# EDGAR Filing Document

**Accession Number:** 0001468910
**File Stem:** 0001829126-23-002490
**Filing Date:** 2023-3
**Character Count:** 277707
**Document Hash:** 324680d2a00a9e9a63141583813c011d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-002490.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001829126-23-002490

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Millburn Multi-Markets Fund L.P.
- **CENTRAL INDEX KEY:** 0001468910
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-54028
- **FILM NUMBER:** 23786903

**BUSINESS ADDRESS:**
- **STREET 1:** MILLBURN RIDGEFIELD CORPORATION
- **STREET 2:** 411 WEST PUTNAM AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-625-8211

**MAIL ADDRESS:**
- **STREET 1:** MILLBURN RIDGEFIELD CORPORATION
- **STREET 2:** 411 WEST PUTNAM AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

?xml version="1.0" encoding="utf-8"?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 10-K**

☑ Annual Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the Fiscal Year Ended: December 31, 2022

or

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

of the Securities Exchange Act of 1934

Commission File Number: 000-54028

**<u>MILLBURN MULTI-MARKETS FUND L.P.</u>**

(Exact name of registrant as specified in its charter)

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

c/o MILLBURN RIDGEFIELD CORPORATION

55 West 46th Street, 31st Floor

<u>New York, New York 10036</u>

(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 <br> (Title of Class)

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

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

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

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

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

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☒ <br> 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 ☒

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, 2022 and 2021 and Report of Independent Registered Public Accounting Firm, the annual report to security holders for the fiscal year ended December 31, 2022, is incorporated by reference into Part II Item 8 and Part IV hereof and filed as an exhibit herewith.

PART I

Item 1. Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022, the Partnership's partnership percentage in the Master Fund was approximately 31.44% of total partners' capital of the Master Fund. The general partner and trading advisor of the Partnership and the Master Fund is Millburn Ridgefield Corporation, a Delaware corporation operating in New York, New York (the "General Partner").

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

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

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

As of December 31, 2022, the aggregate net asset value of the Partnership was $143,276,896 and the aggregate net asset value of the Master Fund was $455,720,190. The net asset value of a Series A Unit originally sold for $1,000.00 as of August 1, 2009 was $1,318.83 as of December 31, 2022. The net asset value of a Series B Unit originally sold for $1,000.00 as of August 1, 2009 was $1,616.59 as of December 31, 2022. The net asset value of a Series C Unit originally sold for $1,000.00 as of August 1, 2009 was $1,649.39 as of December 31, 2022. The net asset value of a Series D Unit originally sold for $1,331.20 as of November 1, 2017 was $1,524.86 as of December 31, 2022. 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, 2022.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Description
of business

The Partnership, through the Master Fund, engages in the speculative trading of futures, forward and spot contracts and may trade options thereon as well as swap contracts. The Master Fund's sole trading advisor is the General Partner. The Master Fund trades in the agricultural, metals, energy, interest rate and stock indices futures markets and in the currency markets, trading primarily forward contracts in the interbank market. The Master Fund may also, to a limited extent, invest in equities, equity baskets, instruments related to equities, exchange traded funds or notes. The General Partner makes its systematically-based trading decisions pursuant to its investment and trading methodology, based on signals generated from an analysis of 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 52 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.

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.

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

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

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

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

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

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

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

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

The General Partner receives from the Master Fund a monthly "Management Fee" in respect of each Series' investment in the Master Fund, in an amount equal to 1/12 of 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).

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).

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

Regulation

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

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

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

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

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

(2)(i) - not applicable.

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

Item 1A. Risk Factors

Not required.

Item 1B. Unresolved Staff Comments

Not required.

Item 2. Properties

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

Item 3. Legal Proceedings

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

Item 4. Mine Safety Disclosures

Not required.

PART II

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holders

As of December 31, 2022, there were 429 holders of Series A Units, 72 holders of Series B Units, 21 holders of Series C Units and 53 holders of Series D Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividends

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities
Authorized for Issuance Under Equity Compensation Plans

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022 and December 31, 2022, the Partnership issued Units at monthly closings, as set forth in the following charts, to both new limited partners as well as to existing limited partners making additional investments. There were no Series B, Series C or Series D subscriptions during the fourth calendar quarter of 2022.

---

| | | |
|:---|:---|:---|
| **Month** | **Number<br> of Series A<br> Units Sold** | **Dollar Amount**<br> **of Series A**<br> **Units Sold** |
| October 1, 2022 | 147.5940 | $200000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 C and Series D during the fourth calendar quarter of 2022. There were no Series B redemptions during the fourth calendar quarter of 2022.

Series A Units

---

| | | |
|:---|:---|:---|
| **Month** | **Units<br> Redeemed** | **Redemption Date<br> NAV per Unit** |
| October 31, 2022 | 1010.5251 | $1372.75 |
| November 30, 2022 | 390.5920 | 1258.81 |
| December 31, 2022 | 193.0420 | 1318.83 |
| Total | 1594.1591 |  |

---

Series C Units

---

| | | |
|:---|:---|:---|
| **Month** | **Units<br> Redeemed** | **Redemption Date**<br> **NAV per Unit** |
| October 31, 2022 | 50.3229 | $1712.90 |
| December 31, 2022 | 58.7030 | 1649.39 |
| Total | 109.0259 |  |

---

Series D Units

---

| | | |
|:---|:---|:---|
| **Month** | **Units<br> Redeemed** | **Redemption Date**<br> **NAV per Unit** |
| October 31, 2022 | 73.1602 | $1585.50 |
| December 31, 2022 | 87.1820 | 1524.86 |
| Total | 160.3422 |  |

---

Item 6. [<u>Reserved</u>]

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.

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

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

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

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

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

The Master Fund's assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other CFTC-authorized investments or held in bank or certain other money market instruments (*e.g*., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund's futures and forward currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund's futures and forward trading, the Master Fund's assets are highly liquid and are expected to remain so. During its operations through December 31, 2022, 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.

*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 $1,970,494 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.

*2021*

During 2021, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $14,119,718 from trading operations (including foreign exchange transactions and translations). Management fees of $2,403,587, brokerage commissions of $877,605, selling commissions and platform fees of $2,267,616, administrative and operating expenses of $513,311 and custody fees and other expenses and other expenses of $22,676 were paid or accrued. Interest income of $40,919 (inclusive of $40,912 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 $8,032,771.

---

| | |
|:---|:---|
| **Sector** | **% Gain (Loss)** |
| Currencies | (4.80)% |
| Energies | 5.72% |
| Grains | (0.40)% |
| Interest rates | 1.49% |
| Livestock | (0.09)% |
| Metals | 0.13% |
| Softs | (0.69)% |
| Stock indices | 9.45% |
| Total | 10.81% |

---

The Partnership was profitable for the period under review as gains from long equity and energy futures positions and trading of interest rate futures outdistanced the losses from trading currency forwards and non-energy commodity futures.

The global reflation trade improved throughout most of the first half of 2021 in response to monetary and fiscal policy actions from global authorities—especially in the U.S.; improvements in economic activity as economies cautiously reopened; and positive news concerning COVID-19 therapies and vaccines. However, during the second half of the year the global growth outlook was jolted periodically by the spread first of the COVID-19 Delta variant and later by the spread of the COVID-19 Omicron variant; by China's multi-pronged regulatory actions in support of its Common Prosperity, national security, financial stability and environmental goals; by supply chain difficulties, labor market shortages and soaring inflation that blunted consumer demand. The growth outlook was also impacted by a reduction of fiscal stimulus globally and by central banks beginning the process of scaling back ultra-accommodative policies. Geopolitical conflicts between the U.S. on the one hand and China, Russia and Iran on the other also worried market participants.

Trading of equity futures was highly profitable during the January-June period when the reflation story was strongest. Equity markets were unaffected by the negative effects of the January Reddit and March Archegos events, as well as the week-long Suez Canal closure. During the summer, concerns about the durability of the global economic recovery and China's regulatory crackdown contributed to turbulence in global equity markets that were at near all-time highs. Later in the year, shifting central bank policies, Omicron variant worries, geopolitical tensions and global growth concerns periodically impacted the enthusiasm for equities. Still, massive liquidity, negative real yields, and strong actual and expected earnings growth contributed to the bull case for stocks. On balance, long positions in U.S., Canadian, European, British and EAFE stock index futures were profitable. Short positions in Brazilian and VIX futures, and trading of Chinese, Hong Kong and the MSCI emerging markets index futures were also profitable. Meanwhile, trading of Japanese and South African index futures were slightly unprofitable.

Energy prices, despite a few sharp retrenchments amid growth worries, climbed during the January-November period. The price of Brent crude oil climbed from around $50/barrel at the start of the year to more than $86/barrel in late November amid a bullish picture that sparked speculation the price may return to $100 a barrel. There were demand increases for oil and natural gas as economies reopened, and as market participants viewed growth slowdowns as temporary. A surge in natural gas prices led to "gas to oil" switching in the power business, especially in Europe. On the supply side, prices drew some support from continued production discipline by both Organization of the Petroleum Exporting Countries ("OPEC+") and non-OPEC producers. Consequently, inventories drained rapidly. However, the post-Thanksgiving emergence of the Omicron strain of COVID-19; Senator Manchin's unexpected "NO" on the Biden administration's "Build Back Better" legislation; and the Chinese growth slowdown contributed to the collapse of energy prices and Brent crude plunging below $70/barrel before closing the year near $78/barrel. On balance, long positions in Brent crude, WTI crude, RBOB gasoline, London gas oil and heating oil were profitable. On the other hand, a short U.S. natural gas position was unprofitable, particularly during the first eight months of the year.

Interest rates were volatile during the period as evidenced by the U.S. 10-year government bond rate that spiked from around 0.90% at the start of the year to 1.75% at the end of March, fell back to about 1.10% at the start of August, and jumped again to near 1.70% in late October before closing the year around 1.50%. This path for interest rates reflected the ebb and flow of actual and anticipated moves in global growth and inflation which in turn was similar to the timing of COVID-19 pandemic spikes, global monetary, fiscal and regulatory policy shifts and the heightening of geopolitical tensions particularly involving the U.S., China, Russia and Iran. On balance, trading of U.S. and, to a lesser extent, Canadian, British, Japanese and Australian interest rate futures were profitable. Meanwhile, trading of European interest rate futures produced partially offsetting losses.

Although the U.S. dollar did advance in 2021, especially late in the year, trading of individual currency pairs was volatile and trading of currency forwards was broadly unprofitable. Currency markets were impacted by fluid growth, inflation, and interest rate developments. Commodity price swings, the evolution of the COVID-19 pandemic and political uncertainties involving various countries also contributed to exchange rate volatility. Trading the U.S. dollar against the Australian, Canadian, New Zealand, Brazilian, British, Swiss, and Swedish currencies, the euro and a few other currencies was unprofitable. Trading the euro against other European currencies was also unprofitable. On the other hand, a long U.S. dollar/short Japanese yen trade, a short U.S. dollar/long Russian ruble position and trading the dollar versus the Israeli and South African units registered somewhat offsetting gains.

Finally, trading of non-energy commodities was fractionally negative. A short coffee position was unprofitable in April and May as prices increased in part because the 2020 drought reduced supplies from Brazil, Columbia and Nicaragua, and logistics and customs issues further constrained Brazilian exports. Trading of sugar was also slightly unprofitable. Wheat prices were volatile during the year and trading of wheat was unprofitable. On the other hand, long soybean and soybean oil trades were profitable during the first half of the year amid strong Chinese demand, weaker than expected U.S. harvests and dry weather in South America. Late in the year, a long soybean meal trade was profitable. Reflation and reopening demand positively impacted metal prices and long copper and aluminum trades were profitable early in the year. In addition, a short silver position was profitable near year end. Conversely, trading of gold, nickel and zinc produced partially offsetting losses.

Critical Accounting Estimates

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

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

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

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 8. Financial Statements and Supplementary Data

The report of Deloitte & Touche LLP (PCAOB ID: 34) for the fiscal years ended December 31, 2022 and 2021, 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, 2022. 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, 2022, the General Partner's internal control over financial reporting with respect to the Partnership is effective based on those criteria.

*Changes in Internal Control over Financial Reporting*

Section 404 of the Sarbanes-Oxley Act of 2002 requires the General Partner to evaluate annually the effectiveness of its internal controls over financial reporting as of the end of each fiscal year, and to include a management report assessing the effectiveness of its internal control over financial reporting in all annual reports. There were no changes in the Partnership's internal control over financial reporting during the quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

(a, b) <u>Identification of Directors and Executive Officers</u>

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

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

The principals and senior officers of the General Partner as of December 31, 2022 are as follows:

***Harvey Beker, age 69.*** 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 64.*** 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 53*.** Mr. Carter is a Vice President, Director of Operations and Principal Accounting Officer of the General Partner. He is responsible for overseeing operations and accounting for the firm's commodity pools. Mr. Carter has served as Principal Accounting Officer of the General Partner since May 2014, and prior to the merger of The Millburn Corporation into the General Partner on December 31, 2018, also served as Vice President and Director of Operations of The Millburn Corporation since January 2011, maintaining responsibility for the entity's operations. Mr. Carter previously held the positions of Fund Controller (February 2001 until February 2011) and Senior Accountant (March 2000 until February 2001) with The Millburn Corporation. He graduated from Rutgers, The State University of New Jersey – Newark in May 1997 with a B.S. in Accounting. Prior to joining the General Partner and its affiliates in March 2000, he was employed with the accounting firm Rothstein Kass & Company, P.C., as a fund accountant from March 1997 until September 1997 and as a staff auditor from September 1997 until June 1999, and then an equity analyst covering restaurants with the brokerage firm of Sidoti & Company, LLC, which conducts independent small-cap equity research for institutional investors, from June 1999 until February 2000. He is a Certified Public Accountant. Mr. Carter became listed as Principal of the General Partner effective April 22, 2014. Mr. Carter's affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into the General Partner.

***Steven M. Felsenthal, age 53.*** Mr. Felsenthal is General Counsel and Chief Compliance Officer of the General Partner. Prior to joining the General Partner and its affiliates (including its former affiliate The Millburn Corporation) in January 2004, Mr. Felsenthal was a senior associate in the investment management group at the law firm of Schulte Roth & Zabel LLP (September 1999 to January 2004), where he represented and advised hedge funds, registered investment companies, investment advisers, broker-dealers and banks in connection with all facets of their asset management businesses, and a member of the tax department of the law firm of Kramer, Levin, Naftalis & Frankel LLP (October 1996 to September 1999). He graduated cum laude from Yeshiva University in 1991 with a B.A. in political science, and order of the coif from Fordham University School of Law in 1996, where he also served as an editor of the Fordham Environmental Law Journal. Mr. Felsenthal received an LL.M. degree in taxation from NYU School of Law in 2001 and has written and been quoted in numerous published articles, and frequently speaks at conferences, on various topics related to investment management. Mr. Felsenthal is a member of the New York State Bar (since August 1997), a member of NFA's Compliance and Risk Committee (since May 2014), a member of MFA's CTA, CPO and Futures Committee, serving as a Chair (since April 2018) and Vice Chair (February 2017 to April 2018), a former member of the Steering Committee of MFA's Chief Compliance Officer Forum (June 2014 to December 2015), former Chairman of MFA's CPO/CTA Advisory Committee (November 2006 to June 2010) and former Co-Chairman of the Steering Committee of MFA's CPO/CTA Forum (June 2010 to January 2013), is currently a member of the Editorial Boards of the Journal of Securities Operations & Custody (formerly known as the Journal of Securities Law, Regulation and Compliance) (since February 2007) and the Journal of Financial Compliance (since August 2017) and a regular lecturer for the Regulatory Compliance Association's Chief Compliance Officer University (since May 2009). Mr. Felsenthal has also served as General Counsel, Chief Compliance Officer and Secretary of each entity in Millburn International Group since inception. Mr. Felsenthal became listed as a Principal of the General Partner effective June 24, 2004. Mr. Felsenthal also served as General Counsel and Chief Compliance Officer of ShareInVest. Mr. Felsenthal's affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into the General Partner.

***Mark B. Fitzsimmons, age 75.*** 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 65.*** 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 71.*** Mr. Smith is Co-Chief Executive Officer and Chief Investment Officer of the General Partner, and serves as a member of the General Partner's Investment Committee. He is responsible for the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. degree from the Massachusetts Institute of Technology ("MIT") in 1974 and an M.S. degree from MIT in 1975. While at MIT, he held several teaching and research positions in the computer science field and participated in various projects relating to database management. He joined the predecessor entity to The Millburn Corporation in June 1975, and has been continuously associated with the General Partner and its affiliates since that time. Mr. Smith served as the Executive Vice President of the General Partner and The Millburn Corporation until November 1, 2015 and as the Director of Research of both such entities until May 31, 2016. He has since served as the Co-Chief Executive Officer and Chief Investment Officer of both entities with his affiliation with The Millburn Corporation ceasing on December 31, 2018 upon the merger of The Millburn Corporation into the General Partner. He has also served as a Director of each entity in Millburn International Group since inception, where he, along with the other Directors of each of those entities, is responsible for its overall management. Mr. Smith became listed as a Principal and registered as an Associated Person and a Swap Associated Person of the General Partner, effective December 19, 1991, April 15, 2009, and March 8, 2013, respectively. Mr. Smith also became a partner in ShareInVest in January 1994. He also was listed as a Principal of ShareInVest, effective May 19, 1999 until February 25, 2007.

***Ilon Wu*, *age 46*.** Ms. Wu is a Vice President and Chief Financial Officer of Millburn. Her areas of responsibility include overseeing the accounting and finance for Millburn Ridgefield Corporation and accounting and administration of many of the investment vehicles managed by Millburn. Ms. Wu has served as Chief Financial Officer of Millburn since January 2020, before which she served as Controller of The Millburn Corporation (since January 2011), a position she held prior to the merger of The Millburn Corporation into Millburn on December 31, 2018, and then in the same capacity at Millburn. Ms. Wu previously held the positions of Assistant Controller (August 2005 until December 2010) and Senior Financial Accountant (June 2000 until August 2006) with The Millburn Corporation. She graduated from Baruch College, The City University of New York in May 1998 with a B.B.A. in Accounting. Prior to joining Millburn and its affiliates in June 2000, she was employed with the accounting firm Grant Thornton LLP, as a staff accountant from October 1998 to June 2000. She is a Certified Public Accountant. Ms. Wu became listed as principal of Millburn effective March 9, 2020. Ms. Wu's affiliation with The Millburn Corporation ceased on December 31, 2018 upon its merger into Millburn.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Identification
of Certain Significant Employees

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Family
Relationships

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Business
Experience

See Item 10 (a, b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Involvement
in Certain Legal Proceedings

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Code
of Ethics

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Audit
Committee Financial Expert

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

Item 11. Executive Compensation

The Partnership has no directors, officers or employees. None of the directors, officers or employees of the General Partner receive compensation from the Partnership. The Partnership invests all of its assets in the Master Fund. The General Partner makes all investment decisions on behalf of the Master Fund. The General Partner receives monthly management fees of 0.146% (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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security
Ownership of Certain Beneficial Owners

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022, the General Partner's interest was valued at $3,216,369, which constituted 2.24% of the Partnership's capital as of December 31, 2022.

As of December 31, 2022, no directors or executive officers of the General Partner beneficially owned Units in the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Changes
in Control

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities
Authorized for Issuance Under Equity Compensation Plans

None.

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

See "Item 11. <u>Executive Compensation</u>" and "Item 12. <u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>." The Partnership, through its investment in the Master Fund, paid $2,385,044 in management fees and $1,865,305 in Profit Share to the General Partner for the year ended December 31, 2022. The General Partner's capital interest was allocated a net income of $549,355 for the year ended December 31, 2022. The Partnership, through its investment in the Master Fund, paid $2,403,587 in management fees and $43,071 in Profit Share to the General Partner for the year ended December 31, 2021. The General Partner's capital interest was allocated a net income of $263,788 for the year ended December 31, 2021.

Item 14. Principal Accountant Fees and Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2022 and 2021 was approximately $132,000 and $120,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax
Fees

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All
Other Fees

There were no other fees for the years ended December 31, 2022 and 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 2022 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.](millburnmulti_ex10-1.htm) |
| 13.1 | [2022 Annual Report to Security Holders](millburnmulti_ex13-1.htm) |
| 31.1 | [Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer](millburnmulti_ex31-1.htm) |
| 31.2 | [Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer](millburnmulti_ex31-2.htm) |
| 31.3 | [Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer](millburnmulti_ex31-3.htm) |
| 31.4 | [Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer](millburnmulti_ex31-4.htm) |
| 32.1 | [Section 1350 Certification of Co-Chief Executive Officer](millburnmulti_ex32-1.htm) |
| 32.2 | [Section 1350 Certification of Co-Chief Executive Officer](millburnmulti_ex32-2.htm) |
| 32.3 | [Section 1350 Certification of President and Chief Operating Officer](millburnmulti_ex32-3.htm) |
| 32.4 | [Section 1350 Certification of Chief Financial Officer](millburnmulti_ex32-4.htm) |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

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

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 3.1 | [Certificate of Formation of Millburn Multi-Markets Fund L.P.](http://www.sec.gov/Archives/edgar/data/1468910/000114420410035809/v189378_ex3-1.htm) |

---

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

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 4.1 | [Fourth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Fund L.P.](http://www.sec.gov/Archives/edgar/data/1468910/000121390019016853/f8k082419ex4-1_millburn.htm) |

---

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 31st day of March, 2023.

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title with General Partner** | **Date** |
| /s/ Harvey Beker | Chairman | March 31, 2023 |
| Harvey Beker | (Director) |  |
| /s/ Barry Goodman | Co-Chief Executive Officer | March 31, 2023 |
| Barry Goodman | (Principal Executive Officer) |  |
| /s/ Grant N. Smith | Co-Chief Executive Officer | March 31, 2023 |
| Grant N. Smith | (Principal Executive Officer) |  |
| /s/ Gregg Buckbinder | President and Chief Operating Officer | March 31, 2023 |
| Gregg Buckbinder | (Principal Executive Officer) |  |
| /s/ Michael W. Carter | Vice President | March 31, 2023 |
| Michael W. Carter | (Principal Accounting Officer) |  |
| /s/ Ilon Wu | Chief Financial Officer | March 31, 2023 |
| 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.](millburnmulti_ex10-1.htm) |
| 13.1 | [2022 Annual Report to Security Holders](millburnmulti_ex13-1.htm) |
| 31.1 | [Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer](millburnmulti_ex31-1.htm) |
| 31.2 | [Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer](millburnmulti_ex31-2.htm) |
| 31.3 | [Rule 13a-14(a)/15d-14(a) Certification of President and Chief Operating Officer](millburnmulti_ex31-3.htm) |
| 31.4 | [Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer](millburnmulti_ex31-4.htm) |
| 32.1 | [Section 1350 Certification of Co-Chief Executive Officer](millburnmulti_ex32-1.htm) |
| 32.2 | [Section 1350 Certification of Co-Chief Executive Officer](millburnmulti_ex32-2.htm) |
| 32.3 | [Section 1350 Certification of President and Chief Operating Officer](millburnmulti_ex32-3.htm) |
| 32.4 | [Section 1350 Certification of Chief Financial Officer](millburnmulti_ex32-4.htm) |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

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

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 3.1 | [Certificate of Formation of Millburn Multi-Markets Fund L.P.](http://www.sec.gov/Archives/edgar/data/1468910/000114420410035809/v189378_ex3-1.htm) |

---

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

4.1 [Fourth Amended and Restated Limited Partnership Agreement of Millburn Multi-Markets Fund L.P.](http://www.sec.gov/Archives/edgar/data/1468910/000121390019016853/f8k082419ex4-1_millburn.htm)

## Exhibit 10.1

**Exhibit 10.1**

**MILLBURN MULTI-MARKETS TRADING L.P.**

**SIXTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| 1. Continuation of Limited Partnership; Partnership Name | 1 |
| 2. Principal Place of Business | 1 |
| 3. Business. | 2 |
| 4. Term, Dissolution and Fiscal Year | 3 |
| 5. Capital Contributions and Limited Partnership Interests | 3 |
| 6. Allocation of Profits and Losses | 4 |
| 7. Duties of the General Partner | 7 |
| 8. Reports to Limited Partners | 7 |
| 9. Non-Assignability and Withdrawal. | 7 |
| 10. Special Power of Attorney | 9 |
| 11. Voluntary or Involuntary Withdrawal of a Partner; Removal of General Partner | 9 |
| 12. No Personal Liability for Return of Capital. | 10 |
| 13. Standard of Liability and Indemnification. | 10 |
| 14. Additional Limited Partners | 11 |
| 15. Feeder Fund Subscriptions and Withdrawals | 11 |
| 16. Amendments with Consent of the General Partner | 11 |
| 17. Side Letters | 12 |
| 18. Governing Law | 12 |
| 19. Miscellaneous | 12 |

---

-i-

**MILLBURN MULTI-MARKETS TRADING L.P.**

**SIXTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

This Sixth Amended and Restated Limited Partnership Agreement (this "Agreement") dated as of September 26, 2019, by and between Millburn Ridgefield Corporation, a Delaware corporation (the "General Partner") and each other party who becomes a party to this Agreement whether by execution of a counterpart of this Agreement or by execution of a separate instrument pursuant to which such person agrees to be bound by the terms of this Agreement or otherwise, as an owner of a limited partnership interest (an "Interest") and who is shown on the books and records of Millburn Multi-Markets Trading L.P. as a limited partner (individually, a "Limited Partner" and collectively, "Limited Partners") (the General Partner and Limited Partners may be collectively referred to herein as "Partners").

*WITNESSETH:*

 

*WHEREAS,* the parties hereto desire to continue a limited partnership for the purposes set forth herein;

*WHEREAS,* the Partnership was formed under the Delaware Revised Uniform Limited Partnership Act, as amended and in effect on the date hereof (the "Act"), pursuant to a Limited Partnership Agreement made as of September 15, 2004 and amended and restated as of January 1, 2007, December 19, 2008, November 1, 2009, December 31, 2013, and February 12, 2018 (the "Prior Agreement"), and the parties hereto desire to further amend and restate the Prior Agreement in its entirety;

*NOW, THEREFORE,* in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Continuation of Limited Partnership; Partnership Name.

 ****

The Partners do hereby continue a limited partnership under the Act. The name of the limited partnership is Millburn Multi-Markets Trading L.P. (the "Partnership").

The General Partner has executed and filed a Certificate of Limited Partnership in accordance with the provisions of the Act and shall execute, file and record, as appropriate, such amendments, assumed name certificates and other documents as are or become necessary or advisable as determined by the General Partner, and shall take all steps which the General Partner may deem necessary or advisable to allow the Partnership to conduct business in any jurisdiction where the Partnership conducts business and to otherwise provide that Limited Partners will have limited liability with respect to the activities of the Partnership in all such jurisdictions. Each Limited Partner hereby undertakes to furnish to the General Partner a power of attorney which may be filed with the Certificate of Limited Partnership and any amendments thereto and such additional information as is required from it to complete such documents and to execute and cooperate in the filing or recording of such documents at the request of the General Partner, provided that no Limited Partner shall in any respect participate in the management of the Partnership. The General Partner shall have the authority to reorganize the Partnership, or to merge the Partnership into a new limited partnership organized under the laws of any State in the United States, provided that such reorganization or merger does not have a material adverse effect on the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Principal Place of Business.

 ****

The principal office of the Partnership shall be 55 West 46th Street, 31st Floor, New York, New York 10036, or such other place as the General Partner may designate.

The address of the registered office of the Partnership in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Newcastle County, Delaware 19801, and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Newcastle County, Delaware 19801.

The General Partner may change the registered office and registered agent of the Partnership upon notice to the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Business.

 ****

The Partnership business and purpose is to trade, buy, sell or otherwise acquire, hold or dispose of commodities and currencies including futures and forward contracts, options contracts, and any other rights pertaining thereto. The objective of the Partnership business is appreciation of its assets through speculative trading.

The Partnership shall have the following purposes, through its trading activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** to purchase, sell, write and invest and trade in, within and without the United States, on margin or otherwise, government and government agency bonds, debentures, notes, letters of credit, bankers' acceptances, commercial paper, other securities, rights and options, including puts and calls, with respect to any of the foregoing (collectively, "Securities"), including the making and covering of short sales of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** to purchase, sell, write and invest and trade in, within or without the United States, on margin or otherwise, commodities, commodity futures and forward contracts and rights and options, including puts and calls, with respect to commodities and commodity futures and forward contracts (collectively, "Commodity Interests"), including the making and covering of short sales of Commodity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** to purchase, sell and invest in all manner of physical and "spot" market commodities within and without the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** to purchase, sell, write and invest and trade in, within and without the United States, on margin or otherwise, foreign currencies, foreign currency futures contracts, foreign currency forward contracts and rights and options relating thereto (collectively, "Currency Interests"), including the making and covering of short sales of Currency Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** to lend monies to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** to purchase, sell, write and invest and trade in, within and without the United States, on margin or otherwise, "swaps," "swaptions," "floors," "collars," "swap agreements" within the meaning of the Part 35 regulations of the Commodity Futures Trading Commission ("CFTC"), "hybrid instruments" within the meaning of the Part 34 regulations of the CFTC, and excluded derivative transactions, hybrid instruments and excluded swap transactions within the meaning of Section 2 of the Commodity Exchange Act and all manner of "over-the-counter" instruments, including the making and covering of short sales in any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** to engage in any form of trading or investment activity within or without the United States which the General Partner deems appropriate, without restriction or limitation, and to refrain from trading or investing in the General Partner's absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** to invest in partnerships or similar investment vehicles, including those organized to serve as master trading vehicles for the Partnership and/or other entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** to engage in any other lawful act or activity within or without the United States for which limited partnerships may be organized under the laws of the State in which the Partnership is then organized.

The Partnership shall have the power to enter into, make and perform all contracts and other undertakings, and engage in all activities and transactions as may be necessary or advisable to the carrying out of the foregoing purposes, including, without limitation, the power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)** to borrow money from banks, brokers or any of the Partners, and to secure the payment of any obligations of the Partnership by hypothecation or pledge of all or part of the assets of the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bb)** to exercise all rights, powers, privileges and other incidents of ownership or possession with respect to the assets of the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(cc)** to open, maintain and close bank, brokerage and other accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(dd)** to maintain one or more offices within or without the State of Connecticut and in connection therewith to rent or acquire office space, engage personnel and do such other acts as the General Partner may deem to be advisable or necessary in connection with such offices and personnel, all at the Partnership's expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ee)** to take such actions as the General Partner may deem to be necessary or advisable in connection with the foregoing, including the retention and appointment of agents, independent contractors, attorneys, accountants, investment counselors and independent board members (which may serve the Partnership in advisory and/or oversight capacities) and the preparation and filing of all Partnership tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Term, Dissolution and Fiscal Year.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Term.*** The term of the Partnership commenced on the day the Certificate of Limited Partnership was filed with the Office of the Secretary of State of the State of Delaware pursuant to the provisions of the Act and shall end upon the first to occur of the following: (1) withdrawal, insolvency, bankruptcy or dissolution of the General Partner; or (2) any event which shall make it unlawful for the existence of the Partnership to continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Dissolution.*** Upon the occurrence of an event causing the termination of the Partnership, the Partnership shall terminate and be dissolved. Dissolution, payment of creditors and distribution of the Partnership assets shall be effected in accordance with the Act, and the General Partner and each Limited Partner (and any assignee the assignment to which the General Partner has consented) shall share in the assets of the Partnership *pro rata* in the ratio of the total of each Partner's capital account to the total of all Partners' capital accounts, less any amount owed by such Partner (or assignee) to the Partnership. For this purpose the New Profit memo account (as defined in Paragraph 6(a)) shall be added to the capital account of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Fiscal Year.*** The fiscal year of the Partnership shall begin January 1 of each year and end on December 31 of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Contributions and Limited Partnership Interests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Partners' Contributions.*** The General Partner shall maintain a sufficient investment in the Partnership for the Partnership to be treated as a partnership for federal income tax purposes. Each Partner shall contribute cash to the Partnership, which shall constitute the initial balance of such Limited Partner's capital account. The General Partner shall have discretion to accept other assets valued at fair market value. The aggregate of all contributions shall be available to the Partnership to carry on its business and no interest shall be paid on any such contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Offering of Limited Partnership Interests.*** Interests may be sold by the General Partner or its agents on behalf of the Partnership, at the General Partner's discretion, to persons desiring to become Limited Partners. The amount of the purchase price of an Interest shall constitute a Limited Partner's initial capital contribution. The aggregate of all contributions shall be available to the Partnership to carry on its business and no interest shall be paid on any such contribution. There is no maximum amount of funds which may be contributed to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Limited Liability of Limited Partners.*** Each Interest, when purchased by a Limited Partner, and any additional capital contributions to the Partnership, shall be fully paid and non-assessable. No Limited Partner shall be liable for Partnership obligations in excess of the capital contributed by it, plus its share of profits, if any, including its obligation, as required by law under certain circumstances, to return to the Partnership distributions and returns of contributions. Each Limited Partner hereby agrees with the General Partner that, upon written demand therefor by the General Partner, such Limited Partner will promptly return to the Partnership all amounts for which such Limited Partner may be liable to the Partnership or its creditors under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Return of Limited Partners' Capital Contributions.*** Except to the extent that a Limited Partner shall be entitled to withdraw capital through the withdrawal of all or a portion of an Interest in accordance with the terms of this Agreement, no Limited Partner shall have any right to demand the return of its capital contribution or any profits added thereto, except upon termination and dissolution of the Partnership. In no event shall a Limited Partner be entitled to demand or receive property other than cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) Distributions.*** The General Partner shall have sole discretion in determining what distributions, if any, the Partnership will make to its Limited Partners. No Limited Partner shall have the right to demand or receive property other than cash upon withdrawal of all or part of such Limited Partner's capital account. The Partnership may pay all distributions (including distributions made in respect of withdrawals) in cash or in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Contributions by Employee Benefit Plans and Plan Asset Entities.*** The General Partner intends not to accept contributions for Interests if doing so would cause the Partnership to hold "plan assets" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to an employee benefit plan subject to ERISA or with respect to any plan or account subject to Section 4975 of the Code. If rejection of subscriptions by any person, including but not limited to any such employee benefit plan, such other plan or account, or entities that are treated as holding such plan assets, is necessary to avoid causing the assets of the Partnership to be such plan assets, the General Partner will effect such rejections as the General Partner, in its sole discretion, determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Allocation of Profits and Losses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Capital Accounts and New Profit Memo Account; Sub-Accounts.*** A capital account shall be established for each Partner. The initial balance of each Partner's capital account shall be the amount of its initial contribution to the Partnership. A memo account shall be established solely for bookkeeping purposes (the "New Profit memo account"), and no Partner shall be entitled to or have the right to withdraw any amount credited to the New Profit memo account, except as set forth in Paragraph 6(c) and in the event of dissolution of the Partnership pursuant to Paragraph 4(b). The General Partner may establish sub-accounts with respect to any Partner's capital account with the consent of such Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Monthly and Yearly Allocations.*** As of the close of business (as determined by the General Partner) of the last day of each month or of the fiscal year, as the case may be, the following determinations and allocations shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
Net Assets of the Partnership (as defined in Paragraph 6(d)(1)) shall be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject
to subparagraphs (3) and (4), any increase or decrease in Net Assets as of the end of the month, including net interest income and before
deduction of the Management Fee as defined in, and payable to the General Partner pursuant to, Paragraph 6(f), shall be credited or charged
to the capital accounts of each Partner and the New Profit memo account in the ratio that the balance of each such account, bears to
the balance of all such accounts. All such credits or charges to a Partner's capital account shall then be credited or charged
to each sub-account thereof, if any, in the ratio that the balance of such sub- account bears to the balance of all sub-accounts attributable
to such capital account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
Management Fee payable by the Partnership to the General Partner pursuant to Paragraph 6(f) shall be charged (at the rate agreed upon
by the General Partner and the applicable Limited Partner if different from that set forth in Paragraph 6(f)) to the capital accounts
of the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
General Partner's profit share shall be calculated separately with respect to each Interest as of the end of a fiscal year (or
when all or a portion of an Interest is withdrawn) and shall equal: (i) 20% of any increase in Trading Profits (as defined in Paragraph
6(d)(2)) over the previous high point in Trading Profits as of a date on which a Profit Share was paid with respect to such Interest
(or $0 if no Profit Share has been paid with respect to such Interest) or (ii) such other amount as set forth in a writing delivered
to a Limited Partner
in connection with such Limited Partner's subscription for an Interest or otherwise in a written agreement between a Limited Partner
and the General Partner (the "Profit Share"). The amount of the Profit Share shall be deducted from each Limited Partner's
capital account and added to either the General Partner's capital account or, as described below, the New Profit memo account.
The General Partner's Profit Share with respect to Interests withdrawn as of a month-end other than a fiscal year-end shall be
computed and allocated to the General Partner as though the month-end were a fiscal year-end, and the amount of the Profit Share shall
be deducted from the withdrawing Limited Partner's capital account and added to the New Profit memo account. Notwithstanding the
foregoing or anything to the contrary in this Agreement, the General Partner may waive, reduce or rebate the General Partner's
Profit Share in respect of any Limited Partner that is an affiliated person of the General Partner, or any other Limited Partner or with
respect to sub-accounts, without entitling any other Limited Partner to a similar waiver, reduction or rebate. The Profit Share may,
upon the mutual agreement of the General Partner and the affected Partner, be tracked and charged separately with respect to each sub-account
associated with a Partner's Interest as if such sub-account were a separate capital account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
amount of any distribution to a Limited Partner, any amount paid to a Limited Partner on withdrawal of all or a portion of an Interest,
or the amount of any withdrawal by the General Partner shall be charged to that Partner's capital account (and such charge to be
allocated among the applicable sub-accounts thereof, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Allocation of Profit and Loss for Federal Income Tax Purposes.*** In each fiscal year, items of income, deduction, gain or loss that are recognized for income tax purposes (including any capital gain or loss required to be taken into account under Section 1256 of the Code) shall be allocated among the Partners in such manner as to reflect equitably amounts credited to or charged against each such Partner's capital account, whether in such fiscal year or in prior fiscal years. To this end, the Partnership shall establish and maintain records which shall show the extent to which the capital account and any sub-account thereof of each Partner is, as of the last day of each fiscal year or any other applicable period, comprised of amounts which have not been reflected in the taxable income of such Partner.

Notwithstanding the generality of the foregoing, net capital gain shall be allocated first to the General Partner (i) up to the amount of the General Partner's Profit Share for the year under Paragraph 6(b)(4) and then (ii) up to the amount of any balance in the New Profit memo account. Amounts equal to any allocations of capital gain pursuant to this subparagraph shall be credited to the General Partner's capital account and, where applicable, there shall be a corresponding charge to the New Profit memo account. Any balance in such memo account after such charges shall remain in such memo account.

The General Partner may, in its sole discretion, elect to use an "aggregate" allocation method permitted under Sections 704(b) and (c) of the Code and the regulations thereunder; otherwise, to the extent deemed by the General Partner to be feasible and equitable, taxable income and gains in each fiscal year shall be allocated among the Partners who have benefited from the Partnership's income and gains, and tax deductions and losses in each fiscal year shall be allocated among the Partners who have borne the Partnership's deductions and losses.

In the event a Partner withdraws a portion or the entire balance of such Partner's capital account, the General Partner may in its sole discretion make a special allocation to the Partner for federal income tax purposes of the gains or losses recognized by the Partnership. The allocation of such gains shall be in such a manner as will reduce the amount, if any, by which the balance of such Partner's capital account and any sub-account (or, with respect to a partial withdrawal, the portion thereof attributable to the portion of the Interest being withdrawn) exceeds its federal income tax basis in its Interest (or, with respect to a partial withdrawal, the portion thereof being withdrawn) before such allocation. The allocation of such losses shall be in such a manner as will reduce the amount, if any, by which the balance of such Partner's federal income tax basis in its Interest (or, with respect to a partial withdrawal, the portion thereof being withdrawn) exceeds its capital account (or, with respect to a partial withdrawal, the portion thereof attributable to the portion of the Interest being withdrawn) before such allocation.

Any elections or other decisions relating to allocations under this Paragraph 6(c) will be made in any manner that the General Partner determines reasonably reflects the purpose and intention of this Agreement. The tax allocations set forth in this Paragraph 6(c) are intended to allocate items of Partnership income, gains, losses and deductions (ordinary, short-term and long-term) in accordance with Sections 704(b) and (c) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Definitions; Accounting.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Net
Assets of the Partnership shall mean the sum of all cash, plus treasury bills, notes or other securities at market value, plus the market
value of all open futures, forward, over the counter swap or other trading positions maintained by the Partnership, less all liabilities
of the Partnership determined in accordance with the accounting principles set forth below. Net Assets of the Partnership shall be determined
in accordance with generally accepted accounting principles under the accrual basis of accounting. The market value of all Partnership
assets and liabilities, for all purposes hereunder, shall be determined in accordance with the General Partner's Valuation Policies
and Procedures, a copy of which is available to Limited Partners upon request. The General Partner may reduce the valuation of any asset
by reserves established to reflect contingencies, liabilities, uncertain valuations or other factors, which the General Partner determines,
in its absolute discretion, reduce, or might reduce, the value of such asset. All determinations of value by the General Partner shall
be final and conclusive as to all Partners, absent bad faith, and the General Partner shall be absolutely protected in relying upon valuations
furnished to the General Partner by third parties believed by the General Partner, without independent investigation, to be made in good
faith and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trading
Profits shall mean, with respect to each Interest or any sub-account associated therewith, the cumulative net realized and unrealized
gain or losses in the value of such Interest or sub-account, including interest income, reduced by fees (other than any Profit Share)
payable to the General Partner and other Partnership expenses. Trading Profits, including the high point in Trading Profits (and any
loss carryforward for purposes of calculating any increase in Trading Profits) with respect to an Interest and any associated sub-account
will be proportionally reduced by distributions or withdrawals with respect to such Interest and such sub-account if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) Expenses.*** The Partnership shall bear all of its own expenses, including, but not limited to: (a) the Management Fee payable to the General Partner; all other expenses that the General Partner reasonably determines to be incurred in connection with the Partnership's investment activities; any taxes to which the Partnership is subject; regulatory fees and interest charges; and (b) amounts due to persons not affiliated with the General Partner for providing operating, administrative, custody, legal, accounting, audit and tax services to the Partnership or to the General Partner with respect to the activities of the Partnership; registration and filing fees; and the cost of the ongoing offering of the Interests.

With respect to all expenses enumerated in item (b) of the first paragraph of this Paragraph 6(e), the General Partner shall bear any excess over a monthly amount equal to one-twelfth of 0.25% (0.25% per annum) of the month- end net asset value of the Partnership; *provided, however*, that such limitation shall not include any extraordinary expenses (including, without limitation, any litigation-related or indemnification expenses) incurred by the Partnership, which shall be paid by the Partnership. Appropriate reserves may be created, accrued and charged to the Partners' capital accounts and any sub-accounts thereof for contingent liabilities, if any, as of the date any such contingent liability becomes known to the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Management Fee Payable to the General Partner.*** The Partnership shall pay the General Partner, with respect to each Limited Partner, management fees at a fixed monthly rate of one-twelfth of 2% (2% annually) of the net asset value of each Limited Partner's capital account as of the end of each month (including any Interests withdrawn as of the end of the month) (the "Management Fee"), without reduction for any capital withdrawal, distributions, any fees payable to third party selling agents, any accrued Profit Share or the Management Fee then being calculated. The Management Fee charges shall be deducted from the respective capital accounts of the Limited Partners and shall be prorated for partial months. The General Partner may waive, reduce or rebate Management Fees payable to the General Partner in respect of any Limited Partner that is an affiliated person of the General Partner, or any other Limited Partner or with respect to sub-accounts, without entitling any other Limited Partner to a similar waiver, reduction or rebate.

The General Partner may charge a higher Management Fee to any Limited Partner after full disclosure of such fee to, and with the consent of, that Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g) Prior Period Adjustments***. The General Partner may determine to treat any liability or expenditure of the Partnership which becomes fixed or is incurred in an accounting period subsequent to the accounting period to which such liability or expenditure relates as either (i) arising in the accounting period in which such liability becomes fixed or such expenditure is incurred or (ii) arising in such prior accounting period, in which case such liability or expenditure shall be charged to persons who were Partners during such prior accounting period (whether or not such persons are Partners during the accounting period in which such liability is fixed or such expenditure is incurred) in accordance with the ratio such Partners' capital accounts bear to the balance of all capital accounts as of the beginning of such prior accounting period, and the Partnership may collect amounts previously distributed to such persons in accordance with the provisions of Paragraph 9(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** Notwithstanding the foregoing, the Partnership, in the sole discretion of the General Partner, may offer Interests in series or classes subject to different terms from those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Duties of the General Partner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Management of the Partnership.*** The General Partner, to the exclusion of the Limited Partners, shall conduct and manage the business of the Partnership. The General Partner on behalf of the Partnership shall in its sole discretion make all investment decisions regarding the Partnership. No person dealing with the General Partner shall be required to determine its authority to make any undertaking on behalf of the Partnership, nor to determine any facts or circumstances bearing upon the existence of its authority. No Limited Partner, as such, shall be entitled to any salary, draw or other compensation from the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Services of Third Parties.*** The General Partner may engage and compensate on behalf of the Partnership from funds of the Partnership (subject to Paragraph 6(e)) such persons, firms or corporations, including any affiliated person or entity or any other person or entity, as the General Partner in its sole judgment shall deem advisable for the conduct and operation of the business of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Limitation on Trading Activity of the General Partner.*** In no case shall the General Partner or any of its principals take advantage of their knowledge of trades made or contemplated on behalf of the Partnership for their own trading; nor shall they knowingly trade in any manner to the detriment of the Partnership, either directly or indirectly, or in any manner take any advantage of their position with respect to the Partnership. Direct trading between the Partnership and any account of, or managed by, the General Partner or any of its principals is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Reports to Limited Partners.

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The General Partner shall keep and retain such books and records relating to the business of the Partnership as the General Partner may deem necessary or advisable and as may be required by law, including the rules and regulations of the CFTC. The Partnership books shall be audited annually by an independent certified public accountant. The Partnership will cause each Partner to receive as soon as practicable after the close of each fiscal year certified financial statements of the Partnership for the fiscal year then ended. In addition, the General Partner will report monthly to each Limited Partner the following information: the value of such Limited Partner's Interest, and such other information as the General Partner may deem appropriate and as may be required by the rules and regulations of the CFTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Non-Assignability and Withdrawal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Non-Assignability.*** Each Limited Partner expressly agrees that it (i) is purchasing an Interest for investment and not with a view to the assignment, transfer or disposition of any part of the Interest and (ii) will not assign, transfer or otherwise dispose of, by gift or otherwise, any of its Interest or any part or all of its right, title and interest in the capital or profits of the Partnership without giving written notice of the assignment, transfer or disposition to the General Partner, which notice shall include evidence satisfactory to the General Partner that the proposed assignment, transfer or disposition is exempt from registration under the Securities Act of 1933, as amended, and receiving the prior written consent of the General Partner. No assignee, except with the consent of the General Partner (which consent may be withheld at its sole and absolute discretion), may acquire any rights against the Partnership. If an assignment, transfer or disposition occurs by reason of the death of a Limited Partner or assignee, or by operation of law, such written notice may be given by the duly authorized representative of the estate of the Limited Partner or assignee and shall be supported by such proof of legal authority and valid assignment as may reasonably be requested by the General Partner. The General Partner need not, however, consent to any such assignment, but may elect instead to require the mandatory withdrawal of any Interest which would otherwise be assigned.

Each Limited Partner agrees that with the consent of the General Partner any assignee may become a substituted Limited Partner without the further act or consent of any Limited Partner. Each Limited Partner agrees that it has no right to consent to and will not consent to any person's or entity's becoming a substituted Limited Partner, except as set forth in the preceding sentence. If the General Partner withholds consent, an assignee shall not become a substituted Limited Partner and shall not have any of the rights of a Limited Partner, except that the assignee shall be entitled to receive that share of capital or profits and shall have that right of withdrawal to which its assignor would otherwise have been entitled and shall remain subject to the other terms of this Agreement binding upon Limited Partners. An assigning Limited Partner shall remain liable to the Partnership as provided in the Act, regardless of whether its assignee becomes a substituted Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Withdrawals.*** A Limited Partner (or any assignee thereof) may withdraw any part or all of its capital and undistributed profits, if any, from the Partnership effective as of the end of the first month ending at least fifteen days after a request for withdrawal in acceptable form has been delivered to the General Partner. The General Partner may, in its discretion, permit withdrawals (i) on shorter notice or (ii) as of a date other than a month-end. Upon withdrawal, a Limited Partner (or any assignee thereof) shall receive an amount equal to the value of the Interest withdrawn as of the effective date of withdrawal, less any amount owing by such Partner (and its assignee, if any) to the Partnership pursuant to Paragraph 13(c). An assignee shall not be entitled to withdraw until the General Partner has received written notice of and has consented to (as described in subparagraph (a) above) the assignment, transfer or disposition under which the assignee claims an interest in the Interest to be withdrawn and shall have no claim against the Partnership or the General Partner with respect to distributions or amounts paid on withdrawal of an Interest prior to the receipt by the General Partner of such notice. Payment will be made within a reasonable time of the date of withdrawal. In the event of a default or delay in payments due the Partnership from commodity brokers, banks or other persons, or under similar circumstances, the Partnership may in turn delay payment to Limited Partners requesting withdrawal of Interests of the proportionate part of the value of the Interests represented by the sums which are the subject of such default or delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Suspension of the Determination of Net Assets and Withdrawals.*** Anything herein to the contrary notwithstanding, the General Partner may suspend the determination of Net Assets and/or suspend withdrawals of Interests in whole or in part by reason of: (i) a withdrawal that would result in violation by the Partnership, the General Partner or any of their respective affiliates of applicable securities or commodities laws or regulations or any other law of the United States or any other jurisdiction applicable to the Partnership, the General Partner or any of their respective affiliates (including but not limited to anti-money laundering laws and regulations applicable to the Partnership, the General Partner or any of the other service providers of the Partnership); (ii) any exchange or quotation system on which a significant portion of the assets of the Partnership is regularly traded or quoted is closed (other than for holidays) or trading thereon is generally suspended or limited; (iii) the prices or values of any assets of the Partnership cannot reasonably be promptly and accurately ascertained for any reason; (iv) trading by the Partnership, any exchange or quotation system is suspended or limited and the General Partner determines that such suspension or limitation is material to the Partnership; (v) it is not possible to determine the exact Net Assets of the Partnership; (vi) the General Partner determines in its sole discretion that a withdrawal could result in assets of the Partnership becoming "plan assets" under ERISA or Section 4975 of the Code; or (vii) in order to effect orderly liquidation of the Partnership necessary to effect withdrawals. No interest will be paid with respect to amounts affected by suspension of the determination of Net Assets or withdrawals.

Notice of any suspension will be given to any Limited Partner who has requested a withdrawal. If a withdrawal request is not withdrawn by a Limited Partner following notification of a suspension, the withdrawal will be effective as of the end of the first month ending at least fifteen days after the termination of the suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** Notwithstanding anything to the contrary in this Agreement, the General Partner, by written notice to any Limited Partner, may suspend payment of withdrawal proceeds to such Limited Partner if the General Partner reasonably deems it necessary to do so to comply with anti-money laundering laws and regulations applicable to the Partnership, the General Partner or any of the Partnership's other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) Chargebacks to Current or Former Partners***. Even if a Limited Partner has rightfully received the return in whole or in part of its capital account, whether upon withdrawal or distribution, it shall nevertheless remain liable to the Partnership for any sum, not in excess of the amount returned, plus interest from the date of withdrawal or distribution in an amount deemed equitable by the General Partner for loans of comparable maturity, to the extent necessary to discharge such Partner's allocable share of any loss, liability or expense attributable to events arising before such return. Any Limited Partner found liable to the Partnership under this Paragraph 9(e) shall also be liable for any and all costs and expenses incurred by the Partnership, including but not limited to attorneys' fees and costs of litigation, in connection with seeking the return of the amounts due hereunder.

Each Partner agrees, by subscribing for an Interest, to repay, if such Partner has withdrawn capital or received a distribution from the Partnership, and irrespective of whether such Partner remains a Partner, to the Partnership any amount (including interest from the date of withdrawal or distribution) which the General Partner may reasonably determine to be due to the Partnership from such Partner, for example, due to any claims arising (prior or subsequent to such Partner's withdrawal from the Partnership) relating to events or circumstances (whether known or unknown at the time of such Partner's withdrawal) in existence while such Partner was a Partner in the Partnership, or in the event that the net asset value at which such Partner was permitted to withdraw is later determined to have been overstated or otherwise miscalculated due to circumstances, whether known or unknown to the General Partner, in effect as of the date of such whole or partial withdrawal. In no event shall any provision of this Paragraph 9(e) require any Limited Partner to repay to the Partnership any amounts in excess of the amounts distributed to such Limited Partner by the Partnership or withdrawn from the Partnership by such Limited Partner, plus interest thereon as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) No Guarantee of Return of Capital***. No provision of this Agreement shall be construed as guaranteeing the return, either by the General Partner or by the Partnership, of all or any part of the capital contributions made to the Partnership by any Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Special Power of Attorney.

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Each Limited Partner by the execution of this Agreement (directly or by power of attorney), or by otherwise acquiring an Interest and becoming a Limited Partner in accordance with the terms hereof, does hereby irrevocably constitute and appoint the General Partner, with power of substitution, as its true and lawful attorney-in-fact, in its name, place and stead, to execute, acknowledge, swear to, file and record on its behalf in the appropriate public offices (i) this Agreement and a Certificate of Limited Partnership including amendments thereof; (ii) all instruments which the General Partner deems necessary or appropriate to reflect any amendment, change or modification of the Partnership in accordance with the terms of this Agreement; (iii) certificates of assumed name; and (iv) customer agreements with commodity brokerage firms. The Power of Attorney granted herein shall be irrevocable and deemed to be a power coupled with an interest and shall survive the incapacity or death of a Limited Partner. Each Limited Partner hereby agrees to be bound by any representation made by the General Partner and by any successor thereto, acting in good faith pursuant to such Power of Attorney, and each Limited Partner hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner and any successor thereto, taken in good faith under such Power of Attorney. Each Limited Partner agrees to execute a special Power of Attorney on a document separate from this Agreement. In the event of any conflict between this Agreement and any instrument filed by such attorney pursuant to the Power of Attorney granted in this Paragraph, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Voluntary or Involuntary Withdrawal of a Partner; Removal of General Partner

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** Subject to Paragraph 11(b), the Partnership shall terminate and be dissolved upon the withdrawal, insolvency or dissolution of the General Partner. The General Partner agrees that it will not voluntarily withdraw as General Partner of the Partnership except upon six months' written notice to the Limited Partners, or with the consent of the owners of more than fifty percent of the aggregate value of outstanding Interests. The death, incompetency, withdrawal, insolvency or dissolution of a Limited Partner shall not terminate or dissolve the Partnership and such Limited Partner, its estate, custodian or personal representative shall have no right to withdraw the value of such Limited Partner's Interest except as provided in Paragraph 9 hereof. Any Limited Partner may be required to withdraw its Interest and withdraw as a Limited Partner as of the end of any month on ten days' written notice at the sole discretion of the General Partner. In addition, the General Partner may require a Limited Partner to withdraw all or a portion of such Limited Partner's Interest if the General Partner considers doing so to be desirable for the protection of the Partnership, and will do so to the extent necessary to prevent the Partnership from holding "plan assets" for purposes of ERISA or Section 4975 of the Code with respect to any "employee benefit plan" subject to ERISA or with respect to any plan or account subject to Section 4975 of the Code. Any mandatory withdrawals effected to avoid causing the Partnership to hold "plan assets" will be effected in such manner as the General Partner, in its sole discretion, determines. The General Partner will attempt to give all affected Limited Partners prior notice of such mandatory withdrawal but may effect such withdrawal without prior notice. Each Limited Partner (and any other assignee) expressly agrees that in the event of its death, it waives on behalf of itself and its estate, and directs the legal representatives of its estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the assets of the Partnership and any right to an audit or examination of the books of the Partnership. Nothing in this Paragraph 11 shall, however, waive any right given elsewhere in this Agreement for a Limited Partner to be informed of the Net Assets of the Partnership and the value of such Limited Partner's Interest, to receive periodic reports, audited financial statements and other information from the General Partner or the Partnership or to withdraw or transfer an Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Removal of General Partner***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
General Partner may be removed as general partner upon an affirmative vote of Limited Partners owning more than fifty percent of the
aggregate value of the Interests then owned by Limited Partners. Solely for purposes of the preceding sentence, Limited Partner Interests
owned by the General Partner, its affiliates and their respective officers and employees shall be deemed not to be owned by Limited Partners.
Following such a vote, the Limited Partners may elect a replacement General Partner upon the affirmative vote of Limited Partners owning
more than fifty percent of the aggregate value of the Interests then owned by Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon
the occurrence of a vote to remove and replace the General Partner in accordance with Paragraph 11(b)(1), the General Partner being removed
and replaced shall be entitled to a Profit Share (as described in Paragraph 6(b)(4)) as of the date as of which the removal is effective,
in accordance with Paragraph 6(b)(4), to the same extent as if the date as of which the removal is effective was a fiscal year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. No Personal Liability for Return of Capital.

 ****

The General Partner shall not be personally liable for the return or payment of all or any portion of the capital or profits of any Partner (or assignee), it being expressly agreed that any such return of capital or profits made pursuant to this Agreement shall be made solely from the assets (which shall not include any right of contribution from the General Partner) of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Standard of Liability and Indemnification.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Standard of Liability.*** The General Partner and its affiliates shall have no liability to the Partnership or to any Partner for any loss suffered by the Partnership which arises out of any action or inaction of the General Partner or its affiliates if the General Partner or its affiliates, in good faith, determined that such course of conduct was in the best interest of the Partnership and such course of conduct did not constitute fraud, gross negligence or reckless or intentional misconduct of the General Partner or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Indemnification of General Partner.*** The Partnership shall indemnify, defend and hold harmless the General Partner and its affiliates, principals and employees from and against any loss, liability, damage, cost or expense (including legal fees and expenses incurred in defense of any demands, claims or lawsuits) arising from actions or omissions concerning business or activities undertaken by or on behalf of the Partnership from any source, including without limitation any demands, claims or lawsuits initiated by a Limited Partner (or assignee) or resulting from or relating to the offer and sale of Interests; provided that the conduct which was the basis for such liability was not found by a court of competent jurisdiction upon entry of a final judgment to be the result of fraud, gross negligence or reckless or intentional misconduct. Nothing contained herein shall increase the liability of any Limited Partner to the Partnership beyond the amount of its capital and profits, if any, in the Partnership. All rights to indemnification and payment of legal fees and expenses shall not be affected by the termination of the Partnership or the withdrawal or insolvency of the General Partner.

Indemnification of amounts reasonably claimed to be due to an indemnified party hereunder shall be advanced to such party upon such party's written undertaking to repay, without interest, the amounts so advanced in the event, and to the extent, that indemnification is determined not to be due hereunder.

Notwithstanding the foregoing, federal and state securities laws, and other applicable law, impose liabilities under certain circumstances on persons who act in good faith. Therefore, nothing herein shall in any way constitute a waiver or limitation of any rights which the Partnership or the Limited Partners may have under the securities laws or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Indemnification of Partnership.*** In the event the Partnership is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of or in connection with any Partner's (or assignee's) obligations or liabilities unrelated to the Partnership's business, such Partner (or assignees cumulatively) shall indemnify and reimburse the Partnership for all loss and expense incurred, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Additional Limited Partners.

 ****

The Partnership may from time to time offer and sell additional Interests at the sole discretion of the General Partner. A subscriber for an Interest shall become a Limited Partner upon the acceptance of the subscription price for such Interest by the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Feeder Fund Subscriptions and Withdrawals.

 ****

When an investor in either Millburn Multi-Markets Fund L.P. or Millburn Multi-Markets Ltd. (together, the "Feeder Funds") delivers a subscription agreement to such Feeder Fund, the Feeder Fund shall be deemed to have made a subscription to the Partnership with respect to such investor. Similarly, a Feeder Fund investor's request for a withdrawal or redemption from such Feeder Fund shall be deemed to serve as the Feeder Fund's request for withdrawal from the Partnership with respect to any Interests corresponding to such Feeder Fund investor. The subsequent withdrawal of the Feeder Fund from the Partnership and the withdrawal or redemption of the investor from the Feeder Fund shall occur back-to-back.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Amendments with Consent of the General Partner.

 ****

If at any time during the term of the Partnership the General Partner shall deem it necessary or desirable to amend this Agreement, such amendment shall be effective if embodied in an instrument approved by the General Partner and by Limited Partners owning more than fifty percent of the aggregate value of the Interests then owned by Limited Partners. Any such supplemental or amendatory agreement shall be adhered to and have the same effect from and after its effective date as if the same had originally been embodied in and formed a part of this Agreement; provided, however, that no such supplemental or amendatory agreement shall, without the consent of all affected Limited Partners, modify the percentage of profits, losses or distributions to which any Partner is entitled. In addition, reduction of the capital account of any Partner or assignee or modification of the percentage of profits, losses or distributions to which any Partner or assignee is entitled hereunder shall not be effected by amendment or supplement to this Agreement without such Partner's or assignee's consent. Any amendment of the two immediately preceding sentences shall require the consent of all Partners. For purposes of obtaining approval of any proposed amendment to this Agreement requiring less than unanimous consent or not requiring specific consent, the General Partner may require a response within a specified time, but not less than fifteen (15) days, and failure by any Limited Partner to respond within such time Period shall constitute approval of such proposed amendment. The foregoing notwithstanding, the General Partner may amend this Agreement without the consent of the Limited Partners to clarify any inaccuracy or ambiguity or reconcile any inconsistency or with respect to administrative matters; to preserve the status of the Partnership as a partnership for federal income tax purposes; to prevent the Partnership from becoming subject to the Investment Company Act of 1940, as amended; to avoid the assets of the Partnership being treated for any purpose of ERISA or Section 4975 of the Code as assets of any "employee benefit plan" as defined in and subject to ERISA or of any "plan" as defined in and subject to Section 4975 of the Code (or any corresponding provisions of succeeding law) or to avoid the Partnership's engaging in a prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Code; and to make any other change that does not have a material adverse impact on the Limited Partners, including, but not limited to, setting forth the terms upon which additional series or classes of Interests are offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Side Letters.

 ****

The General Partner may, in its sole and absolute discretion, enter into, or cause the Partnership to enter into letter agreements or other writings with individual Limited Partners that have the effect of establishing rights under, or altering or supplementing, the terms of, this Agreement (collectively, "Side Letters"). Any rights established, or any terms of this Agreement altered or supplemented in a Side Letter with a Limited Partner shall govern with respect to such Limited Partner notwithstanding any other provision of this Agreement. Such Side Letters or other writings may establish terms that are more or less favorable to such Limited Partner than those available to others. Neither the Partnership nor the General Partner shall be obligated to enter into any such Side Letter or other writing, and, if the Partnership or the General Partner enters into any such Side Letter or other writing with a Limited Partner, neither the Fund nor the General Partner is obligated to offer comparable terms, Side Letters or other writings to other Limited Partners or prospective Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Governing Law.

 ****

THE VALIDITY AND CONSTRUCTION OF THIS AGREEMENT SHALL BE DETERMINED AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Miscellaneous.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Priority Among Limited Partners*.** Except as otherwise provided in this Agreement, no Limited Partner shall be entitled to any priority or preference over any other Limited Partner in regard to the affairs of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Notices*.** All notices under this Agreement, other than reports by the General Partner to the Limited Partners, shall be in writing and shall be effective upon personal delivery, or if sent by registered or certified mail, postage prepaid, addressed to the last known address of the party to whom such notice is to be given, then upon the deposit of such notice in the United States mail. Reports by the General Partner to the Limited Partners shall be in writing and shall be sent by first class mail to the last known address of each Limited Partner or, if agreed by the Limited Partner, by e-mail or other electronic form of distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Binding Effect*.** This Agreement shall inure to and be binding upon all of the parties, their successors, assigns as permitted herein, custodians, executors, administrators, estates, heirs, legal survivors and personal representatives. For purposes of determining the rights of any Partner or assignee hereunder, the Partnership and the General Partner may rely upon the Partnership records as to who are Partners and assignees and all Partners and assignees agree that their rights shall be determined and that they shall be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Captions*.** Captions in no way define, limit, extend or describe the scope of this Agreement nor the effect of any of its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e) Confidentiality*.** Each Limited Partner agrees that it and anyone having knowledge through it shall not make independent use of or knowingly disclose to any other person any aspect of the General Partner's trading method, except that a Limited Partner may communicate such information in confidence to its personal attorneys, accountants and tax advisers as is relevant to their services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Consent to Jurisdiction*.** All controversies arising hereunder or in connection with the affairs of the Partnership shall be brought in the state or federal courts located in the State of Connecticut and all Partners and permitted assignees hereby irrevocably consent to such jurisdiction and venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g) Powers of Limited Partners*.** The Limited Partners shall take no part in the conduct or control of the Partnership business and shall have no authority or power to act for or to bind the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h) Manner of Execution.*** This Agreement may be executed by power-of-attorney embodied in a Subscription Agreement and Power of Attorney or similar instrument with the same effect as if the parties executing the Subscription Agreement and Power of Attorney or similar instrument had all executed one counterpart of this Agreement; provided that this Agreement may also be executed in several counterparts provided that each separate counterpart shall have been executed by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Tax Elections; Determination of Matters Not Provided for in this Agreement.*** The General Partner is designated as the "Tax Matters Partner" and the "partnership representative" for the Partnership and shall be empowered to exercise any authority granted to it under the Code and to make or revoke any elections now or hereafter required or permitted to be made by the Code or any state or local tax law. The Partnership shall reimburse the costs and expenses of the partnership representative. The Partners agree, upon request by the General Partner or the Partnership, to timely provide any information and comply with any requirements that the Partnership's Tax Matters Partner or partnership representative determines is or are necessary or advisable to reduce the amount of any tax (including an imputed underpayment of tax), interest, penalties or similar amounts the cost of which is (or would otherwise be) borne by the Partnership (directly or indirectly).

The General Partner shall be empowered to decide in a fair and equitable manner any questions arising with respect to this Partnership or to this Agreement, and to make such provisions as the General Partner deems to be in, or not opposed to, the best interests of the Partnership but which are not specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j) Entire Agreement; Amendment and Restatement.*** This Agreement sets forth the entire agreement and understanding of the parties with respect to the subject matter hereof and amends, restates and supersedes all prior agreements (including the Prior Agreement) and undertakings with respect hereto.

*IN WITNESS* WHEREOF*,* the undersigned has executed this Agreement as of the year and date first above written.

General Partner

Millburn Ridgefield Corporation

---

| | |
|:---|:---|
| By: | /s/Barry Goodman |

---

Barry Goodman

Co–Chief Executive Officer and

Executive Director of Trading

## Exhibit 13.1

?xml version="1.0" encoding="utf-8"?

**<u>Exhibit 13.1</u>**

**Millburn Multi-Markets Fund L.P.**

(A Delaware Limited Partnership)

Financial Statements as of and for the Years Ended

December 31, 2022 and 2021, 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, 2022 AND 2021 AND SECTION II, CONTAINING THE FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P. FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021. |  |
| SECTION I |  |
| [AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION](#b_001) | F-3 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#b_002) | F-4 |
| FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 AND FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021: |  |
| &nbsp;&nbsp;&nbsp;[Statements of Financial Condition](#b_004) | F-5 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#b_005) | F-6 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Partners' Capital](#b_006) | F-7 |
| &nbsp;&nbsp;&nbsp;[Statements of Financial Highlights](#b_007) | F-8 – F-9 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#b_008) | F-10 – F-13 |
| [SECTION II — FINANCIAL STATEMENTS OF MILLBURN MULTI-MARKETS TRADING L.P.](#b_0II) | F-14 |

---

**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, 2022 and 2021, 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, 2022, are complete and accurate.

![](ex13-1_001.jpg)

Gregg Buckbinder, President

Millburn Ridgefield Corporation

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

---

| | |
|:---|:---|
| ![](ex13-1_002.jpg) | **Deloitte & Touche LLP**<br> 30 Rockefeller Plaza<br> New York, NY 10112-0015<br> USA<br> 34<br>Tel: +1 212 492 4000<br> Fax: +1 212 489 1687<br> www.deloitte.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of financial condition of Millburn Multi-Markets Fund L.P. (the "Partnership"), as of December 31, 2022 and 2021, 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, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Partnership as of December 31, 2022 and 2021, 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, 2022, 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, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

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

---

| |
|:---|
| /s/ Deloitte & Touche LLP |
| March 20, 2023 |

---

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, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment in Millburn Multi-Markets |  |  |
| &nbsp;&nbsp;&nbsp;Trading L.P. (the "Master Fund") | $143276896 | $128076157 |
| &nbsp;&nbsp;&nbsp;Due from the Master Fund | 484354 | 1449036 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 400119 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $144161369 | $129525193 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Capital contributions received in advance | $400000 | $- |
| &nbsp;&nbsp;&nbsp;Capital withdrawal payable to Limited Partners | 484354 | 1049036 |
| &nbsp;&nbsp;&nbsp;Capital withdrawal payable to General Partner |  | 400000 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 119 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 884473 | 1449036 |
| PARTNERS' CAPITAL: |  |  |
| &nbsp;&nbsp;&nbsp;General Partner | 3216369 | 2667014 |
| &nbsp;&nbsp;&nbsp;Limited partners: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A (90,460.9714 and 91,525.4967 units outstanding) | 119302999 | 105051882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B (4,884.6100 and 4,982.8851 units outstanding) | 7896417 | 6954675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C (2,701.6303 and 2,436.2995 units outstanding) | 4456048 | 3469370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D (5,512.0257 and 7,448.6560 units outstanding) | 8405063 | 9933216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total limited partners | 140060527 | 125409143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital | 143276896 | 128076157 |
| TOTAL | $144161369 | $129525193 |
| NET ASSET VALUE PER UNIT OUTSTANDING: |  |  |
| &nbsp;&nbsp;&nbsp;Series A | $1318.83 | $1147.79 |
| &nbsp;&nbsp;&nbsp;Series B | $1616.59 | $1395.71 |
| &nbsp;&nbsp;&nbsp;Series C | $1649.39 | $1424.03 |
| &nbsp;&nbsp;&nbsp;Series D | $1524.86 | $1333.56 |

---

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.**

**STATEMENTS OF OPERATIONS**

**YEARS ENDED DECEMBER 31, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| NET INVESTMENT LOSS |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $550 | $7 |
| &nbsp;&nbsp;&nbsp;Interest income, net (allocated from the Master Fund) | 1970494 | 40912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1971044 | 40919 |
| &nbsp;&nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees (allocated from the Master Fund) (see note 4) | 2385044 | 2403587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commissions (allocated from the Master Fund) | 591054 | 877605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling commissions and platform fees (allocated from the Master Fund) (see note 4) | 2365854 | 2267616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses (allocated from the Master Fund) (see note 5) | 513281 | 513311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees and other expenses (allocated from the Master Fund) | 24150 | 22676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5879383 | 6084795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (3908339) | (6043876) |
| REALIZED AND UNREALIZED GAINS (LOSSES) |  |  |
| ALLOCATED FROM THE MASTER FUND |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on closed positions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures and forward currency contracts | 18820497 | 20151000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transaction | (7077) | (295854) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures and forward currency contracts | 6522911 | (5511606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translation | (48211) | (200414) |
| &nbsp;&nbsp;&nbsp;Net losses from U.S. Treasury notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized | (161518) | (6115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized | (647623) | (17293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains allocated from the Master Fund | 24478979 | 14119718 |
| NET INCOME | 20570640 | 8075842 |
| LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 1865305 | 43071 |
| NET INCOME AFTER PROFIT SHARE | $18705335 | $8032771 |
| NET INCOME PER UNIT OUTSTANDING: |  |  |
| &nbsp;&nbsp;&nbsp;Series A | $171.04 | $57.96 |
| &nbsp;&nbsp;&nbsp;Series B | $220.88 | $96.69 |
| &nbsp;&nbsp;&nbsp;Series C | $225.36 | $98.65 |
| &nbsp;&nbsp;&nbsp;Series D | $191.30 | $82.48 |

---

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.**

**STATEMENTS OF CHANGES IN PARTNERS' CAPITAL**

**YEARS ENDED DECEMBER 31, 2022 AND 2021**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Limited Partners** | **Limited Partners** | **Limited Partners** | **Limited Partners** | **Limited Partners** | **Limited Partners** | **Limited Partners** | **Limited Partners** | **Limited Partners** |
|  | | **Series A** | **Series A** | **Series B** | **Series B** | **Series C** | **Series C** | **Series D** | **Series D** | |
|  | **General**<br>**Partner**<br>**Amount** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Total**<br>**Amount** |
| PARTNERS' CAPITAL — January 1, 2021 | $2803226 | $108544835 | 99597.6414 | $7431183 | 5720.6069 | $4015189 | 3029.4662 | $16218344 | 12963.4335 | $139012777 |
| &nbsp;&nbsp;&nbsp;Capital contributions |  | 2419000 | 2088.3450 |  |  | 350000 | 244.6970 | 1559000 | 1142.3470 | 4328000 |
| &nbsp;&nbsp;&nbsp;Capital withdrawals | (400000) | (11604715) | (10160.4897) | (1006449) | (737.7218) | (1184513) | (837.8637) | (9101714) | (6657.1245) | (23297391) |
| &nbsp;&nbsp;&nbsp;Net income | 263788 | 5692762 |  | 529941 |  | 288694 |  | 1300657 |  | 8075842 |
| &nbsp;&nbsp;&nbsp;Profit share | - | - | - | - | - | - | - | (43071) | - | (43071) |
| PARTNERS' CAPITAL — December 31, 2021 | 2667014 | 105051882 | 91525.4967 | 6954675 | 4982.8851 | 3469370 | 2436.2995 | 9933216 | 7448.6560 | 128076157 |
| &nbsp;&nbsp;&nbsp;Capital contributions |  | 4600000 | 3626.7250 | 40000 | 29.4878 | 1335000 | 865.3567 | 375000 | 253.6190 | 6350000 |
| &nbsp;&nbsp;&nbsp;Capital withdrawals |  | (5840576) | (4691.2503) | (193838) | (127.7629) | (862576) | (600.0259) | (2957606) | (2190.2493) | (9854596) |
| &nbsp;&nbsp;&nbsp;Net income | 549355 | 16829785 |  | 1279333 |  | 608020 |  | 1304147 |  | 20570640 |
| &nbsp;&nbsp;&nbsp;Profit share | - | (1338092) | - | (183753) | - | (93766) | - | (249694) | - | (1865305) |
| PARTNERS' CAPITAL — December 31, 2022 | $3216369 | $119302999 | 90460.9714 | $7896417 | 4884.6100 | $4456048 | 2701.6303 | $8405063 | 5512.0257 | $143276896 |
| NET ASSET VALUE PER UNIT — December 31, 2021 |  | $1147.79 |  | $1395.71 |  | $1424.03 |  | $1333.56 |  |  |
| NET ASSET VALUE PER UNIT — December 31, 2022 |  | $1318.83 |  | $1616.59 |  | $1649.39 |  | $1524.86 |  |  |

---

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.**

**STATEMENT OF FINANCIAL HIGHLIGHTS**

**YEAR ENDED DECEMBER 31, 2022**

The following information presents per unit operating performance data for each series for the year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Per Unit Performance**<br>**(For a Unit Outstanding Throughout the Year)** |<br>**Series A** |<br>**Series B** |<br>**Series C** |<br>**Series D** |
| NET ASSET VALUE PER UNIT — Beginning of year | $1147.79 | $1395.71 | $1424.03 | $1333.56 |
| GAIN (LOSS) ALLOCATED FROM THE MASTER FUND: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (39.65) | (17.83) | (16.48) | (28.72) |
| &nbsp;&nbsp;&nbsp;Total trading and investing gains <sup>(1)</sup> | 225.32 | 276.02 | 279.42 | 262.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before profit share allocation from the Master Fund | 185.67 | 258.19 | 262.94 | 233.29 |
| &nbsp;&nbsp;&nbsp;Less profit share allocation from the Master Fund <sup>(1) (4)</sup> | 14.63 | 37.31 | 37.58 | 41.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $1318.83 | $1616.59 | $1649.39 | $1524.86 |
| 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 <sup>(4)</sup> | 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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | 4.58% | 2.60% | 2.60% | 3.37% |
| &nbsp;&nbsp;&nbsp;Profit share allocation from Master Fund <sup>(4)</sup> | 1.16 | 2.44 | 2.40 | 2.91 |
| Total expenses | 5.74% | 5.04% | 5.00% | 6.28% |
| Net investment loss <sup>(2) (3)</sup> | (3.16)% | (1.16)% | (1.05)% | (1.99)% |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes the Partnership's proportionate share of income and expense allocated from the Master Fund.

<sup>(3)</sup> Excludes profit share allocation from the Master Fund.

<sup>(4)</sup> 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.**

**STATEMENT OF FINANCIAL HIGHLIGHTS**

**YEAR ENDED DECEMBER 31, 2021**

The following information presents per unit operating performance data for each series for the year ended December 31, 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Per Unit Performance**<br>**(For a Unit Outstanding Throughout the Year)** |<br>**Series A** |<br>**Series B** |<br>**Series C** |<br>**Series D** |
| NET ASSET VALUE PER UNIT — Beginning of year | $1089.83 | $1299.02 | $1325.38 | $1251.08 |
| LOSS ALLOCATED FROM THE MASTER FUND: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (55.78) | (39.33) | (40.12) | (47.66) |
| &nbsp;&nbsp;&nbsp;Total trading and investing gains <sup>(1)</sup> | 113.74 | 136.02 | 138.77 | 134.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income before profit share allocation from the Master Fund | 57.96 | 96.69 | 98.65 | 87.15 |
| &nbsp;&nbsp;&nbsp;Less profit share allocation from the Master Fund <sup>(1) (4)</sup> | - | - | - | 4.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income after profit share allocation from the Master Fund | 57.96 | 96.69 | 98.65 | 82.48 |
| NET ASSET VALUE PER UNIT — End of year | $1147.79 | $1395.71 | $1424.03 | $1333.56 |
| TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 5.32% | 7.44% | 7.44% | 6.94% |
| LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND <sup>(4)</sup> | - | - | - | 0.35 |
| TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 5.32% | 7.44% | 7.44% | 6.59% |
| RATIOS TO AVERAGE NET ASSET VALUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(2)</sup> | 4.87% | 2.86% | 2.86% | 3.63% |
| &nbsp;&nbsp;&nbsp;Profit share allocation from Master Fund <sup>(4)</sup> | - | - | - | 0.35 |
| Total expenses | 4.87% | 2.86% | 2.86% | 3.98% |
| Net investment loss <sup>(2) (3)</sup> | (4.84)% | (2.83)% | (2.83)% | (3.59)% |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes the Partnership's proportionate share of income and expense allocated from the Master Fund.

<sup>(3)</sup> Excludes profit share allocation from the Master Fund.

<sup>(4)</sup> 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, 2022 AND 2021**

**1.** **ORGANIZATION** 

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

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

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

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

**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, 2018 to 2021, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes.

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

**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, 2022 and 2021, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2022 and 2021, the Partnership's investment in the Master Fund represents 31.44% and 32.02%, respectively, of total partners' capital of the Master Fund.

As the Partnership's sole investing activity during the years ended December 31, 2022 and 2021 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, fee reduced to 1.75% from 2.00%, effective April 1, 2021) 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, 2022 and 2021, the Partnership incurred Partnership-level management fees of $2,385,044 and $2,403,587, respectively. These amounts are included in the Statements of Operations under "Management fees." The management fee and profit share are described in more detail in the Master Fund's financial statements included in Section II of this annual report.

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

The amended terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units and Series C Units, each have the same terms, are subject to management fees and profit share allocable to the General Partner and are not subject to any fees payable to Selling Agents; and 3) Series D Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 0.75% (0.75% per annum) based on the month-end Net Asset Value of such Series investment. For the years ended December 31, 2022 and 2021, there were no Platform Fees. Selling Commissions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Selling Commissions** | **Selling Commissions** |
|  | **2022** | **2021** |
| Series A Units | $2301259 | $2175856 |
| Series D Units | 64595 | 91760 |
|  | $2365854 | $2267616 |

---

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, 2022, the Partnership incurred Partnership-level administrative expenses of $330,536 and a pro-rata share of master expenses of $182,745, totaling $513,281. For the year ended December 31, 2021, the Partnership incurred Partnership-level administrative expenses of $341,420 and a pro-rata share of master expenses of $171,891, totaling $513,311. 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 (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and calculation of the Funds' Net Asset Value.

**9.** **FINANCIAL HIGHLIGHTS** 

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

**10.** **SUBSEQUENT EVENTS** 

The General Partner has performed its evaluation of subsequent events through March 20, 2023, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements.

\* \* \* \* \* \*

**SECTION II**

**Millburn Multi-Markets Trading L.P.**

(A Delaware Limited Partnership)

Financial Statements as of and for the Years Ended December 31,

2022 and 2021, and Independent Auditor's Report

**MILLBURN MULTI-MARKETS TRADING L.P.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page(s)** |
| [AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION](#c_001) | F-17 |
| [INDEPENDENT AUDITOR'S REPORT](#c_002) | F-18 |
| FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 AND FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021: |  |
| &nbsp;&nbsp;&nbsp;[Statements of Financial Condition](#c_003) | F-19 |
| &nbsp;&nbsp;&nbsp;[Condensed Schedules of Investments](#c_004) | F-20 – F-23 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations](#c_005) | F-24 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Partners' Capital](#c_006) | F-25 |
| &nbsp;&nbsp;&nbsp;[Statements of Financial Highlights](#c_007) | F-26 – F-27 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#c_008) | F-28 – F-45 |

---

**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, 2022 and 2021, 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, 2022, are complete and accurate.

![](ex13-1_001.jpg)

Gregg Buckbinder, President

Millburn Ridgefield Corporation

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

---

| | |
|:---|:---|
| ![](ex13-1_002.jpg) | **Deloitte & Touche LLP**<br> 30 Rockefeller Plaza<br> New York, NY 10112-0015<br> USA<br>Tel: +1 212 492 4000<br> Fax: +1 212 489 1687<br> www.deloitte.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of financial condition of Millburn Multi-Markets Trading L.P. (the "Partnership"), including the condensed schedules of investments, as of December 31, 2022 and 2021, 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, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Partnership as of December 31, 2022 and 2021, 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, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

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

---

| |
|:---|
| /s/ Deloitte & Touche LLP |
| March 20, 2023 |

---

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, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| **ASSETS** |  |  |
| EQUITY IN TRADING ACCOUNTS: |  |  |
| &nbsp;&nbsp;&nbsp;Investments in U.S. Treasury notes — at fair value (amortized cost $89,349,095 and $72,157,073) | $88701332 | $72137475 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on open futures and forward currency contracts | 22685702 | 1066071 |
| &nbsp;&nbsp;&nbsp;Due from brokers, net | 20495996 | 16286684 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies (cost $4,434 and $3,826,015) | 4701 | 3791592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity in trading accounts | 131887731 | 93281822 |
| INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $309,961,675 and $321,308,973) | 308402203 | 321235987 |
| CASH AND CASH EQUIVALENTS | 33987736 | 30759711 |
| ACCRUED INTEREST RECEIVABLE | 2250451 | 2403652 |
| OTHER ASSETS | 219 | 100 |
| TOTAL | $476528340 | $447681272 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on open futures and forward currency contracts | $- | $2016273 |
| &nbsp;&nbsp;&nbsp;Cash overdrafts denominated in foreign currencies (cost $5,261,847 and $446,190) | 5438253 | 442044 |
| &nbsp;&nbsp;&nbsp;Subscriptions received in advance | 575000 | 200000 |
| &nbsp;&nbsp;&nbsp;Capital withdrawal payable to Limited Partners | 1287624 | 43226180 |
| &nbsp;&nbsp;&nbsp;Capital withdrawal payable to General Partner | 12464726 | 894583 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 451041 | 427786 |
| &nbsp;&nbsp;&nbsp;Selling commissions payable | 206886 | 183023 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 346648 | 194076 |
| &nbsp;&nbsp;&nbsp;Commissions and other trading fees on open futures contracts | 37972 | 84775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20808150 | 47668740 |
| PARTNERS' CAPITAL | 455720190 | 400012532 |
| TOTAL | $476528340 | $447681272 |

---

See notes to financial statements

**MILLBURN MULTI-MARKETS TRADING L.P.**

**CONDENSED SCHEDULE OF INVESTMENTS**

**AS OF DECEMBER 31, 2022**

---

| | | |
|:---|:---|:---|
| **FUTURES AND FORWARD CURRENCY CONTRACTS** | **Net Unrealized<br> Appreciation<br> (Depreciation)<br> as a % of<br> Partners' Capital** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| FUTURES CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;Long futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.01% | $51834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.91 | 4130190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | 0.09 | 400196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (0.04) | (183318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | (0.00) | (25990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | 0.17 | 788340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | (0.02) | (89566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | (0.06) | (262708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long futures contracts | 1.06 | 4808978 |
| &nbsp;&nbsp;&nbsp;Short futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.00 | (19221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.66 | 2993111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | (0.02) | (100750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Year U.S. Treasury Note (779 contracts, settlement date March 2023) | 0.06 | 275407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Year U.S. Treasury Bond (260 contracts, settlement date March 2023) | 0.01 | 46531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other interest rates | 2.86 | 13022545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | 2.93 | 13344483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | (0.15) | (650216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | (0.01) | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.03 | 139034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short futures contracts | 3.44 | 15671441 |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net | 4.50 | 20480419 |
| FORWARD CURRENCY CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;Total long forward currency contracts | 1.06 | 4825541 |
| &nbsp;&nbsp;&nbsp;Total short forward currency contracts | (0.58) | (2620258) |
| TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net | 0.48 | 2205283 |
| TOTAL | 4.98% | $22685702 |

---

(Continued)

**MILLBURN MULTI-MARKETS TRADING L.P.**

**CONDENSED SCHEDULE OF INVESTMENTS**

**AS OF DECEMBER 31, 2022**

**U.S. TREASURY NOTES**

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount** | **Description** | **Fair Value<br> as a % of<br> Partners' <br> Capital** | **Fair Value** |
| $77590000 | U.S. Treasury notes, 2.000%, 02/15/2023 | 16.98% | $77385416 |
| 121340000 | U.S. Treasury notes, 1.750%, 05/15/2023 | 26.35 | 120074462 |
| 87490000 | U.S. Treasury notes, 2.500%, 08/15/2023 | 18.94 | 86293848 |
| 115300000 | U.S. Treasury notes, 2.750%, 11/15/2023 | 24.87 | 113349809 |
|  | **Total investments in U.S. Treasury notes (amortized cost $399,310,770)** | 87.14% | $397103535 |

---

See notes to financial statements. (Concluded)

**MILLBURN MULTI-MARKETS TRADING L.P.**

**CONDENSED SCHEDULE OF INVESTMENTS**

**AS OF DECEMBER 31, 2021**

---

| | | |
|:---|:---|:---|
| **FUTURES AND FORWARD CURRENCY CONTRACTS** | **Net Unrealized<br> Appreciation<br> (Depreciation)<br> as a % of<br> Partners' Capital** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| FUTURES CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;Long futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.00% | $11463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.40 | 1587533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | 0.01 | 31155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (0.84) | (3364575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | (0.01) | (18210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | 1.09 | 4360711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | (0.01) | (53106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.19 | 746305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long futures contracts | 0.83 | 3301276 |
| &nbsp;&nbsp;&nbsp;Short futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.00 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.05 | 213078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | 0.02 | 74547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 0.05 | 182789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 17170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | (0.98) | (3921479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.00 | 12566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.04 | 152730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short futures contracts | (0.82) | (3266214) |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net | 0.01 | 35062 |
| FORWARD CURRENCY CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;Total long forward currency contracts | 1.68 | 6719651 |
| &nbsp;&nbsp;&nbsp;Total short forward currency contracts | (1.93) | (7704915) |
| TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net | (0.25) | (985264) |
| TOTAL | (0.24)% | $(950202) |

---

(Continued)

**MILLBURN MULTI-MARKETS TRADING L.P.**

**CONDENSED SCHEDULE OF INVESTMENTS**

**AS OF DECEMBER 31, 2021**

**U.S. TREASURY NOTES**

---

| | | | |
|:---|:---|:---|:---|
| **Face Amount** | **Description** | **Fair Value<br> as a % of<br> Partners' <br> Capital** | **Fair Value** |
| $127400000 | U.S. Treasury notes, 2.500%, 02/15/2022 | 31.94% | $127768266 |
| 134580000 | U.S. Treasury notes, 2.375%, 03/15/2022 | 33.80 | 135205587 |
| 129640000 | U.S. Treasury notes, 1.750%, 05/15/2022 | 32.60 | 130399609 |
|  | **Total investments in U.S. Treasury notes (amortized cost $393,466,046)** | 98.34% | $393373462 |

---

See notes to financial statements. (Concluded)

**MILLBURN MULTI-MARKETS TRADING L.P.**

**STATEMENTS OF OPERATIONS**

**YEARS ENDED DECEMBER 31, 2022 AND 2021**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| INVESTMENT INCOME — Interest income, net | $6386783 | $143405 |
| EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;Brokerage commissions | 1892321 | 3113100 |
| &nbsp;&nbsp;&nbsp;Management fees | 4995736 | 5740061 |
| &nbsp;&nbsp;&nbsp;Selling commissions | 2365876 | 2278136 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 1091861 | 1120798 |
| &nbsp;&nbsp;&nbsp;Custody fees and other expenses | 78035 | 82414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10423829 | 12334509 |
| NET INVESTMENT LOSS | (4037046) | (12191104) |
| REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on closed positions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures and forward currency contracts | 58401712 | 73052255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transaction | (22039) | (1051277) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures and forward currency contracts | 23635904 | (21008435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translation | (145863) | (728783) |
| &nbsp;&nbsp;&nbsp;Net losses from U.S. Treasury notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized | (525149) | (22443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized | (2114651) | (43204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gains | 79229914 | 50198113 |
| NET INCOME | 75192868 | 38007009 |
| LESS PROFIT SHARE TO GENERAL PARTNER | 12498758 | 899875 |
| NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER | $62694110 | $37107134 |

---

See notes to financial statements

**MILLBURN MULTI-MARKETS TRADING L.P.**

**STATEMENTS OF CHANGES IN PARTNERS' CAPITAL**

**YEARS ENDED DECEMBER 31, 2022 AND 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Limited<br> Partners** | **New Profit<br> Memo<br> Account** | **General<br> Partner** | **Total** |
| PARTNERS' CAPITAL — January 1, 2021 | $553303603 | $- | $944315 | $554247918 |
| &nbsp;&nbsp;&nbsp;Contributions | 27303000 |  |  | 27303000 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (218650812) |  | (894583) | (219545395) |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 37920814 | (5292) | 91487 | 38007009 |
| &nbsp;&nbsp;&nbsp;General Partner's allocation — profit share | (899875) | 899875 |  |  |
| &nbsp;&nbsp;&nbsp;Transfer of New Profit Memo Account to General Partner | - | (894583) | 894583 | - |
| PARTNERS' CAPITAL — December 31, 2021 | 398976730 |  | 1035802 | 400012532 |
| &nbsp;&nbsp;&nbsp;Contributions | 52542600 |  |  | 52542600 |
| &nbsp;&nbsp;&nbsp;Withdrawals | (59563084) |  | (12464726) | (72027810) |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 75010570 | (34032) | 216330 | 75192868 |
| &nbsp;&nbsp;&nbsp;General Partner's allocation — profit share | (12498758) | 12498758 |  |  |
| &nbsp;&nbsp;&nbsp;Transfer of New Profit Memo Account to General Partner | - | (12464726) | 12464726 | - |
| PARTNERS' CAPITAL — December 31, 2022 | $454468058 | $- | $1252132 | $455720190 |

---

See notes to financial statements

**MILLBURN MULTI-MARKETS TRADING L.P.**

**STATEMENTS OF FINANCIAL HIGHLIGHTS**

**YEARS ENDED DECEMBER 31, 2022 AND 2021**

**The following information presents financial highlights of a Limited Partner that is charged a monthly management fee of 1/12 of 2.00% (fee reduced to 1.75% per annum, effective April 1, 2021) and an annual profit share of 20% of Trading Profits (as defined in the Limited Partnership Agreement).**

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Total return before General Partner profit share allocation | 18.53% | 7.72% |
| Less: General Partner profit share allocation | 2.45 | - |
| Total return after General Partner profit share allocation | 16.08% | 7.72% |
| Ratios to average net asset value: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(1) (2)</sup> | 2.35% | 2.62% |
| &nbsp;&nbsp;&nbsp;General Partner profit share allocation | 2.45 | - |
| Total expenses <sup>(1)</sup> | 4.80% | 2.62% |
| Net investment loss <sup>(1) (2)</sup> | (0.94)% | (2.59)% |

---

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.

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

<sup>(2)</sup> Excludes General Partner profit share allocation.

See notes to financial statements

**MILLBURN MULTI-MARKETS TRADING L.P.**

**STATEMENTS OF FINANCIAL HIGHLIGHTS**

**YEARS ENDED DECEMBER 31, 2022 AND 2021**

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

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Total return before General Partner profit share allocation | 17.69% | 7.55% |
| Less: General Partner profit share allocation | 2.85 | 0.19 |
| Total return after General Partner profit share allocation | 14.84% | 7.36% |
| Ratios to average net asset value: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses <sup>(1) (2)</sup> | 2.37% | 2.57% |
| &nbsp;&nbsp;&nbsp;General Partner profit share allocation | 2.85 | 0.19 |
| Total expenses <sup>(1)</sup> | 5.22% | 2.76% |
| Net investment loss <sup>(1) (2)</sup> | (0.95)% | (2.54)% |

---

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.

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

<sup>(2)</sup> Excludes General Partner profit share allocation.

See notes to financial statements

**MILLBURN MULTI-MARKETS TRADING L.P.**

**NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021**

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

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

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

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

**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").

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

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

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

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

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

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

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

**Management Fees** — The Agreement provides that the Partnership shall charge the limited partners' capital accounts and pay the General Partner management fees at a fixed rate of 0.167% per month of net asset value (2.00% per annum) of limited partnership interests. The management fee was reduced to a fixed rate of 0.146% per month (1.75% per annum), effective April 1, 2021. 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, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Management Fees** | **Management Fees** |
|  | **2022** | **2021** |
| US Feeder | $2385044 | $2403587 |
| Cayman Feeder | 2415817 | 3171460 |
| Other <sup>(1)</sup> | 194875 | 165014 |
| Total | $4995736 | $5740061 |

---

<sup>(1)</sup> Direct investors in the Partnership

**Selling Commissions** — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2% per annum. 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, 2022 and 2021, selling commissions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Selling Commissions** | **Selling Commissions** |
|  | **2022** | **2021** |
| U.S. Feeder | $2365854 | $2267616 |
| Cayman Feeder | 22 | 10520 |
| Total | $2365876 | $2278136 |

---

**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, 2022 and 2021, 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, 2022 and 2021, operating expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | **Operating Expenses** | **Operating Expenses** |
|  | **2022** | **2021** |
| Partnership | $584173 | $617774 |
| U.S. Feeder | 330536 | 341420 |
| Cayman Feeder | 177152 | 161604 |
| Total | $1091861 | $1120798 |

---

**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.

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

**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, 2022 and 2021 in valuing the Partnership's investments at fair value. At December 31, 2022 and 2021, the Partnership held no assets or liabilities classified in Level 3.

**Financial assets and liabilities at fair value as of December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total** |
| U.S. Treasury notes (1) | $397103535 | $- | $397103535 |
| Short-Term Money Market Fund\* | 33737736 | - | 33737736 |
| Exchange-traded futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Currencies | 32613 |  | 32613 |
| &nbsp;&nbsp;&nbsp;Energies | 7123301 |  | 7123301 |
| &nbsp;&nbsp;&nbsp;Grains | 299446 |  | 299446 |
| &nbsp;&nbsp;&nbsp;Interest rates | 13161165 |  | 13161165 |
| &nbsp;&nbsp;&nbsp;Livestock | (25990) |  | (25990) |
| &nbsp;&nbsp;&nbsp;Metals | 138124 |  | 138124 |
| &nbsp;&nbsp;&nbsp;Softs | (124566) |  | (124566) |
| &nbsp;&nbsp;&nbsp;Stock indices | (123674) | - | (123674) |
| Total exchange-traded futures contracts | 20480419 |  | 20480419 |
| Over-the-counter forward currency contracts | - | 2205283 | 2205283 |
| Total futures and forward currency contracts (2) | 20480419 | 2205283 | 22685702 |
| Total financial assets and liabilities at fair value | $451321690 | $2205283 | $453526973 |

---

---

| | |
|:---|:---|
| Per line item in Statements of Financial Condition |  |
| (1) |  |
| &nbsp;&nbsp;&nbsp;Investments in U.S. Treasury notes held in equity trading accounts as collateral | $88701332 |
| &nbsp;&nbsp;&nbsp;Investments in U.S. Treasury notes | 308402203 |
| &nbsp;&nbsp;&nbsp;Total investments in U.S. Treasury notes | $397103535 |
| (2) |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on open futures and forward currency contracts | $22685702 |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on open futures and forward currency contracts | - |
| &nbsp;&nbsp;&nbsp;Total net unrealized appreciation on open futures and forward currency contracts | $22685702 |

---

\* 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, 2021**

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total** |
| U.S. Treasury notes (1) | $393373462 | $- | $393373462 |
| Short-Term Money Market Fund\* | 30509711 | - | 30509711 |
| Exchange-traded futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Currencies | 13848 |  | 13848 |
| &nbsp;&nbsp;&nbsp;Energies | 1800611 |  | 1800611 |
| &nbsp;&nbsp;&nbsp;Grains | 105702 |  | 105702 |
| &nbsp;&nbsp;&nbsp;Interest rates | (3181786) |  | (3181786) |
| &nbsp;&nbsp;&nbsp;Livestock | (1040) |  | (1040) |
| &nbsp;&nbsp;&nbsp;Metals | 439232 |  | 439232 |
| &nbsp;&nbsp;&nbsp;Softs | (40540) |  | (40540) |
| &nbsp;&nbsp;&nbsp;Stock indices | 899035 | - | 899035 |
| Total exchange-traded futures contracts | 35062 |  | 35062 |
| Over-the-counter forward currency contracts | - | (985264) | (985264) |
| Total futures and forward currency contracts (2) | 35062 | (985264) | (950202) |
| Total financial assets and liabilities at fair value | $423918235 | $(985264) | $422932971 |

---

---

| | |
|:---|:---|
| Per line item in Statements of Financial Condition |  |
| (1) |  |
| &nbsp;&nbsp;&nbsp;Investments in U.S. Treasury notes held in equity trading accounts as collateral | $72137475 |
| &nbsp;&nbsp;&nbsp;Investments in U.S. Treasury notes | 321235987 |
| &nbsp;&nbsp;&nbsp;Total investments in U.S. Treasury notes | $393373462 |
| (2) |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on open futures and forward currency contracts | $1066071 |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on open futures and forward currency contracts | (2016273) |
| &nbsp;&nbsp;&nbsp;Total net unrealized depreciation on open futures and forward currency contracts | $(950202) |

---

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

**3.** **ADMINISTRATOR AGREEMENT** 

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

**4.** **PROFIT SHARE ALLOCATION** 

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

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

Profit share allocation for the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Profit Share** | **Profit Share** |
|  | **2022** | **2021** |
| U.S. Feeder | $1865305 | $43071 |
| Cayman Feeder | 9853870 | 724803 |
| Other <sup>(1)</sup> | 779583 | 132001 |
| Total | $12498758 | $899875 |

---

<sup>(1)</sup> Direct investors in the Partnership

**5.** **DUE FROM/TO BROKERS** 

At December 31, 2022 and 2021, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from broker balance also includes cash held as collateral at Bank of America, N.A.

**6.** **TRADING ACTIVITIES** 

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

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

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

**7.** **DERIVATIVE INSTRUMENTS** 

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

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

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

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

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

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

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership's risk of loss due to counterparty nonperformance. The Partnership's exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $37,114,394 and $31,976,629 at December 31, 2022 and 2021, respectively.

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

The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership's functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2022 and 2021, by settlement currency type, denominated in U.S. Dollars, is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2022** | **2022** | **2021** | **2021** |
| <br>**Currency Type** | **Total Net<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Percent<br> of Total** | **Total Net<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Percent<br> of Total** |
| Australian dollar | $534449 | 2.36% | $(300849) | 31.66% |
| Brazilian real | (10546) | (0.05) | 7622 | (0.80) |
| British pound | 356161 | 1.57 | (1307664) | 137.61 |
| Canadian dollar | 537280 | 2.37 | 550650 | (57.95) |
| Euro | 10606521 | 46.75 | (415465) | 43.72 |
| Hong Kong dollar | (25054) | (0.11) | (27229) | 2.87 |
| Japanese yen | 955351 | 4.21 | (482839) | 50.81 |
| Korean won | 66306 | 0.29 | 44465 | (4.68) |
| Malaysian ringgit | (709) | (0.00) | 25794 | (2.71) |
| Norwegian krone | 138796 | 0.61 | 102488 | (10.79) |
| Polish zloty | 107021 | 0.47 | 140693 | (14.81) |
| Singapore dollar | 14625 | 0.06 | 26670 | (2.81) |
| South African rand | (5501) | (0.02) | (176140) | 18.54 |
| Swedish krona | 101832 | 0.45 | 541628 | (57.00) |
| Thai baht | 69304 | 0.31 | (2765) | 0.29 |
| U.S. dollar | 9239866 | 40.73 | 322739 | (33.95) |
| Total | $22685702 | 100.00% | $(950202) | 100.00% |

---

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

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

The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2022 and 2021, by market sector:

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

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

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

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

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

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

The Derivatives and Hedging (Topic 815) of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair value of futures and forward currency contracts are first netted by the broker as discussed in Note 2. Futures and forward currency contracts in a net asset or liability position are recorded in the Statements of Financial Condition as "Net unrealized appreciation on open futures and forward currency contracts" or "Net unrealized depreciation on open futures and forward currency contracts," respectively. The Partnership's policy regarding fair value measurement is discussed in Note 2.

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

The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2022 and 2021. Fair value, below, is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

**Fair Value of Futures and Forward Currency Contracts at December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value - Long Positions** | **Fair Value - Long Positions** | **Fair Value - Short Positions** | **Fair Value - Short Positions** | |
| <br>**Sector** | **Gains** | **Losses** | **Gains** | **Losses** | **Net Unrealized**<br>**Gain (Loss) on Open**<br>**Positions** |
| **Futures contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currencies | $97003 | $(45169) | $55 | $(19276) | $32613 |
| &nbsp;&nbsp;&nbsp;Energies | 4273340 | (143150) | 2997981 | (4870) | 7123301 |
| &nbsp;&nbsp;&nbsp;Grains | 563235 | (163039) |  | (100750) | 299446 |
| &nbsp;&nbsp;&nbsp;Interest rates |  | (183318) | 13678900 | (334417) | 13161165 |
| &nbsp;&nbsp;&nbsp;Livestock | 830 | (26820) |  |  | (25990) |
| &nbsp;&nbsp;&nbsp;Metals | 1351092 | (562752) | 542450 | (1192666) | 138124 |
| &nbsp;&nbsp;&nbsp;Softs | 336 | (89902) | 49611 | (84611) | (124566) |
| &nbsp;&nbsp;&nbsp;Stock indices | 105622 | (368330) | 483041 | (344007) | (123674) |
| Total futures contracts | 6391458 | (1582480) | 17752038 | (2080597) | 20480419 |
| Forward currency contracts | 7099705 | (2274164) | 1339549 | (3959807) | 2205283 |
| Total futures and forward currency contracts | $13491163 | $(3856644) | $19091587 | $(6040404) | $22685702 |

---

**Fair Value of Futures and Forward Currency Contracts at December 31, 2021** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value - Long Positions** | **Fair Value - Long Positions** | **Fair Value - Short Positions** | **Fair Value - Short Positions** | |
| <br>**Sector** | **Gains** | **Losses** | **Gains** | **Losses** | **Net Unrealized<br> Gain (Loss) on Open**<br>**Positions** |
| **Futures contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currencies | $11463 | $- | $13106 | $(10721) | $13848 |
| &nbsp;&nbsp;&nbsp;Energies | 2020956 | (433423) | 343300 | (130222) | 1800611 |
| &nbsp;&nbsp;&nbsp;Grains | 288920 | (257765) | 241782 | (167235) | 105702 |
| &nbsp;&nbsp;&nbsp;Interest rates | 616220 | (3980795) | 203333 | (20544) | (3181786) |
| &nbsp;&nbsp;&nbsp;Livestock |  | (18210) | 17370 | (200) | (1040) |
| &nbsp;&nbsp;&nbsp;Metals | 4543642 | (182931) | 98540 | (4020019) | 439232 |
| &nbsp;&nbsp;&nbsp;Softs | 20189 | (73295) | 65654 | (53088) | (40540) |
| &nbsp;&nbsp;&nbsp;Stock indices | 1633415 | (887110) | 633174 | (480444) | 899035 |
| Total futures contracts | 9134805 | (5833529) | 1616259 | (4882473) | 35062 |
| Forward currency contracts | 9261243 | (2541592) | 2604920 | (10309835) | (985264) |
| Total futures and forward currency contracts | $18396048 | $(8375121) | $4221179 | $(15192308) | $(950202) |

---

The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2022 and 2021 as "Net realized gains on closed positions: Futures and forward currency contracts" and "Net change in unrealized: Futures and forward currency contracts." These trading gains and losses are detailed below:

**Trading gains (losses) of futures and forward currency contracts for the years ended December 31, 2022 and 2021**

---

| | | |
|:---|:---|:---|
| **Sector** | **2022** | **2021** |
| **Futures contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Currencies | $2668075 | $234235 |
| &nbsp;&nbsp;&nbsp;Energies | 33572541 | 27207139 |
| &nbsp;&nbsp;&nbsp;Grains | (4343620) | (1072446) |
| &nbsp;&nbsp;&nbsp;Interest rates | 22456018 | 5743535 |
| &nbsp;&nbsp;&nbsp;Livestock | 90780 | (383730) |
| &nbsp;&nbsp;&nbsp;Metals | (2825535) | 1136660 |
| &nbsp;&nbsp;&nbsp;Softs | 107783 | (3141045) |
| &nbsp;&nbsp;&nbsp;Stock indices | 16632265 | 45821278 |
| Total futures contracts | 68358307 | 75545626 |
| Forward currency contracts | 13679309 | (23501806) |
| Total futures and forward currency contracts | $82037616 | $52043820 |

---

For the years ended December 31, 2022 and 2021, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Average bought | 62165 | 83397 |
| Average sold | 63168 | 85320 |
| Average notional | $3706000000 | $9858000000 |

---

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

The following tables summarize the valuation of the Partnership's investments as of December 31, 2022 and 2021.

**Offsetting of derivative assets and liabilities at December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Gross amounts of<br> recognized assets** | **Gross amounts<br> offset in the<br> Statements of<br> Financial Condition** | **Net amounts of<br> assets presented in<br> the Statements of<br> Financial Condition** |
| Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Counterparty C | $2201296 | $(739360) | $1461936 |
| &nbsp;&nbsp;&nbsp;Counterparty J | 918116 | (400150) | 517966 |
| &nbsp;&nbsp;&nbsp;Counterparty L | 21024084 | (2523567) | 18500517 |
| Total futures contracts | 24143496 | (3663077) | 20480419 |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Counterparty G | 2976865 | (2194130) | 782735 |
| &nbsp;&nbsp;&nbsp;Counterparty K | 5462389 | (4039841) | 1422548 |
| Total forward contracts | 8439254 | (6233971) | 2205283 |
| Total assets | $32582750 | $(9897048) | $22685702 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |
| <br>**Counterparty** | **Net amounts of Assets presented in the<br> Statements of**<br>**Financial**<br> Condition** | **Financial**<br> Instruments** | **Collateral**<br> Received<sup>(1)(2)</sup>** |<br>**Net Amount<sup>(3)</sup>** |
| Counterparty C | $1461936 | $- | $(1461936) | $- |
| Counterparty J | 517966 |  | (517966) |  |
| Counterparty L | 18500517 |  | (18500517) |  |
| Counterparty G | 782735 |  |  | 782735 |
| Counterparty K | 1422548 | **-** | - | 1422548 |
| Total | $22685702 | $- | $(20480419) | $2205283 |

---

<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange.

<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements of Financial Condition, for each respective counterparty.

<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2022.

**Offsetting of derivative assets and liabilities at December 31, 2021**

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Gross amounts of<br> recognized assets** | **Gross amounts<br> offset in the<br> Statements of<br> Financial Condition** | **Net amounts of<br> assets presented in<br> the Statements of<br> Financial Condition** |
| Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Counterparty J | $1771788 | $(925604) | $846184 |
| &nbsp;&nbsp;&nbsp;Counterparty L | 7082484 | (6862597) | 219887 |
| Total futures contracts | 8854272 | (7788201) | 1066071 |
| Total assets | $8854272 | $(7788201) | $1066071 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities** | **Gross amounts of<br> recognized liabilities** | **Gross amounts<br> offset in the<br> Statements of<br> Financial Condition** | **Net amounts of<br> liabilities presented in<br> the Statements of<br> Financial Condition** |
| Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Counterparty C | $2927801 | $(1896792) | $1031009 |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Counterparty G | $5584433 | $(4738867) | $845566 |
| &nbsp;&nbsp;&nbsp;Counterparty K | 7266994 | (7127296) | 139698 |
| Total forward contracts | 12851427 | (11866163) | 985264 |
| Total liabilities | $15779228 | $(13762955) | $2016273 |

---

(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |
| <br>**Counterparty** | **Net amounts of Assets presented in the<br> Statements of**<br>**Financial<br> Condition** | **Financial<br> Instruments** | **Collateral<br> Received<sup>(1)(2)</sup>** |<br>**Net Amount<sup>(3)</sup>** |
| Counterparty J | $846184 | $- | $(846184) | $- |
| Counterparty L | 219887 | - | (219887) | - |
| Total | $1066071 | $- | $(1066071) | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |
| <br>**Counterparty** | **Net amounts of Liabilities presented in the<br> Statements of**<br>**Financial<br> Condition** | **Financial<br> Instruments** | **Collateral<br> Pledged<sup>(1)(2)</sup>** |<br>**Net Amount<sup>(4)</sup>** |
| Counterparty C | $1031009 | $- | $1031009 | $- |
| Counterparty G | 845566 |  | 845566 |  |
| Counterparty K | 139698 | - | 139698 | - |
| Total | $2016273 | $- | $2016273 | $- |

---

<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.

<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements of Financial Condition, for each respective counterparty.

<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2021.

<sup>(4)</sup> Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Concluded)

**8.** **FINANCIAL HIGHLIGHTS** 

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

Returns are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum, fee reduced to 1.75% from 2.00%, effective April 1, 2021) and 20% of Trading Profits and 2) limited partners' capital taken as a whole. An individual partner's returns may vary from these returns based on the timing of capital transactions and differences in individual partners' management fee, selling commission, and profit share allocation arrangements.

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

The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. For the years ended December 31, 2022 and 2021, respective ownership percentages of the Partnership are detailed below:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| U.S. Feeder | 31.44% | 32.02% |
| Cayman Feeder | 53.11 | 54.63 |
| Total | 84.55% | 86.65% |

---

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

The capital withdrawals payable at December 31, 2022 and 2021 were $13,752,350 and $44,120,763, respectively, detailed below.

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Direct investors <sup>(1)</sup> | $13267996 | $894583 |
| U.S. Feeder | 484354 | 1449036 |
| Cayman Feeder | - | 41777144 |
| Total | $13752350 | $44120763 |

---

<sup>(1)</sup> Includes profit share to the General Partner of $12,464,726 and a limited partner redemption of $803,270, totaling $13,267,996 at December 31, 2022. Includes profit share to the General Partner of $894,583 at December 31, 2021.

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

**10.** **SUBSEQUENT EVENTS** 

During the period from January 1, 2023 to March 20, 2023, contributions of $106,933,030 were made to the Partnership and withdrawals of $103,243,832 were made from the Partnership. The General Partner has performed its evaluation of subsequent events through March 20, 2023, 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.

## Exhibit 31.1

**<u>Exhibit 31.1</u>**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Barry Goodman, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 31, 2023

---

| |
|:---|
| /s/ Barry Goodman |
| Barry Goodman |
| Co-Chief Executive Officer |
| Millburn Ridgefield Corporation |
| General Partner, Millburn Multi-Markets Fund L.P. |

---

## Exhibit 31.2

**<u>Exhibit 31.2</u>**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Grant N. Smith, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 31, 2023

---

| |
|:---|
| /s/ Grant N. Smith |
| Grant N. Smith |
| Co-Chief Executive Officer |
| Millburn Ridgefield Corporation |
| General Partner, Millburn Multi-Markets Fund L.P. |

---

## Exhibit 31.3

**<u>Exhibit 31.3</u>**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Gregg Buckbinder, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 31, 2023

---

| |
|:---|
| /s/ Gregg Buckbinder |
| Gregg Buckbinder |
| President and Chief Operating Officer |
| Millburn Ridgefield Corporation |
| General Partner, Millburn Multi-Markets Fund L.P. |

---

## Exhibit 31.4

**<u>Exhibit 31.4</u>**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Ilon Wu, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: March 31, 2023

---

| |
|:---|
| /s/ Ilon Wu |
| Ilon Wu |
| Chief Financial Officer |
| Millburn Ridgefield Corporation |
| General Partner, Millburn Multi-Markets Fund L.P. |

---

## Exhibit 32.1

**<u>Exhibit 32.1</u>**

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

I, Barry Goodman, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the "Partnership") on Form 10-K for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| /s/ Barry Goodman |
| Barry Goodman |
| Co-Chief Executive Officer |
| Millburn Ridgefield Corporation |
| General Partner |
| Millburn Multi-Markets Fund L.P. |
| March 31, 2023 |

---

## Exhibit 32.2

**<u>Exhibit 32.2</u>**

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

I, Grant N. Smith, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the "Partnership") on Form 10-K for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| /s/ Grant N. Smith |
| Grant N. Smith |
| Co-Chief Executive Officer |
| Millburn Ridgefield Corporation |
| General Partner |
| Millburn Multi-Markets Fund L.P. |
| March 31, 2023 |

---

## Exhibit 32.3

**<u>Exhibit 32.3</u>**

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

I, Gregg Buckbinder, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the "Partnership") on Form 10-K for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| /s/ Gregg Buckbinder |
| Gregg Buckbinder |
| President and Chief Operating Officer |
| Millburn Ridgefield Corporation |
| General Partner |
| Millburn Multi-Markets Fund L.P. |
| March 31, 2023 |

---

## Exhibit 32.4

**<u>Exhibit 32.4</u>**

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

I, Ilon Wu, certify that (i) the Annual Report of Millburn Multi-Markets Fund L.P. (the "Partnership") on Form 10-K for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| |
|:---|
| /s/ Ilon Wu |
| Ilon Wu |
| Chief Financial Officer |
| Millburn Ridgefield Corporation |
| General Partner |
| Millburn Multi-Markets Fund L.P. |
| March 31, 2023 |

---