates were falling faster than expected, that labor market tightness and wages were moderating, and that global growth, especially in manufacturing, was slowing seemingly caused market participants to drive global interest rates lower. Amid this data and market action, global central banks shifted their policy stances from hawkish to neutral, if not dovish, and the U.S. Treasury 10-year interest rate plunged back under 4% by mid-December. In this environment, short positions in global interest rate futures were broadly unprofitable, especially when interest rates declined in March and again late in the year. Overall, short positions in German, French, Italian, British and Canadian note and bond futures were unprofitable. A short position in a short-term U.S. dollar interest rate future was also unprofitable in the fourth quarter. Trading of Japanese government bond futures was also unprofitable. On the other hand, short positions in U.S. note and bond futures and Canadian bankers’ acceptance futures registered partially offsetting gains, especially in the May through October timeframe. A long Euribor futures trade was profitable late in the year as well.

Energy prices, impacted by conflicting forces, were volatile throughout the year. For example, WTI crude, which opened the year near $77/barrel, traded above $90/barrel in late September, before ending the year near $72/barrel. Concerns about anemic growth in China and recession fears in Europe possibly weighed on energy demand and prices. A threat of significant demand destruction for distillate fuels due to high prices, the EV revolution and environmental regulations also seemingly impacted energy prices and demand. Increased non-OPEC+ production also likely impacted energy prices. At the same time, the willingness of OPEC+, led by Saudi Arabia, to expand production cuts in both quantity and duration supported energy prices throughout the year. Moreover, the Hamas attacks in Israel and follow-on Israeli siege of Gaza, and disruptions to global trade amid increased Houthi attacks on ships in the Red Sea contributed to periodic price surges. Falling interest rates and a declining U.S. dollar also supported energy prices late in the year. Overall, long positions in Brent crude, WTI crude, RBOB gasoline, heating oil and London gas oil were unprofitable. On the other hand, short U.S. natural gas positions were quite profitable as prices declined amid warmer-than-normal winter weather in Europe and the U.S., weak industrial demand in China and Germany, and ample global supplies.

Vacillating expectations about relative growth, inflation, interest rates and monetary policy outlooks across countries likely contributed to volatile fluctuations in the U.S. dollar during the year. Trading results were mixed, though fractionally unprofitable overall. Long U.S. dollar positions versus the Australian dollar, Canadian dollar, New Zealand dollar, Swiss franc, Swedish krona and Norwegian krone were unprofitable, especially late in the year when U.S. interest rates plunged. Trading the U.S. unit against the euro, Korean won, Indian rupee and Israeli shekel was also unprofitable. Meanwhile, a long U.S. dollar/Japanese yen trade and short U.S. dollar positions relative to the high-yielding Mexican peso, Chilean peso, Brazilian real and Polish zloty registered partially offsetting profits. Trading the U.S. dollar against the Singapore dollar and South African rand was modestly profitable as well.

Zealand dollar, Swiss franc, Swedish krona and Norwegian krone were unprofitable, especially late in the year when U.S. interest rates plunged. Trading the U.S. unit against the euro, Korean won, Indian rupee and Israeli shekel was also unprofitable. Meanwhile, a long U.S. dollar/Japanese yen trade and short U.S. dollar positions relative to the high-yielding Mexican peso, Chilean peso, Brazilian real and Polish zloty registered partially offsetting profits. Trading the U.S. dollar against the Singapore dollar and South African rand was modestly profitable as well.

Trading of metal futures was mixed but fractionally unprofitable. A short silver position was profitable during the first three quarters of 2023 as higher interest rates, a stronger U.S. dollar and sluggish manufacturing globally seemingly impacted silver prices. Trading of aluminum and zinc were also slightly profitable. On the other hand, late in the year, declining interest rates and a weaker U.S. dollar underpinned most metal prices, and a short gold position was highly unprofitable. Trading of copper was also unprofitable.

Ample grain supplies seemingly weighed on grain prices during the year, but weather worries and concerns around the Russia-Ukraine war seemed to support periodic rallies. Volatile macroeconomic developments globally also likely impacted grain markets in 2023. Overall, losses from trading soybeans and soybean oil were largely countered by gains from short wheat and corn positions and trading of soybean meal.

Among soft commodities, losses on short coffee, cotton and cocoa positions marginally outdistanced the profits from a long sugar trade early in the year and a short sugar position in December.

Against a background of changing and disparate views about inflation, monetary policy, growth and earnings outlooks across countries, and numerous geopolitical uncertainties, equity markets were volatile during the year. Following the sustained gains in equity markets during the first seven months of 2023, high and rising interest rates and worries about growth dynamics in China, Europe and the U.S. seemingly weighed on equity prices from August through October. Then, declining interest rates and a dovish policy pivot by global central banks, hopes that the U.S. economy could avoid a recession and a persistent boost from AI and tech enthusiasm possibly contributed to a broad equity rally. For the year, performance was mixed though profitable. Short VIX and VSTOXX volatility index futures positions were profitable. Long positions in Japanese, Taiwanese, Australian, French, Italian and Dutch stock index futures were profitable. Trading of the U.S. Russell, Singaporean, Indian, British, Chinese and South African equity index futures were also profitable. On the other hand, trading of several U.S. non-Russell stock index futures and Korean, Spanish and EAFE stock index futures produced partially offsetting losses.

2022

During 2022, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $24,478,979 from trading operations (including foreign exchange transactions and translations). Management fees of $2,385,044, brokerage commissions of $591,054, selling commissions and platform fees of $2,365,854, administrative and operating expenses of $513,281 and custody fees of $24,150 were paid or accrued. The Master Fund allocated $1,865,305 in Profit Share to the General Partner in respect of the Partnership. Interest income of $1,971,044 (inclusive of $550 attributed to interest income earned by the Partnership) partially offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share to the General Partner of $18,705,335.

Sector	% Gain (Loss)
Currencies	3.93	%
Energies	8.82	%
Grains	(0.88)	%
Interest rates	4.60	%
Livestock	0.05	%
Metals	(0.79)	%
Softs	0.08	%
Stock indices	3.65	%
Total	19.46	%

The Partnership was profitable for the period under review as gains from trading energy futures, interest rate futures, equity futures and currency forwards far outpaced losses from trading non-energy futures.

From the start of the year through mid-June, market participants grew gloomy, equity and bonds prices plunged, the U.S. dollar soared and commodity prices neared record highs before beginning a descent. These market actions were likely impacted by: rising inflation and an increasingly hawkish monetary policy response from global central banks; recession fears; Russia’s war on Ukraine; turbulent commodity markets; China’s growth slowdown, property market slump and ZERO COVID lockdowns; and growing tensions between the U.S. and China. Thereafter, from mid-June through year-end, market participants alternated between periods of optimistic/risk-on and pessimistic/risk-off actions. Investors’ risk appetite seemingly improved as the market seemed to believe that improving inflation data may lead global central banks to follow a less hawkish policy path and China signaled increased support for its depressed real estate sector, an end to its ZERO COVID policy and a friendlier stance toward private sector businesses. On the other hand, some factors that impacted the first half of the year —tight money, recession fears, the energy crisis, Russia’s war on Ukraine, and U.S.-China tensions — contributed to selling pressures affecting equity, fixed income, commodity and currency markets. Market volatility was impacted by the rollout of a U.K. fiscal policy proposal by short-lived Prime Minister Truss in September and by Xi Jinping’s consolidation of power at the Communist Party Congress in early October.

During the first half of 2022, crude oil prices rose amid concerns of entering an oil-market squeeze triggered by too little investment and disciplined supply management from both Organization of the Petroleum Exporting Countries (“OPEC+”) and non-OPEC producers juxtaposed against oil consumption recovering toward pre-pandemic

levels as economies started to reopen and as the Russia-Ukraine war generated fears that Russian energy supplies would be negatively impacted. Russia is among the top three global producers of crude oil and natural gas. In this environment, long positions in Brent crude, WTI crude, RBOB gasoline, London gas oil and heating oil were solidly profitable. Also, a long natural gas position was profitable during the second quarter. Although energy supplies remained limited during the second half of 2022, energy prices were volatile, and crude oil and crude product prices declined amid higher interest rates and tighter monetary policy, a stronger U.S. dollar, concern about possible European and U.S. recessions, China’s persistent COVID-19 control and property sector efforts, and a significant release of oil from the U.S. strategic petroleum reserve. During the July-December period, trading of energy futures was unprofitable as losses from Brent crude, WTI crude, London gas oil and natural gas outdistanced profits from RBOB gasoline and heating oil, thereby reducing somewhat the overall yearly gain from energy trading.

Global central banks’ embrace of hawkish monetary policy stances in an effort to control high inflation; China’s growth slowdown and property market distress; Europe’s struggles with high energy prices; and the stagflationary impacts of the Russia-Ukraine war raised fears of a global recession, contributing to increased volatility and significant losses for global equities during 2022. Consequently, short positions in Chinese, Hong Kong, Korean, Singaporean, EAFE, Emerging market, U.K., German, Italian, and Brazilian equity index futures were profitable. On the other hand, trading of U.S., Dutch, French, EURO STOXX, Japanese, Taiwanese, Australian, Canadian and the VIX stock index futures posted partially offsetting losses.

Led by central banks, including the Federal Reserve (“Fed”), European Central Bank (“ECB”), Bank of England and the Bank of Japan (“BOJ”), global interest rates increased throughout the year. Short positions in U.S., European, British and Canadian short-term interest rate futures were particularly profitable. Short positions in the German bund and U.S., British and Italian notes and bonds were also profitable, especially during the second half of the year. On the other hand, during the first half of 2022, long positions in German, Australian, Canadian and Japanese longer-term interest rate futures and trading of the U.S. 5-year note and French 10-year bond registered partially offsetting losses.

The Bloomberg BBDXY dollar index gained about 15% over the first nine months of 2022 against the backdrop of a hawkish Fed, a relatively stronger U.S. growth outlook as compared to Europe and China, and continuing geopolitical unrest. During the fourth quarter, the U.S. dollar declined about 8.5% through year-end as the Fed reduced the pace of its interest rate increases at its December meeting while the ECB and BOJ were relatively more hawkish than the Fed at their December meetings, perhaps impacted by the cumulative effect of past central bank FX market interventions against the U.S. dollar and Chinese efforts to speed up the reopening of their economy. Overall, long U.S. dollar positions versus the European Union euro, Japanese yen, Australian dollar, Canadian dollar and Chilean peso were profitable. Short U.S. dollar trades versus the high yielding Mexican peso and Brazilian real were profitable as well. On the other hand, trading the U.S. dollar against the currencies of New Zealand, the U.K., Sweden, India and Israel produced partially offsetting losses. Finally, a short U.S. dollar/long Russian ruble trade was closed out at a loss during February when the Partnership halted trading of the Russian currency.

Metals markets were turbulent during the year amid a variety of forces including post-pandemic economic reopening, Russia’s invasion of Ukraine and ensuing sanctions, rising interest rates, recession fears and dollar volatility. Overall, trading of metal futures was unprofitable as losses from short gold and silver positions and from trading of aluminum and platinum outdistanced profits from a long nickel trade and a short copper trade.

Grain prices were also highly volatile during 2022. A short wheat trade was unprofitable during February-May as the Russian invasion of Ukraine impacted prices. A short soybean meal position was unprofitable during the summer when prices rose after the USDA and the European Union’s crop monitoring service reported worsening crop conditions due to damage from hot, dry weather. Trading of soybean oil, Kansas City wheat and soybeans was also unprofitable.

Critical Accounting Estimates

The Master Fund records its transactions in futures, forward and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Master Fund on the day with respect to which net assets are being determined. Open spot contracts are recorded at fair value based on current market prices (“spot prices”). Open forward currency contracts are recorded at fair value, based on pricing models that consider the current spot prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The spot prices and forward points for open forward currency contracts are generally based on the 3:00 P.M. New York time prices provided by widely used quotation service providers on the day with respect to which net assets are being determined. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign currency contracts traded by the Partnership may be in between these periods.

day with respect to which net assets are being determined. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign currency contracts traded by the Partnership may be in between these periods.

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

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

assumptions relating to the application of the Partnership’s critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 8. Financial Statements and Supplementary Data

The report of Deloitte & Touche LLP (PCAOB ID: 34) for the fiscal years ended December 31, ~~2023~~2024 and ~~2022~~2023, as required by this item, is included as Exhibit 13.1 to this report. Supplementary data is not required.

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

None.

Item 9A. Controls and Procedures

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

Management’s Annual Report on Internal Control over Financial Reporting

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


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


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


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

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

The General Partner assessed the effectiveness of its internal control over financial reporting with respect to the Partnership as of December 31, ~~2023~~2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control — Integrated Framework (2013). Based on its assessment, management has concluded that, as of December 31, ~~2023~~2024, the General Partner’s internal control over financial reporting with respect to the Partnership is effective based on those criteria.

Changes in Internal Control over Financial Reporting

Section 404 of the Sarbanes-Oxley Act of 2002 requires the General Partner to evaluate annually the effectiveness of its internal controls over financial reporting as of the end of each fiscal year, and to include a management report assessing the effectiveness of its internal control over financial reporting in all annual reports. There were no changes in the Partnership’s internal control over financial reporting ~~for~~For the year ended December 31, ~~2023~~2024 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

(a)None.

(b)During the year ended December 31, ~~2023~~2024, neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

‎

PART III

Item 10. Directors, Executive Officers and Corporate Governance

(a, b) Identification of Directors and Executive Officers

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

The General Partner is a Delaware ~~corporation~~limited liability company operating in New York, New York, organized in May 1982 to manage discretionary accounts primarily in futures, forward and spot markets. It is the corporate successor to a futures trading and advisory organization which has been continuously managing assets in the currency and futures markets using quantitative, systematic techniques since 1971. The General Partner converted from a Delaware corporation to a Delaware limited liability company on January 30, 2025.

The principals and senior officers of the General Partner as of December 31, ~~2023~~2024 are as follows:

Harvey Beker, age 7071. Mr. Beker is Chairman of the General Partner, and serves as a member of the General Partner’s Investment Committee. He received a Bachelor of Arts degree in economics from New York University (“NYU”) in 1974 and a Master of Business Administration degree in finance from NYU in 1975. From June 1975 to July 1977, Mr. Beker was employed by the investment bank Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, Mr. Beker was a futures trader at the commodities and securities brokerage firm of Clayton Brokerage Co. of St. Louis. Mr. Beker joined The Millburn Corporation in June 1978. He initially served as the Director of Operations for its affiliate, Millburn Partners, and most recently thereafter served as Co-Chief Executive Officer of the General Partner and Chairman and Chief Executive Officer of The Millburn Corporation until November 1, 2015. During his tenure at the General Partner (including its former affiliates, The Millburn Corporation, Millburn Partners and CommInVest), he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in June 1982, and a partner in the predecessor to ShareInVest in April 1982. Mr. Beker became registered as an Associated Person and a Swap Associated Person of the General Partner effective November 25, 1986 and March 8, 2013, respectively. He was also listed as a Principal and registered as an Associated Person of ShareInVest effective February 20, 1986 until February 25, 2007. Since March 20, 2020, Mr. Beker has also served as Chairman of Millburn Asia, LLC and Millburn International, LLC (collectively, “Millburn International Group”) and prior to that date served as Co-Chairman of each such entity since its inception.

Gregg R. Buckbinder, age 6566. Mr. Buckbinder is President and Chief Operating Officer of the General Partner. He joined the General Partner and The Millburn Corporation in January 1998 from Odyssey Partners, L.P., an investment management firm, where he was responsible for the operation, administration and accounting of the firm’s merchant banking and managed account businesses from July 1990 through December 1997. Mr. Buckbinder was employed by Tucker Anthony, a securities broker and dealer, from June 1985 to July 1990 where he was First Vice President and Controller, and from August 1983 to June 1984 where he designed and implemented various operations and accounting systems. He was with the public accounting firm of Ernst & Whinney from June 1984 to June 1985 as a manager in the tax department and from September 1980 to August 1983 as a senior auditor, with an emphasis on clients in the financial services business. Mr. Buckbinder graduated cum laude from Pace University (“Pace”) in 1980 with a B.B.A. in accounting and received an M.S. in taxation from Pace in 1988. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Mr. Buckbinder served as Senior Vice-President of the General Partner and The Millburn Corporation until November 1, 2015, the Chief Financial Officer of the General Partner until February 1, 2020, and has since served as the President and Chief Operating Officer of both entities with his affiliation with The Millburn Corporation ceasing on December 31, 2018 upon The Millburn Corporation’s merger into the General Partner. Mr. Buckbinder has also served as Senior Vice President, Chief Operating Officer and a Director of each entity in Millburn International Group since inception. Mr. Buckbinder became listed as a Principal of the General Partner effective February 5, 1999. He became listed as a Principal of The Millburn Corporation, effective March 23, 1998, until January 17, 2019 following The Millburn Corporation’s merger into the General Partner. Mr. Buckbinder became a partner in ShareInVest in January 2000. He was also listed as a Principal of ShareInVest, effective February 28, 2001 until February 25, 2007.

Michael W. Carter, age 5455. Mr. Carter is a Vice President, Director of Operations and Principal Accounting Officer of the General Partner. He is responsible for overseeing operations and accounting for the firm’s commodity pools. Mr. Carter has served as Principal Accounting Officer of the General Partner since May 2014, and prior to the merger of The Millburn Corporation into the General Partner on December 31, 2018, also served as Vice President and Director of Operations of The Millburn Corporation since January 2011, maintaining responsibility for the entity’s

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

Steven M. Felsenthal, age 5455. Mr. Felsenthal is General Counsel and Chief Compliance Officer of the General Partner. Prior to joining the General Partner and its affiliates (including its former affiliate The Millburn Corporation) in January 2004, Mr. Felsenthal was a senior associate in the investment management group at the law firm of Schulte Roth & Zabel LLP (September 1999 to January 2004), where he represented and advised hedge funds, registered investment companies, investment advisers, broker-dealers and banks in connection with all facets of their asset management businesses, and a member of the tax department of the law firm of Kramer, Levin, Naftalis & Frankel LLP (October 1996 to September 1999). He graduated cum laude from Yeshiva University in 1991 with a B.A. in political science, and order of the coif from Fordham University School of Law in 1996, where he also served as an editor of the Fordham Environmental Law Journal. Mr. Felsenthal received an LL.M. degree in taxation from NYU School of Law in 2001 and has written and been quoted in numerous published articles, and frequently speaks at conferences, on various topics related to investment management. Mr. Felsenthal is a member of the New York State Bar (since August 1997), a member of NFA’s Compliance and Risk Committee (since May 2014), a member of MFA’s CTA, CPO and Futures Committee, serving as a Chair (since April 2018) and Vice Chair (February 2017 to April 2018), a ~~former~~ member of the Steering Committee of MFA’s Chief Compliance Officer Forum (June 2014 to December 2015; and July 2024 to present), former Chairman of MFA’s CPO/CTA Advisory Committee (November 2006 to June 2010) and former Co-Chairman of the Steering Committee of MFA’s CPO/CTA Forum (June 2010 to January 2013), is currently a member of the Editorial Boards of the Journal of Securities Operations & Custody (formerly known as the Journal of Securities Law, Regulation and Compliance) (since February 2007) and the Journal of Financial Compliance (since August 2017) and a regular lecturer for the Regulatory Compliance Association’s Chief Compliance Officer University (since May 2009). Mr. Felsenthal has also served as General Counsel, Chief Compliance Officer and Secretary of each entity in Millburn International Group since inception. Mr. Felsenthal became listed as a Principal of the General Partner effective June 24, 2004. He also became registered as an Associated Person of Millburn Ridgefield LLC effective September 5, 2024. Mr. Felsenthal also served as General Counsel and Chief Compliance Officer of ShareInVest. Mr. Felsenthal’s affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into the General Partner.

Mark B. Fitzsimmons, age 7677. Mr. Fitzsimmons is a Senior Vice President of the General Partner. His responsibilities mainly involve business development. He joined the General Partner and its affiliates (including its former affiliate The Millburn Corporation) in January 1990 from the brokerage firm of Morgan Stanley & Co. Incorporated, a global financial services firm, where he was a Principal and Manager of institutional foreign exchange sales and was involved in strategic trading for the firm from October 1987 until January 1990. From September 1977 to October 1987, he was with the financial institution Chemical Bank New York Corporation (“Chemical”), first as a Senior Economist in Chemical’s Foreign Exchange Advisory Service and later as a Vice President and Manager of Chemical’s Corporate Trading Group. While at Chemical, he also traded both foreign exchange and fixed income products. From September 1973 to September 1977, Mr. Fitzsimmons was employed by the Federal Reserve Bank of New York, dividing his time between the International Research Department and the Foreign Exchange Department. He graduated summa cum laude from the University of Bridgeport, Connecticut in 1970 with a B.S. degree in economics. His graduate work was done at the University of Virginia, where he received a certificate of candidacy for a Ph.D. in economics in 1973. Mr. Fitzsimmons became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the General Partner, effective July 2, 1993, April 15, 2009 and March 8, 2013, respectively. Mr. Fitzsimmons was a partner in ShareInVest beginning in January 2000. He was also a listed Principal of ShareInVest effective May 19, 1999 until February 25, 2007. Mr. Fitzsimmons also served as a Senior Vice President of The Millburn Corporation until December 31, 2011 with his main responsibilities including business development and investment strategy.

Barry Goodman, age 6667. Mr. Goodman is Co-Chief Executive Officer and Executive Director of Trading of the General Partner, and serves as a member of the General Partner’s Investment Committee. Mr. Goodman plays an integral role in business and product development, and in the strategic direction of the firm as a whole. Mr. Goodman joined the General Partner (including its former affiliate The Millburn Corporation) and Millburn Partners in

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

Grant N. Smith, age 7273. Mr. Smith is Co-Chief Executive Officer and Co-Chief Investment Officer of the General Partner, and serves as a member of the General Partner’s Investment Committee. He is responsible for the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. degree from the Massachusetts Institute of Technology (“MIT”) in 1974 and an M.S. degree from MIT in 1975. While at MIT, he held several teaching and research positions in the computer science field and participated in various projects relating to database management. He joined the predecessor entity to The Millburn Corporation in June 1975, and has been continuously associated with the General Partner and its affiliates since that time. Mr. Smith served as the Executive Vice President of the General Partner and The Millburn Corporation until November 1, 2015 and as the Director of Research of both such entities until May 31, 2016. He has since served as the Co-Chief Executive Officer and Chief Investment Officer of both entities with his affiliation with The Millburn Corporation ceasing on December 31, 2018 upon the merger of The Millburn Corporation into the General Partner. He has also served as a Director of each entity in Millburn International Group since inception, where he, along with the other Directors of each of those entities, is responsible for its overall management. Mr. Smith became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the General Partner, effective December 19, 1991, April 15, 2009, and March 8, 2013, respectively. Mr. Smith also became a partner in ShareInVest in January 1994. He also was listed as a Principal of ShareInVest, effective May 19, 1999 until February 25, 2007.

Ilon Wu, age 4748. Ms. Wu is a Vice President and Chief Financial Officer of ~~Millburn~~the General Partner. Her areas of responsibility include overseeing the accounting and finance for ~~Millburn~~the ~~Ridgefield~~General ~~Corporation~~Partner and accounting and administration of many of the investment vehicles managed by ~~Millburn~~the General Partner. Ms. Wu has served as Chief Financial Officer of ~~Millburn~~the General Partner since January 2020, before which she served as Controller of The Millburn Corporation (since January 2011), a position she held prior to the merger of The Millburn Corporation into ~~Millburn~~the General Partner on December 31, 2018, and then in the same capacity at ~~Millburn~~the General Partner. Ms. Wu previously held the positions of Assistant Controller (August 2005 until December 2010) and Senior Financial Accountant (June 2000 until August 2006) with The Millburn Corporation. She graduated from Baruch College, The City University of New York in May 1998 with a B.B.A. in Accounting. Prior to joining ~~Millburn~~the General Partner and its affiliates in June 2000, she was employed with the accounting firm Grant Thornton LLP, as a staff accountant from October 1998 to June 2000. She is a Certified Public Accountant. Ms. Wu became listed as principal of ~~Millburn~~the General Partner effective March 9, 2020. Ms. Wu’s affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into ~~Millburn~~the General Partner.

Michael Soss, PhD., age 50. Dr. Soss is Chief Investment Officer of the General Partner and serves as a member of the General Partner’s Investment Committee. Dr. Soss joined the General Partner in January 2022 and is responsible for management of the firm’s systematic research and development functions, including system design, modeling, data management and trade execution. Prior to joining the General Partner, Dr. Soss was employed by Point72 Asset Management, a global asset management firm, from March 2015 to January 2021, in leadership roles spanning risk and trading research, and most recently headed the firm’s Fusion group, a quant trading division focused on internal alpha capture. From September 2013 to March 2015 Dr. Soss was an executive director at J.P. Morgan. Dr. Soss’ other experience includes SECOR Asset Management from April 2012 to September 2013, and Goldman Sachs from August 2003 to March 2012. Dr. Soss received an AB in mathematics from Harvard University in 1996, and MSc and PhD degrees in computer science from McGill University in Montreal, Canada, in 1998 and 2001, respectively. Dr. Soss became listed as a Principal of the General Partner, effective September 30, 2024. Dr. Soss also became registered as an Associated Person and a Swap Associated Person of Millburn Ridgefield LLC effective May 15, 2023, and May 30, 2023, respectively.

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

None.

(d) Family Relationships

None.

(e) Business Experience

See Item 10 (a, b) above.

(f) Involvement in Certain Legal Proceedings

None.

(g) Code of Ethics

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

(h) Audit Committee Financial Expert

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

(i) Insider Trading Policy

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

Item 11. Executive Compensation

The Partnership has no directors, officers or employees. None of the directors, officers or employees of the General Partner receive compensation from the Partnership. The Partnership invests all of its assets in the Master Fund. The General Partner makes all investment decisions on behalf of the Master Fund. The General Partner receives monthly management fees of 0.146% (1.75% per annum) of the Master Fund’s net assets and an annual profit share of 20% of any new trading profit.

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

(a) Security Ownership of Certain Beneficial Owners

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

(b) Security Ownership of Management

The Partnership has no officers or directors. Under the terms of the Limited Partnership Agreement, the Partnership is required to invest all its assets in the Master Fund. The General Partner has discretionary authority over ~~the Master Fund’s trading. As of December 31, 2023, the General Partner’s interest was valued at $3,063,996, which constituted 2.47% of the Partnership’s capital as of December 31, 2023.~~

~~As of December 31, 2023, no directors or executive officers of the General Partner beneficially owned Units in the Partnership.~~21

the Master Fund’s trading. As of December 31, 2024, the General Partner’s interest was valued at $2,906,007, which constituted 2.40% of the Partnership’s capital as of December 31, 2024.

As of December 31, 2024, no directors or executive officers of the General Partner beneficially owned Units in the Partnership.

None.

(d) Securities Authorized for Issuance Under Equity Compensation Plans

None.

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

See “Item 11. Executive Compensation” and “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” The Partnership, through its investment in the Master Fund, paid $2,~~279~~163,~~482~~045 in management fees and $9100,~~225~~066 in Profit Share to the General Partner for the year ended December 31, ~~2023~~2024. The General Partner’s capital interest was allocated a net ~~loss~~income of $~~152~~342,~~373~~011 for the year ended December 31, ~~2023~~2024. The Partnership, through its investment in the Master Fund, paid $2,~~385~~279,~~044~~482 in management fees and $19,~~865,305~~225 in Profit Share to the General Partner for the year ended December 31, ~~2022~~2023. The General Partner’s capital interest was allocated a net ~~income~~loss of $~~549~~152,~~355~~373 for the year ended December 31, ~~2022~~2023.

Item 14. Principal Accountant Fees and Services

(1) Audit Fees

The aggregate fees for professional services rendered by Deloitte & Touche LLP in connection with their audit of the Partnership’s financial statements in connection with the statutory and regulatory filings for the years ended December 31, ~~2023~~2024 and ~~2022~~2023 was approximately $~~134~~73,000 and $~~132~~134,000, respectively.

(2) Tax Fees

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

(3) All Other Fees

There were no other fees for the years ended December 31, ~~2023~~2024 and ~~2022~~2023.

(4) Pre-Approval Policies

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

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)(1) Financial Statements

The following are included with the ~~2023~~2024 Annual Report to Security Holders, a copy of which is filed herewith as Exhibit 13.1.

With respect to the Partnership:

Affirmation of Millburn Ridgefield Corporation

Report of Independent Registered Public Accounting Firm

Statements of Financial Condition

Statements of Operations

Statements of Changes in Partners’ Capital

Statements of Financial Highlights

Notes to Financial Statements

With respect to the Master Fund:

Affirmation of Millburn Ridgefield Corporation

Report of Independent Registered Public Accounting Firm

Statements of Financial Condition

Condensed Schedules of Investments

Statements of Operations

Statements of Changes in Partners’ Capital

Statements of Financial Highlights

Notes to Financial Statements

(a)(2) Financial Statement Schedules

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

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

The following exhibits are included herewith.

Designation		Description
10.1		Sixth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Trading L.P.
13.1		2023 Annual Report to Security Holders
31.1		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.3		Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer
31.4		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1		Section 1350 Certification of Co-Chief Executive Officer
32.2		Section 1350 Certification of Co-Chief Executive Officer
32.3		Section 1350 Certification of President and Chief Operating Officer
32.4		Section 1350 Certification of Chief Financial Officer
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Designation		Description

10.1		Sixth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Trading L.P.

13.1		2024 Annual Report to Security Holders

31.1		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer

31.2		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer

31.3		Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer

31.4		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32.1		Section 1350 Certification of Co-Chief Executive Officer

32.2		Section 1350 Certification of Co-Chief Executive Officer

32.3		Section 1350 Certification of President and Chief Operating Officer

32.4		Section 1350 Certification of Chief Financial Officer

97		Insider Trading Policy

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

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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


Exhibit Number		Description of Document

3.1		Certificate of Formation of Millburn Multi-Markets Fund L.P.

The following exhibit was filed by the Partnership on Form 8-K (Reg. No. 000-54028) on August 24, 2019 and is incorporated herein by reference.


Exhibit Number		Description of Document

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

Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the ~~29th~~31st day of March, ~~2024~~2025.

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

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

	Title with
Signature	General Partner	Date
/s/ Harvey Beker	Chairman	March 2931, ~~2024~~2025
Harvey Beker	(Director)
/s/ Barry Goodman	Co-Chief Executive Officer	March 2931, ~~2024~~2025
Barry Goodman	(Principal Executive Officer)
/s/ Grant N. Smith	Co-Chief Executive Officer	March 2931, ~~2024~~2025
Grant N. Smith	(Principal Executive Officer)
/s/ Gregg Buckbinder	President and Chief Operating Officer	March 2931, ~~2024~~2025
Gregg Buckbinder	(Principal Executive Officer)
/s/ Michael W. Carter	Vice President	March 2931, ~~2024~~2025
Michael W. Carter	(Principal Accounting Officer)

/s/ Ilon Wu		Chief Financial Officer		March 2931, ~~2024~~2025
Ilon Wu		(Principal Financial Officer)

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

EXHIBIT INDEX

The following exhibits are included herewith.

Designation		Description
10.1		Sixth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Trading L.P.
13.1		2023 Annual Report to Security Holders
31.1		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer
31.3		Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer
31.4		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1		Section 1350 Certification of Co-Chief Executive Officer
32.2		Section 1350 Certification of Co-Chief Executive Officer
32.3		Section 1350 Certification of President and Chief Operating Officer
32.4		Section 1350 Certification of Chief Financial Officer
97		Insider Trading Policy
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
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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


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

The following exhibit was filed by the Partnership on Form 8-K (Reg. No. 000-54028) on August 24, 2019 and is incorporated herein by reference.


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

Exhibit 13.1

~~December 31, ‎2023 and 2022, and Report of Independent Registered ‎Public Accounting Firm~~ Millburn Multi-Markets Fund L.P. (A Delaware Limited Partnership) Financial Statements as of and for the Years Ended December 31, ‎~~2023~~2024 and ~~2022~~2023, and Report of Independent Registered ‎Public Accounting Firm

MILLBURN MULTI-MARKETS FUND L.P.

TABLE OF CONTENTS

Page(s)

THIS ANNUAL REPORT IS COMPRISED OF SECTION I CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS FUND L.P. AS OF AND FOR THE YEARS ENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023 AND SECTION II, CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P. AS OF AND FOR THE YEARS ENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023.

SECTION I

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1	1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022:
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023:
Statements of Financial Condition	~~Statements of Financial Condition~~2	2
Statements of Operations	~~Statements of Operations~~3	3
Statements of Changes in Partners’ Capital	~~Statements of Changes in Partners’ Capital~~4	4
Statements of Financial Highlights	~~Statements of Financial Highlights~~5-6	~~5–6~~
Notes to Financial Statements	~~Notes to Financial Statements~~7-9	~~7–10~~

SECTION II — FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P.

‎

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission’s regulations, I hereby affirm that to the best of my knowledge and belief, the information contained in the Statements of Financial Condition of Millburn Multi-Markets Fund L.P. as of December 31, ~~2023~~2024 and ~~2022~~2023, including the related Statements of Operations, Changes in Partners’ Capital and Financial Highlights for each of the two years in the period ended December 31, ~~2023~~2024, are complete and accurate.

Gregg Buckbinder, President ~~Millburn~~ ~~Ridgefield Corporation‎General Partner of Millburn Multi-Markets Fund L.P.~~

~~REPORT~~Millburn OFRidgefield ~~INDEPENDENT~~Corporation‎General ~~REGISTERED~~Partner ~~PUBLIC~~of ~~ACCOUNTING~~Millburn ~~FIRM~~Multi-Markets Fund L.P.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112-0015

USA

Tel: +1 212 492 4000
‎Fax: +1 212 489 1687
‎www.deloitte.com

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

Opinion on the Financial Statements ~~and Financial Highlights~~

We have audited the accompanying statements of financial condition of Millburn Multi-Markets Fund L.P. (the “Partnership”), as of December 31, ~~2023~~2024, and ~~2022~~2023, the related statements of operations, changes in partners’ capital, and ~~the~~ financial highlights for each of the two years in the period ended December 31, ~~2023~~2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements ~~and financial highlights~~ present fairly, in all material respects, the financial position of the Partnership as of December 31, ~~2023~~2024 and ~~2022~~2023, and the results of its operations, ~~the~~ changes in its partners’ capital, and ~~the~~ financial highlights for each of the two years in the period ended December 31, ~~2023~~2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements ~~and financial highlights~~, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements ~~and financial highlights~~. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements ~~and financial highlights~~. Our procedures included confirmation of securities owned as of December 31, ~~2023~~2024, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

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

‎‎March 18, 2024

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

‎

/s/ Deloitte & Touche LLP

March 21, 2025

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

MILLBURN MULTI-MARKETS FUND L.P.

STATEMENTS OF FINANCIAL CONDITION

AS OF DECEMBER 31, 2024 AND DECEMBER 31, 2023



ASSETS		December 31, 2024		December 31, 2023
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	121,077,762	$	123,929,777
Due from the Master Fund		1,395,871		153,125
Cash and cash equivalents		56,701		36,455

Total assets	$	122,530,334	$	124,119,357


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Capital contributions received in advance	$	56,701	$	36,368
Capital withdrawals payable to Limited Partners		895,871		153,125
Capital withdrawal payable to General Partner		500,000		-
Other liabilities		-		87

Total liabilities		1,452,572		189,580

PARTNERS’ CAPITAL:
General Partner		2,906,007		3,063,996

Limited partners:
Series A (79,074.9857 and 87,158.9000 units outstanding)		102,464,490		105,476,328
Series B (4,457.8217 and 4,701.2201 units outstanding)		7,333,525		7,114,188
Series C (2,286.1305 and 2,348.1019 units outstanding)		3,837,204		3,625,396
Series D (2,785.5884 and 3,218.3931 units outstanding)		4,270,156		4,559,744
Series E (247.0895 and 92.9304 units outstanding)		266,380		90,125

Total limited partners		118,171,755		120,865,781

Total partners’ capital		121,077,762		123,929,777

TOTAL	$	122,530,334	$	124,119,357

NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,295.79	$	1,210.16
Series B	$	1,645.09	$	1,513.26
Series C	$	1,678.47	$	1,543.97
Series D	$	1,532.95	$	1,416.78
Series E	$	1,078.07	$	969.81

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

MILLBURN ~~MILTI~~MULTI-MARKETS FUND L.P.

~~STATEMENT~~STATEMENTS OF ~~FINANCIAL CONDITION~~OPERATIONS

ASYEARS OFENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

		2023		2022
		2024		2023
ASSETS
NET INVESTMENT INCOME (LOSS)
Investment in Millburn Multi-Markets
Interest income	$	330	$	2,534
Trading L.P. (the “Master Fund”)	$	123,929,777	$	143,276,896
Interest income, net (allocated from the Master Fund)		6,330,769		5,819,348
Due from the Master Fund		153,125		484,354
Total investment income		6,331,099		5,821,882
Cash and cash equivalents		36,455		400,119
Expenses:
Total assets	$	124,119,357	$	144,161,369
Management fees (allocated from the Master Fund) (see note 4)		2,163,045		2,279,482
LIABILITIES AND PARTNERS’ CAPITAL
Selling commissions (allocated from the Master Fund) (see note 4)		2,169,385		2,284,856
LIABILITIES:
Operating expenses (allocated from the Master Fund) (see note 5)		523,237		557,936
Capital contributions received in advance	$	36,368	$	400,000
Custody fees and other expenses (allocated from the Master Fund)		22,901		24,105
Capital withdrawal payable to Limited Partners		153,125		484,354
Total expenses		4,878,568		5,146,379
Other liabilities		87		119
Net investment income		1,452,531		675,503
Total liabilities		189,580		884,473
REALIZED AND UNREALIZED GAINS (LOSSES)
PARTNERS’ CAPITAL:
ALLOCATED FROM THE MASTER FUND
General Partner		3,063,996		3,216,369
Net realized gains (losses) on closed positions:
Limited partners:
Futures and forward currency contracts		6,724,261		(3,170,570)
Series A (87,158.9000 and 90,460.9714 units outstanding)		105,476,328		119,302,999
Brokerage commissions (allocated from the Master Fund)		(526,740)		(551,553)
Series B (4,701.2201 and 4,884.6100 units outstanding)		7,114,188		7,896,417
Foreign exchange transaction		(176,539)		(231,455)
Series C (2,348.1019 and 2,701.6303 units outstanding)		3,625,396		4,456,048
Net change in unrealized:
Series D (3,218.3931 and 5,512.0257 units outstanding)		4,559,744		8,405,063
Futures and forward currency contracts		1,856,171		(8,631,839)
Series E (92.9304 and 0 units outstanding)		90,125		-
Foreign exchange translation		(44,191)		68,605
Total limited partners		120,865,781		140,060,527
Net gains (losses) from U.S. Treasury notes:
Total partners’ capital		123,929,777		143,276,896
Realized		(7,736)		(67,858)
TOTAL	$	124,119,357	$	144,161,369
Net change in unrealized		28,202		758,891
NET ASSET VALUE PER UNIT OUTSTANDING:
Net realized and unrealized gains (losses)
Series A	$	1,210.16	$	1,318.83
allocated from the Master Fund		7,853,428		(11,825,779)
Series B	$	1,513.26	$	1,616.59
NET INCOME (LOSS)		9,305,959		(11,150,276)
Series C	$	1,543.97	$	1,649.39
LESS PROFIT SHARE ALLOCATION
Series D	$	1,416.78	$	1,524.86
FROM THE MASTER FUND		100,066		9,225
Series E *	$	969.81	$	-
NET INCOME (LOSS) AFTER PROFIT SHARE	$	9,205,893	$	(11,159,501)
* Series E had a beginning unit value of $1,000.00 as of March 1, 2023
NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	85.63	$	(108.67)
Series B	$	131.83	$	(103.33)
Series C	$	134.50	$	(105.42)
Series D	$	116.17	$	(108.08)
Series E *	$	108.26	$	(30.19)
* Series E commenced on March 1, 2023
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

‎

MILLBURN ~~MILTI~~MULTI-MARKETS FUND L.P.

~~STATEMENT~~STATEMENTS OF ~~OPERATIONS~~CHANGES IN PARTNERS’ CAPITAL

ASYEARS OFENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

		2023		2022
				Limited Partners
NET INVESTMENT INCOME (LOSS)
	General
Interest income	$	2,534	$	550
	Partner		Series A			Series B			Series C			Series D			Series E (1)			Total
Interest income, net (allocated from the Master Fund)		5,819,348		1,970,494
	Amount			Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount
Total investment income		5,821,882		1,971,044
PARTNERS’ CAPITAL
Expenses:
— 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
Management fees (allocated from the Master Fund) (see note 4)		2,279,482		2,385,044
Capital contributions		-		600,000	469.0455		200,000	131.9684		120,000	78.8599		199,000	141.5264		92,387	92.9304		1,211,387
Brokerage commissions (allocated from the Master Fund)		551,553		591,054
Capital withdrawals		-		(4,708,529)	(3,771.1169)		(491,051)	(315.3583)		(726,538)	(432.3883)		(3,472,887)	(2,435.1590)		-	-		(9,399,005)
Selling commissions (allocated from the Master Fund) (see note 4)		2,284,856		2,365,854
Net loss		(152,373)		(9,715,252)	-		(490,542)	-		(218,415)	-		(571,432)	-		(2,262)	-		(11,150,276)
Operating expenses (allocated from the Master Fund) (see note 5)		557,936		513,281
Profit share		-		(2,890)	-		(636)	-		(5,699)	-		-	-		-	-		(9,225)
Custody fees and other expenses (allocated from the Master Fund)		24,105		24,150
PARTNERS’ CAPITAL
Total expenses		5,697,932		5,879,383
— December 31, 2023		3,063,996		105,476,328	87,158.9000		7,114,188	4,701.2201		3,625,396	2,348.1019		4,559,744	3,218.3931		90,125	92.9304		123,929,777
Net investment income (loss)		123,950		(3,908,339)
Capital contributions		-		-	-		-	-		200,000	118.6900		50,000	34.4923		163,450	158.4886		413,450
REALIZED AND UNREALIZED GAINS (LOSSES)
Capital withdrawals		(500,000)		(10,549,403)	(8,083.9143)		(398,438)	(243.3984)		(301,441)	(180.6614)		(717,288)	(467.2970)		(4,788)	(4.3295)		(12,471,358)
ALLOCATED FROM THE MASTER FUND
Net income		342,011		7,572,129	-		654,472	-		331,514	-		388,240	-		17,593	-		9,305,959
Net realized gains (losses) on closed positions:
Profit share		-		(34,564)	-		(36,697)	-		(18,265)	-		(10,540)	-		-	-		(100,066)
Futures and forward currency contracts		(3,170,570)		18,820,497
PARTNERS’ CAPITAL
Foreign exchange transaction		(231,455)		(7,077)
— December 31, 2024	$	2,906,007	$	102,464,490	79,074.9857	$	7,333,525	4,457.8217	$	3,837,204	2,286.1305	$	4,270,156	2,785.5884	$	266,380	247.0895	$	121,077,762
Net change in unrealized:
NET ASSET VALUE PER
Futures and forward currency contracts		(8,631,839)		6,522,911
UNIT — December 31, 2023			$	1,210.16		$	1,513.26		$	1,543.97		$	1,416.78		$	969.81
Foreign exchange translation		68,605		(48,211)
NET ASSET VALUE PER
Net gains (losses) from U.S. Treasury notes:
UNIT — December 31, 2024			$	1,295.79		$	1,645.09		$	1,678.47		$	1,532.95		$	1,078.07
Realized		(67,858)		(161,518)
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.
Net change in unrealized		758,891		(647,623)
(1) Series E commenced operations on March 1, 2023.
Net realized and unrealized gains (losses)
allocated from the Master Fund		(11,274,226)		24,478,979
NET INCOME (LOSS)		(11,150,276)		20,570,640
LESS PROFIT SHARE ALLOCATION
FROM THE MASTER FUND		9,225		1,865,305
NET INCOME (LOSS) AFTER PROFIT SHARE	$	(11,159,501)	$	18,705,335
NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	(108.67)	$	171.04
Series B	$	(103.33)	$	220.88
Series C	$	(105.42)	$	225.36
Series D	$	(108.08)	$	191.30
Series E *	$	(30.19)	$	-
* Series E commenced on March 1, 2023
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

MILLBURN ~~MILTI~~MULTI-MARKETS FUND L.P.

STATEMENT OF ~~CHANGES~~FINANCIAL ~~IN PARTNERS’ CAPITAL~~HIGHLIGHTS

~~YEARS~~YEAR ENDED DECEMBER 31, ~~2023 AND 2022~~2024

					Limited Partners
The following information presents per unit operating performance data for each series for the year ended December 31, 2024.
		General
Per Unit Performance
		Partner		Series A					Series B					Series C			Series D			Series E (1)			Total
(For a Unit Outstanding Throughout the Year)		Series A			Series B			Series C			Series D			Series E
		Amount		Amount			Units		Amount			Units		Amount		Units	Amount		Units	Amount		Units	Amount
NET ASSET VALUE PER UNIT — Beginning of year	$	1,210.16		$	1,513.26		$	1,543.97		$	1,416.78		$	969.81
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
GAIN ALLOCATED FROM THE MASTER FUND:
Capital contributions		-			4,600,000		3,626.7250			40,000		29.4878			1,335,000	865.3567		375,000	253.6190		-	-		6,350,000
Net investment income (1)		10.56			46.01			46.91			31.48			48.22
Capital withdrawals		-			(5,840,576)		(4,691.2503)			(193,838)		(127.7629)			(862,576)	(600.0259)		(2,957,606)	(2,190.2493)		-	-		(9,854,596)
Total trading and investing gains (1)		75.49			93.69			95.27			88.15			60.04
Net income		549,355			16,829,785		-			1,279,333		-			608,020	-		1,304,147	-		-	-		20,570,640
Net income before profit share allocation from the Master Fund		86.05			139.70			142.18			119.63			108.26
Profit share		-			(1,338,092)		-			(183,753)		-			(93,766)	-		(249,694)	-		-	-		(1,865,305)
Less profit share allocation from the Master Fund (1) (4)		0.42			7.87			7.68			3.46			-
PARTNERS’ CAPITAL — December 31, 2022		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
Net income after profit share allocation from the Master Fund		85.63			131.83			134.50			116.17			108.26
Capital contributions		-			600,000		469.0455			200,000		131.9684			120,000	78.8599		199,000	141.5264		92,387	92.9304		1,211,387
NET ASSET VALUE PER UNIT — End of year	$	1,295.79		$	1,645.09		$	1,678.47		$	1,532.95		$	1,078.07
Capital withdrawals		-			(4,708,529)		(3,771.1169)			(491,051)		(315.3583)			(726,538)	(432.3883)		(3,472,887)	(2,435.1590)		-	-		(9,399,005)
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		7.11	%		9.19	%		9.17	%		8.43	%		11.16	%
Net loss		(152,373)			(9,715,252)		-			(490,542)		-			(218,415)	-		(571,432)	-		(2,262)	-		(11,150,276)
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (4)		0.03			0.48			0.46			0.23			-
Profit share		-			(2,890)		-			(636)		-			(5,699)	-		-	-		-	-		(9,225)
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		7.08	%		8.71	%		8.71	%		8.20	%		11.16	%
PARTNERS’ CAPITAL — December 31, 2023	$	3,063,996		$	105,476,328		87,158.9000		$	7,114,188		4,701.2201		$	3,625,396	2,348.1019	$	4,559,744	3,218.3931	$	90,125	92.9304	$	123,929,777
RATIOS TO AVERAGE NET ASSET VALUE:
NET ASSET VALUE PER
Expenses (2)		4.19	%		2.19	%		2.19	%		2.94	%		0.43	%
UNIT — December 31, 2022				$	1,318.83				$	1,616.59				$	1,649.39		$	1,524.86		$	-
Profit share allocation from Master Fund (4)		0.03			0.48			0.46			0.23			-
NET ASSET VALUE PER
Total expenses		4.22	%		2.67	%		2.65	%		3.17	%		0.43	%
UNIT — December 31, 2023				$	1,210.16				$	1,513.26				$	1,543.97		$	1,416.78		$	969.81
Net investment income (2) (3)		0.81	%		2.81	%		2.81	%		2.06	%		4.53	%
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.
(1) The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing
(1) Series E commenced operations on March 1, 2023.
the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding
during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net
asset value per unit with the other per unit information.
(2) Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.
(3) Excludes profit share allocation from the Master Fund.
(4) Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by
rebalancing due to monthly capital activity.
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

MILLBURN ~~MILTI~~MULTI-MARKETS FUND L.P.

STATEMENT OF FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2023

The following information presents per unit operating performance data for each series for the year ended December 31, 2023.
Per Unit Performance
(For a Unit Outstanding Throughout the Year)	~~Series A~~	Series A		~~Series B~~	Series B		~~Series C~~	Series C			Series D		~~Series E (5)~~	Series E (5)
NET ASSET VALUE PER UNIT — Beginning of year	$	1,318.83		$	1,616.59		$	1,649.39		$	1,524.86		$	1,000.00
GAIN (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (loss) (1)		(2.80)			27.68			28.08			13.24			37.67
Net investment income (1)		2.42			34.13			34.67			19.26			41.84
Total trading and investing losses (1)		(~~105~~111.8406)			(~~130~~137.8833)			(~~131~~137.2988)			(~~121~~127.3234)			(6772.8603)
Net loss before profit share allocation from the Master Fund		(108.64)			(103.20)			(103.21)			(108.08)			(30.19)
Less profit share allocation from the Master Fund (1) (4)		0.03			0.13			2.21			-			-
Net loss after profit share allocation from the Master Fund		(108.67)			(103.33)			(105.42)			(108.08)			(30.19)
NET ASSET VALUE PER UNIT — End of year	$	1,210.16		$	1,513.26		$	1,543.97		$	1,416.78		$	969.81
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(8.24)	%		(6.38)	%		(6.25)	%		(7.09)	%		(3.02)	%
MASTER FUND		( 8.24)%			( 6.38)%			( 6.25)%			( 7.09)%			( 3.02)%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (4)		0.00			0.01			0.14			-			-
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (4)		0.00			0.01			0.14			-			-
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND		(8.24)	%		(6.39)	%		(6.39)	%		(7.09)	%		(3.02)	%
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE
RATIOS TO AVERAGE NET ASSET VALUE:
MASTER FUND		( 8.24)%			( 6.39)%			( 6.39)%			( 7.09)%			( 3.02)%
Expenses (2)		4.19	%		2.19	%		2.19	%		2.93	%		0.45	%
RATIOS TO AVERAGE NET ASSET VALUE:
Profit share allocation from Master Fund (4)		0.00			0.01			0.14			-			-
Expenses (2)		4.61%			2.61%			2.61%			3.34%			0.87%
Total expenses		4.19	%		2.20	%		2.33	%		2.93	%		0.45	%
Profit share allocation from Master Fund (4)		0.00			0.01			0.14			-			-
Net investment income (2) (3) (6)		0.19	%		2.19	%		2.18	%		1.32	%		4.22	%
Total expenses		4.61%			2.62%			2.75%			3.34%			0.87%
(1) The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing
Net investment income (loss) (2) (3) (6)		( 0.22)%			1.78%			1.77%			0.91%			3.80%
the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding
(1) The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing
during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net
the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding
asset value per unit with the other per unit information.
during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net
(2) Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.
asset value per unit with the other per unit information.
(3) Excludes profit share allocation from the Master Fund.
(2) Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.
(4) Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by
(3) Excludes profit share allocation from the Master Fund.
rebalancing due to monthly capital activity.
(4) Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by
(5) Initial offering for Series E was $1,000.00 as of March 1, 2023.
rebalancing due to monthly capital activity.
(6) Annualized for Series E.
(5) Initial offering for Series E was $1,000.00 as of March 1, 2023.
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.
(6) Annualized for Series E.
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

‎

MILLBURN MILTI-MARKETS FUND L.P.

STATEMENT OF FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31, 2023

The following information presents per unit operating performance data for each series for the year ended December 31, 2022.
Per Unit Performance
(For a Unit Outstanding Throughout the Year)	Series A		Series B		Series C		Series D
NET ASSET VALUE PER UNIT — Beginning of year	$	1,147.79	$	1,395.71	$	1,424.03	$	1,333.56
LOSS ALLOCATED FROM THE MASTER FUND:
Net investment loss (1)		(39.65)		(17.83)		(16.48)		(28.72)
Total trading and investing gains (1)		225.32		276.02		279.42		262.01
Net income before profit share allocation from the Master Fund		185.67		258.19		262.94		233.29
Less profit share allocation from the Master Fund (1) (4)		14.63		37.31		37.58		41.99
Net income after profit share allocation from the Master Fund		171.04		220.88		225.36		191.30
NET ASSET VALUE PER UNIT — End of year	$	1,318.83	$	1,616.59	$	1,649.39	$	1,524.86
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE
MASTER FUND		16.06%		18.27%		18.23%		17.26%
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND (4)		1.16		2.44		2.40		2.91
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE
MASTER FUND		14.90%		15.83%		15.83%		14.35%
RATIOS TO AVERAGE NET ASSET VALUE:
Expenses (2)		4.58%		2.60%		2.60%		3.37%
Profit share allocation from Master Fund (4)		1.16		2.44		2.40		2.91
Total expenses		5.74%		5.04%		5.00%		6.28%
Net investment loss (2) (3)		( 3.16)%		( 1.16)%		( 1.05)%		( 1.99)%
(1) The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding
during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net
asset value per unit with the other per unit information.
(2) Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.
(3) Excludes profit share allocation from the Master Fund.
(4) Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by
rebalancing due to monthly capital activity.
See notes to financial statements within this report and the report of Millburn Multi-Markets Trading L.P. attached in Section II.

‎

MILLBURN MULTI-MARKETS FUND L.P.

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

1. ORGANIZATION

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

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

The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units. On November 1, 2017, the Partnership offered Series D and on March 1, 2023, the Partnership offered Series E (collectively, the “Series”) and may offer additional series in the future. A Limited Partner may redeem some or all of its Units as of the end of any month on 15 days’ prior written notice.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

~~Investment —~~ The ~~investment~~Partnership inoperates ~~the~~as ~~Master~~a ~~Fund~~single isoperating ~~reported~~segment. atThe ~~fair value in the~~ Partnership’s ~~Statements~~income, ofexpenses, ~~Financial~~assets, ~~Condition.~~and ~~Fair~~performance ~~value~~are isregularly ~~the~~monitored ~~value determined by the Master Fund in accordance with the Master Fund’s valuation policies~~ and ~~reported~~assessed atas ~~the~~a ~~time~~whole ~~of the Partnership’s valuation~~ by the General Partner ~~of the Master Fund. Generally~~, ~~the~~using ~~fair value of~~ the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information ~~available~~presented at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the ~~Master~~ﬁnancial ~~Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial~~ statements ~~included~~and inﬁnancial ~~Section II of this annual report~~highlights.

Subsequent to the issuance of the 2023 financial statements, the Partnership determined that Brokerage Commissions in the amount of $551,553, for the year ended December 31, 2023, which were previously reported in Expenses in the Statement of Operations, should have been presented as a component of Realized and Unrealized Gains (Losses) in the Statement of Operations. As a result, Brokerage Commissions for the year ended December 31, 2023, are now reported within Realized and Unrealized Gains (Losses) instead of Expenses on the Statement of Operations and Statement of Financial Highlights in the accompanying financial statements. There was no impact on the amount previously reported for Net Assets at December 31, 2023.

Investment — The investment in the Master Fund is reported at fair value in the Partnership’s Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund’s valuation policies and reported at the time of the Partnership’s valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and

unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial statements included in Section II of this annual report.

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

The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2020 to 2023, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.

Cash and Cash Equivalents — Cash includes cash held at ~~First Republic Bank, which became part of~~ JP Morgan Chase Bank, N.A. ~~effective May 1, 2023.~~ Cash equivalents includes investments in ~~Dreyfus Treasury Securities Cash Management,~~ a ~~short~~JPMorgan ~~term~~100% U.S. ~~government~~Treasury ~~securities~~Securities ~~money~~Money ~~market~~Market ~~fund~~Fund, that is readily convertible to cash and has an original maturity of 90 days or less.

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

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

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

During the years ended December 31, ~~2023~~2024 and ~~2022~~2023, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, ~~2023~~2024 and ~~2022~~2023, the Partnership’s investment in the Master Fund represents 2928.8705% and 3129.4487%, respectively, of total partners’ capital of the Master Fund.

As the Partnership’s sole investing activity during the years ended December 31, ~~2023~~2024 and ~~2022~~2023 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership’s allocated amount of each item of income and expense from the Master Fund.

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

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

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

Each Series of Units are allocated management fees at a fixed rate of 0.146% per month of net asset value (1.75% per annum) of a limited partner’s interest and a 20% profit share. Such management fees and profit share are allocated to the limited partners of the Partnership but charged at the Master Fund level. For the years ended December 31, ~~2023~~2024 and ~~2022~~2023, the Partnership incurred Partnership-level management fees of $2,~~279~~163,~~482~~045 and $2,~~385~~279,~~044~~482, respectively. These amounts are included in the Statements of Operations under “Management fees.” The management fee and profit share are described in more detail in the Master Fund’s financial statements included in Section II of this annual report.

The original terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to a platform fee of 1/12 of 0.25% (0.25% per annum) based on the month end net asset value of such Series investment and are for those investors participating in asset-based or fixed fee registered investment adviser (“RIA”) platforms;

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

The amended terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units and Series C Units, each have the same terms, are subject to management fees and profit share allocable to the General Partner and are not subject to any fees payable to Selling Agents; 3) Series D Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 0.75% (0.75% per annum) based on the month-end Net Asset Value of such Series investment; and 4) Series E Units are not subject to a management fee or any fees payable to Selling Agents and the General Partner will not receive a profit share with respect to Series E Units. For the years ended December 31, ~~2023~~2024 and ~~2022~~2023, there were no Platform Fees. Selling Commissions were as follows:

	~~Selling Commissions~~	Selling Commissions
		2023			2022
			2024			2023
Series A Units	$	~~2,238,938~~$	2,134,534	$	~~2,301,259~~$	2,238,938
Series D Units		~~45,918~~	34,851		~~64,595~~	45,918
	$	~~2,284,856~~$	2,169,385	$	~~2,365,854~~$	2,284,856

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

5. OPERATING EXPENSES

Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1% per annum of the Partnership’s average month-end net asset value. For the year ended December 31, ~~2023~~2024, the Partnership incurred Partnership-level administrative expenses of $~~369~~321,~~156~~170 and a pro-rata share of master expenses of $~~188~~202,~~780~~067, totaling $~~557~~523,~~936~~237. For the year ended December 31, ~~2022~~2023, the Partnership incurred Partnership-level administrative expenses of $~~330~~369,~~536~~156 and a pro-rata share of master expenses of $~~182~~188,~~745~~780, totaling $~~513~~557,~~281~~936. These amounts are included in the Statements of Operations under “Operating expenses.”

6. DERIVATIVE INSTRUMENTS

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

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

7. INDEMNIFICATIONS

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

8. ADMINISTRATOR AGREEMENT

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

9. FINANCIAL HIGHLIGHTS

The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner’s capital account may vary from these ratios based on the timing of capital transactions. An individual partner’s returns may vary from these returns based on the timing of capital transactions.

10. SUBSEQUENT EVENTS

~~The~~On January 29, 2025, the owners of the General Partner ~~has~~transferred ~~performed~~their ~~its~~shares ~~evaluation~~to ofa ~~subsequent~~newly ~~events~~formed ~~through~~Subchapter ~~March 18,~~S ~~2024~~holding company, ~~the~~Millburn ~~date~~Capital ~~the~~LLC ~~financial~~("Millburn ~~statements~~Capital"). ~~were~~As ~~issued.~~a ~~Based~~result onof ~~such~~this ~~evaluation~~transfer, noMillburn ~~events~~Capital ~~were~~owns ~~discovered~~100% ~~that~~of ~~required~~the ~~adjustment~~General toPartner, orand ~~disclosure~~the existing General Partner shareholders indirectly own the General Partner in the ~~financial~~same ~~statements~~percentages as prior to the restructuring.

On January 30, 2025, the General Partner converted to a limited liability company by the name of Millburn Ridgefield LLC ("MRLLC"). All contact and other information remain the same. All contracts and agreements in the name of the General Partner will automatically be assigned to MRLLC and MRLLC will assume all rights and obligations of the General Partner.

During the period from January 1, 2025 to March 21, 2025, withdrawals of $4,584,911 were made from the Partnership. The General Partner has performed its evaluation of subsequent events through March 21, 2025, the date the financial statements were issued. Based on such evaluation, no further events were discovered that required adjustment to or disclosure in the financial statements.

******

1110

SECTION II

‎

Millburn Multi-Markets

Trading L.P.

(A Delaware Limited Partnership)

Financial Statements as of and for the Years Ended December 31,‎~~2023~~2024 and ~~2022~~2023, and Independent Auditor’s Report

MILLBURN MULTI-MARKETS TRADING L.P.

TABLE OF CONTENTS
	Page(s)
AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION
INDEPENDENT AUDITOR’S REPORT	1
FINANCIAL STATEMENTS AS OF AND FOR THE ‎YEARS ENDED DECEMBER 31, 2023 AND 2022:
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023:
Statements of Financial Condition	2
Condensed Schedules of Investments	3–6
Statements of Operations	7
Statements of Changes in Partners’ Capital	8
Statements of Financial Highlights	9–10
Notes to Financial Statements	11–2829

‎

AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION

In compliance with the Commodity Futures Trading Commission’s regulations, I hereby affirm that to the best of my knowledge and belief, the information contained in the Statements of Financial Condition of Millburn Multi-Markets Trading L.P., including the Condensed Schedules of Investments, as of December 31, ~~2023~~2024 and ~~2022~~2023, and the related Statements of Operations, Changes in Partners’ Capital and Financial Highlights for each of the two years in the period ended December 31, ~~2023~~2024, are complete and accurate.

Gregg Buckbinder, President ~~Millburn~~ ~~Ridgefield Corporation‎General Partner of Millburn Multi-Markets Trading L.P.~~

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

‎

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Deloitte & Touche LLP30 Rockefeller PlazaNew York, NY 10112-0015USA Tel: +1 212 492 4000‎Fax: +1 212 489 1687‎www.deloitte.com

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

Opinion on the Financial Statements ~~and Financial Highlights~~

We have audited the accompanying statements of financial condition of Millburn Multi-Markets Trading L.P. (the “Partnership”), including the condensed schedules of investments, as of December 31, ~~2023~~2024 and ~~2022~~2023, the related statements of operations, changes in partners’ capital, and ~~the~~ financial highlights for each of the two years in the period ended December 31, ~~2023~~2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements ~~and financial highlights~~ present fairly, in all material respects, the financial position of the Partnership as of December 31, ~~2023~~2024 and ~~2022~~2023, and the results of its operations, ~~the~~ changes in its partners’ capital, and ~~the~~ financial highlights for each of the two years in the period ended December 31, ~~2023~~2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Critical Audit Matters

~~March~~/s/ ~~18,~~Deloitte ~~2024~~ & Touche LLP

March 21, 2025

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

‎

MILLBURN MULTI-MARKETS TRADING L.P.

STATEMENTS OF FINANCIAL CONDITION

AS OF DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

		2023		2022
ASSETS		December 31, 2024		December 31, 2023
ASSETS
EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost
$82,787,620 and $89,349,095)	$	82,759,250	$	88,701,332
$72,229,741 and $82,787,620)	$	72,309,121	$	82,759,250
Net unrealized appreciation on open futures and forward currency contracts		~~388~~3,~~051~~173,807		22388,~~685,702~~051
Due from brokers, net		68,~~533~~923,~~080~~069		206,~~495~~533,~~996~~080
Cash denominated in foreign currencies (cost $3,016,827 and $4,434)		3,078,059		4,701
Cash denominated in foreign currencies (cost $3,958,254 and $3,016,827)		3,872,962		3,078,059
Total equity in trading accounts		9288,~~758~~278,~~440~~959		~~131~~92,~~887~~758,~~731~~440
INVESTMENTS IN U.S. TREASURY NOTES — at fair value
(amortized cost $308,685,279 and $309,961,675)		309,001,616		308,402,203
(amortized cost $316,308,299 and $308,685,279)		316,602,736		309,001,616
CASH AND CASH EQUIVALENTS		1830,~~967~~348,~~049~~123		3318,~~987~~967,~~736~~049
ACCRUED INTEREST RECEIVABLE		2,~~684~~489,~~345~~162		2,~~250~~684,~~451~~345
OTHER ASSETS		~~187~~169		~~219~~187
TOTAL	$	~~423~~437,~~411~~719,~~637~~149	$	~~476~~423,~~528~~411,~~340~~637
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	4661,~~923,631~~510	$	-4,923,631
Cash overdrafts denominated in foreign currencies (cost $0 and $5,261,847)		-		5,438,253
Subscriptions received in advance		90,000		130,000
Subscriptions received in advance		130,000		575,000
Capital withdrawal payable to Limited Partners		2,285,933		2,364,950
Capital withdrawal payable to Limited Partners		2,364,950		1,287,624
Capital withdrawal payable to General Partner		1,710,536		257,741
Capital withdrawal payable to General Partner		257,741		12,464,726
Management fee payable		490,324		390,360
Management fee payable		390,360		451,041
Selling commissions payable		174,164		178,816
Selling commissions payable		178,816		206,886
Accrued expenses		242,262		232,073
Accrued expenses		232,073		346,648
Due to brokers, net		320,982		-
Commissions and other trading fees on open futures contracts		3437,~~086~~084		3734,~~972~~086
Total liabilities		86,~~511~~012,~~657~~795		208,~~808~~511,~~150~~657
PARTNERS’ CAPITAL		~~414~~431,~~899~~706,~~980~~354		~~455~~414,~~720~~899,~~190~~980
TOTAL	$	~~423~~437,~~411~~719,~~637~~149	$	~~476~~423,~~528~~411,~~340~~637
See notes to financial statements

‎

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2024


	Net Unrealized
	Appreciation
	(Depreciation)		Net Unrealized
	as a % of		Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital		(Depreciation)

FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.03)	%	$	(118,694)
Energies	0.50			2,179,167
Interest rates	(0.11)			(474,654)
Livestock	0.00			3,270
Metals	(0.50)			(2,163,747)
Softs	0.06			279,838
Stock indices	(0.27)			(1,198,465)

Total long futures contracts	(0.35)			(1,493,285)

Short futures contracts:
Currencies	0.12			507,566
Energies	(0.06)			(271,922)
Grains	(0.09)			(394,125)
Interest rates:
5 Year U.S. Treasury Note (885 contracts, settlement date March 2025)	0.02			99,062
30 Year U.S. Treasury Bond (49 contracts, settlement date September 2024)	0.00
Other interest rates	(0.03)			(124,167)

Total interest rates	(0.01)			(25,105)

Livestock	0.00			1,210
Metals	0.32			1,366,790
Softs	0.05			219,073
Stock indices	0.15			651,772

Total short futures contracts	0.48			2,055,259

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	0.13			561,974

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	(2.18)			(9,422,549)
Total short forward currency contracts	2.63			11,372,872

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	0.45			1,950,323

TOTAL	0.58	%	$	2,512,297

				(Continued)

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, ~~2023~~2024

	Net Unrealized
U.S. TREASURY NOTES
	Appreciation
			Fair Value
	(Depreciation)			Net Unrealized
			as a % of
	as a % of			Appreciation
			Partners'
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital			(Depreciation)
	Face Amount	Description	Capital		Fair Value
FUTURES CONTRACTS
$	127,770,000	U.S. Treasury notes, 2.000%, 02/15/2025	29.51	%	$	127,410,647
Long futures contracts:
	129,330,000	U.S. Treasury notes, 2.125%, 05/15/2025	29.73			128,327,187
Currencies	(0.00)	%	$	(13,413)
	135,020,000	U.S. Treasury notes, 2.000%, 08/15/2025	30.85			133,174,023
Energies	(0.47)			(1,954,311)
		Total investments in U.S. Treasury notes
Interest rates	0.56			2,304,253
		(amortized cost $388,538,040)	90.09	%	$	388,911,857
Livestock	(0.00)			(10,480)
	See notes to financial statements.					(Concluded)
Metals	0.48			1,975,894
Softs	(0.01)			(51,788)
Stock indices	0.13			558,003
Total long futures contracts	0.69			2,808,158
Short futures contracts:
Currencies	(0.04)			(183,361)
Energies	(0.27)			(1,108,380)
Grains	0.07			309,433
Interest rates	(0.88)			(3,643,573)
Livestock	0.00			4,330
Metals	(0.49)			(2,048,679)
Softs	0.14			599,335
Stock indices	0.08			340,579
Total short futures contracts	(1.39)			(5,730,316)
TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	(0.70)			(2,922,158)
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	2.24			9,297,400
Total short forward currency contracts	(2.63)			(10,910,822)
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	(0.39)			(1,613,422)
TOTAL	(1.09)	%	$	(4,535,580)
				(Continued)

‎

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, 2023

U.S. TREASURY NOTES
	Net Unrealized
	Face Amount	Description	Fair Value as a % of ‎ Partners' ‎Capital				Fair Value
	Appreciation
$	105,680,000	U.S. Treasury notes, 2.750%, 02/15/2024	25.39	%		$	105,345,622
	(Depreciation)				Net Unrealized
	101,530,000	U.S. Treasury notes, 2.500%, 05/15/2024	24.23				100,544,445
	as a % of				Appreciation
	99,490,000	U.S. Treasury notes, 2.375%, 08/15/2024	23.59				97,867,458
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital				(Depreciation)
	90,020,000	U.S. Treasury notes, 2.250%, 11/15/2024	21.21				88,003,341
FUTURES CONTRACTS
		Total investments in U.S. Treasury notes
Long futures contracts:
		(amortized cost $391,472,899)	94.42	%		$	391,760,866
Currencies	(0.00)	%		$	(13,413)
	See notes to financial statements.						(Concluded)
Energies	(0.47)				(1,954,311)
Interest rates	0.56				2,304,253
Livestock	(0.00)				(10,480)
Metals	0.48				1,975,894
Softs	(0.01)				(51,788)
Stock indices	0.13				558,003
Total long futures contracts	0.69				2,808,158
Short futures contracts:
Currencies	(0.04)				(183,361)
Energies	(0.27)				(1,108,380)
Grains	0.07				309,433
Interest rates	(0.88)				(3,643,573)
Livestock	0.00				4,330
Metals	(0.49)				(2,048,679)
Softs	0.14				599,335
Stock indices	0.08				340,579
Total short futures contracts	(1.39)				(5,730,316)
TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	(0.70)				(2,922,158)
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	2.24				9,297,400
Total short forward currency contracts	(2.63)				(10,910,822)
TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	(0.39)				(1,613,422)
TOTAL	(1.09)	%		$	(4,535,580)
					(Continued)

‎

MILLBURN MULTI-MARKETS TRADING L.P.

CONDENSED SCHEDULE OF INVESTMENTS

AS OF DECEMBER 31, ~~2022~~2023

	Net Unrealized
U.S. TREASURY NOTES
	Appreciation
			Fair Value
	(Depreciation)			Net Unrealized
			as a % of
	as a % of			Appreciation
			Partners'
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital			(Depreciation)
	Face Amount	Description	Capital		Fair Value
FUTURES CONTRACTS
$	105,680,000	U.S. Treasury notes, 2.750%, 02/15/2024	25.39	%	$	105,345,622
Long futures contracts:
	101,530,000	U.S. Treasury notes, 2.500%, 05/15/2024	24.23			100,544,445
Currencies	0.01	%	$	51,834
	99,490,000	U.S. Treasury notes, 2.375%, 08/15/2024	23.59			97,867,458
Energies	0.91			4,130,190
	90,020,000	U.S. Treasury notes, 2.250%, 11/15/2024	21.21			88,003,341
Grains	0.09			400,196
		Total investments in U.S. Treasury notes
Interest rates	(0.04)			(183,318)
		(amortized cost $391,472,899)	94.42	%	$	391,760,866
Livestock	(0.00)			(25,990)
	See notes to financial statements.					(Concluded)
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~~STATEMENTS ~~SCHEDULE~~ OF ~~INVESTMENTS~~OPERATIONS

ASYEARS OFENDED DECEMBER 31, ~~2022~~2024 AND 2023

	Face Amount	Description	Fair Value as a % of ‎ Partners' ‎Capital				Fair Value
	2024			2023
$	77,590,000	U.S. Treasury notes, 2.000%, 02/15/2023	16.98	%		$	77,385,416
INVESTMENT INCOME — Interest income, net	$	21,479,742		$	19,349,529
	121,340,000	U.S. Treasury notes, 1.750%, 05/15/2023	26.35				120,074,462
EXPENSES:
	87,490,000	U.S. Treasury notes, 2.500%, 08/15/2023	18.94				86,293,848
Management fees		5,924,187			5,053,634
	115,300,000	U.S. Treasury notes, 2.750%, 11/15/2023	24.87				113,349,809
Selling commissions		2,169,408			2,284,878
		Total investments in U.S. Treasury notes
Operating expenses		1,122,723			1,181,989
		(amortized cost $399,310,770)	87.14	%		$	397,103,535
Custody fees and other expenses		76,855			79,703
	See notes to financial statements.						(Concluded)
Total expenses		9,293,173			8,600,204
NET INVESTMENT INCOME		12,186,569			10,749,325
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		22,746,337			(9,226,084)
Brokerage commissions		(1,784,423)			(1,826,847)
Foreign exchange transaction		(606,833)			(771,586)
Net change in unrealized:
Futures and forward currency contracts		7,047,877			(27,221,282)
Foreign exchange translation		(146,524)			237,371
Net gains (losses) from U.S. Treasury notes:
Realized		(24,430)			(221,890)
Net change in unrealized		85,850			2,495,202
Total net realized and unrealized gains (losses)		27,317,854			(36,535,116)
NET INCOME (LOSS)		39,504,423			(25,785,791)
LESS PROFIT SHARE TO GENERAL PARTNER		1,743,620			280,525
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	37,760,803		$	(26,066,316)
See notes to financial statements.

‎

MILLBURN MULTI-MARKETS TRADING L.P.

~~STATEMENT~~STATEMENTS OF ~~OPERATIONS~~CHANGES IN PARTNERS’ CAPITAL

ASYEARS OFENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

		2023		2022
				New Profit
INVESTMENT INCOME — Interest income, net	$	19,349,529	$	6,386,783
		Limited		Memo		General
EXPENSES:
		Partners		Account		Partner		Total
Brokerage commissions		1,826,847		1,892,321
PARTNERS’ CAPITAL —
Management fees		5,053,634		4,995,736
January 1, 2023	$	454,468,058	$	-	$	1,252,132	$	455,720,190
Selling commissions		2,284,878		2,365,876
Contributions		136,115,716		-		-		136,115,716
Operating expenses		1,181,989		1,091,861
Withdrawals		(150,892,394)		-		(257,741)		(151,150,135)
Custody fees and other expenses		79,703		78,035
Net loss		(25,706,995)		(22,784)		(56,012)		(25,785,791)
Total expenses		10,427,051		10,423,829
General Partner’s allocation —
NET INVESTMENT INCOME (LOSS)		8,922,478		(4,037,046)
profit share		(280,525)		280,525		-		-
REALIZED AND UNREALIZED GAINS (LOSSES):
Transfer of New Profit Memo
Net realized gains (losses) on closed positions:
Account to General Partner		-		(257,741)		257,741		-
Futures and forward currency contracts		(9,226,084)		58,401,712
PARTNERS’ CAPITAL —
Foreign exchange transaction		(771,586)		(22,039)
December 31, 2023		413,703,860		-		1,196,120		414,899,980
Net change in unrealized:
Contributions		41,319,050		-		-		41,319,050
Futures and forward currency contracts		(27,221,282)		23,635,904
Withdrawals		(62,306,563)		-		(1,710,536)		(64,017,099)
Foreign exchange translation		237,371		(145,863)
Net income (loss)		39,400,583		(33,084)		136,924		39,504,423
Net gains (losses) from U.S. Treasury notes:
General Partner’s allocation —
Realized		(221,890)		(525,149)
profit share		(1,743,620)		1,743,620		-		-
Net change in unrealized		2,495,202		(2,114,651)
Transfer of New Profit Memo
Total net realized and unrealized gains (losses)		(34,708,269)		79,229,914
Account to General Partner		-		(1,710,536)		1,710,536		-
NET INCOME (LOSS)		(25,785,791)		75,192,868
PARTNERS’ CAPITAL —
LESS PROFIT SHARE TO GENERAL PARTNER		280,525		12,498,758
December 31, 2024	$	430,373,310	$	-	$	1,333,044	$	431,706,354
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$	(26,066,316)	$	62,694,110
See notes to financial statements.
See notes to financial statements

‎

MILLBURN MULTI-MARKETS TRADING L.P.

~~STATEMENT~~STATEMENTS OF ~~CHANGS~~FINANCIAL ~~IN PARTNERS’ CAPITAL~~HIGHLIGHTS

YEARS ENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

				New Profit
The following information presents financial highlights of a Limited Partner that is charged a monthly management
	Limited			Memo		General
fee of 1/12 of 1.75% and an annual profit share of 20% of Trading Profits (as defined in the Limited Partnership Agreement).
	Partners			Account		Partner		Total
	2024		2023
PARTNERS’ CAPITAL —
Total return before General Partner profit share allocation	9.47	%	(6.13)	%
January 1, 2022	$	398,976,730		$	-	$	1,035,802	$	400,012,532
Less: General Partner profit share allocation	0.55		-
Contributions		52,542,600			-		-		52,542,600
Total return after General Partner profit share allocation	8.92	%	(6.13)	%
Withdrawals		(59,563,084)			-		(12,464,726)		(72,027,810)
Ratios to average net asset value:
Net income (loss)		75,010,570			(34,032)		216,330		75,192,868
Expenses (1) (2)	1.94	%	1.92	%
General Partner’s allocation —
General Partner profit share allocation	0.55		-
profit share		(12,498,758)			12,498,758		-		-
Total expenses (1)	2.49	%	1.92	%
Transfer of New Profit Memo
Net investment income (1) (2)	3.05	%	2.48	%
Account to General Partner		-			(12,464,726)		12,464,726		-
Total returns and the ratios to average net asset value are calculated for a Limited Partner. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.
PARTNERS’ CAPITAL —
(1) Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).
December 31, 2022		454,468,058			-		1,252,132		455,720,190
(2) Excludes General Partner profit share allocation.
Contributions		136,115,716			-		-		136,115,716
See notes to financial statements
Withdrawals		(150,892,394)			-		(257,741)		(151,150,135)
Net loss		(25,706,995)			(22,784)		(56,012)		(25,785,791)
General Partner’s allocation —
profit share		(280,525)			280,525		-		-
Transfer of New Profit Memo
Account to General Partner		-			(257,741)		257,741		-
PARTNERS’ CAPITAL —
December 31, 2023	$	413,703,860		$	-	$	1,196,120	$	414,899,980
See notes to financial statements

‎

MILLBURN MULTI-MARKETS TRADING L.P.

~~STATEMENT~~STATEMENTS OF FINANCIAL HIGHLIGHTS

YEARS ENDED DECEMBER 31, ~~2023~~2024 AND ~~2022~~2023

The following information presents financial highlights of a Limited Partner that is charged a monthly management
The following information presents financial highlights of Limited Partners as a whole.
fee of 1/12 of 1.75% and an annual profit share of 20% of Trading Profits (as defined in the Limited Partnership Agreement).
	2024		2023
	2023		2022
Total return before General Partner profit share allocation	9.07	%	(6.00)	%
Total return before General Partner profit share allocation	(6.13)%		18.53%
Less: General Partner profit share allocation	0.41		0.06
Less: General Partner profit share allocation	-		2.45
Total return after General Partner profit share allocation	8.66	%	(6.06)	%
Total return after General Partner profit share allocation	(6.13)%		16.08%
Ratios to average net asset value:
Ratios to average net asset value:
Expenses (1) (2)	2.17	%	1.96	%
Expenses (1) (2)	2.33%		2.35%
General Partner profit share allocation	0.41		0.06
General Partner profit share allocation	-		2.45
Total expenses (1)	2.58	%	2.02	%
Total expenses (1)	2.33%		4.80%
Net investment income (1) (2)	2.81	%	2.44	%
Net investment income (loss) (1) (2)	2.07%		(0.94)%
Total returns and the ratios to average net asset value are calculated for Limited Partners’ capital taken as a whole. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreement and the timing of contributions and withdrawals.
Total returns and the ratios to average net asset value are calculated for a Limited Partner. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.
(1) Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).
(1) Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).
(2) Excludes General Partner profit share allocation.
(2) Excludes General Partner profit share allocation.
See notes to financial statements
See notes to financial statements

‎

MILLBURN MULTI-MARKETS TRADING L.P.

~~STATEMENT~~NOTES OFTO FINANCIAL ~~HIGHLIGHTS~~STATEMENTS‎YEARS ENDED DECEMBER 31, 2024 AND 2023

YEARS ENDED DECEMBER 31, 2023 AND 2022

The following information presents financial highlights of Limited Partners as a whole.
	2023	2022
Total return before General Partner profit share allocation	(6.00)%	17.69%
Less: General Partner profit share allocation	0.06	2.85
Total return after General Partner profit share allocation	(6.06)%	14.84%
Ratios to average net asset value:
Expenses (1) (2)	2.37%	2.37%
General Partner profit share allocation	0.06	2.85
Total expenses (1)	2.43%	5.22%
Net investment income (loss) (1) (2)	2.03%	(0.95)%
Total returns and the ratios to average net asset value are calculated for Limited Partners’ capital taken as a whole. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreement and the timing of contributions and withdrawals.
(1) Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).
(2) Excludes General Partner profit share allocation.
See notes to financial statements

‎

MILLBURN MULTI-MARKETS TRADING L.P.

NOTES TO FINANCIAL STATEMENTS‎YEARS ENDED DECEMBER 31, 2023 AND 2022

1. ORGANIZATION

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

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

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

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

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

1211

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

The Partnership operates as a single operating segment. The Partnership’s income, expenses, assets, and performance are regularly monitored and assessed as a whole by the General Partner, using the information presented in the ﬁnancial statements and ﬁnancial highlights.

Subsequent to the issuance of the 2023 financial statements, the Partnership determined that Brokerage Commissions in the amount of $1,826,847 for the year ended December 31, 2023, which were previously reported in Expenses in the Statement of Operations, should have been presented as a component of Realized and Unrealized Gains (Losses) in the Statement of Operations. As a result, Brokerage Commissions for the year ended December 31, 2023, are now reported within Realized and Unrealized Gains (Losses) instead of Expenses on the Statement of Operations, and are excluded from the Ratios To Average Net Asset Value related to Expenses and Net investment income in the accompanying financial statements. There was no impact to the total amount previously reported for Net Income (Loss) After Profit Share to General Partner for year ended December 31, 2023, and there was no impact on the amount previously reported for Net Assets at December 31, 2023.

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

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

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

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

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

~~Management~~‎ Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.146% per month of net asset value (1.75% per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2023 and 2022 were as follows:

		Management Fees
		2023		2022
US Feeder	$	2,279,482	$	2,385,044
Cayman Feeder		2,576,924		2,415,817
Other (1)		197,228		194,875
Total	$	5,053,634	$	4,995,736
(1) Direct investors in the Partnership

13Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.146% per month of net asset value (1.75% per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2024 and 2023 were as follows:

Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2% per annum. On March 1, 2012, the Cayman Feeder began offering shares that are subject to selling commissions of 2% per annum. These selling commissions are charged at the Partnership level but are allocated only to the applicable U.S. and Cayman Feeder investors. For the years ended December 31, 2023 and 2022, selling commissions were as follows:


	Management Fees

	2024		2023

U.S. Feeder	$	2,163,045	$	2,279,482
Cayman Feeder		3,597,240		2,576,924
Other ⁽¹⁾		163,902		197,228
Total	$	5,924,187	$	5,053,634

⁽¹⁾ Direct investors in the Partnership

		Selling Commissions
		2023		2022
U.S. Feeder	$	2,284,856	$	2,365,854
Cayman Feeder		22		22
Total	$	2,284,878	$	2,365,876


	Selling Commissions

		2024		2023

U.S. Feeder	$	2,169,385	$	2,284,856
Cayman Feeder		23		22
Total	$	2,169,408	$	2,284,878

Operating Expenses — The Partnership bears expenses including, but not limited to, periodic legal, accounting and filing fees up to an amount equal to 1/4 of 1% per annum of average Partners’ Capital of the Partnership (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary expenses.

The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the years ended December 31, ~~2023~~2024 and ~~2022~~2023, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital.

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

For the years ended December 31, ~~2023~~2024 and ~~2022~~2023, operating expenses were as follows:

	Operating Expenses	~~Operating Expenses~~
		2023		2022
		2024		2023
Partnership	$	~~621~~682,~~779~~268	$	~~584~~621,~~173~~779
U.S. Feeder		~~369~~321,~~156~~170		~~330~~369,~~536~~156
Cayman Feeder		~~191~~119,~~054~~285		~~177~~191,~~152~~054
Total	$	1,~~181~~122,~~989~~723	$	1,~~091~~181,~~861~~989

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

14Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2021 to 2024, the General Partner has determined that no reserves for uncertain tax positions were required.

Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2020 to 2023, the General Partner has determined that no reserves for uncertain tax positions were required.

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

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

Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities which qualify as financial instruments under the Fair Value Measurement (Topic 820) of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

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

OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

The following table represents the Partnership’s investments by hierarchical level as of December 31, 2024 and 2023 in valuing the Partnership’s investments at fair value. As of and during the years ended December 31, 2024 and 2023, the Partnership held no assets or liabilities classified in Level 3.

‎

The following table represents the Partnership’s investments by hierarchical level as of December 31, 2023 and 2022 in valuing the Partnership’s investments at fair value. As of and during the years ended December 31, 2023 and 2022, the Partnership held no assets or liabilities classified in Level 3.


Financial assets and liabilities at fair value as of December 31, 2024
	Level 1		Level 2		Total

U.S. Treasury notes (1)	$	388,911,857	$	-	$	388,911,857

Short-Term Money Market Fund*		30,098,123		-		30,098,123
Exchange-traded futures contracts
Currencies		388,872		-		388,872
Energies		1,907,245		-		1,907,245
Grains		(394,125)		-		(394,125)
Interest rates		(499,759)		-		(499,759)
Livestock		4,480		-		4,480
Metals		(796,957)		-		(796,957)
Softs		498,911		-		498,911
Stock indices		(546,693)		-		(546,693)

Total exchange-traded futures contracts		561,974		-		561,974

Over-the-counter forward currency contracts		-		1,950,323		1,950,323

Total futures and forward currency contracts (2)		561,974		1,950,323		2,512,297

Total financial assets and liabilities at fair value	$	419,571,954	$	1,950,323	$	421,522,277

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	72,309,121
Investments in U.S. Treasury notes held in custody						316,602,736
Total investments in U.S. Treasury notes					$	388,911,857

(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,173,807
Net unrealized depreciation on open futures and forward currency contracts						(661,510)
Total net unrealized appreciation on open futures and forward currency contracts					$	2,512,297

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

Financial assets and liabilities at fair value as of December 31, 2023
	Level 1		Level 2		Total
U.S. Treasury notes (1)	$	391,760,866	$	-	$	391,760,866
Short-Term Money Market Fund*		18,717,049		-		18,717,049
Exchange-traded futures contracts
Currencies		(196,774)		-		(196,774)
Energies		(3,062,691)		-		(3,062,691)
Grains		309,433		-		309,433
Interest rates		(1,339,320)		-		(1,339,320)
Livestock		(6,150)		-		(6,150)
Metals		(72,785)		-		(72,785)
Softs		547,547		-		547,547
Stock indices		898,582		-		898,582
Total exchange-traded futures contracts		(2,922,158)		-		(2,922,158)
Over-the-counter forward currency contracts		-		(1,613,422)		(1,613,422)
Total futures and forward currency contracts (2)		(2,922,158)		(1,613,422)		(4,535,580)
Total financial assets and liabilities at fair value	$	407,555,757	$	(1,613,422)	$	405,942,335
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	82,759,250
Investments in U.S. Treasury notes						309,001,616
Total investments in U.S. Treasury notes					$	391,760,866
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	388,051
Net unrealized depreciation on open futures and forward currency contracts						(4,923,631)
Total net unrealized depreciation on open futures and forward currency contracts					$	(4,535,580)
* 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
Financial assets and liabilities at fair value as of December 31, 2023
	~~Level 1~~	Level 1		~~Level 2~~	Level 2		~~Total~~	Total
U.S. Treasury notes (1)	$	~~397,103,535~~$	391,760,866	$	-$	-	$	~~397,103,535~~$	391,760,866
Short-Term Money Market Fund*		~~33,737,736~~	18,717,049		-	-		~~33,737,736~~	18,717,049
Exchange-traded futures contracts
Currencies		~~32,613~~	(196,774)		-	-		~~32,613~~	(196,774)
Energies		~~7,123,301~~	(3,062,691)		-	-		~~7,123,301~~	(3,062,691)
Grains		~~299,446~~	309,433		-	-		~~299,446~~	309,433
Interest rates		~~13,161,165~~	(1,339,320)		-	-		~~13,161,165~~	(1,339,320)
Livestock		~~(25,990)~~	(6,150)		-	-		~~(25,990)~~	(6,150)
Metals		~~138,124~~	(72,785)		-	-		~~138,124~~	(72,785)
Softs

Filing Compare · Millburn Multi-Markets Fund L.P.