# EDGAR Filing Document

**Accession Number:** 0001145765
**File Stem:** 0001145765-23-000002
**Filing Date:** 2023-1
**Character Count:** 7399
**Document Hash:** b04639cb9de0e84769cdf2bbf0b1b2bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145765-23-000002.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001145765-23-000002

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GLOBAL MACRO TRUST
- **CENTRAL INDEX KEY:** 0001145765
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-183197
- **FILM NUMBER:** 23557146

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MILLBURN CORP
- **STREET 2:** 411 WEST PUTNAM AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 2036257554

**MAIL ADDRESS:**
- **STREET 1:** C/O MILLBURN CORP
- **STREET 2:** 411 WEST PUTNAM AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

```

			 Monthly Report - December, 2022

			     Global Macro Trust

			STATEMENT OF INCOME AND EXPENSE

					        Current Month     Year to Date
Income:
   Gain (loss) on trading of futures, forward
   and option contracts:
   Realized gain(loss) on closed contracts $      (3,603,531)       14,912,143
Change in unrealized gain (loss) on open            9,772,877        5,597,668
        contracts

Net gain (loss) from U.S. Treasury
   obligations:
   Realized gain (loss) from U.S.Treasury            (16,930)        (124,922)
      obligations
   Change in unrealized gain (loss) from U.S.         125,739        (510,078)
      Treasury obligations
Interest income (expense)       	                    284,069        1,489,408
Foreign exchange gain (loss) on margin deposits         7,012         (28,285)
				                 ------------    -------------
Total: Income 				           6,569,236      21,335,934

Expenses:
   Brokerage commissions 		                      356,694        4,236,151
   Management fee 			               40,785          497,270
   20.0% New Trading Profit Share 	              275,636          549,499
   Custody fees 		       	                        8,057           29,978
   Administrative expense 	       	              (2,635)          550,691
					         ------------    -------------
Total: Expenses 		                               678,537        5,863,589
Net Income(Loss)			            $        5,890,699       15,472,345
for December, 2022

		STATEMENT OF CHANGES IN NET ASSET VALUE

			             Managing           Unit
				      Owner 	      Holders	     Total
Net Asset Value (77,681.749       $     2,882,112    101,249,135    104,131,247
units) at November 30, 2022
Addition of 		 	          5,772         35,541         41,313
19.011 units on December 1, 2022
Redemption of 		 	      (800,594)    (1,083,737)    (1,884,331)
(1,287.162) units on  December 31, 2022*
Net Income (Loss)               $       180,636      5,710,063      5,890,699
for December, 2022
         			   -------------   -------------   -----------

Net Asset Value at December 31, 2022
(76,445.166 units inclusive
of 31.568 additional units) 	      2,267,926    105,911,002    108,178,928
				  =============  ============= ==============

		GLOBAL MACRO TRUST December 2022 UPDATE
                      Year to Date     Net Asset
Series	  December ROR	  ROR	    Value per Unit    Units   Net Asset Value
--------- ----------  ------------  --------------  -----------   -------------
Series 1    5.74% 	    13.96%  $  1,222.81	   59,742.009 $    73,053,011
Series 3    4.98% 	    16.30%  $  1,950.63	    9,204.522 $    17,954,584
Series 4    6.26% 	    20.72%  $  2,693.63	    4,040.492 $    10,883,596
Series 5    4.93% 	    15.35%  $  1,818.24	    3,458.143 $     6,287,737

* Series 1 units redeemed on or before the eleventh
month-end following their sale may be charged a
redemption fee of from 4% to 1.5% of Net Asset Value,
depending on investment amount, length of ownership
and type of account purchasing the units.

To the best of my knowledge and belief,
the information contained herein is
accurate and complete.

	/s/ Harvey Beker
	Harvey Beker, Chairman
	Millburn Ridgefield Corporation
	Managing Owner
	Global Macro Trust

			Millburn Ridgefield Corporation
			55 West 46th Street, 31st Floor
			      New York, NY   10036

			January 20, 2023
Dear Investor:

Global Macro Trust - Series 1 (the Trust) was up 5.74% for December.
Year-to-date the Trust is up 13.96%. Gains from trading equity futures,
interest rate futures, and, to a lesser extent, currency forwards and
energy futures far outpaced the small loss from trading non-energy
commodity futures.

After the Fed, ECB and Bank of Japan delivered hawkish surprises at
their mid-December meetings, a risk-off attitude replaced the risk-
on stance that had prevailed from early November. Holiday thinned,
year-end trading conditions produced some additional price volatility.
Equity and bond prices declined as upbeat economic data bolstered
expectations that major central banks would continue to aggressively
liftborrowing costs to fight inflation.

Given worries about current and future global growth, and about the
hawkish direction of monetary policy at most major central banks,
shortpositions in European, U.S., Japanese, EAFE, and Brazilian equity
index futures were profitable. Elsewhere, trading of non-Japan Asian
andCanadian stock index futures posted small partially offsetting
losses.In the wake of aggressive monetary policy tightening signals
from global central banks and persistently high inflation, short
positions in German, French, Italian, British and Japanese interest
rate futures were quite profitable. On the other hand, trading of
U.S. interest rate futures was slightly unprofitable.

The U.S. dollar, which had gained about 15% over the first nine months
of 2022, subsequently declined about 8%. This month, the relatively
more hawkish policy pronouncements by the ECB and BOJ than by the
Federal Reserve kept the U.S. dollar on this downward trajectory.
Consequently, short dollar positions against the euro, Korean won,
Mexican peso, and Singapore dollar were profitable. A long U.S. dollar
trade versus the Aussie dollar was also profitable given that the
Reserve Bank of Australia has not tightened as aggressively as other
central banks. Trading of the U.S dollar against the Canadian dollar
was also profitable, as was trading the euro versus non-dollar
currencies. On the other hand, political uncertainties in Brazil,
Israel and the U.K. caused short U.S. dollar positions against those
currencies to be unprofitable. Also, a long dollar trade versus the
Swiss franc and trading the dollar against the Swedish krona produced
small losses.

A short U.S. natural gas position was profitable due to lower demand
in the wake of warmer than normal weather in Europe and the U.S. since
Thanksgiving, higher U.S. production and rising inventories. Long
positions in Brent Crude oil and RBOB gasoline posted gains during the
second half of the month, while trading of heating oil and London gas
oil registered small losses.

In response to the declining U.S. dollar and shrinking inventories,
silver prices rose and a short position was unprofitable. Grain
trading was mixed and marginally unprofitable.

     Very truly yours,

				       Millburn Ridgefield Corporation
					Harvey Beker, Chairman

```